Yellow Tax Handbook 2020-21

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Legislation

Provides the fully amended and annotated text of all legislation and official material relating to income tax, capital gains tax, corporation tax, national insurance contributions, tax credits, petroleum revenue tax and inheritance tax.

Includes statutes and statutory instruments; extra-statutory concessions and statements of practice; footnotes indicating amendments to legislation; cross-references; definitions; additional helpful material including Revenue and other press releases and cross-references to the HMRC Manuals.

SOURCE CURRENCY

Yellow Tax Handbook 2020-21

The Yellow Tax Handbook 2020-21 has been updated to incorporate the following:

December 2020
Legislation
Social Security Administration and Tribunal Membership (Scotland) Act 2020 (amendments)

November 2020
Legislation
International Tax Compliance (Amendment) (No 2) (EU
Exit) Regulations, SI 2020/1300
Income Tax (Exemption of Minor Benefits) (Coronavirus) Regulations, SI 2020/1293
Sentencing Act 2020 (Commencement No 1) Regulations, SI 2020/1236
Social Security Contributions (Intermediaries) (Miscellaneous Amendments) Regulations, SI 2020/1220

October 2020
Legislation
Bank Levy (Loss Absorbing Instruments) Regulations, SI 2020/1188
Sentencing Act 2020 (amendments)
Human Rights Act 1998 (Remedial) Order, SI 2020/1160
Income Tax (Pay As You Earn) (Amendment No. 3) Regulations, SI 2020/1150
Marriage and Civil Partnership (Northern Ireland) (No 2) Regulations, SI 2020/1143

September 2020
Legislation
Social Security Contributions (Disregarded Payments) (Coronavirus) (England) Regulations, SI 2020/1065
MARD (Amendment) (EU Exit) Regulations, SI 2020/996
Taxes (Interest Rate) (Amendment No. 2) Regulations, SI 2020/995
Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations, SI 2020/991
Insolvency Act 1986 (HMRC Debts: Priority on Insolvency) Regulations, SI 2020/983
Finance Act 2009, Sections 101 and 102 (Disguised Remuneration Repayment Scheme) (Appointed Day and Consequential Amendment) Order, SI 2020/979
Transfer of Functions (Digital Government) Order, SI 2020/940
Income Tax (Care Leaver’s Apprenticeship Bursary Payment) Regulations, SI 2020/922
Social Security (Contributions) (Amendment No 4) Regulations, SI 2020/923
Finance Act 2008, Section 135 (Coronavirus) Order, SI 2020/934
Tax Credits (Coronavirus, Miscellaneous Amendments) (No 2) Regulations, SI 2020/941

August 2020
Legislation
The Yellow Tax Handbook 2020-21 has been updated to incorporate all the changes from Finance Act 2020.
All primary legislation in the service has been updated to reflect amendments, and prospective amendments, enacted by FA 2020. Amending and modifying statutory instruments published up to August 2020 have also been incorporated into the legislation as appropriate.

July 2020
Legislation
Finance Act 2020 is included in full. All changes made by the Act have been reflected in the legislation throughout the Yellow Book.

Taxation of Chargeable Gains (Gilt-edged Securities) Order, SI 2020/715
International Tax Enforcement (Disclosable Arrangements (Coronavirus) (Amendment) Regulations, SI 2020/713
Global Human Rights Sanctions Regulations, SI 2020/680
Divorce, Dissolution and Separation Act 2020 (amendments)
Fees for Payment of Taxes, etc. by Card Regulations, SI 2020/657
Childcare Payments (Coronavirus and Miscellaneous
Amendments) Regulations, SI 2020/656

Tax Credits
Child Benefit and Child Tax Credit (Persons of Northern Ireland) (Amendment) Regulations, SI 2020/672

Codes of Practice
The following have been updated:
COP26 What happens if we've paid you too much tax credits
CC/FS2 Information notices
CC/FS7a Penalties for inaccuracies in returns and documents
CC/FS11 Penalties for failure to notify
CC/FS13 Publishing details of deliberate defaulters
CC/FS17 Penalties for offshore non-compliance
CC/FS17a Penalties for enablers of offshore tax evasion or non-compliance
CC/FS30a tax avoidance schemes - penalties for follower notices
CC/FS37 – General anti-abuse rule and notices of binding
CC/FS41 – Construction Industry Scheme – penalties for false registration
C/FS30b – Tax avoidance schemes – penalties for partnership follower notices

