DOCSLIB.ORG

Number 37 of 2014 Finance Act 2014

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Number 37 of 2014 Finance Act 2014 Number 37 of 2014 Finance Act 2014 Number 37 of 2014 FINANCE ACT 2014 CONTENTS PART 1 UNIVERSAL SOCIAL CHARGE, INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX CHAPTER 1 Interpretation Section 1. Interpretation (Part 1) CHAPTER 2 Universal Social Charge 2. Amendment of Part 18D of Principal Act (universal social charge) CHAPTER 3 Income Tax 3. Amendment of section 15 of Principal Act (rate of charge) 4. Amendment of section 128 of Principal Act (treatment of directors of companies and employees granted rights to acquire shares or other assets) 5. Amendment of section 195 of Principal Act (exemption of certain earnings of writers, composers and artists) 6. Exemption in respect of compensation for certain living donors 7. Amendment of section 244 of Principal Act (relief for interest paid on certain home loans) 8. Amendment of Schedule 13 to Principal Act (accountable persons for purposes of Chapter 1 of Part 18) 9. Amendment of section 216A of Principal Act (rent-a-room relief) 10. Amendment of section 189A of Principal Act (special trusts for permanently incapacitated individuals) 11. Amendment of Chapter 1 of Part 12 of Principal Act (loss relief) 12. Amendment of section 467 of Principal Act (employed person taking care of incapacitated individual) 13. Amendment of section 477B of Principal Act (home renovation incentive) 1 [No. 37.] Finance Act 2014. [2014.] 14. Amendment of section 836 of Principal Act (allowances for expenses of members of the Oireachtas) 15. Amendment of section 825C of Principal Act (special assignee relief programme) 16. Amendment of section 823A of Principal Act (deduction for income earned in certain foreign states) 17. Amendment of Part 18 of Principal Act (payments to subcontractors in certain industries) 18. Donations to approved bodies 19. Retirement benefits CHAPTER 4 Income Tax, Corporation Tax and Capital Gains Tax 20. Farm taxation 21. Amendment of section 206 of Principal Act (income from investments) 22. Amendment of Chapter 4 of Part 8 of Principal Act (interest payments by certain deposit takers) 23. Amendment of section 267M of Principal Act (tax rate applicable to certain deposit interest received by individuals) 24. Amendment of section 481 of Principal Act (relief for investment in films) 25. Securities issued by company established under section 5 of Gas Regulation Act 2013 26. Amendment of section 766 of Principal Act (tax credit for research and development expenditure) 27. Amendment of Part 16 of Principal Act (income tax relief for investment in corporate trades — employment and investment incentive and seed capital scheme) 28. Amendment of Chapter 3 of Part 38 of Principal Act (other obligations and returns) 29. Real estate investment trusts 30. Amendment of Part 27 of Principal Act (unit trusts and offshore funds) 31. Cessation of certain provisions of Principal Act relating to windfall tax on land rezonings 32. Amendment of Chapter 13 of Part 10 of Principal Act (living city initiative) 33. Amendment of section 268 of Principal Act (meaning of “industrial building or structure”) 34. Amendment of section 812 of Principal Act (taxation of income deemed to arise from transfers of right to receive interest from securities) 35. Amendment of Part 26 (life assurance companies) and Part 27 (unit trusts and offshore funds) of Principal Act CHAPTER 5 Corporation Tax 36. Amendment of section 80A of Principal Act (taxation of certain short-term leases plant and machinery) 37. Amendment of Schedule 4 to Principal Act (exemption of specified non-commercial 2 [2014.] Finance Act 2014. [No. 37.] State-sponsored bodies from certain tax provisions) 38. Amendment of section 285A of and Schedule 4A to Principal Act (acceleration of wear and tear allowances for certain energy-efficient equipment) 39. Amendment of section 486C of Principal Act (relief from tax for