Source2012 c. 14
Finance Act 2012 (2012 c. 14)
An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.
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This instrument is too large to display on one page. It is divided into the parts below; open a part to read its sections, each of which links to its full text.
PART 1 — Income tax, corporation tax and capital gains taxs 1–s 54 · 54 sectionsCHAPTER 1 — Income tax and corporation tax charges and rate bandss 1–s 7 · 7 sections
Income taxs 1–s 4 · 4 sections
Corporation taxs 5–s 7 · 3 sections
CHAPTER 2 — Income tax: generals 8–s 18 · 11 sectionsChild benefits 8 · 1 section
Anti-avoidances 9–s 12 · 4 sections
Reliefss 13–s 16 · 4 sections
Other provisionss 17–s 18 · 2 sections
CHAPTER 3 — Corporation tax: generals 19–s 33 · 15 sectionsSupport for businesss 19–s 21 · 3 sections
Anti-avoidances 22–s 24 · 3 sections
Insurances 25–s 30 · 6 sections
Miscellaneouss 31–s 33 · 3 sections
CHAPTER 4 — Capital gainss 34–s 37 · 4 sectionsCHAPTER 5 — Miscellaneouss 38–s 54 · 17 sectionsEnterprise incentivess 38–s 40 · 3 sections
Capital allowancess 41–s 46 · 6 sections
Foreign income and gainss 47 · 1 section
Pensionss 48 · 1 section
Charitable giving etcs 49–s 52 · 4 sections
Other provisionss 53–s 54 · 2 sections
PART 2 — Insurance companies carrying on long-term businesss 55–s 149 · 101 sectionsCHAPTER 1 — Introductorys 55–s 65 · 11 sectionsOutline of provisions of Parts 55 · 1 section
Meaning of “life assurance business”s 56 · 1 section
Meaning of “basic life assurance and general annuity business”s 57–s 62 · 6 sections
Meaning of “long-term business” and “PHI business”s 63 · 1 section
Meaning of contract of “insurance” or “long-term insurance” and “insurance company”s 64–s 65 · 2 sections
CHAPTER 2 — Charge to tax on I - E basis etcs 66–s 72 · 7 sectionsSeparate businesses etcs 66–s 67 · 2 sections
BLAGAB taxed on I - E basiss 68–s 70 · 3 sections
Non- BLAGAB long-term businesss 71 · 1 section
PHI only businesss 72 · 1 section
CHAPTER 3 — The I - E basiss 73–s 96 · 24 sectionsIntroductions 73 · 1 section
Definitions of expressions comprising “I”s 74–s 75 · 2 sections
Definitions of expressions comprising “E”s 76–s 85 · 10 sections
Special rules applying to I - E basiss 86–s 91 · 6 sections
Deemed I - E receiptss 92 · 1 section
Minimum profits charges 93–s 94 · 2 sections
Non- BLAGAB allowable lossess 95 · 1 section
Overseas life insurance companiess 96 · 1 section
CHAPTER 4 — Apportionment rules for I - E charges 97–s 101 · 5 sectionsIntroductions 97 · 1 section
Allocation of income, losses and expensess 98 · 1 section
Allocation of chargeable gains and allowable losses on disposals of assetss 99–s 101 · 3 sections
CHAPTER 5 — I - E profit: policyholders' rate of taxs 102–s 108 · 7 sectionsTax rate on policyholders' share of I - E profits 102–s 105 · 4 sections
Policyholder tax and calculation of BLAGAB trade profit or losss 106–s 108 · 3 sections
CHAPTER 6 — Trade calculation rules applying to long-term businesss 109–s 113 · 5 sectionsCHAPTER 7 — Trading apportionment ruless 114–s 115 · 2 sectionsCHAPTER 8 — Assets held for purposes of long-term businesss 116–s 122 · 7 sectionsTransfers of assets from different categoriess 116–s 118 · 3 sections
Share pooling ruless 119–s 121 · 3 sections
Long-term business fixed capitals 122 · 1 section
CHAPTER 9 — Relief for BLAGAB trade losses etcs 123–s 127 · 10 sectionsThe reliefss 123–s 125 · 8 sections
Restrictionss 126–s 127 · 2 sections
CHAPTER 10 — Transfers of long-term businesss 128–s 135 · 9 sectionsTransfers of BLAGABs 128–s 130A · 4 sections
Transfers of non- BLAGAB long-term businesss 131 · 1 section
Transfers of long-term business: anti-avoidances 132–s 134 · 3 sections
Interpretations 135 · 1 section
CHAPTER 11 — Definitionss 136–s 141 · 6 sectionsCHAPTER 12 — Supplementarys 142–s 149 · 8 sectionsPowers conferred on Treasury or HMRC Commissionerss 142–s 145 · 4 sections
Minor and consequential amendments and transitional provisions 146–s 147 · 2 sections
Commencement etcs 148–s 149 · 2 sections
PART 3 — Friendly societies carrying on long-term businesss 150–s 179 · 30 sectionsOutline of provisions of Parts 150 · 1 section
Long-term business rules to apply to friendly societiess 151–s 152 · 2 sections
Exempt BLAGAB or eligible PHI businesss 153–s 159 · 7 sections
Exempt BLAGAB or eligible PHI business: benefits payable by friendly societies etcs 160–s 162 · 3 sections
Exempt BLAGAB or eligible PHI business: directions to old societiess 163 · 1 section
Exemption for other businesss 164–s 169 · 6 sections
Miscellaneouss 170–s 171 · 2 sections
Interpretations 172–s 174 · 3 sections
Regulationss 175 · 1 section
Consequential amendments and transitional provisions 176–s 177 · 2 sections
Commencement etcs 178–s 179 · 2 sections
PART 4 — Controlled foreign companies and foreign permanent establishmentss 180 · 1 sectionPART 5 — Oils 181–s 184 · 4 sectionsPART 6 — Excise dutiess 185–s 195 · 11 sectionsTobacco products dutys 185 · 1 section
