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House of Commons
Session 2007 - 08
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Other Bills before Parliament

Finance Bill


Finance Bill

vi

 

Income tax and corporation tax

114   

Correction and amendment of tax returns

VAT

115   

VAT: time limits for assessments of excess credits etc

116   

Old VAT claims: extended time limits

Chapter 3

Penalties

117   

Penalties for errors

118   

Penalties for failure to notify etc

Chapter 4

Appeals etc

Reviews and appeals etc: general

119   

HMRC decisions etc: reviews and appeals

Customs and excise decisions subject to review and appeal

120   

Alcoholic liquor duties

121   

Security under CEMA 1979

Chapter 5

Payment and enforcement

Taking control of goods etc

122   

Enforcement by taking control of goods: England and Wales

123   

Summary warrant: Scotland

124   

Consequential provision and commencement

Set off

125   

Set-off: England and Wales and Northern Ireland

126   

No set-off where insolvency procedure has been applied

127   

VAT: requirement to set-off

128   

Retained funding bonds: tender by Commissioners

Other measures

129   

Interest on unpaid tax in case of disaster etc of national significance

130   

Fee for payment

131   

County court proceedings

132   

Certificates of debt

 
 

Finance Bill

vii

 

Supplementary

133   

Interpretation of Chapter

Part 8

Miscellaneous

Inheritance tax

134   

Charge on termination of interest in possession where new interest acquired

135   

Interest in possession settlements: extension of transitional period

Insurance premium tax

136   

Tax representatives

137   

Overseas insurers

Vehicle excise duty

138   

Rebates

139   

Offence of using or keeping unlicensed vehicle

140   

Rates for new lower-emission vans

141   

Not exhibiting licence: period of grace

142   

Reduced pollution certificates

Climate change levy and landfill tax

143   

Climate change levy: coal mine methane no longer to be renewable source

144   

Climate change levy accounting documents: abolition of self-identification

145   

Landfill tax credit: withdrawing approval of environmental bodies

Aviation

146   

Aviation duty

147   

Air passenger duty: class of travel with large seat pitch

Alternative finance arrangements

148   

Stamp duty and stamp duty reserve tax: alternative finance investment bonds

149   

Alternative property finance: anti-avoidance

150   

Alternative finance arrangements: power to vary Chapter 5 of Part 2 of FA

2005

151   

Government borrowing: alternative finance arrangements

Payments from Exchequer accounts

152   

Power of Treasury to make payments

153   

Payments from certain Exchequer accounts: mechanism

Other matters

154   

Power to give statutory effect to concessions

155   

Fuel duty: definition of “ultra low sulphur diesel”

156   

Duties: abolition of disregard of fractions of penny

 
 

Finance Bill

viii

 

157   

National savings

158   

EU emissions trading: criminal offences

Part 9

Final provisions

159   

Interpretation

160   

Short title

Schedule 1   —   

Abolition of starting and savings rates and creation of starting

rate for savings

Part 1   —   

Amendments of ITA 2007

Part 2   —   

Other amendments

Part 3   —   

Commencement

Schedule 2   —   

Capital gains tax reform

Schedule 3   —   

Entrepreneurs’ relief

Schedule 4   —   

Inheritance tax: transfer of nil-rate band etc

Schedule 5   —   

Fuel duty: biodiesel and bioblend

Schedule 6   —   

Aircraft and boat fuel, heating oil and fuel used for certain

engines

Part 1   —   

Fuel used in aircraft and boats

Part 2   —   

Heavy oil used for heating or as fuel for certain engines

Schedule 7   —   

Remittance basis

Part 1   —   

Main provisions

Part 2   —   

Non-resident companies and trusts etc

Schedule 8   —   

Rates of research and development relief and vaccine research

relief

Schedule 9   —   

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

relief

Schedule 10   —   

Cap on R&D aid

Part 1   —   

Calculation of total R&D aid

Part 2   —   

Consequential amendments

Schedule 11   —   

Venture capital schemes

Schedule 12   —   

Tax credit for certain foreign distributions

Part 1   —   

The tax credit

Part 2   —   

Consequential provision

Schedule 13   —   

Company gains from investment life insurance contracts

Schedule 14   —   

Company gains from investment life insurance contracts:

