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

International matters

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

18.Diverted profits tax

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

Capital allowances

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

Leases

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

38.Entrepreneurs’ relief

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

51.Treatment of vouchers

52.Groups: eligibility

Alcohol

53.Rates of duty on cider, wine and made-wine

54.Excise duty on mid-strength cider

Tobacco

55.Rates

56.Tobacco for heating

Vehicle duties

57.VED: rates for light passenger vehicles, light goods vehicles, motorcycles etc

58.VED: taxis capable of zero emissions

59.HGV road user levy

Air passenger duty

60.Rates of duty from 1 April 2020

Gaming

61.Remote gaming duty: rate

62.Gaming duty

Environmental taxes

63.Climate change levy: exemption for mineralogical and metallurgical 
processes

64.Landfill tax rates

Inheritance tax

65.Residence nil-rate band

Soft drinks industry levy

66.Application of penalty provisions

67.Isle of Man

Part 3

Introductory

68.Carbon emissions tax

Charge to tax

69.Charge to carbon emissions tax

70.“Reported carbon emissions”

71.“Emissions report” and “reporting period”

72.“Emissions allowance”

73.Liability to pay carbon emissions tax

Administration etc.

74.Power to make further provision about carbon emissions tax

75.Consequential provision

General

76.Interpretation

77.Regulations

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

85.Section 84: supplementary

Voluntary returns

86.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

91.Interpretation

92.Short title

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 18 Gaming duty

Schedule 19 Taxation of hybrid capital instruments