Alcoholic liquor dutiess 186–s 187 · 2 sections
Hydrocarbon oil etc dutiess 188–s 189 · 2 sections
Air passenger dutys 190 · 1 section
Gambling dutiess 191–s 194 · 4 sections
Vehicle excise dutys 195 · 1 section
PART 7 — Value added taxs 196–s 204 · 9 sectionsPART 8 — Other taxess 205–s 217 · 13 sectionsLandfill taxs 205–s 206 · 2 sections
Climate change levys 207 · 1 section
Inheritance taxs 208–s 210 · 3 sections
Bank levys 211 · 1 section
Stamp duty land tax, stamp duty reserve tax and stamp dutys 212–s 217 · 6 sections
PART 9 — Miscellaneous matterss 218–s 227 · 10 sectionsInternational matterss 218–s 220 · 3 sections
Financial sector regulations 221 · 1 section
Incapacitated persons and minorss 222 · 1 section
Administrations 223–s 225 · 3 sections
High value residential property or dwellingss 226 · 1 section
Miscellaneous reliefs etcs 227 · 1 section
PART 10 — Final provisionss 228–s 229 · 2 sectionsSchedulesSch 1 para 1–Sch 39 para 54 · 1,134 sections
SCHEDULE 1 — High income child benefit chargeSch 1 para 1–Sch 1 para 7 · 7 sectionsThe high income child benefit chargeSch 1 para 1 · 1 section
Consequential amendmentsSch 1 para 2–Sch 1 para 6 · 5 sections
CommencementSch 1 para 7 · 1 section
SCHEDULE 2 — Profits arising from the exploitation of patents etcSch 2 para 1–Sch 2 para 8 · 8 sectionsPART 1 — Amendments of CTA 2010Sch 2 para 1 · 1 sectionPART 2 — Amendments of TIOPA 2010Sch 2 para 2–Sch 2 para 6 · 5 sectionsPART 3 — Commencement and transitional provisionSch 2 para 7–Sch 2 para 8 · 2 sectionsApplicationSch 2 para 7 · 1 section
Special treatment of profits from patents etc to be phased inSch 2 para 8 · 1 section
SCHEDULE 3 — Relief for expenditure on R&DSch 3 para 1–Sch 3 para 40 · 40 sectionsIntroductorySch 3 para 1 · 1 section
Amount of relief for expenditure on R&D by small or medium-sized enterprises (“SMEs”)Sch 3 para 2 · 1 section
Removal of R&D thresholdSch 3 para 3–Sch 3 para 8 · 6 sections
Company not a going concern when in administration or liquidationSch 3 para 9–Sch 3 para 14 · 6 sections
Removal of limit on amount of tax credit based on PAYE and NIC liabilitiesSch 3 para 15 · 1 section
Abolition of vaccine research relief for SMEsSch 3 para 16–Sch 3 para 32 · 17 sections
Qualifying expenditure on externally provided workersSch 3 para 33–Sch 3 para 37 · 5 sections
ApplicationSch 3 para 38–Sch 3 para 40 · 3 sections
SCHEDULE 4 — Real estate investment trustsSch 4 para 1–Sch 4 para 44 · 44 sectionsIntroductionSch 4 para 1 · 1 section
Being a UK REIT: conditions for company - close companiesSch 4 para 2–Sch 4 para 13 · 12 sections
Being a UK REIT: conditions for company - trading of shares on recognised stock exchangeSch 4 para 14–Sch 4 para 21 · 8 sections
Being a UK REIT: condition as to distribution of profitsSch 4 para 22–Sch 4 para 26 · 5 sections
Being a UK REIT: conditions as to balance of businessSch 4 para 27–Sch 4 para 32 · 6 sections
Abolition of entry chargeSch 4 para 33–Sch 4 para 39 · 7 sections
Financing cost ratioSch 4 para 40–Sch 4 para 42 · 3 sections
Disposal of assetsSch 4 para 43–Sch 4 para 44 · 2 sections
SCHEDULE 5 — Tax treatment of financing costs and incomeSch 5 para 1–Sch 5 para 22 · 22 sectionsSCHEDULE 6 — Seed enterprise investment schemeSch 6 para 1–Sch 6 para 24 · 24 sectionsPART 1 — The schemeSch 6 para 1 · 1 sectionPART 2 — Relief for capital gainsSch 6 para 2–Sch 6 para 5 · 4 sectionsIntroductorySch 6 para 2 · 1 section
Disposal of shares to which SEIS relief is attributableSch 6 para 3 · 1 section
Seed enterprise investment scheme: re-investment reliefSch 6 para 4–Sch 6 para 5 · 2 sections
PART 3 — Consequential amendmentsSch 6 para 6–Sch 6 para 23 · 18 sectionsITA 2007Sch 6 para 6–Sch 6 para 18 · 13 sections
TCGA 1992Sch 6 para 19–Sch 6 para 22 · 4 sections
TMA 1970Sch 6 para 23 · 1 section
PART 4 — CommencementSch 6 para 24 · 1 sectionSCHEDULE 7 — Enterprise investment schemeSch 7 para 1–Sch 7 para 35 · 35 sectionsPART 1 — Enterprise investment schemeSch 7 para 1–Sch 7 para 25 · 25 sectionsIntroductionSch 7 para 1 · 1 section
Minimum subscriptionSch 7 para 2 · 1 section
Increase in amount of reliefSch 7 para 3 · 1 section
Loan capitalSch 7 para 4 · 1 section
Overview of Chapter 3Sch 7 para 5 · 1 section
Relaxation of the shares requirementSch 7 para 6 · 1 section
Increase in the maximum amount permitted to be raised annuallySch 7 para 7 · 1 section
Acquisition of shares or stockSch 7 para 8 · 1 section
No disqualifying arrangements requirementSch 7 para 9 · 1 section
Meaning of “qualifying business activity”Sch 7 para 10 · 1 section
Increase in the gross assets limitsSch 7 para 11 · 1 section
Relaxation of restriction on number of employeesSch 7 para 12 · 1 section
Subsidised generation or export of electricitySch 7 para 13–Sch 7 para 15 · 3 sections
Powers to amendSch 7 para 16 · 1 section
Disposal of sharesSch 7 para 17 · 1 section
Date from which interest is chargeableSch 7 para 18 · 1 section