certain start-up companies) 40. Amendment of Chapter 2 of Part 9 of Principal Act (machinery or plant: initial allowances, wear and tear allowances, balancing allowances and balancing charges) 41. Amendment of section 623 of Principal Act (company ceasing to be member of group) 42. Amendment of Schedule 17A to Principal Act (accounting standards) 43. Company residence 44. Amendment of section 626B of Principal Act (exemption from tax in the case of gains on certain disposals of shares) CHAPTER 6 Capital Gains Tax 45. Amendment of certain provisions of Principal Act 46. Amendment of section 29A of Principal Act (temporary non-residents) 47. Amendment of section 560 of Principal Act (wasting assets) 48. Tax treatment of return of value on certain shares 49. Amendment of section 604B of Principal Act (relief for farm restructuring) 50. Amendment of section 598 of Principal Act (disposals of business or farm on “retirement”) 51. Exemption of certain payment entitlements 52. Amendment of section 597A of Principal Act (entrepreneur relief) PART 2 EXCISE 53. Amendment of section 136 of Finance Act 2001 (entry and search of premises) 54. Amendment of section 21 of Betting Act 1931 (hours of business of registered premises) 55. Amendment of section 96 of Finance Act 1999 (rates) 56. Amendment of Chapter 1 of Part 2 of Finance Act 1999 (mineral oil tax) 57. Amendment of section 101 of Finance Act 1999 (licensing of mineral oil traders) 58. Amendment of section 96 of Finance Act 2001 (interpretation (Part 2)) 59. Amendment of section 78A of Finance Act 2003 (relief for small breweries) 60. Rates of tobacco products tax 61. Amendment of section 92 of Finance Act 1989 (tax concessions for disabled drivers, etc.) 62. Amendment of section 135C of Finance Act 1992 (remission or repayment in respect of vehicle registration tax, etc.) 3 [No. 37.] Finance Act 2014. [2014.] 63. Amendment of section 135D of Finance Act 1992 (repayment of amounts of vehicle registration tax on export of certain vehicles) 64. Amendment of section 141 of Finance Act 1992 (regulations) PART 3 VALUE-ADDED TAX 65. Interpretation (Part 3) 66. Amendment of section 84 of Principal Act (duty to keep records) 67. Amendment of section 86 of Principal Act (special provisions for tax invoiced by flat- rate farmers) 68. Amendment of Part 13 of Principal Act (administration and general) 69. Joint and several liability for tax 70. Amendment of section 111 of Principal Act (assessment of tax due) 71. Amendment of Schedule 1 (exempt activities), Schedule 2 (zero-rated goods and services) and Schedule 3 (goods and services chargeable at the reduced rate) to Principal Act PART 4 STAMP DUTIES 72. Interpretation (Part 4) 73. Accountable persons in relation to stamp duty 74. Relief for certain leases of farmland 75. Amendment of section 113 of Principal Act (miscellaneous instruments) 76. Amendment of section 126B of Principal Act (assessment of duty charged on statements) 77. Amendment of Schedule 1 to Principal Act (stamp duties on instruments) 78. Amendment of Schedule 2B to Principal Act (qualifications for applying for relief from stamp duty in respect of transfers to young trained farmers) PART 5 CAPITAL ACQUISITIONS TAX 79. Interpretation (Part 5) 80. Amendment of section 17 of Principal Act (exemptions) 81. Amendment of section 82 of Principal Act (exemption of certain receipts) 82. Amendment of section 89 of Principal Act (provisions relating to agricultural property) 83. Amendment of section 93 of Principal Act (relevant business property) PART 6 MISCELLANEOUS 84. Interpretation (Part 6) 4 [2014.] Finance Act 2014. [No. 37.] 