Finance Act 2014
Sections and provisions with full text and the judgments that cite each one.
Section 40B — Annual returns
Annual returns 40B 1 This paragraph applies if notice is given in relation to an SAYE option scheme under paragraph 40A. 2 The scheme organiser must give to HMRC a return for the tax year in which…
Section 40D — Notices and returns to be given electronically etc
Notices and returns to be given electronically etc 40D 1 A notice under paragraph 40A, and any information accompanying the notice, must be given electronically. 2 A return under paragraph 40B, and…
Section 40F — Enquiries
Enquiries 40F 1 This paragraph applies if notice is given in relation to an SAYE option scheme under paragraph 40A. 2 HMRC may enquire into the scheme if HMRC give notice to the scheme organiser of…
Section 40J — Assessment of penalties
Assessment of penalties 40J 1 This paragraph applies if the scheme organiser is liable for a penalty under this Part. 2 HMRC must assess the penalty and notify the scheme organiser of the assessment.…
Section 40K — Appeals
Appeals 40K 1 The scheme organiser may appeal against a decision of HMRC that the scheme organiser is liable for a penalty under paragraph 40C or 40E. 2 The scheme organiser may appeal against— a a…
Section 41 — Pension flexibility: drawdown
Pension flexibility: drawdown 41 1 In section 165(1) of FA 2004 (rules about payment of pension by registered scheme to member) in pension rule 5 (payments of drawdown pension in a year not to exceed…
Section 41F — Taxable specific income: internationally mobile employees etc
Taxable specific income: internationally mobile employees etc 41F 1 This section applies if— a an amount counts under Chapters 2 to 5 of Part 7 (employment-related securities etc) as employment…
Section 41G — Section 41F: the relevant period
Section 41F: the relevant period 41G 1 “The relevant period” is to be determined as follows. 2 In the case of an amount that counts as employment income by virtue of Chapter 2 of Part 7 (restricted…
Section 41H — Section 41F: chargeable and unchargeable foreign securities income
Section 41F: chargeable and unchargeable foreign securities income 41H 1 The extent to which the securities income is “chargeable foreign securities income” or “unchargeable foreign securities…
Section 41I — Limit on “chargeable foreign securities income” where duties of associated employment performed in UK
Limit on “chargeable foreign securities income” where duties of associated employment performed in UK 41I 1 This section imposes a limit on the extent to which section 41H(3) applies in relation to a…
Section 41J — Location of employment duties
Location of employment duties 41J 1 The following provisions apply for the purposes of this Chapter— a section 39(1) and (2), and b section 40 (but as if in subsections (3) and (4) of that section…
Section 41K — Securities income from overseas Crown employment
Securities income from overseas Crown employment 41K 1 If securities income is from overseas Crown employment subject to United Kingdom tax, it is (notwithstanding any other provision of this…
Section 41L — Chargeable and unchargeable foreign securities income: just and reasonable apportionment
Chargeable and unchargeable foreign securities income: just and reasonable apportionment 41L 1 This section applies if the proportion of the securities income that would otherwise be regarded as…
Section 42 — Pension flexibility: taking low-value pension rights as lump sum
Pension flexibility: taking low-value pension rights as lump sum 42 1 In paragraph 7(4) of Schedule 29 to FA 2004 (amount of commutation limit for purposes of trivial commutation lump sum) for…
Section 43 — Pension flexibility: further amendments
Pension flexibility: further amendments 43 Schedule 5 makes further provision in connection with pension flexibility.
Section 44 — Treatment of workers supplied by agencies
Treatment of workers supplied by agencies 44 1 This section applies if— a an individual (“the worker”) personally provides services (which are not excluded services) to another person (“ the client…
Section 45 — Taxable specific income: effect on pension input amount for non-UK schemes
Taxable specific income: effect on pension input amount for non-UK schemes 45 1 Schedule 34 to FA 2004 (application of certain charges to non-UK pension schemes) is amended as follows. 2 In paragraph…
Section 46 — Pension schemes
Pension schemes 46 Schedule 7 makes provision in relation to pension schemes.
Section 46A — Anti-avoidance
Anti-avoidance 46A 1 This section applies if— a an individual (“W”) personally provides services (which are not excluded services) to another person (“C”), b a third person (“A”) enters into…
Section 47 — Glasgow Grand Prix
Glasgow Grand Prix 47 1 An accredited competitor who performs a Grand Prix activity is not liable to income tax in respect of any income arising from the activity if the non-residence condition is…
Section 48 — Major sporting events: power to provide for tax exemptions
Major sporting events: power to provide for tax exemptions 48 1 Where a major sporting event is to be held in the United Kingdom, the Treasury may make regulations providing for exemption from income…
Section 49 — Share incentive plans: increases in maximum annual awards etc
Share incentive plans: increases in maximum annual awards etc 49 1 Schedule 2 to ITEPA 2003 (share incentive plans) is amended as follows. 2 In paragraph 35(1) (free shares: maximum annual award) for…
Section 49B — Applying section 42(2) to non-trading credits from loan relationships etc
Applying section 42(2) to non-trading credits from loan relationships etc 49B 1 Subsection (2) applies for the purposes of section 42(2) if— a the company has a non-trading credit relating to an…
Section 50 — Share incentive plans: power to adjust maximum annual awards etc
Share incentive plans: power to adjust maximum annual awards etc 50 1 Schedule 2 to ITEPA 2003 (share incentive plans) is amended as follows. 2 In paragraph 35 (free shares: maximum annual award)…
Section 51 — Employee share schemes
Employee share schemes 51 Schedule 8 makes provision in relation to employee share schemes.