InformationSch 7 para 19 · 1 section
Approved investment fund as nomineeSch 7 para 20 · 1 section
InterpretationSch 7 para 21 · 1 section
Commencement and transitional provisionSch 7 para 22–Sch 7 para 25 · 4 sections
PART 2 — Enterprise investment scheme: chargeable gainsSch 7 para 26–Sch 7 para 35 · 10 sectionsIntroductionSch 7 para 26 · 1 section
Disposal of shares to which EIS relief is attributableSch 7 para 27–Sch 7 para 28 · 2 sections
Maximum annual investmentSch 7 para 29 · 1 section
No disqualifying arrangementsSch 7 para 30 · 1 section
InformationSch 7 para 31 · 1 section
Meaning of “arrangements”Sch 7 para 32 · 1 section
CommencementSch 7 para 33–Sch 7 para 35 · 3 sections
SCHEDULE 8 — Venture capital schemesSch 8 para 1–Sch 8 para 22 · 22 sectionsIntroductionSch 8 para 1 · 1 section
VCT approvalsSch 8 para 2–Sch 8 para 3 · 2 sections
Qualifying holdings: introductionSch 8 para 4 · 1 section
Relaxation of maximum qualifying investment requirementSch 8 para 5 · 1 section
Increase in the maximum amount permitted to be raised annuallySch 8 para 6 · 1 section
Acquisition of sharesSch 8 para 7 · 1 section
Increase in the gross assets limitsSch 8 para 8 · 1 section
Relaxation of restriction on number of employeesSch 8 para 9 · 1 section
No disqualifying arrangements requirementSch 8 para 10 · 1 section
Subsidised generation or export of electricitySch 8 para 11–Sch 8 para 13 · 3 sections
Powers to amendSch 8 para 14 · 1 section
InformationSch 8 para 15–Sch 8 para 16 · 2 sections
Consequential amendmentSch 8 para 17 · 1 section
Commencement and transitional provisionSch 8 para 18–Sch 8 para 22 · 5 sections
SCHEDULE 9 — Capital allowances for plant and machinery: anti-avoidanceSch 9 para 1–Sch 9 para 9 · 9 sectionsTransactions to obtain allowancesSch 9 para 1 · 1 section
Restrictions on writing-down allowancesSch 9 para 2–Sch 9 para 6 · 5 sections
Restriction of exception for manufacturers and suppliersSch 9 para 7 · 1 section
Relevant transactionsSch 9 para 8 · 1 section
CommencementSch 9 para 9 · 1 section
SCHEDULE 10 — Plant and machinery allowances: fixturesSch 10 para 1–Sch 10 para 13 · 13 sectionsIntroductorySch 10 para 1 · 1 section
Changes in ownershipSch 10 para 2–Sch 10 para 5 · 4 sections
Fixtures on which business premises renovation allowance has been madeSch 10 para 6–Sch 10 para 10 · 5 sections
Commencement and transitionalsSch 10 para 11–Sch 10 para 13 · 3 sections
SCHEDULE 11 — Expenditure on plant and machinery for use in designated assisted areasSch 11 para 1–Sch 11 para 8 · 8 sectionsSCHEDULE 12 — Foreign income and gainsSch 12 para 1–Sch 12 para 21 · 21 sectionsPART 1 — Increased remittance basis chargeSch 12 para 1–Sch 12 para 5 · 5 sectionsIncreased chargeSch 12 para 1–Sch 12 para 4 · 4 sections
Application of Part 1Sch 12 para 5 · 1 section
PART 2 — Remittance for investment purposesSch 12 para 6–Sch 12 para 17 · 12 sectionsRelief for investmentsSch 12 para 6–Sch 12 para 9 · 4 sections
Formerly exempt property used to make investmentSch 12 para 10–Sch 12 para 12 · 3 sections
Interpretation provisionsSch 12 para 13–Sch 12 para 16 · 4 sections
Application of Part 2Sch 12 para 17 · 1 section
PART 3 — Sales of exempt propertySch 12 para 18–Sch 12 para 19 · 2 sectionsRelief from deemed remittance ruleSch 12 para 18 · 1 section
Application of Part 3Sch 12 para 19 · 1 section
PART 4 — Nominated incomeSch 12 para 20–Sch 12 para 21 · 2 sectionsDisapplication of ordering rulesSch 12 para 20 · 1 section
Application of Part 4Sch 12 para 21 · 1 section
SCHEDULE 13 — Employer asset-backed pension contributions etcSch 13 para 1–Sch 13 para 42 · 42 sectionsPART 1 — Denial of relief for contributions paid during period 29 November 2011 to 21 February 2012Sch 13 para 1–Sch 13 para 3 · 3 sectionsPART 2 — Transitional provision relating to Part 1Sch 13 para 4–Sch 13 para 14 · 11 sectionsApplication and interpretationSch 13 para 4–Sch 13 para 8 · 5 sections
Certain tax consequences not to have effectSch 13 para 9–Sch 13 para 11 · 3 sections
AdjustmentsSch 13 para 12–Sch 13 para 14 · 3 sections
PART 3 — Denial of relief for contributions paid on or after 22 February 2012Sch 13 para 15–Sch 13 para 17 · 3 sectionsPART 4 — Transitional provision relating to Part 3Sch 13 para 18–Sch 13 para 31 · 14 sectionsApplication and interpretationSch 13 para 18–Sch 13 para 22 · 5 sections
Certain tax consequences not to have effectSch 13 para 23–Sch 13 para 28 · 6 sections
AdjustmentsSch 13 para 29–Sch 13 para 31 · 3 sections
PART 5 — Other provision relating to finance arrangementsSch 13 para 32–Sch 13 para 42 · 11 sectionsChapter 5B of Part 13 of ITA 2007Sch 13 para 32–Sch 13 para 36 · 5 sectionsChapter 2 of Part 16 of CTA 2010Sch 13 para 37–Sch 13 para 41 · 5 sectionsCommencementSch 13 para 42 · 1 section
SCHEDULE 14 — Gifts to the nationSch 14 para 1–Sch 14 para 36 · 37 sectionsPART 1 — IntroductionSch 14 para 1 · 1 sectionQualifying giftsSch 14 para 1 · 1 section
