UKPGA-2024-3 Finance Act 2024 UK

In section 7 of F(No.2)A 2023 (temporary full expensing etc for expenditure on plant or machinery), in subsection (3), in the inserted section 45S of CAA 2001, in paragraph (a), omit “but before 1 April 2026”.

In consequence of the provision made by subsection (1)—

Paragraph 94 of Schedule 22 to FA 2000 (tonnage tax: restrictions on capital allowances) is amended as follows.

In sub-paragraph (3), for “£40 million”, in both places it occurs, substitute “£100 million”.

In sub-paragraph (5), for “£80 million” substitute “£200 million”.

The amendments made by subsections (2) and (3) have effect in relation to leases entered into on or after 1 April 2024.

In— for “2025” substitute “2035”.

This section comes into force on such day as the Treasury may by regulations appoint.

FA 2020 is amended as follows.

After paragraph 5 of Schedule 15 (tax relief for scheme payments) insert—

In consequence of the amendment made by subsection (2)—

Part 7 of Schedule 5 to ITEPA 2003 (enterprise management incentives: notification of options) is amended as follows.

In paragraph 44(1) (time within which notice of options must be given to HMRC) for “within 92 days after the date of the grant of the option” substitute “on or before 6 July following the end of the tax year in which the option was granted”.

In paragraph 46(5) (time for giving of notices of enquiry)—

The amendments made by this section have effect in relation to share options (within the meaning of the EMI code (see paragraph 59 of Schedule 5 to ITEPA 2003)) granted on or after 6 April 2024.

Schedule 9 contains amendments in consequence of, or otherwise in connection with, the provision made by sections 18, 19 and 23 of F(No.2)A 2023 (which relate to the abolition of the lifetime allowance charge).

In that Schedule—

The following provisions of F(No.2)A 2023 (which are superseded by the amendments contained in Parts 1 and 2 of Schedule 9) are repealed— section 18 (abolition of lifetime allowance charge); section 19 (certain lump sums to be taxed at marginal rate).

The amendments contained in Schedule 9 include repeals of provisions that are spent or are no longer of practical utility.

The Treasury may by regulations make provision about the treatment for the purposes of income tax or capital gains tax of—

“Relevant pension scheme” means—

“Rectification payment” means—

“Tax redress payment” means a payment made to or in respect of a member of a relevant pension scheme where—

“Tax windfall”, in relation to a rectification exercise and a member of a relevant pension scheme, means— if the rectification exercise had been retrospective.

“Rectification exercise” means an exercise, conducted by a relevant pension scheme in accordance with the rules of the scheme, under which the benefits payable to or in respect of a member in respect of the member’s remediable service (or any part of the member’s remediable service)—

Regulations under this section may—

Regulations under this section—

In this section— “an Assembly pension scheme” means a pension scheme made under section 48 of the Northern Ireland Act 1998; “lifetime allowance charge” means the charge to income tax under section 214 of FA 2004, as it had effect before its repeal by this Act; “modify” includes disapply or supplement; “an MPs’ pension scheme” means a pension scheme made under paragraph 12(1) of Schedule 6 to the Constitutional Reform and Governance Act 2010; “remediable service” means service that is pensionable service under a relevant pension scheme and— in the case of service that is pensionable service under an MPs’ pension scheme, takes place in the period beginning with 8 May 2015 and ending with 31 March 2023; in the case of service that is pensionable service under a Senedd pension scheme or an Assembly pension scheme, takes place in the period beginning with 6 May 2016 and ending with 6 May 2021; “scheme pension” has the same meaning as in Part 4 of FA 2004 (pensions etc); “a Senedd pension scheme” means a pension scheme made under section 20 of the Government of Wales Act 2006.

In Chapter 3 of Part 11 of ITEPA 2003 (pay as you earn: special types of payer or payee), after section 688AA insert—

PAYE Regulations made by virtue of subsection (1) may make provision in relation to deemed direct payments made on or after 6 April 2017.

In Table A in section 660 of ITEPA 2003 (taxable UK benefits), in the entry for carer’s allowance supplement, for “Sections 24 and 28” substitute “Section 81”.

The amendment made by subsection (1) is treated as having had effect from the time when section 12 of FA 2019 (tax treatment of social security income) came into force.

Section 99A of FA 1986 (meaning of “recognised growth market” etc) is amended as follows.

In subsection (5)—

In subsection (6), at the end insert

After subsection (6) insert—

The amendments made by this section are treated as having come into force on 1 January 2024.

Part 5 of F(No.2)A 2023 (electricity generator levy) is amended as follows.

In section 280 (key concepts), in subsection (1), in the definition of “relevant” (as in relevant generating station)—

After section 311 insert—

In section 313 (definitions in this Part), in the table, at the appropriate place insert— .

In Schedule 1 to TPDA 1979 (table of rates of tobacco products duty), for the Table substitute— .

In consequence of the provision made by subsection (1), in Schedule 2 to the Travellers’ Allowances Order 1994 (which provides in certain circumstances for a simplified calculation of excise duty on goods brought into Great Britain)—

The amendments made by this section are treated as having come into force at 6pm on 22 November 2023.

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

In paragraph 1 (general rate)—

In paragraph 1B (graduated rates for light passenger vehicles registered before 1 April 2017), for the Table substitute— .

In the sentence immediately following the Table in that paragraph, for paragraphs (a) and (b) substitute—

In paragraph 1GC (graduated rates for first licence for light passenger vehicles registered on or after 1 April 2017), for Table 1 (vehicles other than higher rate diesel vehicles) substitute— .

In that paragraph, for Table 2 (higher rate diesel vehicles) substitute— .

In paragraph 1GD(1) (rates for any other licence for light passenger vehicles registered on or after 1 April 2017)—

In paragraph 1GE(2) (rates for light passenger vehicles registered on or after 1 April 2017 with a price exceeding £40,000)—

In paragraph 1J(a) (rates for light goods vehicles that are not pre-2007 or post-2008 lower emission vans), for “£320” substitute “£335”.

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

The amendments made by this section have effect in relation to licences taken out on or after 1 April 2024.

Section 30 of FA 1994 (air passenger duty: rates) is amended as follows.

In subsection (1B) (journeys ending in the United Kingdom)—

In subsection (2A) (long-haul journeys)—

In subsection (4A) (ultra-long haul journeys)—

In subsection (4E) (journeys on aircraft equipped to carry fewer than 19 passengers)—

The amendments made by this section have effect in relation to the carriage of passengers beginning on or after 1 April 2024.

This section makes provision about how— are to apply for the purpose of interpreting enactments relating to value added tax or any duty of excise (“VAT and excise law”).

Section 4 of EUWA 2018 (retained EU rights, powers, liabilities etc) continues to have effect (despite the provision made by section 2 of REULA 2023) for the purpose of interpreting VAT and excise law subject to the following exception.

The exception is that Articles 110 and 111 of the Treaty on the Functioning of the European Union (which relate to internal taxation on products) have no effect for that purpose.

Section 5(A1) to (A3) of EUWA 2018 (which are inserted by section 3 of REULA 2023 and which abolish the supremacy of EU law) have effect in relation to VAT and excise law as they have effect in relation to other domestic enactments but only so far as they relate to the disapplication or quashing of any enactment as a result of EU law (and, accordingly, the superseded provisions continue to have effect for the purpose of interpreting VAT and excise law).

Retained general principles of EU law—

In this section—

This section needs to be read with sections 42 and 47 of TCTA 2018 (which make other provision about EU law relating to VAT and excise law and which continue to have effect for the purpose mentioned in subsection (1) above).

This section is treated as having come into force on 1 January 2024.

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

In subsection (1)(a) (standard rate), for “£102.10” substitute “£103.70”.

In subsection (2) (reduced rate for certain disposals), in the words after paragraph (b)—

The amendments made by this section have effect in relation to disposals made (or treated as made) on or after 1 April 2024.

In section 16(4) of FA 2001 (rate of aggregates levy), for “£2” substitute “£2.03”.

