Finance Act 2014
Sections and provisions with full text and the judgments that cite each one.
Section 1 — Charge, rates, basic rate limit and personal allowance for 2014-15
Charge, rates, basic rate limit and personal allowance for 2014-15 1 1 Income tax is charged for the tax year 2014-15. 2 For that tax year— a the basic rate is 20%, b the higher rate is 40%, and c…
Section 2 — Basic rate limit for 2015-16 and personal allowances from 2015
Basic rate limit for 2015-16 and personal allowances from 2015 2 1 For the tax year 2015-16— a the amount specified in section 10(5) of ITA 2007 (basic rate limit) is replaced with “ £31,785 ” , and…
Section 3 — The starting rate for savings and the savings rate limit
The starting rate for savings and the savings rate limit 3 1 In section 7 of ITA 2007 (the starting rate for savings) for “10%” substitute “ 0% ” . 2 For the tax year 2015-16 the amount specified in…
Section 4 — Indexation of limits and allowances under ITA 2007
Indexation of limits and allowances under ITA 2007 4 1 ITA 2007 is amended as follows. 2 In section 21 (indexation of the basic rate limit and starting rate limit for savings)— a in each of…
Section 5 — Charge for financial year 2015
Charge for financial year 2015 5 Corporation tax is charged for the financial year 2015.
Section 6 — Small profits rate and fractions for financial year 2014
Small profits rate and fractions for financial year 2014 6 1 For the financial year 2014 the small profits rate is— a 20% on profits of companies other than ring fence profits, and b 19% on ring…
Section 6A — The Scottish basic, higher and additional rates
The Scottish basic, higher and additional rates 6A 1 The Scottish basic rate, the Scottish higher rate and the Scottish additional rate for a tax year are calculated as follows. Step 1 Take the basic…
Section 7 — Rates for ring fence profits and abolition of small profits rate for non-ring fence profits
Rates for ring fence profits and abolition of small profits rate for non-ring fence profits 7 Schedule 1— a sets the corporation tax rates for ring fence profits for the financial year 2015 and…
Section 8 — Annual exempt amount for 2014-15
Annual exempt amount for 2014-15 8 1 For the tax year 2014-15 the amount specified in section 3(2) of TCGA 1992 (annual exempt amount) is replaced with “ £11,000 ” . 2 Accordingly section 3(3) of…
Section 9 — Annual exempt amount for 2015-16 onwards
Annual exempt amount for 2015-16 onwards 9 1 For the tax year 2015-16 and subsequent tax years the amount specified in section 3(2) of TCGA 1992 (annual exempt amount) is replaced with “ £11,100 ” .…
Section 10 — Temporary increase in annual investment allowance
Temporary increase in annual investment allowance 10 1 In relation to expenditure incurred during the period beginning with the start date and ending with 31 December 2015, section 51A of CAA 2001…
Section 11 — Tax relief for married couples and civil partners
Tax relief for married couples and civil partners 11 1 ITA 2007 is amended as set out in subsections (2) to (8). 2 After section 55 insert— CHAPTER 3A Transferable tax allowance for married couples…
Section 11A — Income charged at the Scottish basic, higher and additional rates
Income charged at the Scottish basic, higher and additional rates 11A 1 Income tax is charged at the Scottish basic rate on the income of a Scottish taxpayer which— a is non-savings income, and b…
Section 12 — Recommended medical treatment
Recommended medical treatment 12 1 Part 4 of ITEPA 2003 (exemptions) is amended as follows. 2 In Chapter 11 (miscellaneous exemptions), after section 320B insert— Recommended medical treatment…
Section 12ADA — AIFM firms
AIFM firms 12ADA 1 An officer of Revenue and Customs may by notice require a partnership which has made an election under section 863H of ITTOIA 2005 (whether or not the election has been revoked) to…
Section 13 — Relief for loan interest: loan to buy interest in close company
Relief for loan interest: loan to buy interest in close company 13 1 Chapter 1 of Part 8 of ITA 2007 (relief for interest payments) is amended as follows. 2 In section 392 (loan to buy interest in…
Section 13A — Dispositions by close companies to employee-ownership trusts
Dispositions by close companies to employee-ownership trusts 13A 1 A disposition of property made to trustees by a close company (“C”) whereby the property is to be held on trusts of the description…
Section 14 — Relief for loan interest: loan to buy interest in employee-controlled company
Relief for loan interest: loan to buy interest in employee-controlled company 14 1 In section 397 of ITA 2007 (eligibility requirements for interest on loans within section 396), for subsection…
Section 14A — Disclosure of information by Revenue and Customs
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…
Section 15 — Restrictions on remittance basis
Restrictions on remittance basis 15 Schedule 3 makes provision in relation to the remittance basis.
