|
| |
|
129 | No set-off where insolvency procedure has been applied |
| |
(1) | This section applies where— |
| |
(a) | an insolvency procedure has been applied to a person, and |
| |
(b) | that person is entitled to a post-insolvency credit. |
| |
(2) | The Commissioners may not use the power under section 128 to set that post- |
| 5 |
insolvency credit against a pre-insolvency debit. |
| |
(3) | “Post-insolvency credit” means a credit that— |
| |
(a) | became due after the insolvency procedure was applied to the person, |
| |
| |
(b) | relates to, or to matters occurring at, times after it was so applied. |
| 10 |
(4) | “Pre-insolvency debit” means a debit that— |
| |
(a) | arose before the insolvency procedure was applied to the person, or |
| |
(b) | arose after that procedure was so applied but relates to, or to matters |
| |
occurring at, times before it was so applied. |
| |
(5) | Subject to subsection (6), an insolvency procedure is to be taken, for the |
| 15 |
purposes of this section, to be applied to a person when— |
| |
(a) | a bankruptcy order or winding up order is made or an administrator is |
| |
appointed in relation to that person, |
| |
(b) | that person is put into administrative receivership, |
| |
(c) | if the person is a corporation, that person passes a resolution for |
| 20 |
| |
(d) | a voluntary arrangement comes into force in relation to that person, or |
| |
(e) | a deed of arrangement takes effect in relation to that person. |
| |
(6) | In this section references to the application of an insolvency procedure to a |
| |
| 25 |
(a) | the application of an insolvency procedure to a person at a time when |
| |
another insolvency procedure applies to the person, or |
| |
(b) | the application of an insolvency procedure to a person immediately |
| |
upon another insolvency procedure ceasing to have effect. |
| |
(7) | For the purposes of this section— |
| 30 |
(a) | a person shall be treated as being in administrative receivership |
| |
throughout any continuous period for which there is an administrative |
| |
receiver of that person (disregarding any temporary vacancy in the |
| |
| |
(b) | the reference in subsection (5) to a person being put into administrative |
| 35 |
receivership shall be interpreted accordingly. |
| |
| |
“administrative receiver” means an administrative receiver within the |
| |
meaning of section 251 of the Insolvency Act 1986 (c. 45) or Article 5(1) |
| |
of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. |
| 40 |
| |
“administrator” means a person appointed to manage the affairs, business |
| |
and property of another person under Schedule B1 to that Act or to that |
| |
| |
“credit” and “debit” have the same meaning as in section 128, |
| 45 |
“deed of arrangement” means a deed of arrangement registered in |
| |
accordance with the Deeds of Arrangement Act 1914 (c. 47) or Chapter |
| |
|
| |
|
| |
|
1 of Part 8 the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 |
| |
| |
“voluntary arrangement” means a voluntary arrangement approved in |
| |
accordance with Part 1 or Part 8 of the Insolvency Act 1986 (c. 45) or |
| |
Part 2 or Chapter 2 of Part 8 of the Insolvency (Northern Ireland) Order |
| 5 |
| |
(9) | This section extends to England and Wales and Northern Ireland only. |
| |
130 | VAT: requirement to set-off |
| |
(1) | Section 81 of VATA 1994 (set-off of credits etc) is amended as follows. |
| |
(2) | For subsection (4C) substitute— |
| 10 |
“(4C) | In this section, references to the application of an insolvency procedure |
| |
to a person do not include— |
| |
(a) | the application of an insolvency procedure to a person at a time |
| |
when another insolvency procedure applies to the person, or |
| |
(b) | the application of an insolvency procedure to a person |
| 15 |
immediately upon another insolvency procedure ceasing to |
| |
| |
| |
| |
| 20 |
(i) | for “that Act of 1986” substitute “the Insolvency Act 1986”, and |
| |
(ii) | for “that Order of 1989” substitute “the Insolvency (Northern |
| |
Ireland) Order 1989”, and |
| |
(c) | before the “and” at the end of paragraph (b) insert— |