The amendment made by this section has effect in relation to aggregate subjected to commercial exploitation on or after 1 April 2024.

In section 45(1) of FA 2021 (rate of plastic packaging tax), for “£210.82” substitute “£217.85”.

The amendment made by this section has effect in relation to packaging components produced in, or imported into, the United Kingdom on or after 1 April 2024.

In the specified provisions of the following enactments, for “seven” (or “7”) substitute “14”—

Subsections (3) to (5) make amendments to CEMA 1979 which are consequential on amendments to that Act made by subsection (1).

In section 50—

In section 68—

In section 170—

Subject to subsection (7), the amendments made by this section have effect in relation to offences committed on or after the day on which this Act is passed.

The amendment made to section 14F of HODA 1979 so far as applying to a part of the United Kingdom other than Northern Ireland—

In FA 2014, before section 278 (but after the italic heading) insert—

In section 280(1) of FA 2014 (penalties for offences), after “section” insert “277A,”.

The offence under section 277A(1) of FA 2014 (as inserted by subsection (1)) applies in relation to a failure to comply that occurs on or after the date on which this Act is passed.

The offence under section 277A(2) of FA 2014 (as inserted by subsection (1)) applies in relation to duties under section 236B(3)(a), (4)(a) or (5)(a) arising on or after the date on which this Act is passed.

In section 236B(7) of FA 2014 (effect of stop notices), for “(5)(b)” substitute “(5)(a)”.

FA 2004 is amended as follows.

In section 66 (cancellation of registration for gross payment)—

In Schedule 11 (conditions for registration for gross payment)—

The amendments in this section have effect in relation to—

When making a determination under section 66(1)(a) of FA 2004 (cancellation of registration for gross payment) in relation to a person registered for gross payment status before 6 April 2024, any failure by that person before 6 April 2024 to comply with an obligation to account for or pay VAT must be disregarded (notwithstanding the amendments made by subsection (3)).

In section 8 of TMA 1970 (personal return), after subsection (1H) insert—

In section 8A of TMA 1970 (trustee’s return), after subsection (1F) insert—

In section 12AA of TMA 1970 (partnership return), after subsection (5E) insert—

In Chapter 6 of Part 11 of ITEPA 2003 (pay as you earn), before section 708 insert—

The amendments made by this section have effect for the tax year 2025-26 and subsequent tax years.

Regulations made by the Treasury under any of the powers in sections 116, 117 or 118 of FA 2021 may provide for any provision of Schedules 24 to 27 to that Act (penalties for failure to make returns etc or pay tax) to come into force for the purposes of failures by eligible volunteers.

An eligible volunteer is an individual in respect of whom an election has effect under the regulations.

The regulations may in particular—

The provision that may be made by virtue of subsection (3)(d) includes provision for an election that ceases to have effect to be treated as never having had effect, other than for the purposes of any failure in respect of which His Majesty’s Revenue and Customs have already assessed a penalty.

Chapter 1 of Part 13 is amended as follows.

For section 1039 (overview of Part) substitute—

For section 1040 (relief to be available under more than one Chapter of Part 13) substitute—

Omit section 1040A (which refers to the existing R&D expenditure credit).

Chapter 2 of Part 13 (relief for SMEs on the cost of R&D) is amended as follows.

For the heading substitute “Relief for loss-making, R&D-intensive SMEs”.

For section 1043 (overview of Chapter) substitute—

In section 1044 (additional deduction for trading companies)—

In section 1045 (deemed trading loss for non-trading companies)—

After section 1045 insert—

Omit section 1046 (relief only available to going concerns).

In section 1051 (meaning of “qualifying Chapter 2 expenditure”), for the words from “means” to the end substitute “is such of its expenditure as is qualifying Chapter 2 expenditure by virtue of section 1052, 1053 or 1053A.”

For sections 1052 and 1053 (categories of qualifying Chapter 2 expenditure) substitute—

In section 1054 (entitlement to R&D tax credit)—

Omit section 1057 (R&D tax credit only available to going concerns).

In section 1058 (amount of R&D tax credit)—

Omit sections 1058A to 1058D (provision in relation to PAYE and NIC liabilities).

In section 1060 (payment of R&D tax credit)—

After section 1062 insert—

Chapter 9 of Part 13 (supplementary provision) is amended as follows.

In section 1126B (regulations about consumable items and research and development), omit subsection (3).

In section 1128 (meaning of “externally provided worker”), in subsection (9), for “1131” substitute “1132A”.

In section 1129 (qualifying expenditure on externally provided workers: connected persons)—

In section 1131 (qualifying expenditure on externally provided workers: other cases)—

After section 1132 insert—

For section 1133 and the italic heading preceding it substitute—

In section 1134 (qualifying element of sub-contractor payment made between connected persons)—

In section 1135 (election to be treated as connected for purpose of determining qualifying element)—

For section 1136 substitute—

Omit section 1138 (meaning of “subsidised expenditure”).

In place of the omitted section 1138 insert—

After section 1140 insert—

In section 1142 (meaning of “qualifying body”)—

In section 1142B (meaning of “R&D claim”), in paragraph (a), for “104A” substitute “1042C”.

After section 1142B insert—

After section 1142C (inserted by sub-paragraph (16)) insert—

After section 1142D (inserted by sub-paragraph (17)) insert—

Schedule 18 to FA 1998 (company tax returns) is amended as follows.

In paragraph 52(2A)(b) (application of provisions about discovery assessments to amounts paid by way of R&D expenditure credit), for “Chapter 6A of Part 3” substitute “Chapter 1A of Part 13”.

In paragraph 83A (application of Part 9A of the Schedule to claims for R&D relief), for the words from “to” to the end substitute “to claims for relief under Part 13 of the Corporation Tax Act 2009 (relief for research and development).”

In paragraph 83E (deadlines for claiming R&D relief)—

CTA 2009 is amended as follows.

In Part 14A (inserted by paragraph 1 of Schedule 2)—

In section 1195(3A) (expenditure attracting R&D relief or television relief not eligible for film tax relief)—

In section 1216C(4) (expenditure attracting R&D relief not eligible for television relief)—

In section 1217C(4) (expenditure attracting R&D relief not eligible for video game relief)—

In section 1217JA(2) (expenditure attracting R&D relief not eligible for theatre relief)—

In section 1217RF(2) (expenditure attracting R&D relief or other creative sector relief not eligible for orchestra relief), omit paragraph (za) (inserted by paragraph 8 of Schedule 4).

In section 1218ZCG(2) (expenditure attracting R&D relief or other creative sector relief not eligible for museum and gallery exhibition relief)—

In section 1310(4) (orders and regulations subject to affirmative procedure)—

In Schedule 4 (index of defined expressions)—

CTA 2010 is amended as follows.

In section 269DA(2) (meaning of banking company’s “surcharge profits”), in the definition of “RDEC”, for “Chapter 6A of Part 3 of CTA 2009 (trade profits: R&D expenditure credits)” substitute “Chapter 1A of Part 13 of CTA 2009 (R&D expenditure credit)”.

In Part 8A (profits from exploiting patents etc)—

In Chapter 9 of Part 8B (treatment of R&D credits and relief for purposes of Northern Ireland rate)—

The amendments made by this Schedule, except those made by sub-paragraphs (16) to (18) of paragraph 9, have effect in relation to accounting periods beginning on or after the appointed day.

In this Part, the “appointed day” is a day appointed by the Treasury in regulations.

The amendment made by paragraph 9(16) does not have effect in relation to—

The amendment made by paragraph 9(17) has effect only in relation to claims made on or after 1 April 2024.

Sub-paragraphs (2) and (3) apply if, but for those sub-paragraphs—in respect of expenditure attributable to the same research and development.

If company B would have been entitled to old R&D relief in respect of its expenditure had the Part 1 amendments not been made, only company B is entitled to the relief.

In any other case, only company A is entitled to the relief.

