80 Air passenger duty: adjustments to Part 3 of Schedule 5A to FA 1994
(1) In Part 3 of Schedule 5A to FA 1994 (air passenger duty: territories)—
(a) omit “Ascension Island”, “Netherlands Antilles” and “Saint Helena”, and
(b) at the appropriate places insert— “ Bonaire ”, “ Curaçao ”, “ Saba ”, “ Saint Helena, Ascension and Tristan da Cunha ”, “ Sint Eustatius ”, and “ Sint Maarten ”.
(2) The amendments made by this section have effect in relation to the carriage of passengers beginning on or after the day on which this Act is passed.
84 VED: extension of old vehicles exemption from 1 April 2014
(1) In Schedule 2 to VERA 1994 (exempt vehicles) in paragraph 1A(1) (exemption for old vehicles) for “1973” substitute “ 1974 ”.
(2) The amendment made by subsection (1) is treated as having come into force on 1 April 2014.
(3) While a vehicle licence is in force in respect of a vehicle which is an exempt vehicle by virtue of subsection (1)—
(a) nothing in that subsection has the effect that a nil licence is required to be in force in respect of the vehicle, but
(b) for the purposes of section 33 of VERA 1994 the vehicle is to be treated as one in respect of which vehicle excise duty is chargeable.
85 VED: extension of old vehicles exemption from 1 April 2015
(1) In Schedule 2 to VERA 1994 (exempt vehicles) in paragraph 1A(1) (exemption for old vehicles) for “1974” (as substituted by section 84) substitute “ 1975 ”.
(2) The amendment made by subsection (1) comes into force on 1 April 2015; but nothing in that subsection has the effect that a nil licence is required to be in force in respect of a vehicle while a vehicle licence is in force in respect of it.
(1) In section 3 of VERA 1994 (duration of licences), for subsection (2) substitute—
(2) A vehicle licence may be taken out for a vehicle for a period of six months running from the beginning of the month in which the licence first has effect if—
(a) the annual rate of vehicle excise duty in respect of the vehicle exceeds £50, or
(b) the vehicle is one to which the annual rate of vehicle excise duty specified in paragraph 11C(2)(a) of Schedule 1 applies (tractive units: special cases).
(2) The amendment made by this section has effect in relation to licences taken out on or after 1 April 2014.
88 Vehicles subject to HGV road user levy: amount of 6 month licence
(1) Section 4 of VERA 1994 (amount of duty) is amended as follows.
(2) In subsection (2), for “Where” substitute “ Subject to subsection (2A), where ”.
(3) After subsection (2) insert—
(2A) In the case of a vehicle which is charged to HGV road user levy, the reference in subsection (2) to fifty-five per cent is to be read as a reference to fifty per cent.
(4) The amendments made by this section have effect in relation to licences taken out on or after 1 April 2014.
(1) VERA 1994 is amended as follows.
(2) In section 4 (amount of duty) for subsections (1) to (2A) substitute—
(1) Where a vehicle licence for a vehicle of any description is taken out for a period of 12 months, vehicle excise duty is to be paid on the licence—
(a) at the annual rate of duty applicable to vehicles of that description, or
(b) if the duty is to be paid by more than one instalment pursuant to an agreement under section 19B, at a rate equal to 105% of that annual rate.
(2) Subject to subsection (2A), where a vehicle licence for a vehicle of any description is taken out for a period of 6 months, vehicle excise duty is to be paid on the licence—
(a) at a rate equal to 55% of the annual rate of duty applicable to vehicles of that description, or
(b) if the duty is to be paid by direct debit pursuant to an agreement under section 19B, at a rate equal to 52.5% of that annual rate.
(2A) In the case of a vehicle which is charged to HGV road user levy, the reference in subsection (2)(a) to 55% is to be read as a reference to 50%.
(3) In section 13 (trade licences: duration and amount of duty)—
(a) in subsection (3), after “calendar year” insert “ (“the applicable annual rate”) ”,
(b) after subsection (3) insert—
(3A) Where a trade licence is taken out for a calendar year and the duty is to be paid by more than one instalment pursuant to an agreement under section 19B, the rate of duty is 105% of the applicable annual rate.
,
(c) for subsection (4) substitute—
(4) The rate of duty applicable to a trade licence taken out for a period of 6 months is—
(a) 55% of the applicable annual rate for a corresponding trade licence taken out for a calendar year, or
(b) if the duty is to be paid by direct debit pursuant to an agreement under section 19B, 52.5% of that applicable annual rate.
