UKPGA-2015-11 Finance Act 2015 UK

Income tax is charged for the year 2015-16.

For that tax year—

For the tax year 2015-16—

Accordingly, for that tax year, section 57 of that Act (indexation of allowances), so far as relating to the amounts specified in sections 37(2), 38(1), 43, 45(3)(a), 45(4), 46(3)(a) and 46(4) of that Act, does not apply.

Section 2 of FA 2014 (basic rate limit for 2015-16 and personal allowances from 2015) is amended as set out in subsections (2) and (3).

In subsection (1)(b) (amount specified for 2015-16 in section 35(1) of ITA 2007 (personal allowance for those born after 5 April 1938)), for “ “£10,500”” substitute “ “£10,600” ”.

In subsection (8) (amendments of section 57 of ITA 2007), omit the “and” at the end of paragraph (a) and after that paragraph insert—.

In section 55B(4)(a) of ITA 2007 (transferable tax allowance for married couples and civil partners: entitlement to tax reduction), for “£1,050” substitute “ £1,060 ”.

The amendments made by subsections (3) and (4) have effect for the tax year 2015-16 and subsequent tax years.

The amount specified in section 10(5) of ITA 2007 (basic rate limit) is replaced—

Accordingly, for those tax years section 21 of that Act (indexation of limits), so far as relating to the basic rate limit, does not apply.

The amount specified in section 35(1) of ITA 2007 (personal allowance for those born after 5 April 1938) is replaced—

Accordingly, for those tax years, section 57 of that Act (indexation of allowances), so far as relating to the amount specified in section 35(1) of that Act, does not apply.

In section 34(1)(a) of that Act, for “sections 35 and 37 deal” substitute “ section 35 deals ”.

In section 35 of that Act (personal allowance for those born after 5 April 1938)—

Omit section 37 of that Act (personal allowance for those born before 6 April 1938).

In section 45(4) of that Act (marriages before 5 December 2005), for paragraphs (a) and (b) substitute “ half the excess ”.

In section 46(4) of that Act (marriages and civil partnerships on or after 5 December 2005), for paragraphs (a) and (b) substitute “ half the excess ”.

In section 55B of that Act (transferable tax allowance for married couples and civil partners: tax reduction: entitlement), in subsection (6) omit “or 37”.

In section 55C of that Act (election to reduce personal allowance), in subsections (1)(b) and (2), omit “or 37”.

In section 57 of that Act (indexation of allowances)—

The amendments made by subsections (3) to (10) have effect for the tax year 2016-17 and subsequent tax years.

Corporation tax is charged for the financial year 2016.

For that year the main rate of corporation tax is 20%.

ITEPA 2003 is amended as follows.

Section 139 (car with a CO 2 figure: the appropriate percentage) is amended as set out in subsections (3) and (4).

In subsection (2)—

In subsection (3), for “16%” substitute “ 18% ”.

In section 140(2) (car without a CO 2 figure: the appropriate percentage), in the Table—

In section 142(2) (car first registered before 1 January 1998: the appropriate percentage), in the Table—

The amendments made by this section have effect for the tax year 2017-18.

ITEPA 2003 is amended as follows.

Section 139 (car with a CO 2 figure: the appropriate percentage) is amended as set out in subsections (3) and (4).

In subsection (2)—

In subsection (3), for “18%” substitute “ 20% ”.

In section 140(2) (car without a CO 2 figure: the appropriate percentage), in the Table—

In section 142(2) (car first registered before 1 January 1998: the appropriate percentage), in the Table—

The amendments made by this section have effect for the tax year 2018-19 and subsequent tax years.

In section 141(2) of ITEPA 2003 (diesel cars: the appropriate percentage), in Step 3, for “35%” substitute “ 37% ”.

The amendment made by this section has effect for the tax year 2015-16.

ITEPA 2003 is amended as follows.

In section 155 (cash equivalent of the benefit of a van), for subsections (1) and (2) substitute—

In section 156(1) (reduction for periods when van unavailable), for “155(1)” substitute “ 155 ”.

In section 158(1) (reduction for payments for private use), for “155(1)” substitute “ 155 ”.

In section 160(1)(c) (benefit of fuel treated as earnings), for “section 155(1)(b)” substitute “ section 155(1B)(b) ”.

In section 170 (orders etc relating to Chapter 6 of Part 3), for subsection (1A) substitute—

Article 3 of the Van Benefit and Car and Van Fuel Benefit Order 2014 (S.I. 2014/2896) is revoked.

The amendments made by this section have effect for the tax year 2015-16 and subsequent tax years.

In Part 4 of ITEPA 2003 (employment income: exemptions) after Chapter 7 insert—

The amendment made by this section has effect for the tax year 2016-17 and subsequent tax years.

ITEPA 2003 is amended as follows.

Omit section 65 (dispensations relating to benefits for certain employees).

Omit section 96 (dispensations relating to vouchers or credit-tokens).

Accordingly—

The amendments made by this section have effect for the tax year 2016-17 and subsequent tax years.

The repeal of sections 65 and 96 of ITEPA 2003 does not affect the power of an officer of Revenue and Customs to revoke a pre-commencement dispensation from a date earlier than 6 April 2016.

Accordingly, sections 65(6) to (9) and 96(5) to (8) of ITEPA 2003 continue to have effect in relation to a pre-commencement dispensation.

In this section “pre-commencement dispensation” means a dispensation given (or treated as given) under section 65 or 96 of ITEPA 2003 which is in force immediately before 6 April 2016.

Omit Chapter 11 of Part 3 of ITEPA 2003 (taxable benefits: exclusion of lower-paid employments from parts of benefits code).

In Part 4 of that Act (employment income: exemptions), after section 290B insert—

Schedule 1 contains amendments relating to subsections (1) and (2).

The amendments made by this section and Schedule 1 have effect for the tax year 2016-17 and subsequent tax years.

Part 4 of ITEPA 2003 (employment income: exemptions) is amended as follows.

In Chapter 8 (exemptions: special kinds of employees), after section 306 insert—

In section 228 (effect of exemptions on liability under provisions outside Part 2), in subsection (2)(d), after “291” insert “ and 306A ”.

The amendments made by this section have effect for the tax year 2016-17 and subsequent tax years.

In section 640A of ITEPA 2003 (lump sums provided under armed forces early departure scheme), at the end insert “ or the Armed Forces Early Departure Payments Scheme Regulations 2014 (S.I. 2014/2328) ”.

Subsection (1) comes into force on 1 April 2015.

ITEPA 2003 is amended as follows.

In Part 1 of Table B in section 677(1) (UK social security benefits wholly exempt from tax), at the appropriate place insert—

In Part 1 of Schedule 1 (abbreviations of Acts and instruments), at the appropriate place insert—

The amendments made by this section have effect in accordance with regulations made by the Treasury.

Regulations under subsection (4) may make different provision for different purposes.

Section 1014(4) of ITA 2007 (regulations etc subject to annulment) does not apply in relation to regulations under subsection (4).

Section 684 of ITEPA 2003 (PAYE regulations) is amended as follows.

In the list in subsection (2), after item 1 insert—

For subsection (3) substitute—

Section 100 of TMA 1970 (determination of penalties by officer of Board) is amended as follows.

In subsection (2)(c), after “those amendments” insert “ , subject to subsection (2A) ”.

After subsection (2) insert—

Chapter 3 of Part 4 of ITTOIA 2005 (dividends etc from UK resident companies and tax treated as paid in respect of certain distributions) is amended in accordance with subsections (2) to (6).

After section 396 insert—

In section 382 (contents of Chapter 3), in subsection (1), omit the “and” at the end of paragraph (b) and after paragraph (c) insert

In section 385 (person liable), in subsection (1)(a) for “and 389(3)” substitute “ , 389(3) and 396A ”.

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In section 481 of ITA 2007 (other amounts to be charged at special rates for trustees), in subsection (3), after “Type 1” insert “ or Type 12 ”.

