Finance Act 2022

• (3) Notice of an appeal must state the grounds of appeal.

• (4) On an appeal under sub-paragraph (1)(a) that is notified to the tribunal, the tribunal may confirm or cancel the decision.

• (5) On an appeal under sub-paragraph (1)(b) that is notified to the tribunal, the tribunal may—

• (a) affirm HMRC’s decision, or

• (b) substitute for that decision another decision that HMRC had power to make.

• (6) Subject to this paragraph, and paragraph 25, the provisions of Part 5 of TMA 1970 relating to appeals have effect in relation to appeals under this Schedule as they have effect in relation to an appeal against an assessment to income tax.

Enforcement

25

• (1) A penalty under paragraph 20 must be paid—

• (a) before the end of the period of 30 days beginning with the date on which the notification by HMRC under paragraph 23(1)(b) was issued, or

• (b) if a notice of appeal is given, before the end of the period of 30 days beginning with the day on which the appeal is determined or withdrawn.

• (2) A penalty under paragraph 20 may be enforced—

• (a) where the penalty is payable by a company, as if it were corporation tax charged in an assessment and due and payable;

• (b) where the penalty is payable by a partnership, as if it were income tax charged in an assessment and due and payable.

Power to change amount of penalty

26

• (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 sum for the time being specified in any of the following provisions such other sum as appears to them to be justified by the change—

• (a) paragraph (a), (b) or (c) of paragraph 20(2) (amount of a first, second or further penalty under paragraph 20(1));

• (b) paragraph 20(4) (amount of penalty under paragraph 20(3)).

• (2) In sub-paragraph (1) “relevant date” means—

• (a) the date 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 the amount in question.

• (3) Regulations under this paragraph do not apply to a failure that occurs in respect of a relevant return that is required to be made before the date on which the regulations come into force.

“Tribunal”

27

In this Part, “tribunal” means the First-tier Tribunal.

PART 4 — Supplementary

Regulations

28

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

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

• (3) A statutory instrument containing regulations under paragraph 11(5), which change the sum for the time being specified in paragraph 11(2)(b) by more than is necessary to reflect changes in the value of money, may not be made unless a draft of the instrument has been laid before and approved by a resolution of the House of Commons.

Application of provisions of TMA 1970

29

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);

• (c) section 115 (delivery and service of documents).

Interpretation

30

In this Schedule—

• “the charge to corporation tax on income” has the same meaning as in CTA 2009 (see section 2(3) of that Act);

• “HMRC” means Her Majesty’s Revenue and Customs;

• “transaction” includes arrangements, agreements and understandings (whether or not they are, or are intended to be, legally enforceable).

PART 5 — Consequential Amendments

31

In Schedule 14 to F(No.2)A 2017 (digital reporting and record-keeping for income tax etc: further amendments), at the end insert—

(50) (1) Schedule 17 to FA 2022 (large businesses: notification of uncertain tax treatment) is amended as follows. (2) In paragraph 6(1)(e) (definition of “financial year” in relation to a UK resident partnership), for “under section 12AB” substitute “within the meaning”. (3) In paragraph 6(2), in the definition of “representative partner”— (a) the words from “the partner” to the end of the definition become paragraph (a) of the definition; (b) at the end of that paragraph (a) insert “, or”; (c) after that paragraph insert— (b) the nominated partner within the meaning of paragraph 5 of Schedule A1 to TMA 1970.

32

The reference in section 61(6) of F(No.2)A 2017 (commencement) to Schedule 14 to that Act is to be read as a reference to that Schedule as amended by paragraph 31 of this Schedule.

PART 6 — Commencement

33

This Schedule applies in relation to relevant returns that are required to be made on or after 1 April 2022.

SCHEDULE 18

PART 1 — Amendments of CAA 2001

1

• (1) Section 268C of CAA 2001 (terms relating to emissions) is amended as follows.

• (2) In subsection (1) for “an EC certificate of conformity, or a UK approval certificate,” substitute “a certificate or other document on the basis of which the vehicle is registered”.

• (3) In subsection (2), after “Part,” insert “and subject to subsection (3A),”.

• (4) In subsection (3), after “Part,” insert “and subject to subsection (3A),”.

• (5) After subsection (3) insert—

(3A) For the purposes of determining the vehicle’s CO₂ emissions figure in a case where the vehicle is first registered on or after IP completion day, ignore any values specified in the qualifying emissions certificate that are not WLTP (worldwide harmonised light vehicle test procedures) values.

• (6) In subsection (4) omit the definitions of “EC certificate of conformity” and “UK approval certificate”.

• (7) This paragraph has effect—

• (a) for income tax purposes, in relation to the tax year 2017-18 and subsequent tax years, and

• (b) for corporation tax purposes, in relation to accounting periods ending on or after 4 November 2017.

PART 2 — Amendments of ITEPA 2003

2

Chapter 6 of Part 3 of ITEPA 2003 (taxable benefits: cars etc) is amended as follows.