,
(d) in subsection (5)(a), for “rate applicable to the” substitute “ applicable annual rate for a ”, and
(e) in subsection (6), for “subsection (4)” substitute “ subsection (3A), (4) ”.
(4) In section 13 (trade licences: duration and amount of duty) as set out in paragraph 8(1) of Schedule 4 to VERA 1994 to have effect on and after a day appointed by order—
(a) in subsection (4), after “twelve months” insert “ (“the applicable annual rate”) ”,
(b) after subsection (4) insert—
(4A) Where a trade licence is taken out for a period of 12 months and the duty is to be paid by more than one instalment pursuant to an agreement under section 19B, the rate of duty is 105% of the applicable annual rate.
,
(c) for subsection (5) substitute—
(5) The rate of duty applicable to a trade licence taken out for a period of 6 months is—
(a) 55% of the applicable annual rate for a corresponding trade licence taken out for 12 months, or
(b) if the duty is to be paid by direct debit pursuant to an agreement under section 19B, 52.5% of that applicable annual rate.
, and
(d) in subsection (6), for “subsection (5)” substitute “ subsection (4A) or (5) ”.
(5) In section 19A (payment by cheque)—
(a) in subsection (2)(b) omit “by post”, and
(b) in subsection (3)(b) and (d) omit “by post”.
(6) In section 19B (issue of licences before payment of duty)—
(a) after subsection (1) insert—
(1A) An agreement to pay the duty payable on a vehicle licence or a trade licence may provide—
(a) for the duty to be paid by instalments,
(b) that if any of the rebate conditions in section 19(3) is satisfied in relation to the vehicle for which the licence was issued, the licence is to cease to be in force from the time specified in the agreement and any instalments falling due after that time are no longer to be due, and
(c) for any instalments falling due after a request under section 14(2) is received by the Secretary of State no longer to be due.
,
(b) in subsection (2)(c) omit “by post”,
(c) in subsection (3)(b) and (d) omit “by post”, and
(d) after subsection (3) insert—
(4) But subsections (2) and (3) do not apply in a case where the agreement under subsection (1) provides for the duty payable to be paid by more than one instalment (and for this case see subsection (5)).
(5) In a case where—
(a) a vehicle licence or a trade licence is issued to a person in accordance with subsection (1),
(b) the duty payable on the licence is not received by the Secretary of State in accordance with the agreement,
(c) the agreement provides for the duty payable to be paid by more than one instalment,
(d) the Secretary of State sends a notice to the person requiring the person to secure that the duty payable on the licence (both in respect of instalments which have fallen due and in respect of future instalments) is paid within the period specified in the notice,
(e) the requirement in the notice is not complied with, and
(f) the Secretary of State sends a further notice to the person informing that person that the licence is void from the time specified in the notice,
the licence is to be void from the time specified.
(7) In section 35A (dishonoured cheques)—
(a) in subsection (1)(a), for “or 19B(3)(d)” substitute “ , 19B(3)(d) or 19B(5)(f) ”,
(b) after subsection (7) insert—
(8) In a case where a notice is sent as mentioned in section 19B(5)(f) the amounts specified in subsections (2)(b) and (4) are to be calculated on the basis of the rate described in section 4(1)(b) or 13(3A) (whichever is relevant).
, and
(c) in the heading, for “Dishonoured cheques” substitute “ Failed payments ”.
(8) In section 36 (dishonoured cheques: additional liability)—
(a) after subsection (6) insert—
(7) In a case where a notice is sent as mentioned in section 19B(5)(f) the amount specified in subsection (2) is to be calculated on the basis of the rate described in section 4(1)(b) or 13(3A) (whichever is relevant).
, and
(b) in the heading, for “Dishonoured cheques” substitute “ Failed payments ”.
(9) In Schedule 4 (transitionals etc), after paragraph 8(3) insert—
(4) In cases in which the provisions set out in sub-paragraph (1) have effect, sections 35A(8) and 36(7) are to be read as referring to section 13(4A) instead of section 13(3A).
(10) The amendments made by this section come into force on 1 October 2014.
(1) VERA 1994 is amended as follows.
(2) In section 60A (revenue weight), in subsection (9)(b)—
(a) for “at which” substitute “ which must not be equalled or exceeded in order for ”, and
(b) for “may lawfully” substitute “ to lawfully ”.
