Finance Act 2014
Sections and provisions with full text and the judgments that cite each one.
Section 283 — Interpretation of this Part
Interpretation of this Part 283 1 In this Part— “ arrangements ” has the meaning given by section 234(4); “ the Commissioners ” means the Commissioners for Her Majesty's Revenue and Customs; “…
Section 284 — Disclosure of tax avoidance schemes: information powers
Disclosure of tax avoidance schemes: information powers 284 1 Part 7 of FA 2004 (disclosure of tax avoidance schemes) is amended as set out in subsections (2) to (4). 2 After section 310 insert— Duty…
Section 285 — The Code of Practice on Taxation for Banks: HMRC to publish reports
The Code of Practice on Taxation for Banks: HMRC to publish reports 285 1 No later than the end of the calendar year in which a reporting period ends, the Commissioners for Her Majesty's Revenue and…
Section 285A — Restriction on hire etc of relevant assets to be brought into account
Restriction on hire etc of relevant assets to be brought into account 285A 1 This section applies if— a oil contractor activities are, or are to be, carried out, and b a company that carries on a…
Section 286 — The Code of Practice on Taxation for Banks: “participating” groups or entities
The Code of Practice on Taxation for Banks: “participating” groups or entities 286 1 This section applies for the purposes of section 285. 2 A group or entity becomes a “ participating ” group or…
Section 287 — The Code of Practice on Taxation for Banks: operation & breaches of the Code
The Code of Practice on Taxation for Banks: operation & breaches of the Code 287 1 The Commissioners must— a publish a protocol, to be called “the Governance Protocol”, setting out how the…
Section 288 — The Code of Practice on Taxation for Banks: documents relating to the Code
The Code of Practice on Taxation for Banks: documents relating to the Code 288 1 The Commissioners may publish a relevant document, or revoke or modify a relevant document previously published by…
Section 289 — Undertakings for collective investment in transferable securities and alternative investment funds
Undertakings for collective investment in transferable securities and alternative investment funds 289 1 Section 363A of TIOPA 2010 (residence of offshore funds which are undertakings for collective…
Section 290 — Companies owned by employee-ownership trusts
Companies owned by employee-ownership trusts 290 Schedule 37 contains provision about tax reliefs in connection with companies owned by employee-ownership trusts.
Section 291 — Trusts with vulnerable beneficiary: meaning of “disabled person”
Trusts with vulnerable beneficiary: meaning of “disabled person” 291 1 Schedule 1A to FA 2005 (meaning of “disabled person”) is amended as follows. 2 In paragraph 1— a for paragraph (c) substitute— c…
Section 292 — Amounts allowed by way of double taxation relief
Amounts allowed by way of double taxation relief 292 1 TIOPA 2010 is amended as follows. 2 For section 34(1)(b) (reduction in credit: payment by reference to foreign tax) substitute— b a tax…
Section 293 — Controlled foreign companies: qualifying loan relationships (1)
Controlled foreign companies: qualifying loan relationships (1) 293 1 In Chapter 9 of Part 9A of TIOPA 2010 (controlled foreign companies: qualifying loan relationships) in section 371IH (exclusions…
Section 294 — Controlled foreign companies: qualifying loan relationships (2)
Controlled foreign companies: qualifying loan relationships (2) 294 1 In Chapter 9 of Part 9A of TIOPA 2010 (controlled foreign companies: qualifying loan relationships) in section 371IH (exclusions…
Section 295 — Tax consequences of financial sector regulation
Tax consequences of financial sector regulation 295 1 Section 221 of FA 2012 (tax consequences of financial sector regulation) is amended as follows. 2 In subsection (1) after “imposed” insert “ , or…
Section 296 — Scottish basic, higher and additional rates of income tax
Scottish basic, higher and additional rates of income tax 296 Schedule 38 contains provision about the Scottish basic, higher and additional rates of income tax.
Section 297 — Report on administration of the Scottish rate of income tax
Report on administration of the Scottish rate of income tax 297 1 In Chapter 2 of Part 4A of the Scotland Act 1998, after section 80H insert— Report by the Comptroller and Auditor General 80HA 1 The…
Section 298 — Co-operative societies etc
Co-operative societies etc 298 Schedule 39 makes provision about the tax treatment of co-operative, community benefit and industrial and provident societies and credit unions.
Section 299 — Removal of limitation period restriction for EU cases
Removal of limitation period restriction for EU cases 299 1 In section 107 of FA 2007 (limitation period in old actions for mistake of law relating to direct tax), after subsection (5) insert— 5A…
Section 300 — Increase in limit for local loans
Increase in limit for local loans 300 1 In section 4(1) of the National Loans Act 1968 (local loans granted by the Public Works Loan Commissioners)— a for “£55,000 million” substitute “ £85 billion ”…
Section 301 — Power to update indexes of defined terms
Power to update indexes of defined terms 301 1 The Treasury may by order amend any index of defined expressions contained in an Act relating to taxation, so as to make amendments consequential on any…
Section 302 — Interpretation
Interpretation 302 1 In this Act— “ ALDA 1979 ” means the Alcoholic Liquor Duties Act 1979, “ BGDA 1981 ” means the Betting and Gaming Duties Act 1981, “ CAA 2001 ” means the Capital Allowances Act…
Section 303 — Short title
Short title 303 This Act may be cited as the Finance Act 2014.
