Search Legislation

Advanced Search

Finance Act 2025

Changes to legislation:

There are currently no known outstanding effects for the Finance Act 2025. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

  1. Introductory Text

  2. Part 1 Income tax, capital gains tax and corporate taxes

    1. Income tax charge, rates etc

      1. 1.Income tax charge for tax year 2025-26

      2. 2.Main rates of income tax for tax year 2025-26

      3. 3.Default and savings rates of income tax for tax year 2025-26

      4. 4.Freezing starting rate limit for savings for tax year 2025-26

    2. Income tax provisions relating to cars

      1. 5.Appropriate percentage for cars: tax year 2028-29

      2. 6.Appropriate percentage for cars: subsequent tax years

    3. Capital gains tax rates and reliefs

      1. 7.Main rates of CGT for gains other than carried interest gains

      2. 8.Business asset disposal relief: increase in rate

      3. 9.Investors’ relief: increase in rate

      4. 10.Investors’ relief: reduction in amount qualifying for relief

      5. 11.Sections 7 to 10: transitional provision

      6. 12.Rate of CGT for carried interest gains

    4. Corporation tax charge and rates

      1. 13.Charge and main rate for financial year 2026

      2. 14.Standard small profits rate and fraction for financial year 2026

    5. Oil and gas

      1. 15.Increase in rate of energy (oil and gas) profits levy

      2. 16.Relief from levy for investment expenditure

      3. 17.Extending the period for which levy has effect

      4. 18.Decommissioning of carbon storage installations

    6. International matters

      1. 19.Pillar Two

      2. 20.Offshore receipts in respect of intangible property

      3. 21.Application of PAYE in relation to internationally mobile employees etc.

      4. 22.Advance pricing agreements: indirect participation in financing cases

    7. Reliefs for businesses

      1. 23.Expenditure on zero-emission cars

      2. 24.Expenditure on plant or machinery for electric vehicle charging point

      3. 25.Commercial letting of furnished holiday accommodation

      4. 26.Films and television programmes: increased relief for visual effects

      5. 27.Certification of films etc: minor amendments

      6. 28.Films etc: unpaid amounts

      7. 29.Research and development relief: Northern Ireland companies

      8. 30.Research and development intensity condition: transitional provision

    8. Employee-ownership trusts

      1. 31.Employee-ownership trusts

    9. Miscellaneous measures

      1. 32.Overseas transfer charge: pension schemes in EEA state or Gibraltar

      2. 33.Overseas pension schemes established in EEA states

      3. 34.Pension scheme administrators required to be resident in United Kingdom

      4. 35.Alternative finance: diminishing shared ownership refinancing arrangements

      5. 36.Statutory neonatal care pay

  3. Part 2 Replacement of special rules relating to domicile

    1. Chapter 1 New rules for foreign income and gains of individuals becoming UK resident

      1. 37.Claim for relief on foreign income

      2. 38.Claim for relief on foreign employment income

      3. 39.Claim for relief on foreign gains

    2. Chapter 2 Ending the special treatment of individuals not domiciled in United Kingdom

      1. 40.Remittance basis not available after tax year 2024-25

      2. 41.Temporary repatriation facility

      3. 42.Rebasing of assets

    3. Chapter 3 Trusts etc

      1. 43.Trusts: connected amendments, transitional provision etc

    4. Chapter 4 Inheritance tax

      1. 44.Excluded property: domicile test replaced with long-term residence test

      2. 45.Corresponding change for settled property

      3. 46.Consequential, connected and transitional provision

  4. Part 3 Other taxes

    1. Value added tax

      1. 47.Removal of exemption for private school fees

      2. 48.Charge on pre-paid private school fees

      3. 49.Sections 47 and 48: commencement

    2. Stamp duty land tax

      1. 50.Increased rates for additional dwellings: transactions before 1 April 2025

      2. 51.Increased rates for additional dwellings: transactions on or after 1 April 2025

      3. 52.Contracts substantially performed before relevant rate change

      4. 53.Purchases by companies etc

    3. Annual tax on enveloped dwellings

      1. 54.Alternative finance: land in England, Scotland or Northern Ireland

      2. 55.Alternative finance: land in Wales

    4. Stamp duty and stamp duty reserve tax

      1. 56.Testing of FMI technologies or practices

    5. Inheritance tax

      1. 57.Rate bands etc for tax years 2028-29 and 2029-30

      2. 58.EBTs: prohibition on applying property for benefit of participators etc

      3. 59.EBTs: restriction on proportion of beneficiaries who may be participators etc

