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Finance (No. 2) Act 2010

Consolidated Text As Enacted Cited authorities 44 Cited in Amendments 42 Related
Vincent
JurisdictionUK Non-devolved
  • In section 2(2) (a) of FA 2010 (main corporation tax rate for financial year 2011 on profits other than ring fence profits) , for “28%” substitute
  • Schedule 1 contains provision in relation to the rates at which capital gains tax is charged.
    • (1) In section 2(1) of VATA 1994 (rate of VAT) , for “17.5 per cent” substitute “ 20 per cent ”.(2) In section 21(4) of that Act (restriction on value of imported goods) , for “28.58 per cent” substitute “ 25 per cent ”.(3) The amendment made by subsection (1) has effect in relation to any supply made on or after 4 January 2011 and any acquisition or importation taking place on or after that date.(4) The amendment made by subsection (2) has effect in relation to goods imported on or after 4 January 2011.(5) Schedule 2 contains provision for a supplementary charge to value added tax on supplies spanning the date of the VAT change.in paragraph (a) (higher rate) , for “17.5 per cent” substitute “ 20 per cent ”, andin paragraph (b) (standard rate) , for “5 per cent” substitute “ 6 per cent ”.(2) The amendments made by subsection (1) have effect in relation to a premium falling to be regarded for the purposes of Part 3 of FA 1994 as received under a taxable insurance contract by an insurer on or after 4 January 2011.the announcement for the purposes of section 67A(1) is to be taken to have been made on 22 June 2010, andthe date of the change is 4 January 2011.(4) In FA 1999, omit section 125; and the repeal of that section comes into force in accordance with the provision made by this section for the coming into force of the amendments made by subsection (1) .(1) The Treasury may by order made by statutory instrument repeal section 23 of, and Schedule 2 to, FA 2010 (high income excess relief charge) .(2) No order may be made under subsection (1) after 31 December 2010.(3) Section 1014 of ITA 2007 (orders and regulations under Income Tax Acts) does not apply to the power under subsection (1) .
  • Schedule 4 contains provision about expenses and allowances paid to members of the House of Commons and other representatives.
  • Schedule 5 contains amendments of sections 311, 312 and 599A of CTA 2009 (loan relationships and derivative contracts: treatment of amounts not fully recognised for accounting purposes) .
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    • (1) In this Act—(2) In this Act “FA”, followed by a year, means the Finance Act of that year.
  • This Act may be cited as the Finance (No.2) Act 2010.
    • (1) TCGA 1992 is amended as follows.(2) For section 4 (rate of capital gains tax) substitute—
      (4) Rates of capital gains tax
    • “(1) This section makes provision about the rates at which capital gains tax is charged, but is subject to section 169N (rate in case of claim for entrepreneurs' relief) .
    • (2) Subject to the following provisions of this section, the rate of capital gains tax in respect of gains accruing to a person in a tax year is 18%.
    • (3) The rate of capital gains tax in respect of gains accruing to—
    • (a) the trustees of a settlement, or
    • (b) the personal representatives of a deceased person,
      • in a tax year is 28%.
    This section makes provision about the rates at which capital gains tax is charged, but is subject to section 169N (rate in case of claim for entrepreneurs' relief) .Subject to the following provisions of this section, the rate of capital gains tax in respect of gains accruing to a person in a tax year is 18%.the trustees of a settlement, orthe personal representatives of a deceased person,If income tax is chargeable at the higher rate or the dividend upper rate in respect of any part of the income of an individual for a tax year, the rate of capital gains tax in respect of gains accruing to the individual in the year is 28%.If no income tax is chargeable at the higher rate or the dividend upper rate in respect of the income of an individual for a tax year, but the amount on which the individual is chargeable to capital gains tax exceeds the unused part of the individual's basic rate band, the rate of capital gains tax on the excess is 28%.For the purposes of subsection

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