Finance Bill - United Kingdom Parliament - Parliament UK

Jul 14, 2015 - 33 Election of designated currency by UK resident investment company. 34 Group relief. 35 CFC charge: abolition of relief. 36 CFC charge: tax ...
870KB Sizes 3 Downloads 350 Views
Finance Bill

EUROPEAN CONVENTION ON HUMAN RIGHTS Mr Chancellor of the Exchequer has made the following statement under section 19(1)(a) of the Human Rights Act 1998: In my view the provisions of the Finance Bill are compatible with the Convention rights.

Bill 57

56/1

Finance Bill

CONTENTS PART 1 PRINCIPAL RATES ETC Tax lock 1 2

Income tax lock VAT lock Personal allowance and basic rate limit for income tax

3 4 5 6

Personal allowance and national minimum wage Personal allowance and national minimum wage: Chancellor’s duties Personal allowance from 2016 Basic rate limit from 2016 Corporation tax

7

Rate of corporation tax for financial years 2017-2020 Capital allowances

8

Annual investment allowance PART 2 INHERITANCE TAX Rate bands

9 10

Increased nil-rate band where home inherited by descendants Rate bands for tax years 2018-19, 2019-20 and 2020-21 Settlements

11 12 13

Bill 57

Calculation of rate of inheritance tax on settled property Exemption from ten-yearly charge for heritage property Settlements with initial interest in possession

56/1

ii

Finance Bill

14

Distributions etc from property settled by will Interest

15

Inheritance tax: interest PART 3 BANKING Bank levy

16

Bank levy rates for 2016 to 2021 Banking companies

17 18 19 20

Banking companies: surcharge Banking companies: expenses relating to compensation Banks established under Savings Bank (Scotland) Act 1819: loss allowance Definitions relating to banks PART 4 INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX Income tax

21 22 23 24 25 26 27 28 29

Pensions: special lump sum death benefits charge Pensions: some lump sum death benefits taxed as pension income Pensions: annual allowance Relief for finance costs related to residential property businesses Enterprise investment scheme Venture capital trusts EIS, VCTs and EMI: meaning of “farming” Travel expenses of members of local authorities etc London Anniversary Games Corporation tax

30 31 32 33 34 35 36

R&D expenditure credits: ineligible companies Loan relationships and derivative contracts Intangible fixed assets: goodwill etc Election of designated currency by UK resident investment company Group relief CFC charge: abolition of relief CFC charge: tax avoidance involving carried-forward losses Income tax and corporation tax

37 38 39

Changes in trading stock not made in course of trade Valuation of trading stock on cessation Transfer of intangible assets not at arm’s length

iii

Finance Bill

Income tax and capital gains tax 40 41

Carried interest Disguised investment management fees PART 5 EXCISE DUTIES AND OTHER TAXES Vehicle excise duty

42

Vehicle excise duty Insurance premium tax

43

Insurance premium tax: standard rate Aggregates levy

44

Aggregates levy: restoration of exemptions Climate change levy

45

CCL: removal of exemption for electricity from renewable sources PART 6 ADMINISTRATION AND ENFORCEMENT

46 47 48

International agreements to improve compliance: client notification Enforcement by deduction from accounts Rate of interest applicable to judgment debts etc in taxation matters PART 7 FINAL

49 50

Interpretation Short title

Schedule 1 Schedule 2 Schedule 3 Part 1 Part 2 Part 3 Schedule 4 Part 1 Part 2 Part 3

— — — — — — — — — —

Rate of tax charged under Chapter 3 of Part 3 IHTA 1984 Bank levy rates for 2016 to 2021 Banking companies: surcharge Main provisions Consequential amendments Commencement Pensions: annual allowance Align