(3) In section 61 (vehicle weights)—
(a) in subsection (1)(b), after “not be” insert “ equalled or ”, and
(b) in subsection (2), after “not be” insert “ equalled or ”.
(4) The amendments made by this section have effect in relation to licences taken out on or after 1 April 2014.
(1) Schedule 1 to the HGV Road User Levy Act 2013 (rates of HGV road user levy) is amended as follows.
(2) In paragraph 4, for “is Band G” substitute
is—
(a) Band E(T), in the case of a rigid goods vehicle which is a relevant rigid goods vehicle within the meaning of paragraph 10 of Schedule 1 to the 1994 Act (rigid goods vehicles used for drawing trailers of more than 4,000 kilograms), and
(b) Band G, in all other cases.
(3) For Tables 2 to 5 substitute—
Table 2: rigid goods vehicle
Revenue weight of vehicle | 2 axle vehicle | 3 axle vehicle | 4 or more axle vehicle
More than | Not more than
kgs | kgs | Band | Band | Band
11,999 | 15,000 | B | B | B
15,000 | 21,000 | D | B | B
21,000 | 23,000 | D | C | B
23,000 | 25,000 | D | D | C
25,000 | 27,000 | D | D | D
27,000 | 44,000 | D | D | E
Table 3: rigid goods vehicle with trailer over 4,000 kgs
Revenue weight of vehicle | 2 axle vehicle | 3 axle vehicle | 4 or more axle vehicle
More than | Not more than
kgs | kgs | Band | Band | Band
11,999 | 15,000 | B(T) | B(T) | B(T)
15,000 | 21,000 | D(T) | B(T) | B(T)
21,000 | 23,000 | E(T) | C(T) | B(T)
23,000 | 25,000 | E(T) | D(T) | C(T)
25,000 | 27,000 | E(T) | D(T) | D(T)
27,000 | 44,000 | E(T) | E(T) | E(T)
Table 4: tractive units with two axles
Revenue weight of tractive vehicle | Any no of semi-trailer axles | 2 or more semi-trailer axles | 3 or more semi-trailer axles
More than | Not more than
kgs | kgs | Band | Band | Band
11,999 | 25,000 | A | A | A
25,000 | 28,000 | C | A | A
28,000 | 31,000 | D | D | A
31,000 | 34,000 | E | E | C
34,000 | 38,000 | F | F | E
38,000 | 44,000 | G | G | G
Table 5: tractive unit with three or more axles
Revenue weight of tractive vehicle | Any no of semi-trailer axles | 2 or more semi-trailer axles | 3 or more semi-trailer axles
More than | Not more than
kgs | kgs | Band | Band | Band
11,999 | 28,000 | A | A | A
28,000 | 31,000 | C | A | A
31,000 | 33,000 | E | C | A
33,000 | 34,000 | E | D | A
34,000 | 36,000 | E | D | C
36,000 | 38,000 | F | E | D
38,000 | 44,000 | G | G | E
(4) The amendments made by this section are treated as having come into force on 1 April 2014.
93 HGV road user levy: disclosure of information by HMRC
(1) After section 14 of the HGV Road User Levy Act 2013 insert—
Disclosure of information by Revenue and Customs
14A (1) Information which is held as mentioned in section 18(1) of the Commissioners for Revenue and Customs Act 2005 (confidentiality) may be disclosed by or with the authority of the Commissioners for Her Majesty's Revenue and Customs to—
(a) the Secretary of State, or
(b) a person providing services to the Secretary of State,
for the purpose of enabling or assisting the exercise of any of the Secretary of State's functions under or by virtue of this Act.
(2) Information disclosed in accordance with subsection (1) may not be further disclosed except—
(a) to any other person to whom it could have been disclosed in accordance with that subsection, or
(b) with the consent of the Commissioners for Her Majesty's Revenue and Customs (which may be general or specific).
(3) If, in contravention of subsection (2), any revenue and customs information relating to a person is disclosed and the identity of the person—
(a) is specified in the disclosure, or
(b) can be deduced from it,
section 19 of the Commissioners for Revenue and Customs Act 2005 (offence of wrongful disclosure) applies as it applies in relation to a disclosure of such information in contravention of section 20(9) of that Act.
(4) In subsection (3) “revenue and customs information relating to a person” has the meaning given by section 19(2) of the Commissioners for Revenue and Customs Act 2005.