3

In section 134(1) (meaning of car with a CO₂ emissions figure)—

• (a) in paragraph (b)—

• (i) after “October 1999” insert “but before IP completion day”;

• (ii) after “section 136” insert “(registration from 1st October 1999 to IP completion day)”;

• (b) at the end of paragraph (b) omit “or” and insert—

(ba) a car first registered on or after IP completion day to which section 136A (registration on or after IP completion day) applies,

;

• (c) in paragraph (c)—

• (i) after “January 2000” insert “but before IP completion day”;

• (ii) after “(bi-fuel cars” insert “: registration from 1st January 2000 to IP completion day”;

• (d) at the end of paragraph (c) insert

, or (d) a car first registered on or after IP completion day to which section 137A (bi-fuel cars: registration on or after IP completion day) applies.

4

• (1) In section 136 (car with a CO₂ emissions figure: post-September 1999 registration)—

• (a) in the heading, for “post-September 1999 registration” substitute “registration from 1st October 1999 to IP completion day”;

• (b) in subsection (1) after “October 1999” insert “but before IP completion day”;

• (c) in subsection (3) after “(bi-fuel cars” insert “: registration from 1st January 2000 to IP completion day”.

• (2) After section 136 insert—

(136A) (1) This section applies to a car first registered on or after IP completion day if it is so registered on the basis of a qualifying emissions certificate. (2) The car’s CO₂ emissions figure is the figure specified in the qualifying emissions certificate unless more than one figure is specified, in which case the car’s CO₂ emissions figure is the figure specified as the CO₂ emissions (combined) figure. (3) For the purpose of determining the car’s CO₂ emissions figure ignore any values specified in the qualifying emissions certificate that are not WLTP (worldwide harmonised light vehicles test procedures) values. (4) Subsection (2) is subject to— (a) section 137A (bi-fuel cars registered after IP completion day), and (b) section 138 (automatic car for a disabled employee).

5

• (1) In section 137 (car with a CO₂ emissions figure: bi-fuel cars)—

• (a) in the heading, at the end insert “: registration from 1st January 2000 to IP completion day”;

• (b) in subsection (1) after “January 2000” insert “but before IP completion day”.

• (2) After section 137 insert—

(137A) (1) This section applies to a car first registered on or after IP completion day if it is so registered on the basis of a qualifying emissions certificate which specifies separate CO₂ emissions figures in terms of grams per kilometre driven for different fuels. (2) The car’s CO₂ emissions figure is— (a) the lowest figure specified, or (b) if there is more than one figure specified in relation to each fuel, the lowest CO₂ emissions (combined) figure specified. (3) For the purpose of determining the car’s CO₂ emissions figure ignore any values specified in the qualifying emissions certificate that are not WLTP (worldwide harmonised light vehicles test procedures) values. (4) Subsection (2) is subject to section 138 (automatic car for a disabled employee).

6

• (1) Section 171(1) (minor definitions: general) is amended as follows.

• (2) After the definition of “EC type-approval certificate” insert—

• “qualifying emissions certificate” has the same meaning as in CAA 2001 (see section 268C(1) of that Act);

.

• (3) For the definition of “UK approval certificate” substitute—

• “UK approval certificate” means—a certificate issued under—section 58(1) or (4) of the Road Traffic Act 1988, orArticle 31A(4) or (5) of the Road Traffic (Northern Ireland) Order 1981 (S.I. 1981/154 (N.I. 1)), orany other certificate or document issued in the United Kingdom on the basis of which a vehicle is first registered, other than an EC certificate of conformity or an EC type-approval certificate.

• (4) Sub-paragraph (3) has effect in relation to the tax year 2017-18 and subsequent tax years.

7

In the Income Tax (Pay As You Earn) Regulations 2003 (S.I. 2003/2682), in Schedule A1 (real time returns), in paragraph 22B(2) (benefits in kind: cars), in sub-paragraph (a)(ii) (car with a CO₂ emission figure)—

• (a) after “136,” insert “136A,”;

• (b) after “137,” insert “137A”.

PART 3 — Amendments of VERA 1994

8

• (1) In Part 1A of Schedule 1 to VERA 1994 (light passenger vehicles registered before 1 April 2017), in paragraph 1G, for sub-paragraph (2) substitute—

(2) References in this Part of this Schedule to a “UK approval certificate” are, in relation to a vehicle, to— (a) a certificate issued under— (i) section 58(1) or (4) of the Road Traffic Act 1988, or (ii) Article 31A(4) or (5) of the Road Traffic (Northern Ireland) Order 1981 (S.I. 1981/154 (N.I. 1)), or (b) any other certificate or document issued in the United Kingdom on the basis of which the vehicle is first registered, other than an EC certificate of conformity.

• (2) The amendments made by this paragraph have effect in relation to licences taken out on or after 3 November 2021.

PART 4 — Power to make consequential provision

9

• (1) The Treasury may by regulations made by statutory instrument make such consequential provision as they consider appropriate in connection with any provision of this Schedule.

