Finance Act 2014
Sections and provisions with full text and the judgments that cite each one.
Section 107 — VAT: refunds to health service bodies
VAT: refunds to health service bodies 107 1 In section 41(7) of VATA 1994 (application to the Crown: list of bodies regarded as Government departments) after “Excellence” insert “ , Health Education…
Section 108 — VAT: prompt payment discounts
VAT: prompt payment discounts 108 1 In Part 2 of Schedule 6 to VATA 1994 (valuation: special cases), for paragraph 4 (prompt payment discounts), substitute— 4 1 Sub-paragraph (2) applies where— a…
Section 109 — ATED: reduction in threshold from 1 April 2015
ATED: reduction in threshold from 1 April 2015 109 1 Part 3 of FA 2013 (annual tax on enveloped dwellings) is amended as follows. 2 In section 94(2)(a) (charge to tax), for “£2 million” substitute “…
Section 110 — ATED: further reduction in threshold from 1 April 2016
ATED: further reduction in threshold from 1 April 2016 110 1 Part 3 of FA 2013 (annual tax on enveloped dwellings) is amended as follows. 2 In section 94(2)(a) (charge to tax), for “£1 million”…
Section 111 — SDLT : threshold for higher rate applying to certain transactions
SDLT : threshold for higher rate applying to certain transactions 111 1 Schedule 4A to FA 2003 (SDLT: higher rate for certain transactions) is amended as follows. 2 In paragraph 1(2) (meaning of…
Section 112 — SDLT: exercise of collective rights by tenants of flats
SDLT: exercise of collective rights by tenants of flats 112 1 In section 74 of FA 2003 (exercise of collective rights by tenants of flats), in subsection (1A) for “£2,000,000”, in each place it…
Section 113 — SDLT: charities relief
SDLT: charities relief 113 Schedule 23 amends Schedule 8 to FA 2003 (stamp duty land tax: charities relief).
Section 114 — Abolition of SDRT on certain dealings in collective investment schemes
Abolition of SDRT on certain dealings in collective investment schemes 114 1 Part 2 of Schedule 19 to FA 1999 (which provides for a charge to stamp duty reserve tax on certain dealings with units in…
Section 115 — Abolition of stamp duty and SDRT: securities on recognised growth markets
Abolition of stamp duty and SDRT: securities on recognised growth markets 115 Schedule 24 contains provision abolishing stamp duty and stamp duty reserve tax on instruments and transfers of…
Section 116 — Temporary statutory effect of House of Commons resolution
Temporary statutory effect of House of Commons resolution 116 1 Section 50 of FA 1973 (temporary statutory effect of House of Commons resolution affecting stamp duties) is amended as follows. 2 In…
Section 116A — Excess loss allocation to partners who are individuals
Excess loss allocation to partners who are individuals 116A 1 Subsection (2) applies if— a in a tax year, an individual (“A”) makes a loss in a trade as a partner in a firm, and b A's loss arises,…
Section 117 — Inheritance tax
Inheritance tax 117 Schedule 25 contains provision about inheritance tax.
Section 118 — Gifts to the nation: estate duty
Gifts to the nation: estate duty 118 1 In Schedule 14 to FA 2012 (gifts to the nation), before paragraph 33 insert— 32A 1 This paragraph applies where a person (“ the donor ”) makes a qualifying gift…
Section 118A — Reinstatement
Reinstatement 118A 1 If an operating licence has been suspended in accordance with section 118(3A), the Commission must reinstate the licence if directed to do so under paragraph 4 or 5 of Schedule…
Section 118BCA — Inspection powers: betting duties and remote gaming duty
Inspection powers: betting duties and remote gaming duty 118BCA 1 Subsection (2) applies to premises if an officer has reasonable cause to believe that— a betting facilities are being provided, have…
Section 119 — Bank levy: rates from 1 January 2014
Bank levy: rates from 1 January 2014 119 1 Schedule 19 to FA 2011 (bank levy) is amended as follows. 2 In paragraph 6 (steps for determining the amount of the bank levy), in sub-paragraph (2)— a for…
Section 120 — Bank levy: miscellaneous changes
Bank levy: miscellaneous changes 120 Schedule 26 contains miscellaneous changes to the bank levy.
Section 121 — Rates of gaming duty
Rates of gaming duty 121 1 In section 11(2) of FA 1997 (rates of gaming duty) for the table substitute— TABLE Part of gross gaming yield Rate The first £2,302,000 15 per cent The next £1,587,000 20…
Section 122 — Rate of bingo duty
Rate of bingo duty 122 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 123 — Exemption from bingo duty: small-scale amusements provided commercially
Exemption from bingo duty: small-scale amusements provided commercially 123 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 124 — Rates of machine games duty
Rates of machine games duty 124 1 Schedule 24 to FA 2012 is amended as follows. 2 For paragraph 5 substitute— Types of machine 5 1 Machines are divided into three types for the purposes of machine…
Section 125 — General betting duty
General betting duty 125 A duty of excise, to be known as general betting duty, is charged in accordance with this Chapter.
