|
| |
| |
would be in accordance with the provision made under subsection (2) in |
| |
relation to that kind of arrangements. |
| |
(4) | Regulations under subsection (2) may, in particular, specify a purpose or |
| |
purposes for which money may be raised under the National Loans Act 1968 |
| |
| 5 |
(5) | Money to be raised under regulations made under this section— |
| |
(a) | may either be raised within or outside the United Kingdom, and |
| |
(b) | may either be raised in sterling or in any other currency or medium of |
| |
exchange, whether national or international. |
| |
(6) | Subsection (5) is subject to provision made in or under the regulations. |
| 10 |
(7) | Schedule 46 contains further provision about regulations under this section. |
| |
(8) | In this section and Schedule 46 “alternative finance arrangements” means |
| |
arrangements which in the Treasury’s opinion— |
| |
(a) | equate in substance to a loan, deposit or other transaction of a kind that |
| |
generally involves the payment of interest (including the issuance of |
| 15 |
government securities), but |
| |
(b) | achieve a similar effect to such a transaction without including |
| |
provision for the payment of interest. |
| |
Payments from Exchequer accounts |
| |
152 | Power of Treasury to make payments |
| 20 |
(1) | This section applies if a person makes a claim which, in the Treasury’s opinion, |
| |
is a financial claim that concerns an Exchequer account. |
| |
(2) | The Treasury may pay money from any Exchequer account— |
| |
(a) | to satisfy the claim (in whole or in part), or |
| |
(b) | to enable the claim to be satisfied (in whole or in part) from another |
| 25 |
| |
(3) | The reference in this section to a financial claim that concerns an Exchequer |
| |
account includes, in particular, either of the following cases. |
| |
(4) | The first case is where a financial claim relates to— |
| |
(a) | a case where money is paid into a government account, but the money |
| 30 |
should not have, or need not have, been paid into that account, or |
| |
(b) | a case where money should have been, or needed to be, paid out of a |
| |
government account, but the money— |
| |
(i) | was not paid out of that account, or |
| |
(ii) | was paid out of that account, but not as it should have been, or |
| 35 |
| |
(5) | The second case is where a financial claim relates to the exercise of functions |
| |
that relate to an Exchequer account (whether the functions are exercisable by |
| |
the Treasury or another person). |
| |
| 40 |
“Exchequer account” means— |
| |
(a) | the Consolidated Fund, |
| |
(b) | the Debt Management Account, |
| |
| |
| |
|
| |
| |
(c) | the Exchange Equalisation Account, or |
| |
(d) | the National Loans Fund; |
| |
and a reference to an Exchequer account includes a reference to the |
| |
assets or liabilities of the account; |
| |
“financial claim” means a claim (whether or not legally enforceable) for |
| 5 |
the payment of an amount of money, including a claim in respect of— |
| |
(a) | money paid or not paid by any person, |
| |
(b) | interest earned or not earned by any person, or |
| |
(c) | loss, costs or expenses incurred by any person; |
| |
“government account” means— |
| 10 |
(a) | an Exchequer account, or |
| |
(b) | any other account in which money is held by or on behalf of Her |
| |
Majesty’s Government in the United Kingdom. |
| |
153 | Payments from certain Exchequer accounts: mechanism |
| |
(1) | This section applies to money to be paid under section 152 from— |
| 15 |
(a) | the Consolidated Fund, or |
| |
(b) | the National Loans Fund. |
| |
(2) | In the case of the Consolidated Fund— |
| |
(a) | the Comptroller and Auditor General shall on receipt of a requisition |
| |
from the Treasury grant a credit on the Exchequer Account at the Bank |
| 20 |
of England (or on its growing balance), and |
| |
(b) | an issue shall be made on orders given to the Bank by the Treasury in |
| |
accordance with a credit granted under paragraph (a). |
| |
(3) | An issue made under subsection (2) shall be recorded in the daily account |
| |
under section 15(5) of the Exchequer and Audit Departments Act 1866 (c. 39). |
| 25 |
(4) | In the case of the National Loans Fund— |
| |
(a) | the Comptroller and Auditor General shall at the request of the |
| |
Treasury grant a credit on the National Loans Fund, and |
| |
(b) | a payment out of the Fund shall be made by the Treasury in accordance |
| |
with a credit granted under paragraph (a). |
| 30 |
(5) | A payment made under subsection (4) shall be recorded in the daily account |
| |
under section 1(2) of the National Loans Act 1968 (c. 13). |
| |
| |
154 | Power to give statutory effect to concessions |
| |
(1) | The Treasury may by order make provision for and in connection with giving |
| 35 |
effect to any existing HMRC concession. |
| |
(2) | “Existing HMRC concession” means a statement made by the Commissioners |
| |
for Her Majesty’s Revenue and Customs before the passing of this Act, and |
| |
having effect at that time, that they will treat persons as if they were entitled |
| |
| 40 |
(a) | a reduction in a liability to a tax or duty, or |
| |
(b) | any other concession relating to a tax or duty, |
| |
| to which they are not, or may not be, entitled in accordance with the law. |
| |
| |
| |
|
| |
| |
(3) | For this purpose “statement” means a statement of any sort, whether it was |
| |
described as an extra-statutory concession, a statement of practice, an |
| |
interpretation, a decision or a press release or in any other way. |
| |
(4) | The reference in subsection (2) to the Commissioners for Her Majesty’s |
| |
Revenue and Customs includes the Commissioners of Inland Revenue and the |
| 5 |
Commissioners of Customs and Excise. |
| |
(5) | An order under this section— |
| |
(a) | may give effect to an existing HMRC concession with or without |
| |
| |
(b) | may include supplementary, incidental, consequential or transitional |
| 10 |
| |
(c) | may include provisions amending (or repealing or revoking) any |
| |
enactment or instrument (whenever passed or made). |
| |
(6) | The power to make an order under this section is exercisable by statutory |
| |
| 15 |
(7) | No order is to be made under this section unless a draft of the order has been |
| |
laid before, and approved by a resolution of, the House of Commons. |
| |
155 | Fuel duty: definition of “ultra low sulphur diesel” |
| |
(1) | In section 1(6) of HODA 1979 (definition of “ultra low sulphur diesel”), omit |
| |
paragraphs (b) and (c) (but not the “and” at the end of paragraph (c)). |
| 20 |
(2) | The amendment made by subsection (1) is treated as having come into force on |
| |
| |
156 | Duties: abolition of disregard of fractions of penny |
| |
In section 137 of CEMA 1979 (calculation of excise duty etc), omit subsection |
| |
(4) (fractions of penny to be disregarded in calculation of duty). |
| 25 |
| |
(1) | Section 10 of the National Debt Act 1972 (c. 65) (national savings stamps and |
| |
gift tokens) is amended as follows. |
| |
(2) | In subsection (2), after “tokens; and” insert “(subject to regulations under |
| |
| 30 |
(3) | After that subsection insert— |
| |
“(2A) | Where the Treasury has issued a sum to the National Debt |
| |
Commissioners under subsection (2), it may by regulations require |
| |
them to repay to the National Loans Fund, in the way specified in the |
| |
regulations, so much of that sum as may be specified in, or determined |
| 35 |
in accordance with, the regulations.” |
| |
158 | EU emissions trading: criminal offences |
| |
(1) | Section 16 of FA 2007 (EU emissions trading: charges for allocations) is |
| |
| |
| |
| |
|
| |
| |
(2) | In subsection (4)(c), for “imposition and recovery of penalties” substitute |
| |
“creation of criminal offences, or for the imposition and recovery of civil |
| |
| |
(3) | After subsection (6) insert— |
| |
“(6A) | Subsection (4)(c) does not permit the creation of a criminal offence with |
| 5 |
maximum penalties in excess of the maximum penalties which an |
| |
instrument under section 2(2) of the European Communities Act 1972 |
| |
may provide in respect of an offence created by such an instrument.” |
| |
| |
| 10 |
| |
| |
“ALDA 1979” means the Alcoholic Liquor Duties Act 1979 (c. 4), |
| |
“BGDA 1981” means the Betting and Gaming Duties Act 1981 (c. 63), |
| |
“CAA 2001” means the Capital Allowances Act 2001 (c. 2), |
| 15 |
“CEMA 1979” means the Customs and Excise Management Act 1979 (c. 2), |
| |
“CRCA 2005” means the Commissioners for Revenue and Customs Act |
| |
| |
“CTTA 1984” means the Capital Transfer Tax Act 1984 (c. 51), |
| |
“HODA 1979” means the Hydrocarbon Oil Duties Act 1979 (c. 5), |
| 20 |
“ICTA” means the Income and Corporation Taxes Act 1988 (c. 1), |
| |
“IHTA 1984” means the Inheritance Tax Act 1984 (c. 51), |
| |
“ITA 2007” means the Income Tax Act 2007 (c. 3), |
| |
“ITEPA 2003” means the Income Tax (Earnings and Pensions) Act 2003 |
| |
| 25 |
“ITTOIA 2005” means the Income Tax (Trading and Other Income) Act |
| |
| |
“OTA 1975” means the Oil Taxation Act 1975 (c. 22), |
| |
“TCGA 1992” means the Taxation of Chargeable Gains Act 1992 (c. 12), |
| |
“TMA 1970” means the Taxes Management Act 1970 (c. 9), |
| 30 |
“TPDA 1979” means the Tobacco Products Duty Act 1979 (c. 7), |
| |
“VATA 1994” means the Value Added Tax Act 1994 (c. 23), and |
| |
“VERA 1994” means the Vehicle Excise and Registration Act 1994 (c. 22). |
| |
| |
“FA”, followed by a year, means the Finance Act of that year, and |
| 35 |
“F(No.2)A”, followed by a year, means the Finance (No.2) Act of that year. |
| |
| |
This Act may be cited as the Finance Act 2008. |
| |
| |
| |
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