Source2016 c. 24
Finance Act 2016 (2016 c. 24)
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 taxs 1–s 44 · 44 sections
Charge and principal rates etcs 1–s 3 · 3 sections
Rate structures 4–s 6 · 3 sections
Employment income: taxable benefitss 7–s 15 · 9 sections
Employment income: other provisions 16–s 18 · 3 sections
Pensionss 19–s 23 · 5 sections
Trading and other incomes 24–s 27 · 4 sections
Reliefs: enterprise investment scheme, venture capital trusts etcs 28–s 31 · 4 sections
Reliefs: peer-to-peer lendings 32 · 1 section
Transactions in securitiess 33–s 35 · 3 sections
Disguised fees and carried interests 36–s 38 · 3 sections
Deduction at sources 39–s 41 · 3 sections
Receipts from intellectual propertys 42–s 43 · 2 sections
Supplementary welfare payments: Northern Irelands 44 · 1 section
PART 2 — Corporation taxs 45–s 68 · 24 sectionsCharge and ratess 45–s 46 · 2 sections
Research and developments 47–s 48 · 2 sections
Loan relationshipss 49–s 51 · 3 sections
Intangible fixed assetss 52–s 53 · 2 sections
Creative industry reliefss 54–s 55 · 2 sections
Banking companiess 56–s 57 · 2 sections
Oil and gass 58–s 63 · 6 sections
Exploitation of patents etcs 64 · 1 section
Miscellaneouss 65–s 68 · 4 sections
PART 3 — Income tax and corporation taxs 69–s 82 · 14 sectionsCapital allowancess 69–s 70 · 2 sections
Trade and property business profitss 71–s 72 · 2 sections
Property business deductionss 73–s 74 · 2 sections
Transfer pricings 75 · 1 section
Transactions in UK lands 76–s 82 · 7 sections
PART 4 — Capital gains taxs 83–s 92 · 10 sectionsRates 83 · 1 section
Entrepreneurs' reliefs 84–s 86 · 3 sections
Investors' reliefs 87 · 1 section
Employee shareholder sharess 88–s 89 · 2 sections
Other provisionss 90–s 92 · 3 sections
PART 5 — Inheritance tax etcs 93–s 97 · 5 sectionsPART 6 — Apprenticeship levys 98–s 121 · 24 sectionsBasic provisionss 98–s 100 · 3 sections
Connected companies and charitiess 101–s 102 · 2 sections
Anti-avoidances 103–s 104 · 2 sections
Payment, collection and recoverys 105–s 110 · 6 sections
Information and penaltiess 111–s 113 · 3 sections
Appealss 114 · 1 section
Generals 115–s 121 · 7 sections
PART 7 — VATs 122–s 126 · 5 sectionsPART 8 — SDLT and ATEDs 127–s 136 · 10 sectionsStamp duty land taxs 127–s 133 · 7 sections
Annual tax on enveloped dwellingss 134–s 136 · 3 sections
PART 9 — Other taxes and dutiess 137–s 155 · 19 sectionsStamp duty and stamp duty reserve taxs 137–s 139 · 3 sections
Petroleum revenue taxs 140 · 1 section
Insurance premium taxs 141 · 1 section
Landfill taxs 142–s 143 · 2 sections
Climate change levys 144–s 148 · 5 sections
Air passenger dutys 149 · 1 section
Vehicle excise dutys 150–s 151 · 2 sections
Other excise dutiess 152–s 155 · 4 sections
PART 10 — Tax avoidance and evasions 156–s 166 · 11 sectionsGeneral anti-abuse rules 156–s 158 · 3 sections
Tackling frequent avoidances 159–s 161 · 3 sections
Offshore activitiess 162–s 166 · 5 sections
PART 11 — Administration, enforcement and supplementary powerss 167–s 183 · 17 sectionsAssessment and returnss 167–s 169 · 3 sections
Judgment debtss 170–s 172 · 3 sections
Enforcement powerss 173–s 177 · 5 sections
Payments 178 · 1 section
Raw tobaccos 179 · 1 section
State aids granted through provision of tax advantagess 180–s 182 · 3 sections
Qualifying transformer vehicless 183 · 1 section
PART 12 — Office of Tax Simplifications 184–s 189 · 6 sectionsPART 13 — Finals 190–s 191 · 2 sectionsSchedulesSch 1 para 1–Sch 25 para 15 · 499 sections