(5) Nothing in this section authorises the making of a disclosure which contravenes the Data Protection Act 1998.
(2) In regulation 2 of the HGV Road User Levy (HMRC Information Gateway) Regulations 2013 (S.I. 2013/3186), omit paragraphs (1) and (2).
(1) In paragraph 42(1) of Schedule 6 to FA 2000 (climate change levy: amount payable by way of levy) for the table substitute—
TABLE
Taxable commodity supplied | Rate at which levy payable if supply is not a reduced-rate supply
Electricity | £0.00554 per kilowatt hour
Gas supplied by a gas utility or any gas supplied in a gaseous state that is of a kind supplied by a gas utility | £0.00193 per kilowatt hour
Any petroleum gas, or other gaseous hydrocarbon, supplied in a liquid state | £0.01240 per kilogram
Any other taxable commodity | £0.01512 per kilogram
(2) The amendment made by this section has effect in relation to supplies treated as taking place on or after 1 April 2015.
97 Climate change levy: carbon price support rates for 2014-15 and 2015-16
(1) Paragraph 42A of Schedule 6 to FA 2000 (climate change levy: carbon price support rates) is amended as follows.
(2) In the table in sub-paragraph (3), as substituted by paragraph 23 of Schedule 42 to FA 2013, for “ £0.85489 per gigajoule ” substitute “£0.81906 per gigajoule”.
(3) The amendment made by subsection (2) has effect in relation to supplies treated as taking place on or after 1 April 2014.
(4) In the table in sub-paragraph (3), as substituted by paragraph 24 of Schedule 42 to FA 2013, for “ £1.62534 per gigajoule ” substitute “£1.56860 per gigajoule”.
(5) The amendment made by subsection (4) has effect in relation to supplies treated as taking place on or after 1 April 2015.
98 Climate change levy: carbon price support rates for 2016-17
(1) In paragraph 42A of Schedule 6 to FA 2000 (climate change levy: carbon price support rates) for sub-paragraph (3) substitute—
(3) The carbon price support rates are as follows.
Carbon price support rate commodity | Carbon price support rate
Any gas in a gaseous state that is of a kind supplied by a gas utility | £0.00331 per kilowatt hour
Any petroleum gas, or other gaseous hydrocarbon, in a liquid state | £0.05280 per kilogram
Any commodity falling within paragraph 3(1)(d) to (f) | £1.54790 per gigajoule
(2) The amendment made by this section has effect in relation to supplies treated as taking place on or after 1 April 2016.
(1) Section 42 of FA 1996 (amount of landfill tax) is amended as follows.
(2) In subsection (1)(a) (standard rate), for “£80” substitute “ £82.60 ”.
(3) In subsection (2) (reduced rate for disposal of qualifying material)—
(a) for “£80” substitute “ £82.60 ”, and
(b) for “£2.50” substitute “ £2.60 ”.
(4) The amendments made by this section have effect in relation to disposals made (or treated as made) on or after 1 April 2015.
102 Penalties under section 26 of FA 2003: extension to excise duty
(1) In this section—
“dutiable excise goods” means goods of a class or description subject to any duty of excise, whether or not those goods are in fact chargeable with that duty, and whether or not that duty has been paid on the goods;
“relevant excise rule” means any duty, obligation, requirement or condition imposed by section 78 of CEMA 1979 (customs and excise control of persons entering or leaving the United Kingdom), so far as that section relates to—
dutiable excise goods a person has obtained outside the United Kingdom, or
dutiable excise goods a person has obtained in the United Kingdom without payment of excise duty,
and in respect of which the person is not entitled to exemption from excise duty by virtue of any order under section 13 of the Customs and Excise Duties (General Reliefs) Act 1979 (personal reliefs).
(2) Sections 26 and 27 and 29 to 41 of FA 2003 (taxes and duties on importation and exportation: penalties) apply in relation to excise duty as they apply in relation to a relevant tax or duty (as defined by section 24(2) of that Act) except that, for this purpose, “relevant rule” in sections 26 and 33 means a relevant excise rule.
(1) Section 9 of VATA 1994 (place where supplier or recipient of services belongs) is amended as follows.
(2) In subsection (3)(c), after “usual place of residence” insert “ or permanent address ”.
