The full Finance Bill 2018 was published on 1 December. Some draft legislation was pre-published on 13 September 2017 and an earlier version in July 2018.

Finance (No. 2) Bill 2017-19

CONTENTS

  1. Part 1
    1. Income tax and corporation tax: charge
      1. Income tax charge for tax year 2018-19
      2. Corporation tax charge for financial year 2019
    2. Income tax: rates and allowances
      1. 3.Main rates of income tax for tax year 2018-19
      2. 4.Default and savings rates of income tax for tax year 2018-19
      3. 5.Starting rate limit for savings for tax year 2018-19
      4. 6.Transfer of tax allowance after death of spouse or civil partner
    3. Employment
      1. 7.Deductions from seafarers’ earnings
      2. 8.Exemption for armed forces’ accommodation allowances
      3. 9.Benefits in kind: diesel cars
      4. 10.Termination payments: foreign service
    4. Disguised remuneration
      1. 11.Employment income provided through third parties
      2. 12.Trading income provided through third parties
    5. Pensions
      1. 13.Pension schemes
    6. Investments
      1. 14.EIS, SEIS and VCT reliefs: risk to capital
      2. 15.EIS, SI and VCT reliefs: relevant investments
      3. 16.EIS and VCT reliefs: knowledge-intensive companies
      4. 17.VCTs: further amendments
    7. Partnerships
      1. 18.Partnerships
    8. Corporation tax
      1. 19.Research and development expenditure credit
      2. 20.Intangible fixed assets: realisation involving non-monetary receipt
      3. 21.Intangible fixed assets: transactions between related parties
      4. 22.Oil activities: tariff receipts etc
      5. 23.Hybrid and other mismatches
      6. 24.Corporate interest restriction
      7. 25.Education Authority of Northern Ireland
    9. Chargeable gains
      1. 26.Freezing of indexation allowance for gains chargeable to corporation tax
      2. 27.Assets transfer to non-resident company: reorganisations of share capital etc
      3. 28.Depreciatory transactions within a group of companies
    10. Capital allowances
      1. 29.First-year tax credits
    11. Double taxation relief
      1. 30.Reduction of relief in cases where losses relieved sideways etc
      2. 31.Countering effect of avoidance arrangements
      3. 32.Double taxation arrangements specified by Order in Council
    12. Miscellaneous
      1. 33.Bank levy
      2. 34.Debt traded on a multilateral trading facility
      3. 35.Settlements: anti-avoidance etc
      4. 36.Fixed rate deduction for expenditure on vehicles etc
      5. 37.Carried interest
  2. Direct taxes
  3. Part 2
    1. Value added tax
      1. 38.Online marketplaces
      2. 39.VAT refunds to public authorities
    2. Stamp duty land tax
      1. 40.Higher rates for additional dwellings
      2. 41.Relief for first-time buyers
    3. Landfill tax
      1. 42.Landfill tax: disposals not made at landfill sites, etc
    4. Excise duties
      1. 43.Air passenger duty: rates of duty from 1 April 2019
      2. 44.VED: rates for light passenger vehicles, light goods vehicles, motorcycles etc
      3. 45.Tobacco products duty: rates
  4. Indirect taxes
  5. Part 3
    1. Customs enforcement powers
      1. 46.Power to enter premises and inspect goods
      2. 47.Power to search vehicles or vessels
    2. Updating of statutory references
      1. 48.CO2 emissions figures etc
    3. Final
      1. 49.Interpretation
      2. 50.Short title
  6. Miscellaneous and final
    1. Schedule 1
      1. Part 1
      2. Arrangements relating to earnings charged to tax
      3. Part 2
      4. Close companies
      5. Part 3
      6. Amendments consequential on Part 2
      7. Part 4
      8. Loans etc outstanding on 5 April 2019
      9. Part 5
      10. Commencement
    2. Employment income provided through third parties
    3. Schedule 2
    4. Trading income provided through third parties: loans etc 
      outstanding on 5 April 2019
    5. Schedule 3
    6. Pension schemes
    7. Schedule 4
    8. EIS and VCT reliefs: knowledge-intensive companies
    9. Schedule 5
    10. Venture capital trusts: further amendments
    11. Schedule 6
      1. Part 1
      2. Bare trusts
      3. Part 2
      4. Notional trade and business of indirect partner
      5. Part 3
      6. Returns: information to be included
      7. Part 4
      8. Returns: overseas partners in investment partnerships etc
      9. Part 5
      10. Returns conclusive as to shares of profits and losses
    12. Partnerships
    13. Schedule 7
    14. Hybrid and other mismatches
    15. Schedule 8
      1. Part 1
      2. Amendments of Part 10 of TIOPA 2010
      3. Part 2
      4. Other amendments
    16. Corporate interest restriction
    17. Schedule 9
      1. Part 1
      2. Chargeable equity and liabilities
      3. Part 2
      4. Miscellaneous amendments
      5. Part 3
      6. Commencement
    18. Bank levy
    19. Schedule 10
      1. Part 1
      2. Capital gains tax
      3. Part 2
      4. Income tax
    20. Settlements: anti-avoidance etc
    21. Schedule 11
    22. Stamp duty land tax: higher rates for additional dwellings
    23. Schedule 12
      1. Part 1
      2. Amendments of Part 3 of FA 1996
      3. Part 2
      4. Amendments of other Acts
      5. Part 3
      6. Commencement and transitional provisions
    24. Landfill tax: disposals not made at landfill sites, etc

Pre-publication clauses

Draft legislation and policy papers were published on 13 September 2017 for the following (all links to HMRC):

  1. Bank Levy: changes to scope and administration
    Will exclude offshore activities from the charge

  2. Draft legislation: tackling disguised remuneration - avoidance schemes
    Additional reporting requirements, including a new gateway

  3. Income Tax: debt traded on a multilateral trading facility
    Remove obligation to withhold tax

  4. Landfill Tax: disposals not made at landfill sites
    To ensure no tax benefit from illegal dumping

  5. Offshore trusts: anti-avoidance
    To ensure that payments to UK resident individuals cannot escape tax by introducing an intervening recipient

  6. Partnership taxation: proposals to clarify tax treatment
    Some changes to reporting requirements for tax, particularly where one partnership is a partner in another. Tax allocation must be in same end proportion as the accounting profit

  7. Pensions Tax registration
    To permit HMRC to refuse to register and to de-register pension schemes that do not have authorisation form the Pensions Regulator. See Pensions: setting up your own SASS.

  8. Termination payments: removal of foreign service relief
    No additional tax relief on termination payments as a result of having worked overseas

See our commentary and links our guides:

Finance Bills 2017 Tax Updates and Rolling Planner

External link

HMRC draft clauses for Finance Bill 2018