House of Commons portcullis
House of Commons
Session 2007 - 08
Internet Publications
Other Bills before Parliament

Finance Bill


 

Finance Bill

 
 

The Bill is divided into two volumes. Volume I contains the Clauses and Schedules

1 to 7 to the Bill. Volume II contains Schedules 8 to 46 to the 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 89                                                                                                 

54/3

 

 


 

Finance Bill

 

 
 

The Bill is divided into two volumes. Volume I contains the Clauses and Schedules

1 to 7 to the Bill. Volume II contains Schedules 8 to 46 to the Bill.

Contents

Part 1

Charges, rates, allowances, reliefs etc

Income tax

1   

Charge and main rates for 2008-09

2   

Personal allowances for those aged 65 and over

3   

Abolition of starting and savings rates and creation of starting rate for savings

Corporation tax

4   

Charge and main rates for financial year 2009

5   

Small companies’ rates and fractions for financial year 2008 etc

Capital gains tax

6   

Rate etc

7   

Entrepreneurs’ relief

Inheritance tax

8   

Transfer of unused nil-rate band etc

Alcohol and tobacco

9   

Rates of alcoholic liquor duty

10   

Rates of tobacco products duty

Fuel duties

11   

Rates and rebates: simplification

12   

Biodiesel and bioblend

13   

Rates and rebates: increase from 1 October 2008

14   

Fuel for aircraft and boats, heating oil and fuel for certain engines

 

Bill 89                                                                                                 

54/3

 
 

Finance Bill

ii

 

Environmental taxes and duties

15   

Rates of vehicle excise duty

16   

Standard rate of landfill tax

17   

Rates of climate change levy

18   

Rate of aggregates levy

19   

Carbon reduction trading scheme: charges for allocations

Gambling duties

20   

Rates of gaming duty

21   

Amusement machine licence duty

Part 2

Income tax, corporation tax and capital gains tax - general

Residence and domicile

22   

Periods of residence

23   

Remittance basis

Research and development

24   

Rates of R&D relief and vaccine research relief

25   

Companies in difficulty: SME R&D relief and vaccine research relief

26   

Cap on R&D aid

27   

Vaccine research relief: declaration about effect of relief

Venture capital schemes etc

28   

Enterprise investment scheme: increase in amount of relief

29   

Venture capital schemes

30   

Enterprise management incentives: qualifying companies

Other business and investment measures

31   

Tax credits for certain foreign distributions

32   

Small companies’ relief: associated companies

33   

Company gains from investment life insurance contracts etc

34   

Trade profits: changes in trading stock

35   

Non-residents: investment managers

36   

Dormant bank and building society accounts

37   

Individual investment plan regulations

Offshore funds

38   

Tax treatment of participants in offshore funds

39   

Regulations under section 38: supplementary

Insurance companies and friendly societies

40   

Insurance companies etc

41   

Friendly societies

 
 

Finance Bill

iii

 

Employment matters

42   

Homes outside UK owned through company etc

43   

In-work and return to work credits and payments

44   

Company cars: lower threshold for CO2 emissions figure

45   

Van fuel benefit

46   

Employment-related securities etc: deductible amounts etc

47   

Employment-related securities: repeal of obsolete provisions

48   

Armed forces: the Council Tax Relief

49   

Greater London Authority: severance payments

Charities etc

50   

Gift aid: payments to charities

51   

Community investment tax relief

Leasing

52   

Leases of plant or machinery

53   

Sale of lessor companies etc

Double taxation arrangements

54   

Double taxation relief

55   

UK residents and foreign partnerships

56   

UK residents and foreign enterprises

Other anti-avoidance provisions

57   

Restrictions on trade loss relief for individuals

58   

Non-active partners

59   

Financial arrangements avoidance

60   

Manufactured payments

61   

Controlled foreign companies

62   

Intangible fixed assets: related parties

63   

Repeal of obsolete anti-avoidance provisions

Miscellaneous

64   

Income of beneficiaries under settlor-interested settlements

65   

Income charged at dividend upper rate

66   

Payments on account of income tax

67   

Allowances etc for non-resident nationals of an EEA state

Part 3

Capital allowances

Plant and machinery: qualifying expenditure

68   

Thermal insulation of buildings

69   

Expenditure on required fire precautions

70   

Integral features

 
 

Finance Bill

iv

 

Plant and machinery: annual investment allowance

71   

Annual investment allowance

Plant and machinery: first-year allowances

72   

First-year allowance for small and medium-sized enterprises discontinued

73   

Repeal of spent first-year allowances

74   

Cars with low carbon dioxide emissions

75   

Gas refuelling stations

76   

First-year tax credits

Plant and machinery: writing-down allowances and pools

77   

Main rate of writing down allowance

78   

Small pools

79   

Special rate expenditure and the special rate pool

80   

Existing long-life asset expenditure treated as special rate expenditure

Industrial and agricultural buildings allowances

81   

Abolition of allowances from 2011

82   

Phasing out of allowances before abolition

83   

Qualifying enterprise zone expenditure: transitional provision

84   

Phasing out of industrial buildings allowance: anti-avoidance

Supplementary provision

85   

Power to make consequential and transitional provision

Anti-avoidance

86   

Balancing allowances on transfers of trade

Part 4

Pensions

87   

Spreading of relief on indirect contributions

88   

Inheritance etc of tax-relieved pension savings

89   

Pension schemes: further provision

Part 5

Stamp taxes

Stamp duty land tax

90   

Zero-carbon homes

91   

Notification and registration of transactions

92   

Charge where consideration includes rent: 0% band

93   

Withdrawal of group relief

94   

Transfers of interests in property-investment partnerships

 
 

Finance Bill

v

 

Stamp duty

95   

Exemption from ad valorem stamp duty for low value transactions

96   

Abolition of fixed stamp duty on certain instruments

97   

Loan capital

Part 6

Oil

Petroleum revenue tax

98   

Meaning of “participator”

99   

Abandonment expenditure: default by participator met by former

participator

100   

Abandonment expenditure: former participator reimbursed by defaulter

101   

Returns of relevant sales of oil

102   

Elections for oil fields to become non-taxable

Corporation tax

103   

Capital allowances: plant and machinery for use in ring fence trade

104   

Capital allowances: decommissioning expenditure

105   

Capital allowances: abandonment expenditure after ceasing ring fence trade

106   

Losses: set off against profits of earlier accounting periods

107   

Ring fence trade: no deduction for expenses of investment management

Part 7

Administration

Chapter 1

Information etc

New information etc powers

108   

Information and inspection powers

109   

Computer records etc

Other measures

110   

Record-keeping

111   

Disclosure of tax avoidance schemes

112   

Power to open or unpack containers

Chapter 2

Time limits for claims and assessments etc

General

113   

Time limits for assessments, claims etc

 
 

 
contents continue
 
House of Commons home page Houses of Parliament home page House of Lords home page search page enquiries

© Parliamentary copyright 2008
Revised 27 March 2008