85. Domicile levy: penalties for failure to make a return 86. Amendment of section 959B of Principal Act (supplemental interpretation provisions) 87. Amendment of general anti-avoidance rule 88. Amendment of Chapter 3 of Part 33 (mandatory disclosure and payment notices) 89. Returns of profits, electronic transmission of returns, and requirements for returns for corporation tax purposes: submission of accounts information 90. Amendment of section 851A of Principal Act (confidentiality of taxpayer information) 91. Amendment of section 886 of Principal Act (obligation to keep certain records) 92. Amendment of section 891B of Principal Act (returns of certain payments made by certain persons) 93. Amendment of section 960S of Principal Act (security for certain taxes) 94. Amendment of section 1084 of Principal Act (surcharge for late returns) 95. Tax clearance certificates 96. Amendment of Schedule 24A to Principal Act (arrangements made by the Government with the government of any territory outside the State in relation to affording relief from double taxation and exchanging information in relation to tax) 97. Miscellaneous technical amendments in relation to tax 98. Repeal of section 160 of Finance Act 1994 (small savings reserve fund) 99. Amendment of section 22 of Finance Act 1950 and related repeals 100. Care and management of taxes and duties 101. Short title, construction and commencement SCHEDULE 1 CONSEQUENTIAL AMENDMENTS TO SECTION 87 SCHEDULE 2 CONSEQUENTIAL AMENDMENTS TO SECTION 88 SCHEDULE 3 MISCELLANEOUS TECHNICAL AMENDMENTS IN RELATION TO TAX SCHEDULE 4 ENACTMENTS TO BE REPEALED UNDER SECTION 99(2) 5 [No. 37.] Finance Act 2014. [2014.] ACTS REFERRED TO Betting Act 1931 (No. 27) Capital Acquisitions Tax Consolidation Act 2003 (No. 1) Child and Family Agency Act 2013 (No. 40) Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 (No. 24) Companies Act 1990 (No. 33) Family Law (Divorce) Act 1996 (No. 33) Family Law Act 1995 (No. 26) Finance (Local Property Tax) Act 2012 (No. 52) Finance (No. 2) Act 2008 (No. 25) Finance (No. 2) Act 2013 (No. 41) Finance Act 1950 (No. 18) Finance Act 1985 (No. 10) Finance Act 1986 (No. 13) Finance Act 1987 (No. 10) Finance Act 1988 (No. 12) Finance Act 1989 (No. 10) Finance Act 1990 (No. 10) Finance Act 1991 (No. 13) Finance Act 1992 (No. 9) Finance Act 1993 (No. 13) Finance Act 1994 (No. 13) Finance Act 1995 (No. 8) Finance Act 1996 (No. 9) Finance Act 1997 (No.
Load more

Recommended publications
  • Finance Act 1997
    Changes to legislation: There are outstanding changes not yet made by the legislation.gov.uk editorial team to Finance Act 1997. Any changes that have already been made by the team appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes Finance Act 1997 1997 CHAPTER 16 An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance. [19th March 1997] Most Gracious Sovereign, WE, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:— PART I EXCISE DUTIES Alcoholic liquor duties 1 Rates of duty on spirits and wines of equivalent strength. (1) In section 5 of the M1Alcoholic Liquor Duties Act 1979 (spirits), for “£19.78” there shall be substituted “ £18.99 ”. (2) In Part II of the Table of rates of duty in Schedule 1 to that Act (wine or made-wine of a strength exceeding 22 per cent.), for “19.78” there shall be substituted “ 18.99 ”.
    [Show full text]
  • Notes for Guidance - Taxes Consolidation Act 1997 Finance Act 2020 Edition
    Notes for Guidance - Taxes Consolidation Act 1997 Finance Act 2020 edition Part 7 Income Tax and Corporation Tax Exemptions December 2020 The information in this document is provided as a guide only and is not professional advice, including legal advice. It should not be assumed that the guidance is comprehensive or that it provides a definitive answer in every case. tes for Guidance – Taxes Consolidation Act 1997 – Finance Act 2020 Edition - Part 7 Notes for Guidance - Taxes Consolidation Act 1997 Finance Act 2020 edition Part 7 Income Tax and Corporation Tax Exemptions CHAPTER 1 Income tax 187 Exemption from income tax and associated marginal relief 188 Age exemption and associated marginal relief 189 Payments in respect of personal injuries 189A Special trusts for permanently incapacitated individuals 190 Certain payments made by the Haemophilia HIV Trust 191 Taxation treatment of Hepatitis C [and HIV] compensation