Sub-paragraph (5) applies if—

The company is to be treated as satisfying sections 1042F(4) and 1053A(4) of CTA 2009 for the purposes of ascertaining the entitlement of another company to new R&D relief in respect of expenditure attributable to the same research and development as the expenditure mentioned in sub-paragraph (4).

Sub-paragraph (7) applies if—

For the purpose of ascertaining the entitlement of company D to new R&D relief, the research and development is to be treated as contracted out by company D within the meaning of section 1133 of CTA 2009 (as it has effect after the Part 1 amendments).

In this paragraph—“the new R&D provisions” means Part 13 of CTA 2009 as it has effect after the Part 1 amendments;“new R&D relief” means relief under the new R&D provisions;“the old R&D provisions” means Chapter 6A of Part 3 or Part 13 of CTA 2009 as that Chapter or Part has effect before the Part 1 amendments;“old R&D relief” means relief under the old R&D provisions;“the Part 1 amendments” means the amendments made by Part 1 of this Schedule;“post-commencement expenditure” means expenditure incurred in an accounting period beginning on or after the appointed day;“pre-commencement expenditure” means expenditure incurred in an accounting period beginning before the appointed day.

Sub-paragraph (2) applies if, in an accounting period beginning before the appointed day but ending on or after 1 April 2023, a company—

The amount of R&D tax credit to which the company is entitled for the period is to be determined as if the amendment made by section 4(3)(d) of FA 2023 (reduction in rate of credit from 14.5% to 10%) had not been made.

Subsections (2) to (7) of section 1045ZA of CTA 2009, as inserted by paragraph 6(6), determine whether a company meets the R&D intensity condition in an accounting period for the purposes of sub-paragraph (1)(b).

But that section is to be read for the purposes of sub-paragraph (3) as if—

In this paragraph, “Chapter 2 surrenderable loss” and “R&D tax credit” have the same meanings as in Chapter 2 of Part 13 of CTA 2009 (see sections 1054 and 1055 of that Act).

The Films Act 1985 is amended as follows.

In section 6 (certification of British films), after “purposes of” insert “audiovisual expenditure credit and”.

In Schedule 1 (certification of British films)—

Schedule 18 to FA 1998 (company tax returns etc) is amended as follows.

In paragraph 10 (certain claims and elections to be included in tax return)—

In the heading of Part 9D, for the words from “for” to “or” substitute “under Parts 14A to”.

In paragraph 83S (application of Part 9D), for “the following reliefs—” substitute “— .

CTA 2009 is amended as follows.

For sections 808 to 808E substitute—

In section 1040ZA (restrictions on claiming other reliefs where R&D relief given), before subsection (1) insert—

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

CTA 2010 is amended as follows.

In section 45A(3) (conditions for carrying forward trade loss against total profits), in paragraph (b)(ii), after “section” insert “1179BF,”.

In Part 8A (profits from exploiting patents etc)—

In Part 8B (profits taxable at Northern Ireland rate), after Chapter 10 insert—

The Films Act 1985 is amended as follows.

In section 6 (certification of British films) (as amended by paragraph 2), omit “and film tax relief”.

In Schedule 1 (certification of British films) (as amended by paragraph 2)—

Section 826 of ICTA (interest on tax overpaid) is amended as follows.

In subsection (1), omit paragraphs (f) to (fb).

In subsection (3C), omit “film tax credit, television tax credit, video game tax credit,”.

In subsection (8A)(b)(ii), omit “or film tax credit or television tax credit or video game tax credit”.

In subsection (8BA), omit “or film tax credit or television tax credit or video game tax credit” in both places those words occur.

Schedule 18 to FA 1998 (company tax returns etc) is amended as follows.

In paragraph 10 (certain claims and elections to be included in tax return), omit sub-paragraphs (5) to (7).

In paragraph 52 (recovery of excessive payments), in sub-paragraph (2B) (inserted by Schedule 6), omit paragraphs (b) to (d).

In paragraph 83S (application of Part 9D), omit sub-paragraphs (a) to (c).

CTA 2009 is amended as follows.

In section 1040ZA (restrictions on claiming other reliefs where R&D relief given), omit subsections (1) to (3).

In section 1310(4) (orders and regulations subject to affirmative procedure), omit paragraphs (a) to (ej).

In Schedule 4 (index of defined expressions), omit the following entries— ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; .

CTA 2010 is amended as follows.

In section 45A(3) (conditions for carrying forward trade loss against total profits), in paragraph (b)(ii), omit “1209, 1216DA, 1217DA,”.

In section 45B(1) (cases in which trade loss carried forward against trade profits)—

In section 357BI (excluded debits under Part 8A), omit paragraphs (c) and (d) (but not the following “and”).

In section 357BJB (deductions that are not routine deductions under Part 8A), omit subsections (1)(e) and (f), (8) and (9).

In section 357CG (adjustments in calculating relevant IP profits under Part 8A)—

Omit section 357CHA (deemed shortfall in television or video game expenditure for purposes of adjusting relevant IP profits).

In Part 8B (profits taxable at Northern Ireland rate), omit Chapters 11 to 13.

No election under section 1179B(1) of CTA 2009 may be made in a company tax return for an accounting period ending before 1 January 2024.

The amendments made by Parts 3 and 4 of this Schedule have effect in relation to accounting periods beginning on or after 1 April 2027.

If a company makes an election under section 1179B(1) of CTA 2009 in its company tax return for an accounting period beginning before 1 January 2024—

If a company makes an election under section 1179B(1) of CTA 2009 in its company tax return for an accounting period beginning on or after 1 January 2024, the relevant existing regime does not apply in relation to that accounting period or any subsequent accounting period, subject to sub-paragraphs (3) and (4).

If a company makes an election under section 1179B(1) of CTA 2009 in its company tax return for an accounting period beginning on or before but ending after the relevant closure date, it may further elect in the return for sub-paragraph (4) to apply.

If it does so—

Where, by virtue of this paragraph, different Parts of CTA 2009 apply in respect of different portions of an accounting period, the portions are to be treated as separate accounting periods for the purposes of—

For the purposes of this paragraph—

Nothing in this paragraph expands the circumstances in which the relevant existing regime can apply (except by making it apply in respect of a portion of an accounting period).

Sub-paragraphs (2) and (3) apply if, but for this paragraph, Part 15, 15A or 15B of CTA 2009 would apply to a company in relation to a film, television programme or video game in respect of an accounting period beginning on or before but ending after the relevant closure date.

The company is to be treated for the purposes of the Part in question as if, at the end of the relevant closure date, it—

No election under section 1179B(1) of CTA 2009 may be made in relation to the film, television programme or video game.

The date that is the relevant closure date for the purposes of paragraph 18 is also the relevant closure date for the purposes of this paragraph.

Sub-paragraphs (2) to (5) apply if—

The separate trade that the company is treated as carrying on in AP2 is to be treated as a continuation of the separate trade that the company was treated as carrying on in AP1.

Accordingly, section 1179BA(2) of CTA 2009 does not apply.

If a new period of account does not begin when AP2 begins, a new period of account is to be treated as beginning at that time for the purposes of—

For the purposes of section 1179BB(3) of CTA 2009 as it applies in relation to AP2, the references to the corresponding amounts for the previous period are to be read as references to the corresponding amounts brought into account under section 1189, 1216BA or 1217BA of that Act for AP1.

Sub-paragraphs (3) and (4) apply if—

In those sub-paragraphs, the earliest accounting period within sub-paragraph (1)(a) is “AP2” and the latest accounting period within sub-paragraph (1)(b) is “AP1”.

For the purposes of step 1 in section 1179CA(1) of CTA 2009 as it applies in relation to AP2, the reference to relevant global expenditure includes the amount that was “qualifying expenditure incurred to date” for the purposes of section 1200(1) or (2), 1216CG(1) or (2) or 1217CG(1) or (2) of that Act in relation to AP1.

For the purposes of step 4 in section 1179CA(1) of CTA 2009 as it applies in relation to AP2, the reference to the company’s qualifying expenditure to date in the accounting period for which it was last entitled to, and claimed, an expenditure credit is to be read as a reference to the amount taken as ‘E’ for the purposes of section 1200(1) or (2), 1216CG(1) or (2) or 1217CG(1) or (2) of that Act in relation to AP1.

