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[AS AMENDED IN THE COMMITTEE AND IN PUBLIC BILL COMMITTEE] |
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Grant certain duties, to alter other duties, and to amend the law relating to the |
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National Debt and the Public Revenue, and to make further provision in |
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WE, Your Majesty’s most dutiful and loyal subjects, the Commons of the |
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United Kingdom in Parliament assembled, towards raising the necessary |
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supplies to defray Your Majesty’s public expenses, and making an addition to the |
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public revenue, have freely and voluntarily resolved to give and to grant unto Your |
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Majesty the several duties hereinafter mentioned; and do therefore most humbly |
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beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most |
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Excellent Majesty, by and with the advice and consent of the Lords Spiritual and |
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Temporal, and Commons, in this present Parliament assembled, and by the authority |
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of the same, as follows:— |
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Charges, rates, thresholds etc |
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1 | Charge and rates for 2007-08 |
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Income tax is charged for the tax year 2007-08; and for that tax year— |
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(a) | the starting rate is 10%, |
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(b) | the basic rate is 22%, and |
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(c) | the higher rate is 40%. |
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2 | Charge and main rates for financial year 2008 |
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(1) | Corporation tax is charged for the financial year 2008; and for that year the rate |
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(a) | 28% on profits of companies other than ring fence profits, and |
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(b) | 30% on ring fence profits of companies. |
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(2) | In this section “ring fence profits” has the same meaning as in Chapter 5 of Part |
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12 of ICTA (see section 502(1) and (1A)). |
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3 | Small companies’ rates and fractions for financial year 2007 |
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(1) | For the financial year 2007 the small companies’ rate is— |
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(a) | 20% on profits of companies other than ring fence profits, and |
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(b) | 19% on ring fence profits of companies. |
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(2) | For the financial year 2007 the fraction mentioned in section 13(2) of ICTA is— |
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(a) | 1/40th in relation to profits of companies other than ring fence profits |
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(“the standard fraction”), and |
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(b) | 11/400ths in relation to ring fence profits of companies (“the ring fence |
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(a) | a company makes a claim under subsection (2) of section 13 of ICTA in |
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respect of any accounting period any part of which falls in the financial |
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(b) | its profits for that accounting period consist of both ring fence profits |
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| that subsection applies with the following modification. |
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(4) | The corporation tax charged on its basic profits for that period is reduced by |
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(a) | the sum equal to the ring fence fraction of the ring fence amount, and |
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(b) | the sum equal to the standard fraction of the remaining amount. |
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(5) | For the purposes of subsection (4)(a) “the ring fence amount” is the amount |
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given by the formula—![equation: cross[id[plus[times[char[M],char[R]],minus[times[char[P],char[R]]]]],over[times[
char[I],char[R]],times[char[P],char[R]]]]](missing.gif) |
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MR is the sum equal to the appropriate fraction of the upper relevant |
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PR is so much of the profits for the accounting period as consist of ring |
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IR is so much of the basic profits for that period as consist of ring fence |
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| and the appropriate fraction is the fraction of the profits for the accounting |
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period that consist of ring fence profits. |
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(6) | For the purposes of subsection (4)(b) “the remaining amount” is the amount |
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given by the formula—![equation: cross[id[plus[times[char[M],char[N],char[R]],minus[times[char[P],char[N],char[R]]]]],
over[times[char[I],char[N],char[R]],times[char[P],char[N],char[R]]]]](missing.gif) |
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MNR is the sum equal to the appropriate fraction of the upper relevant |
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PNR is so much of the profits for the accounting period as do not consist |
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of ring fence profits, and |
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INR is so much of the basic profits for that period as do not consist of ring |
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| and the appropriate fraction is the fraction of the profits for the accounting |
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period that do not consist of ring fence profits. |
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(7) | In this section “ring fence profits” has the same meaning as in Chapter 5 of Part |
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12 of ICTA (see section 502(1) and (1A)). |
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4 | Rates and rate bands for 2010-11 |
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(1) | For the Table in Schedule 1 to IHTA 1984 substitute— |
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(2) | The amendment made by subsection (1) has effect in relation to chargeable |
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transfers made on or after 6th April 2010. |
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(3) | That amendment does not affect the application of section 8 of IHTA 1984 |
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(indexation) by virtue of the difference between the retail prices index for |
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September 2009, or September in any later year, and that for September in the |
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(4) | But that section does not have effect by virtue of the difference between the |
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retail prices index for September 2008 and that for September 2009. |
