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- Finance Bill 2019: contents
Finance Bill 2019: contents
- Last Updated: 22 November 2018
Finance Bill 2019, or more formally 'Finance (No. 3) Bill (HC Bill 282)' was published on 7 November 2018. It amends and replaces the previous draft bill that was published in July 2018.
The bill contains new measures proposed at Budget 2018 and the majority of measures will apply from the date of Royal Assent to the eventual Finance Act 2019, unless backdated by the legislation.
CONTENTS
Part 1
Charge to tax
1.Income tax charge for tax year 2019-20
2. Corporation tax charge for financial year 2020
Income tax rates, allowances and limits
3.Main rates of income tax for tax year 2019-20
4.Default and savings rates of income tax for tax year 2019-20
5.Basic rate limit and personal allowance
6.Starting rate limit for savings for tax year 2019-20
Employment and social security income
7.Optional remuneration arrangements: arrangements for cars and vans
8.Exemption for benefit in form of vehicle-battery charging at workplace
9.Exemptions relating to emergency vehicles
10.Exemption for expenses related to travel
11.Beneficiaries of tax-exempt employer-provided pension benefits
12.Tax treatment of social security income
Chargeable gains: interests in UK land etc
13.Disposals by non-UK residents etc
14.Disposals of UK land etc: payments on account of capital gains tax
15.Offshore receipts in respect of intangible property
16.Avoidance involving profit fragmentation arrangements
17.Non-UK resident companies carrying on UK property businesses etc
19.Hybrid and other mismatches: scope of Chapter 8 and “financial instrument”
20.Controlled foreign companies: finance company exemption and control
21.Permanent establishments: preparatory or auxiliary activities
22.Payment of CGT exit charges
23.Corporation tax exit charges
24.Group relief etc: meaning of “UK related” company
Corporation tax: miscellaneous
25.Intangible fixed assets: exceptions to degrouping charges etc
26.Corporation tax relief for carried-forward losses
27.Corporate interest restriction
28.Debtor relationships of company where money lent to connected companies
29.Construction expenditure on buildings and structures
30.Special rate expenditure on plant and machinery
31.Temporary increase in annual investment allowance
32.First-year allowances and first-year tax credits
33.First-year allowance: expenditure on electric vehicle charge points
34.Qualifying expenditure: buildings, structures and land
35.Changes to accounting standards etc
Oil activities and petroleum revenue tax
36.Oil activities: transferable tax history
37.Petroleum revenue tax: post-transfer decommissioning expenditure
Miscellaneous reliefs
39.Gift aid etc: restrictions on associated benefits
40.Charities: exemption for small trades etc
Part 2
Stamp duty land tax
41.Relief for first-time buyers in cases of shared ownership
42.Repayment to first-time buyers in cases of shared ownership
43.Higher rates of tax for additional dwellings etc
44.Exemption for financial institutions in resolution
45.Changes to periods for delivering returns and paying tax
Stamp duty and SDRT
46.Stamp duty: transfers of listed securities and connected persons
47.SDRT: listed securities and connected persons
48.Stamp duty: exemption for financial institutions in resolution
49.Stamp duty and SDRT: exemptions for share incentive plans
Value added tax
50.Duty of customers to account for tax on supplies
Alcohol
53.Rates of duty on cider, wine and made-wine
54.Excise duty on mid-strength cider
Tobacco
Vehicle duties
57.VED: rates for light passenger vehicles, light goods vehicles, motorcycles etc
58.VED: taxis capable of zero emissions
Air passenger duty
60.Rates of duty from 1 April 2020
Gaming
Environmental taxes
63.Climate change levy: exemption for mineralogical and metallurgical
processes
Inheritance tax
Soft drinks industry levy
66.Application of penalty provisions
Part 3
Introductory
Charge to tax
69.Charge to carbon emissions tax
70.“Reported carbon emissions”
71.“Emissions report” and “reporting period”
73.Liability to pay carbon emissions tax
Administration etc.
74.Power to make further provision about carbon emissions tax
General
78.Commencement and transitional provision
Carbon emissions tax
Part 4
Time limits for assessments etc
79.Offshore matters or transfers: income tax and capital gains tax
80.Offshore matters or transfers: inheritance tax
Security deposits
81.Construction industry scheme and corporation tax etc
International agreements
82.Resolution of double taxation disputes
83.International tax enforcement: disclosable arrangements
Payment of unlawful advance corporation tax
84.Interest in respect of unlawful ACT
Voluntary returns
Interest
87.Interest under section 178 of FA 1989 and section 101 of FA 2009
Administration and enforcement
Part 5 Miscellaneous and final
Regulatory capital securities
88.Regulatory capital securities and hybrid capital instruments
EU withdrawal
89.Minor amendments in consequence of EU withdrawal
Preparatory expenditure
90.Emissions reduction trading scheme: preparatory expenditure
Other
Schedules
Schedule 1 Chargeable gains accruing to non-residents etc
Schedule 2 Returns for disposals of UK land etc
Schedule 3 Offshore receipts in respect of intangible property
Schedule 4 Avoidance involving profit fragmentation arrangements
Schedule 5 Non-UK resident companies carrying on UK property
businesses etc
Schedule 6 Diverted profits tax
Schedule 7 Payment of CGT exit charges
Schedule 8 Corporation tax exit charges
Schedule 9 Corporation tax relief for carried-forward losses
Schedule 10 Corporate interest restriction
Schedule 11 Eliminating tax mismatch for certain debt
Schedule 12 Annual investment allowance: periods straddling 1/1/19 or 1/1/21
Schedule 13 Leases: changes to accounting standards etc
Schedule 14 Oil activities: transferable tax history
Schedule 15 Entrepreneurs’ relief
Schedule 16 VAT treatment of vouchers
Schedule 17 VAT groups: eligibility
Schedule 19 Taxation of hybrid capital instruments