June 2020
Legislation
Childcare Payments (Coronavirus and Miscellaneous
Amendments) Regulations, SI 2020/656
Tribunal Procedure (Amendment) Rules, SI 2020/651
Financial Services (Miscellaneous Amendments) (EU Exit) Regulations, SI 2020/628
Companies etc. (Filing Requirements) (Temporary Modifications) Regulations, SI 2020/645
Corporate Insolvency and Governance Act 2020 (amendments)
Coronavirus Life Assurance Scheme (English and Welsh Schemes) (Excluded Benefits for Tax Purposes) Regulations, SI 2020/615
Single Use Carrier Bags Charge (Wales) (Amendment) (No 2) Regulations, SI 2020/593
Income Tax (Exemption for Coronavirus Related Home Office Expenses) Regulations, SI 2020/524
Individual Savings Account (Amendment No 3) (Coronavirus) Regulations, SI 2020/506
Direct Payments to Farmers (Legislative Continuity) Act 2020 (Consequential Amendments) Regulations, SI 2020/463
International Tax Compliance (Amendment) Regulations, SI 2020/438
Tribunal Procedure (Coronavirus) (Amendment) Rules, SI 2020/416
Parental Bereavement (Leave and Pay) Act 2018 (Commencement) Regulations, SI 2020/45
Police (Complaints and Misconduct) Regulations, SI 2020/2
Coronavirus (Scotland) (No 2) Act 2020 (extracts)

NIC
Social Security Contributions (Disregarded Payments) (Coronavirus) Regulations, SI 2020/525
Tribunal Procedure (Amendment) Rules, SI 2020/651
Parental Bereavement (Leave and Pay) Act 2018 (Commencement) Regulations, SI 2020/45
Social Security (Contributions) (Amendment No. 3) Regulations, SI 2020/320
Social Security Benefits Up-rating Order, SI 2020/234

Codes of Practice
CC/FS1c General information about compliance checks into certain large and complex businesses

Inheritance Tax
Parental Bereavement (Leave and Pay) Act 2018 (Commencement) Regulations, SI 2020/45

20 April 2020
Legislation
New material covered:
Coronavirus Act 2020
Treasury Directions on Coronavirus Job Retention Scheme (added to CA 2020 s 76)
European Union (Withdrawal Agreement) Act 2020 (Disapplication of the Deferral of Subordinate Legislation) (Wales) (EU Exit) Regulations, SI 2020/93
First-tier Tribunal and Upper Tribunal (Chambers) (Amendment) Order, SI 2020/137
Taxes (Interest Rate) (Amendment) Regulations, SI 2020/194
Van Benefit and Car and Van Fuel Benefit Order, SI 2020/199
Insolvency Act 1986 (Prescribed Part) (Amendment) Order, SI 2020/211
Employment Allowance (Excluded Persons) Regulations, SI 2020/218
Social Security Contributions (Decisions and Appeals) (Amendment) Regulations, SI 2020/238
Social Security (Contributions) (Amendment) Regulations, SI 2020/239
Statutory Parental Bereavement Pay (Miscellaneous Amendments) Regulations, SI 2020/240
Capital Allowances Act 2001 (Amendment of Section 45K) Order, SI 2020/260
Individual Savings Account (Amendment No. 2) Regulations, SI 2020/261
Child Trust Funds (Amendment No. 2) Regulations, SI 2020/269
Employment Allowance (Increase of Maximum Amount) Regulations, SI 2020/273
National Insurance Contributions (Termination Awards and Sporting Testimonials) Act 2019 (Commencement and Transitional Provisions) Regulations, SI 2020/285
Income Tax (Benefits in Kind) (Exemption for Welfare Counselling) (Amendment) Regulations, SI 2020/291
Tax Credits, Child Benefit, Guardian's Allowance and Childcare Payments (Miscellaneous Amendments) Regulations, SI 2020/297
Tax Credits, Child Benefit and Guardian's Allowance Up-rating Regulations, SI 2020/298
Social Security (Contributions) (Rates, Limits and Thresholds Amendments and National Insurance Funds Payments) Regulations, SI 2020/299
Social Security (Contributions) (Amendment No 2) Regulations, SI 2020/300
Guardian's Allowance Up-rating Regulations, SI 2020/302
Social Security (Contributions) (Re-rating) Consequential Amendment Regulations, SI 2020/303
UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations, SI 2020/315
Taxes (Amendments) (EU Exit) Regulations, SI 2020/332
Capital Gains Tax (Annual Exempt Amount) Order, SI 2020/333
Annual Tax on Enveloped Dwellings (Indexation of Annual Chargeable Amounts) Order, SI 2020/341
Finance Act 2004 (Standard Lifetime Allowance) Regulations, SI 2020/342
Income Tax (Indexation) Order, SI 2020/343
Parental Bereavement Leave and Pay (Consequential Amendments to Subordinate Legislation) Regulations, SI 2020/354
Social Security (Coronavirus) (Further Measures) Regulations, SI 2020/371
Income Tax (Pay As You Earn) (Amendment No 2) Regulations, SI 2020/373
Statutory Sick Pay (Coronavirus) (Suspension of Waiting Days and General Amendment) Regulations, SI 2020/374
Social Security (Coronavirus) (Further Measures) Amendment Regulations, SI 2020/397

Legislation
The Finance Bill 2020 has been included in full.