      4. 60.EBTs: shares entering trust to have been held for two years

      5. 61.Agricultural property relief: environmental management agreements

      6. 62.National Savings Bank: statements from HMRC no longer to be required

    6. Alcohol duty

      1. 63.Rates of alcohol duty

      2. 64.Abolition of duty stamps for alcoholic products

    7. Tobacco products duty

      1. 65.Rates of tobacco products duty

    8. Taxes relating to vehicles

      1. 66.Rates of vehicle excise duty for light passenger or light goods vehicles etc

      2. 67.Rates of vehicle excise duty for rigid goods vehicles without trailers etc

      3. 68.Rates of vehicle excise duty for rigid goods vehicles with trailers

      4. 69.Vehicle excise duty for vehicles with exceptional loads etc

      5. 70.Rate of vehicle excise duty for haulage vehicles other than showman’s vehicles

      6. 71.Vehicle excise duty: zero-emission vehicles

      7. 72.Rates of HGV road user levy

      8. 73.Rates of air passenger duty until 1 April 2026

      9. 74.Rates of air passenger duty from 1 April 2026

    9. Environmental taxes

      1. 75.Rates of climate change levy

      2. 76.Rates of landfill tax

      3. 77.Rate of aggregates levy

      4. 78.Rate of plastic packaging tax

    10. Soft drinks industry levy

      1. 79.Rates of soft drinks industry levy

  5. Part 4 Miscellaneous and final

    1. Avoidance

      1. 80.Limited liability partnerships

      2. 81.Loans to participators

    2. Crytpo-asset reporting framework

      1. 82.OECD crypto-asset reporting framework

    3. Preparing for new taxes and information sharing

      1. 83.Duty on vaping products

      2. 84.Carbon border adjustment mechanism

    4. Wrong cross-reference etc

      1. 85.Correction of wrong cross-reference etc

    5. Final

      1. 86.Interpretation

      2. 87.Short title

  6. Schedules

    1. Schedule 1

      Consequential provision in connection with section 7

      1. 1.Amendments of TCGA 1992

      2. 2.In section 1I (income taxed at higher rates or gains...

      3. 3.In section 222A (determination of main residence: non-resident CGT disposals),...

      4. 4.In section 223 (amount of relief), in subsection (7)(b), for...

      5. 5.Omit Schedule 1B (residential property gains).

      6. 6.(1) Schedule 4AA (re-basing for non-residents in respect of UK...

      7. 7.Amendments of other Acts

      8. 8.In Schedule 1 to FA 2019, omit paragraph 15.

      9. 9.(1) Schedule 2 to that Act (returns and payments on...

      10. 10.In section 6 of F(No.2)A 2024, omit—

    2. Schedule 2

      Sections 7 to 10 : transitional provision

      1. Part 1 Transitional provision in consequence of section 7 and Schedule 1

        1. 1.Introductory

        2. 2.Allocation of amounts to times before or after 30 October 2024

        3. 3.Foreign chargeable gains under section 809J of ITA 2007 (section...

        4. 4.Chargeable gains treated as accruing to a settlor under section...

        5. 5.(1) This paragraph makes provision in relation to—

      2. Part 2 Anti-forestalling provisions: sections 7(3) and 10(2)

        1. 6.Introductory

        2. 7.Assets transferred under unconditional contract made before 30 October 2024

        3. 8.Investors’ relief: reorganisations of share capital before 30 October 2024

        4. 9.Interpretation

      3. Part 3 Anti-forestalling provisions: sections 8(3) and (6) and 9(4) and (8)

        1. 10.Introductory

        2. 11.Assets transferred on or after 6 April 2025 under unconditional contract made before 30 October 2024

        3. 12.Assets transferred on or after 6 April 2025 under unconditional contract made on or after 30 October 2024 but before 6 April 2025

        4. 13.Assets transferred on or after 6 April 2026 under unconditional contract made in tax year 2025-26

        5. 14.Paragraphs 11 to 13: supplementary provision

        6. 15.Business asset disposal relief: reorganisations of share capital before 30 October 2024

        7. 16.Business asset disposal relief: reorganisations of share capital on or after 30 October 2024 but before 6 April 2026

        8. 17.Business asset disposal relief: exchanges of securities etc before 30 October 2024