In section 482 of that Act (types of amount to be charged at special rates for trustees), at the end insert— “ Type 12 Income treated as arising to the trustees under section 396A of ITTOIA 2005 (arrangements offering a choice of income or capital return). ”

In section 1100 of CTA 2010 (qualifying distributions: right to request a statement), after subsection (6) insert—

The amendments made by subsections (2) to (4), (7) and (8) have effect in relation to things received on or after 6 April 2015 (even if the choice to receive them was made before that date).

Chapter 2 of Part 8 of ITA 2007 (gift aid) is amended as follows.

In section 416 (meaning of “qualifying donation” for the purpose of gift aid relief)—

For section 428(3) (regulations in relation to gift aid declarations) substitute—

The amendments made by this section have effect in relation to gifts made on or after a day appointed in regulations made by the Treasury.

Section 1014(4) of ITA 2007 (regulations etc subject to annulment) does not apply to regulations under subsection (4).

In Part 13 of ITA 2007 (tax avoidance), after Chapter 5D insert—

In section 2 of ITA 2007 (overview of Act), in subsection (13)—

In Schedule 4 to ITA 2007 (index of defined expressions), at the appropriate places insert—.

The amendments made by subsections (1), (2)(b) and (3) have effect in relation to sums arising on or after 6 April 2015 (whenever the arrangements under which the sums arise were made).

Chapter 7 of Part 4 of ITA 2007 (losses from miscellaneous transactions) is amended as follows.

In section 152 (losses from miscellaneous transactions)—

In section 153 (how relief works), before “miscellaneous”, in each place it appears, insert “ relevant ”.

In section 154 (transactions in deposit rights), in subsection (3)—

Before section 155 (time limit for claiming relief), but after the italic heading before that section (supplementary), insert—

In section 155 (time limit for claiming relief), in subsections (1) and (2), before “miscellaneous” insert “ relevant ”.

In consequence of subsection (2)(h), in FA 2009, omit section 69.

The amendments made by subsections (2)(a) to (h), (3), (4), (6) and (7)—

The amendments made by subsections (2)(i) and (5) have effect in relation to losses and income arising on or after 3 December 2014 directly or indirectly in consequence of, or otherwise in connection with, relevant tax avoidance arrangements (whenever the arrangements are made).

Subsection (4) of section 154A of ITA 2007 (inserted by subsection (5) of this section) applies in relation to loss relief, under section 152 of that Act, for losses whenever made.

In relation to income arising on or after 3 December 2014 but before the beginning of the tax year 2015-16, section 154A of ITA 2007 has effect as if for paragraph (a) of subsection (3) of that section there were substituted—.

In Chapter 3 of Part 15 of ITA 2007 (deduction of tax from certain payments of yearly interest), after section 888 insert—

Any power conferred on the Treasury by virtue of subsection (1) to make regulations comes into force on the day on which this Act is passed.

So far as not already brought into force by subsection (2), the amendment made by this section comes into force on such day as the Treasury may by regulations appoint.

Section 1014(4) of ITA 2007 (regulations etc subject to annulment) does not apply to regulations under subsection (3).

Chapter A1 of Part 14 of ITA 2007 (remittance basis) is amended as follows.

In section 809C (claim for remittance basis by long-term UK resident: nomination of foreign income and gains to which section 809H(2) is to apply)—

In section 809H (claim for remittance basis by long-term UK resident: charge)—

The amendments made by this section have effect for the tax year 2015-16 and subsequent tax years.

Part 5 of CTA 2009 (loan relationships) is amended as follows.

Omit the following provisions—

In section 372 (introduction to Chapter 8), in subsection (3)—

In section 373 (late interest treated as not accruing until paid in some cases), in subsection (1)(b), for “374, 375, 377” substitute “ 375 ”.

In section 406 (introduction to provisions dealing with deeply discounted securities)—

Subsections (2)(a) and (b), (3) and (4) have effect—

Subsections (2)(c) and (d) and (5) have effect—

Subsections (6)(b) and (7)(b) are subject to subsections (9) to (14).

In the case of a company which has an accounting period beginning before 1 January 2016 and ending on or after that date (“the straddling period”), so much of the straddling period as falls before that date, and so much of that period as falls on or after that date, are treated for the purposes of subsections (6)(b) and (7)(b) as separate accounting periods.

If a debtor relationship entered into by a company before 3 December 2014 is modified on or after 3 December 2014 and before 1 January 2016, subsections (2)(a) and (b), (3) and (4) have effect in relation to that debtor relationship where the actual accrual period (within the meaning of Chapter 8 of Part 5 of CTA 2009) begins on or after the date on which the modification takes effect.

For the purposes of subsection (10) a debtor relationship of a company is modified if—

If a the terms of a deeply discounted security issued by a company before 3 December 2014 are modified on or after 3 December 2014 and before 1 January 2016, subsections (2)(c) and (d) and (5) have effect in relation to the debtor relationship represented by that security where the relevant period (within the meaning of section 407 of CTA 2009) begins on or after the day on which the modification takes effect.

For the purposes of subsection (12) the terms of a deeply discounted security are modified if—

Where subsection (10) or (12) applies, an accounting period is to be taken for the purposes of that subsection to end immediately before the day on which the modification takes effect, and a new accounting period is to be taken for those purposes to begin with that day.

CTA 2009 is amended as follows.

In Chapter 6A of Part 3 (trade profits: R&D expenditure credits), in section 104M (amount of R&D expenditure credit), in subsection (3), for “10%” substitute “ 11% ”.

In Chapter 2 of Part 13 (relief for SMEs: cost of R&D incurred by SME)—

In consequence of subsection (3), in Schedule 3 to FA 2012, omit paragraph 2(2) to (4).

The amendments made by this section have effect in relation to expenditure incurred on or after 1 April 2015.

CTA 2009 is amended as follows.

In Part 13 (additional relief for expenditure on research and development), in section 1126 (software or consumable items: attributable expenditure), after subsection (6) insert—

After section 1126 insert—

In each of the following, after “1126” insert “ to 1126B ”

In section 104Y(2), for “and 1126” substitute “ to 1126B ”.

In section 1310(4) (orders and regulations subject to affirmative procedure), after paragraph (za) insert—.

The amendments made by this section have effect in relation to expenditure incurred on or after 1 April 2015.

Part 15 of CTA 2009 (film production) is amended as follows.

In section 1184 (definitions of terms including “limited-budget film”)—

For section 1200(3) (film tax relief: amount of additional deduction: rate of enhancement) substitute—

In section 1202 (surrendering of loss and amount of film tax credit)—

Omit section 1215 (film tax relief on basis that film is limited-budget film).

In Schedule 4 (index of defined expressions) omit the entry for “limited-budget film”.

In consequence of subsection (4), in section 32 of FA 2014—

The amendments made by this section have effect in relation to films the principal photography of which is not completed before such day as the Treasury may specify by regulations.

The specified day may be before the day on which the regulations are made, but may not be before 1 April 2015.

Section 1171(4) of CTA 2010 (orders and regulations subject to negative resolution procedure) does not apply in relation to any regulations made under subsection (8).

Part 15A of CTA 2009 (television production reliefs) is amended as follows.

In section 1216AB(2) (programmes that are not animation can be relevant programmes only if conditions C and D are met in addition to conditions A and B) for “not animation” substitute “ neither animation nor a children's programme ”.

In section 1216AB(3) (condition A: types of programme that can be relevant programmes)—

In section 1216AC (types of programme: definitions) after subsection (2) insert—

In section 1216AD(1) (meaning of “excluded programme”) after “For the purposes of this Part” insert “ , but subject to section 1216ADA, ”.

After section 1216AD insert—

The amendments made by this section have effect in relation to accounting periods beginning on or after 1 April 2015.

Subsections (9) and (10) apply where—

For the purposes of calculating for corporation tax purposes the company's profits or losses for the straddling period of its activities in relation to the programme—are to be treated as separate accounting periods.

Any amounts brought into account for the purposes of calculating for corporation tax purposes the company's profits or losses for the straddling period of its activities in relation to the programme are to be apportioned to the two separate accounting periods on such basis as is just and reasonable.