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5 | Rates of duty on alcoholic liquor |
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(1) | The Alcoholic Liquor Duties Act 1979 (c. 4) is amended as follows. |
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(2) | In section 36(1AA)(a) (standard rate of duty on beer), for “£13.26” substitute |
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(3) | In section 62(1A) (rates of duty on cider)— |
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(a) | in paragraph (a) (rate of duty per hectolitre in the case of sparkling |
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cider of a strength exceeding 5.5 per cent), for “£166.70” substitute |
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(b) | in paragraph (b) (rate of duty per hectolitre in the case of cider of a |
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strength exceeding 7.5 per cent which is not sparkling cider), for |
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“£38.43” substitute “£39.73”, and |
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(c) | in paragraph (c) (rate of duty per hectolitre in any other case), for |
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“£25.61” substitute “£26.48”. |
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(4) | For Part 1 of the Table in Schedule 1 substitute— |
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Wine and made-wine of a strength not exceeding 22 per cent |
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| Description of wine or made-wine |
| | | | | | | | | | | | | | | Wine or made-wine of a strength not |
| | | | | | | | 20 | | Wine or made-wine of a strength exceeding |
| | | | | 4 per cent but not exceeding 5.5 per cent |
| | | | | Wine or made-wine of a strength exceeding |
| | | | | 5.5 per cent but not exceeding 15 per cent |
| | | | | | | | 25 | | Sparkling wine or sparkling made-wine of a |
| | | | | strength exceeding 5.5 per cent but less than |
| | | | | | | | | | Sparkling wine or sparkling made-wine of a |
| | | | | strength of 8.5 per cent or of a strength |
| | | 30 | | exceeding 8.5 per cent but not exceeding 15 |
| | | | | | | | | | Wine or made-wine of a strength exceeding |
| | | | | 15 per cent but not exceeding 22 per cent |
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(5) | The amendments made by this section are deemed to have come into force on |
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6 | Rates of tobacco products duty |
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(1) | For the Table in Schedule 1 to the Tobacco Products Duty Act 1979 (c. 7) |
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| | An amount equal to 22 per cent of |
| | | | | the retail price plus £108.65 per |
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(2) | The amendment made by subsection (1) is deemed to have come into force at |
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6 p.m. on 21st March 2007. |
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(1) | For the Table in section 11(2) of FA 1997 substitute— |
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| Part of gross gaming yield |
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(2) | In section 11(3) of that Act, for “40 per cent” substitute “50 per cent”. |
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(3) | The amendments made by this section have effect in relation to accounting |
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periods beginning on or after 1st April 2007. |
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(1) | Schedule 1 contains amendments of and relating to Part 2 of BGDA 1981 |
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(gaming duties) imposing a remote gaming duty. |
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(2) | The amendments made by Schedule 1 have effect in respect of the provision of |
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facilities on or after a date appointed by the Commissioners for Her Majesty’s |
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Revenue and Customs by order made by statutory instrument. |
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9 | Amusement machine licence duty |
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(1) | Section 23 of BGDA 1981 (amount of duty payable on amusement machine |
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licence) is amended as follows. |
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(2) | In subsection (3), in the definition of “Category C”, in paragraph (ii)(b) for |
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(3) | After subsection (6) insert— |
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“(7) | The Commissioners may by order substitute for a sum for the time |
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being specified in subsection (3) such higher sum as they consider |
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(4) | Subsection (2) is deemed to have come into force on 22nd March 2007. |
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10 | Fuel duty rates and rebates |
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(1) | The Hydrocarbon Oil Duties Act 1979 (c. 5) is amended as follows. |
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(2) | In section 6(1A) (hydrocarbon oil: rates of duty)— |
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(a) | in paragraph (a) (ultra low sulphur petrol), for “£0.4835” substitute |
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(b) | in paragraph (aa) (sulphur-free petrol), for “£0.4835” substitute |
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(c) | in paragraph (b) (light oil other than ultra low sulphur petrol and |
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sulphur-free petrol), for “£0.5768” substitute “£0.6007”, |
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(d) | in paragraph (c) (ultra low sulphur diesel), for “£0.4835” substitute |
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(e) | in paragraph (ca) (sulphur-free diesel), for “£0.4835” substitute |
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(f) | in paragraph (d) (heavy oil other than ultra low sulphur diesel and |
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sulphur-free diesel), for “£0.5468” substitute “£0.5694”. |
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(3) | In section 6AA(3) (biodiesel), for “£0.2835” substitute “£0.3035”. |
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(4) | In section 6AD(3) (bioethanol), for “£0.2835” substitute “£0.3035”. |
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(5) | In section 8(3) (road fuel gas)— |
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(a) | in paragraph (a) (natural road fuel gas), for “£0.1081” substitute |
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(b) | in paragraph (b) (other road fuel gas), for “£0.1221” substitute |
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(6) | In section 11(1) (rebate on heavy oil)— |
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(a) | in paragraph (a) (fuel oil), for “£0.0729” substitute“£0.0929”, |
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(b) | in paragraph (b) (gas oil which is not ultra low sulphur diesel), for |
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“£0.0769” substitute “£0.0969”, and |
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(c) | in paragraph (ba) (ultra low sulphur diesel), for “£0.0769” substitute |
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(7) | In section 13A(1) (rebate on unleaded petrol), for “£0.0617” substitute |
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(8) | In section 14(1) (rebate on light oil for use as furnace oil), for “£0.0729” |
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(9) | The amendments made by this section come into force on 1st October 2007. |
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