Section 309B — Excluded activities: subsidised generation of heat and subsidised production of gas or fuel
Excluded activities: subsidised generation of heat and subsidised production of gas or fuel 309B 1 This section supplements section 303(1)(kb). 2 The generation of heat, or production of gas or fuel,…
Section 310A — Duty to provide further information requested by HMRC
Duty to provide further information requested by HMRC 310A 1 This section applies where— a a person has provided the prescribed information about notifiable proposals or arrangements in compliance…
Section 310B — Failure to provide information under section 310A: application to the Tribunal
Failure to provide information under section 310A: application to the Tribunal 310B 1 This section applies where HMRC— a have required a person to provide information or documents under section 310A,…
Section 312A — Limited exemption for qualifying bonus payments
Limited exemption for qualifying bonus payments 312A 1 This section applies in relation to qualifying bonus payments made, in a tax year (“the tax year”), by an employer which is a company to an…
Section 312B — “Qualifying bonus payments”
“Qualifying bonus payments” 312B 1 A payment made by an employer (“E”) to an employee or former employee is a qualifying bonus payment if— a it does not consist of regular salary or wages, b it is…
Section 312C — Section 312B: the participation and equality requirements
Section 312B: the participation and equality requirements 312C 1 For the purposes of section 312B— a the participation requirement is that all persons in relevant employment when the award is…
Section 312D — Section 312B: the trading requirement
Section 312B: the trading requirement 312D 1 For the purposes of section 312B, a company meets the trading requirement if— a it is a trading company which is not a member of a group, or b it is a…
Section 312E — Section 312B: the indirect employee-ownership requirement
Section 312B: the indirect employee-ownership requirement 312E 1 For the purposes of section 312B, a company meets the indirect employee-ownership requirement if— a a settlement meets the controlling…
Section 312F — Section 312B: the office-holder requirement
Section 312B: the office-holder requirement 312F 1 For the purposes of section 312B, a company meets the officer-holder requirement if the appropriate fraction does not exceed 2/5. 2 “ The…
Section 312G — “Service company”
“Service company” 312G 1 For the purposes of section 312B, “ service company ” means— a a managed service company within the meaning of section 61B, or b a company (“SC”) in respect of which…
Section 312H — Excluded payments
Excluded payments 312H 1 For the purposes of section 312B, a payment is “excluded” if the employee is a party to arrangements (whether made before or after the beginning of the employee's employment)…
Section 312I — Interpretation of Chapter 10A
Interpretation of Chapter 10A 312I 1 In this Chapter— “ company ” has the meaning given by section 170(9) of TCGA 1992; “ trade ” means any trade which is conducted on a commercial basis and with a…
Section 320C — Recommended medical treatment
Recommended medical treatment 320C 1 No liability to income tax arises in respect of— a the provision to an employee of recommended medical treatment, or b the payment or reimbursement, to or in…
Section 330A — Nominees
Nominees 330A Shares subscribed for, issued to, held by or disposed of for an individual by a nominee are treated for the purposes of this Part as subscribed for, issued to, held by or disposed of by…
Section 356BA — “Onshore oil-related activities”
“Onshore oil-related activities” 356BA 1 In this Chapter “ onshore oil-related activities ” means activities of a company which are carried on onshore and— a fall within any of subsections (1) to (4)…
Section 356CA — Disqualifying conditions for section 356C(4)(b)
Disqualifying conditions for section 356C(4)(b) 356CA 1 The first disqualifying condition is that production from the site is expected to exceed 7,000,000 tonnes. 2 The second disqualifying condition…
Section 356DA — Carrying forward of activated allowance
Carrying forward of activated allowance 356DA 1 This section applies where, in the case of a company and an accounting period— a the cumulative total amount of activated allowance (see section…
Section 356EA — The closing balance of unactivated allowance for an accounting period
The closing balance of unactivated allowance for an accounting period 356EA The closing balance of unactivated allowance held by a company for an accounting period and a site is— P + Q − R where— P…
Section 356GA — Reference periods
Reference periods 356GA 1 For the purposes of sections 356GB to 356GD, the accounting period, or (if the company is not a licensee for the whole of the accounting period) the part or parts of the…
Section 356HA — Reduction of allowance if equity disposed of
Reduction of allowance if equity disposed of 356HA 1 The following amount is to be deducted, in accordance with section 356GD(1), in calculating the total amount of unactivated allowance attributable…
Section 356IA — Orders
Orders 356IA 1 The Treasury may by order substitute a different percentage for the percentage that is at any time specified in section 356C(2) (calculation of allowance as a percentage of capital…
Section 356JA — When capital expenditure is incurred
When capital expenditure is incurred 356JA Section 5 of CAA 2001 (when capital expenditure is incurred) applies for the purposes of this Chapter as for the purposes of that Act.
Section 356LA — “Relevant asset”
“Relevant asset” 356LA 1 In this Part “ relevant asset ” means an asset within subsection (2) in respect of which conditions A and B are met. 2 An asset is within this subsection if it is a structure…
Section 356NA — Restriction on hire: further provision
Restriction on hire: further provision 356NA 1 The Treasury may by regulations modify the “ relevant percentage ” for the purposes of section 356N or 285A. 2 Regulations under subsection (1) may— a…
Section 356B — Overview
Overview 356B This Chapter sets out how relief for certain capital expenditure incurred for the purposes of onshore oil-related activities is given by way of reduction of a company's adjusted ring…
Section 356BB — The activities
The activities 356BB 1 Activities of a company in searching for oil or causing such searching to be carried out for the company. 2 Activities of a company in extracting oil, or causing oil to be…
Section 356CB — Expenditure not related to an established site
Expenditure not related to an established site 356CB 1 A company may make an election under this section in relation to capital expenditure incurred by it for the purposes of onshore oil-related…
Section 356DB — Companies with both field allowances and onshore allowance
Companies with both field allowances and onshore allowance 356DB 1 This section applies where a company's adjusted ring fence profits for an accounting period are reducible both— a under section…