In section 1216CE(1) of CTA 2009 (television tax relief: UK expenditure condition) for “25%” substitute “ 10% ”.

The amendment made by subsection (1) has effect in relation to relevant programmes the principal photography of which is not completed before 1 April 2015.

In section 45 of TCGA 1992 (exemption for certain wasting assets), after subsection (3) insert—

The amendment made by this section has effect—

Section 169K of TCGA 1992 (disposal associated with relevant material disposal) is amended as follows.

For subsections (1) and (2) substitute—

In subsection (3)—

After subsection (3) insert—

After subsection (5) insert—

The amendments made by this section have effect in relation to disposals made on or after 18 March 2015.

Chapter 3 of Part 5 of TCGA 1992 (entrepreneurs' relief) is amended as follows.

In section 169H (introduction), in subsection (3), for “section 169L” substitute “ sections 169L and 169LA ”.

In section 169L (relevant business assets), in subsection (2), after “including” insert “ , subject to section 169LA, ”.

After that section insert—

The amendments made by this section have effect in relation to qualifying business disposals made on or after 3 December 2014.

Section 169S of TCGA 1992 (entrepreneurs' relief - interpretation) is amended as follows.

After subsection (4) insert—

In subsection (5), omit the entry relating to “trading company” and “trading group” and the “and” preceding that entry.

For the purposes of conditions B and D in section 169I of TCGA 1992 (material disposal of business assets), any reference to a company ceasing to be a trading company or ceasing to be a member of a trading group does not include a case where a company ceases to be a trading company or ceases to be a member of a trading group by virtue only of the coming into force of subsections (2) and (3).

This section comes into force on 18 March 2015.

In Part 5 of TCGA 1992 (transfer of business assets) after Chapter 3 (entrepreneurs' relief) insert—

The amendment made by subsection (1) has effect in relation to cases where the disposal mentioned in the new section 169U(4)(a) or (b) is made on or after 3 December 2014.

CAA 2001 is amended as follows.

In section 45DA(1)(a) (period during which first-year qualifying expenditure may be incurred), for “5 years” substitute “ 8 years ”.

Section 45DB (exclusions from allowances under section 45DA) is amended in accordance with subsections (4) to (7).

In subsection (7), omit “notified” (in both places).

In subsection (8), omit “to that extent”.

In subsection (11), omit the definition of “notified State aid”.

After that subsection insert—

The amendments made by subsections (3) to (7) have effect—

“The specified day” means—

In section 330 of CTA 2010 (supplementary charge in respect of ring fence trades), in subsection (1), for “32%” substitute “ 20% ”.

The amendment made by subsection (1) has effect in relation to accounting periods beginning on or after 1 January 2015 (but see also subsection (3)).

Subsections (4) to (6) apply where a company has an accounting period beginning before 1 January 2015 and ending on or after that date (“the straddling period”).

For the purpose of calculating the amount of the supplementary charge on the company for the straddling period—

Sections 330A and 330B of CTA 2010 do not apply in relation to the straddling period (but do apply in relation to the separate accounting period ending on 31 December 2014).

The amount of the supplementary charge on the company for the straddling period is the sum of the amounts of supplementary charge that would, in accordance with subsections (4) and (5), be chargeable on the company for those separate accounting periods.

In this section—“adjusted ring fence profits” has the same meaning as in section 330 of CTA 2010;“supplementary charge” means any sum chargeable under section 330(1) of CTA 2010 as if it were an amount of corporation tax.

OTA 1975 is amended as follows.

In section 1(2) (rate of petroleum revenue tax) for “50” substitute “ 35 ”.

In paragraph 17(5)(b) of Schedule 2 (relevant percentage in relation to the amount of loss which is treated as reducing assessable profit) after “60 per cent” insert “ if that later repayment period ends on or before 31 December 2015, and 45 per cent if it ends after 31 December 2015 ”.

The amendment made by subsection (2) has effect with respect to chargeable periods ending after 31 December 2015.

ALDA 1979 is amended as follows.

In section 5 (rate of duty on spirits), for “£28.22” substitute “ £27.66 ”.

In section 36(1AA) (rates of general beer duty)—

In section 37(4) (rate of high strength beer duty), for “£5.29” substitute “ £5.48 ”.

In section 62(1A) (rates of duty on cider)—

For Part 2 of the table in Schedule 1 substitute—.

The amendments made by this section are treated as having come into force on 23 March 2015.

ALDA 1979 is amended as set out in subsections (2) to (5).

In section 4 (interpretation)—

After Part 6 insert—

In section 90 (procedure for regulations)—

After Schedule 2A insert—

In section 13A(2) of FA 1994 (meaning of “relevant decision”), after paragraph (e) insert—.

In Schedule 5 to that Act (decisions subject to review and appeal), in paragraph 3(1), after paragraph (o) insert—.

Subject as follows, the amendments made by this section come into force on the day on which this Act is passed.

So far as relating to section 88C(1) of ALDA 1979, subsection (3) comes into force on 1 January 2016 (but see subsection (12) for the application of section 88C(1) in cases where an application has been made but not disposed of by that date).

So far as relating to section 88F of ALDA 1979, subsection (3) comes into force on such day as the Treasury may by regulations made by statutory instrument appoint.

An application for a person to be approved under section 88C of ALDA 1979 may not be made before 1 October 2015.

Where such an application made before 1 January 2016 has not been disposed of by that date, section 88C(1) of ALDA 1979 does not apply in relation to the person until the application is disposed of.

An application is “disposed of” when—

For the table in Schedule 1 to TPDA 1979 substitute—.

The amendment made by this section is treated as having come into force at 6 pm on 18 March 2015.

In section 31 of FA 1994 (passengers: exceptions), after subsection (4) insert—

The amendment made by this section has effect in relation to any carriage of a passenger which begins on or after 1 May 2015. But, in relation to any carriage of a passenger which begins before 1 March 2016, section 31(4ZA) of FA 1994 has effect as if for “16 years” there were substituted “ 12 years ”.

Schedule 1 to VERA 1994 (annual rates of duty) is amended as follows.

In paragraph 1B (graduated rates of duty for light passenger vehicles)—

In paragraph 2(1) (VED rates for motorcycles)—

The amendments made by this section have effect in relation to licences taken out on or after 1 April 2015.

In Schedule 2 to VERA 1994 (exempt vehicles) in paragraph 1A(1) (exemption for old vehicles) for the words from “constructed” to the end substitute “ constructed before 1 January 1976 ”.

The amendment made by subsection (1) comes into force on 1 April 2016; but nothing in that subsection has the effect that a nil licence is required to be in force in respect of a vehicle while a vehicle licence is in force in respect of it.

In section 11(2) of FA 1997 (rates of gaming duty) for the table substitute—

The amendment made by this section has effect in relation to accounting periods beginning on or after 1 April 2015.

Part 2 of FA 2001 (aggregates levy) is amended in accordance with subsections (2) to (6).

After section 30A insert—

In section 17 (meaning of “aggregate” and “taxable aggregate”), in subsection (6)(a), for “or 30A” substitute “ , 30A or 30B ”.

In section 48(1) (interpretation of Part), in the definition of “tax credit regulations”, for “or 30A” substitute “ , 30A or 30B ”.

In paragraph 9A of Schedule 6 (incorrect records etc evidencing claim for tax credit), in sub-paragraph (1)(a)—

In paragraph 2 of Schedule 8 (interest payable by the Commissioners), in sub-paragraph (3)—

In paragraph 42(1) of Schedule 6 to FA 2000 (climate change levy: amount payable by way of levy) for the table substitute—

The amendment made by this section has effect in relation to supplies treated as taking place on or after 1 April 2016.

Schedule 6 to FA 2000 (climate change levy) is amended as follows.

In paragraph 24B (deemed taxable supply: commodities to be used in combined heat and power station)—

In paragraph 24C (initial determination under paragraph 24B(3) superseded by later determination), in sub-paragraph (1)—

In paragraph 62 (tax credits), in sub-paragraph (1)(bb), after “electricity”, in both places, insert “ to which paragraph 24B(2A) does not apply ”.

