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Finance Bill 2012 Explanatory Notes Introduction

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Finance Bill 2012 Explanatory Notes Introduction FINANCE BILL 2012 EXPLANATORY NOTES INTRODUCTION EXPLANATORY NOTES INTRODUCTION 1. These explanatory notes relate to Finance Bill 2012 as introduced into Parliament on 29 March 2012. They have been prepared jointly by the HM Revenue & Customs and HM Treasury in order to assist the reader in understanding the Bill. They do not form part of the Bill and have not been endorsed by Parliament. 2. The notes are designed to be read alongside with the Bill. They are not, and are not meant to be, a comprehensive description of the Bill. So, where a section or part of a section does not seem to require any explanation or comment, none is given. FINANCE BILL 2012 RESOLUTION 2 CLAUSE 1 EXPLANATORY NOTE CLAUSE 1: CHARGE FOR 2012-13 AND RATES FOR 2012-13 AND SUBSEQUENT TAX YEARS SUMMARY 1. Clause 1 provides for income tax for the 2012-13 tax year and sets the main rates of income tax for 2012-13 and 2013-14. The clause also makes changes consequent to an additional rate of 45 per cent for 2013-14. DETAILS OF THE CLAUSE 2. Subsection 1 provides for income tax for 2012-13 and sets the main rates of income tax. 3. Subsection 2 sets the main rates of income tax for 2013-14. 4. Subsection 3 reduces the dividend additional rate to 37.5 per cent; the trust rate to 45 per cent; the dividend trust rate to 37.5 per cent. 5. Subsection 4 reduces the charge on relevant benefits provided under employer-financed retirement benefits schemes, in section 394 (Employer-financed Retirement Benefit Schemes) of Income Tax (Earnings and Pensions) Act 2003 (ITEPA), from 50 per cent to 45 per cent when section 394(2) ITEPA applies because the person receiving the benefits is not an individual. 6. Subsection 5 provides for a consequential amendment to section 640(6) (Grossing-up of Deemed Income) of Income Tax (Trading and Other Income) Act 2005 (ITTOIA). 7. Subsection 6 provides that the amendments made by subsections 3 to 5 inclusive have effect from 2013-14. BACKGROUND NOTE 8. Income tax is an annual tax. It is for Parliament to impose income tax for a tax year. 9. The rates of income tax for the main rates are determined by Parliament for a tax year. The main rates of income tax currently provided for are the basic rate, the higher rate and the additional rate. FINANCE BILL 2012 RESOLUTION 2 CLAUSE 1 10. Other rates of income tax are included within the Tax Acts. 11. There are alternative rates of income tax for dividends. The dividend additional rate applies to dividend income that would otherwise be taxable at the additional rate. 12. The trust rate of tax is the rate of tax paid by trustees that generally applies to the income of discretionary or accumulation trusts. Trustees are liable to tax on income received at the trust rate of tax, but dividends and other similar income are chargeable at the dividend trust rate. 13. Section 394 of ITEPA prevents individuals, who are liable to the highest rate of income tax, avoiding tax by transferring rights to receive retirement benefits to another person such as a company, which is not liable to the top rate of income tax. 14. Section 640 of ITTOIA sets out the amount of notional tax credit attached to certain capital payments, made by trustees to settlors, that are deemed for tax purposes to be income. A charge to tax on the settlor arises when the capital payment can be matched with undistributed income in the trust. A payment is matched first with the earlier income of the trust. The notional credit is linked to the rate of tax that the trustees have paid on the income with which the capital payment is matched. As the trust rate will decrease to 45 per cent for 2013-14 onwards, the amendment ensures that the notional tax credit for capital payments matched with undistributed income of 2013-14 onwards is also decreased to 45 per cent. FINANCE BILL 2012 RESOLUTION 3 CLAUSE 2 EXPLANATORY NOTE CLAUSE 2: BASIC RATE LIMIT FOR 2012-13 SUMMARY 1. This clause sets the amount of the basic rate limit for income tax at £34,370 for 2012-13. DETAILS OF THE CLAUSE 2. Subsection (1) replaces the existing amount of the basic rate limit in section 10(5) of the Income Tax Act 2007 (£35,000) with £34,370 for 2012-13. 3. Subsection (2) disapplies the indexation provisions for the basic rate limit for 2012-13. BACKGROUND NOTE 4. An individual’s taxable income is charged to tax at the basic rate of tax up to the basic rate limit. 