Introduction
1.These explanatory notes relate to Finance Act 2012 that received Royal Assent on 17 July 2012. They have been prepared jointly by HM Revenue & Customs and HM Treasury in order to assist the reader in understanding the Act. They do not form part of the Act and have not been endorsed by Parliament.
2.The notes are designed to be read alongside with the Act. They are not, and are not meant to be, a comprehensive description of the Act. So, where a section or part of a section does not seem to require any explanation or comment, none is given.
3.Terms used in the Act are explained in these notes where they first appear. Hansard references are provided at the end of the notes.