• (2) Regulations under sub-paragraph 9(1) may (among other things)—

• (a) make different provision for different purposes, and

• (b) amend, repeal or revoke provision made by or under any enactment.

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

Income tax charge for tax year 2022-23

Main rates of income tax for tax year 2022-23

Default and savings rates of income tax for tax year 2022-23

Increase in rates of tax on dividend income

Freezing starting rate limit for savings for tax year 2022-23

Rate of surcharge and surcharge allowance

Abolition of basis periods

Profits of property businesses: late accounting date rules

Liability of scheme administrator for annual allowance charge

Increase of normal minimum pension age

Public service pension schemes: rectification of unlawful discrimination

Extension of temporary increase in annual investment allowance

Structures and buildings allowances: allowance statements

Qualifying asset holding companies

Real Estate Investment Trusts

Film tax relief: films produced to be television programmes

Temporary increase in theatre tax credit

Theatrical productions tax relief

Temporary increase in orchestra tax credit

Orchestra tax relief

Temporary increase in museums and galleries exhibition tax credit

Museums and galleries exhibition tax relief

Returns for disposals of UK land etc

Cross-border group relief

Tonnage tax

Amendments of section 259GB of TIOPA 2010

Application of section 124 of TIOPA 2010 in relation to diverted profits tax

Diverted profits tax: closure notices etc

Charge to RPDT

Deductions allowance in connection with onerous or impaired leases

Provision in connection with the Dormant Assets Act 2022

Introduction

Charge to RPDT

Meaning of “residential property developer”

Meaning of “residential property development activities”

Residential property development activities: “interest in land”

Residential property development activities: “residential property”

Meaning of “residential property developer profits or losses”

Adjusted trading profits and losses

Attributable joint venture profits and losses

RPDT reliefs

Restrictions on RPDT reliefs

Allowance

Allowance: joint venture companies

Application of corporation tax provisions and management of RPDT

Requirement to provide information about payments

Non-profit housing companies: exit charge

Groups

Miscellaneous provision

Interpretation etc

Commencement

Anti-forestalling: accelerated profits

Economic crime (anti-money laundering) levy

Charge to the levy

UK revenue: amount

Relevant accounting period

UK revenue: determination

Assessment, payment, collection and recovery

Payments into Consolidated Fund

Interim operation of margin schemes for used cars etc: Northern Ireland

Collection of information

Disclosure of information

Power to make consequential provision

Regulations

Interpretation

Commencement

Public interest business protection tax

Securitisation companies and qualifying transformer vehicles

Interim operation of margin schemes for used cars etc: Northern Ireland

Margin schemes and removal or export of goods: VAT-related payments

Margin schemes and removal or export of goods: zero-rating

Relief on the importation of dental prostheses

Identifying where the risk is situated

Transitioned trade remedies: decisions by Secretary of State

Reference documents: amount of import duty

Rates of landfill tax

Rates of tobacco products duty

Rates for light passenger or light goods vehicles, motorcycles etc

Vehicle excise duty: exemption for certain cabotage operations

HGV road user levy: extension of suspension

Amounts of gross gaming yield charged to gaming duty

Excise duty: penalties

Rates of landfill tax

Plastic packaging tax

Winding-up petitions by an officer of Revenue and Customs

Publication by HMRC of information about tax avoidance schemes

Freezing orders: England and Wales

Warrants for diligence on the dependence: Scotland

Freezing injunctions: Northern Ireland

Sections 87, 88 and 89: interpretation etc

Penalties for facilitating avoidance schemes involving non-resident promoters

Electronic sales suppression penalties

Tobacco products: tracing and security

Treatment of goods in free zones

Freeport tax site reliefs: provision about regulations

Large businesses: notification of uncertain tax treatment

Discovery assessments for unassessed income tax or capital gains tax

Notification of liability to income tax and capital gains tax

Calculation of income tax liability for certain charges relating to pensions

Power to make temporary modifications of taxation of employment income

Vehicle CO2 emissions certificates

Increase in membership of the Office of Tax Simplification

Interpretation

Short title

Chapter 2 (income taxed as trade profits)

Editorial notes

[^key-01686e13c78642c703b22eceb4a98b6a]: Sch. 6 para. 6 in force at 6.6.2022 by S.I. 2022/569, reg. 2

[^key-0e64e8596adaa0a60e504eb01214a5d0]: Words in Sch. 17 para. 6(2) renumbered (1.4.2022 in relation to relevant returns that are required to be made on or after that date) by 2017 c. 32, Sch. 14 para. 50(3)(a) (as inserted by Finance Act 2022 (c. 3), Sch. 17 para. 31)

[^key-1b20415320570c65139746ba22304e9d]: Words in Sch. 10 para. 43(1)(b) substituted (5.1.2023) by The Finance Act 2022, Schedule 10 (Public Interest Business Protection Tax) (Substitution of Date) Regulations 2022 (S.I. 2022/1321), regs. 1, 2(2)