        9. 18.Business asset disposal relief: exchanges of securities etc on or after 30 October 2024 but before 6 April 2026

        10. 19.Investors’ relief: reorganisations of share capital before 30 October 2024

        11. 20.Investors’ relief: reorganisations of share capital on or after 30 October 2024 but before 6 April 2026

        12. 21.Interpretation

    3. Schedule 3

      Payments into decommissioning funds

      1. 1.Payments into decommissioning fund treated as general decommissioning expenditure

      2. 2.Meaning of “relevant transferred plant or machinery”

      3. 3.Application of sections 164 and 165 of CAA 2001

      4. 4.Prevention of subsequent allowance where expenditure paid out of qualifying payment

      5. 5.Application of the Energy (Oil and Gas) Profits Levy Act 2022

      6. 6.Commencement

    4. Schedule 4

      Pillar two

      1. Part 1 Introduction

        1. 1.F(No.2)A 2023 is amended in accordance with—

      2. Part 2 Undertaxed profits rule

        1. 2.Multinational top-up tax to include undertaxed profits rule

        2. 3.Expansion of chargeable persons

        3. 4.Charge to multinational top-up tax to include UTPR

        4. 5.New chapter to deal with UTPR

        5. 6.Transition into regime

        6. 7.Consequential amendments: IIR and qualifying undertaxed profits tax

        7. 8.Other consequential amendments etc

        8. 9.(1) In Schedule 17 (index of defined expressions), in the...

        9. 10.Commencement

      3. Part 3 Others

        1. 11.Permanent establishments as excluded entities

        2. 12.Use of substituted values

        3. 13.Flow-through entities

        4. 14.In section 169 (certain non tax resident entities to be...

        5. 15.In section 170 (adjustments for ultimate parent that is a...

        6. 16.(1) Section 178 (reallocation of tax expense) is amended as...

        7. 17.In section 240 (location of flow-through entities and permanent establishments),...

        8. 18.Tax equity partnerships

        9. 19.In sections 175 and 176, in the headings, for “covered...

        10. 20.(1) Section 176D (tax credits etc allocated under tax equity...

        11. 21.(1) Section 176E (flow-through tax benefits: proportional amortisation method) is...

        12. 22.(1) Section 176F (flow-through tax benefits: subtraction method) is amended...

        13. 23.After section 176F insert— Clawback of earlier qualifying flow-through tax...

        14. 24.In Schedule 15 (elections), in paragraph 2(1) (annual elections), omit...

        15. 25.Blended CFC regimes

        16. 26.No allocation of deferred tax assets and liabilities under blended CFC regimes

        17. 27.Cross-border allocation of current tax under cross-crediting regimes

        18. 28.Cross-border allocation of deferred tax

        19. 29.Extension of qualifying foreign tax credits

        20. 30.Deferred tax recapture

        21. 31.Existing deferred tax assets and liabilities arising under blended CFC regimes

        22. 32.Substance based income exclusion: permanent establishments and flow-through entities

        23. 33.For section 198 (eligible payroll costs and eligible tangible asset...

        24. 34.In section 196 (eligible payroll costs), after subsection (6) insert—...

        25. 35.In section 197 (eligible tangible asset amount), after subsection (9)...

        26. 36.Eligible payroll costs

        27. 37.Additional top-up amounts

        28. 38.(1) Section 206 (additional top-up amounts where recalculations required) is...

        29. 39.Joint ventures

        30. 40.(1) Section 227 (application of Part to joint venture groups)...

        31. 41.(1) Section 266 (qualifying entities) is amended as follows.

        32. 42.Domestic top-up tax

        33. 43.(1) Section 272 (determining top-up amounts of entity that is...

        34. 44.Domestic top-up tax: excluded entities

        35. 45.De minimis rule

        36. 46.Transitional safe harbour

        37. 47.Transitional safe harbour: arbitrage arrangements

        38. 48.Substance based income exclusion: removal of provision for election

        39. 49.Inclusion ratio

        40. 50.(1) Section 223 (adjustments) is amended as follows.

        41. 51.Specification of territories and taxes

        42. 52.Filing etc not required before 30 June 2026

        43. 53.Minor amendments

        44. 54.In section 148A (transferable tax credits), in subsection (5)(a)—

        45. 55.In section 170 (adjustments for ultimate parent that is a...