5. The basic rate limit is subject to indexation (an annual increase based upon the percentage increase to the retail prices index). Parliament can over-ride indexed amounts by a provision in the Finance Bill. 6. The table below sets out the amount of the basic rate limit for 2011-12, the indexed amount for 2012-13 and the amount specified by this clause for 2012-13: 2011-12 2012-13 indexed 2012-13 by this clause £35,000 £37,000 £34,370 7. The effect of this clause is to over-ride the indexed amount for the basic rate limit. This clause is part of a package of measures, together with a further clause in this Bill that sets the personal allowance for those aged under 65 in an amount above indexation. FINANCE BILL 2012 RESOLUTION 4 CLAUSE 3 EXPLANATORY NOTE CLAUSE 3: PERSONAL ALLOWANCE FOR 2012-13 FOR THOSE AGED UNDER 65 SUMMARY 1. This clause sets the amount of the personal allowance for those aged under 65 at £8,105 for 2012-13. DETAILS OF THE CLAUSE 2. Subsection 1 replaces the existing amount of the personal allowance for those aged under 65 in section 35(1) of the Income Tax Act 2007 (£7,475) with £8,105 for 2012-13. 3. Subsection 2 disapplies the indexation provisions for the personal allowance for those aged under 65 for 2012-13. BACKGROUND NOTE 4. An individual is entitled to a personal allowance for income tax. The amount depends upon the individual’s age and income. 5. Income tax personal allowances are subject to indexation (an annual increase based upon the percentage increase to the retail prices index). Parliament can over-ride indexed amounts by a provision in the Finance Bill. 6. The table below sets out the amount of the personal allowance for those aged under 65 for 2011-12, the indexed amount for 2012-13 and the amount specified by this clause for 2012-13: 2011-12 2012-13 indexed 2012-13 by this clause £7,475 £7,895 £8,105 7. The effect of this clause is to over-ride the indexed amount for the personal allowance for those aged under 65. This clause is part of a package of measures together, with a further clause in this Bill, that sets the basic rate limit in an amount below indexation. FINANCE BILL 2012 CLAUSE 4 EXPLANATORY NOTE CLAUSE 4: PERSONAL ALLOWANCES FROM 2013 SUMMARY 1. This clause amends the income tax personal allowances currently available for people aged under 65, aged 65 to 74 or aged 75 and over in a tax year. It changes entitlement from age to date of birth and fixes the amount of the allowances for people born before 6 April 1948 until the personal allowance for people born after 5 April 1948 is a greater amount. DETAILS OF THE CLAUSE 2. Subsection 1 provides that the income tax personal allowances currently available for people aged under 65, aged 65 to 74 or aged 75 and over in a tax year are amended in accordance with this clause. 3. Subsection 2 provides that section 35 Income Tax Act 2007 (ITA) (personal allowance for those aged under 65) is amended so that the personal allowance that it provides is available to people born after 5 April 1948. 4. Subsection 3(a) provides that section 36 ITA (personal allowance for those aged 65 to 74) is amended so that the personal allowance that it provides, or the allowance provided by section 35, whichever is the greater, is available to people born after 5 April 1938 but before 6 April 1948. 5. Subsection 3(b) provides that the income-related reduction to the allowance provided by section 36 ITA, only applies if the allowance is greater than the allowance provided by section 35 ITA. The section 36 allowance is not reduced below the amount of the section 35 allowance. 6. Subsection (3)(c) inserts a new section for section 36 ITA that defines “the section 35 amount” as the amount the individual would have been entitled to if they had been born after 5 April 1948. 7. Subsection 4(a) provides that section 37 ITA (personal allowance for those aged 75 and over) is amended so that the personal allowance that it provides or the allowance provided by section 35 ITA, whichever is the greater, is available to people born before 6 April 1938. FINANCE BILL 2012 CLAUSE 4 8. Subsection 4(b) provides that the income-related reduction to the allowance provided by section 37 ITA, only applies if the allowance is greater than the allowance provided by section 35. The section 37 allowance is not reduced below the amount of the section 35 allowance. 9. Subsection (4)(c) inserts a new section for section 37 ITA that defines “the section 35” amount as the allowance the individual would have been entitled to if they had been born after 5 April 1948.
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