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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

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