payments 192 Payments in respect of thalidomide children 192A Exemption in respect of certain payments under employment law 192B Foster care payments etc. 192BA Exemption of certain payments made or authorised by Child and Family Agency 192C Exemption in respect of payments of State support 192D Exemption in respect of fuel grant 192E Exemption in respect of water conservation grant 192F Exemption in respect of certain Education-related payments 192G Exemption in respect of Training Allowance payments 192H Exemption in respect of Mobility Allowance 193 Income from scholarships 194 Child benefit 194A Early childcare supplement
    [Show full text]
  • IRC V. Willoughby
    HOUSE OF LORDS Lord Nolan Lord Mustill Lord Hoffmann Lord Clyde Lord Hutton OPINIONS OF THE LORDS OF APPEAL FOR JUDGMENT IN THE CAUSE COMMISSIONERS OF INLAND REVENUE (APPELLANTS) v. WILLOUGHBY (RESPONDENT) (FIRST APPEAL) COMMISSIONERS OF INLAND REVENUE (APPELLANTS) v. WILLOUGHBY (RESPONDENT) (SECOND APPEAL) (CONSOLIDATED APPEALS) ON 10 JULY 1997 LORD NOLAN My Lords, In this appeal the Commissioners of Inland Revenue seek to uphold five assessments to income tax, four of which were made on the respondent Professor Willoughby for the years of assessment 1987/8 to 1990/1 inclusive and the fifth of which was made on his wife, the respondent Mrs. Willoughby, for the year of assessment 1990/1. The assessment upon Professor Willoughby for 1987/8 was made under section 478 of the Income and Corporation Taxes Act 1970. The remaining assessments were made under section 739 of the Income and Corporation Taxes Act 1988, which replaced and re-enacted section 478 of the Act of 1970 without material alteration. The origin of these sections is to be found in section 18 of the Finance Act 1936, a section whose provisions, either in their original or in their re-enacted form, have been considered by your Lordships' House on previous occasions. It will be convenient, and sufficient for all relevant purposes, if as a general rule I refer to these provisions in the form in which they appear in the Act of 1988. Section 739 is the first section in Chapter III of Part XVII of the Act, which is concerned with the transfer of assets abroad.
    [Show full text]
  • Tax Credits Act 2002 (Commencement No 4, Transitional Provisions and Savings) Order 2003
    2003/962 Tax Credits Act 2002 (Commencement No 4, Transitional Provisions and Savings) Order 2003 Made by the Treasury under TCA 2002 ss 61, 62(2) Made 31 March 2003 1 Citation and interpretation (1) This Order may be cited as the Tax Credits Act 2002 (Commencement No 4, Transitional Provisions and Savings) Order 2003. (2) In this Order— “the Act” means the Tax Credits Act 2002; “the 1999 Act” means the Tax Credits Act 1999; and “the superseded tax credits” means working families' tax credit and disabled person's tax credit. 2 Commencement of provisions of the Act (1) Subject to the provisions of articles 3 and 4 (savings and transitional provisions), the provisions of the Act specified in this article shall come into force in accordance with the following paragraphs of this article. (2) Section 47 (consequential amendments), so far as it relates to paragraphs 4 to 7 of Schedule 3, shall come into force on 1st April 2003. (3) The following provisions of the Act shall come into force on 6th April 2003— (a) section 1(3)(a) and (f) (abolition of children's tax credit under section 257AA of the Income and Corporation Taxes Act 1988 and employment credit); (b) section 47, so far as it relates to the provisions of Schedule 3 specified in sub-paragraph (d); (c) section 60 (repeals), so far as it relates to the provisions of Schedule 6 specified in sub-paragraph (e); (d) in Schedule 3 (consequential amendments)— (i) paragraphs 1 to 3, (ii) paragraphs 8 and 9, and (iii) paragraphs 13 to 59; and (e) in Schedule 6, the entries relating to the enactments specified in column 1 of Schedule 1 to this Order to the extent shown in column 2 of that Schedule.