PART 2 — Income tax and capital gains taxSch 14 para 2–Sch 14 para 11 · 10 sectionsTaxes affectedSch 14 para 2 · 1 section
The basic ruleSch 14 para 3 · 1 section
The portion treated as satisfiedSch 14 para 4 · 1 section
Order in which benefit is appliedSch 14 para 5 · 1 section
Effect of basic rule on interest and penaltiesSch 14 para 6 · 1 section
Changes to N's tax liabilitySch 14 para 7 · 1 section
Gifts set aside etcSch 14 para 8 · 1 section
Suspension pending negotiationsSch 14 para 9–Sch 14 para 10 · 2 sections
Conclusion of negotiationsSch 14 para 11 · 1 section
PART 3 — Corporation taxSch 14 para 12–Sch 14 para 20 · 9 sectionsTaxes affectedSch 14 para 12 · 1 section
The basic ruleSch 14 para 13 · 1 section
The portion treated as satisfiedSch 14 para 14 · 1 section
Effect of basic rule on interest and penaltiesSch 14 para 15 · 1 section
Changes to C's tax liabilitySch 14 para 16 · 1 section
Gifts set aside etcSch 14 para 17 · 1 section
Suspension pending negotiationsSch 14 para 18–Sch 14 para 19 · 2 sections
Conclusion of negotiationsSch 14 para 20 · 1 section
PART 4 — General provisionSch 14 para 21–Sch 14 para 25 · 5 sectionsOrdersSch 14 para 21 · 1 section
Pre-eminent propertySch 14 para 22 · 1 section
The relevant MinisterSch 14 para 23 · 1 section
General interpretationSch 14 para 24–Sch 14 para 25 · 2 sections
PART 5 — Related changesSch 14 para 26–Sch 14 para 35 · 11 sectionsIHTA 1984Sch 14 para 26–Sch 14 para 32A · 8 sections
Estate duty etcSch 14 para 33 · 1 section
TCGA 1992Sch 14 para 34 · 1 section
ITA 2007Sch 14 para 35 · 1 section
PART 6 — CommencementSch 14 para 36 · 1 sectionSCHEDULE 15 — Relief in respect of gift aid and other incomeSch 15 para 1–Sch 15 para 17 · 17 sectionsClaims by charitable trusts etcSch 15 para 1 · 1 section
Claims by charitable companies etcSch 15 para 2–Sch 15 para 4 · 3 sections
Community amateur sports clubs: gift aid and other incomeSch 15 para 5–Sch 15 para 8 · 4 sections
Treatment of income tax deducted or repaidSch 15 para 9–Sch 15 para 10 · 2 sections
Administration of claims under ITA 2007Sch 15 para 11–Sch 15 para 12 · 2 sections
Administration of claims under CTA 2010Sch 15 para 13–Sch 15 para 16 · 4 sections
ApplicationSch 15 para 17 · 1 section
SCHEDULE 16 — Part 2: minor and consequential amendmentsSch 16 para 1–Sch 16 para 247 · 247 sectionsPART 1 — Amendments of ICTASch 16 para 1–Sch 16 para 46 · 46 sectionsPART 2 — Amendments of FA 1989Sch 16 para 47–Sch 16 para 63 · 17 sectionsPART 3 — Amendments of other ActsSch 16 para 64–Sch 16 para 246 · 183 sectionsFinance Act 1950Sch 16 para 64–Sch 16 para 65 · 2 sections
Taxes Management Act 1970Sch 16 para 66–Sch 16 para 67 · 2 sections
Inheritance Tax Act 1984Sch 16 para 68–Sch 16 para 69 · 2 sections
Finance Act 1991Sch 16 para 70–Sch 16 para 71 · 2 sections
Taxation of Chargeable Gains Act 1992Sch 16 para 72–Sch 16 para 89 · 18 sections
Finance Act 1993Sch 16 para 90–Sch 16 para 91 · 2 sections
Finance Act 1999Sch 16 para 92–Sch 16 para 93 · 2 sections
Capital Allowances Act 2001Sch 16 para 94–Sch 16 para 107 · 14 sections
Finance Act 2003Sch 16 para 108–Sch 16 para 109 · 2 sections
Income Tax (Earnings and Pensions) Act 2003Sch 16 para 110–Sch 16 para 111 · 2 sections
Finance Act 2004Sch 16 para 112–Sch 16 para 122 · 11 sections
Finance (No.2) Act 2005Sch 16 para 123–Sch 16 para 124 · 2 sections
Income Tax (Trading and Other Income) Act 2005Sch 16 para 125–Sch 16 para 131 · 7 sections
Income Tax Act 2007Sch 16 para 132–Sch 16 para 134 · 3 sections
Corporation Tax Act 2009Sch 16 para 135–Sch 16 para 214 · 80 sections
Corporation Tax Act 2010Sch 16 para 215–Sch 16 para 231 · 17 sections
Taxation (International and Other Provisions) Act 2010Sch 16 para 232–Sch 16 para 244 · 13 sections
Finance Act 2011Sch 16 para 245–Sch 16 para 246 · 2 sections
PART 4 — Consequential repealsSch 16 para 247 · 1 sectionSCHEDULE 17 — Part 2: transitional provisionSch 17 para 1–Sch 17 para 39 · 40 sectionsPART 1 — Deemed receipts or expensesSch 17 para 1–Sch 17 para 20 · 20 sectionsGeneral outline of the provision of this Part of this ScheduleSch 17 para 1 · 1 section
Basic conceptsSch 17 para 2–Sch 17 para 4 · 3 sections
The comparison etcSch 17 para 5–Sch 17 para 8 · 4 sections
Deemed receipts or expenses of BLAGAB or non-BLAGAB long-term businessSch 17 para 9–Sch 17 para 10 · 2 sections
Period over which deemed receipts or expenses ariseSch 17 para 11–Sch 17 para 15 · 5 sections
Financing-arrangement-funded transfers to shareholders in relation to non-profit fundsSch 17 para 16 · 1 section
Anti-avoidanceSch 17 para 17–Sch 17 para 19 · 3 sections
Overseas life insurance companiesSch 17 para 20 · 1 section
PART 2 — Specific transitional provisionsSch 17 para 21–Sch 17 para 35A · 16 sectionsInsurance company with BLAGAB consisting wholly of protection businessSch 17 para 21 · 1 section
Disregard of amounts previously taken into account for tax purposesSch 17 para 22–Sch 17 para 23 · 2 sections
Intangible fixed assetsSch 17 para 24 · 1 section