Section 16 — Treatment of agency workers
Treatment of agency workers 16 1 Chapter 7 of Part 2 of ITEPA 2003 (income tax treatment of agency workers) is amended as follows. 2 For section 44 (treatment of workers supplied by agencies)…
Section 17 — Recovery under PAYE regulations from certain company officers
Recovery under PAYE regulations from certain company officers 17 1 In Part 4 of the Income Tax (Pay As You Earn) Regulations 2003 ( S.I. 2003/2682) (payments, returns and information), after Chapter…
Section 18 — Employment intermediaries: information powers and related penalties
Employment intermediaries: information powers and related penalties 18 1 After section 716A of ITEPA 2003 insert— Employment intermediaries: information powers Employment intermediaries to keep,…
Section 19 — Payments by employer on account of tax where deduction not possible
Payments by employer on account of tax where deduction not possible 19 1 In section 222 of ITEPA 2003 (payments by employer on account of tax where deduction not possible), in subsection (1)(c), for…
Section 20 — PAYE obligations of UK intermediary in cases involving non-UK employer
PAYE obligations of UK intermediary in cases involving non-UK employer 20 1 Section 689 of ITEPA 2003 (PAYE: employee of non-UK employer) is amended as follows. 2 After subsection (1A) insert— 1B…
Section 21 — Oil and gas workers on the continental shelf: operation of PAYE
Oil and gas workers on the continental shelf: operation of PAYE 21 1 ITEPA 2003 is amended as follows. 2 In section 222 (payments by employer on account of tax where deduction not possible)— a in…
Section 22 — Threshold for benefit of loan to be treated as earnings
Threshold for benefit of loan to be treated as earnings 22 1 In section 180 of ITEPA 2003 (threshold for benefit of a loan to be treated as earnings), in subsections (1)(a) and (b), (2) and (3), for…
Section 23 — Taxable benefits: cars, vans and related benefits
Taxable benefits: cars, vans and related benefits 23 1 In section 114 of ITEPA 2003 (cars, vans and related benefits), omit subsection (3) (which prevents a charge by virtue of Chapter 6 of Part 3 of…
Section 24 — Cars: the appropriate percentage
Cars: the appropriate percentage 24 1 Chapter 6 of Part 3 of ITEPA 2003 (taxable benefits: cars, vans and related benefits) is amended as follows. 2 . . . . . . . . . . . . . . . . . . . . . . . . .…
Section 24A — Restrictions on remittance basis
Restrictions on remittance basis 24A 1 This section applies in relation to an employment (“ the relevant employment ”) for a tax year (“the relevant tax year”) if— a one or more of the paragraphs in…
Section 24B — Definitions of “C” and “ I ” for the purposes of section 24A(14)
Definitions of “C” and “ I ” for the purposes of section 24A(14) 24B 1 This section applies for the purposes of section 24A(14). 2 “C” is the total amount of credit which would be allowed under…
Section 25 — Cars and vans: payments for private use
Cars and vans: payments for private use 25 1 In section 144 of ITEPA 2003 (deduction for payments for private use: cars), for subsection (1)(b) substitute— b pays that amount in that year. 2 In…
Section 26 — Release of debts: stabilisation powers under Banking Act 2009
Release of debts: stabilisation powers under Banking Act 2009 26 1 Section 322 of CTA 2009 (release of debts: cases where credits not required to be brought into account) is amended as follows. 2 In…
Section 27 — Holdings treated as rights under loan relationships
Holdings treated as rights under loan relationships 27 1 CTA 2009 is amended as follows. 2 In section 465(3) (list of provisions under which certain distributions are not excluded from Part 5) before…