    [Show full text]
  • Finance Act, 2001 ———————— Arrangement Of
    ———————— Number 7 of 2001 ———————— FINANCE ACT, 2001 ———————— ARRANGEMENT OF SECTIONS PART 1 Income Tax, Corporation Tax and Capital Gains Tax Chapter 1 Interpretation Section 1. Interpretation (Part 1). Chapter 2 Income Tax 2. Tax credits. 3. Alteration of rates of income tax. 4. Age exemption. 5. Amendment of section 122 (preferential loan arrangements) of Principal Act. 6. Amendment of section 126 (tax treatment of certain benefits payable under Social Welfare Acts) of Principal Act. 7. Amendment of section 467 (employed person taking care of incapacitated individual) of Principal Act. 8. Amendment of section 469 (relief for health expenses) of Principal Act. 9. Amendment of section 473 (allowance for rent paid by cer- tain tenants) of Principal Act. 10. Amendment of section 477 (relief for service charges) of Principal Act. [No. 7.] Finance Act, 2001. [2001.] Section 11. Relief for trade union subscriptions. 12. Amendment of Part 16 (income tax relief for investment in corporate trades — business expansion scheme and seed capital scheme) of Principal Act. 13. Employee share ownership trusts — deceased beneficiaries. 14. Amendment of Schedule 13 (accountable persons for pur- poses of Chapter 1 of Part 18) to Principal Act. 15. Approved share option schemes. 16. Amendment of provisions relating to employee share schemes. 17. Provisions relating to certain approved profit sharing schemes and employee share ownership trusts. 18. Amendment of Part 30 (occupational pension schemes, retirement annuities, purchased life annuities and cer- tain pensions) of Principal Act. 19. Amendment of section 470 (relief for insurance against expenses of illness) of Principal Act. 20. Relief for premiums under qualifying long-term care policies, etc.
    [Show full text]
  • Tax Dictionary T
    Leach’s Tax Dictionary. Version 9 as at 5 June 2016. Page 1 T T Tax code Suffix for a tax code. This suffix does not indicate the allowances to which a person is entitled, as do other suffixes. A T code may only be changed by direct instruction from HMRC. National insurance National insurance contribution letter for ocean-going mariners who pay the reduced rate. Other meanings (1) Old Roman numeral for 160. (2) In relation to tapered reduction in annual allowance for pension contributions, the individual’s adjusted income for a tax year (Finance Act 2004 s228ZA(1) as amended by Finance (No 2) Act 2015 Sch 4 para 10). (3) Tesla, the unit of measure. (4) Sum of transferred amounts, used to calculate cluster area allowance in Corporation Tax Act 2010 s356JHB. (5) For the taxation of trading income provided through third parties, a person carrying on a trade (Income Tax (Trading and Other Income) Act 2005 s23A(2) as inserted by Finance (No 2) Act 2017 s25(2)). (6) For apprenticeship levy, the total amount of levy allowance for a company unit (Finance Act 2016 s101(7)). T+ Abbreviation sometimes used to indicate the number of days taken to settle a transaction. T$ (1) Abbreviation: pa’anga, currency of Tonga. (2) Abbreviation: Trinidad and Tobago dollar. T1 status HMRC term for goods not in free circulation. TA (1) Territorial Army. (2) Training Agency. (3) Temporary admission, of goods for Customs purposes. (4) Telegraphic Address. (5) In relation to residence nil rate band for inheritance tax, means the amount on which tax is chargeable under Inheritance Tax Act 1984 s32 or s32A.
    [Show full text]
  • Explanatory Notes Finance Bill 2005
    Explanatory Notes Finance Bill 2005 May 2005 © Crown copyright 2005 Published with the permission of HM Treasury on behalf of the Controller of Her Majesty’s Stationery Office. The text in this document (excluding the Royal Coat of Arms and departmental logos) may be reproduced free of charge in any format or medium providing that it is reproduced accurately and not used in a misleading context. The material must be acknowledged as Crown copyright and the title of the document specified. Any enquiries relating to the copyright in this document should be sent to: The Licensing Division HMSO St Clements House 2-16 Colegate Norwich NR3 1BQ Fax: 01603 723000 E-mail: [email protected] HM Treasury contacts This document can be accessed from the Treasury Internet site at: www.hm-treasury.gov.uk For further information on the Treasury and its work, contact: Correspondence and Enquiry Unit HM Treasury 1 Horse Guards Road London SW1A 2HQ Tel: 020 7270 4558 Fax: 020 7270 4861 E-mail: [email protected] HM REVENUE AND CUSTOMS FINANCE BILL 2005 RESOLUTION 2 CLAUSE 1 EXPLANATORY NOTE CLAUSE 1: GOODS SUBJECT TO WAREHOUSING REGIME: PLACE OF ACQUISITION OR SUPPLY SUMMARY 1. Clause 1 confers on HM Revenue and Customs power to make regulations prescribing circumstances in which the relief from VAT applying to supplies of goods within customs warehouses, contained in section 18(1) of the VAT Act 1994, shall not apply. DETAILS OF THE CLAUSE 2. Supplies of goods within UK customs warehouses are treated as taking place outside the UK for VAT purposes.
