Finance Acts 2017

Heading/subject (original 20 March Bill)

Original 20 March 2017 Bill

FA 2017

2nd Finance Bill

Clause/Sch no

Section/Sch no

Clause/Sch no

PART 1 DIRECT TAXES

CHAPTER 1 CHARGE AND PRINCIPAL RATES

Income tax charge and rates

Income tax charge for tax year 2017-18

1

1

–

Main rates of income tax for tax year 2017-18

2

2

–

Default and savings rates of income tax for tax year 2017-18

3

3

–

Starting rate limit for savings for tax year 2017-18

4

4

–

Dividend nil rate for tax year 2018-19 etc

5

–

8

Corporation tax charge

Corporation tax charge for financial year 2018

6

5

–

CHAPTER 2 INCOME TAX

Employment income

Workers’ services provided to public sector through intermediaries

7, Sch 1

6, Sch 1

–

Optional remuneration arrangements

8, Sch 2

7, Sch 2

–

Taxable benefits: time limit for making good

9

–

1

Taxable benefits: ultra-low emission vehicles

10

–

2

Taxable benefits: asset made available without transfer

11

8

–

Pensions advice

12

–

3

Legal expenses etc

13

–

4

Termination payments etc: amounts chargeable on employment income

14

–

5

PAYE settlement agreements

15

–

6

Pensions

Money purchase annual allowance

16

–

7

Overseas pensions

17, Sch 3

9, Sch 3

–

Pensions: offshore transfers

18, Sch 4

10, Sch 4

–

Trading and property businesses income

Calculation of profits of trades and property businesses

19, Sch 5

–

16, Sch 2

Trading and property allowances

20, Sch 6

–

17, Sch 3

Investment income

Deduction of income tax at source

21, Sch 7

11, Sch 5

–

Life insurance policies: recalculating gains on part surrenders etc

22

–

9

Personal portfolio bonds

23

–

10

Reliefs relating to investments

EIS and SEIS: the no pre-arranged exits requirement

24

–

11

VCTs: follow-on funding

25

–

12

VCTs: exchange of non-qualifying shares and securities

26

–

13

Social investment tax relief

27, Sch 8

–

14, Sch 1

Business investment relief

28

–

15

CHAPTER 3 CORPORATION TAX

Corporation tax reliefs

Carried-forward losses

29, Sch 9

–

18, Sch 4

Losses: counteraction of avoidance arrangements

30

–

19

Corporate interest restriction

31, Sch 10

–

20, Sch 5

Museum and gallery exhibitions

32, Sch 11

–

21, Sch 6

Grassroots sport

33

–

22

Profits from the exploitation of patents: cost-sharing arrangements

34

–

23

Hybrids and other mismatches

Permitted taxable periods of payees and deductions for amortisation

35

–

24

Northern Ireland

Trading profits taxable at the Northern Ireland rate

36, Sch 12

–

25, Sch 7

CHAPTER 4 CHARGEABLE GAINS

Exemption from attribution of carried interest gains

37

–

32

Elections in relation to assets appropriated to trading stock

38

–

26

Substantial shareholding exemption

39

–

27

Substantial shareholding exemption: institutional investors

40

–

28

CHAPTER 5 PROVISIONS RELATING TO MORE THAN ONE TAX

Domicile, overseas property etc

Deemed domicile: income tax and capital gains tax

41, Sch 13

–

29, Sch 8

Deemed domicile: inheritance tax

42

–

30

Settlements and transfer of assets abroad: value of benefits

43, Sch 14

–

31, Sch 9

Inheritance tax on overseas property representing UK residential property

44, Sch 15

–

33, Sch 10

Employee shareholder shares

Employee shareholder shares: amount treated as earnings

45

12

–

Employee shareholder shares: abolition of CGT exemption

46

13

–

Employee shareholder shares: purchase by company

47

14

–

Disguised remuneration

Employment income provided through third parties

48, Schs 16, 17

15, Sch 6

34, Sch 11

Trading income provided through third parties

49, Sch 18

–

35, Sch 12

Disguised remuneration schemes: restriction of income tax relief

50

–

36

Disguised remuneration schemes: restriction of corporation tax relief

51

–

37

Capital allowances

First-year allowance for expenditure on electric vehicle charging points

52

–

38

Transactions in UK land

Disposals concerned with land in United Kingdom

53

–

39

Co-ownership authorised contractual schemes

Co-ownership authorised contractual schemes: capital allowances

54

–

40

Co-ownership authorised contractual schemes: information requirements

55

–

41

Co-ownership authorised contractual schemes: offshore funds

56

–

42

PART 2 INDIRECT TAXES

VAT

VAT: zero-rating of adapted motor vehicles etc

57, Sch 19

16, Sch 7

–