(3) In subsection (5), for the words from “belonging” to the end substitute
belonging—
(a) in the country in which the person's usual place of residence or permanent address is (except in the case of a body corporate or other legal person);
(b) in the case of a body corporate or other legal person, in the country in which the place where it is established is.
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) The amendments made by this section have effect in relation to supplies made on or after 1 January 2015.
105 VAT: place of supply orders: disapplication of transitional provision
(1) Section 97A of VATA 1994 (place of supply orders: transitional provision) is to be ignored for the purpose of giving effect to any new order under section 7A(6) of that Act which—
(a) is expressed as having effect in relation to supplies made on or after 1 January 2015, and
(b) makes provision about the place of supply of electronically supplied services, telecommunication services and radio and television broadcasting services.
(2) In subsection (1) “new order” means an order made on or after the day on which this Act is passed.
(3) Subsection (1) applies only so far as the order makes provision about supplies to which Article 2 of Council Implementing Regulation (EU) No 1042/2013 (transitional provision for changes in the law affecting electronically supplied, telecommunication and radio and television broadcasting services) applies.
(1) Section 47 of VATA 1994 (agents) is amended as follows.
(2) In subsection (3), after “services” insert “ , other than electronically supplied services and telecommunication services, ”.
(3) After subsection (3) insert—
(4) Where electronically supplied services or telecommunication services are supplied through an agent, the supply is to be treated both as a supply to the agent and as a supply by the agent.
(5) For the purposes of subsection (4) “agent” means a person (“A”) who acts in A's own name but on behalf of another person within the meaning of Article 28 of Council Directive 2006/112/EC on the common system of value added tax.
(6) In this section “electronically supplied services” and “telecommunication services” have the same meaning as in Schedule 4A (see paragraph 9(3) and (4) and paragraph 8(2) of that Schedule).
(4) The amendments made by this section have effect in relation to supplies made on or after 1 January 2015.
(1) In section 41(7) of VATA 1994 (application to the Crown: list of bodies regarded as Government departments) after “Excellence” insert “ , Health Education England (established by the Care Act 2014), and the Health Research Authority (also established by that Act), ”.
(2) In section 41(7) of VATA 1994 as amended by subsection (1)—
(a) for “above,” substitute
—
(a)
,
(b) for the “and” after “1990,” substitute—
(b)
,
(c) after “1978” insert
,
(c)
,
(d) for the “and” after “foundation trust” substitute
,
(d)
,
(e) for the “and” after “Care Trust” substitute
,
(e)
,
(f) for the “and” after “Health Board” substitute
,
(f)
,
(g) after “group,” insert—
(g)
,
(h) after “Centre,” insert—
(h)
,
(i) for the “and” after “Commissioning Board” substitute
,
(i)
,
(j) before “Health Education England” insert—
(j)
,
(k) before “the Health Research Authority” insert—
(k)
,
(l) the words from “shall be regarded” to the end are to follow, rather than form part of, the paragraph (k) so formed, and
(m) in those words, for “shall” substitute “ are each to ”.
(1) In Part 2 of Schedule 6 to VATA 1994 (valuation: special cases), for paragraph 4 (prompt payment discounts), substitute—
4 (1) Sub-paragraph (2) applies where—
(a) goods or services are supplied for a consideration which is a price in money,
(b) the terms on which those goods or services are so supplied allow a discount for prompt payment of that price,
(c) payment of that price is not made by instalments, and
(d) payment of that price is made in accordance with those terms so that the discount is realised in relation to that payment.
(2) For the purposes of section 19 (value of supply of goods or services) the consideration is the discounted price paid.
(2) The amendment made by this section has effect in relation to relevant supplies made on or after 1 May 2014.
(3) The Treasury may by order made by statutory instrument provide that the amendment has effect in relation to supplies of a description specified in the order made on or after a date so specified (being a date before 1 April 2015).
(4) Subject to that, the amendment has effect in relation to supplies made on or after 1 April 2015.
(5) In this section—
“relevant supply” means a supply of radio or television broadcasting services or telecommunication services made by a taxable person who is not required by or under any enactment to provide a VAT invoice to the person supplied;
“telecommunication services” has the same meaning as in paragraph 8(2) of Schedule 4A to VATA 1994.
109 ATED: reduction in threshold from 1 April 2015
(1) Part 3 of FA 2013 (annual tax on enveloped dwellings) is amended as follows.
(2) In section 94(2)(a) (charge to tax), for “£2 million” substitute “ £1 million ”.