        46. 56.In section 171 (ultimate parent subject to qualifying dividend regime)—...

        47. 57.In section 176B (value of non-marketable transferable tax credits: originator),...

        48. 58.In section 176C (value of non-marketable transferable tax credits: purchaser)—...

        49. 59.In section 176D (tax credits etc allocated under tax equity...

        50. 60.In section 211 (transfer of assets or liabilities to a...

        51. 61.In section 212 (meaning of “qualifying reorganisation”), in subsection (4),...

        52. 62.In section 215 (undistributed income amount), in subsection (2)(c) omit...

        53. 63.In section 216 (election where assets and liabilities adjusted to...

        54. 64.In section 217 (post filing adjustments of covered taxes), after...

        55. 65.In section 217(8), for paragraph (a) substitute—

        56. 66.In section 220 (top-up amount of investment entity)—

        57. 67.In section 222 (investment entity effective tax rate), in Step...

        58. 68.In section 242 (ownership interests and controlling interests), in subsection...

        59. 69.In section 255 (Pillar Two rules), in subsection (6), for...

        60. 70.In Schedule 14 (administration of multinational top-up tax)—

        61. 71.In Schedule 16A (multinational top-up tax: safe harbours), in paragraph...

        62. 72.Commencement

    5. Schedule 5

      Furnished holiday lettings

      1. Part 1 Amendments relating to income tax

        1. 1.FA 2004

        2. 2.ITTOIA 2005

        3. 3.ITA 2007

        4. 4.Consequential repeals of amending provisions

      2. Part 2 Amendments relating to corporation tax

        1. 5.CTA 2009

        2. 6.CTA 2010

        3. 7.Consequential repeals of amending provisions

      3. Part 3 Amendments relating to capital allowances

        1. 8.CAA 2001

        2. 9.Consequential repeals of amending provisions

      4. Part 4 Amendments relating to chargeable gains

        1. 10.TCGA 1992

        2. 11.Consequential repeals of amending provisions

      5. Part 5 Commencement and transitional provision

        1. 12.Commencement: Parts 1 to 3

        2. 13.Commencement: Part 4

        3. 14.Anti-forestalling: disposals under unconditional contracts

        4. 15.Corporation tax: accounting periods straddling 1 April 2025

        5. 16.Carry-forward of losses: income tax

        6. 17.Carry-forward of losses: corporation tax

        7. 18.Plant and machinery allowances

        8. 19.Business asset disposal relief: disposals relating to pre-commencement businesses

        9. 20.Post-commencement disposals by companies with substantial shareholding

    6. Schedule 6

      Employee-ownership trusts

      1. Part 1 Capital gains tax

        1. 1.Introduction

        2. 2.Requirement for trustees of employee-ownership trusts to be UK resident

        3. 3.Trustee independence

        4. 4.Temporary breach of trustee independence requirement or residence requirement arising from death of trustee

        5. 5.Consideration requirement

        6. 6.Extended period for disqualifying events

        7. 7.Additional information to be provided in claims

      2. Part 2 Income tax

        1. 8.Participation requirement not infringed by exclusion of directors

        2. 9.Relief for distributions to trustees of employee-ownership trusts

    7. Schedule 7

      Diminishing shared ownership refinancing arrangements

      1. 1.Income tax

      2. 2.Corporation tax

      3. 3.Capital gains tax

      4. 4.Application

    8. Schedule 8

      Relief on foreign employment income: consequential and transitional provision

      1. Part 1 General consequential amendments

        1. 1.(1) ITEPA 2003 is amended as follows.

        2. 2.(1) ITA 2007 is amended as follows.

        3. 3.In Part 8 of Schedule 3 to the Social Security...

      2. Part 2 Consequential amendments relating to PAYE

        1. 4.After section 690C of ITEPA 2003 (employees who were internationally...

      3. Part 3 Transitional provision

        1. 5.Individuals no longer meeting section 26A requirement not qualifying new residents

        2. 6.Certain individuals meeting section 26A requirement treated as qualifying new residents

        3. 7.Limit on relief not to apply to certain foreign employment relief claims

        4. 8.Definitions

    9. Schedule 9

      Income tax and capital gains tax: remittance basis and domicile

      1. Part 1 Remittance basis

        1. 1.No remittance basis for tax years after 2024-25

        2. 2.Amendments of TCGA 1992 connected with end of remittance basis

        3. 3.Amendments of ITEPA 2003 connected with end of remittance basis

        4. 4.Amendment of ITTOIA 2005 connected with end of remittance basis

        5. 5.When amounts will be remitted

        6. 6.Relief for amounts remitted again on becoming UK resident

      2. Part 2 Removal of domicile (primary legislation)

        1. 7.Removal of exemption for persons not domiciled in United Kingdom

        2. 8.Transferable tax allowance for married couples etc

        3. 9.Residence of personal representatives: domicile of deceased no longer relevant

        4. 10.In section 62 of TCGA 1992 (residence of personal representatives),...