Insurance premium tax

IPT: standard rate

58

17

–

IPT: anti-forestalling provision

59

18

–

Landfill tax

Landfill tax: taxable disposals

60

–

–

Air passenger duty

Air passenger duty: rates of duty from 1 April 2017

61

19

–

Air passenger duty: rates of duty from 1 April 2018

62

–

43

Petroleum revenue tax

Petroleum revenue tax: elections for oil fields to become non-taxable

63

–

44

Vehicle excise duty

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

64

20

–

Alcohol duties

Alcoholic liquor duties: rates

65

21

–

Gaming duties

Gaming duty: rates

66

–

45

Remote gaming duty: freeplay

67

–

46

Tobacco products

Tobacco products duty: rates

68

22

–

Tobacco products duty: minimum excise duty

69

23

–

Tobacco products manufacturing machinery: licensing scheme

70

–

47

PART 3 SOFT DRINKS INDUSTRY LEVY (Pt 2 in FA 2017)

Introductory

Soft drinks industry levy

71

25

–

“Soft drink” and “package”

72

26

–

Meaning of “prepared drink”

73

27

–

Chargeable soft drinks

Meaning of “chargeable soft drink”

74

28

–

Sugar content condition

75

29

–

Exempt soft drinks

76

30

–

Charging of the soft drinks industry levy

Charge to soft drinks industry levy

77

31

–

Chargeable events: soft drinks packaged in the UK

78

32

–

Chargeable events: soft drinks imported into the UK

79

33

–

Secondary warehousing regulations

80

34

–

Liability to pay the levy

81

35

–

Levy rates

82

36

–

Exemption etc

Small producer exemption

83

37

–

Meaning of “small producer”

84

38

–

Tax credits

85

39

–

Registration

The register

86

40

–

Liability to register: packagers

87

41

–

Liability to register: producers

88

42

–

Liability to register: imported chargeable soft drinks

89

43

–

Notification of liability and registration

90

44

–

Voluntary registration: small producers

91

45

–

Cancellation of registration under section 87, 88 or 89

92

46

–

Cancellation of voluntary registration

93

47

–

Correction of the register

94

48

–

Applications, notifications etc

95

49

–

Offences

Fraudulent evasion

96

50

–

Failure to notify registration liability

97

51

–

Administration and enforcement

Payment, collection and recovery

98, Sch 20

52, Sch 8

–

Records

99, Sch 21

53, Sch 9

–

Power to make further provision about enforcement

100

54

–

Appeals etc

101, Sch 22

55, Sch 10

–

Supplementary amendments

102, Sch 23

56, Sch 11

–

Miscellaneous

Regulations: death, incapacity or insolvency of person carrying on a business

103

57

–

Provisional collection of soft drinks industry levy

104

58

–

General

Interpretation

105

59

–

Regulations

106

60

–

Commencement

107

61

–

PART 4 FULFILMENT BUSINESSES

Carrying on a third country goods fulfilment business

108

–

48

Requirement for approval

109

–

49

Register of approved persons

110

–

50

Regulations relating to approval, registration etc.

111

–

51

Disclosure of information by HMRC

112

–

52

Offence

113

–

53

Forfeiture

114

–

54

Penalties

115, Sch 24

–

55, Sch 13

Appeals

116

–

56

Regulations

117

–

57

Interpretation

118

–

58

Commencement

119

–

59

PART 5 ADMINISTRATION, AVOIDANCE AND ENFORCEMENT

Reporting and record-keeping

Digital reporting and record-keeping for income tax etc

120

–

60

Digital reporting and record-keeping for income tax etc: further amendments

121, Sch 25

–

61, Sch 14

Digital reporting and record-keeping for VAT

122

–

62

Enquiries

Partial closure notices

123, Sch 26

–

63, Sch 15

Avoidance etc

Errors in taxpayers’ documents

124

–

64

Penalties for enablers of defeated tax avoidance

125, Sch 27

–

65, Sch 16

Disclosure of tax avoidance schemes: VAT and other indirect taxes

126, Sch 28

–

66, Sch 17

Promoters of tax avoidance schemes: threshold conditions etc

127

24

–

Requirement to correct certain offshore tax non-compliance

128, Sch 29

–

67, Sch 18

Penalty for transactions connected with VAT fraud etc

129

–

68

Customs enforcement powers

Power to enter premises and inspect goods

130

–

–

Power to search vehicles or vessels

131

–

–

Information

Data-gathering from money service businesses

132

–

69

PART 6 FINAL (Pt 3 in FA 2017)

Northern Ireland welfare payments: updating statutory reference

133

–

70

Interpretation

134

62

71

Short title

135

63

72