SCHEDULE 1 — Abolition of dividend tax credits etcSch 1 para 1–Sch 1 para 73 · 73 sectionsMain repealsSch 1 para 1 · 1 section
Further amendments in ITTOIA 2005Sch 1 para 2–Sch 1 para 27 · 26 sections
Further amendments in CTA 2010Sch 1 para 28–Sch 1 para 50 · 23 sections
Other amendmentsSch 1 para 51–Sch 1 para 72 · 22 sections
CommencementSch 1 para 73 · 1 section
SCHEDULE 2 — Sporting testimonial paymentsSch 2 para 1–Sch 2 para 4 · 4 sectionsIncome tax: sporting testimonial payments treated as earningsSch 2 para 1 · 1 section
Income tax: limited exemption for sporting testimonial paymentsSch 2 para 2 · 1 section
Corporation tax: deductions from total profits for sporting testimonial payments and associated paymentsSch 2 para 3 · 1 section
Application of this ScheduleSch 2 para 4 · 1 section
SCHEDULE 3 — Employee share schemes: minor amendmentsSch 3 para 1–Sch 3 para 9 · 9 sectionsEnterprise management incentives and employee ownership trustsSch 3 para 1 · 1 section
Share incentive plansSch 3 para 2 · 1 section
Notification of plans and schemes to HMRCSch 3 para 3–Sch 3 para 5 · 3 sections
Price for acquisition of shares under share optionSch 3 para 6–Sch 3 para 7 · 2 sections
Tag-along rightsSch 3 para 8 · 1 section
Exercise of EMI optionsSch 3 para 9 · 1 section
SCHEDULE 4 — Pensions: lump sum allowance and lump sum and death benefit allowance : transitional provisionSch 4 para 1–Sch 4 para 31 · 31 sectionsPART 1 — “Fixed protection 2016”Sch 4 para 1–Sch 4 para 8 · 8 sectionsThe protectionSch 4 para 1 · 1 section
The initial conditionsSch 4 para 2 · 1 section
Protection-cessation eventsSch 4 para 3 · 1 section
Protection-cessation events: interpretation: “benefit accrual”Sch 4 para 4 · 1 section
Protection-cessation events: interpretation: “impermissible transfer”Sch 4 para 5 · 1 section
Protection-cessation events: interpretation: “permitted transfer”Sch 4 para 6 · 1 section
Protection-cessation events: interpretation: “permitted circumstances”Sch 4 para 7 · 1 section
Protection-cessation events: interpretation: relieved non-UK pension schemesSch 4 para 8 · 1 section
PART 2 — “Individual protection 2016”Sch 4 para 9–Sch 4 para 13 · 5 sectionsThe protectionSch 4 para 9 · 1 section
Amount A (pre-6 April 2006 pensions in payment)Sch 4 para 10 · 1 section
Amount B (pre-6 April 2016 benefit crystallisation events)Sch 4 para 11 · 1 section
Amount C (uncrystallised rights at end of 5 April 2016 under registered pension schemes)Sch 4 para 12 · 1 section
Amount D (uncrystallised rights at end of 5 April 2016 under relieved non-UK schemes)Sch 4 para 13 · 1 section
PART 3 — Reference numbers etcSch 4 para 14–Sch 4 para 20 · 7 sectionsIssuing of reference numbers for fixed or individual protection 2016Sch 4 para 14 · 1 section
Withdrawal of reference numbersSch 4 para 15 · 1 section
Appeals against non-issue or withdrawal of reference numbersSch 4 para 16 · 1 section
Notification of subsequent protection-cessation eventsSch 4 para 17 · 1 section
Notification of subsequent pension debitsSch 4 para 18 · 1 section
Personal representativesSch 4 para 19 · 1 section
Penalties for non-supply, or fraudulent etc supply, of information under paragraph 17 or 18Sch 4 para 20 · 1 section
PART 4 — InformationSch 4 para 21–Sch 4 para 27 · 7 sectionsPreservation of records in connection with individual protection 2016Sch 4 para 21 · 1 section
Amendments of regulationsSch 4 para 22–Sch 4 para 27 · 6 sections
PART 5 — Amendments in connection with protection of pre-6 April 2006 rightsSch 4 para 28 · 1 sectionPART 6 — Interpretation and regulationsSch 4 para 29–Sch 4 para 31 · 3 sectionsInterpretation of Parts 1, 2 and 3Sch 4 para 29 · 1 section
