Finance Act 2012

A look at some of the schedules in the Finance Act 2012

The Finance Act 2012 received Royal assent on 17 July 2012 and contains 229 sections and 39 schedules. 

Some of the main schedules in this act are as follows:

  • Schedule 1: high-income child benefit charge when net income exceeds £50,000
  • Schedule 3: relief for expenditure on research and development
  • Schedule 6: seed enterprise investment scheme. SEIS income tax relief in respect of amounts subscribed by individuals for shares in companies carrying on a new business
  • Schedule 7: enterprise investment scheme, relief increases from £500,000 to £1m and other amendments
  • Schedule 8: venture capital schemes amended
  • Schedules 30 to 32: climate change levy
  • Schedule 35: stamp duty land tax: higher rate for certain transactions
  • Schedule 38: tax agents; dishonest conduct. Sets out the process for establishing whether someone has engaged in dishonest conduct, gives power to HMRC to obtain relevant documents, sets out sanctions and penalties for engaging in dishonest conduct and appeals process. 

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