Assets held for purposes of long-term businessSch 17 para 25–Sch 17 para 28 · 4 sections
Carry-forward of trading losses and excess management expensesSch 17 para 29–Sch 17 para 33 · 5 sections
Relief for BLAGAB trade losses for accounting period beginning on or after 1 January 2013Sch 17 para 34 · 1 section
Assets of the shareholder fundSch 17 para 35–Sch 17 para 35A · 2 sections
PART 3 — SupplementarySch 17 para 36–Sch 17 para 39 · 4 sectionsGeneral transitional provision in relation to provisions re-enacted in Part 2 of this ActSch 17 para 36 · 1 section
Power to make supplementary transitional provision etcSch 17 para 37–Sch 17 para 38 · 2 sections
InterpretationSch 17 para 39 · 1 section
SCHEDULE 18 — Part 3: consequential amendmentsSch 18 para 1–Sch 18 para 23 · 23 sectionsIncome and Corporation Taxes Act 1988Sch 18 para 1–Sch 18 para 13 · 13 sections
Taxation of Chargeable Gains Act 1992Sch 18 para 14–Sch 18 para 16 · 3 sections
Income Tax (Trading and Other Income) Act 2005Sch 18 para 17–Sch 18 para 18 · 2 sections
Corporation Tax Act 2009Sch 18 para 19–Sch 18 para 22 · 4 sections
Consequential repealsSch 18 para 23 · 1 section
SCHEDULE 19 — Part 3: transitional provisionSch 19 para 1–Sch 19 para 2 · 2 sectionsApprovals given for purposes of section 461 or 461C of ICTASch 19 para 1 · 1 section
General transitional provision in relation to provisions re-enacted in Part 3 of this ActSch 19 para 2 · 1 section
SCHEDULE 20 — Controlled foreign companies and foreign permanent establishmentsSch 20 para 1–Sch 20 para 59 · 59 sectionsPART 1 — Controlled foreign companiesSch 20 para 1 · 1 sectionPART 2 — Foreign permanent establishmentsSch 20 para 2–Sch 20 para 9 · 8 sectionsMain provisionSch 20 para 2–Sch 20 para 7 · 6 sections
Lloyd's underwritersSch 20 para 8 · 1 section
Plant and machinery allowancesSch 20 para 9 · 1 section
PART 3 — Other amendmentsSch 20 para 10–Sch 20 para 48 · 39 sectionsTMA 1970Sch 20 para 10–Sch 20 para 13 · 4 sections
ICTASch 20 para 14 · 1 section
FA 1998Sch 20 para 15–Sch 20 para 17 · 3 sections
FA 2000Sch 20 para 18–Sch 20 para 20 · 3 sections
FA 2002Sch 20 para 21 · 1 section
ITA 2007Sch 20 para 22 · 1 section
FA 2007Sch 20 para 23 · 1 section
CTA 2009Sch 20 para 24–Sch 20 para 31 · 8 sections
FA 2009Sch 20 para 32–Sch 20 para 36 · 5 sections
CTA 2010Sch 20 para 37–Sch 20 para 40 · 4 sections
TIOPA 2010Sch 20 para 41–Sch 20 para 45 · 5 sections
Insurance Companies (Reserve) (Tax) Regulations 1996 (S.I. 1996/2991)Sch 20 para 46–Sch 20 para 48 · 3 sections
PART 4 — Commencement provisionSch 20 para 49–Sch 20 para 55 · 7 sectionsCommencement provision relating to controlled foreign companies etcSch 20 para 49–Sch 20 para 54 · 6 sections
Commencement provision relating to foreign permanent establishmentsSch 20 para 55 · 1 section
PART 5 — Transitional provisionSch 20 para 56–Sch 20 para 59 · 4 sectionsFirst accounting periodsSch 20 para 56 · 1 section
Elections under section 9A of CTA 2010Sch 20 para 57 · 1 section
Exempt periodsSch 20 para 58 · 1 section
Designer rate tax provisionsSch 20 para 59 · 1 section
SCHEDULE 21 — Relief in respect of decommissioning expenditureSch 21 para 1–Sch 21 para 6 · 6 sectionsRestriction of relief available in respect of decommissioning expenditureSch 21 para 1–Sch 21 para 4 · 4 sections
Extension of loss relief available in respect of decommissioning expenditureSch 21 para 5 · 1 section
ApplicationSch 21 para 6 · 1 section
SCHEDULE 22 — Reduction of supplementary charge for certain oil fieldsSch 22 para 1–Sch 22 para 22 · 22 sectionsAmendments of Chapter 7 of Part 8 of CTA 2010Sch 22 para 1–Sch 22 para 17 · 17 sections
Consequential amendmentsSch 22 para 18–Sch 22 para 20 · 3 sections
CommencementSch 22 para 21–Sch 22 para 22 · 2 sections
SCHEDULE 23 — Air passenger dutySch 23 para 1–Sch 23 para 23 · 23 sectionsPART 1 — Northern Ireland long haul rates of duty from 1 November 2011 to 31 March 2012Sch 23 para 1–Sch 23 para 3 · 3 sectionsPART 2 — Rates of duty from 1 April 2012Sch 23 para 4–Sch 23 para 6 · 3 sectionsPART 3 — Devolution of Northern Ireland long haul rates of dutySch 23 para 7–Sch 23 para 15 · 9 sectionsPART 4 — Other provisionSch 23 para 16–Sch 23 para 23 · 8 sectionsSCHEDULE 24 — Machine games dutySch 24 para 1–Sch 24 para 67 · 67 sectionsPART 1 — Imposition of dutySch 24 para 1–Sch 24 para 52 · 52 sectionsThe dutySch 24 para 1 · 1 section
Dutiable machine gamesSch 24 para 2–Sch 24 para 4 · 3 sections
Types of machineSch 24 para 5 · 1 section
How the duty is chargedSch 24 para 6 · 1 section
Net takings per machineSch 24 para 7–Sch 24 para 8 · 2 sections
The ratesSch 24 para 9 · 1 section
Negative amounts of dutySch 24 para 10 · 1 section
Who is liableSch 24 para 11 · 1 section
Responsible for premisesSch 24 para 12 · 1 section
Excluded dual-use machinesSch 24 para 13 · 1 section
Accounting periodsSch 24 para 14 · 1 section
Valuing prizesSch 24 para 15 · 1 section
Valuing chargesSch 24 para 16 · 1 section