[^key-1e0f9d815253a8cdf0f3107dd2144f07]: Sch. 5 para. 6 in force at 1.1.2023 with effect in relation to accounting periods of companies beginning on or after 1.1.2023 by S.I. 2022/1164, reg. 2(1)

[^key-219ea3cd749c50c0f6617f308f725d3e]: Sch. 2 para. 13(3)-(9) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 13(1)

[^key-266c33ea73b33e73f2cb48138597bad6]: Word in Sch. 17 para. 6(2) inserted (1.4.2022 in relation to relevant returns that are required to be made on or after that date) by 2017 c. 32, Sch. 14 para. 50(3)(b) (as inserted by Finance Act 2022 (c. 3), Sch. 17 para. 31)

[^key-26fb582f4ceed8642e29bbe8c6216c42]: Words in Sch. 2 para. 9(4) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 12(4)

[^key-28a6ac724106ee3a95dcb85b69f300ee]: S. 102 and cross-heading omitted (11.7.2023) by virtue of Finance (No. 2) Act 2023 (c. 30), s. 347(8)

[^key-2caa2dc19bdfc580875008c971e5a11e]: Sch. 2 para. 59 and cross-heading inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 15(1)

[^key-32e7348893890c1c8d479754b8840fa8]: Sch. 6 para. 5 in force at 6.6.2022 by S.I. 2022/569, reg. 2

[^key-37d727f174bb9a755c9c6211210fffff]: Sch. 5 para. 4 in force at 1.1.2023 with effect in relation to accounting periods of companies beginning on or after 1.1.2023 by S.I. 2022/1164, reg. 2(1)

[^key-3c9e4c656d5df1a829819ce616a25ff1]: Word in s. 17(2) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 14(1)(a)

[^key-40d19db393785dafd378e8a0b6241e6d]: Words in Sch. 2 para. 58(1) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 15(3)

[^key-423f031adfee7b11df912d22eff4974d]: Sch. 6 para. 2 in force at 6.6.2022 by S.I. 2022/569, reg. 2

[^key-4703ca369ce582199d48c05fde293aa1]: Words in Sch. 17 para. 6(2) inserted (1.4.2022 in relation to relevant returns that are required to be made on or after that date) by 2017 c. 32, Sch. 14 para. 50(3)(c) (as inserted by Finance Act 2022 (c. 3), Sch. 17 para. 31)

[^key-47dc5660969e323db3e263018788dec1]: Words in Sch. 2 para. 9(3)(a) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 12(3)(b)(ii)

[^key-4a1e31d02ca9b1e5e437e6e449dd0ac3]: Sch. 2 para. 35 and cross-heading omitted (11.7.2023) by virtue of Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 13(2)

[^key-4e1fab0a5ec33c6f547bcc5a8e90f2ac]: Sch. 5 para. 3 in force at 1.1.2023 with effect in relation to accounting periods of companies beginning on or after 1.1.2023 by S.I. 2022/1164, reg. 2(1) (with reg. 2(2))

[^key-55d2691fd50deacf3fdf1d5679db724f]: Words in Sch. 2 para. 9(2)(a)(ii) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 12(2)(b)

[^key-5787b351877de5b17f0556eeeea7b4ac]: Word in s. 21(2) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 14(1)(c)

[^key-665519d8a1976b2241a3cb1f814976e8]: Word in s. 19(2) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 14(1)(b)

[^key-7f82e16d3ad6f975c6c0564ac3cd6a3a]: Words in Sch. 2 para. 9(3)(iii) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 12(3)(c)(iii)

[^key-834889b8f9b9a2e594b1ee7229c39ccc]: Words in Sch. 17 para. 6(1)(e) substituted (1.4.2022 in relation to relevant returns that are required to be made on or after that date) by 2017 c. 32, Sch. 14 para. 50(2) (as inserted by Finance Act 2022 (c. 3), Sch. 17 para. 31)

[^key-851d429022e5a7b5aa430cfd09c9609b]: Sch. 5 para. 2 in force at 1.1.2023 with effect in relation to accounting periods of companies beginning on or after 1.1.2023 by S.I. 2022/1164, reg. 2(1) (with reg. 2(2))

[^key-867eb69f372d188f288655d7c6c2430c]: Sch. 5 para. 5 in force at 1.1.2023 with effect in relation to accounting periods of companies beginning on or after 1.1.2023 by S.I. 2022/1164, reg. 2(1)

[^key-891d784bffc28cc119b3f58c47343f5e]: Words in Sch. 2 para. 9(3)(a)(i) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 12(3)(c)(i)

[^key-9127ced6ad111219ff077f111b3de4b7]: Words in Sch. 2 para. 9(3)(a) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 12(3)(b)(i)

[^key-9cc70ae91a8e11698310941d97ba4599]: S. 12 ceases to have effect in part (11.7.2023 in relation to chargeable periods beginning before 1.4.2023 and ending on or after that date) by virtue of Finance (No. 2) Act 2023 (c. 30), s. 8(2)(b)(3)(b)

