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House of Commons

Session 2006 - 07 Internet Publications Other Bills before Parliament

Finance Bill

Finance Bill
EUROPEAN CONVENTION ON HUMAN RIGHTS
Mr Chancellor of the Exchequer has made the following statement under section
19(1)(a) of the Human Rights Act 1998:
In my view the provisions of the Finance Bill are compatible with the Convention
rights.
Bill 86                                                                                                  54/2
Finance Bill
Bill 86 54/2
Finance Bill
Contents
Part 1
Charges, rates, thresholds etc
Income tax
1    Charge and rates for 2007-08
Corporation tax
2    Charge and main rates for financial year 2008
3    Small companies’ rates and fractions for financial year 2007
Inheritance tax
4    Rates and rate bands for 2010-11
Alcohol and tobacco
5    Rates of duty on alcoholic liquor
6    Rates of tobacco products duty
Gambling
7    Rates of gaming duty
8    Remote gaming duty
9    Amusement machine licence duty
Environment
10    Fuel duty rates and rebates
11    Rates of vehicle excise duty
12    Rates of air passenger duty
13    Rates of climate change levy
14    Rate of aggregates levy
15    Rates of landfill tax
16    Emissions trading: charges for allocations
Bill 86                                                                                                  54/2
Finance Bill ii
Part 2
Environment
Energy-saving: houses
17    Corporation tax deduction for expenditure on energy-saving items
18    Extension of income tax deduction for expenditure on energy-saving items
19    SDLT relief for new zero-carbon homes
Domestic microgeneration
20    Income tax exemption for domestic microgeneration
21    Renewables obligation certificates for domestic microgeneration
Other measures
22    Aggregates levy: exemption for aggregate removed from railways etc
23    Climate change levy: reduced-rate supplies etc
24    Landfill tax: bodies concerned with the environment
Part 3
Income tax, corporation tax and capital gains tax
Anti-avoidance
25    Managed service companies
26    Restrictions on trade loss relief for partners
27    Extension of restrictions on allowable capital losses
28    Life policies etc: effect of rebated or reinvested commission
29    Avoidance involving financial arrangements
30    Companies carrying on business of leasing plant or machinery
31    Restrictions on companies buying losses or gains: tax avoidance schemes
32    Lloyd’s corporate members: restriction of group relief
33    Employee benefit contributions
34    Schemes etc designed to increase double taxation relief
Capital allowances
35    Industrial and agricultural buildings allowances
36    Temporary increase in first-year capital allowances for small enterprises
Insurance and friendly societies
37    Insurance companies: gross roll-up business etc
38    Insurance companies: basis of taxation etc
39    Insurance companies: transfers etc
40    Insurance companies: miscellaneous
41    Technical provisions made by general insurers
42    Lloyd’s: cessation of business by corporate members
43    Transfers of business by friendly societies to insurance companies etc
44    Tax exempt business of friendly societies
45    Purchased life annuities: self-assessment
Finance Bill iii
Repos
46    Sale and repurchase of securities
CFCs
47    Controlled foreign companies
R&D
48    Vaccine research relief: amount of deduction for SMEs
49    Research and development tax relief: definition of SME etc
Venture capital schemes etc
50    Venture capital schemes etc
REITs
51    Real Estate Investment Trusts
Alternative finance
52    Alternative finance investment bond
53    Profit share agency
Trusts
54    Trust income
55    Trust gains on contracts for life insurance
Other corporation tax measures
56    Offshore funds
57    Election out of special film rules for film production companies
58    Securitisation companies
Other income tax measures
59    Gift aid: limits
60    Enterprise management incentives: excluded activities
61    Benefits code: whether employment is “lower-paid employment”
62    Armed forces redundancy schemes
63    Armed forces: the Operational Allowance
64    Service charge income
65    Charge on benefits received by former owner of property: late elections
66    Unpaid remuneration and employee benefit contributions
Part 4
Pensions
67    Abolition of contributions relief for life assurance premium contributions
68    Alternatively secured pensions etc
69    Miscellaneous
Finance Bill iv
Part 5
SDLT, stamp duty and SDRT
SDLT: anti-avoidance provisions
70    Anti-avoidance
71    Partnerships
Reliefs in relation to shares etc
72    Exemptions: intermediaries, repurchases etc
73    Acquisition relief: disregard of company holding own shares
Other reliefs etc
74    SDLT: alternative finance arrangements
75    SDLT: exchanges
76    SDLT: shared ownership trusts
77    SDLT: shared ownership lease
78    Certain transfers of school land
SDLT: administration
79    Payment of tax
80    Self-certificate declarations
Part 6
Investigation, administration etc
Investigation etc
81    Criminal investigations: powers of Revenue and Customs
82    Northern Ireland criminal investigations
83    Sections 81 and 82: supplementary
84    Criminal investigations: Scotland
85    Search warrants
86    Cross-border exercise of powers
Filing dates
87    Personal tax returns
88    Trustee’s tax return
89    Partnership tax returns
90    Consequential amendments
91    Commencement
Other administration
92    Mandatory electronic filing of returns
93    Mandatory electronic payment
94    Payment by cheque
95    Enquiry into returns
Finance Bill v
96    Penalties for errors
Part 7
Miscellaneous
Value added tax and insurance premium tax
97    VAT: joint and several liability of traders in supply chain where tax unpaid
98    VAT: non-business use etc of business goods
99    VAT: transfers of going concerns
100    IPT: meaning of “premium”
Petroleum revenue tax
101    Abolition of PRT for fields recommissioned after earlier decommissioning
102    Tax-exempt tariffing receipts
103    Allowance of unrelievable loss from abandoned field
Other miscellaneous measures
104    Amendments connected with Gambling Act 2005
105    VED: exempt vehicles
106    Limitation period in old actions for mistake of law relating to direct tax
107    Disclosure of tax avoidance schemes
108    Meaning of “recognised stock exchange” etc
109    Mergers Directive: regulations
110    Excise duties: small consignment relief
Part 8
Final provisions
111    Interpretation
112    Repeals
113    Short title
Schedule 1   —    Remote gaming duty
Part 1   —
Imposition of duty
Part 2   —
Consequential amendments
Schedule 2   —    Climate change levy: reduced-rate supplies etc
Schedule 3   —    Managed service companies
Part 1   —
Amendments of ITEPA 2003
Part 2   —
Calculation of profits of MSCs: deduction for deemed
employment payments
Schedule 4   —    Restrictions on trade loss relief for partners
Schedule 5   —    Avoidance involving financial arrangements
Schedule 6   —    Companies carrying on business of leasing plant or machinery
Schedule 7   —    Insurance business: gross roll-up business etc
Part 1   —
Amendments
Part 2   —
Transitional provisions

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