Section 28 — De-grouping charges (loan relationships etc)
De-grouping charges (loan relationships etc) 28 1 CTA 2009 is amended as follows. 2 In each of sections 345 and 346 (loan relationships: transferee leaving group)— a in subsection (2), omit “If…
Section 28A — Employee-ownership trusts
Employee-ownership trusts 28A 1 A transfer of value made by an individual who is beneficially entitled to shares in a company (“C”) is an exempt transfer to the extent that the value transferred is…
Section 29 — Disguised distribution arrangements involving derivative contracts
Disguised distribution arrangements involving derivative contracts 29 1 In Chapter 11 of Part 7 of CTA 2009 (derivative contracts: tax avoidance), after section 695 (but before the following italic…
Section 30 — Avoidance schemes involving the transfer of corporate profits
Avoidance schemes involving the transfer of corporate profits 30 1 In Chapter 1 of Part 20 of CTA 2009 (general calculation rules: restriction on deductions), after section 1305 insert— Avoidance…
Section 31 — R&D tax credits for small or medium-sized enterprises
R&D tax credits for small or medium-sized enterprises 31 1 In section 1058 of CTA 2009 (amount of tax credit), in subsection (1)(a), for “11%” substitute “ 14.5% ” . 2 The amendment made by this…
Section 32 — Film tax relief
Film tax relief 32 1 Chapter 3 of Part 15 of CTA 2009 (film tax relief) is amended as follows. 2 In section 1198 (UK expenditure), in subsection (1), for “25%” substitute “ 10% ” . 3 . . . . . . . .…
Section 32A
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…
Section 33 — Television tax relief: activities to be treated as separate trade
Television tax relief: activities to be treated as separate trade 33 1 Part 15A of CTA 2009 (television production) is amended as follows. 2 In section 1216A (overview), in subsection (3)(a), for…
Section 34 — Video games development
Video games development 34 1 Part 15B of CTA 2009 (video games development) is amended as follows. 2 In section 1217A (overview), in subsection (3)(a), for “its” substitute “ each qualifying ” . 3 In…
Section 35 — Community amateur sports clubs
Community amateur sports clubs 35 1 Part 6 of CTA 2010 (charitable donations relief: payments to charity) is amended in accordance with subsections (2) to (7). 2 In section 189 (relief for charitable…
Section 36 — Tax relief for theatrical production
Tax relief for theatrical production 36 Schedule 4 contains provision about relief in respect of theatrical productions.
Section 37 — Changes in company ownership
Changes in company ownership 37 1 Part 14 of CTA 2010 (change in company ownership) is amended as follows. 2 In section 688 (meaning of “significant increase in the amount of a company's capital”),…
Section 38 — Transfer of deductions: research and development allowances
Transfer of deductions: research and development allowances 38 1 In section 730B(1) of CTA 2010 (interpretation of transfer of deductions provisions), in paragraph (a) of the definition of…
Section 39 — Tax treatment of financing costs and income
Tax treatment of financing costs and income 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 40 — Determination of beneficial entitlement for purposes of group relief
Determination of beneficial entitlement for purposes of group relief 40 1 CTA 2010 is amended as follows. 2 In section 169 (interpretation of provisions to determine proportion of beneficial…
Section 40A — Notice of scheme to be given to HMRC
Notice of scheme to be given to HMRC 40A 1 For an SAYE option scheme to be a Schedule 3 SAYE option scheme, notice of the scheme must be given to Her Majesty's Revenue and Customs (“HMRC”). 2 The…