        5. 11.Residence of trustees: domicile of settlor no longer relevant

        6. 12.(1) Section 69 of TCGA 1992 (trustees of settlements) is...

        7. 13.(1) In the Money Laundering, Terrorist Financing and Transfer of...

        8. 14.Application of Income Tax Acts in relation to deemed employment

        9. 15.Pension schemes

        10. 16.In section 7 of F(No.2)A 2005 (social security pension lump...

        11. 17.Domicile of overseas electors

        12. 18.In ITA 2007 omit section 835B (domicile for income tax...

        13. 19.Situs of debt

        14. 20.Trust reporting requirements

        15. 21.Trusts with vulnerable beneficiary

        16. 22.Disposals of deeply discounted securities

        17. 23.The accrued income scheme

        18. 24.FOTRA securities

        19. 25.Reliefs in respect of income from investments etc. of certain pension schemes

      3. Part 3 Removal of domicile (secondary legislation)

        1. 26.Education funding

        2. 27.Making Tax Digital

    10. Schedule 10

      Temporary repatriation facility

      1. Part 1 Temporary repatriation facility charge

        1. 1.Introduction and charge

        2. 2.Qualifying overseas capital: main cases

        3. 3.Capital payments made by settlement: section 87 and 89 TCGA 1992 cases

        4. 4.Capital payments made by settlement: offshore income gains cases

        5. 5.Capital payments made by settlement: Schedule 4C cases

        6. 6.Amounts of income treated as qualifying overseas capital

        7. 7.Deemed income under section 732 of ITA 2007 where pre-2025 gains available for matching

        8. 8.Designation of qualifying overseas capital

        9. 9.Payment of the TRF charge through the income tax system

      2. Part 2 Exemptions etc for designated qualifying overseas capital

        1. 10.Income tax exemptions and relief

        2. 11.Income tax exemptions: application of transfer of assets abroad rules in future years

        3. 12.Capital gains tax: main exemption

        4. 13.Capital gains tax: reliefs in respect of matched capital payments

      3. Part 3 Effect of designation on when amounts remitted etc

        1. 14.Temporary disapplication of nominated income ordering rules

        2. 15.Mixed funds: section 809Q of ITA 2007

        3. 16.Mixed funds: section 809R of ITA 2007

        4. 17.Mixed funds: TRF capital account

        5. 18.Temporary application of annualised basis to mixed funds containing TRF capital

        6. 19.Business investment relief

        7. 20.No tax credits for pre 2016-17 dividends etc

        8. 21.Commencement

    11. Schedule 11

      Rebasing of assets

      1. 1.Rebasing of assets for individuals who have been subject to the remittance basis

      2. 2.Assets becoming situated in the United Kingdom before 6 April 2025

      3. 3.Election for paragraph 1 not to apply

      4. 4.Rebasing under Schedule 8 to F(No.2)A 2017

    12. Schedule 12

      Trusts: connected amendments, transitional provision etc

      1. Part 1 Settlements (income)

        1. 1.Chapter 5 of Part 5 of ITTOIA 2005 (settlements: amounts...

        2. 2.In section 619 (charge to tax under Chapter 5), in...

        3. 3.In section 622 (person liable), for “sections 643A and 643I...

        4. 4.In section 624 (income where settlor retains an interest), in...

        5. 5.Omit sections 628A to 628C (protected foreign-source income and transitional...

        6. 6.In section 629 (income paid to relevant children of settlor),...

        7. 7.Omit section 630A (exception to section 629 for protected foreign-source...

        8. 8.In section 635 (capital sums charge: amount of available income)—...

        9. 9.In section 636 (capital sums charge: calculation of undistributed income)—...

        10. 10.In section 637 (qualifications to section 636), in subsections (5)...

        11. 11.For the italic heading before section 643A, substitute— Transitional provision...