Interpretation of Parts 3 and 4 and this PartSch 4 para 30 · 1 section
RegulationsSch 4 para 31 · 1 section
SCHEDULE 5 — Pension flexibilitySch 5 para 1–Sch 5 para 11 · 11 sectionsSerious ill-health lump sumsSch 5 para 1–Sch 5 para 4 · 4 sections
Charity lump sum death benefitsSch 5 para 5 · 1 section
Dependants' flexi-access drawdown fundsSch 5 para 6 · 1 section
Trivial commutation lump sumSch 5 para 7–Sch 5 para 9 · 3 sections
Top-up of dependants' death benefitsSch 5 para 10 · 1 section
Inheritance tax as respects cash alternatives to annuities for dependants etcSch 5 para 11 · 1 section
SCHEDULE 6 — Deduction of income tax at sourceSch 6 para 1–Sch 6 para 28 · 28 sectionsPART 1 — Abolition of duty to deduct tax from interest on certain investmentsSch 6 para 1 · 1 sectionPART 2 — Deduction of tax from yearly interest: exception for deposit-takersSch 6 para 2 · 1 sectionPART 3 — Amendments of or relating to Chapter 2 of Part 15 of ITA 2007Sch 6 para 3–Sch 6 para 25 · 23 sectionsAmendments of Chapter 2 of Part 15 of ITA 2007Sch 6 para 3–Sch 6 para 18 · 16 sections
Amendments relating to Chapter 2 of Part 15 of ITA 2007Sch 6 para 19–Sch 6 para 25 · 7 sections
PART 4 — Deduction of tax from UK public revenue dividendsSch 6 para 26–Sch 6 para 27 · 2 sectionsPART 5 — CommencementSch 6 para 28 · 1 sectionSCHEDULE 7 — Loan relationships and derivative contractsSch 7 para 1–Sch 7 para 12 · 12 sectionsIntroductorySch 7 para 1 · 1 section
Non-market loansSch 7 para 2 · 1 section
Transfer pricingSch 7 para 3–Sch 7 para 4 · 2 sections
Exchange gains and lossesSch 7 para 5–Sch 7 para 11 · 7 sections
CommencementSch 7 para 12 · 1 section
SCHEDULE 8 — Tax relief for production of orchestral concertsSch 8 para 1–Sch 8 para 18 · 18 sectionsPART 1 — Amendment of CTA 2009Sch 8 para 1 · 1 sectionPART 2 — Consequential amendmentsSch 8 para 2–Sch 8 para 15 · 14 sectionsICTASch 8 para 2 · 1 section
FA 1998Sch 8 para 3–Sch 8 para 6 · 4 sections
CAA 2001Sch 8 para 7 · 1 section
FA 2007Sch 8 para 8 · 1 section
CTA 2009Sch 8 para 9–Sch 8 para 11 · 3 sections
FA 2009Sch 8 para 12 · 1 section
CTA 2010Sch 8 para 13–Sch 8 para 15 · 3 sections
PART 3 — CommencementSch 8 para 16–Sch 8 para 18 · 3 sectionsSCHEDULE 9 — Profits from the exploitation of patents etc: consequentialSch 9 para 1–Sch 9 para 24 · 24 sectionsSCHEDULE 10 — Hybrid and other mismatchesSch 10 para 1–Sch 10 para 25 · 25 sectionsPART 1 — Main provisionsSch 10 para 1 · 1 sectionPART 2 — Consequential amendmentsSch 10 para 2–Sch 10 para 17 · 16 sectionsFA 1998Sch 10 para 2–Sch 10 para 4 · 3 sections
CTA 2009Sch 10 para 5 · 1 section
CTA 2010Sch 10 para 6–Sch 10 para 8 · 3 sections
TIOPA 2010Sch 10 para 9–Sch 10 para 17 · 9 sections
PART 3 — CommencementSch 10 para 18–Sch 10 para 25 · 8 sectionsSCHEDULE 11 — Disposals of non-UK residential property interestsSch 11 para 1–Sch 11 para 5 · 5 sectionsSCHEDULE 12 — Disposals of residential property interests: gains and lossesSch 12 para 1–Sch 12 para 5 · 5 sectionsSCHEDULE 13 — Entrepreneurs' relief: “trading company” and “trading group”Sch 13 para 1–Sch 13 para 6 · 6 sectionsSCHEDULE 14 — Investors' reliefSch 14 para 1–Sch 14 para 3 · 3 sectionsSCHEDULE 15 — Inheritance tax: increased nil-rate bandSch 15 para 1–Sch 15 para 12 · 12 sectionsSCHEDULE 16 — Property authorised investment funds and co-ownership authorised contractual schemesSch 16 para 1–Sch 16 para 15 · 15 sectionsPART 1 — Co-ownership authorised contractual schemesSch 16 para 1 · 1 sectionPART 2 — Seeding relief for property authorised investment funds and co-ownership authorised contractual schemesSch 16 para 2–Sch 16 para 4 · 3 sectionsPART 3 — Consequential amendmentsSch 16 para 5–Sch 16 para 14 · 10 sectionsPART 4 — CommencementSch 16 para 15 · 1 sectionSCHEDULE 17 — Aqua methanol etcSch 17 para 1–Sch 17 para 14 · 14 sectionsPART 1 — Aqua methanolSch 17 para 1–Sch 17 para 11 · 11 sectionsIntroductorySch 17 para 1 · 1 section
