Finance Act 2020 received Royal Assent on 22 July 2020.





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 Workers' services provided through intermediaries - NEW

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

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

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

11 Apprenticeship bursaries paid to persons leaving local authority care

12 Tax treatment of certain Scottish social security benefits

13 Power to exempt social security benefits from income tax

14 Voluntary office-holders: payments in respect of expenses

Loan charge

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

16Election for loan charge to be split over three tax years

17 Loan charge reduced where underlying liability disclosed but unenforceable

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

19 Minor amendments relating to the loan charge

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

21 Operation of the scheme


22 Annual allowance: tapered reduction

Chargeable gains 

23 Entrepreneurs’ relief

24 Relief on disposal of private residence

25 Corporate capital losses

26 Quarterly instalment payments

27 Relief from CGT for loans to traders

Reliefs for business

28 Research and development expenditure credit

29 Structures and buildings allowances: rate of relief

30 Structures and buildings allowances: miscellaneous amendments

31 Intangible fixed assets: pre-FA 2002 assets etc

Miscellaneous measures affecting companies

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

33 Surcharge on banking companies: transferred-in losses

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

35 Changes to accounting standards affecting leases Investments


36 Enterprise investment scheme: approved investment fund as nominee

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

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




39 Digital services tax: introduction 

Digital services revenues, UK digital services revenues etc

40 Meaning of 'digital services revenues'

41 Meaning of 'UK digital services revenues'

42 UK digital services revenues: accommodation and land

43 Meaning of 'digital services activity' etc

44 Meaning of 'user' and 'UK user'

45 Exclusion for online financial marketplaces

Charge to tax

46 Meaning of 'the threshold conditions'

47 Charge to DST

48 Alternative basis of charge

49 Section 47: meaning of 'relevant operating expenses'

50 Relief for certain cross-border transactions

51 When DST is due and payable

Duty to submit returns etc

52 Meaning of 'the responsible member'

53 Continuity of obligations etc where change in the responsible member

54 Duty to notify HMRC when threshold conditions are met

55 Duty to notify HMRC of change in relevant information

56 Duty to file returns

Groups, parents and members

57 Meaning of 'group', 'parent' etc

58 Section 56: meaning of “relevant entity”

59 Continuity of a group over time

60 Treatment of stapled entities

Accounting periods, accounts etc

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

62 Apportionment of revenues or expenses to accounting period

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

64 Meaning of 'the applicable accounting standards' etc


65 Anti-avoidance

66 Notice requiring payment from other group members

67 Interest on overdue DST

68 Interest on overpaid DST etc

69 Recovery of DST liability

70 Minor and consequential amendments

71 Review of DST


72 Interpretation of Part



Inheritance tax

73 Excluded property etc

74 Transfers between settlements etc

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

Stamp duty and stamp duty reserve tax

77 Stamp duty: transfers of unlisted securities and connected persons

78 SDRT: unlisted securities and connected persons

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

Value added tax

80 Call-off stock arrangements

Alcohol liquor duties

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

Tobacco products duty

82 Rates of tobacco products duty

Vehicle excise duty

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

84 Applicable CO2 emissions figure determined using WLTP values

85 Electric vehicles: extension of exemption

86 Motor caravans

87 Exemption in respect of medical courier vehicles

88 HGV road user levy

Hydrocarbon oil duties

89 Rebated fuel: private pleasure craft

Air passenger duty

90 Rates of air passenger duty from 1 April 2021

Gaming duty

91 Amounts of gross gaming yield charged to gaming duty

Environmental taxes

92 Rates of climate change levy until 1 April 2021

93 Rates of climate change levy from 1 April 2021

94 Rates of landfill tax

95 Carbon emissions tax

96 Charge for allocating allowances under emissions reduction trading scheme

Import duty

97 International trade disputes




98 HMRC debts: priority on insolvency

99 HMRC debts: regulations 

Joint and several liability

100 Joint and several liability of company directors etc

General anti-abuse rule

101 Amendments relating to the operation of the GAAR

Compensation schemes etc

102 Tax relief for scheme payments etc


103 HMRC: exercise of officer functions

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

105 Interest on unpaid tax in the case of disaster of national significance


106.Taxation of coronavirus support payments

107.Enterprise management incentives: disqualifying events

108.Protected pension age of members re-employed as a result of coronavirus

109.Modifications of the statutory residence test in connection with coronavirus

110.Future Fund: EIS and SEIS relief

Preparing for new tax

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

Local loans

103 Limits on local loans


104 Interpretation

105 Short title: Finance Act 2020

Schedule 1 Workers’ services provided through intermediaries

Schedule 2 The loan charge: consequential amendments

Schedule 3 Entrepreneurs’ relief

Schedule 4 Corporate capital losses

Schedule 5 Structures and buildings allowances

Schedule 6 Non-UK resident companies carrying on UK property businesses etc

Schedule 7 CT payment plans for tax on certain transactions with EEA residents

Schedule 8 DST returns

Schedule 9 DST payment notices

Schedule 10 Digital services tax: minor and consequential amendments

Schedule 11 Private pleasure craft

Schedule 12 Carbon emissions tax

Schedule 13 Joint and several liability of company directors etc

Schedule 14 Amendments relating to the operation of the GAAR

Schedule 15 Tax relief for scheme payments etc

Schedule 16 Taxation of coronavirus support payments