3 March 2020
Codes of Practice and Factsheets
The following Codes of Practice have been updated:
ES/FS1 Employed or self-employed for tax and National Insurance contributions
CC/FS14 Managing Serious Defaulters
CC/FS22 Sending us electronic records

19 February 2020
Legislation
Amendments made by:
the EU (Withdrawal Agreement) Act 2020 to the following legislation:
Taxes Management Act 1970
Interpretation Act 1978
Films Act 1985
Insolvency Act 1986
TCGA 1992
Finance Act 1998
Capital Allowances Act 2001
Proceeds of Crime Act 2002
Finance Act 2004
Pensions Act 2004
ITTOIA 2005
Finance Act 2006
Government of Wales Act 2006
ITA 2007
CTA 2009
CTA 2010
TIOPA 2010
Finance Act 2010
Finance Act 2011
Finance Act 2012
Finance Act 2013
TCMA Wales
Bankruptcy Scotland
EUWA 2018
Interpretation Act 1978 amended by the Direct Payments to Farmers (Legislative Continuity) Act 2020
Insolvency Act 1986 amended by the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations, SI 2018/1394
FA 1989 amended by the Parental Bereavement (Leave and Pay) Act 2018 (Commencement) Regulations, SI 2020/45
SSI 2015/381 amended by the Scottish Tribunals (Eligibility for Appointment) Amendment Regulations SSI 2019/384 and the Scottish Tribunals (Eligibility for Appointment) Amendment Regulations SSI 2018/276
Tribunals (Scotland) Act 2014 amended by the Scottish Tribunals (Listed Tribunals) Regulations, SI 2019/348
FA 2013, CTA 2010, ITA 2007, ITTOIA 2005, ITEPA 2003 amended by the Civil Partnership (Opposite-sex Couples) Regulations, SI 2019/1458
SI 1998/1870 amended by the Individual Savings Account (Amendment) Regulations, SI 2020/30
SI 2004/1450 amended by the Child Trust Funds (Amendment) Regulations, SI 2020/29
National Insurance
Amendments made by the EU (Withdrawal Agreement) Act 2020
SI 1997/556 and SI 2000/727 amended by the Civil Partnership (Opposite-sex Couples) Regulations, SI 2019/1458
Inheritance Tax
Amendments made by the EU (Withdrawal Agreement) Act 2020
FA 2013 amended by the Civil Partnership (Opposite-sex Couples) Regulations, SI 2019/1458
Administration of Estates Act 1925 amended by the Administration of Estates Act 1925 (Fixed Net Sum) Order, SI 2020/33
Factsheets
The following Factsheets have been updated:
CC/FS1a About compliance checks
CC/FS5 Compliance checks: unannounced visits for inspections approved by the tribunal
CC/FS7a Compliance checks for penalties of inaccuracies in returns or documents
CC/FS10 Suspending penalties for careless inaccuracies in returns or documents
CC/FS13 Publishing details of deliberate defaulters
CC/FS15 Self Assessment and old penalty rules
CC/FS17 Compliance checks: penalties for offshore non-compliance
CC/FS18b penalties if you do not file Construction Industry Scheme returns on time

10 February 2020
Guidance
RDR3: Statutory Residence Test (SRT) notes has been updated.

Miscellaneous Non-Statutory Material
FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland has been updated

22 January 2020
Legislation
Amendments made by:
Tribunal Procedure (Amendment) Rules, SI 2019/925
Value Added Tax (Amendment) Regulations, SI 2019/1048
Finance Act 2018, Section 8(1) (Commencement) Regulations, SI 2019/1160
European Union (Withdrawal) Act 2018 (Commencement No 4) Regulations, SI 2019/1198
Data-gathering Powers (Relevant Data) (Amendment) (EU Exit) Regulations 2019, SI 2019/1221
Tonnage Tax (Training Requirement) (Amendment etc) Regulations 2019, SI 2019/1227
Taxation of Chargeable Gains Act 1992, Schedule 8B (Substitution of Dates) Regulations 2019, SI 2019/1237
Finance Act 2009, Sections 101 and 102 (Penalties for Offshore Evasion or Non-Compliance) (Appointed Day) Order 2019, SI 2019/1238
Taxation of Hybrid Capital Instruments (Amendment of Section 475C of the Corporation Tax Act 2009) Regulations 2019, SI 2019/1250
Hybrid and Other Mismatches (Financial Instrument: Exclusions) Regulations, SI 2019/1251
Legislation (Wales) Act 2019 (Commencement) Order, SI 2019/1333
European Union (Withdrawal) Act 2018 (Exit Day) (Amendment) (No. 3) Regulations, SI 2019/1423

Contributors

Anne Redston , MA(Oxon), FCA, FTII Consultant editor