Finance (No. 2) Act 2015

Cited authorities 236

Cited in

Amendments 277

Jurisdiction	UK Non-devolved
Citation	2015 c. 33

Contenidos

Finance (No. 2) Act 2015
PART 1: Principal rates etc

Tax lock

1: Income tax lock
2: VAT lock

Personal allowance and basic rate limit for income tax

3: Personal allowance and national minimum wage
4: Personal allowance and national minimum wage: Chancellor's duties
5: Personal allowance from 2016: In section 5(1) of FA 2015 (personal allowance from 2016)—
6: Basic rate limit from 2016: In section 4(1) of FA 2015 (basic rate limit from 2016)—

Corporation tax

7: Rate of corporation tax for financial years 2017-2020

Capital allowances

8: Annual investment allowance

PART 2: Inheritance tax

Rate bands

9: Increased nil-rate band where home inherited by descendants
10: Rate bands for tax years 2018-19, 2019-20 and 2020-21: Section 8 of IHTA 1984 (indexation) does not have effect by virtue of any difference between—

Settlements

11: Calculation of rate of inheritance tax on settled property
12: Exemption from ten-yearly charge for heritage property
13: Settlements with initial interest in possession
14: Distributions etc from property settled by will

Interest

15: Inheritance tax: interest

PART 3: Banking

Bank levy

16: Bank levy rates for 2016 to 2021

Banking companies

17: Banking companies: surcharge
18: Banking companies: expenses relating to compensation
19: Banks established under Savings Bank (Scotland) Act 1819: loss allowance
20: Definitions relating to banks

PART 4: Income tax, corporation tax and capital gains tax

Income tax

21: Pensions: special lump sum death benefits charge
22: Pensions: some lump sum death benefits taxed as pension income
23: Pensions: annual allowance
24: Relief for finance costs related to residential property businesses
25: Enterprise investment scheme
26: Venture capital trusts
27: EIS, VCTs etc: excluded activities
28: EIS, VCTs and EMI: meaning of “farming”
29: Travel expenses of members of local authorities etc
30: London Anniversary Games

Corporation tax

31: R&D expenditure credits: ineligible companies
32: Loan relationships and derivative contracts
33: Intangible fixed assets: goodwill etc
34: Election of designated currency by UK resident investment company
35: Group relief
36: CFC charge: abolition of relief
37: CFC charge: tax avoidance involving carried-forward losses
38: Restitution interest payments
39: Corporation tax instalment payments

Income tax and corporation tax

40: Changes in trading stock not made in course of trade
41: Valuation of trading stock on cessation
42: Transfer of intangible assets not at arm's length

Income tax and capital gains tax

43: Carried interest
44: Disguised investment management fees
45: Carried interest and disguised investment management fees: “arise”

PART 5: Excise duties and other taxes

Vehicle excise duty

46: Vehicle excise duty

Insurance premium tax

47: Insurance premium tax: standard rate

Aggregates levy

48: Aggregates levy: restoration of exemptions

Climate change levy

49: CCL: removal of exemption for electricity from renewable sources

PART 6: Administration and enforcement

50: International agreements to improve compliance: client notification

51: Enforcement by deduction from accounts

52: Rate of interest applicable to judgment debts etc in taxation matters

PART 7: Final

53: Interpretation
54: Short title

SCHEDULES

SCHEDULE 1 Section 11
Rate of tax charged under Chapter 3 of Part 3 IHTA 1984

SCHEDULE 2 Section 16
Bank levy rates for 2016 to 2021

Bank levy rate for 2016
Bank levy rate for 2017
Bank levy rate for 2018
Bank levy rate for 2019
Bank levy rate for 2020
Bank levy rate for 2021

SCHEDULE 3 Section 17
Banking companies: surcharge

PART 1: Main provisions
PART 2: Consequential amendments
PART 3: Commencement

SCHEDULE 4 Section 23
Pensions: annual allowance

PART 1: Alignment of pension input periods with tax years
PART 2: Annual allowance for, and carry-forward from, 2015-16
PART 3: Calculation of pension input amounts for periods ending in 2015-16
PART 4: Reduction of annual allowance for high-income individuals
PART 5: Other amendments

SCHEDULE 5 Section 25
Enterprise investment scheme

Introductory
Limiting eligibility for relief to investments made before 2025
The investor
General requirements
The issuing company
Repayment etc of share capital
Information to be provided by issuing company etc
Acquisition of issuing company
Powers to amend Part 5 of ITA 2007
“Knowledge-intensive companies”
Consequential repeals
Commencement and transitional provision

SCHEDULE 6 Section 26
Venture capital trusts

Introductory
Limiting eligibility for relief to investments made before 2025
Requirements for the giving of VCT approval
VCT approvals
The first commercial sale condition and the no business acquisition condition
Qualifying holdings
Power to amend Chapter 4 of Part 6
Interpretation of Chapter 4 of Part 6
Acquisitions for restructuring purposes
Power to amend Chapters 3 and 4 of Part 6 of ITA 2007
Interpretation of Part 6
Repeal of saving for investment of “protected money”
Consequential repeal
Application and transitional provision

SCHEDULE 7 Section 32
Loan relationships and derivative contracts

PART 1: Loan relationships: amendments of Parts 5 and 6 of CTA 2009
PART 2: Derivative contracts: amendments of Part 7 of CTA 2009
PART 3: Amendments of TCGA 1992 relating to loan relationships
PART 4: Consequential amendments
PART 5: Repeal of uncommenced repeal provisions
PART 6: Commencement and transitional provisions

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Finance (No. 2) Act 2015

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