[^key-a7d4260d93113ba335cda08177ca3612]: Sch. 2 para. 4(2A) inserted (with effect in accordance with Sch. 4 para. 9(2)(3) of the amending Act) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 9(1)

[^key-b0ed4ae210c624a3d0df1a7d68430de6]: Sch. 6 para. 3 in force at 6.6.2022 by S.I. 2022/569, reg. 2

[^key-b722d761ae47880783d7fef2e72a62df]: Words in Sch. 2 para. 9(3)(a) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 12(3)(b)(iii)

[^key-b74707637b8af98f045279bb4356a044]: S. 71(1)-(3) in force at 1.5.2023 by S.I. 2023/69, reg. 2 (with reg. 3)

[^key-c2b3fc0bb7df2cbeff0d1d907cae6973]: Words in Sch. 2 para. 9(3)(a)(ii) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 12(3)(c)(i)(ii)

[^key-c9487f95b89fe2f372a898b7c65913fd]: Words in Sch. 2 para. 9(2)(a)(i) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 12(2)(a)

[^key-d34652ed84d229e7f7550c20fbcd8ff2]: Sch. 6 para. 4 in force at 6.6.2022 by S.I. 2022/569, reg. 2

[^key-d7f2024d1aca6805cd3f6d77f78a0068]: Sch. 6 para. 1 in force at 6.6.2022 by S.I. 2022/569, reg. 2

[^key-da17171574e7f1332b7805d7553c96c1]: Sch. 2 para. 3(5A) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 15(2)

[^key-de3ea7a592c1fee8b80aef17175f8db0]: Words in Sch. 2 para. 9(3)(b) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 12(3)(d)

[^key-df361643e5c9b44cf11a483af8d9a9f9]: Sch. 2 para. 58(3) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 13(3)

[^key-ed529e11de5e9591dc7dcadc2691b31b]: Sch. 2 para. 5(4)(ha)-(hc) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 10

[^key-f63d0ce06ded1ed899e8e52cb95681b1]: Sch. 3 para. 5 in force at 1.4.2022, see Sch. 3 para. 6(2)

[^key-f9967908c25075e41f7c63300a9c469a]: Sch. 2 para. 9(3)(za) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 12(3)(a)

[^key-ff5783af1f41bc7716c4dbeed601bf84]: Words in Sch. 2 para. 9(10) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 12(5)

[^M_F_4e5c5af7-d015-4d07-8f2a-d1d9d1f888dd]: Words in Sch. 2 para. 9(2)(a) inserted (retrospectively) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 11(1)(a)(2)

[^M_F_9b5ef35a-99ea-4a5d-e3db-684e8ae86631]: Words in Sch. 2 para. 58(1) inserted (retrospective to 15.3.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 8(2)(3) (with Sch. 4 para. 8(4))

[^M_F_bf2e329e-e7be-4001-b36c-af52ee9824d7]: Words in Sch. 2 para. 9(6) inserted (retrospectively) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 11(1)(c)(2)

[^M_F_cfa430ea-dff9-4be7-9cb7-f2c36612375b]: Words in Sch. 2 para. 53(4) inserted (retrospectively) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 14

[^M_F_da47a798-632c-4596-998b-33142c1608dc]: Words in Sch. 2 para. 9(5)(b)(i) inserted (retrospectively) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 11(1)(b)(ii)(2)

[^M_F_de894cc1-e855-49e8-b9d6-45e3f271a031]: Words in Sch. 2 para. 2(1)(e) substituted (retrospective to 15.3.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 8(1)(3) (with Sch. 4 para. 8(4))

[^M_F_e62974c2-453d-4271-c144-a1fc814669ad]: Words in Sch. 2 para. 9(5)(a) inserted (retrospectively) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 11(1)(b)(i)(2)

[^M_I_1fa84468-b45d-464e-c7ea-44d7f5bf6309]: Sch. 5 para. 6 not in force at Royal Assent, see Sch. 5 para. 4

[^M_I_32f7d222-7cac-47ab-93ac-f7fde9feedc3]: Sch. 11 para. 7 in force at 1.4.2022, see s. 76(2)

[^M_I_44e77259-a9d4-482d-a9f1-e6ab64d57677]: Sch. 5 para. 2 not in force at Royal Assent, see Sch. 5 para. 4

[^M_I_4ea39924-c536-4d13-f40d-a44e97c98dfe]: Sch. 6 para. 5 not in force at Royal Assent, see Sch. 6 para. 6

[^M_I_5557ab0c-748d-4e11-ad03-1b59c37b3df7]: Sch. 11 para. 9 in force at 1.4.2022, see s. 76(2)

[^M_I_555b5bd4-ea55-4af1-957d-3be5172c6514]: Sch. 6 para. 2 not in force at Royal Assent, see Sch. 6 para. 6

[^M_I_56cb5a55-70cc-4e9e-efbc-8d895521e804]: Sch. 11 para. 3 in force at 1.4.2022, see s. 76(2)