Regulations made before the passing of this Act under a provision of CTA 2009 specified in the first column of the following table—

A certificate issued under section 1216CD or 1217CD of CTA 2009 continues to have effect for the purposes of Part 14A of that Act as if it were a certificate issued under section 1179DM or (as the case may be) 1179FF in that Part.

In relation to such a certificate, the references to revocation or ceasing to be in force in sections 1216EA and 1217EA of CTA 2009 (as they continue to apply in relation to accounting periods beginning before 1 April 2027) include revocation or ceasing to be in force under section 1179DM or (as the case may be) 1179FF of that Act.

The repeal of Parts 15, 15A and 15B of CTA 2009 does not affect the requirement in section 1213(3), 1216EA(3) or 1217EA(3) of that Act so far as it relates to entitlements in accounting periods beginning before 1 April 2027 (even if the “completion period” begins on or after that date).

In sections 1216EA(3) and (5) and 1217EA(3) and (5) of CTA 2009 (as they continue to apply in relation to accounting periods beginning before 1 April 2027), the references to a final certificate include reference to a final certificate issued under section 1179DM or (as the case may be) 1179FF of that Act.

Sub-paragraphs (3) and (4) apply if—

In this paragraph, “special video games relief” and “completion period” have the meanings given by section 1217E(1) of CTA 2009.

Subsections (3) and (4) of section 1217EB of CTA 2009 apply as if the video game had been completed at the end of the accounting period preceding the opt-in period (and, accordingly, as if that period were the completion period).

In section 1179FH of CTA 2009 as it applies in relation to the video game, the references to core expenditure are to be read as limited to core expenditure incurred in or after the opt-in period.

Sub-paragraph (2) applies if—

Section 1179CA(1) of CTA 2009 (amount of expenditure credit) has effect as if for Step 2 there were substituted—

In section 1179BG(1)(a) of CTA 2009, the reference to the separate production trade is to be read as including reference to a separate trade carried on under Part 15, 15A or 15B of CTA 2009.

Section 1179BG(1)(d) of CTA 2009 is to be taken as satisfied where—

Paragraphs (a) and (b) of section 1211(1) of CTA 2009 are to be taken as satisfied where a company ceases to carry on a separate production trade under Part 14A of CTA 2009 in relation to a film (and that company and that trade are respectively “company A” and “trade X” in the resulting application of section 1211).

Paragraphs (a) and (b) of section 1216DC(1) of CTA 2009 are to be taken as satisfied where a company ceases to carry on a separate production trade under Part 14A of CTA 2009 in relation to a television programme (and that company and that trade are respectively “company A” and “trade X” in the resulting application of section 1216DC).

Paragraphs (a) and (b) of section 1217DC(1) of CTA 2009 are to be taken as satisfied where a company ceases to carry on a separate production trade under Part 14A of CTA 2009 in relation to a video game (and that company and that trade are respectively “company A” and “trade X” in the resulting application of section 1217DC).

Section 1217FA (meaning of “theatrical production”) is amended as follows.

In subsection (2)—

Omit subsection (3A).

Those amendments have effect in relation to a theatrical production the production phase of which begins on or after 1 April 2024.

In section 1217GC(2) (expenditure that is not “core expenditure” on theatrical production), in paragraph (a), for “or storage” substitute “, storage, or the provision of incidental goods or services to members of the audience”.

That amendment has effect in relation to expenditure incurred on or after 1 April 2024.

In section 1217GB (European expenditure condition)—

In each of the following provisions, for “European” (in each place it occurs) substitute “UK”—

In section 1217OB (defined terms)—

In Schedule 4 (index of defined expressions)—

For transitional provision in relation to this paragraph, see paragraph 11.

In section 1217J(2) and (3) (amount of relief for theatrical production), for “European” substitute “UK”.

For transitional provision in relation to this paragraph, see paragraph 12.

Section 1217JA (expenditure on theatrical productions that qualifies for relief) is amended as follows.

In subsection (1)(b), after “(2)” insert “or (3)”.

After subsection (2) insert—

Those amendments have effect in relation to expenditure incurred on or after 1 April 2024.

In section 1217JA (expenditure qualifying for theatre relief), for subsection (2) substitute—

Those amendments have effect in relation to expenditure incurred on or after 1 April 2024.

After section 1217KC insert—

That amendment has effect in relation to claims made on or after 1 April 2024.

This paragraph makes transitional provision in connection with paragraph 5.

The amendments made by that paragraph do not apply in relation to a theatrical production if—

Sub-paragraph (4) applies if—

The company’s entitlement to— is unaffected by a failure to meet the UK expenditure condition so far as the entitlement derives from expenditure incurred before 1 April 2025.

For the purposes of sub-paragraph (4), an entitlement to a tax credit under section 1217H of CTA 2009 derives from expenditure incurred before 1 April 2025 to the extent that it would arise if only costs incurred and income received before that date were taken into account in calculating the surrenderable loss of the company for the purposes of section 1217KA of that Act.

Sub-paragraph (7) applies in relation to a theatrical production in respect of which the separate theatrical trade continues on or after 1 April 2025.

The reference in section 1217NA(1) of CTA 2009, as amended by paragraph 5, to a statement having been made under section 1217N(2) of that Act includes reference to a statement having been made in relation to the European expenditure condition under that provision before it was amended by paragraph 5.

But the application of section 1217NA(1) of CTA 2009 as so amended is subject to sub-paragraph (4) (where that sub-paragraph applies).

In this paragraph— “theatrical production”, “separate theatrical trade”, “production company” and “core expenditure” have the same meanings as in Part 15C of CTA 2009; “UK expenditure condition” has the same meaning as in that Part after the amendments made by paragraph 5; “European expenditure” and “European expenditure condition” have the same meanings as in that Part before the amendments made by paragraph 5.

For the purposes of this paragraph, a theatrical production “enters production” when core expenditure is first incurred on it.

This paragraph makes transitional provision in relation to paragraph 6.

The amendments made by that paragraph have effect in relation to accounting periods ending on or after 1 April 2024.

Sub-paragraph (4) applies in a case where expenditure incurred before 1 April 2024 is to be taken into account as qualifying expenditure for the purposes of section 1217J of CTA 2009 (amount of relief for theatrical production).

The references in subsections (2) and (3) of that section (as amended by paragraph 6) to so much of the qualifying expenditure incurred to date as is UK expenditure are to be read as references to so much of the qualifying expenditure incurred to date as—

But if the theatrical production in relation to which sub-paragraph (4) applies has entered production before 1 April 2024, the production company may elect for that sub-paragraph to have effect in relation to that production as if “2025” were substituted for “2024”.

In this paragraph— “theatrical production”, “production company” and “core expenditure” have the same meanings as in Part 15C of CTA 2009; “UK expenditure” has the same meaning as in that Part after the amendments made by paragraph 5; “European expenditure” has the same meaning as in that Part before the amendments made by paragraph 5.

For the purposes of sub-paragraph (5), a theatrical production “enters production” when core expenditure is first incurred on it.

In section 1217QA (election for orchestral concerts to be treated as a series), in subsection (1), after “Customs” insert .

That amendment has effect in relation to a series of concerts the first concert in which takes place on or after 1 April 2024.

In section 1217RC(3) (expenditure that is not “core expenditure” on orchestral concert), in paragraph (a), for “or storage” substitute “, storage, or the provision of incidental goods or services to members of the audience”.

That amendment has effect in relation to expenditure incurred on or after 1 April 2024.

In section 1217RB (European expenditure condition)—

In each of the following provisions, for “European” (in each place it occurs) substitute “UK”—

In section 1217U (defined terms)—

In Schedule 4 (index of defined expressions)—

For transitional provision in relation to this paragraph, see paragraph 11.

In section 1217RE(2) and (3) (amount of relief for orchestral concert), for “European” substitute “UK”.