Section 52 — Employment-related securities etc
Employment-related securities etc 52 Schedule 9 contains provision relating to employment-related securities.
Section 53 — Venture capital trusts
Venture capital trusts 53 Schedule 10 contains provision about venture capital trusts.
Section 54 — Removing time limit on seed enterprise investment scheme relief
Removing time limit on seed enterprise investment scheme relief 54 1 Section 257A of ITA 2007 (meaning of “SEIS relief” and commencement) is amended as follows. 2 For subsection (3) (which limits…
Section 55 — Removing time limit on CGT relief in respect of re-investment under SEIS
Removing time limit on CGT relief in respect of re-investment under SEIS 55 1 In Schedule 5BB to TCGA 1992 (seed enterprise investment scheme: re-investment), in paragraph 1 (SEIS re-investment…
Section 55A — Tax reduction under Chapter
Tax reduction under Chapter 55A 1 This Chapter contains provisions about the entitlement of a spouse or civil partner to a tax reduction in a case where the other party to the marriage or civil…
Section 55B — Tax reduction: entitlement
Tax reduction: entitlement 55B 1 An individual is entitled to a tax reduction for a tax year of the appropriate percentage of the transferable amount if the conditions in subsection (2) are met. 2…
Section 55C — Election to reduce personal allowance
Election to reduce personal allowance 55C 1 An individual may make an election for the purposes of section 55B if— a the individual is married to, or in a civil partnership with, the same person— i…
Section 55D — Procedure for elections under section 55C
Procedure for elections under section 55C 55D 1 An election under section 55C is to be made not more than 4 years after the end of the tax year to which it relates. 2 If the conditions in paragraphs…
Section 55E — Limitation on number of tax reductions and elections
Limitation on number of tax reductions and elections 55E 1 An individual is not entitled to more than one tax reduction under section 55B for a tax year (regardless of whether the individual is a…
Section 56 — Exclusion of incentivised electricity or heat generation activities
Exclusion of incentivised electricity or heat generation activities 56 1 ITA 2007 is amended as follows. 2 In section 192 ( EIS : meaning of “excluded activities”)— a in subsection (1), omit the…
Section 57 — Relief for investments in social enterprises
Relief for investments in social enterprises 57 1 Schedule 11 makes provision for and in connection with social investment tax relief. 2 Schedule 12 makes provision for relief under TCGA 1992 in…
Section 58 — Relief on disposal of private residence
Relief on disposal of private residence 58 1 TCGA 1992 is amended as follows. 2 In section 223 (relief on disposal of private residence: amount of relief)— a in subsections (1) and (2)(a), for “36…
Section 59 — Remittance basis and split year treatment
Remittance basis and split year treatment 59 1 Section 12 of TCGA 1992 (non-UK domiciled individuals to whom remittance basis applies) is amended as follows. 2 After subsection (1) insert— 1A But it…
Section 59B — Alternative investment fund managers (1)
Alternative investment fund managers (1) 59B 1 Subsection (2) applies if— a under section 863I of ITTOIA 2005, a partner (“P”) in a partnership allocates to the partnership an amount of profit (“the…
Section 59C — Alternative investment managers (2)
Alternative investment managers (2) 59C 1 Subsection (2) applies if— a under section 863I of ITTOIA 2005, a partner (“P”) in a partnership allocates to the partnership an amount of profit (“the…
Section 60 — Termination of life interest and death of life tenant: disabled persons
Termination of life interest and death of life tenant: disabled persons 60 1 TCGA 1992 is amended as follows. 2 In section 72 (termination of life interest on death of person entitled)— a in…
Section 60A — Power to make regulations about stores
Power to make regulations about stores 60A 1 The Commissioners may by regulations make provision in relation to goods for use on a ship or aircraft as stores. 2 The provision that may be made by…
Section 60B — Failure to comply with regulations under section 60A
Failure to comply with regulations under section 60A 60B 1 This section applies if a person fails to comply with— a any provision made by or under regulations under section 60A; or b any condition or…
Section 61 — Capital gains roll-over relief: relevant classes of assets
Capital gains roll-over relief: relevant classes of assets 61 1 Section 155 of TCGA 1992 (relevant classes of assets) is amended as follows. 2 After the heading “CLASS 7A” insert— Assets within heads…
Section 62 — Capital gains roll-over relief: intangible fixed assets
Capital gains roll-over relief: intangible fixed assets 62 1 In section 156ZB of TCGA 1992 (intangible fixed assets: interaction with relief under Chapter 7 of Part 8 of CTA 2009), in subsection (1),…
Section 63 — Avoidance involving losses
Avoidance involving losses 63 1 In section 184G of TCGA 1992 (avoidance involving losses: schemes converting income to capital)— a for subsections (2) and (3) substitute— 2 Condition A is that a…
Section 64 — Extension of capital allowances
Extension of capital allowances 64 1 Part 2 of CAA 2001 (plant and machinery allowances) is amended as follows. 2 In section 45D (expenditure on cars with low carbon dioxide emissions), after…
Section 65 — General Block Exemption Regulation
General Block Exemption Regulation 65 Schedule 13 makes provision in relation to Commission Regulation (EU) No 651/2014 (General block exemption Regulation).
Section 66 — Business premises renovation allowances
Business premises renovation allowances 66 1 Section 360B of CAA 2001 (business premises renovation allowances: meaning of “qualifying expenditure”) is amended in accordance with subsections (2) to…
Section 67 — Mineral extraction allowances: activities not within charge to tax
Mineral extraction allowances: activities not within charge to tax 67 1 CAA 2001 is amended as follows. 2 In section 394(2) (meaning of mineral extraction trade), after “deposits” insert “ but to the…