[^M_I_7115f109-cd81-4519-ea64-10333b213c9d]: Sch. 6 para. 4 not in force at Royal Assent, see Sch. 6 para. 6

[^M_I_7ec0130e-ab73-4db5-f34e-9a16a9d7d932]: Sch. 11 para. 2 in force at 1.4.2022, see s. 76(2)

[^M_I_8c768403-82fa-453f-97fe-3bfdbc8ab5cf]: Sch. 5 para. 3 not in force at Royal Assent, see Sch. 5 para. 4

[^M_I_8c984c13-7c3d-4a30-f790-37a74e166d28]: Sch. 6 para. 1 not in force at Royal Assent, see Sch. 6 para. 6

[^M_I_8ec1cced-fcc9-4055-fc93-b63860db9e95]: Sch. 5 para. 4 not in force at Royal Assent, see Sch. 5 para. 4

[^M_I_9c030449-4937-4a5d-a123-c223fc3ad605]: Sch. 11 para. 4 in force at 1.4.2022, see s. 76(2)

[^M_I_9c9529ac-7dcc-4ac4-bbdd-6e77b02bc06b]: Sch. 11 para. 5 in force at 1.4.2022, see s. 76(2)

[^M_I_a73c3d07-b46a-42a5-d514-3880a3244215]: Sch. 11 para. 6 in force at 1.4.2022, see s. 76(2)

[^M_I_aad75d12-a664-44a8-f1d7-f6b83fd85d65]: Sch. 6 para. 3 not in force at Royal Assent, see Sch. 6 para. 6

[^M_I_acf15ff5-3720-4a04-8213-00bb55a7ba11]: Sch. 6 para. 6 not in force at Royal Assent, see Sch. 6 para. 6

[^M_I_c76773ff-6f02-4bc9-b471-7658b369ed9c]: Sch. 11 para. 1 in force at 1.4.2022, see s. 76(2)

[^M_I_c922008c-fb45-4795-bada-f2c93b6d30a1]: Sch. 11 para. 8 in force at 1.4.2022, see s. 76(2)

[^M_I_cde3115f-b8f1-46f7-fcaf-0fc402cd8149]: Sch. 5 para. 5 not in force at Royal Assent, see Sch. 5 para. 4

[^key-fbde6859c68bc7a2bf89b0043b92f5fa]: Sum in s. 54(2)(c) substituted (1.4.2024 for the financial year beginning with April 2024 and subsequent financial years) by Finance (No. 2) Act 2024 (c. 12), s. 21

[^M_F_6e7bf0c7-47cb-4f73-9252-6d64675647ee]: Sch. 1 para. 6 omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 10 para. 46(c) (with Sch. 10 paras. 48-50)

[^key-ae7223e024d8c71212581463e24b791b]: Words in Sch. 2 para. 46 heading substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 37(3)(a)(4)

[^key-608a8fe0675035010c82a0f097d7bbae]: Sch. 2 para. 46(6A) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 37(3)(c)(4)

[^key-0f7a6bb14e320e905730df807e083777]: Words in Sch. 2 para. 46 heading inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 39(10)(a)(11)

[^key-1aeaa83f6a9e92cb79c211d3493c2fe0]: Words in Sch. 2 para. 46(1) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 37(3)(b)(i)(4)

[^key-443b261c5cf693e01b3f189f3bb8a241]: Word in Sch. 2 para. 46(1)(a) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 37(3)(b)(ii)(4)

[^key-f1d54dcbb51414f846a2d91ec0b99a6f]: Words in Sch. 2 para. 46(6A) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 39(10)(b)(11)

[^key-4971eaefd8c3cc0ad0c95382d6038d9a]: S. 17(3) omitted (1.4.2025 in relation to accounting periods beginning on or after that date) by virtue of Finance (No. 2) Act 2024 (c. 12), s. 16(2)(a)(3)

[^key-dbfdc294cf4c2983281b1a3a21fd20c7]: Words in s. 17(4) substituted (1.4.2025 in relation to accounting periods beginning on or after that date) by Finance (No. 2) Act 2024 (c. 12), s. 16(2)(b)(3)

[^key-b08c0df108e2debc61f0f3a0e8931e95]: S. 19(3) omitted (1.4.2025 in relation to accounting periods beginning on or after that date) by virtue of Finance (No. 2) Act 2024 (c. 12), s. 17(2)(a)(3)

[^key-a1657a0d6e0439cbe546b58e8c2287f6]: Words in s. 19(4) substituted (1.4.2025 in relation to accounting periods beginning on or after that date) by Finance (No. 2) Act 2024 (c. 12), s. 17(2)(b)(3)

[^key-841b621872616888a7f9fc82aebf96a5]: S. 21(3) omitted (1.4.2025 in relation to accounting periods beginning on or after that date) by virtue of Finance (No. 2) Act 2024 (c. 12), s. 18(3)(a)(4)

