Finance (No.2) Bill 2010 (this will become Finance (No.3) Act 2010, in case you are baffled) has been published.
Its contents are subject to change as the bill makes its way through parliament. There are few surprises as these measures were previously announced, the key provisions for SME owners are included in our Finance Acts 2010: tax planner.
The bill to-date:
PART 1
INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX
Income tax and corporation tax
1 Shared lives care
2 Payments to special guardians and those in receipt of residence orders
3 Qualifying care relief: capital allowances
4 Seafarers’ earnings
5 Venture capital schemes
6 Enterprise management incentives
7 Settlor to return excess repayment to trustees etc
8 Collection of income tax where sum deducted by payer
9 Company distributions
10 REITs: stock dividends
11 Financing costs and income of group companies
12 Consortium claims for group relief
13 R&D relief for SMEs: removal of intellectual property condition
14 Film tax credit: unused losses
15 Insurance business transfer schemes: non-profit fund transferred assets
Chargeable gains
16 Capital gains tax private residence relief: adult placement carers
17 Reinvestment of ring fence assets: acquisition by member of group
Capital allowances
18 First-year allowances on zero-emission goods vehicles
PART 2
OTHER TAXES AND DUTIES
Value added tax
19 Non-business use of business assets etc
20 Supplies of gas, heat or cooling
21 Supplies of aircraft etc
22 Postal services etc
Tobacco products duty
23 Long cigarettes
Landfill tax
24 Landfill tax: criteria for determining material to be subject to lower rate
PART 3
ADMINISTRATION
25 Interest: corporation tax and petroleum revenue tax
26 Penalties for failure to make returns etc
27 Penalties for failure to pay tax
28 Recovery of overpaid stamp duty land tax and petroleum revenue tax etc
29 Excise duties: compliance checks
PART 4
MISCELLANEOUS PROVISIONS
30 Pension scheme under section 67 of Pensions Act 2008
31 Asbestos compensation settlements
PART 5
FINAL PROVISIONS
32 Interpretation
33 Short title
Schedule 1 — Shared lives care
Schedule 2 — Venture capital schemes
Schedule 3 — Company distributions
Schedule 4 — REITs: stock dividends
Schedule 5 — Financing costs and income of group companies
Schedule 6 — Consortium claims for group relief
Schedule 7 — First-year allowances for zero-emission goods vehicles
Schedule 8 — Value added tax: non-business use of business assets etc
Schedule 9 — Interest
Part 1 — Corporation tax
Part 2 — Petroleum revenue tax
Schedule 10 — Penalty for failure to make returns etc
Schedule 11 — Penalty for failure to make payments on time
Schedule 12 — Recovery of overpaid tax etc
Part 1 — Stamp duty land tax
Part 2 — Petroleum revenue tax
Schedule 13 — Excise duties: compliance checks
Part 1 — Record-keeping
Part 2 — Time limits
Part 3 — Information and inspection powers
Schedule 14 — Asbestos compensation settlements