(3) In section 99 (amount of tax chargeable), in the table in subsection (4), before the first entry insert—
£7,000 | More than £1 million but not more than £2 million.
(4) The amendments made by subsections (1) to (3) have effect for chargeable periods beginning on or after 1 April 2015.
(5) In a case where tax is charged for the chargeable period beginning with 1 April 2015 with respect to a single-dwelling interest the taxable value of which on the relevant day (see section 99(5) of FA 2013) is not more than £2 million, sections 159 and 163 of FA 2013 have effect with the following modifications.
(6) Section 159 (annual tax on enveloped dwellings return) has effect as if for subsections (2) and (3) there were substituted—
(2) A return under subsection (1) must be delivered by the end of 1 October 2015 if the days on which the person is within the charge with respect to the interest include 1 April 2015.
(3) If the days on which the person is within the charge with respect to the interest do not include 1 April 2015, the return must be delivered—
(a) by the end of 1 October 2015, or
(b) by the end of the period of 30 days beginning with the first day in the chargeable period on which the person is within the charge with respect to the interest,
whichever is the later.
(7) Section 163 (payment of tax) has effect as if for subsection (1) there were substituted—
(1) Tax charged on a person under section 99 with respect to a single-dwelling interest must be paid—
(a) by the end of 31 October 2015, or
(b) if later, by the end of the filing date for the return.
110 ATED: further reduction in threshold from 1 April 2016
(1) Part 3 of FA 2013 (annual tax on enveloped dwellings) is amended as follows.
(2) In section 94(2)(a) (charge to tax), for “£1 million” substitute “ £500,000 ”.
(3) In section 99 (amount of tax chargeable), in the table in subsection (4), before the first entry insert—
£3,500 | More than £500,000 but not more than £1 million.
(4) The amendments made by this section have effect for chargeable periods beginning on or after 1 April 2016.
111 SDLT: threshold for higher rate applying to certain transactions
(1) Schedule 4A to FA 2003 (SDLT: higher rate for certain transactions) is amended as follows.
(2) In paragraph 1(2) (meaning of “higher threshold interest”) for “£2,000,000” substitute “ £500,000 ”.
(3) In consequence of the amendment made by subsection (2), in the following provisions, for “£2,000,000” substitute “ £500,000 ”
(a) paragraph 4(1)(c);
(b) paragraph 6(2);
(c) paragraph 6(3)(b).
(4) The amendments made by this section have effect in relation to any chargeable transaction of which the effective date is on or after 20 March 2014.
(5) But the amendments do not have effect in relation to a transaction—
(a) effected in pursuance of a contract entered into and substantially performed before 20 March 2014,
(b) effected in pursuance of a contract entered into before that date and not excluded by subsection (6), or
(c) excepted by subsection (7).
(6) A transaction effected in pursuance of a contract entered into before 20 March 2014 is excluded by this subsection if—
(a) there is any variation of the contract, or assignment (or assignation) of rights under the contract, on or after 20 March 2014,
(b) the transaction is effected in consequence of the exercise on or after that date of any option, right of pre-emption or similar right, or
(c) on or after that date there is an assignment (or assignation), subsale or other transaction relating to the whole or part of the subject-matter of the contract as a result of which a person other than the purchaser under the contract becomes entitled to call for a conveyance.
(7) A transaction treated as occurring under paragraph 17(2) or 17A(4) of Schedule 15 to FA 2003 (partnerships) is excepted by this subsection if the effective date of the land transfer referred to in sub-paragraph (1)(a) of the paragraph concerned is before 20 March 2014.
112 SDLT: exercise of collective rights by tenants of flats
(1) In section 74 of FA 2003 (exercise of collective rights by tenants of flats), in subsection (1A) for “£2,000,000”, in each place it occurs, substitute “ £500,000 ”.
(2) The amendments made by this section have effect in relation to any chargeable transaction of which the effective date is on or after 1 July 2014.
(3) But the amendments do not have effect in relation to a transaction—
(a) effected in pursuance of a contract entered into and substantially performed before 20 March 2014, or
(b) effected in pursuance of a contract entered into before that date and not excluded by subsection (4).