| |
“(ba) | “administrator” means a person appointed to manage |
| 25 |
the affairs, business and property of another person |
| |
under Schedule B1 to that Act or to that Order;”. |
| |
131 | Retained funding bonds: tender by Commissioners |
| |
(1) | Section 939 of ITA 2007 (duty to retain bonds where issue treated as payment |
| |
of interest) is amended as follows. |
| 30 |
(2) | After subsection (4) insert— |
| |
“(4A) | If bonds are tendered in accordance with subsection (4), the |
| |
Commissioners for Her Majesty’s Revenue and Customs may tender |
| |
the bonds in satisfaction of any amount that is payable by the |
| |
Commissioners to the relevant creditor in connection with the relevant |
| 35 |
| |
(4B) | For the purposes of subsection (4A)— |
| |
(a) | “relevant creditor” and “relevant debt” mean the creditor and |
| |
the debt mentioned in subsection (1)(a), and |
| |
(b) | a bond is to be taken to have the same value that it had at the |
| 40 |
| |
(4C) | If bonds that are to be tendered in accordance with subsection (4) or |
| |
(4A) are subject to restrictions on their tender or transfer, the |
| |
restrictions do not prevent the bonds from being— |
| |
|
| |
|
| |
|
(a) | tendered in accordance with that subsection, or |
| |
(b) | transferred from the person tendering them to the person to |
| |
| |
| |
(4) | In ITA 2007, after section 940 insert— |
| 5 |
“940A | No appropriate bond or combination of bonds |
| |
(1) | This section applies if— |
| |
(a) | the Commissioners for Her Majesty’s Revenue and Customs |
| |
hold one or more bonds tendered in accordance with section |
| |
| 10 |
(b) | the Commissioners wish to tender bonds in accordance with |
| |
section 939(4A) in satisfaction of an amount payable to the |
| |
| |
(c) | the Commissioners consider that they do not hold a bond, or |
| |
combination of bonds, that is appropriate for satisfying the |
| 15 |
| |
(2) | If requested to do so by the Commissioners, the bond issuer must |
| |
secure that the Commissioners hold a bond, or combination of bonds, |
| |
that the Commissioners consider to be appropriate for satisfying the |
| |
| 20 |
(3) | If requested to do so by the bond issuer, a person must assist the bond |
| |
issuer to comply with subsection (2). |
| |
(4) | The duty under subsection (2), or under subsection (3), does not apply |
| |
if it would be impracticable for the bond issuer, or the other person, to |
| |
| 25 |
(5) | The matters which the Commissioners may take into account when |
| |
considering whether or not a bond or combination of bonds is |
| |
appropriate for satisfying the amount payable include— |
| |
(a) | the value of a bond at the time of its issue, |
| |
(b) | the interest which the relevant creditor, or any other person, has |
| 30 |
in a bond (including the nature or size of the interest), and |
| |
(c) | the terms on which a bond is issued. |
| |
(6) | For the purposes of this section— |
| |
(a) | “bond issuer” means the person by or through whom bonds |
| |
| 35 |
(b) | “relevant creditor” and “relevant debt” have the same meanings |
| |
| |
(5) | The amendments made by this section have effect in relation to funding bonds |
| |
issued on or after 12 March 2008. |
| |
| 40 |
132 | Interest on unpaid tax in case of disaster etc of national significance |
| |
(1) | This section applies in any case where the Commissioners agree that the |
| |
payment of a relevant sum may be deferred by reason of circumstances arising |
| |
|
| |
|
| |
|
as a result of a disaster or emergency specified in an order under this section |
| |
(an “agreement for deferred payment”). |
| |
(2) | In subsection (1) “relevant sum” means a sum to meet any liability to the |
| |
Commissioners arising under or by virtue of an enactment or a contract |
| |
| 5 |
(3) | No interest on the amount deferred is chargeable in respect of the relief period |
| |
and no liability to a surcharge on the deferred amount arises during that |
| |
| |
(4) | The relief period is the period— |
| |
(a) | beginning with a date specified in the order or, if the Commissioners so |
