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S. 26 has effect as specified by The Finance Act 2012, Sections 26 and 30 (Abolition of Relief for Equalisation Reserves) (Specified Day) Order 2015 (S.I. 2015/1999), art. 2 S. 30(2) has effect as specified by The Finance Act 2012, Sections 26 and 30 (Abolition of Relief for Equalisation Reserves) (Specified Day) Order 2015 (S.I. 2015/1999), art. 2 Sch. 7 para. 7(2) in force at 19.7.2012 for the purposes of the amendment made by that sub-paragraph by S.I. 2012/1896, art. 2(a) Sch. 7 para. 11 in force at 19.7.2012 for the purposes of the amendments made by that paragraph by S.I. 2012/1896, art. 2(b) Sch. 7 para. 29 in force at 19.7.2012 for the purposes of the amendment made by that paragraph by S.I. 2012/1896, art. 2(d) Sch. 8 para. 6(2) in force at 19.7.2012 for the purposes of the amendment made by that sub-paragraph by S.I. 2012/1901, art. 2(a) Sch. 8 para. 8 in force at 19.7.2012 for the purposes of the amendments made by that paragraph by S.I. 2012/1901, art. 2(b) Sch. 22 para. 2 in force at 1.4.2013 for the purposes of the amendment made by that paragraph by S.I. 2013/744, art. 2 Sch. 22 para. 3 in force at 1.4.2013 for the purposes of the amendments made by that paragraph by S.I. 2013/744, art. 2 Sch. 22 para. 4 in force at 1.4.2013 for the purposes of the amendment made by that paragraph by S.I. 2013/744, art. 2 Sch. 22 para. 5 in force at 1.4.2013 for the purposes of the amendments made by that paragraph by S.I. 2013/744, art. 2 Sch. 22 para. 6 in force at 1.4.2013 for the purposes of the amendments made by that paragraph by S.I. 2013/744, art. 2 Sch. 22 para. 7 in force at 1.4.2013 for the purposes of the amendments made by that paragraph by S.I. 2013/744, art. 2 Sch. 22 para. 8 in force at 1.4.2013 for the purposes of the amendments made by that paragraph by S.I. 2013/744, art. 2 Sch. 22 para. 9 in force at 1.4.2013 for the purposes of the amendment made by that paragraph by S.I. 2013/744, art. 2 Sch. 22 para. 10 in force at 1.4.2013 for the purposes of the amendments made by that paragraph by S.I. 2013/744, art. 2 Sch. 22 para. 11 in force at 1.4.2013 for the purposes of the amendments made by that paragraph by S.I. 2013/744, art. 2 Sch. 22 para. 12 in force at 1.4.2013 for the purposes of the amendments made by that paragraph by S.I. 2013/744, art. 2 Sch. 22 para. 13 in force at 1.4.2013 for the purposes of the amendments made by that paragraph by S.I. 2013/744, art. 2 Sch. 22 para. 16(2)(4)(5) in force at 1.4.2013 for the purposes of the amendments made by those sub-paragraphs by S.I. 2013/744, art. 2 Sch. 22 para. 17 in force at 1.4.2013 for the purposes of the amendment made by that paragraph by S.I. 2013/744, art. 2 Sch. 22 para. 18 in force at 1.4.2013 for the purposes of the amendments made by that paragraph by S.I. 2013/744, art. 2 Sch. 22 para. 19 in force at 1.4.2013 for the purposes of the amendments made by that paragraph by S.I. 2013/744, art. 2 Sch. 22 para. 20 in force at 1.4.2013 for the purposes of the amendment made by that paragraph by S.I. 2013/744, art. 2 Sch. 26 para. 3(1) in force at Royal Assent and Sch. 26 para. 3(2)-(6) in force in relation to relevant supplies at 1.10.2015, see Sch. 26 para. 7(3) Sch. 26 para. 4 in force at 6.4.2013 see Sch. 26 para. 7(2) Sch. 26 para. 6 in force at 6.4.2013 see Sch. 26 para. 7(2) Sch. 38 para. 1 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 2 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 3 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 7 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 8 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 9 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 10 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 11 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 12 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 13 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 14 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 15 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 16 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 17 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 18 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 19 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 20 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 21 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 22 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 23 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 24 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 25 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 26 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 27 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 28 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 29 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 30 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 31 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 32 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 33 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 34 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 35 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 36 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 37 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 38 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 40 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 41 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 42 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 43 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 44 in force at 1.4.2013 by S.I. 2013/279, art. 2 (with art. 3) Sch. 38 para. 45 in force at 1.4.2013 by S.I. 2013/279, art. 2 (with art. 3) Sch. 38 para. 46 in force at 1.4.2013 by S.I. 2013/279, art. 2 (with art. 3) Sch. 38 para. 47 in force at 1.4.2013 by S.I. 2013/279, art. 2 (with art. 3) Sch. 38 para. 48 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 49 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 50 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 51 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 52 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 53 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 54 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 55 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 56 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 57 in force at 1.4.2013 by S.I. 2013/279, art. 2 Sch. 38 para. 58 in force at 1.4.2013 by S.I. 2013/279, art. 2 S. 22 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 50(2) S. 31 repealed (with effect in accordance with Sch. 5 para. 26(1) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 11(2)(c)(i) S. 45(2) repealed (with effect in accordance with s. 33(5) of the amending Act) by Finance Act 2019 (c. 1), s. 33(2)(c)(ix)(a) S. 45(3) repealed (with effect in accordance with s. 33(5) of the amending Act) by Finance Act 2019 (c. 1), s. 33(2)(c)(ix)(a) S. 65(2)(b) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 21(2)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1) S. 65(2)(c) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 21(2)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1) Words in s. 65(3)(b) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 21(2)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1) Words in s. 73 substituted (with effect in accordance with s. 67(5) of the amending Act) by Finance Act 2016 (c. 24), s. 67(2)(a) Words in s. 73 inserted (with effect in accordance with s. 67(5) of the amending Act) by Finance Act 2016 (c. 24), s. 67(2)(b) S. 74(1)(f) omitted (6.4.2014) by virtue of The Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819), regs. 1(3), 40(a) (with reg. 32) Word in s. 74(1) omitted (6.4.2014) by virtue of The Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819), regs. 1(3), 40(b) (with reg. 32) S. 74(1)(k) and word inserted (6.4.2014) by The Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819), regs. 1(3), 40(c) (with reg. 32) Words in s. 76 omitted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by virtue of Finance Act 2022 (c. 3), Sch. 5 paras. 3(2)(a)(i), 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2)) Words in s. 76 omitted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by virtue of Finance Act 2022 (c. 3), Sch. 5 paras. 3(2)(a)(ii), 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2)) Words in s. 77(2)(a) omitted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by virtue of Finance Act 2022 (c. 3), Sch. 5 paras. 3(2)(b)(i), 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2)) S. 77(3) omitted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by virtue of Finance Act 2022 (c. 3), Sch. 5 paras. 3(2)(b)(ii), 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2)) Words in s. 78(3) omitted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by virtue of Finance Act 2022 (c. 3), Sch. 5 paras. 3(2)(c)(i), 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2)) Words in s. 78(3) inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 10 Words in s. 78(3) omitted (with effect in accordance with Sch. 15 paras. 28, 29 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 15 para. 26(2) Word in s. 78(3) substituted (1.1.2014) by Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 50(3) Words in s. 78(4)(a) omitted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by virtue of Finance Act 2022 (c. 3), Sch. 5 paras. 3(2)(c)(ii), 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2)) Words in s. 78(5) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 184 S. 79 omitted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by virtue of Finance Act 2022 (c. 3), Sch. 5 paras. 2, 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2)) S. 80 omitted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by virtue of Finance Act 2022 (c. 3), Sch. 5 paras. 3(2)(d), 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2)) S. 81(5) omitted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by virtue of Finance Act 2022 (c. 3), Sch. 5 paras. 3(2)(e), 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2)) Words in s. 82(2) omitted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by virtue of Finance Act 2022 (c. 3), Sch. 5 paras. 