The amendments made by this section have effect in relation to carbon price support rate commodities brought onto, or arriving at, a CHPQA site of a combined heat and power station in Great Britain on or after 1 April 2015.

Section 42 of FA 1996 (amount of landfill tax) is amended as follows.

In subsection (1) (standard rate), for paragraph (a) (but not the “or” following it) substitute—.

In subsection (2) (reduced rate for certain disposals), for the words from “reference” to the end substitute “ reference to £84.40 were to £2.65. ”

The amendments made by this section have effect in relation to disposals made (or treated as made) on or after 1 April 2016.

In Part 2 of VATA 1994 (reliefs, exemptions and repayments), after section 33B insert—

In section 79 of VATA 1994 (repayment supplement in respect of certain delayed payments or refunds)—

In section 90 of VATA 1994 (failure of resolution under Provisional Collection of Taxes Act 1968), in subsection (3), after “33B,” insert “ 33C, ”.

In Schedule 9 to VATA 1994 (exemptions), in Group 14 (supplies of goods where input tax cannot be recovered), in Note (9), after “33B,” insert “ 33C, ”.

The amendments made by this section have effect in relation to supplies made, and acquisitions and importations taking place, on or after 1 April 2015.

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In section 41 of VATA 1994 (application of Act to the Crown), in subsection (7)—

The amendments made by this section come into force on 1 April 2015.

FA 2003 is amended as follows.

In section 73BA (meaning of “financial institution”), after subsection (2) insert—

In paragraph 9 of Schedule 4A (higher rate for certain SDLT transactions: interpretation), for the definition of “financial institution” substitute—.

The amendment made by subsection (2) has effect where the effective date of the first transaction is, or is after, the day on which this Act is passed.

In subsection (4) “first transaction” means the first transaction within the meaning of section 71A(1)(a) of FA 2003.

After paragraph 2(6) of Schedule 6B to FA 2003 (stamp duty land tax: superior interest in dwellings subject to a long lease excluded from multiple dwellings relief) insert—

The amendment made by this section has effect in relation to any land transaction of which the effective date is, or is after, the day on which this Act is passed.

In section 99 of FA 2013 (amount of tax chargeable), in the table in subsection (4), for the last four entries substitute—

The amendment made by subsection (1) has effect for the chargeable period beginning on 1 April 2015 and, subject to section 101 of FA 2013, for subsequent chargeable periods.

Section 101(1) of FA 2013 does not apply in relation to the chargeable period beginning on 1 April 2015.

Accordingly, the Treasury is not required to make an order under section 101(5) of FA 2013 in respect of that period.

Section 110 of FA 2013 (interests held by connected persons) is amended as follows.

In subsection (1), after “If on any day” insert “ (“the relevant day”) ”.

In subsection (2)—

After subsection (2) insert—

The amendments made by this section have effect in relation to chargeable periods beginning on or after 1 April 2015.

Part 3 of FA 2013 (annual tax on enveloped dwellings) is amended as follows.

In section 159 (annual tax on enveloped dwellings return), after subsection (3) insert—

After section 159 insert—

In section 161 (return to include self-assessment), for subsection (2) substitute—

In Schedule 33 (annual tax on enveloped dwellings: returns etc)—

The amendments made by subsections (1) to (5) have effect for chargeable periods beginning on or after 1 April 2015.

In a case (not falling within section 109(5) of FA 2014) which falls within subsection (8), section 159 of FA 2013 (annual tax on enveloped dwellings return) has effect with the same modifications as are set out in section 109(6) of FA 2014 (which provides for extended filing periods in certain cases).

The case is where—

In section 6 of IHTA 1984 (excluded property), for subsection (1B) substitute—

The amendment made by subsection (1) has effect in relation to transfers of value made, or treated as made, on or after 3 December 2014.

IHTA 1984 is amended as follows.

After section 153 insert—

In section 154 (death on active service)—

After section 155 insert—

The amendments made by this section have effect in relation to deaths occurring on or after 19 March 2014.

Schedule 19 to FA 2011 (bank levy) is amended as follows.

In paragraph 6 (steps for determining the amount of the bank levy), in sub-paragraph (2)—

In paragraph 7 (special provision for chargeable periods falling wholly or partly before 1 January 2014)—

The amendments made by subsections (2) and (3) come into force on 1 April 2015.

Subsections (6) to (12) apply where—

Subsections (1) to (4) are to be ignored for the purpose of determining the amount of any pre-commencement instalment payment.

If there is at least one instalment payment, in respect of the total liability of E for the accounting period, which under the Instalment Payment Regulations is treated as becoming due and payable on or after 1 April 2015 (“post-commencement instalment payments”), the amount of that instalment payment, or the first of them, is to be increased by the adjustment amount.

If there are no post-commencement instalment payments, a further instalment payment, in respect of the total liability of E for the accounting period, of an amount equal to the adjustment amount is to be treated as becoming due and payable on 30 April 2015.

“The adjustment amount” is the difference between—

In the Instalment Payment Regulations—

In section 59D of TMA 1970 (general rule as to when corporation tax is due and payable), in subsection (5), the reference to section 59E is to be read as including a reference to subsections (5) to (10).

In this section—“the chargeable period” is to be construed in accordance with paragraph 4 or (as the case may be) 5 of Schedule 19 to FA 2011;“the Instalment Payment Regulations” means the Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998/3175); and references to the total liability of E for an accounting period are to be construed in accordance with regulation 2(3) of the Instalment Payment Regulations.

Schedule 20 contains provisions amending—

That Schedule comes into force on such day as the Treasury may by order appoint.

An order under subsection (2)—

The power to make an order under this section is exercisable by statutory instrument.

The Treasury may redeem at par any stock—

The Treasury must give at least 3 months' notice in the London Gazette of their intention to redeem any stock under this section.

The sums required to redeem the stock are charged on the National Loans Fund, with recourse to the Consolidated Fund (and section 22(2) of the National Loans Act 1968 applies for the purposes of this section as if this section were contained in that Act).

The following do not apply in relation to a redemption under this section—

The following are repealed—

Subsection (5) comes into force on such day as the Treasury may by regulations made by statutory instrument appoint (and the regulations may appoint different days for different paragraphs of that subsection).

The other provisions of this section come into force on the day on which this Act is passed.

In section 287(4) of TCGA 1992 (exceptions from negative resolution procedure), for paragraph (b) substitute—

In section 1014(6) of ITA 2007 (exceptions from negative resolution procedure), for paragraph (b) substitute—.

In section 1171(6) of CTA 2010 (exceptions from negative resolution procedure), for paragraph (b) substitute—

The amendments made by this section have effect only in relation to powers conferred after this Act is passed.

In this Act—“ALDA 1979” means the Alcoholic Liquor Duties Act 1979,“CAA 2001” means the Capital Allowances Act 2001,“CTA 2009” means the Corporation Tax Act 2009,“CTA 2010” means the Corporation Tax Act 2010,“IHTA 1984” means the Inheritance Tax Act 1984,“ITA 2007” means the Income Tax Act 2007,“ITEPA 2003” means the Income Tax (Earnings and Pensions) Act 2003,“ITTOIA 2005” means the Income Tax (Trading and Other Income) Act 2005,“OTA 1975” means the Oil Taxation Act 1975,“TCGA 1992” means the Taxation of Chargeable Gains Act 1992,“TIOPA 2010” means the Taxation (International and Other Provisions) Act 2010,“TMA 1970” means the Taxes Management Act 1970,“TPDA 1979” means the Tobacco Products Duty Act 1979,“VATA 1994” means the Value Added Tax Act 1994, and“VERA 1994” means the Vehicle Excise and Registration Act 1994.

In this Act “FA”, followed by a year, means the Finance Act of that year.

Section 63 (the benefits code) is amended as follows.

In subsection (1)—

Omit subsections (2) to (4).