    [Show full text]
  • ———————— Number 9 of 2012 ———————— FINANCE ACT 2012 ———————— ARRANGEMENT of SECT
    ———————— Number 9 of 2012 ———————— FINANCE ACT 2012 ———————— ARRANGEMENT OF SECTIONS PART 1 Income Levy, Universal Social Charge, Income Tax, Corporation Tax and Capital Gains Tax Chapter 1 Interpretation Section 1. Interpretation (Part 1). Chapter 2 Universal Social Charge 2. Universal social charge: miscellaneous amendments. 3. Universal social charge: surcharge on use of property incentives. Chapter 3 Income Levy and Income Tax 4. Share-based remuneration. 5. Amendment of Schedule 23A (specified occupations and professions) to Principal Act. 6. Amendment of section 470B (age-related relief for health insurance premiums) of Principal Act, etc. 7. Amendment of section 126 (tax treatment of certain benefits payable under Social Welfare Acts) of Principal Act. 8. Relief for key employees engaged in research and develop- ment activities. 9. Amendment of section 244 (relief for interest paid on certain home loans) of Principal Act. 1 [No. 9.]Finance Act 2012. [2012.] 10. Amendment of section 472A (relief for the long term unemployed) of Principal Act. 11. Amendment of section 473A (relief for fees paid for third level education, etc.) of Principal Act. 12. Deduction for income earned in certain foreign states. 13. Amendment of section 825B (repayment of tax where earn- ings not remitted) of Principal Act. 14. Special assignee relief programme. 15. Provisions relating to PAYE. 16. Changes relating to tax relief for lessors, carried forward losses and balancing charges. 17. Provisions in relation to property incentives and capital allowances. 18. Retirement benefits. Chapter 4 Income Tax, Corporation Tax and Capital Gains Tax 19. Amendment of section 176 (purchase of unquoted shares by issuing company or its subsidiary) of Principal Act.
    [Show full text]
  • Bill Explanatory Notes Introduction
    FINANCE (No. 3) BILL EXPLANATORY NOTES INTRODUCTION EXPLANATORY NOTES INTRODUCTION 1. These explanatory notes relate to the Finance (No. 3) Bill as introduced into Parliament on 31 March 2011. 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 (No. 3) BILL RESOLUTION 2 CLAUSE 1 EXPLANATORY NOTE CLAUSE 1: CHARGE AND MAIN RATES FOR 2011-12 SUMMARY 1. Clause 1 imposes the income tax charge for 2011-12 and sets the basic rate of income tax at 20 per cent, the higher rate at 40 per cent and the additional rate at 50 per cent. DETAILS OF THE CLAUSE 2. Subsection (1) imposes the income tax charge for 2011-12. 3. Subsection (2)(a) sets the basic rate of income tax at 20 per cent. 4. Subsection (2)(b) sets the higher rate of income tax at 40 per cent. 5. Subsection (2)(c) sets the additional rate of income tax at 50 per cent. BACKGROUND NOTE 6. Income tax is an annual tax re-imposed by Parliament (even if the proposed rates are the same as for the previous year). The table below sets out the main rates and rate limits for 2011-12 and for reference includes the amounts for 2010-11: 2010-11 2011-12 Basic rate £0 - £37,400 at 20 per cent £0 - £35,000 at 20 per cent Higher rate £37,401 - £150,000 at 40 per £35,001 - £150,000 at 40 per cent cent Additional rate Over £150,000 at 50 per cent Over £150,000 at 50 per cent The basic rate limit of £35,000 as identified in the table above is set by clause 2 of this Bill.