        12. 12.Before section 643A insert— “Protected foreign-source income” and “transitional trust...

        13. 13.For section 643A substitute— Benefits paid out of protected foreign-source...

        14. 14.(1) Section 643B (meaning of “untaxed benefits total” in section...

        15. 15.For section 643C substitute— Meaning of “available protected income” in...

        16. 16.(1) Section 643E (reimbursement of tax paid by settlor) is...

        17. 17.After section 643E insert— Onward gifts from non-residents or qualifying...

        18. 18.(1) Section 643F (income attributed by section 643A to user...

        19. 19.(1) Section 643G (section 643F(4): benefits and income “relating” to...

        20. 20.In section 643H (meaning of close member of settlor’s family),...

        21. 21.Omit sections 643I to 643M (old onward gift provisions).

        22. 22.(1) Section 643N (person liable under section 643J or 643L...

        23. 23.(1) Section 645 (property or income originating from settlor) is...

        24. 24.(1) Section 646 (adjustments between settlor and trustees etc) is...

        25. 25.(1) Section 648 (income arising under a settlement) is amended...

      2. Part 2 Transfer of assets abroad

        1. 26.Chapter 2 of Part 13 of ITA 2007 (transfer of...

        2. 27.In section 718 (meaning of “person abroad” etc)—

        3. 28.In section 720 (charge to tax on income treated as...

        4. 29.In section 721 (individuals with power to enjoy income as...

        5. 30.Omit sections 721A and 721B (meaning of “protected foreign-source income”...

        6. 31.After section 725 insert— Recovery of tax paid as a...

        7. 32.(1) Section 726 (remittance basis etc) is amended as follows....

        8. 33.In section 727 (charge to tax on income treated as...

        9. 34.In section 728 (individuals receiving capital sums as a result...

        10. 35.Omit section 729A (meaning of “protected foreign-source income”).

        11. 36.Before section 730 insert— Recovery of tax paid as a...

        12. 37.(1) Section 730 (remittance basis etc) is amended as follows....

        13. 38.(1) Section 731 (charge to tax on income treated as...

        14. 39.(1) Section 732 (deemed income where benefit received) is amended...

        15. 40.(1) Section 733 (income charged under section 731) is amended...

        16. 41.Omit sections 733A to 733E and 734A (old provision about...

        17. 42.(1) Section 735 (remittance basis etc) is amended as follows....

        18. 43.(1) Section 735A (matching rules) is amended as follows.

        19. 44.After section 735A insert— Transitional provision about protected foreign-source income...

        20. 45.(1) Section 735B (settlor charge: remittance-basis users) is amended as...

        21. 46.(1) Section 735C (old onward gifts provisions: remittance-basis users) is...

        22. 47.In section 736 (exemptions: introduction)— (a) in subsection (1), for...

        23. 48.Omit section 742A (post-5 April 2012 transactions: exemption for genuine...

        24. 49.In section 747 (amounts corresponding to accrued income profits and...

        25. 50.In section 751 (tribunal’s jurisdiction on appeals), omit paragraph (da)....

      3. Part 3 Settlements (chargeable gains)

        1. 51.TCGA 1992 is amended in accordance with this Part of...

        2. 52.In section 1A (territorial scope), in subsection (2)(e), omit “87K,...

        3. 53.In section 1E (losses deductible only when within scope of...

        4. 54.In section 62 (death: general provisions), in subsection (2A), omit...

        5. 55.(1) Section 86 (attribution of gains to settlors with interest...

        6. 56.In section 86A (attribution of gains to settlor where temporarily...

        7. 57.In section 87 (non-UK resident settlements: attribution of gains to...

        8. 58.(1) Section 87B (section 87: remittance basis) is amended as...

        9. 59.In section 87D (sections 87 and 87A: capital payments to...

        10. 60.(1) Section 87G (settlor liable if capital payment received by...

        11. 61.In section 87H (meaning of “close member of the settlor’s...

        12. 62.For sections 87I to 87M (old onward gifting provisions) substitute—...

        13. 63.In section 91 (increase in tax payable under section 87...

        14. 64.In section 97 (supplementary provisions)— (a) in subsection (1)(a)(ii), for...

        15. 65.In section 279A (deferred unascertainable consideration: election for treatment of...

        16. 66.In section 279C (effect of election under section 279A), in...

        17. 67.In Schedule 1 (UK resident individuals not domiciled in UK),...