3(2)(f), 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2)) Words in s. 88(6) substituted (with effect in accordance with s. 67(5) of the amending Act) by Finance Act 2016 (c. 24), s. 67(3) S. 92(5)(aa) inserted (with effect in accordance with s. 31(4) of the amending Act) by Finance (No. 2) Act 2023 (c. 30), s. 31(2)(a) Words in s. 92(5)(b) inserted (with effect in accordance with s. 31(4) of the amending Act) by Finance (No. 2) Act 2023 (c. 30), s. 31(2)(b) Words in s. 92(6) inserted (with effect in accordance with s. 31(4) of the amending Act) by Finance (No. 2) Act 2023 (c. 30), s. 31(3) Words in s. 93(2) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 185 S. 93(6) inserted (1.4.2020 in relation to accounting periods beginning on or after that date) by Finance Act 2020 (c. 14), Sch. 4 paras. 41, 42 (with Sch. 4 paras. 43-46) Words in s. 95 substituted (1.4.2020 in relation to accounting periods beginning on or after that date) by Finance Act 2020 (c. 14), Sch. 4 paras. 15, 42 (with Sch. 4 paras. 43-46) Words in s. 102(3) substituted (for the tax year 2027-28 and subsequent tax years) by Finance Act 2026 (c. 11), s. 6(8), Sch. 1 para. 54 S. 102(5) omitted (with effect in accordance with Sch. 1 para. 22 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 1 para. 18 S. 102(5) inserted (with effect in accordance with Sch. 1 para. 34 of the amending Act) by Finance Act 2021 (c. 26), Sch. 1 para. 32 Words in s. 104(3) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 186(a) Words in s. 104(4) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 186(b) Words in s. 104(5)(a) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 186(c) S. 108(3)(b) omitted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by virtue of Finance Act 2022 (c. 3), Sch. 5 paras. 3(2)(g), 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2)) Words in s. 124 heading inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 25(2) Words in s. 124(1) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 25(3) Words in s. 124(5) omitted (with effect in accordance with Sch. 10 para. 32 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 10 para. 17 Ss. 124A-124E inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 26 Words in s. 124A(5) omitted (with effect in accordance with Sch. 10 para. 32 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 10 para. 18 Words in s. 124C(6) omitted (with effect in accordance with Sch. 10 para. 32 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 10 para. 19 S. 124D omitted (with effect in accordance with Sch. 10 para. 32 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 10 para. 20 S. 124E omitted (with effect in accordance with Sch. 10 para. 32 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 10 para. 20 S. 125(4) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 187 S. 126(1A)-(1E) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 188(2) Words in s. 126(2) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 188(3)(a) Word in s. 126(2) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 188(3)(b) Words in s. 126(2) substituted (with effect in accordance with s. 67(5) of the amending Act) by Finance Act 2016 (c. 24), s. 67(4) S. 127(3)(za) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 189(a) S. 127(3)(ca) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 189(b) Word in s. 128 heading inserted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by Finance Act 2022 (c. 3), Sch. 5 paras. 3(2)(h)(i), 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2)) S. 128(2)-(4) omitted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by virtue of Finance Act 2022 (c. 3), Sch. 5 paras. 3(2)(h)(ii), 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2)) Word in s. 129(8)(a) inserted (with effect in accordance with reg. 1 of the amending S.I.) by The Insurance Companies (Amendment to Section 129 of, and Schedule 17 to, the Finance Act 2012) Regulations 2015 (S.I. 2015/1959), regs. 1, 2(2) Word in s. 129(8)(b) inserted (with effect in accordance with reg. 1 of the amending S.I.) by The Insurance Companies (Amendment to Section 129 of, and Schedule 17 to, the Finance Act 2012) Regulations 2015 (S.I. 2015/1959), regs. 1, 2(2) Words in s. 129(8) substituted (with effect in accordance with reg. 1 of the amending S.I.) by The Insurance Companies (Amendment to Section 129 of, and Schedule 17 to, the Finance Act 2012) Regulations 2015 (S.I. 2015/1959), regs. 1, 2(3) S. 130A inserted (retrospective to 15.12.2022 and with effect in accordance with s. 30(2)-(4) of the amending Act) by Finance (No. 2) Act 2023 (c. 30), s. 30(1) Words in s. 139(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 16(2)(a)(i) Words in s. 139(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 16(2)(a)(ii) Words in s. 139(1) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 16(2)(b) Words in s. 139(4) inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 16(3)(a) Words in s. 139(4) omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 16(3)(b) Word in s. 169(2) omitted (with effect in accordance with Sch. 1 para. 73 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 1 para. 70 S. 189 omitted (31.12.2020) by virtue of Taxation (Cross-border Trade) Act 2018 (c. 22), s. 57(3), Sch. 9 para. 6(5) (with savings and transitional provisions in 2020 c. 26, Sch. 2 para. 7(7)-(9); S.I. 2020/1642, reg. 4(c) S. 213(1) omitted (with effect in accordance with s. 2(2) of the amending Act) by virtue of Stamp Duty Land Tax Act 2015 (c. 1), Sch. para. 21(c)(i) (with s. 2(3)-(6)) S. 216(5) omitted (1.7.2022) by virtue of Health and Care Act 2022 (c. 31), s. 186(6), Sch. 7 para. 14; S.I. 2022/734, reg. 2(a), Sch. (with regs. 13, 29, 30) S. 216(6) omitted (1.7.2022) by virtue of Health and Care Act 2022 (c. 31), s. 186(6), Sch. 7 para. 14; S.I. 2022/734, reg. 2(a), Sch. (with regs. 13, 29, 30) Words in s. 221(1) inserted (17.7.2014) by Finance Act 2014 (c. 26), s. 295(2) S. 221(4A) inserted (17.7.2014) by Finance Act 2014 (c. 26), s. 295(3) S. 223 heading substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 34(a) Word in s. 223(1) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 34(b)(i) Word in s. 223(1) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 34(b)(ii) Sch. 3 para. 2(2)-(4) omitted (with effect in accordance with s. 27(5) of the amending Act) by virtue of Finance Act 2015 (c. 11), s. 27(4) Sch. 3 para. 7 omitted (with effect in accordance with s. 47(15) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 47(14)(a) Sch. 3 paras. 12-14 omitted (with effect in accordance with s. 47(15) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 47(14)(a) Sch. 3 para. 16(2) omitted (with effect in accordance with s. 47(15) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 47(14)(a) Sch. 3 para. 17 omitted (with effect in accordance with s. 47(15) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 47(14)(a) Sch. 3 paras. 20-30 omitted (with effect in accordance with s. 47(15) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 47(14)(a) Sch. 3 para. 31(2) omitted (with effect in accordance with s. 47(15) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 47(14)(a) Sch. 5 repealed (with effect in accordance with Sch. 5 para. 26(1) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 11(2)(c)(i) Sch. 6 para. 11 omitted (with effect in accordance with Sch. 5 para. 21 of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 5 para. 20(1) Sch. 6 para. 13 omitted (with effect in accordance with Sch. 5 para. 21 of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 5 para. 20(1) Sch. 6 para. 15 omitted (with effect in accordance with Sch. 6 para. 23(2) of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 6 para. 22(1) Sch. 6 para. 17 omitted (with effect in accordance with Sch. 6 para. 23(2) of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 6 para. 22(1) Sch. 7 para. 12 omitted (with effect in accordance with Sch. 5 para. 23 of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 5 para. 20(2) Sch. 7 para. 16 omitted (with effect in accordance with Sch. 5 para. 23 of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 5 para. 20(2) Sch. 7 para. 24(3) repealed (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 7 (with Sch. 5) Sch. 8 para. 9 omitted (with effect in accordance with Sch. 6 para. 23(3) of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 6 para. 22(2) Sch. 8 para. 14 omitted (with effect in accordance with Sch. 6 para. 23(3) of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), Sch. 6 para. 22(3) Sch. 8 para. 21(2)(3) repealed (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), Sch. 6 para. 21 Sch. 8 para. 22(3) repealed (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 7 (with Sch. 5) Sch. 14 para. 32A inserted (17.7.2014) by Finance Act 2014 (c. 26), s. 118(1) Sch. 16 para. 106 repealed (with effect in accordance with s. 33(5) of the amending Act) by Finance Act 2019 (c. 1), s. 33(2)(c)(ix)(b) Sch. 16 para. 190 omitted (with effect in accordance with Sch. 15 paras. 28, 29 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 15 para. 26(3) Sch. 16 para. 210(3) omitted (with effect in relation to accounting periods of companies beginning on or after 1.1.2023 of the commencing S.I.) by virtue of Finance Act 2022 (c. 3), Sch. 5 paras. 3(2)(i), 4; S.I. 2022/1164, reg. 2(1) (with reg. 2(2)) Sch. 16 paras. 220-223 omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 1 para. 52, Sch. 29 para. 50(4) Sch. 16 para. 242 repealed (with effect in accordance with Sch. 5 para. 26(1) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 11(2)(c)(ii) Sch. 16 para. 243(a) repealed (with effect in accordance with Sch. 5 para. 26(1) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 11(2)(c)(ii) Word in Sch. 17 para. 13(4)(a) substituted (with effect in accordance with reg. 1 of the amending S.I.) by The Insurance Companies (Amendment to Section 129 of, and Schedule 17 to, the Finance Act 2012) Regulations 2015 (S.I. 2015/1959), regs. 1, 3(2) Sch. 17 para. 13(5) substituted (with effect in accordance with reg. 1 of the amending S.I.) by The Insurance Companies (Amendment to Section 129 of, and Schedule 17 to, the Finance Act 2012) Regulations 2015 (S.I. 2015/1959), regs. 1, 3(3) Words in Sch. 17 para. 20(a) inserted (31.12.2012) by The Insurance Companies (Transitional Provisions) Regulations 2012 (S.I. 2012/3009), regs. 1(1), 16(a) Words in Sch. 17 para. 20(b) inserted (31.12.2012) by The Insurance Companies (Transitional Provisions) Regulations 2012 (S.I. 2012/3009), regs. 1(1), 16(b) Sch. 17 para. 22(3) inserted (30.9.2013) by The Insurance Companies (Amendment to Schedule 17 to the Finance Act 2012 (Transitional Provision)) Regulations 2013 (S.I. 2013/2244), regs. 1(1), 2(2) (with reg. 1(2)) Sch. 17 para. 35A inserted (with effect in accordance with reg. 1 of the amending S.I.) by The Insurance Companies (Amendment to Section 129 of, and Schedule 17 to, the Finance Act 2012) Regulations 2015 (S.I. 2015/1959), regs. 1, 4 Sch. 20 para. 38 omitted (with effect in accordance with s. 36(3)-(5) of the amending Act) by virtue of Finance (No. 2) Act 2015 (c. 33), s. 36(2)(b) Sch. 20 paras. 43-45 repealed (with effect in accordance with Sch. 5 para. 26(1) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 11(2)(c)(iii) Sch. 24 para. 3(1)(b) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 88(3), Sch. 13 para. 16(a) (with Sch. 13 para. 21) Words in Sch. 24 para. 3(2) substituted (1.12.2014) by Finance Act 2014 (c. 26), s. 198(2)(c), Sch. 28 para. 31(2) (with Sch. 29) Sch. 24 para. 3(5) inserted (1.4.2026) by Finance Act 2026 (c. 11), s. 88(3), Sch. 13 para. 16(b) (with Sch. 13 para. 21) Sch. 24 para. 5 and cross-heading substituted (with effect in accordance with s. 124(6) of the amending Act) by Finance Act 2014 (c. 26), s. 124(2) Sch. 24 para. 6(2) substituted (with effect in accordance with s. 124(6) of the amending Act) by Finance Act 2014 (c. 26), s. 124(3) Sch. 24 para. 9 and cross-heading substituted (with effect in accordance with s. 124(6) of the amending Act) by Finance Act 2014 (c. 26), s. 124(4) Word in Sch. 24 para. 37(2)(a) substituted (22.2.2024) by Finance Act 2024 (c. 3), s. 32(1) (with s. 32(6)) Words in Sch. 24 para. 37(2)(b) substituted (E.W.) (7.2.2023 at 12.00 p.m.) by The Judicial Review and Courts Act 2022 (Magistrates’ Court Sentencing Powers) Regulations 2023 (S.I. 2023/149), regs. 1(2), 2(1), Sch. Pt. 1 Sum in Sch. 24 para. 37(3)(a) substituted (E.W.) (12.3.2015) for words by The Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Fines on Summary Conviction) Regulations 2015 (S.I. 2015/664), reg. 1(1), Sch. 2 para. 13 (with reg. 5(1)) Words in Sch. 24 para. 37(4)(a) substituted (28.4.2022) by The Criminal Justice Act 2003 (Commencement No. 33) and Sentencing Act 2020 (Commencement No. 2) Regulations 2022 (S.I. 2022/500), regs. 1(2), 5(1), Sch. Pt. 1 Words in Sch. 24 para. 37(4) substituted (E.W.) (7.2.2023 at 12.00 p.m.) by The Judicial Review and Courts Act 2022 (Magistrates’ Court Sentencing Powers) Regulations 2023 (S.I. 2023/149), regs. 1(2), 2(1), Sch. Pt. 1 Words in Sch. 24 para. 37(5) substituted (1.12.2014) by Finance Act 2014 (c. 26), s. 198(2)(c), Sch. 28 para. 31(3) (with Sch. 29) Words in Sch. 24 para. 38 substituted (1.12.2014) by Finance Act 2014 (c. 26), s. 198(2)(c), Sch. 28 para. 31(4) (with Sch. 29) Sch. 28 para. 14 repealed (31.12.2020) by Taxation (Cross-border Trade) Act 2018 (c. 22), s. 57(3), Sch. 8 para. 132(j)(i) (with savings and transitional provisions in S.I. 2019/105 (as amended by S.I. 2020/1495, regs. 1(2), 21), S.I. 2020/1545, Pt. 4 and 2020 c. 26, Sch. 2 para. 7(7)-(9)); S.I. 2020/1642, reg. 4(b) (with reg. 7) Sch. 28 para. 15 repealed (31.12.2020) by Taxation (Cross-border Trade) Act 2018 (c. 22), s. 57(3), Sch. 8 para. 132(j)(i) (with savings and transitional provisions in S.I. 2019/105 (as amended by S.I. 2020/1495, regs. 1(2), 21), S.I. 2020/1545, Pt. 4 and 2020 c. 26, Sch. 2 para. 7(7)-(9)); S.I. 2020/1642, reg. 4(b) (with reg. 7) Sch. 28 para. 17 repealed (31.12.2020) by Taxation (Cross-border Trade) Act 2018 (c. 22), s. 57(3), Sch. 8 para. 132(j)(i) (with savings and transitional provisions in S.I. 2019/105 (as amended by S.I. 2020/1495, regs. 1(2), 21), S.I. 2020/1545, Pt. 4 and 2020 c. 26, Sch. 2 para. 7(7)-(9)); S.I. 2020/1642, reg. 4(b) (with reg. 7) Sch. 29 para. 2(2) repealed (31.12.2020) by Taxation (Cross-border Trade) Act 2018 (c. 22), s. 57(3), Sch. 8 para. 132(j)(ii) (with savings and transitional provisions in S.I. 2019/105 (as amended by S.I. 2020/1495, regs. 1(2), 21), S.I. 2020/1545, Pt. 4 and 2020 c. 26, Sch. 2 para. 7(7)-(9)); S.I. 2020/1642, reg. 4(b) (with reg. 7) Sch. 29 para. 9 repealed (31.12.2020) by Taxation (Cross-border Trade) Act 2018 (c. 22), s. 57(3), Sch. 8 para. 132(j)(ii) (with savings and transitional provisions in S.I. 2019/105 (as amended by S.I. 2020/1495, regs. 1(2), 21), S.I. 2020/1545, Pt. 4 and 2020 c. 26, Sch. 2 para. 7(7)-(9)); S.I. 2020/1642, reg. 4(b) (with reg. 7) Sch. 29 para. 10 repealed (31.12.2020) by Taxation (Cross-border Trade) Act 2018 (c. 22), s. 57(3), Sch. 8 para. 132(j)(ii) (with savings and transitional provisions in S.I. 2019/105 (as amended by S.I. 2020/1495, regs. 1(2), 21), S.I. 2020/1545, Pt. 4 and 2020 c. 26, Sch. 2 para. 7(7)-(9)); S.I. 2020/1642, reg. 4(b) (with reg. 7) Sch. 29 para. 12(3) repealed (31.12.2020) by Taxation (Cross-border Trade) Act 2018 (c. 22), s. 57(3), Sch. 8 para. 132(j)(ii) (with savings and transitional provisions in S.I. 2019/105 (as amended by S.I. 2020/1495, regs. 1(2), 21), S.I. 2020/1545, Pt. 4 and 2020 c. 26, Sch. 2 para. 7(7)-(9)); S.I. 2020/1642, reg. 4(b) (with reg. 7) Sch. 29 para. 12(6) repealed (31.12.2020) by Taxation (Cross-border Trade) Act 2018 (c. 22), s. 57(3), Sch. 8 para. 132(j)(ii) (with savings and transitional provisions in S.I. 2019/105 (as amended by S.I. 2020/1495, regs. 1(2), 21), S.I. 2020/1545, Pt. 4 and 2020 c. 26, Sch. 2 para. 7(7)-(9)); S.I. 2020/1642, reg. 4(b) (with reg. 7) Sch. 29 para. 12(7) repealed (31.12.2020) by Taxation (Cross-border Trade) Act 2018 (c. 22), s. 57(3), Sch. 8 para. 132(j)(ii) (with savings and transitional provisions in S.I. 2019/105 (as amended by S.I. 2020/1495, regs. 1(2), 21), S.I. 2020/1545, Pt. 4 and 2020 c. 26, Sch. 2 para. 7(7)-(9)); S.I. 2020/1642, reg. 4(b) (with reg. 7) Sch. 32 Pts. 1, 2 omitted (retrospective to 26.3.2013) by virtue of Finance Act 2013 (c. 29), Sch. 42 para. 1(2)(b)(3) Sch. 34 para. 5 omitted (retrospective to 1.1.2013) by virtue of Finance Act 2013 (c. 29), s. 202(4)(a)(5) (with s. 202(6)-(13)) Sch. 34 para. 6(2) omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), s. 203(7)(8) Word in Sch. 34 para. 7 substituted (retrospective to 1.1.2013) by Finance Act 2013 (c. 29), s. 202(4)(b)(5) (with s. 202(6)-(13)) Sch. 35 para. 2(4) omitted (with effect in accordance with s. 2(2) of the amending Act) by virtue of Stamp Duty Land Tax Act 2015 (c. 1), Sch. para. 21(c)(ii) (with s. 2(3)-(6)) Sch. 35 para. 2(6) omitted (with effect in accordance with s. 2(2) of the amending Act) by virtue of Stamp Duty Land Tax Act 2015 (c. 1), Sch. para. 21(c)(ii) (with s. 2(3)-(6)) Sch. 35 para. 5(3) omitted (with effect in accordance with s. 2(2) of the amending Act) by virtue of Stamp Duty Land Tax Act 2015 (c. 1), Sch. para. 21(c)(ii) (with s. 2(3)-(6)) Sch. 36 paras. 26A, 26B and cross-heading inserted (retrospective to 1.1.2013) by Finance Act 2013 (c. 29), s. 221(1)(2) Sch. 38 heading substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 2 Word in Sch. 38 para. 1(a) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 3(a)(i) Word in Sch. 38 para. 1(a) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 3(a)(ii) Sch. 38 para. 1(b) omitted (1.4.2026) by virtue of Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 3(b) Sch. 38 para. 1(ca) inserted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 3(c) Word in Sch. 38 para. 1(d) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 3(d) Sch. 38 para. 2 and cross-heading substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 4(1) Word in Sch. 38 para. 3 cross-heading substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 5(1) Sch. 38 para. 3(1) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 5(2)(a) Word in Sch. 38 para. 3(3) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 5(2)(b) Sch. 38 para. 3(7) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 5(2)(c) Sch. 38 Pt. 2 omitted (1.4.2026) by virtue of Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 6 Word in Sch. 38 Pt. 3 heading substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 7 Words in Sch. 38 para. 7(1) inserted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 8(a) Sch. 38 para. 7(1A) inserted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 8(b) Sch. 38 para. 7(2) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 8(c) Words in Sch. 38 para. 7(3)(a) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 8(d)(i) Word in Sch. 38 para. 7(3)(b) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 8(d)(ii)(A) Word in Sch. 38 para. 7(3)(b) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 8(d)(ii)(B) Words in Sch. 38 para. 7(4) omitted (1.4.2026) by virtue of Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 8(e)(i) Words in Sch. 38 para. 7(4) omitted (1.4.2026) by virtue of Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 8(e)(ii) Word in Sch. 38 para. 7(5) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 8(f)(i) Word in Sch. 38 para. 7(5)(a) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 8(f)(ii) Word in Sch. 38 para. 7(5)(b) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 8(f)(ii) Word in Sch. 38 para. 7(6) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 8(g)(i) Word in Sch. 38 para. 7(6) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 8(g)(ii) Word in Sch. 38 para. 8(2)(a) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 9 Word in Sch. 38 para. 9(1) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 10(a)(i) Word in Sch. 38 para. 9(1) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 10(a)(ii) Sch. 38 para. 9(3)(b) and word omitted (1.4.2026) by virtue of Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 10(b) Words in Sch. 38 para. 10(1) inserted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 11(a) Sch. 38 para. 10(1A)(1B) inserted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 11(b) Words in Sch. 38 para. 10(2) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 11(c)(i) Word in Sch. 38 para. 10(2) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 11(c)(ii) Word in Sch. 38 para. 10(3) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 11(d) Word in Sch. 38 para. 13(1)(d) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 12(a) Words in Sch. 38 para. 13(2) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 12(b)(i) Word in Sch. 38 para. 13(2) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 12(b)(ii) Word in Sch. 38 para. 20(1) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 13(a) Sch. 38 para. 20(1A) inserted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 13(b) Words in Sch. 38 para. 20(2) inserted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 13(c) Sch. 38 para. 23A and cross-heading inserted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 14 Sch. 38 para. 25A and cross-heading inserted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 15 Sch. 38 Pt. 3A inserted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 16 Word in Sch. 38 Pt. 4 heading substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 17 Sch. 38 paras. 26-26C and cross-headings substituted for Sch. 38 para. 26 and cross-heading (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 18 Words in Sch. 38 para. 27(1) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 19(a)(i) Words in Sch. 38 para. 27(1) omitted (1.4.2026) by virtue of Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 19(a)(ii) Words in Sch. 38 para. 27(2)(a) omitted (1.4.2026) by virtue of Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 19(b) Sch. 38 para. 28(1) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 20(a) Word in Sch. 38 para. 28(2)(a) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 20(b)(i) Words in Sch. 38 para. 28(2)(b) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 20(b)(ii) Word in Sch. 38 para. 28(2)(c) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 20(b)(iii) Word in Sch. 38 para. 28(2)(e) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 20(b)(iv) Word in Sch. 38 para. 28(2)(f) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 20(b)(v) Word in Sch. 38 para. 28(2)(g) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 20(b)(vi) Sch. 38 para. 28(3) omitted (1.4.2026) by virtue of Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 20(c) Word in Sch. 38 para. 28(4) inserted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 20(d)(i) Words in Sch. 38 para. 28(4) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 20(d)(ii) Word in Sch. 38 para. 28(5) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 20(e)(i) Words in Sch. 38 para. 28(5) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 20(e)(ii) Words in Sch. 38 para. 29(2) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 21(a) Sch. 38 para. 29(3) omitted (1.4.2026) by virtue of Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 21(b) Words in Sch. 38 para. 30(3)(a) omitted (1.4.2026) by virtue of Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 22(a) Word in Sch. 38 para. 30(4) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 22(b) Word in Sch. 38 para. 30(5) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 22(b) Words in Sch. 38 para. 31(1)(a) inserted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 23(a) Sch. 38 para. 31(1A) inserted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 23(b) Word in Sch. 38 para. 34(1) omitted (1.1.2023 for specified purposes, 6.4.2024 for specified purposes, 1.4.2026 for specified purposes) by virtue of Finance Act 2021 (c. 26), s. 118(2), Sch. 27 para. 41(a); S.I. 2022/1278, reg. 2(3)(4)(e); S.I. 2024/440, reg. 2; S.I. 2026/370, reg. 3 Sch. 38 para. 34(1)(d) and word inserted (1.1.2023 for specified purposes, 6.4.2024 for specified purposes, 1.4.2026 for specified purposes) by Finance Act 2021 (c. 26), s. 118(2), Sch. 27 para. 41(b); S.I. 2022/1278, reg. 2(3)(4)(e); S.I. 2024/440, reg. 2; S.I. 2026/370, reg. 3 Sch. 38 para. 35(1) substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 24(a) Sch. 38 para. 35(2) omitted (1.4.2026) by virtue of Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 24(b) Sch. 38 para. 37(1)(la) inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 115 (with s. 117) Sch. 38 para. 37(1)(lb)-(li) inserted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 25 Words in Sch. 38 para. 38 substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 26(a)(i) Words in Sch. 38 para. 38 omitted (1.4.2026) by virtue of Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 26(a)(ii) Words in Sch. 38 para. 38 substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 26(b) Words in Sch. 38 para. 38 substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 26(c) Sch. 38 para. 39 omitted (1.4.2026) by virtue of Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 27 Word in Sch. 38 para. 40 substituted (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 28 S. 13 modified (17.7.2013) by Finance Act 2013 (c. 29), Sch. 45 para. 159 S. 26(4)-(8) applied (with modifications) (1.1.2016) by The Lloyds Underwriters (Transitional Equalisation Reserves) (Tax) Regulations 2015 (S.I. 2015/1983), regs. 1, 3, 4 S. 27 applied (with modifications) (1.1.2016) by The Lloyds Underwriters (Transitional Equalisation Reserves) (Tax) Regulations 2015 (S.I. 2015/1983), regs. 1, 3, 4 S. 57 modified (31.12.2012) by The Friendly Societies (Modifications of the Tax Acts) Regulations 2012 (S.I. 2012/3008), regs. 1(1), 5, 6 (with regs. 1(2), 2) S. 63 modified (31.12.2012) by The Friendly Societies (Modifications of the Tax Acts) Regulations 2012 (S.I. 2012/3008), regs. 1(1), 7 (with regs. 1(2), 2) S. 65 modified (with effect in accordance with Sch. 3 paras. 30-36 of the amending Act) by 2010 c. 8, s. 94(3) (as inserted by Finance (No. 2) Act 2023 (c. 30), Sch. 3 para. 28(1)) S. 66 modified (31.12.2012) by The Friendly Societies (Modifications of the Tax Acts) Regulations 2012 (S.I. 2012/3008), regs. 1(1), 8 (with regs. 1(2), 2) S. 67 modified (31.12.2012) by The Friendly Societies (Modifications of the Tax Acts) Regulations 2012 (S.I. 2012/3008), regs. 1(1), 9 (with regs. 1(2), 2) S. 97 modified (31.12.2012) by The Friendly Societies (Modifications of the Tax Acts) Regulations 2012 (S.I. 2012/3008), regs. 1(1), 10 (with regs. 1(2), 2) S. 98 modified (31.12.2012) by The Friendly Societies (Modifications of the Tax Acts) Regulations 2012 (S.I. 2012/3008), regs. 1(1), 11 (with regs. 1(2), 2) S. 103 applied by 2010 c. 4, s. 269ZE(10) (as inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 16) S. 114 modified (31.12.2012) by The Friendly Societies (Modifications of the Tax Acts) Regulations 2012 (S.I. 2012/3008), regs. 1(1), 12 (with regs. 1(2), 2) S. 115 modified (31.12.2012) by The Friendly Societies (Modifications of the Tax Acts) Regulations 2012 (S.I. 2012/3008), regs. 1(1), 13 (with regs. 1(2), 2) Ss. 124A-124E: power to amend conferred by 2010 c. 4, s. 269ZQ (as inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 16) S. 124B restricted by 2010 c. 4, s. 676BC (as inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 76) S. 137 applied by 1992 c. 12, Sch. 7AC para. 30A(1) (as inserted (with effect in accordance with s. 28(7) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 28(5)) S. 172 modified (31.12.2012) by The Friendly Societies (Modifications of the Tax Acts) Regulations 2012 (S.I. 2012/3008), regs. 1(1), 14 (with regs. 1(2), 2) S. 174 modified (31.12.2012) by The Friendly Societies (Modifications of the Tax Acts) Regulations 2012 (S.I. 2012/3008), regs. 1(1), 15 (with regs. 1(2), 2) Sch. 7 para. 22 excluded (15.3.2018) by Finance Act 2018 (c. 3), s. 15 Sch. 8 para. 18 excluded (15.3.2018) by Finance Act 2018 (c. 3), s. 15 Sch. 8 para. 19 excluded (15.3.2018) by Finance Act 2018 (c. 3), s. 15 Sch. 36 applied (with modifications) (19.4.2013) by The Small Charitable Donations Regulations 2013 (S.I. 2013/938), regs. 1, 6 Sch. 38 applied by S.I. 2009/470, reg. 33(1) (as substituted (6.4.2013) by The Education (Student Loans) (Repayment) (Amendment) Regulations 2013 (S.I. 2013/607), regs. 1(1), 9) Sch. 38 applied (with application in accordance with reg. 1 of the amending S.I.) by The Education (Postgraduate Masters Degree Loans) Regulations 2016 (S.I. 2016/606), regs. 1(1), 24(2) Sch. 38 applied (with application in accordance with reg. 1 of the amending S.I.) by The Education (Postgraduate Masters Degree Loans) Regulations 2016 (S.I. 2016/606), regs. 1(1), 43(1) Sch. 38 applied (with application in accordance with reg. 1(2) of the amending S.I.) by The Social Security (Contributions) (Amendment and Application of Schedule 38 to the Finance Act 2012) Regulations 2013 (S.I. 2013/622), regs. 1, 41 (as amended (1.4.2026) by Finance Act 2026 (c. 11), s. 250(2), Sch. 22 para. 35) Sch. 38 Pt. 3 applied (N.I.) by 1992 c. 8, s. 104ZA(2A) (as inserted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 38 para. 57; S.I. 2013/279, art. 2) Sch. 38 Pt. 3 applied (E.W.S.) by 1992 c. 5, s. 110ZA(2A) (as inserted (1.4.2013) by Finance Act 2012 (c. 14), Sch. 38 para. 56; S.I. 2013/279, art. 2) Sch. 14 para. 36(1) power exercised: 1.4.2012 appointed by S.I. 2013/587, art. 2 An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance. Most Gracious Sovereign WE, Your Majesty's most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty's public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and to grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
Income tax is charged for the tax year 2012-13, and for that tax year—
the basic rate is 20%,
the higher rate is 40%, and
the additional rate is 50%.
For the tax year 2013-14—
the basic rate is 20%,
the higher rate is 40%, and
the additional rate is 45%.
In Chapter 2 of Part 2 of ITA 2007 (rates at which income tax is charged)—
in section 8(3) (dividend additional rate), for “42.5%” substitute “37.5%”,
in section 9(1) (trust rate), for “50%” substitute “45%”, and
in section 9(2) (dividend trust rate), for “42.5%” substitute “37.5%”.
In section 394 of ITEPA 2003 (charge on relevant benefits provided under employer-financed retirement benefits scheme), in subsection (4) for “50%” substitute “45%”.
In section 640 of ITTOIA 2005 (capital sums treated as income of the settlor: grossing-up of deemed income), in subsection (6)(b)—
omit the “and” at the end of sub-paragraph (ii),
in sub-paragraph (iii) for “or any subsequent tax year.” substitute “, 2011-12 or 2012-13, and”, and
after that sub-paragraph insert—
The amendments made by subsections (3) to (5) have effect for the tax year 2013-14 and subsequent tax years.
For the tax year 2012-13 the amount specified in section 10(5) of ITA 2007 (basic rate limit) is replaced with “£34,370”.
Accordingly section 21 of that Act (indexation of limits), so far as relating to the basic rate limit, does not apply for that tax year.
For the tax year 2012-13 the amount specified in section 35(1) of ITA 2007 (personal allowance for those aged under 65) is replaced with “£8,105”.
Accordingly section 57 of that Act (indexation of allowances), so far as relating to the amount specified in section 35(1) of that Act, does not apply for that tax year.
Chapter 2 of Part 3 of ITA 2007 (personal allowance etc) is amended in accordance with subsections (2) to (6).
In section 35 (personal allowance for those aged under 65)—
in subsection (1), for paragraph (a) substitute—, and
in the heading for “aged under 65” substitute “born after 5 April 1948”.
In section 36 (personal allowance for those aged 65 to 74)—
for subsection (1) substitute—,
in subsection (2)—
for “For” substitute “If the allowance under subsection (1) is greater than the section 35 amount, for”,
in paragraph (a), for “half the excess” substitute “an amount equal to half of that excess income”, and
in paragraph (b), for the words from “amount” to the end substitute “section 35 amount.”,
after that subsection insert—, and
in the heading for “aged 65 to 74” substitute “born after 5 April 1938 but before 6 April 1948”.
In section 37 (personal allowance for those aged 75 and over)—
for subsection (1) substitute—,
in subsection (2)—
for “For” substitute “If the allowance under subsection (1) is greater than the section 35 amount, for”,
in paragraph (a), for “half the excess” substitute “an amount equal to half of that excess income”, and
in paragraph (b), for the words from “amount” to the end substitute “section 35 amount.”,
after that subsection insert—, and
in the heading for “aged 75 and over” substitute “born before 6 April 1938”.
In section 41 (allowances in year of death), omit subsections (2) and (3).
In section 57 (indexation of allowances)—
in subsection (1)—
in paragraph (a) for “aged under 65” substitute “born after 5 April 1948”, and
omit paragraphs (b) and (c), and
in subsection (3)(a), for “, 36(1), 37(1),” substitute “and”.
In section 508A of ICTA (contemplative religious communities: profits exempt from corporation tax), in subsections (5) and (9)(b) for “under 65” substitute “born after 5 April 1948”.
The amendments made by this section have effect for the tax year 2013-14 and subsequent tax years.
In section 5(2)(a) of FA 2011 (main corporation tax rate for financial year 2012 on profits other than ring fence profits), for “25%” substitute “24%”.
The amendment made by this section is treated as having come into force on 1 April 2012.
Corporation tax is charged for the financial year 2013.
For that year the rate of corporation tax is—
23% on profits of companies other than ring fence profits, and
30% on ring fence profits of companies.
In subsection (2) “ring fence profits” has the same meaning as in Part 8 of CTA 2010 (see section 276 of that Act).
For the financial year 2012 the small profits rate is—
20% on profits of companies other than ring fence profits, and
19% on ring fence profits of companies.
For the purposes of Part 3 of CTA 2010, for that year—
the standard fraction is 1/100th, and
the ring fence fraction is 11/400ths.
In subsection (1) “ring fence profits” has the same meaning as in Part 8 of that Act (see section 276 of that Act).
Schedule 1 contains provision for and in connection with a high income child benefit charge.
Part 4 of ITA 2007 (loss relief) is amended as follows.
In section 96(7) (post-cessation trade relief), after paragraph (b) insert—.
After section 98 insert—
In section 125(6) (post-cessation property relief), after paragraph (b) insert—.
The amendments made by subsections (2) and (3) have effect in relation to—
payments which are made on or after 12 January 2012 except where they are made pursuant to an unconditional obligation in a contract made before that date, or
events which occur on or after that date.
The amendment made by subsection (4) has effect in relation to—
payments which are made on or after 13 March 2012 except where they are made pursuant to an unconditional obligation in a contract made before that date, or
events which occur on or after that date.
In subsections (5)(a) and (6)(a) “an unconditional obligation” means an obligation which may not be varied or extinguished by the exercise of a right (whether under the contract or otherwise).
For the purposes of subsections (5)(b) and (6)(b) section 98 of ITA 2007 applies for determining when an event occurs.
Chapter 4 of Part 4 of ITA 2007 (losses from property businesses) is amended as follows.
In section 117(3) (overview of Chapter), for “section 127A” substitute “sections 127A and 127B”.
In section 120(7) (deduction of property losses from general income), at the end insert “and section 127B (no relief for tax-generated agricultural expenses)”.
After section 127A insert—
The amendments made by this section have effect in relation to expenses arising directly or indirectly in consequence of, or otherwise in connection with—
arrangements which are entered into on or after 13 March 2012, or
any transaction forming part of arrangements which is entered into on or after that date.
But those amendments do not have effect where the arrangements are, or any such transaction is, entered into pursuant to an unconditional obligation in a contract made before that date.
“An unconditional obligation” means an obligation which may not be varied or extinguished by the exercise of a right (whether under the contract or otherwise).
In Chapter 9 of Part 4 of ITTOIA 2005 (gains from contracts for life insurance etc), after section 473 insert—
In section 491(2) of that Act (calculating gains from contracts for life insurance etc: general rules), in the definition of “PG”, at the end insert “but only in so far as those gains have been, or fall to be, taken into account in calculating the total income of a person as a result of this Chapter or Chapter 2 of Part 13 of ITA 2007”.
In section 552 of ICTA (information: duty of insurers), for subsection (13) substitute—
The amendments made by this section have effect in relation to—
any policy issued in respect of an insurance made on or after 21 March 2012, or
any contract made on or after that date.
The amendments made by this section also have effect in the case of any insurance or contract made before 21 March 2012 if on or after that date—
the policy or contract is varied with the result that there is an increase in the benefits secured,
there is an assignment of rights, or a share of the rights, conferred by the policy or contract (whether or not for money’s worth), or
some or all of the rights conferred by the policy or contract become held as security for a debt.
For the purposes of subsection (5)(a)—
an exercise of rights conferred by a policy or contract is to count as a variation of the policy or contract, and
the reference to an increase in the benefits secured by a policy or contract includes an increase in the benefits secured by another policy or contract with which the policy or contract is connected (within the meaning given by section 473A of ITTOIA 2005, as inserted by subsection (1)).
ITTOIA 2005 is amended as follows.
In section 627 (income where settlor retains an interest: exceptions), at the end insert—
In section 645 (property or income originating from settlor), in subsection (2), for “section 644” substitute “sections 627 and 644”.
The amendments made by this section have effect in relation to income arising on or after 21 March 2012.
No liability to income tax arises in respect of any income from the 2013 Champions League final that arises to a person who is—
an employee or contractor of an overseas team that competes in the final, and
non-UK resident at the time of the final.
The reference in subsection (1) to income from the 2013 Champions League final is to income related to duties or services performed by the person in the United Kingdom in connection with the final.
The exemption under subsection (1) does not apply to—
income that arises as a result of a contract entered into after the final, or of any amendment, after the final, of a contract entered into before the end of the final, or
income that is the subject of tax avoidance arrangements.
Income is the subject of tax avoidance arrangements if—
arrangements have been made which, but for subsection (3)(b), would result in a person obtaining an exemption under subsection (1) for the income, and
those arrangements, or other arrangements of which they form part, have as their main purpose, or one of their main purposes, the obtaining of that exemption.
Section 966 of ITA 2007 (deduction of sums representing income tax) does not apply to any payment or transfer which gives rise to income benefiting from the exemption under subsection (1).
In this section—
“the PE’s premium income”, in relation to a relevant period, means so much of the company’s premium income for the period as is attributable to the permanent establishment, and
the accounting period is the company’s last accounting period in relation to which section 444BA of ICTA applied or is one that falls wholly or partly in the period of six years ending with the day on which that last accounting period ended.
“employee” and “employment” are to be read in accordance with section 4 of ITEPA 2003;
“overseas team” means a football club which is not a member of the Football Association, the Scottish Football Association, the Football Association of Wales or the Irish Football Association.
“accounting standard” includes any statement of practice, guidance or other similar document.
ITEPA 2003 is amended as follows.
In section 125 (meaning of “accessory” and related terms) after subsection (3) insert—
After that section insert—
In Part 2 of Schedule 1 (index of defined expressions), in the entry for “accessory”, in the second column for “section 125(2)” substitute “sections 125(2) and 125A(2)”.
The amendments made by this section have effect for the tax year 2011-12 and subsequent tax years.
In section 291 of ITEPA 2003 (exemptions: termination payments to MPs and others ceasing to hold office), for subsection (2)(a) substitute—.
The amendment made by this section has effect in relation to grants and payments made on or after 1 April 2012.
Chapter 8 of Part 4 of ITEPA 2003 (exemptions: special kinds of employees) is amended as follows.
In section 297A (exemption for Operational Allowance), in subsection (2), for “by the Secretary of State” substitute “under a Royal Warrant made under section 333 of the Armed Forces Act 2006”.
In section 297B (exemption for Council Tax Relief), in subsection (2), for “by the Secretary of State” substitute “under a Royal Warrant made under section 333 of the Armed Forces Act 2006”.
After that section insert—
The amendments made by this section have effect in relation to payments made on or after 6 April 2012.
In section 139 of ITEPA 2003 (car with a CO2 emissions figure: the appropriate percentage), for subsections (2) and (3) substitute—
The amendment made by this section has effect for the tax year 2014-15 and subsequent tax years.
In section 866 of ITA 2007 (qualifying time deposits), in subsection (1), after “deposit” insert “made before 6 April 2012”.
The amendment made by this section is treated as having come into force on 6 April 2012.
Schedule 2 contains provision about the treatment for corporation tax purposes of profits arising from the exploitation of patents etc.
Schedule 3 contains provision about corporation tax relief for expenditure on research and development.
Schedule 4 amends Part 12 of CTA 2010 (real estate investment trusts).
Part 17 of CTA 2010 (manufactured payments and repos) is amended as follows.
In section 793 (company receiving manufactured overseas dividend from UK resident etc: amount treated as withheld on account of overseas tax), after subsection (7) insert—
In section 812 (deemed manufactured payments: stock lending arrangements), after subsection (5) insert—
The amendments made by this section have effect in relation to overseas dividends (within the meaning of Part 17 of CTA 2010) paid on or after 15 September 2011.
Chapter 6 of Part 5 of CTA 2009 (loan relationships: connected companies and impairment losses and releases of debt) is amended as follows.
In section 362 (parties becoming connected where creditor’s rights subject to impairment adjustment)—
in subsection (1)—
omit paragraph (c) (impairment in pre-connection carrying value of creditor’s loan relationship), and
omit the “and” before that paragraph and, at the end of paragraph (a), insert “and”,
for subsections (3) and (4) substitute—
in subsection (5)—
in the opening words, for “the carrying value is determined taking no account of—” substitute “no account is to be taken of—”,
at the end of paragraph (a) insert “or”, and
omit paragraph (c) (together with the “or” before that paragraph), and
in the heading, at the end insert “etc”.
After section 363 insert—
The amendments made by subsection (2) have effect as follows— and section 363 of CTA 2009 applies for the purposes of this subsection as it applies for the purposes of sections 361 to 362 of that Act.
the amendments made by paragraphs (a), (b) and (d) have effect in relation to any case where the companies become connected on or after 27 February 2012, but if the companies become connected on or after that date but before 1 April 2012 section 362 of CTA 2009 has effect as if the following were substituted for subsections (3) and (4) of that section—
the amendments made by paragraph (c) have effect in relation to any case where the companies become connected on or after 1 April 2012,
The amendment made by subsection (3) has effect in relation to—
arrangements entered into on or after 27 February 2012, or
arrangements entered into before that date where the amount is treated as released, or would have been treated as released, on or after that date.
But subsection (5)(b) does not apply if the amount is treated as released, or would have been treated as released, pursuant to an unconditional obligation in a contract made before 27 February 2012.
An “unconditional” obligation is one which may not be varied or extinguished by the exercise of a right (whether under the contract or otherwise).
The conditions in section 361(1)(a) to (c) of CTA 2009 are treated as met (and the remaining provisions of that section have effect accordingly) in any case where—
arrangements are entered into by any party at any time,
directly or indirectly in consequence of, or otherwise in connection with, those arrangements a company (“C”) becomes a party to a loan relationship as creditor,
the time at which C becomes a party to the loan relationship falls on or after 1 December 2011 but before 27 February 2012,
directly or indirectly in consequence of, or otherwise in connection with, those arrangements C subsequently becomes connected with another company (“D”) which is a party to the loan relationship as debtor, and
that subsequent time falls before 27 February 2012.
For the purposes of subsection (8)—
“arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable), and
the reference to C becoming connected with D is to be read in accordance with section 363 of CTA 2009.
Subsections (8) and (9) are to have effect as if they were contained in Part 5 of CTA 2009 (and the cases in which section 361 of CTA 2009 has effect in accordance with subsection (8) include any case where C or D is a member of a firm which becomes or is a party to the loan relationship and in that case references to C or D (other than references to the connection which C or D has with a company) are references to the firm).
For the purpose of applying section 361 of CTA 2009 in accordance with subsection (8) no account is to be taken of anything done on or after 27 February 2012.
If section 361 of CTA 2009 has effect in accordance with subsection (8), section 362 of that Act does not apply.
CTA 2010 is amended as follows.
In section 385 (sales of lessors: no carry back of the expense)—
for subsections (2) and (3) substitute—, and
in the heading, for “No carry back of the expense” substitute “No carry back of loss against the income”.
In section 392 (sales of lessors: “relevant change in relationship”), at the end insert “or section 394ZA (company joining tonnage tax group)”.
After section 394 insert—
In section 394A (sales of lessors: “qualifying change of ownership”)—
the existing text becomes subsection (1), and
after that subsection insert—
In section 427 (sales of lessors: no carry back of the expense)—
for subsections (2) and (3) substitute—, and
in the heading, for “No carry back of the expense” substitute “No carry back of loss against the income”.
In section 950 (transfers of trade without a change of ownership: transfers of trade involving business of leasing plant or machinery), after subsection (3) insert—
In Schedule 22 to FA 2000 (tonnage tax), after paragraph 79 insert—
The amendments made by subsections (2) and (6) have effect—
where the income arises as a result of a company becoming a member of a tonnage tax group on or after 21 March 2012 and entering tonnage tax at the same time,
where the income arises as a result of a company becoming a member of a tonnage tax group on or after 23 April 2012 without entering tonnage tax at the same time, or
where the relevant day is on or after 21 March 2012 (in any case not within paragraph (a) or (b)).
The amendments made by subsections (3) to (5) and (8) have effect—
where a company becomes a member of a tonnage tax group on or after 21 March 2012 and enters tonnage tax at the same time, or
where a company becomes a member of a tonnage tax group on or after 23 April 2012 without entering tonnage tax at the same time.
The amendment made by subsection (7) has effect—
except in a case within paragraph (b), where the transfer day is on or after 21 March 2012, and
in a case where the relevant change in the relationship occurs as a result of a company becoming a member of a tonnage tax group without entering tonnage tax at the same time, where the transfer day is on or after 23 April 2012.
In section 225 of FA 1994 (corporate members of Lloyd’s: stop-loss and quota share insurance), after subsection (3B) insert—
The amendment made by this section has effect in relation to—
any stop-loss insurance (as defined by section 230(1) of FA 1994) taken out on or after 6 December 2011, or
any quota share contract (as defined by section 225(4) of FA 1994) entered into on or after that date.
If before 6 December 2011 a corporate member enters into a multi-year contract—
insurance is to be regarded for the purposes of subsection (2)(a) as taken out on the anniversary date of the contract which falls on or after the day on which this Act is passed, and
premiums payable under the insurance in respect of an underwriting year beginning on or after that day are premiums falling to be dealt with in accordance with the amendment made by this section.
For this purpose—
“multi-year contract” means a contract which (unless cancelled) operates in respect of successive underwriting years, and
“the transferred business” means so much of the business as is transferred to the transferee, and
section 444BA of ICTA has applied in relation to the accounting period,
the business mentioned in subsection (1)(a) has been carried on through the permanent establishment in the accounting period, and
If— insurance is to be regarded for the purposes of subsection (2)(a) as taken out on the date of the renewal.
before 6 December 2011 a corporate member enters into a contract for insurance in respect of an underwriting year, and
on or after 6 December 2011 the contract is renewed in respect of a further underwriting year (whether as a result of the exercise of an option conferred by the contract or otherwise),
Sections 444BA to 444BD of ICTA (equalisation reserves) are repealed.
In consequence of the repeal of those sections, omit—
in TMA 1970, in the second column of the table in section 98, the entry relating to regulations under section 444BB of ICTA and the entry relating to regulations under section 444BD of ICTA,
in FA 1996, section 166 and Schedule 32,
in FA 2003, in section 153(1)(a), the reference “444BB(3)(b),”,
in CTA 2009, paragraphs 155 and 156 of Schedule 1, and
in TIOPA 2010, paragraph 9 of Schedule 8.
The amendments made by this section have effect in relation to accounting periods ending on or after such day (“the specified day”) as is specified in an order made by the Treasury (and different days may be specified for different cases).
In the case of an insurance company’s existing equalisation or equivalent reserve—
an amount equal to one-sixth of the amount of the reserve is to be treated as a receipt of the company’s business in the calendar year in which the specified day falls, and
an amount equal to one-sixth of the amount of the reserve is to be treated as a receipt of the company’s business in each of the next five calendar years.
If there are different accounting periods falling in a calendar year, a receipt arising as a result of subsection (4) is apportioned between those periods in proportion to the number of days of the calendar year falling in those periods.
If— any amount within paragraph (b) is treated instead as a receipt of the company’s business in the accounting period in which the company ceased to carry on the business.
the company ceases to carry on the business in a calendar year, and
an amount would otherwise have been treated as a result of subsection (4) as a receipt of the company’s business in a later calendar year,
For the purposes of this section—
“equalisation reserve”, in relation to an insurance company, means the equalisation reserve in respect of a business which the company was required, by virtue of equalisation reserves rules (within the meaning of section 444BA of ICTA), to maintain,
“equivalent reserve” means an equivalent reserve (within the meaning of section 444BD of ICTA) in relation to which section 444BA of ICTA applied,
a company’s “existing” equalisation or equivalent reserve means the equalisation or equivalent reserve as it stood immediately before the first accounting period of the company (“the relevant accounting period”) in relation to which the amendments made by this section have effect (but see subsection (8)), and
references in this section to the company’s business are to the business in respect of which the equalisation or equivalent reserve was maintained.
If— that amount is not to be carried forward to that period as a deductible amount but is instead to be deducted from the amount of the equalisation or equivalent reserve as it stood immediately before that period.
an insurance company has made an election under section 444BA(4) of ICTA in relation to an accounting period ending before the specified day, and
an amount would, but for this section, have been carried forward to the relevant accounting period of the company as a deductible amount,
References in this section to section 444BA of ICTA include that section as modified by regulations made under section 444BB or 444BC of that Act.
An insurance company may make an election in relation to a calendar year (“the relevant year”) for all of the amounts that would, as a result of section 26(4), otherwise be treated as arising in later calendar years as receipts of a business carried on by the company to be treated instead as receipts of the business arising in the relevant year.
An election under this section—
must be made by notice to an officer of Revenue and Customs within 2 years from the end of the relevant year, and
is irrevocable.
A company which makes an election under section 29 as the transferor or the transferee may make an election under this section but not in relation to the calendar year in which the transfer takes place.
This section applies if—
a receipt is treated as arising to an insurance company’s business in an accounting period as a result of section 26(4),
the company carries on business through a permanent establishment outside the United Kingdom by reference to which double taxation relief is afforded in respect of any income or gains, and
the permanent establishment is one in relation to which regulation 10(2) of the Insurance Companies (Reserves) (Tax) Regulations 1996 previously applied.
For the purpose of calculating the profits or losses by reference to which double taxation relief is afforded for the accounting period, only the appropriate proportion (if any) of the receipt is to be taken into account.
The appropriate proportion of the receipt is—
equal to the mean of each proportion found for each relevant period (if any), or
equal to such other proportion as the company may determine on a just and reasonable basis.
For the purposes of subsection (3)(a) a proportion for a relevant period is the proportion which the PE’s premium income for the period bears to the company’s premium income for the period.
For the purposes of subsections (3)(a) and (4)—
“the company’s premium income”, in relation to a relevant period, means the amount of net premiums written by reference to which the calculation under section 444BA(2)(a) or (b) of ICTA was made for the period,
In subsection (5)—
“net premiums written” means gross premiums written net of reinsurance premiums payable under reinsurance ceded, and
references to section 444BA of ICTA include that section as modified by regulations made under that Act.
If— the transferor and the transferee may jointly make an election for those deemed receipts to be allocated between them in accordance with the following provisions.
an insurance company carries on a business,
amounts fall to be treated as receipts of the business as a result of section 26(4) (“deemed receipts”), and
under an insurance business transfer scheme there is a transfer of the whole or part of the business to another insurance company within the charge to corporation tax,
If the transfer is a transfer of the whole of the business or substantially the whole of the business—
section 26(6) does not apply in relation to the transferor (if it would otherwise have applied),
the deemed receipt which, on the assumption that there had been no transfer, would have arisen in the transfer year is apportioned between the transferor and the transferee in accordance with subsection (5), and
the remaining deemed receipts (if any) which, on that assumption, would have arisen in subsequent calendar years are treated as receipts of the transferee (and not as receipts of the transferor).
If the transfer is a transfer of a part of the business and subsection (2) does not apply—
the appropriate portion of the deemed receipt arising in the transfer year is apportioned between the transferor and the transferee in accordance with subsection (5), and
the appropriate portions of the remaining deemed receipts (if any) are treated as receipts of the transferee (and the receipts of the transferor are reduced accordingly).
The appropriate portion of a deemed receipt is to be determined on a just and reasonable basis.
An apportionment under subsection (2)(b) or (3)(a) is to be made in proportion to the number of days of the calendar year falling before the day of the transfer and the number of days of the calendar year falling on or after the day of transfer.
A deemed receipt which is treated as a receipt of the transferee as a result of this section is treated as a receipt of the business of the transferee which consists of or includes the transferred business, and, accordingly, section 26(4) and (6) have effect in relation to the transferee—
as if references to the company were references to the transferee, and
as if references to the business were references to the business of the transferee which consists of or includes the transferred business.
An election under this section—
must be made by notice to an officer of Revenue and Customs within 28 days from the end of the day on which the transfer takes place,
must be accompanied by an explanation as to the way in which the transferor and the transferee have determined any issue falling to be determined for the purposes of this section, and
is irrevocable.
In this section—
If a company makes an election under this section as the transferee, this section has effect for the purposes of any subsequent elections made by the company under this section as the transferor as if references to the business were references to the activities in respect of which deemed receipts are treated as arising to it.
Regulations made by the Treasury under section 47 of FA 2009 (equalisation reserves for Lloyd’s corporate and partnership members) that revoke previous regulations made under that section may include provision corresponding to the provision made by sections 26(4) to (8) and 27, subject to such modifications as may be made in the regulations.
Section 47 of FA 2009 is repealed.
That repeal has effect in relation to accounting periods ending on or after such day (“the specified day”) as is specified in an order made by the Treasury (and different days may be specified for different cases).
Subsections (2) and (3) are not to affect the operation of any transitional or saving provision included (whether as a result of this section or otherwise) in regulations made under section 47 of FA 2009 that revoke previous regulations made under that section so far as the provision remains capable of having effect in relation to times falling on or after the specified day.
Schedule 5 contains provision about the tax treatment of financing costs and income.
CTA 2010 is amended as follows.
In section 162(2)(c) (meaning of “normal commercial loan”), after “securities in” insert “a quoted unconnected company (see section 164(2A)) or in”.
In section 164 (sections 160 and 162: supplementary), in subsection (2)(c), after “securities in” insert “a quoted unconnected company (see subsection (2A)) or in”.
After subsection (2) of that section insert—
In subsection (4) of that section—
for “If the candidate company’s” substitute “In the case of a company whose”, and
for “subsection (3)(c) is” substitute “subsections (2A)(a) and (3)(c) are”.
In subsection (5) of that section, for “subsections (3) and (4)” substitute “this section”.
The amendments made by this section have effect in relation to loans made on or after 21 March 2012.
Part 23 of CTA 2010 (company distributions) is amended as follows.
Section 1002 (exceptions for certain transfers of assets or liabilities between a company and its members) is repealed.
In section 1020 (transfers of assets or liabilities treated as distributions)—
in subsection (2), omit from “But” to the end, and
after that subsection insert—
Section 1021 (transfers of assets or liabilities treated as distributions: exceptions) is repealed.
In consequence of the repeal made by subsection (2)—
omit section 194(2) of CTA 2010,
in section 998(3) of that Act, for “1002” substitute “1003”,
in section 1001 of that Act, in the third column of the table, omit “Section 1002 (exception for certain transfers of assets and liabilities)”, and
omit paragraph 1(2) of Schedule 3 to F(No.3)A 2010.
The amendments made by this section have effect in relation to distributions made on or after the day on which this Act is passed.
TCGA 1992 is amended as follows.
In section 3 (annual exempt amount), for the figure specified in subsection (2) substitute “£10,600”.
In that section—
in each of subsections (3), (3A), (3B) and (4), for “RPI” substitute “CPI”, and
in subsection (3A), for “retail prices index” substitute “consumer prices index”.
In section 288 (interpretation), after subsection (2) insert—
The amendment made by subsection (2) has effect for the tax year 2012-13 and subsequent tax years.
Section 3(3) of TCGA 1992 (indexation) does not apply in relation to the tax year 2012-13.
The amendments made by subsections (3) and (4) have effect for the tax year 2013-14 and subsequent tax years.
TCGA 1992 is amended as follows.
In section 13 (attribution of gains to members of non-resident companies), in subsection (5), omit paragraph (c).
In section 251 (debts: general provisions), after subsection (5) insert—
For section 252 substitute—
Omit section 252A and Schedule 8A (foreign currency bank accounts).
The amendments made by this section have effect in relation to disposals occurring on or after 6 April 2012.
TCGA 1992 is amended as follows.
In section 99A(2) (treatment of umbrella schemes), after “subsection (1)” insert “and section 103C”.
After section 103B insert—
In section 155 of TCGA 1992 (roll-over relief: relevant classes of assets), in the entry for Class 7A, for “Council Regulation (EC) No. 1782/2003” substitute “Council Regulation (EC) No 73/2009”.
In section 86 of FA 1993, for subsection (2) (power to add to classes specified in section 155 of TCGA 1992) substitute—
Accordingly, section 43(3) of FA 2002 is repealed.
The amendment made by subsection (1) has effect where the disposal of the old assets (or an interest in them) or the acquisition of the new assets (or an interest in them) is on or after 1 January 2009.
Schedule 6 contains provision for and in connection with the seed enterprise investment scheme (including provision for re-investment relief under TCGA 1992).
Schedule 7 contains provision about the enterprise investment scheme (including provision about deferral relief under Schedule 5B to TCGA 1992).
Schedule 8 contains provision about venture capital trusts.
In section 230 of CAA 2001 (exception for manufacturers and suppliers), in subsection (1), for “restrictions in sections 217 and 218 do” substitute “restriction in section 218 does”.
The amendment made by subsection (1) has effect in relation to expenditure of B’s that is incurred on or after 12 August 2011 (regardless of when the relevant transaction was entered into).
But, in relation to any such expenditure that is incurred before the next amendment date, the restriction in section 217 of CAA 2001 does not apply (despite subsection (1)) if B can show that the condition in subsection (4) is met.
The condition is that, had the amendments made by paragraphs 1 to 7 of Schedule 9 had effect in relation to the expenditure, the restriction in section 217 would not have applied.
“The next amendment date” means the date defined in paragraph 9 of Schedule 9 as the start date.
Schedule 9 contains provision to counter abuse of Part 2 of CAA 2001.
Schedule 10 contains provision about plant and machinery allowances in respect of fixtures.
Schedule 11 contains provision about first-year allowances in respect of expenditure on plant and machinery for use in designated assisted areas.
Part 2 of CAA 2001 (plant and machinery allowances) is amended as follows.
In section 45A (expenditure on energy-saving plant or machinery), after subsection (1) insert—
After that section insert—
In section 104A (special rate expenditure)—
in subsection (1), omit the “and” after paragraph (e), and after paragraph (f) insert , and, and
after subsection (3) insert—
Section 70E of CAA 2001 (disposal events and disposal values) is amended as follows.
In subsection (2A), for the definition of “R” substitute—
After subsection (2F) insert—
For subsection (2G) substitute—
The amendments made by this section have effect in relation to cases where the relevant event occurs on or after 21 March 2012.
Schedule 12 contains provision about the taxation of foreign income and gains.
Schedule 13 contains—
provision relating to employers who pay contributions under registered pension schemes and arrangements for which their contributions are used (directly or indirectly), and
provision amending Chapter 5B of Part 13 of ITA 2007 and Chapter 2 of Part 16 of CTA 2010 (finance arrangements).
Schedule 14 contains provision for a person’s tax liability to be reduced in return for giving pre-eminent property to the nation.
Section 429 of ITA 2007 (gift aid: giving through self-assessment return) is repealed.
The following repeals are made in consequence of subsection (1)—
in section 426 of ITA 2007 (election by donor: gift treated as made in previous tax year), omit subsection (8),
in section 538 of that Act (requirement to make claim), omit subsection (3),
in section 133 of FA 2008 (set-off etc where right to be paid a sum has been transferred), in subsection (8)(a), omit the words from “except” to the end,
in section 472 of CTA 2010 (gifts qualifying for gift aid relief: corporation tax liability and exemption), omit subsection (5), and
in section 475 of that Act (gifts qualifying for gift aid relief: income tax treated as paid and exemption), omit subsection (7).
Accordingly, the following provisions are also repealed—
section 130(9) of FA 2008, and
paragraph 3(4) of Schedule 8 to FA 2010.
The repeals made by this section are treated as having come into force on 6 April 2012.
Schedule 15 contains provision about relief in respect of gifts qualifying for gift aid relief and other income of charities and other bodies.
In section 658 of CTA 2010 (meaning of “community amateur sports club”), for subsection (1) substitute—
In consequence of the amendment made by subsection (1), omit paragraph 31 of Schedule 6 to FA 2010.
The amendments made by this section are treated as having come into force on 6 April 2010.
In section 168 of ITTOIA 2005 (site restoration payments), at the beginning of subsection (2) insert “Subject to subsection (3A),”.
For subsection (3) of that section substitute—
At the end of that section insert—
In section 145 of CTA 2009 (site restoration payments), at the beginning of subsection (2) insert “Subject to subsection (3A),”.