For transitional provision in relation to this paragraph, see paragraph 12.

Section 1217RF (expenditure that qualifies for orchestra tax relief) is amended as follows.

In subsection (1)—

After subsection (2) insert—

Those amendments have effect in relation to expenditure incurred on or after 1 April 2024.

In section 1217RF(2) (exclusion of expenditure eligible for other creative sector relief)—

Those amendments have effect in relation to expenditure incurred on or after 1 April 2024.

After section 1217RK insert—

That amendment has effect in relation to claims made on or after 1 April 2024.

This paragraph makes transitional provision in relation to paragraph 5.

The amendments made by that paragraph do not apply in relation to an orchestral concert or concert series if—

Sub-paragraph (4) applies if—

The company’s entitlement to— is unaffected by a failure to meet the UK expenditure condition so far as the entitlement derives from expenditure incurred before 1 April 2025.

For the purposes of sub-paragraph (4), an entitlement to a tax credit under section 1217RG of CTA 2009 derives from expenditure incurred before 1 April 2025 to the extent that it would arise if only costs incurred and income received before that date were taken into account in calculating the surrenderable loss of the company for the purposes of section 1217RH of that Act.

Sub-paragraph (7) applies in relation to an orchestral concert or concert series in respect of which the separate orchestral trade continues on or after 1 April 2025.

The reference in section 1217TA(1) of CTA 2009, as amended by paragraph 5(2)(c), to a statement having been made under section 1217T(2) of that Act includes reference to a statement having been made under that provision in relation to the European expenditure condition.

But the application of section 1217TA(1) of CTA 2009 as so amended is subject to sub-paragraph (4) (where that sub-paragraph applies).

In this paragraph— “orchestral concert”, “concert series”, “separate orchestral trade”, “production company” and “core expenditure” have the same meanings as in Part 15D of CTA 2009; “UK expenditure condition” has the same meaning as in that Part after the amendments made by paragraph 5; “European expenditure” and “European expenditure condition” have the same meanings as in that Part before the amendments made by paragraph 5.

For the purposes of this paragraph, an orchestral concert or concert series “enters production” when core expenditure is first incurred on it.

This paragraph makes transitional provision in relation to paragraph 6.

The amendments made by that paragraph have effect in relation to accounting periods ending on or after 1 April 2024.

Sub-paragraph (4) applies in a case where expenditure incurred before 1 April 2024 is to be taken into account as qualifying expenditure for the purposes of section 1217RE of CTA 2009 (amount of relief for orchestral concert).

The references in subsections (2) and (3) of that section (as amended by paragraph 6) to so much of the qualifying expenditure incurred to date as is UK expenditure are to be read as references to so much of the qualifying expenditure incurred to date as—

But if the orchestral concert or concert series in relation to which sub-paragraph (4) applies has entered production before 1 April 2024, the production company may elect for that sub-paragraph to have effect in relation to that concert or series as if “2025” were substituted for “2024”.

In this paragraph— “orchestral concert”, “concert series”, “production company” and “core expenditure” have the same meanings as in Part 15D of CTA 2009; “UK expenditure” has the same meaning as in that Part after the amendments made by paragraph 5; “European expenditure” has the same meaning as in that Part before the amendments made by paragraph 5.

For the purposes of sub-paragraph (5), an orchestral concert or concert series “enters production” when core expenditure is first incurred on it.

In section 1218ZAA (meaning of “exhibition”), after subsection (4) insert—

That amendment has effect in relation to an exhibition only where the production phase begins on or after 1 April 2024.

In section 1218ZCD(7) (expenditure that is not “core expenditure” on museum or gallery exhibition), in paragraph (a), for “and promotional events” substitute “, promotional events, and the provision of incidental goods or services to visitors”.

That amendment has effect in relation to expenditure incurred on or after 1 April 2024.

In section 1218ZCC (European expenditure condition)—

In each of the following provisions, for “European” (in each place it occurs) substitute “UK”—

In section 1218ZFA (defined terms)—

In Schedule 4 (index of defined expressions)—

For transitional provision in relation to this paragraph, see paragraph 10.

In section 1218ZCF(2) and (3) (amount of relief for museum or gallery exhibition), for “European” substitute “UK”.

For transitional provision in relation to this paragraph, see paragraph 11.

Section 1218ZCG (expenditure that qualifies for museums and galleries exhibition tax relief) is amended as follows.

In subsection (1), after paragraph (b) (but before the following “and”) insert— .

After subsection (2) insert—

Those amendments have effect in relation to expenditure incurred on or after 1 April 2024.

In section 1218ZCG(2) (exclusion of expenditure eligible for R&D relief or other creative sector relief), in the words before paragraph (a), for the words from “(assuming” to the end substitute “the company would be able to claim”.

That amendment has effect in relation to expenditure incurred on or after 1 April 2024.

After section 1218ZCL insert—

That amendment has effect in relation to claims made on or after 1 April 2024.

This paragraph makes transitional provision in relation to paragraph 4.

The amendments made by that paragraph do not have effect in relation to an exhibition if—

Sub-paragraph (4) applies if—

The company’s entitlement to— is unaffected by a failure to meet the UK expenditure condition so far as the entitlement derives from expenditure incurred before 1 April 2025.

For the purposes of sub-paragraph (4), an entitlement to a tax credit under section 1218ZCH of CTA 2009 derives from expenditure incurred before 1 April 2025 to the extent that it would arise if only costs incurred and income received before that date were taken into account in calculating the surrenderable loss of the company for the purposes of section 1218ZCI of that Act.

Sub-paragraph (7) applies in relation to an exhibition in respect of which the separate exhibition trade continues on or after 1 April 2025.

The reference in section 1218ZEA(1) of CTA 2009, as amended by paragraph 4(2)(c), to a statement having been made under section 1218ZE(2) of that Act includes reference to a statement having been made under that provision in relation to the European expenditure condition.

But the application of section 1218ZEA(1) of CTA 2009 as so amended is subject to sub-paragraph (4) (where that sub-paragraph applies).

In this paragraph— “exhibition”, “separate exhibition trade”, “production company” and “core expenditure” have the same meanings as in Part 15E of CTA 2009; “UK expenditure” and “UK expenditure condition” have the same meanings as in that Part after the amendments made by paragraph 4; “European expenditure” and “European expenditure condition” have the same meanings as in that Part before the amendments made by paragraph 4.

For the purposes of this paragraph, an exhibition “enters production” when core expenditure is first incurred on it.

This paragraph makes transitional provision in relation to paragraph 5.

The amendments made by that paragraph have effect in relation to accounting periods ending on or after 1 April 2024.

Sub-paragraph (4) applies in a case where expenditure incurred before 1 April 2024 is to be taken into account as qualifying expenditure for the purposes of section 1218ZCF of CTA 2009 (amount of relief for museum or gallery exhibition).

The references in subsections (2) and (3) of that section (as amended by paragraph 5) to so much of the qualifying expenditure incurred to date as is UK expenditure are to be read as references to so much of the qualifying expenditure incurred to date as—

But if the exhibition in relation to which sub-paragraph (4) applies has entered production before 1 April 2024, the production company may elect for that sub-paragraph to have effect in relation to that exhibition as if “2025” were substituted for “2024”.

In this paragraph— “exhibition”, “production company” and “core expenditure” have the same meanings as in Part 15E of CTA 2009; “UK expenditure” has the same meaning as in that Part after the amendments made by paragraph 4; “European expenditure” has the same meanings as in that Part before the amendments made by paragraph 4.

For the purposes of sub-paragraph (5), an exhibition “enters production” when core expenditure is first incurred on it.

Paragraph 52 of Schedule 18 to FA 1998 (recovery of excessive payments) is amended as follows.

In sub-paragraph (1), in the words before paragraph (a), for “paragraph” substitute “sub-paragraph”.

In sub-paragraph (2)—

In sub-paragraph (2A), after paragraph (c) insert .

After sub-paragraph (2A) insert—

In sub-paragraph (5)—

Those amendments have effect in relation to accounting periods beginning on or after 1 April 2024.

