CHAPTER 1

CONTENTS

PART 1

INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX

Income tax charge, rates etc

1 Income tax charge for tax year 2020-21

2 Main rates of income tax for tax year 2020-21

3 Default and savings rates of income tax for tax year 2020-21

4 Starting rate limit for savings for tax year 2020-21

Corporation tax charge and rates

5 Main rate of corporation tax for financial year 2020

6 Corporation tax: charge and main rate for financial year 2021

Employment income and social security income

7 Determining the appropriate percentage for a car: tax year 2020-21 onwards

8 Determining the appropriate percentage for a car: tax year 2020-21 only

9 Determining the appropriate percentage for a car: tax year 2021-22 only

10 Apprenticeship bursaries paid to persons leaving local authority care

11 Tax treatment of certain Scottish social security benefits

12 Power to exempt social security benefits from income tax

13 Voluntary office-holders: payments in respect of expenses

Loan charge

14 Loan charge not to apply to loans or quasi-loans made before 9 December 2010

15 Election for loan charge to be split over three tax years

16 Loan charge reduced where underlying liability disclosed but unenforceable

17 Relief from interest on tax payable by a person subject to the loan charge

18 Minor amendments relating to the loan charge

19 Repaying sums paid to HMRC under agreements relating to certain loans etc

20 Operation of the scheme

Pensions

21 Annual allowance: tapered reduction

Chargeable gains

22 Entrepreneurs’ relief

23 Relief on disposal of private residence

24 Corporate capital losses

25 Quarterly instalment payments

26 Relief from CGT for loans to traders

Reliefs for business

27 Research and development expenditure credit

28 Structures and buildings allowances: rate of relief

29 Structures and buildings allowances: miscellaneous amendments

30 Intangible fixed assets: pre-FA 2002 assets etc

Miscellaneous measures affecting companies

31 Non-UK resident companies carrying on UK property businesses etc

32 Surcharge on banking companies: transferred-in losses

33 CT payment plans for tax on certain transactions with EEA residents

34 Changes to accounting standards affecting leases Investments

35 Enterprise investment scheme: approved investment fund as nominee

36 Gains from contracts for life insurance etc: top slicing relief

37 Losses on disposal of shares: abolition of requirement to be UK business

PART 2

DIGITAL SERVICES TAX

Introduction

38 Digital services tax: introduction Digital services revenues, UK digital services revenues etc

39 Meaning of 'digital services revenues'

40 Meaning of 'UK digital services revenues'

41 UK digital services revenues: accommodation and land

42 Meaning of 'digital services activity' etc

43 Meaning of 'user' and 'UK user'

44 Exclusion for online financial marketplaces

Charge to tax

45 Meaning of 'the threshold conditions'

46 Charge to DST

47 Alternative basis of charge

48 Section 47: meaning of 'relevant operating expenses'

49 Relief for certain cross-border transactions

50 When DST is due and payable

Duty to submit returns etc

51 Meaning of 'the responsible member'

52 Continuity of obligations etc where change in the responsible member

53 Duty to notify HMRC when threshold conditions are met

54 Duty to notify HMRC of change in relevant information

55 Duty to file returns

Groups, parents and members

56 Meaning of 'group', 'parent' etc

57 Section 56: meaning of “relevant entity”

58 Continuity of a group over time

59 Treatment of stapled entities Accounting periods, accounts etc

60 Accounting periods and meaning of 'a group’s accounts'

61 Apportionment of revenues or expenses to accounting period

62 Meaning of revenues arising, or expenses recognised, in a period

63 Meaning of 'the applicable accounting standards' etc

Supplementary

64 Anti-avoidance

65 Notice requiring payment from other group members

66 Interest on overdue DST

67 Interest on overpaid DST etc

68 Recovery of DST liability

69 Minor and consequential amendments

70 Review of DST

General

71 Interpretation of Part

PART 3

OTHER TAXES

Inheritance tax

72 Excluded property etc

73 Transfers between settlements etc

74 Relief for payments to victims of persecution during Second World War era

Stamp duty and stamp duty reserve tax

75 Stamp duty: transfers of unlisted securities and connected persons

76 SDRT: unlisted securities and connected persons

77 Stamp duty: acquisition of target company’s share capital

Value added tax

78 Call-off stock arrangements

Alcohol liquor duties

79 Post-duty point dilution of wine or made-wine

Tobacco products duty

80 Rates of tobacco products duty

Vehicle excise duty

81 Rates for light passenger or light goods vehicles, motorcycles etc

82 Applicable CO2 emissions figure determined using WLTP values

83 Electric vehicles: extension of exemption

84 Motor caravans

85 Exemption in respect of medical courier vehicles

Hydrocarbon oil duties

86 Rebated fuel: private pleasure craft Air passenger duty

87 Rates of air passenger duty from 1 April 2021

Gaming duty

88 Amounts of gross gaming yield charged to gaming duty

Environmental taxes

89 Rates of climate change levy until 1 April 2021

90 Rates of climate change levy from 1 April 2021

91 Rates of landfill tax

92 Carbon emissions tax

93 Charge for allocating allowances under emissions reduction trading scheme

Import duty

94 International trade disputes

PART 4

MISCELLANEOUS AND FINAL

Insolvency

95 HMRC debts: priority on insolvency

96 HMRC debts: regulations 

Joint and several liability

97 Joint and several liability of company directors etc

General anti-abuse rule

98 Amendments relating to the operation of the GAAR Compensation schemes etc

99 Tax relief for scheme payments etc

Administration

100 HMRC: exercise of officer functions

101 Returns relating to LLP not carrying on business etc with view to profit

Preparing for new tax

102 Preparing for a new tax in respect of certain plastic packaging

Local loans

103 Limits on local loans

Other

104 Interpretation

105 Short title

Schedule 1 — The loan charge: consequential amendments

Part 1 — Amendments to F(No.2)A 2017 in consequence of section 14

Part 2 — Amendments in consequence of section 15

Schedule 2 — Entrepreneurs’ relief

Part 1 — Reduction in lifetime limit

Part 2 — Re-naming the relief

Schedule 3 — Corporate capital losses

Part 1 — Corporate capital loss restriction

Part 2 — Corporate capital loss deductions: miscellaneous provision

Part 3 — Commencement and anti-forestalling provision

Schedule 4 — Structures and buildings allowances

Schedule 5 — Non-UK resident companies carrying on UK property businesses etc

Schedule 6 — CT payment plans for tax on certain transactions with EEA residents

Schedule 7 — Digital services tax: returns, enquiries, assessments and appeals

Part 1 — Introduction

Part 2 — DST returns

Part 3 — Duty to keep and preserve records

Part 4 — Enquiry into return

Part 5 — HMRC determinations

Part 6 — HMRC assessments

Part 7 — Relief in case of overpaid tax

Part 8 — Appeals against HMRC decisions on tax

Part 9 — Penalties

Schedule 8 — DST payment notices

Schedule 9 — Digital services tax: minor and consequential amendments

Schedule 10 — Private pleasure craft

Schedule 11 — Carbon emissions tax

Schedule 12 — Joint and several liability of company directors etc

Schedule 13 — Amendments relating to the operation of the GAAR

Schedule 14 — Tax relief for scheme payments etc

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