consequential amendments etc

Schedule 15   —   

Changes in trading stock

Part 1   —   

Income tax

Part 2   —   

Corporation tax

Schedule 16   —   

Non-residents: investment managers

Part 1   —   

Eligibility to be UK representative

Part 2   —   

Eligibility to be agent of independent status

Part 3   —   

Non-residents liable to tax: disregarded investment income or

profits

Part 4   —   

Commencement

Schedule 17   —   

Insurance companies etc

Schedule 18   —   

Friendly societies

 
 

Finance Bill

ix

 

Schedule 19   —   

Reduction of basic rate of income tax: transitional relief for gift

aid charities

Schedule 20   —   

Leases of plant or machinery

Schedule 21   —   

Restriction on loss relief for non-active traders

Schedule 22   —   

Avoidance involving financial arrangements

Schedule 23   —   

Manufactured payments: anti-avoidance

Schedule 24   —   

Annual investment allowance

Part 1   —   

Amendments of CAA 2001

Part 2   —   

Amendments of other enactments

Part 3   —   

Commencement

Schedule 25   —   

First-year tax credits

Part 1   —   

Amendments of CAA 2001

Part 2   —   

Amendments of other enactments

Part 3   —   

Commencement

Schedule 26   —   

Special rate expenditure and the special rate pool

Part 1   —   

Amendments to CAA 2001

Part 2   —   

Commencement etc

Schedule 27   —   

Abolition of allowances: consequential amendments and

savings

Part 1   —   

Consequential amendments

Part 2   —   

Savings

Schedule 28   —   

Inheritance of tax-relieved pension savings

Schedule 29   —   

Further provision about pension schemes

Schedule 30   —   

Stamp duty land tax: notification etc: consequential provision

Schedule 31   —   

Stamp duty land tax: special provisions for property-

investment partnerships

Part 1   —   

Transfer of interest in partnership: “relevant partnership

property”

Part 2   —   

Elections in respect of interest transferred to partnership

Part 3   —   

Transitional provision

Schedule 32   —   

Stamp duty: abolition of fixed duty on certain instruments

Part 1   —   

Abolition of fixed duty

Part 2   —   

Consequential provisions and saving

Schedule 33   —   

PRT: elections for oil fields become non-taxable

Part 1   —   

New Schedule 20A to FA 1993

Part 2   —   

Other amendments

Schedule 34   —   

Oil decommmissioning expenditure: consequential

amendments

Schedule 35   —   

Set off against oil profits: minor and consequential

amendments

Schedule 36   —   

Information and inspection powers

Part 1   —   

Powers to obtain information and documents

Part 2   —   

Powers to inspect businesses etc

Part 3   —   

Further powers

Part 4   —   

Restrictions on powers

Part 5   —   

Appeals against information notices

Part 6   —   

Special cases

Part 7   —   

Penalties

Part 8   —   

Offence

Part 9   —   

Miscellaneous provisions and interpretation

Part 10   —   

Consequential provisions

Schedule 37   —   

Record-keeping

Schedule 38   —   

Disclosure of tax avoidance schemes

Schedule 39   —   

Time limits for assessments, claims etc.

 
 

Finance Bill

x

 

Schedule 40   —   

Penalties: amendments of Schedule 24 to FA 2007

Schedule 41   —   

Penalties: failure to notify and certain VAT and excise

wrongdoing

Schedule 42   —   

Alcoholic liquor duties: decisions subject to review and appeal

Schedule 43   —   

Taking control of goods etc: consequential provision

Part 1   —   

Consequential provision: taking control of goods

Part 2   —   

Consequential provision: summary warrant

Schedule 44   —   

Certificates of debt: consequential provision

Schedule 45   —   

Vehicle excise duty: offence of using or keeping unlicensed

vehicle

Schedule 46   —   

Government borrowing: alternative finance arrangements

 
 

 
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Revised 27 March 2008