Finance Act 2014
Sections and provisions with full text and the judgments that cite each one.
Section 257MR — Excluded activities: property development
Excluded activities: property development 257MR 1 For the purposes of section 257MQ(1)(c) “ property development ” means the development of land— a by a company which has, or at any time has had, an…
Section 257QR — Acquisition of share capital
Acquisition of share capital 257QR 1 Any SI relief attributable to the investment is withdrawn if— a the social enterprise comes to acquire all of the issued share capital of another company at any…
Section 257R — Disposal of whole or part of the investment
Disposal of whole or part of the investment 257R 1 This section applies if— a the investor disposes of the whole or part of the investment, b the disposal takes place before the shorter applicable…
Section 257MS — Excluded activity: subsidised generation or export of electricity
Excluded activity: subsidised generation or export of electricity 257MS 1 This section supplements section 257MQ(1)(f). 2 Electricity is exported if it is exported onto a distribution system or…
Section 257QS — Relief subsequently found not to have been due
Relief subsequently found not to have been due 257QS 1 Any SI relief obtained by the investor which is subsequently found not to have been due must be withdrawn. 2 SI relief obtained by the investor…
Section 257S — Assessments for the withdrawal or reduction of SI relief
Assessments for the withdrawal or reduction of SI relief 257S If any SI relief which has been obtained falls to be withdrawn or reduced under Chapter 7, it must be withdrawn or reduced by the making…
Section 257MT — Excluded activity: providing services or facilities for another business
Excluded activity: providing services or facilities for another business 257MT 1 This section explains what is meant by a controlling interest in a business for the purposes of section 257MQ(1)(h). 2…
Section 257T — Transfers between spouses or civil partners
Transfers between spouses or civil partners 257T 1 This section applies if— a the investor transfers the whole or part of the investment to another individual (“B”) during their lives, b the investor…
Section 257MU — Meaning of “qualifying subsidiary”
Meaning of “qualifying subsidiary” 257MU 1 For the purposes of this Part, a company (“the subsidiary”) is a qualifying subsidiary of another company (“the parent”) if— a the subsidiary is a 51%…
Section 257MV — Meaning of “90% social subsidiary” of a social enterprise
Meaning of “90% social subsidiary” of a social enterprise 257MV 1 For the purposes of this Chapter, a company (“the subsidiary”) is a 90% social subsidiary of another company (“the parent”) if— a the…
Section 258 — Duty of person dealing with non-resident monitored promoter
Duty of person dealing with non-resident monitored promoter 258 1 This section applies where a monitored promoter who is resident outside the United Kingdom has failed to comply with a duty under…
Section 259 — Monitored promoters: duty to provide information about clients
Monitored promoters: duty to provide information about clients 259 1 An authorised officer, or an officer of Revenue and Customs with the approval of an authorised officer, may give notice to a…
Section 260 — Intermediaries etc : duty to provide information about clients
Intermediaries etc : duty to provide information about clients 260 1 An authorised officer, or an officer of Revenue and Customs with the approval of an authorised officer, may give notice to a a…
Section 261 — Enquiry following provision of client information
Enquiry following provision of client information 261 1 This section applies where— a a person (“the notifying person”) has provided information under section 259 or 260 about a person who was a…
Section 262 — Information required for monitoring compliance with conduct notice
Information required for monitoring compliance with conduct notice 262 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 263 — Duty to notify HMRC of address
Duty to notify HMRC of address 263 If, on the last day of a calendar quarter, a monitoring notice has effect in relation to a person (“the monitored promoter”) the monitored promoter must within 30…
Section 264 — Failure to provide information: application to tribunal
Failure to provide information: application to tribunal 264 1 This section applies where— a a person (“P”) has provided information or produced a document in purported compliance with section 255,…
Section 264A — Restricting relief where there is a linked sale
Restricting relief where there is a linked sale 264A 1 This section applies where— a an individual subscribes for shares (“the relevant shares”) in a VCT (“the VCT”), and b there is at least one…
Section 265 — Duty to provide information to monitored promoter
Duty to provide information to monitored promoter 265 1 This section applies where a person has been notified of a promoter reference number— a under section 250 by reason of being a person falling…
Section 266 — Appeals against notices imposing information etc requirements
Appeals against notices imposing information etc requirements 266 1 This section applies where a person is given a notice under section 255, 257, 258, 259, 260, 261 or 262. 2 The person to whom the…
Section 267 — Form and manner of providing information
Form and manner of providing information 267 1 The Commissioners may specify the form and manner in which information required to be provided or documents required to be produced by sections 255 to…
Section 268 — Production of documents: compliance
Production of documents: compliance 268 1 Where the effect of a notice under section 255, 257 or 262 is to require a person to produce a document, the person may comply with the requirement by…
Section 269 — Exception for certain documents or information
Exception for certain documents or information 269 1 Nothing in this Part requires a person to provide or produce— a information that relates to the conduct of a pending appeal relating to tax or any…
Section 270 — Limitation on duty to produce documents
Limitation on duty to produce documents 270 Nothing in this Part requires a person to produce a document— a which is not in the possession or power of that person, or b if the whole of the document…
Section 271 — Legal professional privilege
Legal professional privilege 271 1 Nothing in this Part requires any person to disclose to HMRC any privileged information. 2 “ Privileged information ” means information with respect to which a…
Section 272 — Tax advisers
Tax advisers 272 1 This section applies where a notice is given under section 258(4) or (5) and the person to whom the notice is given is a tax adviser. 2 The notice does not require a tax adviser— a…
Section 272A — Application of Schedule 36 FA 2008 powers
Application of Schedule 36 FA 2008 powers 272A 1 Schedule 36 to FA 2008 (information and inspection powers) applies for a relevant purpose in relation to a relevant person as it applies for the…
Section 272B — Liabilities of scheme administrator appointed by independent trustee etc
Liabilities of scheme administrator appointed by independent trustee etc 272B 1 This section applies in relation to a person (“Q”) who is, or is one of the persons who are, the scheme administrator…
Section 272C — Former scheme administrator etc to retain liability
Former scheme administrator etc to retain liability 272C 1 This section applies in relation to a liability which, by reason of section 272A(4), is not assumed by P (in which case “ the relevant day ”…
Section 273 — Confidentiality
Confidentiality 273 1 No duty of confidentiality or other restriction on disclosure (however imposed) prevents the voluntary disclosure by a relevant client or a relevant intermediary to HMRC of…
Section 274 — Penalties
Penalties 274 Schedule 35 contains provision about penalties for failure to comply with provisions of this Part.
