Finance Act 2024 received Royal Assent on 22 February 2024. Its highlights include:

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  • Capital Allowances: Permanent full expensing
  • R&D: Changes to the merge the small company and RDEC claim system
  • Audiovisual relief: a move to a RDEC system
  • Creative industries reliefs: changes post Brexit
  • Extensions to EIS and VCT reliefs
    Extension of the EMI notification period
  • Pensions: ablishion of the lifetime charge
  • CIS: adding VAT to the gross payment conditionality compliance test
  • Cash basis: extension for sole traders and partnerships
  • PAYE: Workers’ providing services through intermediaries etc: cases where taxes already paid can be set off

This is a list of contents, with links to our Subscriber guides covering the new measures.

The Act is available online here

CONTENTS

PART 1 INCOME TAX AND CORPORATION TAX

CHAPTER 1 RELIEFS FOR BUSINESSES ETC

Capital allowances for companies

1 Permanent full expensing etc for expenditure on plant or machinery

Research and development

2 New regime for research and development carried out by companies

Films, television programmes, video games etc

3 Films, television programmes and video games produced by companies

4 Theatrical productions made by companies

5 Orchestral concerts produced by companies

6 Museum and gallery exhibitions produced by companies

7 Sections 3 to 6: administration of reliefs Real Estate Investment Trusts

8 Miscellaneous amendments relating to REITs Tonnage tax

9 Managers of ships

10 Increase in capital allowances limit for ship leasing

Other reliefs

11 Extension of EIS relief and VCT relief to shares issued before 6 April 2035

12 Relief for payments of compensation by government etc to companies

13 Enterprise management incentives: time limits

CHAPTER 2

 PENSIONS

14 Provision in connection with abolition of the lifetime allowance charge

15 MPs’ pension scheme etc: rectification of discrimination

CHAPTER 3

OTHER INCOME TAX MEASURES

Calculation of trade profits etc

16 Provision relating to the cash basis

Other

17 PAYE regulations: special types of payer or payee

18 Carer’s allowance supplement: correction of statutory reference

PART 2

OTHER TAXES

 Stamp duty and stamp duty reserve tax

 19 Growth market exemption: qualifying UK multilateral trading facilities etc

20 Capital-raising arrangements etc

Electricity generator levy

21 New investment exemption

Pillar Two

22 Ensuring consistency of Parts 3 and 4 of F(No.2)A 2023 with OECD rules etc

Excise duty rates

23 Rates of tobacco products duty

24 Rates of vehicle excise duty

25 Rates of air passenger duty

Miscellaneous VAT and excise measures

26 Rebate on heavy oil and certain bioblends used for heating

27 Vehicle excise duty exemption for foreign vehicles

28 Interpretation of VAT and excise law

Environmental taxes

29 Rates of landfill tax 

30 Rate of aggregates levy

31 Rate of plastic packaging tax

PART 3

MISCELLANEOUS AND FINAL

Evasion, avoidance etc

32 Increase in maximum terms of imprisonment for tax offences

33 Disqualification of directors etc promoting tax avoidance schemes

34 Promoters of tax avoidance: failure to comply with stop notice etc

35 Construction industry scheme: gross payment status Administration 

36 Additional information to be contained in returns under TMA 1970 etc

37 Commencement of rules imposing penalties for failure to make returns etc Final

38 Abbreviations used in Act

39 Short title

Schedule 1 — Research and development Part 1 — Main amendments of CTA 2009 Part 2 — Consequential amendments Part 3 — Commencement and transitional and transitory provision

Schedule 2 — Films, television programmes and video games Part 1 — New regime for films, television programmes and video games Part 2 — Amendments consequential on Part 1 Repeal of existing regimes for films, television programmes and video games Part 3 — Part 4 — Amendments consequential on Part 3 Part 5 — Commencement and transitional provision

Schedule 3 — Theatrical productions Part 1 — Amendments of Part 15C of CTA 2009 Changes from European to UK expenditure: transitional provision Part 2 —

Schedule 4 — Orchestral concerts Part 1 — Amendments of Part 15D of CTA 2009 Changes from European to UK expenditure: transitional provision Part 2 —

Schedule 5 — Museum and gallery exhibitions Part 1 — Amendments of Part 15E of CTA 2009 Finance Bill iii Changes from European to UK expenditure: transitional provision Part 2 —

Schedule 6 — Administration of creative sector reliefs

Schedule 7 — Real Estate Investment Trusts

Schedule 8 — Tonnage tax

Schedule 9 — Pensions Part 1 — Abolition of lifetime allowance charge Part 2 — Taxation of lump sums Part 3 — Non-UK schemes Part 4 — Transitional protections Part 5 — Provision of information Part 6 — Commencement and transitional provision etc

Schedule 10 — Calculation of trade profits etc Part 1 — Main provisions Part 2 — Minor and consequential amendments Chapter 1 — Amendments of ITTOIA 2005 Chapter 2 — Amendments of other Acts Part 3 — Commencement and transitional provision

Schedule 11 — Capital-raising arrangements etc Part 1 — Depositary receipts and clearance services Part 2 — Bearer instruments Part 3 — Minor and consequential amendments Part 4 — Commencement and transitional provision

Schedule 12 — Pillar Two Part 1 — Introduction Part 2 — Multinational top-up tax Part 3 — Domestic top-up tax Part 4 — Minor and technical changes

Schedule 13 — Promotion of tax avoidance schemes

External links

Finance Act 2024

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