Finance Act 2024 received Royal Assent on 22 February 2024. Its highlights include:
- Capital Allowances: Permanent full expensing
- R&D: Changes to the merge the small company and RDEC claim system
- Audiovisual relief: a move to a RDEC system
- Creative industries reliefs: changes post Brexit
- Extensions to EIS and VCT reliefs
Extension of the EMI notification period - Pensions: ablishion of the lifetime charge
- CIS: adding VAT to the gross payment conditionality compliance test
- Cash basis: extension for sole traders and partnerships
- PAYE: Workers’ providing services through intermediaries etc: cases where taxes already paid can be set off
This is a list of contents, with links to our Subscriber guides covering the new measures.
The Act is available online here
CONTENTS
PART 1 INCOME TAX AND CORPORATION TAX
CHAPTER 1 RELIEFS FOR BUSINESSES ETC
Capital allowances for companies
1 Permanent full expensing etc for expenditure on plant or machinery
Research and development
2 New regime for research and development carried out by companies
Films, television programmes, video games etc
3 Films, television programmes and video games produced by companies
4 Theatrical productions made by companies
5 Orchestral concerts produced by companies
6 Museum and gallery exhibitions produced by companies
7 Sections 3 to 6: administration of reliefs Real Estate Investment Trusts
8 Miscellaneous amendments relating to REITs Tonnage tax
9 Managers of ships
10 Increase in capital allowances limit for ship leasing
Other reliefs
11 Extension of EIS relief and VCT relief to shares issued before 6 April 2035
12 Relief for payments of compensation by government etc to companies
13 Enterprise management incentives: time limits
CHAPTER 2
PENSIONS
14 Provision in connection with abolition of the lifetime allowance charge
15 MPs’ pension scheme etc: rectification of discrimination
CHAPTER 3
OTHER INCOME TAX MEASURES
Calculation of trade profits etc
16 Provision relating to the cash basis
Other
17 PAYE regulations: special types of payer or payee
18 Carer’s allowance supplement: correction of statutory reference
PART 2
OTHER TAXES
Stamp duty and stamp duty reserve tax
19 Growth market exemption: qualifying UK multilateral trading facilities etc
20 Capital-raising arrangements etc
Electricity generator levy
21 New investment exemption
Pillar Two
22 Ensuring consistency of Parts 3 and 4 of F(No.2)A 2023 with OECD rules etc
Excise duty rates
23 Rates of tobacco products duty
24 Rates of vehicle excise duty
25 Rates of air passenger duty
Miscellaneous VAT and excise measures
26 Rebate on heavy oil and certain bioblends used for heating
27 Vehicle excise duty exemption for foreign vehicles
28 Interpretation of VAT and excise law
Environmental taxes
29 Rates of landfill tax
30 Rate of aggregates levy
31 Rate of plastic packaging tax
PART 3
MISCELLANEOUS AND FINAL
Evasion, avoidance etc
32 Increase in maximum terms of imprisonment for tax offences
33 Disqualification of directors etc promoting tax avoidance schemes
34 Promoters of tax avoidance: failure to comply with stop notice etc
35 Construction industry scheme: gross payment status Administration
36 Additional information to be contained in returns under TMA 1970 etc
37 Commencement of rules imposing penalties for failure to make returns etc Final
38 Abbreviations used in Act
39 Short title
Schedule 1 — Research and development Part 1 — Main amendments of CTA 2009 Part 2 — Consequential amendments Part 3 — Commencement and transitional and transitory provision
Schedule 2 — Films, television programmes and video games Part 1 — New regime for films, television programmes and video games Part 2 — Amendments consequential on Part 1 Repeal of existing regimes for films, television programmes and video games Part 3 — Part 4 — Amendments consequential on Part 3 Part 5 — Commencement and transitional provision
Schedule 3 — Theatrical productions Part 1 — Amendments of Part 15C of CTA 2009 Changes from European to UK expenditure: transitional provision Part 2 —
Schedule 4 — Orchestral concerts Part 1 — Amendments of Part 15D of CTA 2009 Changes from European to UK expenditure: transitional provision Part 2 —
Schedule 5 — Museum and gallery exhibitions Part 1 — Amendments of Part 15E of CTA 2009 Finance Bill iii Changes from European to UK expenditure: transitional provision Part 2 —
Schedule 6 — Administration of creative sector reliefs
Schedule 7 — Real Estate Investment Trusts
Schedule 8 — Tonnage tax
Schedule 9 — Pensions Part 1 — Abolition of lifetime allowance charge Part 2 — Taxation of lump sums Part 3 — Non-UK schemes Part 4 — Transitional protections Part 5 — Provision of information Part 6 — Commencement and transitional provision etc
Schedule 10 — Calculation of trade profits etc Part 1 — Main provisions Part 2 — Minor and consequential amendments Chapter 1 — Amendments of ITTOIA 2005 Chapter 2 — Amendments of other Acts Part 3 — Commencement and transitional provision
Schedule 11 — Capital-raising arrangements etc Part 1 — Depositary receipts and clearance services Part 2 — Bearer instruments Part 3 — Minor and consequential amendments Part 4 — Commencement and transitional provision
Schedule 12 — Pillar Two Part 1 — Introduction Part 2 — Multinational top-up tax Part 3 — Domestic top-up tax Part 4 — Minor and technical changes
Schedule 13 — Promotion of tax avoidance schemes
External links