        18. 68.(1) Schedule 4C (transfers of value: attribution of gains to...

        19. 69.(1) Schedule 5 (attribution of gains to settlors with interest...

      4. Part 4 Commencement and transitional provision

        1. 70.Commencement

        2. 71.Onward gifts: settlements (income)

        3. 72.Despite the repeal of section 643M of ITTOIA 2005 by...

        4. 73.Onward gifts: transfer of assets abroad

        5. 74.Onward gifts: settlements (chargeable gains)

        6. 75.Despite the repeal of sections 87K and 87L of TCGA...

    13. Schedule 13

      Inheritance tax

      1. Part 1 Amendments to IHTA 1984 and related legislation

        1. 1.IHTA 1984

        2. 2.In section 5 (meaning of estate), for subsection (1B) substitute—...

        3. 3.In section 6 (excluded property), omit subsection (3).

        4. 4.In section 8D(9), omit the definitions of “tax year” and...

        5. 5.In section 13A(3), omit the definition of “tax year”.

        6. 6.In section 18 (transfers between spouses or civil partners), in...

        7. 7.In section 28A, omit subsection (3).

        8. 8.(1) Section 53 (exceptions from charge under section 52) is...

        9. 9.(1) Section 54 (exceptions from charge on death) is amended...

        10. 10.(1) Section 64 (charge at ten-year anniversary) is amended as...

        11. 11.(1) Section 65 (exit charges etc) is amended as follows....

        12. 12.(1) Section 74A (arrangements involving acquisition of interest in settled...

        13. 13.In section 75A, omit subsection (4).

        14. 14.In section 80 (initial interest of settlor or spouse), in...

        15. 15.In section 81 (property moving between settlements), in subsection (1)—...

        16. 16.For section 81B substitute— Excluded property: property to which section...

        17. 17.Omit sections 82 and 82A (excluded property: property to which...

        18. 18.In section 94 (close companies: charge on participators), in subsection...

        19. 19.In section 136 (transfers within three years before death: transactions...

        20. 20.In section 155 (visiting forces etc), in subsections (2) and...

        21. 21.(1) Section 157 (non-residents’ bank accounts) is amended as follows....

        22. 22.In section 218 (non-resident trustees), in subsection (1)(a), for “domiciled...

        23. 23.Omit section 267 (persons treated as domiciled in United Kingdom)....

        24. 24.(1) Section 267ZA (election to be treated as domiciled in...

        25. 25.In section 267ZB (section 267ZA: further provision about election) (as...

        26. 26.Omit sections 267ZA and 267ZB (election to be treated as...

        27. 27.Before section 267A insert— Election to be treated as a...

        28. 28.(1) Section 272 (general interpretation) is amended as follows.

        29. 29.(1) Schedule A1 (non-excluded overseas property) is amended as follows....

        30. 30.In Schedule 4 (maintenance funds for historic buildings etc), in...

        31. 31.FA 1986

        32. 32.FA 2004

        33. 33.In paragraph 11 (exemptions from charge), in sub-paragraph (5), after...

        34. 34.In the italic heading before paragraph 12, for “resident or...

        35. 35.(1) Paragraph 12 is amended as follows.

        36. 36.Constitutional Reform and Governance Act 2010

        37. 37.Inheritance Tax (Delivery of Accounts) (Excepted Estates) Regulations 2004 (S.I. 2004/2543)

        38. 38.In regulation 2 (interpretation)— (a) the existing text becomes paragraph...

        39. 39.(1) Regulation 4 (excepted estates) is amended as follows.

        40. 40.In regulation 5 (spouse, civil partner and charity transfers), in...

        41. 41.In regulation 5A (IHT threshold), in paragraph (4)(a), for “died...

        42. 42.In regulation 6 (production of information), in the heading, for...

        43. 43.(1) Regulation 6A (production of information) is amended as follows....

        44. 44.Inheritance Tax (Delivery of Accounts) (Excepted Settlements) Regulations 2008 (S.I. 2008/606)

      2. Part 2 Commencement and transitional provision

        1. 45.Commencement

        2. 46.Certain pre-commencement emigrants treated as not being long-term UK residents

        3. 47.Property moving between settlements

        4. 48.Settlor’s death etc: application to bodies corporate

        5. 49.Deemed domicile rules still to apply in relation to times before commencement

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources

The data on this page is available in the alternative data formats listed: