Legislation – Finance Act 2024

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Introduction

Part 1
Income tax and corporation tax

Chapter 1 Reliefs for businesses etc

Capital allowances for companies

1 Permanent full expensing etc for expenditure on plant or machinery

Research and development

2 New regime for research and development carried out by companies

Films, television programmes, video games etc

3 Films, television programmes and video games produced by companies

4 Theatrical productions made by companies

5 Orchestral concerts produced by companies

6 Museum and gallery exhibitions produced by companies

7 Sections 3 to 6: administration of reliefs

Real Estate Investment Trusts

8 Miscellaneous amendments relating to REITs

Tonnage tax

9 Managers of ships

10 Increase in capital allowances limit for ship leasing

Other reliefs

11 Extension of EIS relief and VCT relief to shares issued before 6 April 2035

12 Relief for payments of compensation by government etc to companies

13 Enterprise management incentives: time limits

Chapter 2 Pensions

14 Provision in connection with abolition of the lifetime allowance charge

15 MPs’ pension scheme etc: rectification of discrimination

Chapter 3 Other income tax measures

Calculation of trade profits etc

16 Provision relating to the cash basis

Other

17 PAYE regulations: special types of payer or payee

18 Carer’s allowance supplement: correction of statutory reference

Part 2
Other taxes

19 Growth market exemption: qualifying UK multilateral trading facilities etc

20 Capital-raising arrangements etc

21 New investment exemption

22 Ensuring consistency of Parts 3 and 4 of F(No.2)A 2023 with OECD rules etc

23 Rates of tobacco products duty

24 Rates of vehicle excise duty

25 Rates of air passenger duty

26 Rebate on heavy oil and certain bioblends used for heating

27 Vehicle excise duty exemption for foreign vehicles

28 Interpretation of VAT and excise law

29 Rates of landfill tax

30 Rate of aggregates levy

31 Rate of plastic packaging tax

Part 3
Miscellaneous and final

32 Increase in maximum terms of imprisonment for tax offences

33 Disqualification of directors etc promoting tax avoidance schemes

34 Promoters of tax avoidance: failure to comply with stop notice etc

35 Construction industry scheme: gross payment status

36 Additional information to be contained in returns under TMA 1970 etc

37 Commencement of rules imposing penalties for failure to make returns etc

38 Abbreviations used in Act

39 Short title

SCHEDULES

Schedule 1 Research and development

Schedule 2 Films, television programmes and video games

Schedule 3 Theatrical productions

Schedule 4 Orchestral concerts

Schedule 5 Museum and gallery exhibitions

Schedule 6 Administration of creative sector reliefs

Schedule 7 Real Estate Investment Trusts

Schedule 8 Tonnage tax

Schedule 9 Pensions

Schedule 10 Calculation of trade profits etc

Schedule 11 Capital-raising arrangements etc

Schedule 12 Pillar Two

Schedule 13 Promotion of tax avoidance schemes

Changes to legislation:

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Schedules

Schedule 9Pensions

Part 5Provision of information

Amendments of the Registered Pension Schemes (Provision of Information) Regulations 2006

105

In regulation 2 (interpretation), in paragraph (1)—

(a)

at the appropriate places insert—

““relevant benefit crystallisation event”—

(a)

in relation to a member’s lump sum allowance, has the same meaning as in section 637Q of ITEPA 2003 (availability of individual’s lump sum allowance) in relation to the member;

(b)

in relation to a member’s lump sum and death benefit allowance, has the same meaning as in section 637S of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance) in relation to the member;”

““relevant reference number”, in relation to a member, means a reference number given by or on behalf of the Commissioners in respect of the member under—

(a)

the Registered Pension Schemes (Enhanced Allowances) Regulations 2006 (S.I. 2006/131) (where the member relies on any provision of Schedule 36 to FA 2004);

(b)

the Registered Pension Schemes (Enhanced Allowances Transitional Protection) Regulations 2011 (S.I. 2011/1752) (where the member relies on fixed protection under Schedule 18 to FA 2011);

(c)

the Registered Pension Schemes and Relieved Non-UK Pension Schemes (Enhanced Allowances Transitional Protection) (Notification) Regulations 2013 (S.I. 2013/1741) (where the member relies on fixed protection 2014 under Schedule 22 to FA 2013);

(d)

the Registered Pension Schemes and Relieved Non-UK Pension Schemes (Enhanced Allowances Transitional Protection) (Individual Protection 2014 Notification) Regulations 2014 (S.I. 2014/1842) (where the member relies on individual protection 2014 under Schedule 6 to FA 2014);

(e)

paragraph 14 of Schedule 4 to the Finance Act 2016 (where the member relies on fixed or individual protection 2016 under that Schedule);”

(b)

in the definition of “relevant lump sum death benefit”, for the words from “means” to the end substitute “has the meaning given by section 637S(2)(c) of ITEPA 2003 (availability of individual’s lump sum and death benefit allowance)”.