Finance Act 2011
Year | 2011 |
Finance Act 2011
CHAPTER 11
CONTENTS
PART 1
CHARGES, RATES, ALLOWANCES ETC
Income tax
1 Charge and main rates for 2011-12
2 Basic rate limit for 2011-12
3 Personal allowance for 2011-12 for those aged under 65
Corporation tax
4 Main rate for financial year 2011
5 Charge and main rate for financial year 2012
6 Small profits rate and fractions for financial year 2011
7 Increase in rate of supplementary charge
Capital gains tax
8 Annual exempt amount
9 Entrepreneurs’ relief
Capital allowances
10 Plant and machinery writing-down allowances
11 Annual investment allowance
12 Short-life assets
Alcohol duties
13 Rates of alcoholic liquor duties
14 General beer duty: reduced rate for lower strength beer
15 New high strength beer duty
Finance Act 2011 (c. 11)
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Tobacco duties
16 Rates of tobacco products duty
Gambling duties
17 Rates of gaming duty
18 Amusement machine licence duty
Fuel duties
19 Fuel duties: rates of duty and rebates from 23 March 2011
20 Fuel duties: rates of duty and rebates from 1 January 2012
Vehicle excise duty
21 VED rates for light passenger vehicles, light goods vehicles, motorcycles etc
22 VED rates for certain goods vehicles without road-friendly suspension
Environmental taxes
23 Rates of climate change levy
24 Rate of aggregates levy
25 Standard rate of landfill tax
PART 2
INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX
Anti-avoidance provisions
26 Employment income provided through third parties
27 Tainted charity donations
28 Amounts not fully recognised for accounting purposes
29 Loan relationships involving connected debtor and creditor
30 Group mismatch schemes
31 Company ceasing to be member of group: availability of relief
32 Leasing businesses
33 Long funding finance leases
34 Investment companies
Exemptions and reliefs
35 Reduction in childcare relief for higher earners
36 Childcare: salary sacrifice etc and the national minimum wage
37 Accommodation expenses of MPs
38 Experts seconded to European Union bodies
39 Employment income: exemption for fees relating to monitoring schemes
40 Individual investment plans for children
41 Gift aid: increase of limits on total value of benefits associated with gifts
42 Enterprise investment scheme: amount of relief
43 Relief for expenditure on R&D by SMEs
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Chargeable gains
44 Value shifting
45 Company ceasing to be member of a group
46 Pre-entry losses
Foreign profits
47 Controlled foreign companies
48 Profits of foreign permanent establishments etc
Investment trusts
49 Meaning of “investment trust”
50 Power to make provision about treatment of transactions
Miscellaneous
51 Taxable benefits: calculating the appropriate percentage for cars
52 Furnished holiday lettings
53 Leases and changes to accounting standards
54 Leasing companies: withdrawal of election
55 Companies with small profits: associated companies
56 Insurance companies: apportionment of amounts brought into account
57 Tonnage tax: capital allowances in respect of ship leasing
58 Transfer pricing: application of OECD principles
59 Offshore funds
60 Index-linked gilt-edged securities
PART 3
OIL
61 PRT: areas treated as continuing to be oil fields
62 Intangible fixed assets: oil licences
63 Reduction of supplementary charge for certain new oil fields
64 Chargeable gains: oil activities
PART 4
PENSIONS
65 Benefits under pension schemes
66 Annual allowance charge
67 Lifetime allowance charge
68 Borrowing by section 67 pension scheme
69 Exemption from tax on interest on unpaid relevant contributions
70 Power to make further provision about section 67 pension scheme
71 Tax provision consequential on Part 1 of Pensions Act 2008 etc
72 Foreign pensions of UK residents
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