| 10 |
direct, a later date from which the agreement for deferred payment has |
| |
| |
(b) | ending with the date on which the agreement for deferred payment |
| |
ceases to have effect or, if earlier, the date on which the order is |
| |
| 15 |
(5) | The agreement for deferred payment ceases to have effect at the end of the |
| |
period of deferment specified in the agreement or, if the Commissioners agree |
| |
to extend (or further extend) that period by reason of circumstances arising as |
| |
a result of the disaster or emergency, with the end of that extended (or further |
| |
| 20 |
(6) | If the agreement for deferred payment is an agreement for payment by |
| |
instalments, the period of deferment in relation to each instalment ends with |
| |
the date on or before which that instalment is to be paid; but if an instalment is |
| |
not paid by the agreed date and the Commissioners do not agree to extend the |
| |
period of deferment, the whole of the agreement for deferred payment is to be |
| 25 |
treated as ceasing to have effect on that date. |
| |
(7) | This section applies whether the agreement for deferred payment was made— |
| |
(a) | before or after the amount to which it relates becomes due and payable, |
| |
| |
(b) | before or after the making of the order concerned. |
| 30 |
(8) | If in any case the Commissioners are satisfied that, although no agreement for |
| |
deferred payment was made, one could have been made, this section applies |
| |
as if one had been made; and the terms of the notional agreement for deferred |
| |
payment are to be assumed to be such as the Commissioners are satisfied |
| |
would have been agreed in the circumstances. |
| 35 |
(9) | An order under this section may be made only in relation to a disaster or |
| |
emergency which the Treasury consider to be of national significance. |
| |
| |
(a) | may specify a disaster or emergency which has begun (or both begun |
| |
and ended) before it is made (including one which has begun, or both |
| 40 |
begun and ended, before the passing of this Act), and |
| |
(b) | may specify a date before the date on which it is made (including a date |
| |
before the passing of this Act). |
| |
(11) | The power to make an order under this section is exercisable by the Treasury |
| |
| 45 |
(12) | A statutory instrument containing such an order is subject to annulment in |
| |
pursuance of a resolution of the House of Commons. |
| |
|
| |
|
| |
|
(13) | In FA 2001, omit section 107 (interest on unpaid tax etc: foot and mouth |
| |
disease); but the repeal of that section does not affect any agreement for |
| |
deferred payment made before this Act is passed. |
| |
| |
(1) | The Commissioners may by regulations provide that, where a person makes a |
| 5 |
payment to the Commissioners or a person authorised by the Commissioners |
| |
using a method of payment specified in the regulations, the person must also |
| |
pay a fee specified in, or determined in accordance with, the regulations. |
| |
(2) | A method of payment may only be specified in regulations made under this |
| |
section if the Commissioners expect that they, or the person authorised by |
| 10 |
them, will be required to pay a fee or charge (however described) in connection |
| |
with amounts paid using that method of payment. |
| |
(3) | Regulations under this section— |
| |
(a) | may make provision about the time and manner in which the fee must |
| |
| 15 |
(b) | may make provision generally or only for specified purposes, and |
| |
(c) | may make different provision for different purposes. |
| |
(4) | Regulations under this section are to be made by statutory instrument. |
| |
(5) | A statutory instrument containing regulations under this section is subject to |
| |
annulment in pursuance of a resolution of the House of Commons. |
| 20 |
134 | County court proceedings |
| |
(1) | In section 25 of CRCA 2005 (conduct of civil proceedings)— |
| |
(a) | after subsection (1) insert— |
| |
“(1A) | An officer of Revenue and Customs or a person authorised by |
| |
the Commissioners may conduct county court proceedings for |