In paragraph 83W(1) of Schedule 18 to FA 1998 (time limits for claims under Parts 15 to 15E of CTA 2009), for the words from “first” to the end substitute

That amendment has effect in relation to accounting periods beginning on or after 1 April 2024.

After paragraph 83W of Schedule 18 to FA 1998 insert—

That amendment has effect in relation to claims made on or after 1 April 2024.

Section 528 is amended as follows.

In subsection (4)—

After subsection (4B) insert—

In subsection (5), for “subsection (4)(a)” substitute “determining whether the non-close condition is met”.

After subsection (5A) (as inserted by paragraph 4) insert—

Section 528 has effect, and is to be deemed always to have had effect, with the amendments made by this paragraph.

Section 528 is further amended as follows.

In subsection (4A)—

After subsection (4C) (as inserted by paragraph 3) insert—

In subsection (5) (as amended by paragraph 3)—

After subsection (5) insert—

After subsection (5C) (as inserted by paragraph 3) insert—

In section 528ZA, in subsection (7), for the words from “which” to the end substitute “if a person acting on behalf of it would be an institutional investor as a result of section 528(4A)(c)”.

In section 528ZB—

In consequence of the other amendments made by this paragraph, in Schedule 5AAA to TCGA 1992, in paragraph 46(3)(a), for “section 528(4A)(a), (b), (c), (i) or (j)” substitute “section 528(4A)(i) or (j)“.

Sub-paragraph (2) applies where—

Part 12 of CTA 2010 has effect in relation to such a person for the purposes of determining whether the company meets those conditions as if the amendments made by paragraph 4 had not been made for so long as the person’s interest in the company as a proportion of all interests in the company—

Sub-paragraph (4) applies where—

That Schedule has effect in relation to the former qualifying investor for a qualifying purpose as if the amendments made by paragraph 4 had not been made for so long as—

Sub-paragraph (6) applies when determining whether a collective investment scheme constituted before the day on which this Act is passed meets the genuine diversity of ownership condition for the purposes of any of paragraphs (a) to (c) of section 528(4A).

Regulation 75(2) of the Offshore Funds (Tax) Regulations 2009 (including as it applies for the purposes of regulation 75(5) of those Regulations) has effect, for those purposes, as if it referred to a statement prepared by the manager of the scheme (instead of the documents referred to in that paragraph) which—

Section 606 (meaning of group) is amended as follows.

In subsection (2), omit paragraphs (b) and (c) (but not the “or” at the end of paragraph (c)).

In subsection (5), omit the definitions of “insurance company” and “insurance subsidiary”.

Section 544 (meaning of “property profits” and “property financing costs”) is amended as follows.

In subsection (3)(a), for “property rental business of members of the group” substitute “the group's property rental business in the United Kingdom”.

After subsection (3) insert—

Section 544 has effect, and is to be deemed always to have had effect, with the amendments made by sub-paragraphs (2) and (3).

After subsection (4) insert—

The amendment made by sub-paragraph (5) has effect for accounting periods ending on or after 1 April 2023.

Section 535A (disposals of rights or interests in UK property rich companies) is amended as follows.

After subsection (7) insert—

In subsection (8) after “subsection (7)” insert “or (7A)”.

In section 551 (tax consequences of distribution to holder of excessive rights), in subsection (1)(a), for “(as” substitute “that is not an excluded holder (both as”.

In section 553 (meaning of “holder of excessive rights”)—

Section 452 of TIOPA 2010 (corporate interest restriction: REITs) is amended as follows.

In subsection (1)(b), after “(5)” insert “, or section 535A(2),”.

In subsection (4)(b), after “(5)” insert “, or section 535A(2),”.

In paragraph 16 (qualifying companies and groups), in sub-paragraph (1)(b), after “operates” insert “or manages”.

After paragraph 18 insert—

Paragraph 4 (tonnage tax profits: method of calculation) is amended as follows.

In sub-paragraph (1), after “operated” insert “or managed”.

In sub-paragraph (2), for Step One substitute— .

In paragraph 37 (75% charter limit)—

In paragraph 49 (distributions of oversea shipping companies), in sub-paragraph (2), in paragraph (c), after “that” insert “, where the overseas company operates qualifying ships,”.

Section 232 (annual allowance charge: cash balance arrangements: adjustments of closing value) is amended as follows.

In subsection (8A)(c)—

In subsection (8D)—

After subsection (8D) insert—

Section 236 (annual allowance charge: defined benefits arrangements: adjustments of closing value) is amended as follows.

In subsection (8A)(c) for “lifetime allowance excess lump sum” substitute “pension commencement excess lump sum”.

In subsection (8D)—

After subsection (8D) insert—

Section 269 (appeal against decision on discharge of liability) is amended as follows.

In subsection (1)—

In subsection (6) omit “lifetime allowance charge,”.

Omit subsections (9) to (11).

Schedule 32 (meaning of expressions relating to benefit crystallisation events) is amended as follows.

In the shoulder note, for “Section 216” substitute “Sections 232 and 236”.

In the heading omit “- supplementary”.

Before paragraph 1 and the italic heading before it insert—

In paragraph 1 (meaning of “the relevant pension schemes”)—

Omit the following paragraphs and the italic headings before them—

In paragraph 7 (BCEs 2 and 4: early lifetime annuities) omit sub-paragraphs (4) and (5).

Omit the following paragraphs and the italic headings before them—

In paragraph 15 (BCE 6: meaning of “relevant lump sum”), in sub-paragraph (c), for “lifetime allowance excess lump sum” substitute “pension commencement excess lump sum”.

Omit the following paragraphs and the italic headings before them—

Section 166 (lump sum rule) is amended as follows.

In subsection (1), in the lump sum rule—

In subsection (2)—

Section 228ZA (tapered reduction of annual allowance: high-income individual) is amended as follows.

In subsection (4) (definition of “adjusted income”), for paragraph (e) substitute—

In subsection (5) (definition of “threshold income”), for paragraph (d) substitute—

Section 265 (winding-up to facilitate payment of lump sums) is amended as follows.

In subsection (2) omit “or winding-up lump sum death benefits (or both)”.

In subsection (4) omit paragraph (b) (and the “and” before it).

Paragraphs 1 to 3A (pension commencement lump sums) are amended as follows.

In paragraph 1 (pension commencement lump sum)—

Omit paragraphs 1A and 1B (which modify the definition of “pension commencement lump sum” in relation to certain lump sums paid before 6 April 2015 and are therefore no longer of practical utility).

For paragraph 2 (definition of “the permitted maximum”) substitute—

For paragraph 3 (definition of “the applicable amount”) substitute—

Before paragraph 3A (anti-avoidance rule to prevent recycling of pension commencement lump sum) insert the following heading— .

In paragraph 3A(5), for paragraphs (a) and (b) substitute “the amount of the lump sum”.

After paragraph 3A insert—

After paragraph 3B (as inserted by sub-paragraph (8)) insert—

Paragraph 4 (serious ill-health lump sum) is amended as follows.

In sub-paragraph (1)—

In sub-paragraph (2) for “in respect of which there has been no previous benefit crystallisation event” substitute “under which the member has not previously become entitled to any pension or lump sum”.

Omit sub-paragraph (3).

Paragraph 4A (uncrystallised funds pension lump sum) is amended as follows.

In sub-paragraph (1) omit paragraph (b).

Omit sub-paragraph (2).

Paragraph 5 (short service refund lump sum) is amended as follows.

In sub-paragraph (1), for paragraph (c) substitute— .

In paragraph 7 (trivial commutation lump sum), in sub-paragraph (1)(c), for “lifetime allowance is available” substitute “lump sum allowance is available (see paragraph 12A)”.

In paragraph 8 (trivial commutation lump sum: value of member’s relevant crystallised pension rights on the nominated date), in sub-paragraph (1), for paragraph (b) substitute—

Paragraph 12 (interpretation) is amended as follows.