Section 169 (car available to more than one family member etc employed by same employer) is amended as follows.

For subsection (2)(b) substitute—

Omit subsections (3) and (4).

Section 169A (van available to more than one family member etc employed by same employer) is amended as follows.

For subsection (2)(b) substitute—

Omit subsections (3) and (4).

Section 188 (loan released or written off: amount treated as earnings) is amended as follows.

In subsection (2), for “an excluded employment”, in each place, substitute “ lower-paid employment as a minister of religion ”.

In subsection (3)(a), for “excluded employment” substitute “ lower-paid employment as a minister of religion ”.

Section 239 (payments and benefits connected with taxable cars and vans and exempt heavy goods vehicles) is amended as follows.

In subsection (8), for “excluded employment” substitute “ lower-paid employment as a minister of religion (see section 290D) ”.

Omit subsection (9).

Part 2 of Schedule 1 (index of defined expressions) is amended as follows.

Omit both entries relating to “excluded employment” and the entry relating to “lower-paid employment”.

At the appropriate place insert—.

Schedule 7 (transitionals and savings) is amended as follows.

In paragraph 17 (taxable benefits: benefits code)—

In paragraph 27(3) (loans released or written off)—

The Social Security Contributions and Benefits Act 1992 is amended as follows.

In section 10 (Class 1A contributions: benefits in kind etc), in subsection (1)(b)(ii), for “an excluded employment” substitute “ lower-paid employment as a minister of religion ”.

In section 10ZB (non-cash vouchers provided by third parties), in subsection (2)—

In section 122 (interpretation of Parts 1 to 6), in subsection (1)—

The Social Security Contributions and Benefits (Northern Ireland) Act 1992 is amended as follows.

In section 10 (Class 1A contributions: benefits in kind etc), in subsection (1)(b)(ii), for “an excluded employment” substitute “ lower-paid employment as a minister of religion ”.

In section 10ZB (non-cash vouchers provided by third parties), in subsection (2)—

In section 121 (interpretation of Parts 1 to 6), in subsection (1)—

Section 173 of FA 2004 (provision of benefits by registered pension scheme) is amended as follows.

In subsection (2), for “an excluded employment” substitute “ lower-paid employment as a minister of religion ”.

In subsection (3)—

In subsection (6), for “an excluded employment” substitute “ lower-paid employment as a minister of religion ”.

In subsection (7), for “an excluded employment” substitute “ an employment which is lower-paid employment as a minister of religion ”.

In subsection (10), for the definition of “excluded employment” substitute—.

The amendments made by paragraphs 1 to 5 of this Schedule have effect for the purposes of calculating the taxable total profits of companies for accounting periods beginning on or after 1 April 2015.

But section 269CK of CTA 2010 (inserted by this Schedule) does not have effect in relation to any arrangements made before 3 December 2014.

Sub-paragraph (4) applies where a company has an accounting period beginning before 1 April 2015 and ending on or after that date (“the straddling period”).

For the purposes of Chapter 3 of Part 7A of CTA 2010—

This sub-paragraph applies if—

If sub-paragraph (1) applies, the banking company is not entitled to deduct from the pre-commencement profits any amount in respect of the relevant carried-forward losses.

Sub-paragraph (1) does not apply in relation to a banking company which falls within section 269B(5)(b) of CTA 2010 (inserted by this Schedule).

In this paragraph—“arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable);“corporation tax advantage” means—a relief from corporation tax or increased relief from corporation tax, a repayment of corporation tax or increased repayment of corporation tax, the avoidance or reduction of a charge to corporation tax or an assessment to corporation tax, the avoidance of a possible assessment to corporation tax, or the deferral of a payment of corporation tax or advancement of a repayment of corporation tax.

Terms used in this paragraph and in Chapter 3 of Part 7A of CTA 2010 have the same meaning in this paragraph as in that Chapter; and, so far as necessary for the purposes of this sub-paragraph, that Part is to be treated as having come into force on the same day as this paragraph.

This paragraph is treated as having come into force on 3 December 2014.

Sub-paragraph (8) applies where a company has an accounting period beginning before 1 April 2015 and ending on or after that date (“the straddling period”).

For the purposes of this paragraph—

The amendments made by this Schedule have effect for the purposes of calculating the taxable total profits of companies for accounting periods beginning on or after 18 March 2015.

Sub-paragraph (3) applies where a company has an accounting period beginning before 18 March 2015 and ending on or after that date (“the straddling period”).

For the purposes of Part 14B of CTA 2010—

Section 167(1) (the pension death benefit rules) is amended as follows.

In pension death benefit rule 3A (payments that may, by way of exception, be made to a nominee) after “other than” insert “a nominees' annuity in respect of a money purchase arrangement or”.

In pension death benefit rule 3B (payments that may, by way of exception, be made to a successor) after “other than” insert “a successors' annuity in respect of a money purchase arrangement or”.

Part 2 of Schedule 28 (interpretation of the pension death benefit rules) is amended as follows.

After paragraph 27A insert—

After paragraph 27F insert—

Regulations made before 25 December 2015 under the paragraph 27AA or 27FA inserted by this paragraph may, for cases where the transfer concerned takes place on or after 6 April 2015, include provision having effect in relation to times before the regulations are made.

In section 216(1) (benefit crystallisation events and amounts crystallised) the table is amended as follows.

In the second column of the entry relating to benefit crystallisation event 4, after “any related dependants' annuity” insert “and any related nominees' annuity”.

After the entry relating to benefit crystallisation event 5C insert—

Section 217 (persons liable to lifetime allowance charge) is amended as follows.

In subsection (2A) (cases where dependant or nominee liable) after “event 5C,” insert “ or by reason of a person becoming entitled to an annuity as mentioned in the description of benefit crystallisation event 5D, ”.

In subsection (4A) (events 5C and 7 are “relevant post-death” events) after “benefit crystallisation event 5C” insert “ , 5D ”.

Section 172A (surrenders of benefits and rights) is amended as follows.

In subsection (1)(aa) (surrender of rights to payments under certain annuities triggers operation of subsection (2)) after “lifetime annuity or dependants' annuity” insert “, or nominees' annuity or successors' annuity,”.

In subsection (9A)(b) (references to benefits include references to rights to payments under certain annuities) after “lifetime annuity or dependants' annuity” insert “, or nominees' annuity or successors' annuity,”.

Section 172B (increase of rights of connected person on death) is amended as follows.

In subsection (2)(aa) (relevant member includes person who has rights to payments under certain annuities) after “lifetime annuity or dependants' annuity” insert “, or nominees' annuity or successors' annuity,”.

In subsection (7A) (section does not apply to certain increases in rights) after “dependants' annuity”, in both places, insert “, nominees' annuity, successors' annuity”.

In subsection (7B)(b) (“benefit” in section 172B includes rights to payments under certain annuities) after “lifetime annuity or dependants' annuity” insert “, or nominees' annuity or successors' annuity,”.

Schedule 28 (interpretation of the pension rules and the pension death benefit rules) is amended as follows.

In paragraph 3(2B)(a) (power to make regulations about cases where lifetime annuity ceases to be payable by insurance company) after “dependants' annuity” insert “, nominees' annuity”.

In paragraph 6(1B)(a) (power to make regulations about cases where short-term annuity ceases to be payable by insurance company) after “dependants' annuity” insert “, nominees' annuity”.

In paragraph 27E(3) (meaning of “unused drawdown funds”)—

In paragraph 27E(4)(b) and (5) (meaning of “unused uncrystallised funds”) after “not been applied towards the provision of a dependants' annuity” insert “, not been applied towards the provision of a nominees' annuity”.

In paragraph 27K(3) (meaning of “unused drawdown funds of the beneficiary's”)—

Paragraph 3 of Schedule 29 (interpretation of the lump sum rule: meaning of “the applicable amount”) is amended as follows.

In sub-paragraph (4) (amount applied to purchase certain annuities) after “any related dependants' annuity” insert “and any related nominees' annuity”.