DefinitionSch 17 para 2–Sch 17 para 3 · 2 sections
Charging of excise dutySch 17 para 4–Sch 17 para 5 · 2 sections
Mixing of aqua methanolSch 17 para 6 · 1 section
EnforcementSch 17 para 7 · 1 section
Consequential amendmentsSch 17 para 8–Sch 17 para 11 · 4 sections
PART 2 — Hydrocarbon oils: miscellaneous amendmentsSch 17 para 12–Sch 17 para 13 · 2 sectionsHODA 1979Sch 17 para 12 · 1 section
FA 1994Sch 17 para 13 · 1 section
PART 3 — CommencementSch 17 para 14 · 1 sectionSCHEDULE 18 — Serial tax avoidanceSch 18 para 1–Sch 18 para 65 · 68 sectionsPART 1 — Contents of ScheduleSch 18 para 1 · 1 sectionPART 2 — Entry into the regime and basic conceptsSch 18 para 2–Sch 18 para 16A · 18 sectionsDuty to give warning noticeSch 18 para 2 · 1 section
Warning periodSch 18 para 3 · 1 section
Meaning of “tax”Sch 18 para 4 · 1 section
Meaning of “ tax advantage ” in relation to VATSch 18 para 5 · 1 section
Meaning of “non-deductible tax”Sch 18 para 6 · 1 section
“Tax advantage”: other taxesSch 18 para 7 · 1 section
“DOTAS arrangements”Sch 18 para 8 · 1 section
“Disclosable Schedule 11A VAT arrangements”Sch 18 para 8A–Sch 18 para 9 · 2 sections
“Disclosable indirect tax arrangements”Sch 18 para 9A · 1 section
Paragraphs 8 to 9A : “failure to comply”Sch 18 para 10 · 1 section
“Relevant defeat”Sch 18 para 11 · 1 section
Condition ASch 18 para 12 · 1 section
Condition BSch 18 para 13 · 1 section
Condition CSch 18 para 14 · 1 section
Condition DSch 18 para 15 · 1 section
Condition ESch 18 para 16 · 1 section
Condition FSch 18 para 16A · 1 section
PART 3 — Annual information notices and namingSch 18 para 17–Sch 18 para 18 · 2 sectionsAnnual information noticesSch 18 para 17 · 1 section
NamingSch 18 para 18 · 1 section
PART 4 — Restriction of reliefsSch 18 para 19–Sch 18 para 29 · 11 sectionsDuty to give a restriction relief noticeSch 18 para 19 · 1 section
Restriction of reliefSch 18 para 20 · 1 section
The restricted periodSch 18 para 21 · 1 section
Reasonable excuseSch 18 para 22 · 1 section
Mitigation of restriction of reliefSch 18 para 23 · 1 section
AppealSch 18 para 24 · 1 section
Meaning of “avoidance-related rule”Sch 18 para 25 · 1 section
Meaning of “relief”Sch 18 para 26 · 1 section
“Claim” for reliefSch 18 para 27 · 1 section
VAT and indirect taxesSch 18 para 28 · 1 section
Power to amendSch 18 para 29 · 1 section
PART 5 — PenaltySch 18 para 30–Sch 18 para 44 · 15 sectionsPenaltySch 18 para 30 · 1 section
Simultaneous defeats etcSch 18 para 31 · 1 section
Value of the counteracted advantage: basic rule for taxes other than VATSch 18 para 32 · 1 section
Value of counteracted advantage: losses for purposes of direct taxSch 18 para 33 · 1 section
Value of counteracted advantage: deferred taxSch 18 para 34 · 1 section
Meaning of “the counteracted advantage” in paragraphs 33 and 34Sch 18 para 35 · 1 section
Value of the counteracted advantage: Conditions D and ESch 18 para 36 · 1 section
Value of counteracted advantage: delayed VATSch 18 para 37 · 1 section
Assessment of penaltySch 18 para 38 · 1 section
Alteration of assessment of penaltySch 18 para 39 · 1 section