Collection and managementSch 24 para 17 · 1 section
ReturnsSch 24 para 18 · 1 section
Assessment and paymentSch 24 para 19 · 1 section
RegistrationSch 24 para 20 · 1 section
Registrable personsSch 24 para 21–Sch 24 para 22 · 2 sections
Compulsory registrationSch 24 para 23 · 1 section
Procedure for registration, de-registration etcSch 24 para 24 · 1 section
Publication of registerSch 24 para 25 · 1 section
Profit-sharersSch 24 para 26 · 1 section
Reviews and appealsSch 24 para 27 · 1 section
InterestSch 24 para 28 · 1 section
Penalties and enforcementSch 24 para 29–Sch 24 para 35 · 7 sections
ForfeitureSch 24 para 36 · 1 section
OffencesSch 24 para 37 · 1 section
Protection of officersSch 24 para 38 · 1 section
Orders and regulationsSch 24 para 39 · 1 section
Transitional provisionSch 24 para 40 · 1 section
Consequential amendmentsSch 24 para 41–Sch 24 para 49 · 9 sections
InterpretationSch 24 para 50–Sch 24 para 52 · 3 sections
PART 2 — Removal of amusement machine licence dutySch 24 para 53–Sch 24 para 62 · 10 sectionsAmendment of BGDA 1981Sch 24 para 53–Sch 24 para 54 · 2 sections
Amendment of other enactmentsSch 24 para 55–Sch 24 para 58 · 4 sections
Transitional provision and savingsSch 24 para 59–Sch 24 para 62 · 4 sections
PART 3 — VAT exemptionSch 24 para 63–Sch 24 para 65 · 3 sectionsAmendment of VATA 1994Sch 24 para 63–Sch 24 para 65 · 3 sections
PART 4 — MiscellaneousSch 24 para 66–Sch 24 para 67 · 2 sectionsApplicationSch 24 para 66–Sch 24 para 67 · 2 sections
SCHEDULE 25 — Remote gambling: double taxation reliefSch 25 para 1–Sch 25 para 12 · 12 sectionsUnilateral reliefSch 25 para 1–Sch 25 para 9 · 9 sections
Consequential amendmentsSch 25 para 10–Sch 25 para 11 · 2 sections
CommencementSch 25 para 12 · 1 section
SCHEDULE 26 — Categorisation of suppliesSch 26 para 1–Sch 26 para 7 · 7 sectionsPART 1 — Zero-rated suppliesSch 26 para 1–Sch 26 para 4 · 4 sectionsIntroductorySch 26 para 1 · 1 section
FoodSch 26 para 2 · 1 section
Protected buildingsSch 26 para 3 · 1 section
CaravansSch 26 para 4 · 1 section
PART 2 — Exempt suppliesSch 26 para 5 · 1 sectionLand: self storage and facilities to supply hairdressing servicesSch 26 para 5 · 1 section
PART 3 — Supplies chargeable at reduced rateSch 26 para 6 · 1 sectionPART 4 — Commencement and transitional provisionSch 26 para 7 · 1 sectionSCHEDULE 27 — Anti-forestalling charge to VATSch 27 para 1–Sch 27 para 11 · 11 sectionsPART 1 — Anti-forestalling charge to VATSch 27 para 1–Sch 27 para 5 · 5 sectionsIntroductorySch 27 para 1 · 1 section
The chargeSch 27 para 2 · 1 section
The suppliesSch 27 para 3 · 1 section
Supplies linked to the post-change periodSch 27 para 4 · 1 section
Power to modify this ScheduleSch 27 para 5 · 1 section
PART 2 — Liability and amountSch 27 para 6–Sch 27 para 7 · 2 sectionsLiabilitySch 27 para 6 · 1 section
AmountSch 27 para 7 · 1 section
PART 3 — Administration and interpretationSch 27 para 8–Sch 27 para 11 · 4 sectionsPerson ceasing to be taxable person before anti-forestalling charge dueSch 27 para 8 · 1 section
Adjustment of contracts following the VAT changeSch 27 para 9 · 1 section
InvoicesSch 27 para 10 · 1 section
Interpretation: generalSch 27 para 11 · 1 section
SCHEDULE 28 — Non-established taxable personsSch 28 para 1–Sch 28 para 19 · 19 sectionsNew Schedule 1ASch 28 para 1 · 1 section
Other amendments of VATA 1994Sch 28 para 2–Sch 28 para 17 · 16 sections
Amendments of other ActsSch 28 para 18 · 1 section
ApplicationSch 28 para 19 · 1 section
SCHEDULE 29 — Administration of VATSch 29 para 1–Sch 29 para 13 · 13 sectionsSCHEDULE 30 — Climate change levySch 30 para 1–Sch 30 para 23 · 23 sectionsPART 1 — Reduced-rate supplies on or after 1 April 2011: deemed supplySch 30 para 1 · 1 sectionPART 2 — Taxable supplies on or after 1 April 2012 for use in recycling processesSch 30 para 2–Sch 30 para 19 · 18 sectionsPART 3 — Rates of climate change levy for supplies on or after 1 April 2013Sch 30 para 20–Sch 30 para 23 · 4 sectionsSCHEDULE 31 — Climate change levy: climate change agreementsSch 31 para 1–Sch 31 para 11 · 11 sectionsSCHEDULE 32 — Climate change levy: supplies subject to the carbon price support rates and combined heat and power stationsSch 32 para 1–Sch 32 para 22 · 22 sectionsPART 1 — Main provisionSch 32 para 1–Sch 32 para 19 · 19 sectionsAmendments to Schedule 6 to FA 2000Sch 32 para 1–Sch 32 para 16 · 16 sections
Provision relating to Schedule 20 to FA 2011Sch 32 para 17–Sch 32 para 18 · 2 sections
CommencementSch 32 para 19 · 1 section
PART 2 — Carbon price support rates from 1 April 2014Sch 32 para 20 · 1 sectionPART 3 — Electricity produced in combined heat and power stationsSch 32 para 21–Sch 32 para 22 · 2 sectionsSCHEDULE 33 — Inheritance tax: gifts to charities etcSch 33 para 1–Sch 33 para 10 · 10 sectionsReduced rate of inheritance taxSch 33 para 1 · 1 section
Consequential amendmentsSch 33 para 2–Sch 33 para 8 · 7 sections
Instruments of variation to be notified to charities etcSch 33 para 9 · 1 section