For subsection (3) of that section substitute—
At the end of that section insert—
The amendments made by this section have effect in relation to any site restoration payment made on or after 21 March 2012, other than a payment made pursuant to an unconditional obligation in a contract made before 21 March 2012.
An unconditional obligation is an obligation which may not be varied or extinguished by the exercise of a right (whether or not under the contract).
In section 227 of ITTOIA 2005 (adjustment on change of accounting basis: income tax)—
in subsection (3)(a) for “relevant change of accounting approach” substitute “change of accounting policy”, and
for subsection (4) substitute—
In section 180 of CTA 2009 (adjustment on change of accounting basis: corporation tax)—
in subsection (3)(a) for “relevant change of accounting approach” substitute “change of accounting policy”, and
for subsection (4) substitute—
Corresponding amendments are to be treated as having been made in section 64 of FA 2002.
In consequence of the amendment made by subsection (1)(b), omit paragraph 2 of Schedule 6 to F(No.2)A 2005.
The amendments made by this section have effect in relation to a change of basis if the new basis—
is adopted for a period of account which begins on or after 1 January 2012, or
is adopted for a period of account which begins before 1 January 2012 and the adoption is in consequence of the issue, revocation, amendment or recognition of, or withdrawal of recognition from, an accounting standard by an accounting body on or after 1 January 2012.
In this section—
“accounting body” means the International Accounting Standards Board, the Accounting Standards Board, or a successor body to either of those Boards;
This Part makes special provision for corporation tax purposes in relation to life assurance business and other long-term business carried on by insurance companies.
Chapter 1 explains some of the key concepts for the purposes of this Part, including the concept of basic life assurance and general annuity business (abbreviated to “BLAGAB”).
Chapter 2—
provides for the profits of BLAGAB to be subject to a charge to corporation tax on the I - E basis as the profits of a separate business, and
provides for the profits of other long-term business to be charged to corporation tax under section 35 of CTA 2009 as the profits of a single trade.
Chapter 3 sets out the rules applicable to the I - E charge (which operate in part by reference to the calculation of an insurance company’s BLAGAB trade profit or loss).
Chapter 4 sets out rules for determining for the purposes of the I - E charge how to apportion items to an insurance company’s basic life assurance and general annuity business.
Chapter 5—
provides for the policyholders’ share of the I - E profit to be charged at the policyholders’ rate (the basic rate of income tax), and
provides for policyholder tax to be taken into account in calculating an insurance company’s BLAGAB trade profit or loss.
Chapter 6 contains special rules that are to apply for the purpose of calculating an insurance company’s BLAGAB trade profit or loss or the profits of an insurance company’s other long-term business.
Chapter 7 sets out rules for determining for the purposes of that calculation how to allocate items between BLAGAB and other long-term business.
The remainder of the Part contains—
provision in relation to assets held for the purposes of an insurance company’s long-term business (see Chapter 8),
provision for relieving BLAGAB trade losses and restrictions in relation to the policyholders’ share of an I - E profit (see Chapter 9),
provision in relation to the transfer of BLAGAB or other long-term business (see Chapter 10), and
definitions and other supplementary material (see Chapters 11 and 12).
This section defines for the purposes of this Part what is meant by “life assurance business”.
Business is “life assurance business” if—
it consists of the effecting or carrying out of contracts of insurance which fall within paragraph I, II, III or VII(b) of Part 2 of Schedule 1 to the FISMA (Regulated Activities) Order 2001, or
it is capital redemption business (see subsection (3)).
Business is “capital redemption business” if it consists of the effecting on the basis of actuarial calculations, and the carrying out, of contracts under which, in return for one or more fixed payments, a sum of a specified amount (or a series of sums of a specified amount) become payable at a future time or over a period.
This section defines for the purposes of this Part what is meant by “basic life assurance and general annuity business”.
“Basic life assurance and general annuity business” means life assurance business other than—
pension business (which is defined for the purposes of this section by section 58),
child trust fund business (which is defined for the purposes of this section by section 59),
individual savings account business (which is defined for the purposes of this section by section 60),
business which consists of the effecting or carrying out of immediate needs annuities (within the meaning of section 725 of ITTOIA 2005),
re-insurance of life assurance business other than excluded business,
overseas life assurance business (which is defined for the purposes of this section by section 61), or
protection business (which is defined for the purposes of this section by section 62).
In subsection (2)(e) “excluded business” means business of any description excluded for the purposes of this section by regulations made by HMRC Commissioners.
This section defines for the purposes of the definition of “basic life assurance and general annuity business” given by section 57 what is meant by “pension business”.
Life assurance business is “pension business” if—
it consists of the effecting or carrying out of contracts entered into for the purposes of a registered pension scheme, or
it is the re-insurance of business within paragraph (a).
Subsection (4) applies if the pension scheme ceases to be a registered pension scheme as a result of the withdrawal of its registration under section 157 of FA 2004.
The company’s life assurance business that was pension business when the scheme was a registered pension scheme is treated as ceasing to be pension business at the beginning of the company’s period of account in which the scheme so ceases to be a registered pension scheme.
If— the contract is treated for the purposes of this section as having been entered into for those purposes.
immediately before 6 April 2006 an annuity contract fell within any of the descriptions of contracts specified in section 431B(2) of ICTA as it had effect immediately before that date, but
the contract does not fall to be regarded for the purposes of this section as having been entered into for the purposes of a registered pension scheme,
This section defines for the purposes of the definition of “basic life assurance and general annuity business” given by section 57 what is meant by “child trust fund business”.
Life assurance business is “child trust fund business” if it consists of the effecting or carrying out of child trust fund policies.
But the re-insurance of business consisting of the effecting or carrying out of child trust fund policies is not “child trust fund business”.
In this section “child trust fund policy” means a policy of life insurance which is an investment under a child trust fund (within the meaning of the Child Trust Funds Act 2004).
This section defines for the purposes of the definition of “basic life assurance and general annuity business” given by section 57 what is meant by “individual savings account business”.
Life assurance business is “individual savings account business” if it consists of the effecting or carrying out of individual savings account policies.
But the re-insurance of business consisting of the effecting or carrying out of individual savings account policies is not “individual savings account business”.
In this section “individual savings account policy” means a policy of life insurance which is an investment of a kind specified in regulations made as a result of section 695(1) of ITTOIA 2005.
This section defines for the purposes of the definition of “basic life assurance and general annuity business” given by section 57 what is meant by “overseas life assurance business”.
Life assurance business is “overseas life assurance business” if— but the re-insurance of business that meets the conditions in paragraphs (a) and (b) is not “overseas life assurance business”.
it consists of the effecting or carrying out of contracts with policyholders or annuitants who are not resident in the United Kingdom, and
it does not consist of excluded business,
For this purpose “excluded business” means—
business which is pension business within the meaning of section 58,
business which is child trust fund business within the meaning of section 59,
business which is individual savings account business within the meaning of section 60, or
business of any description excluded by regulations made by HMRC Commissioners.
HMRC Commissioners may by regulations—
make provision as to the circumstances in which a trustee who is a policyholder or annuitant residing in the United Kingdom is to be treated for the purposes of this section as not residing there, and
provide that nothing in Chapter 9 of Part 4 of ITTOIA 2005 is to apply to a policy or contract which constitutes overseas life assurance business as a result of provision made under paragraph (a).
HMRC Commissioners may by regulations make provision for giving effect to this section.
Regulations under subsection (5) may—
provide that, in prescribed circumstances, any prescribed issue as to whether business is, or is not, overseas life assurance business (or overseas life assurance business of a particular kind) is to be determined by reference to prescribed matters,
require companies to obtain certificates, undertakings, information or declarations from any person for the purposes of the regulations,
make provision for dealing with cases where any issue within paragraph (a) is (for any reason) wrongly determined, including provision allowing for charges to tax to be imposed (with or without limits on time) on the insurance company concerned or on the policyholders or annuitants concerned,
require companies to supply information and make available books, documents and other records for inspection by officers of Revenue and Customs, and
make provision (including provision imposing penalties) for contravention of, or non-compliance with, the regulations.
The matters that may be prescribed under subsection (6)(a) include—
the giving of certificates or undertakings,
the giving or possession of information, and
the making of declarations.
Regulations under this section may—
make different provision for different cases or circumstances, and
contain incidental, supplementary, consequential, transitional, transitory or saving provision (including provision amending any enactment or instrument made under any enactment).
This section defines for the purposes of the definition of “basic life assurance and general annuity business” given by section 57 what is meant by “protection business”.
Life assurance business is “protection business” if it consists of the effecting or carrying out of any contract of long-term insurance in relation to which the following conditions are met—
the benefits payable cannot exceed the amount of premiums paid except on death or in respect of incapacity due to injury, sickness or other infirmity, and
the contract is made on or after 1 January 2013.
For the purposes of subsection (2)(a) ignore—
any benefit (other than a payment of money) that, when the contract is entered into, is provided as an inducement for entering into the contract and that is not repayable (to any extent) in any circumstances,
any case where the amount by which the benefits can exceed the amount of premiums paid is an insignificant proportion of those premiums, and
any case which a reasonable person, as the policyholder under the policy effected by the contract, can reasonably regard as highly unlikely to arise.
If at any time— the contract is to be treated for the purposes of this section as ending at that time and a new contract (on the varied terms) is to be treated for those purposes as being made immediately after that time.
a contract is varied otherwise than as a result of the operation of, or the exercise of rights conferred by, provisions forming part of the contract or a connected arrangement, and
as a result of the variation the contract becomes, or ceases to be, one in respect of which the condition in subsection (2)(a) is met,
For this purpose a “connected arrangement”, in relation to a contract, means any agreement or other arrangement entered into in connection with the making of the contract.
If— the new contract is to be regarded for the purposes of this section as if it were made before 1 January 2013.
a contract (“the new contract”) is made on or after 1 January 2013 as a result of the operation of, or the exercise of rights conferred by, provisions of a contract (“the old contract”) made before that date, and
the provisions of the new contract were (or could have been) determined by reference to provisions of the old contract when the old contract was made,
For the purposes of this Part “long-term business” means—
life assurance business, or
other business which consists of the effecting or carrying out of contracts of long-term insurance.
For the purposes of this Part “PHI business” means the other business mentioned in subsection (1)(b).