Aggregate penaltiesSch 18 para 40 · 1 section
Appeal against penaltySch 18 para 41 · 1 section
Penalties: reasonable excuseSch 18 para 42 · 1 section
Paragraph 42: meaning of “the relevant failure”Sch 18 para 43 · 1 section
Mitigation of penaltiesSch 18 para 44 · 1 section
PART 6 — Corporate groups, associated persons and partnershipsSch 18 para 45–Sch 18 para 53 · 9 sectionsRepresentative member of a VAT groupSch 18 para 45 · 1 section
Corporate groupsSch 18 para 46 · 1 section
Associated persons treated as incurring relevant defeatsSch 18 para 47 · 1 section
Meaning of “associated”Sch 18 para 48 · 1 section
Partners treated as incurring relevant defeatsSch 18 para 49 · 1 section
Partnership returns to which this paragraph appliesSch 18 para 50 · 1 section
Partnerships: informationSch 18 para 51 · 1 section
Partnerships: special provision about taxpayer emendationsSch 18 para 52 · 1 section
Supplementary provision relating to partnershipsSch 18 para 53 · 1 section
PART 7 — SupplementalSch 18 para 54–Sch 18 para 65 · 12 sections (2 directly here)Meaning of “adjustments”Sch 18 para 54 · 1 section
Time of “use” of defeated arrangementsSch 18 para 55 · 1 section
Inheritance taxSch 18 para 56 · 1 section
National insurance contributionsSch 18 para 57 · 1 section
General interpretationSch 18 para 58 · 1 section
Consequential amendmentsSch 18 para 59–Sch 18 para 62 · 4 sections
CommencementSch 18 para 63 · 1 section
SCHEDULE 19 — Large businesses: tax strategies and sanctionsSch 19 para 1–Sch 19 para 55 · 55 sectionsPART 1 — InterpretationSch 19 para 1–Sch 19 para 15 · 15 sectionsPurpose of Part 1Sch 19 para 1 · 1 section
“Relevant body”Sch 19 para 2 · 1 section
“UK company”Sch 19 para 3 · 1 section
“UK permanent establishment”Sch 19 para 4 · 1 section
“Qualifying company”Sch 19 para 5 · 1 section
“Group” and related expressionsSch 19 para 6–Sch 19 para 9 · 4 sections
“Qualifying group”Sch 19 para 10 · 1 section
“UK sub-group” and “head” (in relation to a UK sub-group)Sch 19 para 11 · 1 section
“UK partnership”, “qualifying partnership” and “representative partner”Sch 19 para 12 · 1 section
“Financial year”Sch 19 para 13 · 1 section
“Turnover” and “balance sheet total”Sch 19 para 14 · 1 section
“UK taxation”Sch 19 para 15 · 1 section
PART 2 — Publication of tax strategiesSch 19 para 16–Sch 19 para 34 · 19 sectionsQualifying UK groups: duty to publish a group tax strategySch 19 para 16 · 1 section
Content of group tax strategySch 19 para 17 · 1 section
Penalty for non-compliance with paragraph 16Sch 19 para 18 · 1 section
UK sub-groups: duty to publish a sub-group tax strategySch 19 para 19 · 1 section
Content of a sub-group tax strategySch 19 para 20 · 1 section
Penalty for non-compliance with requirements of paragraph 19Sch 19 para 21 · 1 section
Qualifying companies: duty to publish a company tax strategySch 19 para 22 · 1 section
Content of a company tax strategySch 19 para 23 · 1 section
Penalty for non-compliance with paragraph 22Sch 19 para 24 · 1 section
Qualifying partnerships: duty to publish a partnership tax strategySch 19 para 25 · 1 section
Penalties under this Part: general provisionsSch 19 para 26 · 1 section
Failure to comply with a time limitSch 19 para 27 · 1 section
Reasonable excuseSch 19 para 28 · 1 section
Assessment of penaltiesSch 19 para 29 · 1 section
AppealSch 19 para 30 · 1 section
EnforcementSch 19 para 31 · 1 section
Power to change amount of penaltiesSch 19 para 32 · 1 section
Application of provisions of TMA 1970Sch 19 para 33 · 1 section