[^key-fccab522dc5354f47879c86ba3356387]: Words in s. 21(4) substituted (1.4.2025 in relation to accounting periods beginning on or after that date) by Finance (No. 2) Act 2024 (c. 12), s. 18(3)(b)(4)

Income tax charge for tax year 2022-23

Main rates of income tax for tax year 2022-23

Default and savings rates of income tax for tax year 2022-23

Increase in rates of tax on dividend income

Freezing starting rate limit for savings for tax year 2022-23

Rate of surcharge and surcharge allowance

Abolition of basis periods

Profits of property businesses: late accounting date rules

Liability of scheme administrator for annual allowance charge

Increase of normal minimum pension age

Public service pension schemes: rectification of unlawful discrimination

Structures and buildings allowances: allowance statements

Structures and buildings allowances: allowance statements

Qualifying asset holding companies

Real Estate Investment Trusts

Film tax relief: films produced to be television programmes

Temporary increase in theatre tax credit

Theatrical productions tax relief

Temporary increase in orchestra tax credit

Orchestra tax relief

Temporary increase in museums and galleries exhibition tax credit

Museums and galleries exhibition tax relief

Returns for disposals of UK land etc

Cross-border group relief

Tonnage tax

Amendments of section 259GB of TIOPA 2010

Application of section 124 of TIOPA 2010 in relation to diverted profits tax

Diverted profits tax: closure notices etc

Insurance contracts: change in accounting standards

Deductions allowance in connection with onerous or impaired leases

Provision in connection with the Dormant Assets Act 2022

Introduction

Charge to RPDT

Meaning of “residential property developer”

Meaning of “residential property development activities”

Residential property development activities: “residential property”

Meaning of “residential property developer profits or losses”

Adjusted trading profits and losses

Attributable joint venture profits and losses

RPDT reliefs

Restrictions on RPDT reliefs

Allowance

Application of corporation tax provisions and management of RPDT

Requirement to provide information about payments

Non-profit housing companies: exit charge

Commencement

Miscellaneous provision

Commencement

Anti-forestalling: accelerated profits

Economic crime (anti-money laundering) levy

Charge to the levy

UK revenue: amount

Relevant accounting period

UK revenue: determination

Assessment, payment, collection and recovery

Payments into Consolidated Fund

Application to partnerships

Collection of information

Disclosure of information

Public interest business protection tax

Regulations

Interpretation

Commencement

Public interest business protection tax

Securitisation companies and qualifying transformer vehicles

Interim operation of margin schemes for used cars etc: Northern Ireland

Margin schemes and removal or export of goods: VAT-related payments

Margin schemes and removal or export of goods: zero-rating

Relief on the importation of dental prostheses

Identifying where the risk is situated

Transitioned trade remedies: decisions by Secretary of State

Rates for light passenger or light goods vehicles, motorcycles etc

Restriction of use of rebated diesel and biofuels

Rates of tobacco products duty

Rates for light passenger or light goods vehicles, motorcycles etc

HGV road user levy: extension of suspension

Amounts of gross gaming yield charged to gaming duty

Excise duty: penalties

Rates of landfill tax

Plastic packaging tax

Winding-up petitions by an officer of Revenue and Customs

Publication by HMRC of information about tax avoidance schemes

Freezing orders: England and Wales

Freezing injunctions: Northern Ireland

Sections 87, 88 and 89: interpretation etc

Penalties for facilitating avoidance schemes involving non-resident promoters

Electronic sales suppression penalties

Tobacco products: tracing and security

Treatment of goods in free zones

Freeport tax site reliefs: provision about regulations

Large businesses: notification of uncertain tax treatment

Discovery assessments for unassessed income tax or capital gains tax

Notification of liability to income tax and capital gains tax

Calculation of income tax liability for certain charges relating to pensions

Power to make temporary modifications of taxation of employment income

Vehicle CO2 emissions certificates

Increase in membership of the Office of Tax Simplification

Interpretation

Chapter 2 (income taxed as trade profits)

Qualifying asset holding companies

Real Estate Investment Trusts

Film tax relief: films produced to be television programmes

Temporary increase in theatre tax credit

Temporary increase in orchestra tax credit

Temporary increase in museums and galleries exhibition tax credit

Returns for disposals of UK land etc

Cross-border group relief

Tonnage tax

Amendments of section 259GB of TIOPA 2010

Application of section 124 of TIOPA 2010 in relation to diverted profits tax

Diverted profits tax: closure notices etc

Insurance contracts: change in accounting standards

Deductions allowance in connection with onerous or impaired leases

Provision in connection with the Dormant Assets Act 2022

Introduction

Meaning of “residential property developer”

Meaning of “residential property development activities”

Residential property development activities: “interest in land”

Residential property development activities: “residential property”

Meaning of “residential property developer profits or losses”