Section 126 — General bets
General bets 126 1 A bet is a general bet for the purposes of this Part if— a it is not an on-course bet, aa it is not a remote bet, b it is not a spread bet, c it is not made by way of pool betting,…
Section 127 — General betting duty charge on general bets
General betting duty charge on general bets 127 1 General betting duty is charged on a general bet made with a bookmaker. 2 It is charged at the rate of 15% of the bookmaker's profits on general bets…
Section 127A — General betting duty charge on remote bets
General betting duty charge on remote bets 127A 1 General betting duty is charged on a remote bet made with a bookmaker. 2 It is charged at the rate of 25% of the bookmaker’s profits on remote bets…
Section 127C — Excess loss allocation to partners who are individuals
Excess loss allocation to partners who are individuals 127C 1 Subsection (2) applies if— a in a tax year, an individual (“A”) makes a loss in a UK property business or an overseas property business…
Section 128 — Spread bets
Spread bets 128 1 A bet is a spread bet for the purposes of this Part if it constitutes a contract the making or accepting of which is a regulated activity within the meaning of section 22 of the…
Section 129 — General betting duty charge on financial spread bets
General betting duty charge on financial spread bets 129 1 General betting duty is charged on a financial spread bet made with a bookmaker who is in the United Kingdom. 2 It is charged at the rate of…
Section 130 — General betting duty charge on non-financial spread bets
General betting duty charge on non-financial spread bets 130 1 General betting duty is charged on a non-financial spread bet made with a bookmaker who is in the United Kingdom. 2 It is charged at the…
Section 131 — Ordinary profits
Ordinary profits 131 Take the following steps to calculate the amount of a bookmaker's ordinary profits in respect of a class of bets for an accounting period. Step 1 Calculate the aggregate of the…
Section 132 — Retained winnings profits
Retained winnings profits 132 1 The amount of a bookmaker's retained winnings profits in respect of a class of bets for an accounting period is the aggregate of amounts which cease to be qualifying…
Section 133 — Bet-brokers
Bet-brokers 133 1 This section applies where— a one person (the “bettor”) makes a bet with another person (the “bet-taker”) using facilities provided in the course of a business, other than a betting…
Section 134 — Chapter 1 pool bets
Chapter 1 pool bets 134 1 A bet is a “ Chapter 1 pool bet ” for the purposes of this Part if— a it relates only to horse racing or dog racing, b it is not an on-course bet, c it is made by way of…
Section 135 — General betting duty charge on Chapter 1 pool bets
General betting duty charge on Chapter 1 pool bets 135 1 General betting duty is charged on a Chapter 1 pool bet made with a bookmaker. 2 It is charged at the rate of 15% of the bookmaker's profits…
Section 136 — Profits on pooled stake Chapter 1 pool bets
Profits on pooled stake Chapter 1 pool bets 136 1 Take the following steps to calculate the amount of a bookmaker's profits for an accounting period in respect of pooled stake Chapter 1 pool bets.…
Section 137 — Profits on ordinary Chapter 1 pool bets
Profits on ordinary Chapter 1 pool bets 137 To calculate the amount of a bookmaker's profits for an accounting period in respect of ordinary Chapter 1 pool bets— a take the aggregate of the stake…
Section 138 — Profits on retained winnings on Chapter 1 pool bets
Profits on retained winnings on Chapter 1 pool bets 138 1 The amount of a bookmaker's profits for an accounting period in respect of retained winnings on Chapter 1 pool bets is the aggregate of the…
Section 139 — Chapter 1: stake money
Chapter 1: stake money 139 1 For the purposes of this Chapter the stake money on a bet is the aggregate of the amounts which fall due in respect of the bet. 2 If the stake money falls due to a person…
Section 140 — Chapter 1: winnings
Chapter 1: winnings 140 1 Only winnings in the form of money are to be taken into account when determining for the purposes of this Chapter what are winnings on a bet. 2 For those purposes, winnings…
Section 141 — General betting duty charge on betting exchanges
General betting duty charge on betting exchanges 141 1 This section applies where— a one person makes a bet with another person using facilities provided by a third person in the course of a…
Section 142 — Liability to pay
Liability to pay 142 1 All general betting duty chargeable in respect of— a bets made in an accounting period, or b in the case of duty chargeable under section 141, bets determined in an accounting…
Section 143 — Chapter 2 pool bets
Chapter 2 pool bets 143 1 A bet is a Chapter 2 pool bet for the purposes of this Part if— a it is not made wholly in relation to horse racing or dog racing, b it is not made for community benefit, c…
Section 144 — Pool betting duty charge on Chapter 2 pool bets
Pool betting duty charge on Chapter 2 pool bets 144 1 A duty of excise, to be known as pool betting duty, is charged on a Chapter 2 pool bet made with a bookmaker. 2 It is charged at the rate of 15%…
Section 145 — Profits on pooled stake Chapter 2 pool bets
Profits on pooled stake Chapter 2 pool bets 145 1 Take the following steps to calculate the amount of a bookmaker's profits for an accounting period in respect of pooled stake Chapter 2 pool bets.…
Section 146 — Profits on ordinary Chapter 2 pool bets
Profits on ordinary Chapter 2 pool bets 146 To calculate the amount of a bookmaker's profits for an accounting period in respect of ordinary Chapter 2 pool bets— a take the aggregate of the stake…
Section 147 — Profits on retained winnings on Chapter 2 pool bets
Profits on retained winnings on Chapter 2 pool bets 147 1 The amount of a bookmaker's profits for an accounting period in respect of retained winnings on Chapter 2 pool bets is the aggregate of the…
Section 148 — Chapter 2: stake money
Chapter 2: stake money 148 1 For the purposes of this Chapter the stake money on a bet is the aggregate of the amounts which fall due in respect of the bet. 2 If the stake money falls due to a person…
Section 149 — Chapter 2: winnings
Chapter 2: winnings 149 1 Only winnings in the form of money are to be taken into account when determining for the purposes of this Chapter what are winnings on a bet. 2 For those purposes, winnings…
Section 150 — Payments treated as bets
Payments treated as bets 150 1 Where payments are made for the chance of winning any money or money's worth on terms under which the persons making the payments have a power of selection that may…
Section 151 — Payment and recovery
Payment and recovery 151 1 Pool betting duty charged on a bookmaker's profits on Chapter 2 pool bets for an accounting period— a becomes due at the end of the period, b is to be paid by the…