Meaning of “tax strategy”Sch 19 para 34 · 1 section
PART 3 — Sanctions for persistently unco-operative large businessesSch 19 para 35–Sch 19 para 53 · 19 sectionsLarge groups falling within Part 3Sch 19 para 35–Sch 19 para 40 · 6 sections
Warning noticesSch 19 para 41 · 1 section
Special measures noticesSch 19 para 42–Sch 19 para 45 · 4 sections
Circumstances in which warning and special measures notices are treated as having been givenSch 19 para 46 · 1 section
Sanctions: liability for penalties for errors in documents given to HMRCSch 19 para 47–Sch 19 para 48 · 2 sections
Sanctions: Commissioners publishing informationSch 19 para 49 · 1 section
Application of Part 3 to large UK sub-groupsSch 19 para 50 · 1 section
Application of Part 3 to large companiesSch 19 para 51 · 1 section
Application of Part 3 to large partnershipsSch 19 para 52 · 1 section
Meaning of “designated HMRC officer”Sch 19 para 53 · 1 section
PART 4 — SupplementarySch 19 para 54–Sch 19 para 55 · 2 sectionsAmendment of power under section 122 of FA 2015Sch 19 para 54 · 1 section
RegulationsSch 19 para 55 · 1 section
SCHEDULE 20 — Penalties for enablers of offshore tax evasion or non-complianceSch 20 para 1–Sch 20 para 23 · 23 sectionsPART 1 — Liability for penaltySch 20 para 1–Sch 20 para 17 · 17 sectionsLiability for penaltySch 20 para 1 · 1 section
Meaning of “involving offshore activity” and related expressionsSch 20 para 2 · 1 section
Amount of penaltySch 20 para 3 · 1 section
Potential lost revenue: enabling Q to commit relevant offenceSch 20 para 4 · 1 section
Potential lost revenue: enabling Q to engage in conduct incurring relevant civil penaltySch 20 para 5 · 1 section
Treatment of potential lost revenue attributable to both offshore tax evasion or non-compliance and other tax evasion or non-complianceSch 20 para 6 · 1 section
Reduction of penalty for disclosure etc by PSch 20 para 7–Sch 20 para 9 · 3 sections
Procedure for assessing penalty, etcSch 20 para 10–Sch 20 para 11 · 2 sections
AppealsSch 20 para 12–Sch 20 para 14 · 3 sections
Double jeopardySch 20 para 15 · 1 section
Application of provisions of TMA 1970Sch 20 para 16 · 1 section
Interpretation of Part 1Sch 20 para 17 · 1 section
PART 2 — Application of Schedule 36 to FA 2008: information powersSch 20 para 18–Sch 20 para 21 · 4 sectionsGeneral application of information and inspection powers to suspected enablersSch 20 para 18 · 1 section
General modificationsSch 20 para 19 · 1 section
Specific modificationsSch 20 para 20–Sch 20 para 21 · 2 sections
PART 3 — Publishing details of persons found liable to penaltiesSch 20 para 22–Sch 20 para 23 · 2 sectionsNaming etc of persons assessed to penalty or penalties under paragraph 1Sch 20 para 22–Sch 20 para 23 · 2 sections
SCHEDULE 21 — Penalties relating to offshore matters and offshore transfersSch 21 para 1–Sch 21 para 12 · 12 sectionsAmendments to Schedule 24 to the Finance Act 2007 (c. 11)Sch 21 para 1–Sch 21 para 4 · 4 sections
Amendments to Schedule 41 to the Finance Act 2008 (c. 9)Sch 21 para 5–Sch 21 para 8 · 4 sections
Amendments to Schedule 55 to the Finance Act 2009 (c.10)Sch 21 para 9–Sch 21 para 12 · 4 sections
SCHEDULE 22 — Asset-based penalty for offshore inaccuracies and failuresSch 22 para 1–Sch 22 para 21 · 22 sectionsPART 1 — Liability for penaltySch 22 para 1–Sch 22 para 6A · 7 sectionsCircumstances in which asset-based penalty is payableSch 22 para 1 · 1 section
Meaning of standard offshore tax penaltySch 22 para 2 · 1 section
Tax year to which standard offshore tax penalty relatesSch 22 para 3 · 1 section
Potential lost revenue thresholdSch 22 para 4 · 1 section
Offshore PLRSch 22 para 5 · 1 section
Restriction on imposition of multiple asset-based penalties in relation to the same assetSch 22 para 6–Sch 22 para 6A · 2 sections
PART 2 — Amount of penaltySch 22 para 7–Sch 22 para 9 · 3 sectionsStandard amount of asset-based penaltySch 22 para 7 · 1 section
Reductions for disclosure and co-operationSch 22 para 8 · 1 section
Special reductionSch 22 para 9 · 1 section
PART 3 — Identification and valuation of assetsSch 22 para 10–Sch 22 para 14 · 5 sectionsIntroductionSch 22 para 10 · 1 section
Capital gains taxSch 22 para 11 · 1 section
Inheritance taxSch 22 para 12 · 1 section
Asset-based income taxSch 22 para 13 · 1 section
Jointly held assetsSch 22 para 14 · 1 section
PART 4 — ProcedureSch 22 para 15–Sch 22 para 18 · 4 sectionsAssessmentSch 22 para 15 · 1 section
AppealSch 22 para 16–Sch 22 para 18 · 3 sections
PART 5 — GeneralSch 22 para 19–Sch 22 para 21 · 3 sectionsInterpretationSch 22 para 19 · 1 section
Consequential amendments etcSch 22 para 20–Sch 22 para 21 · 2 sections
SCHEDULE 23 — Simple assessmentsSch 23 para 1–Sch 23 para 9 · 9 sectionsSCHEDULE 25 — Office of Tax SimplificationSch 25 para 1–Sch 25 para 15 · 15 sectionsMembershipSch 25 para 1 · 1 section
Term of officeSch 25 para 2 · 1 section
Appointment of initial membersSch 25 para 3 · 1 section
Termination of appointmentsSch 25 para 4–Sch 25 para 5 · 2 sections
RemunerationSch 25 para 6 · 1 section
Provision of staff and facilities etc.Sch 25 para 7 · 1 section
Validity of proceedingsSch 25 para 8–Sch 25 para 9 · 2 sections
Supplementary powersSch 25 para 10 · 1 section
FinanceSch 25 para 11 · 1 section
DisqualificationSch 25 para 12–Sch 25 para 13 · 2 sections
Freedom of informationSch 25 para 14 · 1 section
Public sector equality dutySch 25 para 15 · 1 section
Cite this legislation
- Official citation
- 2016 c. 24
- Source
- legislation.gov.uk
- Data synced
- Licence
- OGL-3 ↗
Finance Act 2016 (legislation.gov.uk, OGL-3). Retrieved via LawPlayer, https://lawplayer.com/uk/act/ukpga-2016-24
This text is synced from legislation.gov.uk. In case of any discrepancy, the official version prevails.
Related legislation
Subordinate legislation
- Subordinate legislation: The Asset-based Penalty for Offshore Inaccuracies and Failures (Reductions for Disclosure and Co-operation) Regulations 2017
- Subordinate legislation: The Enterprise Management Incentives Exemptions and Reliefs (Amendment of Tax Advantages in Schedule 24 to the Finance Act 2016) Regulations 2018
- Subordinate legislation: The Finance Act 2015, Section 20(2) and (3) and the Finance Act 2016, Section 173(1) (Appointed Days) Regulations 2016
- Subordinate legislation: The Finance Act 2016, Schedule 21 (Appointed Days) Regulations 2017
- Subordinate legislation: The Finance Act 2016, Schedule 22 (Appointed Days) Regulations 2017
- Subordinate legislation: The Finance Act 2016, Section 113(1) to (4) (Commencement) Regulations 2017
- Subordinate legislation: The Finance Act 2016, Section 126 (Appointed Day), the Taxation (Cross-border Trade) Act 2018 (Appointed Day No. 8, Transition and Saving Provisions) and the Taxation (Post-transition Period) Act 2020 (Appointed Day No. 1) (EU Exit) Regulations 2020
- Subordinate legislation: The Finance Act 2016, Section 162(1) and Schedule 20 (Appointed Day) Regulations 2016
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Contains public sector information licensed under the Open Government Licence v3.0 (legislation.gov.uk).