Section 275 — Failure to comply with Part 7 of the Finance Act 2004
Failure to comply with Part 7 of the Finance Act 2004 275 In section 98C of TMA 1970 (notification under Part 7 of FA 2004), after subsection (2E) insert— 2EA Where a person fails to comply with— a…
Section 276 — Limitation of defence of reasonable care
Limitation of defence of reasonable care 276 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 277 — Extended time limit for assessment
Extended time limit for assessment 277 1 In section 36 of TMA 1970 (loss of tax brought about carelessly or deliberately), in subsection (1A)— a omit the “or” following paragraph (b), and b at the…
Section 277A — Offences relating to stop notices
Offences relating to stop notices 277A 1 A person who, without reasonable excuse, fails to comply with a duty imposed under section 236B(1) is guilty of an offence. 2 The recipient of a stop notice…
Section 277B — Liability for offences under section 277A committed by a body
Liability for offences under section 277A committed by a body 277B 1 If an offence under section 277A is committed by a body corporate or a partnership and— a is committed with the consent or…
Section 278 — Offence of concealing etc documents
Offence of concealing etc documents 278 1 A person is guilty of an offence if— a the person is required to produce a document by a notice given under section 255, b the tribunal approved the giving…
Section 279 — Offence of concealing etc documents following informal notification
Offence of concealing etc documents following informal notification 279 1 A person is guilty of an offence if the person conceals, destroys or otherwise disposes of, or arranges for the concealment,…
Section 279A — Corporation tax rates on ring fence profits
Corporation tax rates on ring fence profits 279A 1 Corporation tax is charged on ring fence profits at the main ring fence profits rate. 2 But subsection (3) provides for tax to be charged at the…
Section 279B — Company with only ring fence profits
Company with only ring fence profits 279B 1 This section applies if— a a company is UK resident in an accounting period, b its augmented profits of the accounting period— i exceed the lower limit,…
Section 279C — Company with ring fence profits and other profits
Company with ring fence profits and other profits 279C 1 This section applies if— a a company is UK resident in an accounting period, b its augmented profits of the accounting period— i exceed the…
Section 279D — The ring fence amount
The ring fence amount 279D 1 In section 279C “ the ring fence amount ” means the amount given by the formula— ( UR − AR ) × ( NR AR ) 2 In this section— AR A UR is the amount given by multiplying the…
Section 279E — The lower limit and the upper limit
The lower limit and the upper limit 279E 1 This section gives the meaning in this Chapter of “the lower limit” and “ the upper limit ” in relation to an accounting period of a company (“A”). 2 If no…
Section 279F — “Related 51% group company”
“Related 51% group company” 279F 1 For the purposes of this Chapter a company (“B”) is a related 51% group company of another company (“A”) in an accounting period if for any part of the accounting…
Section 279G — “Augmented profits”
“Augmented profits” 279G 1 For the purposes of this Chapter a company's augmented profits of an accounting period are— a the company's adjusted taxable total profits of that period, plus b any…
Section 279H — Interpretation of section 279G(3) and (4)
Interpretation of section 279G(3) and (4) 279H 1 For the purposes of section 279G(3)(a), a company (“A”) is a 51% subsidiary of another company (“B”) only at times when— a B would be beneficially…
Section 280 — Penalties for offences
Penalties for offences 280 1 A person who is guilty of an offence under section 277A, 278 or 279 is liable— a on summary conviction, to— i in England and Wales, a fine, or ii in Scotland or Northern…
Section 281 — Partnerships
Partnerships 281 Schedule 36 contains provision about the application of this Part to partnerships.
Section 281A — VAT and other indirect taxes
VAT and other indirect taxes 281A 1 In the provisions mentioned in subsection (2)— a “ tax ” includes value added tax and other indirect taxes , and b “ tax advantage ” has the meaning given by…
Section 282 — Regulations under this Part
Regulations under this Part 282 1 Regulations under this Part are to be made by statutory instrument. 2 Apart from an instrument to which subsection (3) applies, a statutory instrument containing…