CommencementSch 33 para 10 · 1 section
SCHEDULE 34 — Bank levySch 34 para 1–Sch 34 para 12 · 12 sectionsIntroductorySch 34 para 1 · 1 section
Rates 2012Sch 34 para 2–Sch 34 para 4 · 3 sections
Rates from 2013Sch 34 para 5–Sch 34 para 7 · 3 sections
Joint venturesSch 34 para 8–Sch 34 para 10 · 3 sections
Double taxation reliefSch 34 para 11 · 1 section
Transitional provisionSch 34 para 12 · 1 section
SCHEDULE 35 — Stamp duty land tax: higher rate for certain transactionsSch 35 para 1–Sch 35 para 10 · 10 sectionsIntroductorySch 35 para 1 · 1 section
Higher rate of tax: main provisionsSch 35 para 2–Sch 35 para 4 · 3 sections
Higher rate of tax: exercise of collective rights by tenants of flatsSch 35 para 5 · 1 section
Minor and consequential amendmentsSch 35 para 6–Sch 35 para 9 · 4 sections
Application of amendmentsSch 35 para 10 · 1 section
SCHEDULE 36 — Agreement between UK and SwitzerlandSch 36 para 1–Sch 36 para 27 · 29 sectionsPART 1 — IntroductionSch 36 para 1 · 1 sectionThe Agreement and the Joint DeclarationSch 36 para 1 · 1 section
PART 2 — The pastSch 36 para 2–Sch 36 para 12 · 11 sectionsTaxes affectedSch 36 para 2 · 1 section
Application of this PartSch 36 para 3 · 1 section
Qualifying amountsSch 36 para 4 · 1 section
Eligibility for clearanceSch 36 para 5 · 1 section
Effect if P eligible for clearanceSch 36 para 6 · 1 section
Ceasing to be liable to taxSch 36 para 7 · 1 section
Effect if P not eligible for clearanceSch 36 para 8 · 1 section
Interest, penalties etcSch 36 para 9 · 1 section
RepaymentsSch 36 para 10 · 1 section
Paragraph 4: supplementary provisionSch 36 para 11 · 1 section
Refund of one-off paymentSch 36 para 12 · 1 section
PART 3 — The future: income tax and capital gains taxSch 36 para 13–Sch 36 para 19 · 7 sectionsTaxes affectedSch 36 para 13 · 1 section
Application of this PartSch 36 para 14 · 1 section
Effect of relevant certificateSch 36 para 15 · 1 section
ElectionSch 36 para 16 · 1 section
Other credits to be allowed firstSch 36 para 17 · 1 section
RepaymentsSch 36 para 18 · 1 section
Relationship with special withholding tax rulesSch 36 para 19 · 1 section
PART 4 — The future: inheritance taxSch 36 para 20–Sch 36 para 24 · 5 sectionsTaxes affectedSch 36 para 20 · 1 section
Application of this PartSch 36 para 21 · 1 section
Effect of Article 32 certificateSch 36 para 22 · 1 section
Election in respect of Article 32 certificatesSch 36 para 23 · 1 section
RepaymentsSch 36 para 24 · 1 section
PART 5 — General provisionsSch 36 para 25–Sch 36 para 27 · 5 sectionsInformation exchangeSch 36 para 25 · 1 section
Amounts recoverable as if they were VATSch 36 para 26 · 1 section
Transfers to HMRC under AgreementSch 36 para 26A–Sch 36 para 26B · 2 sections
General interpretationSch 36 para 27 · 1 section
SCHEDULE 37 — International military headquarters, EU forces, etcSch 37 para 1–Sch 37 para 5 · 5 sectionsFA 1960Sch 37 para 1 · 1 section
IHTA 1984Sch 37 para 2–Sch 37 para 3 · 2 sections
ITEPA 2003Sch 37 para 4 · 1 section
ITA 2007Sch 37 para 5 · 1 section
SCHEDULE 38 — Tax agents: dishonest conductSch 38 para 1–Sch 38 para 58 · 58 sectionsPART 1 — IntroductionSch 38 para 1–Sch 38 para 3 · 3 sectionsOverviewSch 38 para 1 · 1 section
Tax agentSch 38 para 2 · 1 section
Dishonest conductSch 38 para 3 · 1 section
PART 2 — Establishing dishonest conductSch 38 para 4–Sch 38 para 6 · 3 sectionsConduct noticeSch 38 para 4 · 1 section
Appeal against determinationSch 38 para 5 · 1 section
Offence of concealment etc in connection with conduct noticeSch 38 para 6 · 1 section
PART 3 — Power to obtain tax agent's files etcSch 38 para 7–Sch 38 para 25 · 19 sectionsCircumstances in which power is exercisableSch 38 para 7 · 1 section
File access noticeSch 38 para 8 · 1 section
Relevant documentsSch 38 para 9 · 1 section
Content of noticeSch 38 para 10 · 1 section
ComplianceSch 38 para 11–Sch 38 para 12 · 2 sections
Approval by tribunalSch 38 para 13 · 1 section
Documents not in person's possession or powerSch 38 para 14 · 1 section
Types of informationSch 38 para 15 · 1 section
Old documentsSch 38 para 16 · 1 section
Privileged communications between professional legal advisers and clientsSch 38 para 17 · 1 section
Power to copy documentsSch 38 para 18 · 1 section
Power to retain documentsSch 38 para 19 · 1 section
Appeal against file access noticeSch 38 para 20 · 1 section
Offence of concealment etc in connection with file access noticeSch 38 para 21 · 1 section
Penalty for failure to complySch 38 para 22 · 1 section
Daily penalty for failure to complySch 38 para 23 · 1 section
Failure to comply with time limitSch 38 para 24 · 1 section
Reasonable excuseSch 38 para 25 · 1 section
PART 4 — Sanctions for dishonest conductSch 38 para 26–Sch 38 para 28 · 3 sectionsPenalty for dishonest conductSch 38 para 26 · 1 section
Special reductionSch 38 para 27 · 1 section
Power to publish detailsSch 38 para 28 · 1 section