Omit sub-paragraphs (1A) to (4).

In sub-paragraph (5), for “4A(2)” substitute “3C(2)”.

In paragraph 13 (defined benefits lump sum death benefit) sub-paragraph (1)(d) is amended as follows.

After “pension protection lump sum death benefit,” insert “or”.

Omit “or winding-up lump sum death benefit.”

Section 566 (nature of charge to tax on pension income and relevant definitions) is amended as follows.

In subsection (3), for “16” substitute “15A”.

In the table in subsection (4)—

The Registered Pension Schemes (Authorised Payments) Regulations 2009 (S.I. 2009/1171) are amended as follows.

Omit regulation 3A (which relates to payments made before 6 April 2015 and is therefore no longer of practical utility).

In regulation 7 (meaning of “relevant accretion”) omit paragraphs (3) and (3A).

In regulation 16 (payments of arrears of pension after death) omit paragraphs (5) and (6).

In regulation 17 (pension commencement lump sums based on pension errors) omit paragraphs (4) and (5).

In regulation 18 (pension commencement lump sums paid in error: money purchase arrangements) omit paragraphs (4) and (5).

In regulation 19 (pension commencement lump sums paid after death) omit paragraphs (2) and (3).

In regulation 20 (part refund payments relating to short service), in paragraph (1) for sub-paragraph (b) substitute— .

Section 244B (exclusion: member and receiving scheme in same country) is amended as follows.

In subsection (1)—

In subsection (3), in the words before paragraph (a), after “overseas transfer charge” insert “under section 244AC”.

Section 244C (exclusion: receiving scheme in EEA state or Gibraltar, and member resident in UK or EEA state) is amended as follows.

In subsection (2)—

In subsection (3), in the words before paragraph (a), after “recognised transfer” insert “or relieved relevant non-UK scheme transfer”.

In subsection (4), in the words before paragraph (a), after “overseas transfer charge” insert “under section 244AC”.

Section 244G (exclusions: avoidance of double charge, and transitional protections) is amended as follows.

In subsection (2), in the words before paragraph (a), after “overseas transfer charge” insert “under section 244AC”.

In subsection (3), after “overseas transfer charge” insert “under section 244AC”.

After subsection (4) insert—

Section 244J (persons liable to charge) is amended as follows.

After subsection (1) insert—

In subsection (4), in the words before paragraph (a), for “transfer” substitute “recognised transfer to a QROPS or an onward transfer”.

Section 244K (amount of charge) is amended as follows.

For the heading substitute “Meaning of “transferred value””.

For subsection (1) substitute—

In subsection (2), in the words after paragraph (b), for “(5)” substitute “(6)”.

In subsection (3), in the words after paragraph (b), for “(5)” substitute “(6)”.

After subsection (3) insert—

In subsection (4), in the words after paragraph (b), for “(5)” substitute “(6)”.

Omit subsections (5) and (10).

Schedule 33 (overseas pension schemes: migrant member relief) is amended as follows.

In paragraph 4 (meaning of “relevant migrant member”)—

In paragraph 5 (meaning of “qualifying” overseas pension scheme)—

Schedule 34 (non-UK schemes: application of certain charges) is amended as follows.

In paragraph 1 (member payment charges)—

After paragraph 5 insert—

Omit paragraphs 13 to 19 (lifetime allowance charge).

In Chapter 4 of Part 9 of ITEPA 2003 (foreign pensions), section 574A (“pension”: relevant lump sums) is amended as follows.

After subsection (2) insert—

In subsection (3), in Step 3—

The Pension Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006 (S.I. 2006/207) are amended as follows.

In regulation 1(2) (interpretation) omit the definition of “benefit crystallisation event 8”.

In regulation 3 (computation of a member’s relevant transfer fund)—

In regulation 3A (computation of a member’s taxable asset transfer fund)—

In regulation 4ZB (payment and crystallisation valuation), in paragraph (9), for “paragraph 3(7C) of Schedule 29” substitute “section 278B”.

In regulation 15 (modification of Schedule 29 (authorised lump sums: definitions etc))—

In regulation 17 (modification of Schedule 34 (non-UK schemes: application of certain charges)), in the inserted paragraph 19A (Revenue and Customs discretion)—

For regulation 18 (modification of section 636A(1B) (taxation of uncrystallised funds pension lump sum paid to member who is 75 or over)) substitute—

In Schedule 29 to FA 2004 (registered pension schemes: authorised lump sums: supplementary), paragraph 4A (uncrystallised funds pension lump sum) is amended as follows.

In sub-paragraph (1)—

Omit sub-paragraphs (3) to (6).

At the end insert—

Schedule 34 to FA 2004 (non-UK schemes: application of certain charges) is amended as follows.

In the heading, at the end insert “and protections etc”.

After paragraph 12 (application of annual allowance provisions) insert—

Paragraph 11 (primary protection: pension debit on or after 6th April 2006) is amended as follows.

In sub-paragraph (1)(a), for “makes provision for the operation of a lifetime allowance enhancement factor” substitute “applies”.

In sub-paragraphs (2) and (3), for “paragraph 7(3)” substitute “paragraph 7(5)”.

In sub-paragraph (4), for “benefit crystallisation event” substitute “relevant benefit crystallisation event”.

After that sub-paragraph insert—

Paragraph 11A (primary protection: pension debit on or after 6th April 2006: lump sum death benefits) is amended as follows.

In sub-paragraph (1)(a), for “makes provision for the operation of a lifetime allowance enhancement factor” substitute “applies”.

In paragraphs (a) and (b) of sub-paragraph (4), for “benefit crystallisation event” substitute “relevant benefit crystallisation event”.

After that sub-paragraph insert—

Paragraph 12 (enhanced protection) is amended as follows.

For sub-paragraph (3) substitute—

Paragraph 15 (enhanced protection: relevant benefit accrual: interpretation) is amended as follows.

In sub-paragraph (2), in the words before paragraph (a)—

After sub-paragraph (2) insert—

Paragraph 19 (individuals permitted to take pension before normal minimum pension age) is amended as follows.

In sub-paragraph (1), in the words before paragraph (a), for “benefit crystallisation event” substitute “relevant benefit crystallisation event”.

After that paragraph insert—

For sub-paragraph (2) substitute—

In sub-paragraphs (3) and (4), for “benefit crystallisation event” substitute “relevant benefit crystallisation event”.

Omit sub-paragraphs (5) and (6).

At the end insert—

Paragraph 20 (pre-commencement pensions) is amended as follows.

In sub-paragraph (1)—

After sub-paragraph (1) insert—

In sub-paragraph (2)—

In paragraph 24 (pre-commencement benefit rights: lump sum rights exceeding £375,000: primary and enhanced protection), sub-paragraph (1) is amended as follows.

In paragraph (a), after “Schedule 29” insert “and paragraph 12 of this Schedule”.

For paragraph (b) substitute— .

Paragraph 28 (pre-commencement benefit rights: no enhanced protection: permitted maximum) is amended as follows.

In sub-paragraph (1) omit “paragraph 2 of”.

In sub-paragraph (2), after “paragraph 2” insert “of Schedule 29”.

For sub-paragraph (3) substitute—

In Schedule 18 to FA 2011 (lifetime allowance charge), in Part 2 (commencement and transitional provision), paragraph 14 (fixed protection) is amended as follows.

In sub-paragraph (1)(b), for “make provision for a lifetime allowance enhancement factor” substitute “apply on that date”.

In sub-paragraph (1A)(b), for “make provision for a lifetime allowance enhancement factor” substitute “apply on that date”.

For sub-paragraph (3) substitute—

In Schedule 22 to FA 2013 (transitional provision relating to reduction in standard lifetime allowance etc), in Part 1 (“fixed protection 2014”), paragraph 1 is amended as follows.

In sub-paragraph (1)(b), for “make provision for a lifetime allowance enhancement factor” substitute “apply on that date”.

For sub-paragraph (2) substitute—

In Schedule 6 to FA 2014 (transitional provision relating to new standard lifetime allowance for the tax year 2014-15 etc), in Part 1 (“individual protection 2014”), paragraph 1 (the protection) is amended as follows.