    [Show full text]
  • Notes on Finance Bill Resolutions 3Rd March 2021 1
    Notes on Finance Bill resolutions 3rd March 2021 1. Income tax (charge) Provides for income tax to be charged for the 2021-22 tax year. 2. Income tax (main rates) Provides for the main rates of income tax for the 2021-22 tax year. 3. Income tax (default and savings rates) Provides for the default and savings rates of income tax for the 2021-22 tax year. 4. Income tax (starting rate limit for savings) Provides for the starting rate limit for savings for the 2021-22 tax year to remain at £5,000. 5. Basic rate limit and personal allowance (future years) Authorises the Finance Bill to make provision (notwithstanding anything to the contrary in the practice of the House relating to matters that may be included in Finance Bills) taking effect in a future year for each of the following amounts to remain at the amount specified for the tax year 2021-22 — (a) the amount specified in section 10(5) of the Income Tax Act 2007 (basic rate limit), and (b) the amount specified in section 35(1) of that Act (personal allowance). 6. Corporation tax (charge and main rate for financial years 2022 and 2023) Authorises the Finance Bill to contain provision (notwithstanding anything to the contrary in the practice of the House relating to the matters that may be included in Finance Bills) for the charging of corporation tax, and for setting the main rate of corporation tax, for the financial years 2022 and 2023. 7. Corporation tax (small companies rate) Authorises the Finance Bill to make provision (notwithstanding anything to the contrary in the practice of the House relating to the matters that may be included in Finance Bills) taking effect in a future year — (a) charging corporation tax at a rate lower than the main rate on profits not exceeding a specified amount, (b) reducing the amount of corporation tax chargeable in cases where profits exceed that amount but do not exceed a higher specified amount, and (c) amending Chapter 3A of Part 8 of the Corporation Tax Act 2010 (corporation tax rates on ring fence profits).
    [Show full text]
  • January–June 2013
    Index January–June 2013 CONTENTS Subject Index 2 UK Statutes 14 Statutory Instruments 16 International Legislation 17 Law Reports 18 Table of Cases 19 Author Index 28 Book Reviews 30 Glossary 31 2 SUBJECT INDEX January—June 2013 | www.newlawjournal.co.uk Numbers in bold refer to issue seat of arbitration sufficiently indicated by silk convicted of tax fraud 7548:149 numbers, followed by page numbers the country chosen as the place of CAS refers to the Charities Appeals arbitration (law digest) 7550:237 Supplement sensitive approach shown to divorce C following Jewish arbitration (law in the headlines) 7548:153 charities A third party to arbitration agreement call for law firms to support Workplace (law digest) 7557:18 Giving 7550:221 abuse of process architects Charitable Incorporated former wife’s claim was abuse of process 7560:4 removal of architect’s name from register Organisations CAS(Summer):16 access to justice (law report) 7558:16 criminal record checks are undergoing significant access to justice debate (comment) 7543:7 armed forces changes CAS(Summer):8–9 age families of improperly equipped soldiers impact key measures in the latest budget may former partner in law firm loses age to be allowed to bring claims for have on charities CAS(Summer):5 discrimination claim 7563:4 their deaths 7566:5 pension deficit risk CAS(Summer):17 alcohol immigration of dependent adult children plans to transform the rehabilitation some of history’s most infamous and often of Gurkhas (law digest) 7546:107 agenda offer opportunities for tragic tipplers
    [Show full text]
  • Length of Legislation Paper
    LENGTH OF TAX LEGISLATION AS A MEASURE OF COMPLEXITY In his seminal Hardman lecture, Adam Broke pointed to the length of tax legislation, the language used, the drafting style and the diversity of taxes as all contributing to the complexity of the UK tax code1. To this list could also be added political pressures and policy initiatives, both of which impact on tax legislation. In addition to our specific reviews, the Office of Tax Simplification (“OTS”) is analysing the underlying problem of complexity in the tax system. This paper focuses on the length of legislation, although it must be recognised that all the contributing factors are interlinked to a certain extent. In 2009 it was reported that the UK tax code had exceeded that of India and, at 11,520 pages was the longest in the world2. Many of us remember when the Butterworths/Tolley’s Yellow Tax Handbook3 (or the equivalent CCH Green Book) was a much more manageable two (or even one!) volumes, instead of the five volumes that there are today. The increasing length of UK tax legislation is often cited as indicating that the tax system is becoming more complex. The aim of the work carried out by the OTS was to consider the extent to which length contributes to complexity. We also ascertained the actual length of the UK tax code and the increase in its length since the introduction of corporation tax in 1965. This paper is to look at the length of legislation in more detail than just by reference to the size of Tolley’s Yellow and Orange Tax Handbooks4 (the “Yellow Book” and the “Orange Book” respectively), although these have been considered in some detail.
    [Show full text]