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 R & D
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.
You can find guides on SEIS and other enterprise initiatives on ACCA’s Technical Advisory website.