After sub-paragraph (4A) (when a dependants' annuity is related to a lifetime annuity) insert—

In sub-paragraph (5) (deductions in calculating applicable amount) after “any related dependants' annuity”, in both places, insert “or any related nominees' annuity”.

In Chapter 17 of Part 9 of ITEPA 2003 (tax on pension income: exemptions) after section 646A insert—.

The amendment made by this paragraph has effect in relation to pension paid on or after 6 April 2015.

For section 579CZA(5)(b) of ITEPA 2003 (tax exemption for dependants' income withdrawal overridden where any paid before 6 April 2015) substitute—.

The amendment made by this paragraph has effect in relation to pension paid on or after 6 April 2015.

In section 198A—

In section 198B—

In section 309A—

In section 309B—

Part 5 of ITA 2007 is further amended as follows.

In section 198A—

In section 198B—

Part 6 of ITA 2007 is further amended as follows.

In section 309A—

In section 309B—

The amendments made by this Part of this Schedule have effect in accordance with regulations made by the Treasury.

Regulations under this paragraph may make different provision for different purposes.

Section 1014(4) of ITA 2007 (regulations etc subject to annulment) does not apply in relation to regulations under this paragraph.

Regulations under this paragraph may not provide for amendments of ITA 2007 to have effect—

Section 2 (persons and gains chargeable to capital gains tax, and allowable losses) is amended as follows.

After subsection (2) insert—

After subsection (7A) insert—

Section 3 (annual exempt amount) is amended as follows.

In subsection (5), for the words from “is the amount” to the end substitute

After subsection (5B) insert—

In subsection (5C), for the words from “In subsections” to “in his case by—” substitute “ In subsection (5BA) “section 2 adjusted net gains”, in relation to an individual and a tax year, means the amount given in the individual's case by— ”.

After subsection (5C) insert—

In subsection (7), for “(5C)” substitute “ (5D) ”.

Section 8 (company's profits for corporation tax purposes to include chargeable gains) is amended as follows.

In subsection (1), in paragraph (b), omit the words from “period” to the end and insert

After subsection (4A) insert—

Section 62 (death: general provisions) is amended as follows.

In subsection (2A), for the words from “are gains” to the end substitute

After subsection (2A) insert—

Section 139 (reconstruction involving transfer of business) is amended as follows.

In subsection (1A)—

After subsection (1A) insert—

Section 165 (relief for gifts of business assets) is amended as follows.

In subsection (1), after “167,” insert “ 167A, ”.

After subsection (7) insert—

Section 260 (gifts on which inheritance tax is chargeable etc) is amended as follows.

In subsection (1), for “and 261” substitute “ , 261 and 261ZA ”.

After subsection (6) insert—

Schedule 1 (application of exempt amount etc in cases involving settled property) is amended as follows.

In paragraph 1(1), for “(5C)” substitute “ (5D) ”.

In paragraph 2(1), for “(5C)” substitute “ (5D) ”.

Schedule 4ZZA (relevant high value disposals: gains and losses) is amended as follows.

In paragraph 1 the existing text becomes sub-paragraph (1).

After that sub-paragraph insert—

In paragraph 2(1), after paragraph (b) insert—

In paragraph 5, after sub-paragraph (3) insert—

After paragraph 6 insert—

After paragraph 7 insert—

Section 28A (completion of enquiry into personal or trustee return) is amended as follows.

In subsection (1), after “9A(1)” insert “ or 12ZM ”.

In the heading, after “return” insert “ or NRCGT return ”.

Section 59B (payment of income tax and capital gains tax) is amended as follows.

In subsection (1)(b), after “59A” insert “ or 59AA ”.

After subsection (2) insert—

Schedule 3ZA (date by which payment to be made after amendment or correction of self-assessment) is amended as follows.

In paragraph 1—

In paragraph 2—

In paragraph 3(1), after “9ZB” insert “ or 12ZL ” and after “trustee return” insert “ or NRCGT return ”.

In paragraph 5(1)—

In FA 2007, Schedule 24 (penalties for errors) is amended as follows.

In paragraph 1, in the table in sub-paragraph (4), after the entry relating to accounts in connection with a partnership return insert—

After paragraph 21B insert—

In Schedule 55 to FA 2009 (penalty for failure to make returns etc), in the Table in paragraph 1, after item 2 insert—.

That Schedule, as amended by sub-paragraph (1), is taken to have come into force for the purposes of NRCGT returns on the date on which this Act is passed.

Section 2C (“relevant high value disposal”) is amended as follows.

In subsection (6), in the definition of “the relevant ownership period” for “6 April 2013” substitute “ 6 April in the relevant year ”.

In that subsection, after that definition insert—.

In subsection (7)(b), for “1 April 2013” substitute “ 1 April in the relevant year ”.

Section 2D (CGT on ATED-related gains: the threshold amount) is amended as follows.

In subsection (2) for “£2 million” substitute “ £1 million ”.

In subsection (3) for “£2 million” substitute “ £1 million ”.

In subsection (5) for “ “£2 million”” substitute “ “£1 million” ”.

The amendments made by this paragraph have effect in relation to disposals occurring in the tax year 2015-16.

Section 2D (CGT on ATED-related gains: the threshold amount) is amended as follows.

In subsection (2) for “£1 million” substitute “ £500,000 ”.

In subsection (3) for “£1 million” substitute “ £500,000 ”.

In subsection (5) for “ “£1 million”” substitute “ “£500,000” ”.

The amendments made by this paragraph have effect in relation to disposals occurring on or after 6 April 2016.

Paragraph 3 is amended as follows.

In sub-paragraph (1) for “post-April 2013” substitute “ post-commencement ”.

In sub-paragraph (2)—

In sub-paragraph (5), for “6 April 2013” substitute “ 6 April in the relevant year ”.

Paragraph 4 is amended as follows.

In sub-paragraph (1)—

In sub-paragraph (2)—

In sub-paragraph (4) for “post-April 2013” substitute “ post-commencement ”.

In sub-paragraph (5) for “pre-April 2013” substitute “ pre-commencement ”.

Paragraph 5 is amended as follows.

In sub-paragraph (1) for “5 April 2013” substitute “ 5 April in the relevant year ”.

In sub-paragraph (3) for “6 April 2013” substitute “ 6 April in the relevant year ”.

For sub-paragraph (6) substitute—

Section 223 (amount of relief) is amended as follows.

In subsection (3)—

For subsection (7) substitute—

Section 225 (private residence occupied under terms of settlement) is amended as follows.

The existing text becomes subsection (1).

In that subsection—

After that subsection insert—

Section 225A (private residence held by personal representatives) is amended as follows.

In subsection (5)—

After subsection (6) insert—

Section 70DA is amended as follows.

After subsection (5) insert—

After subsection (8) insert—

The amendments made by this paragraph have effect in relation to cases where the lease referred to in section 70DA(1)(b) of CAA 2001 is entered into on or after 26 February 2015.

Section 218 is amended as follows.

In subsection (1), for “(2) and” substitute “ (2), (2A) and ”.

After subsection (2) insert—

In subsection (3), for the words from the beginning to “transaction,” substitute “ Otherwise, ”.

After that subsection insert—

The amendments made by this paragraph have effect in relation to expenditure of B's that is incurred on or after 26 February 2015.

Section 229A is amended as follows.

After subsection (5) insert—

After subsection (9) insert—

The amendments made by this paragraph have effect in relation to cases where the contract referred to in section 229A(1)(c) of CAA 2001 is entered into on or after 26 February 2015.

Section 242 is amended as follows.

After subsection (4) insert—

In subsection (5), for the words from the beginning to “transaction,” substitute “ Otherwise, ”.

In subsection (6)—

After that subsection insert—

The amendments made by this paragraph have effect in relation to expenditure of B's that is incurred on or after 26 February 2015.

Section 311 (limit on number of accounting periods for which supplement may be claimed) is amended as follows.

In subsection (1) for “6” substitute “ 10 ”.

After subsection (1) insert—

In the heading of the section after “Limit on number” insert “ etc ”.

Section 326 (the ring fence pool) is amended as follows.

In subsection (3), for “the following provisions of this Chapter” substitute “ sections 327 and 328 ”.

In subsection (4), after “made”, in the first place, insert “ under section 327 or 328 ”.

After subsection (5) insert—

Schedule 4 to CTA 2010 (index of defined expressions) is amended as follows.

The following definitions are inserted at the appropriate places—;.

The following definitions are omitted—;;;;;;;;;;;;;;;.

In Part 8 of CTA 2010, Chapter 5A (extended ring fence expenditure supplement for onshore activities) is repealed.

Accordingly, section 69 of and Schedule 14 to FA 2014 are also repealed.

The amendment made by paragraph 3 has effect—

But sub-paragraph (1)(c) is subject to paragraphs 7 and 8 (which relate to field allowance under Chapter 7 of Part 8 of CTA 2010).

This paragraph applies if, in the absence of this Schedule, a company would hold a field allowance for an eligible oil field as a result of section 337 or 347(2) of CTA 2010 immediately before the relevant date.

“The relevant date” is—

The unactivated amount of field allowance held by the company for the oil field immediately before the relevant date, as determined under section 339 of CTA 2010, is to be treated for the purposes of Chapter 6A of Part 8 of CTA 2010 (inserted by paragraph 2) as an amount of unactivated investment allowance generated by the company in the oil field in the relevant period.

“The relevant period” is—

This paragraph applies if, in the absence of this Schedule, a company would under section 335 or 336 of CTA 2010 carry all or part of a pool of field allowances into the accounting period in which 1 April 2015 falls (“the commencement period”).

The amount that would be carried into that accounting period is to be treated for the purposes of Chapter 6A of Part 8 of CTA 2010 (inserted by paragraph 2) as an amount of activated investment allowance carried forward to the commencement period under section 332EA of that Act.

Sub-paragraph (2) applies if the Secretary of State has published, on any day (“the day of publication”) in the period beginning with 3 December 2014 and ending with the day before the day on which this Act is passed, a proposal to determine a specified offshore area to be a cluster area for the purposes of Chapter 9 of Part 8 of CTA 2010.

The proposal is treated for the purposes of that Chapter—But this sub-paragraph is subject to paragraph 6.

If a proposal published as mentioned in sub-paragraph (1) (and not withdrawn before the day on which this Act is passed) assigns an identifying number or other designation to the proposed cluster area, that number or other designation is treated as having been assigned under section 356JD(6).

An area is “offshore” for the purposes of this paragraph if the whole of it lies on the seaward side of the baselines from which the territorial sea of the United Kingdom is measured.

In this paragraph, references to publication are to publication on a website that is, and indicates that it is, kept by or on behalf of the Secretary of State.

This paragraph applies where—

The relevant companies may, within 60 days of the day the determination of the cluster area is published, jointly elect that Chapters 6A and 9 of Part 8 of CTA 2010, and Chapter 7 of that Part so far as it continues to have effect, are to have effect as if no part of the oil field were included in the cluster area (and an election made as mentioned in this sub-paragraph is effective whether made before or after the day on which this Act is passed).

An election under sub-paragraph (2) made on or after the day on which this Act is passed is irrevocable.

In this paragraph “the relevant companies” means the companies which are licensees in the oil field at the date of the election.

“The cut-off date” means a day to be specified in regulations made by the Treasury.

Section 1171(4) of CTA 2010 (regulations etc subject to annulment) does not apply to regulations under sub-paragraph (5).

In this paragraph expressions which are used in Chapter 9 of Part 8 of CTA 2010 have the same meaning as in that Chapter.

Section 270 (overview of Part) is amended as follows.

After subsection (6) insert—

Omit subsection (7).

After subsection (7A) insert—

In subsection (8)—

Schedule 4 (index of defined expressions) is amended as follows.

Omit the entries for—“additionally-developed oil field (in Chapter 7 of Part 8)”,“adjusted ring fence profits (in Chapter 7 of Part 8)”,“adjusted ring fence profits (in Chapter 8 of Part 8)”,“authorisation day (in Chapter 7 of Part 8)”,“authorisation of development of an oil field (in Chapter 7 of Part 8)”,“eligible oil field (in Chapter 7 of Part 8)”,“licensee (in Chapter 7 of Part 8)”,“new oil field (in Chapter 7 of Part 8)”,“qualifying oil field (in Chapter 7 of Part 8)”,“relevant income (in Chapter 7 of Part 8)”,“small oil field (in Chapter 7 of Part 8)”,“total field allowance for a new oil field (in Chapter 7 of Part 8)”,“total field allowance for an additionally-developed oil field”,“ultra heavy oil field (in Chapter 7 of Part 8)”, and“ultra high pressure/high temperature oil field (in Chapter 7 of Part 8)”.

At the appropriate places insert—;;;;;;;;;;;;;;;;;;.

The amendments made by Part 1 of this Schedule have effect in relation to accounting periods ending on or after 1 April 2015.

Sub-paragraph (1) is subject to sub-paragraphs (3) and (4).

So far as they relate to cluster area allowance under Chapter 9 of Part 8 of CTA 2010 (as inserted by Schedule 13) the amendments made by Part 1 of this Schedule have effect in relation to expenditure incurred on or after 3 December 2014.

So far as they relate to investment allowance under Chapter 6A of Part 8 of CTA 2010 (as inserted by Schedule 12) in respect of oil fields not falling within paragraph 6(1)(a) or (b) of that Schedule, the amendments made by Part 1 of this Schedule have effect subject to paragraphs 7 and 8 of that Schedule.

Section 42 (amount of tax charged on a taxable disposal) is amended as follows.

In subsection (2), after “qualifying material” insert “ or qualifying fines ”.

After subsection (3) insert—

In subsection (4)(a), after “listed” insert “ or what fines are to be qualifying fines ”.

In subsection (6), after “listed,” insert “ or what fines are to be qualifying fines, ”.

In section 71 (orders and regulations), subsection (7) is amended as follows.

After paragraph (a) insert—.

After paragraph (c) insert—.

Schedule 5 (provision about information etc) is amended as follows.

In the heading to Part 1, after “Information” insert “ and samples ”.

After paragraph 2A insert—

In paragraph 10 (power to take samples), after sub-paragraph (1) insert—

In paragraph 22 (information)—

Chapter 6 of Part 22 of CTA 2010 (collection etc of tax from UK representatives of non-UK resident companies) has effect as if the enactments referred to in section 969(1) of that Act included enactments relating to diverted profits tax so far as they make provision for or in connection with the charging, collection and recovery of diverted profits tax or of interest on that tax.

In its application in accordance with sub-paragraph (1), that Chapter has effect subject to the following modifications.

In a case where section 86 applies in relation to company, that Chapter applies in relation to the avoided PE in relation to that company as it would apply to a permanent establishment in the United Kingdom through which the company carries on a trade.

In section 969(3) of that Act references to “chargeable profits of the company attributable to that establishment” are to be read as references to “taxable diverted profits arising to the company”.

In section 971 of that Act references to the giving or service of a notice includes a reference to the issuing of a notice.

This Part of this Schedule applies if—

In this Part of this Schedule “the taxpayer company” means the company mentioned in sub-paragraph (1).

A company is a “related company”, for the purposes of this Part of this Schedule, if, at any time in the relevant period, it was a member—

For the purposes of sub-paragraph (1)(a) two companies are members of the same group if—

For the purposes of sub-paragraph (1)(c), two companies are members of the same group if they are members of the same group of companies within the meaning of Part 5 of CTA 2010 (group relief).

For the purposes of this Part of this Schedule—

In this paragraph “51% subsidiary” has the meaning given by section 1154 of CTA 2010.

An officer of Revenue and Customs may serve a notice on a related company requiring it, within 30 days of the service of the notice, to pay—

The notice must state—

The notice has effect—as if it were a charging notice and that amount were an amount of diverted profits tax charged on that company.

In this Part of this Schedule “consortium case” means a case where the related company is not within paragraph 4(1)(a).

In a consortium case, the amount that the related company may be required to pay by notice under this Part of this Schedule is the proportion of the unpaid tax corresponding—

For the purposes of this paragraph, a member's share in a consortium, in relation to the relevant period, is whichever is the lowest in that period of the percentages specified in sub-paragraph (3).

Those percentages are—

If any of the percentages mentioned in sub-paragraph (3) has fluctuated in the relevant period, the average percentage over the period is to be taken.

Chapter 6 of Part 5 of CTA 2010 (equity holders and profits or assets available for distribution) applies for the purposes of sub-paragraph (3) as it applies for the purposes of sections 143(3)(b) and (c) and 144(3)(b) and (c) of that Act.

A company that has paid an amount in pursuance of a notice under this Part of this Schedule may recover that amount from the taxpayer company.

A payment in pursuance of a notice under this Part of this Schedule is not allowed as a deduction in calculating income, profits or losses for any tax purposes.

Section 312A of FA 2004 (duty of client to notify parties of number) is amended as follows.

After subsection (2) insert—

For subsection (3) substitute—

In subsection (4), for “the duty under subsection (2)” substitute “ one or both of the duties under this section ”.

In subsection (5), after “subsection (2)” insert “ or (2A) ”.

Section 313C of FA 2004 (information provided to introducers) is amended as follows.

For subsection (1) substitute—

In subsection (3), for “or by virtue of subsection (1)” substitute “ subsection (1A) ”.

For the heading substitute “ Provision of information to HMRC by introducers ”.

Section 310C of FA 2004 applies in relation to notifiable arrangements, or proposed notifiable arrangements, only if a reference number under section 311 of that Act is allocated to the arrangements on or after the day on which this Act is passed.

But section 310C of FA 2004 does not apply in relation to notifiable arrangements, or proposed notifiable arrangements, where prescribed information relating to the arrangements was provided to HMRC before that day in compliance with section 308 of that Act.

Section 316C of FA 2004 applies in relation to notifiable arrangements, or proposed notifiable arrangements, only if a reference number under section 311 of that Act is allocated to the arrangements on or after the day on which this Act is passed.

But section 316C of FA 2004 does not apply in relation to notifiable arrangements, or proposed notifiable arrangements, where prescribed information relating to the arrangements was provided to HMRC before that day in compliance with section 308, 309 or 310 of that Act.

Section 316C(2)(b) of FA 2004 applies in relation to a ruling of a court or tribunal only if the ruling is given on or after the day on which this Act is passed.

Section 220 (content of notice given while a tax enquiry is in progress) is amended as follows.

In subsection (2)—

After subsection (4) insert—

In subsection (6), for “the payment specified under subsection (2)(b)” substitute “ any payment specified under subsection (2)(b) or amount specified under subsection (2)(d) ”.

Section 221 (content of notice given pending an appeal) is amended as follows.

In subsection (2)—

Section 222 (representations about a notice) is amended as follows.

In subsection (2) omit the “or” at the end of paragraph (a), and after paragraph (b) insert

In subsection (4)—

Section 223 (effect of notice given while tax enquiry is in progress) is amended as follows.

For subsection (1) substitute—

In subsection (2), for “the amount specified in the notice in accordance with section 220(2)(b)” substitute “ that amount ”.

Accordingly, in the heading for that section after “progress” insert “ : accelerated payment ”.

Section 227 (withdrawal, modification or suspension of accelerated payment notice) is amended as follows.

In subsection (2) omit the “or” after paragraph (b) and after paragraph (c) insert

In subsection (4), after “(2)(c)” insert “ or (d) ”.

In subsection (6)(b), after “advantage” insert “ etc ”.

In subsection (7), omit the “and” after paragraph (a) and after paragraph (b) insert

After subsection (12) insert—

After subsection (13) insert—

Schedule 32 (accelerated payments and partnerships) is amended as follows.

In paragraph 4 (content of partner payment notice)—

In paragraph 5 (representations about a partner payment notice)—

In paragraph 6 (effect of partner payment notice)—

After paragraph 6 insert—

In paragraph 8 (withdrawal, suspension or modification of partner payment notices), in sub-paragraph (2)—

Section 225A(3) of FA 2014 (effect of notices: surrender of losses ineffective) (inserted by paragraph 7 of this Schedule) has effect in relation to an amount specified in a notice in accordance with section 220(2)(d) or 221(2)(d) of that Act (inserted by paragraphs 3(2) and 4(2) of this Schedule) whether the consent to a claim for group relief was given, or the claim itself was made, before or on or after the day on which this Act is passed.

Paragraph 6A(3) of Schedule 32 to FA 2014 (partnerships: effect of notices: surrender of losses ineffective) (inserted by paragraph 10(5) of this Schedule) has effect in relation to an amount specified in a notice in accordance with paragraph 4(1)(d) of that Schedule (inserted by paragraph 10(2) of this Schedule) whether the consent to a claim for group relief was given, or the claim itself was made, before or on or after the day on which this Act is passed.

Section 237 (duty to give conduct notice) is amended as follows.

After subsection (1) insert—

In subsection (3), for the words from “the” to the end substitute “ when a person is treated as meeting a threshold condition ”.

For subsection (5) substitute—

In subsection (7), for “subsection (5)” substitute “ subsection (5)(a) ”.

After subsection (7) insert—

In subsection (9), omit “mentioned in subsection (1)(a)”.

After subsection (9) insert—

Part 2 of Schedule 34 (meeting the threshold conditions) is amended as follows.

In the heading, at the end insert “ and partnerships ”.

For paragraph 13 substitute—

In Schedule 34 (threshold conditions), paragraph 8 (disciplinary action: professionals etc) is amended as follows.

For sub-paragraph (1) substitute—

In the heading, for “by a professional body” substitute “ against a member of a trade or profession ”.

In sub-paragraph (3), in paragraph (h), for “for” substitute “ of ”.

Paragraph 4 (penalties payable under paragraph 1) is amended as follows.

After sub-paragraph (1) insert—

In sub-paragraph (2)—

In sub-paragraph (5), for “3” substitute “ 4 ”.

Paragraph 4A (categorisation of inaccuracies) is amended as follows.

For sub-paragraph (1) substitute—

In sub-paragraph (2)—

In sub-paragraph (3)—

After sub-paragraph (4) insert—

In sub-paragraph (5), for the words following “revenue” substitute “ and does not involve either an offshore matter or an offshore transfer ”.

In sub-paragraph (6)(a), after “matters” insert “ or transfers ”.

In sub-paragraph (7), for “ “Category 1” substitute “ “Category 0 territory”, “category 1”.

Paragraph 21A (classification of territories) is amended as follows.

Before sub-paragraph (1) insert—

For sub-paragraph (2) substitute—

For sub-paragraph (7) substitute—

Paragraph 21B (location of assets etc) is amended as follows.

After sub-paragraph (1) insert—

In sub-paragraph (2), for “and capital gains tax” substitute “ , capital gains tax and inheritance tax ”.

Paragraph 6 (amount of penalty: standard amount) is amended as follows.

After sub-paragraph (1) insert—

In sub-paragraph (2)—

In sub-paragraph (5), for “3” substitute “ 4 ”.

Paragraph 6A (categorisation of failures) is amended as follows.

For sub-paragraph (1) substitute—

In sub-paragraph (2)(a), after “matter” insert “ or an offshore transfer ”.

In sub-paragraph (3)(a), after “matter” insert “ or an offshore transfer ”.

After sub-paragraph (4) insert—

In sub-paragraph (5), for the words following “revenue” substitute “ and does not involve either an offshore matter or an offshore transfer ”.

In sub-paragraph (6)(a), after “matters” insert “ or transfers ”.

Omit sub-paragraph (8).

In sub-paragraph (9), after “paragraph” insert “ and paragraph 6AA ”.

Paragraph 6 (penalty for failure continuing 12 months after penalty date) is amended as follows.

In sub-paragraph (3A)—

In sub-paragraph (4A)—