Adjusted trading profits and losses

Attributable joint venture profits and losses

RPDT reliefs

Restrictions on RPDT reliefs

Allowance

Allowance: joint venture companies

Application of corporation tax provisions and management of RPDT

Requirement to provide information about payments

Non-profit housing companies: exit charge

Groups

Miscellaneous provision

Interpretation etc

Anti-forestalling: accelerated profits

Economic crime (anti-money laundering) levy

Charge to the levy

UK revenue: amount

Relevant accounting period

UK revenue: determination

Assessment, payment, collection and recovery

Payments into Consolidated Fund

Application to partnerships

Collection of information

Disclosure of information

Power to make consequential provision

Regulations

Interpretation

Commencement

Securitisation companies and qualifying transformer vehicles

Interim operation of margin schemes for used cars etc: Northern Ireland

Margin schemes and removal or export of goods: VAT-related payments

Margin schemes and removal or export of goods: zero-rating

Relief on the importation of dental prostheses

Identifying where the risk is situated

Transitioned trade remedies: decisions by Secretary of State

Reference documents: amount of import duty

Restriction of use of rebated diesel and biofuels

Rates of tobacco products duty

Vehicle excise duty: exemption for certain cabotage operations

HGV road user levy: extension of suspension

Rates of landfill tax

Excise duty: penalties

Plastic packaging tax

Winding-up petitions by an officer of Revenue and Customs

Publication by HMRC of information about tax avoidance schemes

Freezing orders: England and Wales

Warrants for diligence on the dependence: Scotland

Freezing injunctions: Northern Ireland

Sections 87, 88 and 89: interpretation etc

Penalties for facilitating avoidance schemes involving non-resident promoters

Electronic sales suppression penalties

Tobacco products: tracing and security

Treatment of goods in free zones

Freeport tax site reliefs: provision about regulations

Large businesses: notification of uncertain tax treatment

Discovery assessments for unassessed income tax or capital gains tax

Notification of liability to income tax and capital gains tax

Calculation of income tax liability for certain charges relating to pensions

Power to make temporary modifications of taxation of employment income

Vehicle CO2 emissions certificates

Increase in membership of the Office of Tax Simplification

Interpretation

Short title

Chapter 2 (income taxed as trade profits)

59

• (1) Sub-paragraph (2) applies for the purposes of determining the amounts of relevant interests in companies in accordance with paragraphs 3 to 6 and the provisions of Chapter 6 of Part 6 of CTA 2010 applied by those paragraphs.

• (2) Where a person has (in substance) a beneficial entitlement to the profits of a company as a result of qualifying alternative finance arrangements—

• (a) that entitlement is to be treated as an entitlement to a proportion of the profits of that company available for distribution to equity holders of the company, and

• (b) that person is to be treated as an equity holder.

• (3) “Qualifying alternative finance arrangements” means arrangements—

• (a) that constitute alternative finance arrangements for the purposes of Chapter 6 of Part 6 of CTA 2009 (alternative finance arrangements), or

• (b) that do not constitute alternative finance arrangements only as a result of section 508 of that Act (exclusion provision not at arms length).

• (4) But arrangements that are analogous to a normal commercial loan are not qualifying alternative finance arrangements.

• (5) Arrangements are analogous to a normal commercial loan if, were the arrangements structured as a loan that resulted in the same or similar entitlements of the parties to the arrangements, they would constitute a normal commercial loan within the meaning of section 162 of CTA 2010.

UK revenue: amount

Relevant accounting period

UK revenue: determination

Assessment, payment, collection and recovery

Payments into Consolidated Fund

Application to partnerships

Collection of information

Disclosure of information

Power to make consequential provision

Regulations

Interpretation

Commencement

Public interest business protection tax

Securitisation companies and qualifying transformer vehicles

Margin schemes and removal or export of goods: VAT-related payments

Margin schemes and removal or export of goods: zero-rating

Relief on the importation of dental prostheses

Identifying where the risk is situated

Transitioned trade remedies: decisions by Secretary of State

Reference documents: amount of import duty

Restriction of use of rebated diesel and biofuels

Rates of tobacco products duty

Rates for light passenger or light goods vehicles, motorcycles etc

Vehicle excise duty: exemption for certain cabotage operations

HGV road user levy: extension of suspension

Amounts of gross gaming yield charged to gaming duty

Excise duty: penalties

Plastic packaging tax

Winding-up petitions by an officer of Revenue and Customs

Publication by HMRC of information about tax avoidance schemes

Freezing orders: England and Wales

Warrants for diligence on the dependence: Scotland

Freezing injunctions: Northern Ireland

Sections 87, 88 and 89: interpretation etc

Penalties for facilitating avoidance schemes involving non-resident promoters

Electronic sales suppression penalties

Tobacco products: tracing and security

Treatment of goods in free zones

Freeport tax site reliefs: provision about regulations

Large businesses: notification of uncertain tax treatment

Discovery assessments for unassessed income tax or capital gains tax

Notification of liability to income tax and capital gains tax

Calculation of income tax liability for certain charges relating to pensions

Power to make temporary modifications of taxation of employment income

Vehicle CO2 emissions certificates

Increase in membership of the Office of Tax Simplification

Interpretation

Short title

Chapter 3A (trade profits: cash basis)