(4) A transaction effected in pursuance of a contract entered into before 20 March 2014 is excluded by this subsection if—
(a) there is any variation of the contract, or assignment (or assignation) of rights under the contract, on or after 20 March 2014,
(b) the transaction is effected in consequence of the exercise on or after that date of any option, right of pre-emption or similar right, or
(c) on or after that date there is an assignment (or assignation), subsale or other transaction relating to the whole or part of the subject-matter of the contract as a result of which a person other than the purchaser under the contract becomes entitled to call for a conveyance.
114 Abolition of SDRT on certain dealings in collective investment schemes
(1) Part 2 of Schedule 19 to FA 1999 (which provides for a charge to stamp duty reserve tax on certain dealings with units in unit trusts) is omitted.
(2) In section 90(1B) of FA 1986 (exception to charge to stamp duty reserve tax on certain agreements to transfer property from a unit trust)—
(a) after “unit trust scheme” insert “ if the unit holder is to receive only such part of each description of asset in the trust property as is proportionate to, or as nearly as practicable proportionate to, the unit holder's share. ”, and
(b) for the second sentence substitute “For these purposes there is a surrender of a unit where—
(a) a person (“P”) authorises or requires the trustees or managers of a unit trust scheme to treat P as no longer interested in a unit under the scheme, or
(b) a unit under the unit trust scheme is transferred to the managers of the scheme,
and the unit is a chargeable security.
(3) Accordingly—
(a) in FA 1999, in section 123(3), for “Parts I to III” substitute “ Parts I and III ”,
(b) in FA 2001, omit sections 93 and 94,
(c) in FA 2004, in Schedule 35, omit paragraph 46 and the italic heading before that paragraph,
(d) in FA 2005, omit section 97(3), (4) and (6), and
(e) in FA 2010, in Schedule 6, omit paragraph 15(2).
(4) The amendments made by this section have effect in relation to surrenders made or effected on or after 30 March 2014.
(5) Provision made by regulations under section 98 of FA 1986, section 152 of FA 1995 or section 17 of F(No.2)A 2005 in connection with the coming into force of this section may be made so as to have effect in relation to surrenders made or effected on or after 30 March 2014 (even if the regulations are made after that date).
(6) In subsections (4) and (5) a reference to surrenders is to be read in accordance with paragraph 2 of Schedule 19 to FA 1999.
115 Abolition of stamp duty and SDRT: securities on recognised growth markets
Schedule 24 contains provision abolishing stamp duty and stamp duty reserve tax on instruments and transfers of securities traded on recognised growth markets.
116 Temporary statutory effect of House of Commons resolution
(1) Section 50 of FA 1973 (temporary statutory effect of House of Commons resolution affecting stamp duties) is amended as follows.
(2) In subsection (2), for paragraph (c) (and the “and” after it) substitute—
(c) the dissolution of Parliament;
(ca) the prorogation of Parliament in a case where subsection (2B) does not apply; and
.
(3) In that subsection, in paragraph (d), for “six” substitute “ seven ”.
(4) After that subsection insert—
(2A) Subsection (2B) applies where Parliament is prorogued at the end of a session if—
(a) during the session a Bill containing provisions to the same effect as the resolution is read a second time by the House or a Bill is amended (whether by the House or a Committee of the House or a Public Bill Committee) so as to include such provisions,
(b) the Standing Orders or Sessional Orders of the House provide, or during the session the House orders, that proceedings on the Bill not completed before the end of the session shall be resumed in the next session, and
(c) proceedings on the Bill are not completed during the session.
(2B) A resolution shall cease to have statutory effect under this section if, during the period of thirty sitting days beginning with the first sitting day of the next session, no Bill containing provisions to the same effect as the resolution is presented to the House.
(2C) In subsection (2B) “sitting day” means a day on which the House sits.
(2D) Where a Bill is amended as mentioned in subsection (2A)(a), it does not matter for the purposes of subsection (2A)(b) if the House orders as mentioned in subsection (2A)(b) before the amendment to the Bill is made.
(1) In Schedule 14 to FA 2012 (gifts to the nation), before paragraph 33 insert—
32A (1) This paragraph applies where a person (“the donor”) makes a qualifying gift of an object in circumstances where, had the donor instead sold the object to an individual at market value, a charge to estate duty would have arisen under section 40 of FA 1930 on the proceeds of sale.
(2) At the time when the gift is made, estate duty becomes chargeable under that section as if the gift were such a sale (subject to any limitation imposed by paragraph 33(2)).
(3) In the application of this paragraph to Northern Ireland, the references to section 40 of FA 1930 are to be read as references to section 2 of the Finance Act (Northern Ireland) 1931.