In sub-paragraph (1)(c), for “make provision for a lifetime allowance enhancement factor” substitute “apply on that date”.

For sub-paragraph (2) substitute—

Schedule 4 to FA 2016 (pensions: lifetime allowance: transitional provision) is amended as follows is amended as follows.

In the heading, for “lifetime allowance” substitute “lump sum allowance and lump sum and death benefit allowance”.

In Part 1 (“fixed protection 2016”)—

In Part 2 (“individual protection 2016”), in paragraph 9 (the protection)—

In Part 3 (reference numbers etc), in paragraph 14 (issuing of reference numbers for fixed or individual protection 2016), in sub-paragraph (3)(b), at the end insert “but before 6 April 2025”.

The Registered Pension Schemes (Enhanced Lifetime Allowance) Regulations 2006 (S.I. 2006/131) are amended as follows.

In the title, for “Lifetime Allowance” substitute “Allowances”.

In regulation 1 (citation and commencement), for “Lifetime Allowance” substitute “Allowances”.

In regulation 2(1) (interpretation)—

In regulation 3 (reliance on paragraph 7 of Schedule 36 (lifetime allowance enhancement: “primary protection”)), in the heading, for “lifetime allowance enhancement” substitute “enhancement of allowances”.

In regulation 3A (reliance on paragraph 11A of Schedule 36 (lifetime allowance enhancement: “primary protection”: taking account of death benefit))—

In regulation 4 (reliance on paragraph 12 of Schedule 36 (lifetime allowances: “enhanced protection”)), in the heading, for “lifetime allowances” substitute “enhancement of allowances”.

In regulation 4A (reliance on paragraph 15A of Schedule 36 (lifetime allowances: “enhanced protection”: taking account of death benefit))—

In regulation 5 (reliance on paragraph 18 of Schedule 36 (lifetime allowance enhancement: pre-commencement pension credits)—

In regulation 6 (reliance on section 220 (lifetime allowance enhancement: registration of pension credits))—

In regulation 7 (reliance on section 221 (lifetime allowance enhancement: relevant overseas individuals))—

In regulation 8 (reliance on section 224 (lifetime allowance enhancement: transfer from recognised overseas pension scheme))—

In regulation 15 (certificates: general), in paragraph (3), for “benefit crystallisation event” substitute “relevant benefit crystallisation event”.

The Taxation of Pension Schemes (Transitional Provisions) Order 2006 (S.I. 2006/572) is amended as follows.

In article 25A (conditions to be met by stand-alone lump sums), in paragraph (3), for “benefit crystallisation event” substitute “relevant benefit crystallisation event”.

In article 25B (circumstances in which stand-alone lump sums are paid), in paragraph (2), for “paragraph 2 of Schedule 29” substitute “Chapter 15A of Part 9 of ITEPA 2003”.

In article 25C (payment of stand-alone lump sums: tax consequences), for paragraphs (2) and (3A) substitute—

After article 25C insert—

In article 25D (stand-alone lump sums: further provisions)—

The Registered Pension Schemes (Lifetime Allowance Transitional Protection) Regulations 2011 (S.I. 2011/1752) are amended as follows.

In the title, for “Lifetime Allowance” substitute “Enhanced Allowances”.

In regulation 1 (citation and commencement), for “Lifetime Allowance” substitute “Enhanced Allowances”.

In regulation 4 (the paragraph 14 notice), in paragraph (1)(c), for “make provision for a lifetime allowance enhancement factor” substitute “apply”.

In regulation 13 (preservation of documents), in paragraph (1), for “benefit crystallisation event” substitute “relevant benefit crystallisation event within the meaning of section 637S of ITEPA 2003”.

The Registered Pension Schemes and Relieved Non-UK Pension Schemes (Lifetime Allowance Transitional Protection) (Notification) Regulations 2013 (S.I. 2013/1741) are amended as follows.

In the title, for “Lifetime Allowance” substitute “Enhanced Allowances”.

In regulation 1 (citation and commencement), for “Lifetime Allowance” substitute “Enhanced Allowances”.

In regulation 4 (the paragraph 1 notice), in paragraph (1)—

In regulation 13 (preservation of documents), in paragraph (1), for “benefit crystallisation event” substitute “relevant benefit crystallisation event within the meaning of section 637S of ITEPA 2003”.

The Registered Pension Schemes and Relieved Non-UK Pension Schemes (Lifetime Allowance Transitional Protection) (Individual Protection 2014 Notification) Regulations 2014 (S.I. 2014/1842) are amended as follows.

In the title, for “Lifetime Allowance” substitute “Enhanced Allowances”.

In regulation 1 (citation and commencement), for “Lifetime Allowance” substitute “Enhanced Allowances”.

In regulation 4 (the paragraph 1 notice), in paragraph (1), in sub-paragraph (f), for “make provision for a lifetime allowance enhancement factor” substitute “apply”.

In regulation 13 (preservation of documents), in paragraph (2), for “benefit crystallisation event” substitute “relevant benefit crystallisation event within the meaning of section 637S of ITEPA 2003”.

Section 256 (enhanced lifetime allowance regulations) is amended as follows.

In the heading omit “lifetime”.

In subsection (1)—

In subsection (2) omit “lifetime”.

In subsection (3)—

In subsection (4), in the words before paragraph (a) omit “lifetime”.

Section 261 (enhanced lifetime allowance regulations: documents and information) is amended as follows.

In the heading omit “lifetime”.

In subsection (1)(a) omit “lifetime”.

In subsection (2)—

In subsection (4), in the words before paragraph (a)—

In subsection (5)(a)—

In subsection (6), in paragraphs (a) and (b), after “pension commencement lump sums” insert “or the uncrystallised funds pension lump sums”.

Section 262 (enhanced lifetime allowance regulations: failures to comply) is amended as follows.

In the heading omit “lifetime”.

In paragraphs (a), (b) and (c) omit “lifetime”.

Section 263 (lifetime allowance enhanced protection: benefit accrual) is amended as follows.

In the heading omit “Lifetime allowance”.

In subsection (1)(a), for “lifetime allowance charge” substitute “enhancement of allowances”.

In regulation 3 (provision of information by scheme administrator to the Commissioners for His Majesty’s Revenue and Customs), in paragraph (1), the Table is amended as follows.

Omit the entries for the following reportable events—

At the end insert—

Regulation 7 (percentage of standard lifetime allowance expended on the happening of a benefit crystallisation event) is amended as follows.

For the heading substitute “Relevant benefit crystallisation events: amount of member’s allowances expended”.

For paragraphs (1) and (2) substitute—

In paragraph (3)(a) omit “, (2A), (2B)”.

For paragraph (4) substitute—

After paragraph (4) insert—

Regulation 8 (death: provision of information by scheme administrator to personal representatives) is amended as follows.

In paragraph (1) omit “, (2A), (2B)”.

In paragraph (2)—

Omit paragraphs (2A) and (2B).

In paragraph (3)—

Regulation 9 (death: provision of information by insurance company to personal representatives) is amended as follows.

In paragraph (2)—

Regulation 10 (death: provision of information by personal representatives to the Commissioners for His Majesty’s Revenue and Customs) is amended as follows.

In paragraph (1), in sub-paragraph (b)—

Omit paragraphs (1A) and (1B).

In paragraph (2)—

Omit paragraphs (2A) and (2B).

In paragraphs (3) and (5) omit “, (1A) or (1B)”.

Regulation 11 (information provided by member to scheme administrator: protections) is amended as follows.

In the heading, for “enhanced lifetime allowance” substitute “enhanced allowances”.

In paragraph (1)—

After paragraph (1) insert—

In paragraph (2)(a), for “Lifetime Allowance” substitute “Enhanced Allowances”.

Regulation 12A (provision of information about liability for overseas transfer charge) is amended as follows.

In the heading, at the end insert “etc”.

In paragraph (1)—

In paragraph (2)—