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Finance Bill

 

Finance Bill

 

[AS AMENDED IN THE COMMITTEE AND IN PUBLIC BILL COMMITTEE]

 
 

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 120                                                                                                

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

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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

 

 

Finance Bill

vi

 

Schedule 8   —   

Insurance companies: basis of taxation etc

Part 1   —   

Amendments

Part 2   —   

Transitional provisions

Schedule 9   —   

Insurance companies: transfers etc

Schedule 10   —   

Insurance companies: miscellaneous

Schedule 11   —   

Technical provisions made by general insurers

Schedule 12   —   

Friendly societies: transfers to insurance companies etc

Schedule 13   —   

Sale and repurchase of securities

Schedule 14   —   

Sale and repurchase of securities: minor and consequential

amendments

Schedule 15   —   

Controlled foreign companies

Schedule 16   —   

Venture capital schemes etc

Part 1   —   

Limit on number of employees of company in which

investment is made

Part 2   —   

Limit on amount raised annually by company through risk

capital schemes

Part 3   —   

Excluded activities: receipt of royalties and licence fees

Part 4   —   

Meaning of “qualifying 90% subsidiary”

Part 5   —   

Other amendments

Schedule 17   —   

Real Estate Investment Trusts

Schedule 18   —   

Pensions schemes: abolition of relief for life assurance

premium contributions etc

Schedule 19   —   

Alternatively secured pensions and transfer lump sum death

benefit etc

Schedule 20   —   

Pension schemes etc: miscellaneous

Schedule 21   —   

Exemptions from stamp duty and SDRT: intermediaries,

repurchases etc

Schedule 22   —   

Amendments and repeals consequential on extension of

HMRC powers

Part 1   —   

Amendments

Part 2   —   

Repeals

Schedule 23   —   

Extension of HMRC powers: Scotland

Schedule 24   —   

Penalties for errors

Part 1   —   

Liability for penalty

Part 2   —   

Amount of penalty

Part 3   —   

Procedure

Part 4   —   

Miscellaneous

Part 5   —   

General

Schedule 25   —   

Amendments connected with Gambling Act 2005

Part 1   —   

Amendments of the Tax Acts

Part 2   —   

Amendments of BGDA 1981

Part 3   —   

Amendments of FA 1993 relating to lottery duty

Part 4   —   

Amendments of FA 1997 relating to gaming duty

Part 5   —   

Miscellaneous amendments

Part 6   —   

Commencement

Schedule 26   —   

Meaning of “recognised stock exchange” etc

Schedule 27   —   

Repeals

Part 1   —   

Environment

Part 2   —   

Income tax, corporation tax and capital gains tax

Part 3   —   

Pensions

Part 4   —   

SDLT, stamp duty and SDRT

Part 5   —   

Investigation, administration etc

Part 6   —   

Miscellaneous

 

 

 
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Revised 8 June 2007