(2) Subsection (3) applies where a person (“the donor”) has, before the day on which this Act is passed, made a qualifying gift of an object in circumstances where, had the donor instead sold the object to an individual at market value, a charge to estate duty would have arisen under section 40 of FA 1930 on the proceeds of sale.
(3) No liability to estate duty under section 40 of FA 1930 arises in respect of the object on or after the day on which this Act is passed.
(4) In subsection (2) “qualifying gift” has the same meaning as in Schedule 14 to FA 2012.
(5) In the application of subsections (2) and (3) to Northern Ireland, the references to section 40 of FA 1930 are to be read as references to section 2 of the Finance Act (Northern Ireland) 1931.
(1) Schedule 19 to FA 2011 (bank levy) is amended as follows.
(2) In paragraph 6 (steps for determining the amount of the bank levy), in sub-paragraph (2)—
(a) for “0.065%” substitute “ 0.078% ”, and
(b) for “0.130%” substitute “ 0.156% ”.
(3) In paragraph 7 (special provision for chargeable periods falling wholly or partly before 1 January 2013)—
(a) in sub-paragraph (1) for “2013” substitute “ 2014 ”,
(b) in sub-paragraph (2), in the first column of the table in the substituted Step 7, for “ Any time on or after 1 January 2013 ” substitute “1 January 2013 to 31 December 2013”, and
(c) at the end of that table add—
Any time on or after 1 January 2014 | 0.078% | 0.156%
;
and in the italic heading immediately before paragraph 7, for “2013” substitute “ 2014 ”.
(4) Section 203 of FA 2013 (bank levy rates from 1 January 2014) is repealed.
(5) The amendments made by subsections (2) to (4) are treated as having come into force on 1 January 2014 (and accordingly the section repealed by subsection (4) is treated as never having come into force).
(6) Subsections (7) to (13) apply where—
(a) an amount of the bank levy is treated as if it were an amount of corporation tax chargeable on an entity (“E”) for an accounting period of E,
(b) the chargeable period in respect of which the amount of the bank levy is charged falls (or partly falls) on or after 1 January 2014, and
(c) under the Instalment Payment Regulations, one or more instalment payments, in respect of the total liability of E for the accounting period, were treated as becoming due and payable before the commencement date (“pre-commencement instalment payments”).
(7) Subsections (1) to (5) are to be ignored for the purpose of determining the amount of any pre-commencement instalment payment.
(8) If there is at least one instalment payment, in respect of the total liability of E for the accounting period, which under the Instalment Payment Regulations is treated as becoming due and payable on or after the commencement date (“post-commencement instalment payments”), the amount of that instalment payment, or the first of them, is to be increased by the adjustment amount.
(9) If there are no post-commencement instalment payments, a further instalment payment, in respect of the total liability of E for the accounting period, of an amount equal to the adjustment amount is to be treated as becoming due and payable at the end of the period of 30 days beginning with the commencement date.
(10) “The adjustment amount” is the difference between—
(a) the aggregate amount of the pre-commencement instalments determined in accordance with subsection (7), and
(b) the aggregate amount of those instalment payments determined ignoring subsection (7) (and so taking account of subsections (1) to (5)).
(11) In the Instalment Payment Regulations—
(a) in regulations 6(1)(a), 7(2), 8(1)(a) and (2)(a), 9(5), 10(1), 11(1) and 13, references to regulation 4A, 4B, 4C, 4D, 5, 5A or 5B of those Regulations are to be read as including a reference to subsections (6) to (10) (and in regulation 7(2) “the regulation in question”, and in regulation 8(2) “that regulation”, are to be read accordingly), and
(b) in regulation 9(3), the reference to those Regulations is to be read as including a reference to subsections (6) to (10).
(12) In section 59D of TMA 1970 (general rule as to when corporation tax is due and payable), in subsection (5), the reference to section 59E is to be read as including a reference to subsections (6) to (11).
(13) In this section—
“the chargeable period” is to be construed in accordance with paragraph 4 or (as the case may be) 5 of Schedule 19 to FA 2011;
“the commencement date” means the day on which this Act is passed;
“the Instalment Payment Regulations” means the Corporation Tax (Instalment Payments) Regulations 1998 (S.I. 1998/3175);
and references to the total liability of E for an accounting period are to be construed in accordance with regulation 2(3) of the Instalment Payment Regulations.