PART 5 — Penalties: assessment etcSch 38 para 29–Sch 38 para 35 · 7 sectionsAssessment of penaltiesSch 38 para 29–Sch 38 para 30 · 2 sections
Appeal against penaltySch 38 para 31 · 1 section
Enforcement of penaltySch 38 para 32 · 1 section
Double jeopardySch 38 para 33–Sch 38 para 34 · 2 sections
Power to change amount of penaltiesSch 38 para 35 · 1 section
PART 6 — Miscellaneous provision and interpretationSch 38 para 36–Sch 38 para 43 · 8 sectionsApplication of provisions of TMA 1970Sch 38 para 36 · 1 section
TaxSch 38 para 37 · 1 section
General interpretationSch 38 para 38–Sch 38 para 42 · 5 sections
Relationship with other enactmentsSch 38 para 43 · 1 section
PART 7 — Consequential provisionsSch 38 para 44–Sch 38 para 58 · 15 sectionsTMA 1970Sch 38 para 44–Sch 38 para 50 · 7 sections
OTA 1975Sch 38 para 51 · 1 section
IHTA 1984Sch 38 para 52 · 1 section
Social Security Contributions and Benefits Act 1992Sch 38 para 53–Sch 38 para 54 · 2 sections
Social Security Contributions and Benefits (Northern Ireland) Act 1992Sch 38 para 55 · 1 section
Social Security Administration Act 1992Sch 38 para 56 · 1 section
Social Security Administration (Northern Ireland) Act 1992Sch 38 para 57 · 1 section
FA 2003Sch 38 para 58 · 1 section
SCHEDULE 39 — Repeal of miscellaneous reliefs etcSch 39 para 1–Sch 39 para 54 · 54 sectionsPART 1 — Stamp duty and stamp duty land taxSch 39 para 1–Sch 39 para 13 · 13 sectionsNationalisation schemesSch 39 para 1 · 1 section
Visiting forces and allied headquartersSch 39 para 2 · 1 section
Shared ownership transactionsSch 39 para 3 · 1 section
Instruments subject to duty of fixed amountSch 39 para 4 · 1 section
AcquisitionsSch 39 para 5 · 1 section
Transfers to registered social landlordsSch 39 para 6 · 1 section
Land in disadvantaged areasSch 39 para 7–Sch 39 para 8 · 2 sections
Leases granted by registered social landlordsSch 39 para 9 · 1 section
Application and transitional provisionSch 39 para 10–Sch 39 para 13 · 4 sections
PART 2 — Repeal of harbour reorganisation scheme reliefsSch 39 para 14–Sch 39 para 18 · 5 sectionsPART 3 — Payments relating to reductions in pool betting dutySch 39 para 19–Sch 39 para 22 · 4 sectionsPART 4 — Life assuranceSch 39 para 23–Sch 39 para 32 · 10 sectionsAbolition of income tax relief for life assurance premiums under section 266 of ICTASch 39 para 23–Sch 39 para 30 · 8 sections
Removal of claw-backs on relief given under section 266 of ICTASch 39 para 31 · 1 section
Abolition of income tax relief relating to certain payments made for benefit of family members etcSch 39 para 32 · 1 section
PART 5 — Capital allowancesSch 39 para 33–Sch 39 para 42 · 10 sectionsSafety at sports groundsSch 39 para 33–Sch 39 para 35 · 3 sections
Flat conversion allowancesSch 39 para 36–Sch 39 para 42 · 7 sections
PART 6 — Mineral leases or agreementsSch 39 para 43–Sch 39 para 47 · 5 sectionsIncome taxSch 39 para 43 · 1 section
Corporation tax on incomeSch 39 para 44 · 1 section
Chargeable gainsSch 39 para 45–Sch 39 para 47 · 3 sections
PART 7 — MiscellaneousSch 39 para 48–Sch 39 para 54 · 7 sectionsDeeply discounted securities: incidental expensesSch 39 para 48 · 1 section
Grants for giving up agricultural landSch 39 para 49 · 1 section
Reduction for meal vouchersSch 39 para 50 · 1 section
Black beerSch 39 para 51 · 1 section
Angostura bittersSch 39 para 52 · 1 section
Tax reserve certificatesSch 39 para 53 · 1 section
Tax assessorsSch 39 para 54 · 1 section
Cite this legislation
- Official citation
- 2012 c. 14
- Source
- legislation.gov.uk
- Data synced
- Licence
- OGL-3 ↗
Finance Act 2012 (legislation.gov.uk, OGL-3). Retrieved via LawPlayer, https://lawplayer.com/uk/act/ukpga-2012-14
This text is synced from legislation.gov.uk. In case of any discrepancy, the official version prevails.
Related legislation
Subordinate legislation
- Subordinate legislation: The Additionally-developed Oil Fields Order 2013
- Subordinate legislation: The Building Societies (Core Capital Deferred Shares) Regulations 2013
- Subordinate legislation: The Corporation Tax Act 2010 (Profits Arising from the Exploitation of Patents) Foreign Taxes Designation Regulations 2016
- Subordinate legislation: The Finance Act 2012 (Enterprise Investment Scheme) (Appointed Day) Order 2012
- Subordinate legislation: The Finance Act 2012 (Venture Capital Trusts) (Appointed Day) Order 2012
- Subordinate legislation: The Finance Act 2012, Schedule 14 (Appointed Day) Order 2013
- Subordinate legislation: The Finance Act 2012, Schedule 22 (Reduction of Supplementary Charge for Certain Oil Fields) (Appointed Day) Order 2013
- Subordinate legislation: The Finance Act 2012, Schedule 38 (Tax Agents: Dishonest Conduct) (Appointed Day and Savings) Order 2013
15 more
Relations are derived from the official revision history and the text of the instruments; only high-confidence links held on LawPlayer are listed. Refer to the official gazette for the complete picture.
Contains public sector information licensed under the Open Government Licence v3.0 (legislation.gov.uk).