| 25 |
the recovery of an amount payable to the Commissioners under |
| |
or by virtue of an enactment or under a contract settlement.”, |
| |
| |
(b) | after subsection (5) insert— |
| |
“(6) | In this section “contract settlement” means an agreement made |
| 30 |
in connection with any person’s liability to make a payment to |
| |
the Commissioners under or by virtue of an enactment.” |
| |
(2) | In section 66 of TMA 1970 (county court proceedings)— |
| |
(a) | in subsection (1), omit “commenced in the name of a collector”, and |
| |
| 35 |
(3) | Accordingly, in FA 1984, omit section 57(2). |
| |
(4) | In section 244 of IHTA 1984 (right to address court), omit “county court or”. |
| |
(5) | In paragraph 3 of Schedule 4 to the Social Security Contributions (Transfer of |
| |
Functions, etc.) Act 1999 (c. 2) (recovery of contributions where income tax |
| |
recovery provisions not applicable)— |
| 40 |
(a) | in sub-paragraph (1), omit “commenced in the name of an authorised |
| |
| |
(b) | omit sub-paragraph (2). |
| |
|
| |
|
| |
|
(6) | In paragraph 5 of Schedule 12 to FA 2003 (stamp duty land tax)— |
| |
(a) | in sub-paragraph (1), omit “brought in the name of the collector”, and |
| |
(b) | omit sub-paragraph (2). |
| |
(7) | Nothing in subsections (2) to (6) affects proceedings commenced or brought in |
| |
the name of a collector or authorised officer before this Act is passed. |
| 5 |
| |
(1) | In CRCA 2005, after section 25 insert— |
| |
“25A | Certificates of debt |
| |
(1) | A certificate of an officer of Revenue and Customs that, to the best of |
| |
that officer’s knowledge and belief, a relevant sum has not been paid is |
| 10 |
sufficient evidence that the sum mentioned in the certificate is unpaid. |
| |
(2) | In subsection (1) “relevant sum” means a sum payable to the |
| |
Commissioners under or by virtue of an enactment or under a contract |
| |
settlement (within the meaning of section 25). |
| |
(3) | Any document purporting to be such a certificate shall be treated as if |
| 15 |
it were such a certificate until the contrary is proved. |
| |
(4) | Subsection (1) has effect subject to any provision treating the certificate |
| |
| |
(2) | Schedule 44 contains provisions consequential on this section. |
| |
| 20 |
136 | Interpretation of Chapter |
| |
| |
“the Commissioners” means the Commissioners for Her Majesty’s |
| |
| |
“contract settlement” means an agreement made in connection with any |
| 25 |
person’s liability to make a payment to the Commissioners under or by |
| |
| |
| |
| |
| 30 |
137 | Charge on termination of interest in possession where new interest acquired |
| |
(1) | In section 53 of IHTA 1984 (exceptions from charge on termination of interest |
| |
in possession), for subsection (2A) substitute— |
| |
“(2A) | Subsection (2) above applies by virtue of the person becoming |
| |
beneficially entitled on or after 12 March 2008 to another interest in |
| 35 |
possession in the property only if that other interest is— |
| |
(a) | a disabled person’s interest, or |
| |
|
| |
|
| |
|
(b) | a transitional serial interest; |
| |
| and that is the case irrespective of whether the person’s beneficial |
| |
entitlement to the interest in possession in the property which comes to |
| |
an end is one which began before, or on or after, 22 March 2006.” |
| |
(2) | The amendment made by subsection (1) is treated as having come into force on |
| 5 |
22 March 2006 (so that paragraph 14(3) of Schedule 20 to FA 2006 is treated as |
| |
never having had effect). |
| |
138 | Interest in possession settlements: extension of transitional period |
| |
(1) | In Chapter 2 of Part 3 of IHTA 1984 (interests in possession etc)— |
| |
(a) | in section 49C (transitional serial interest: interest to which person |
| 10 |
becomes entitled on or after 22 March 2006 and before 6 April 2008), in |
| |
subsection (3) and in the heading, |
| |
(b) | in section 49D (transitional serial interest: interest to which person |
| |
becomes entitled on death of spouse or civil partner on or after 6 April |
| |
2008), in subsection (3) and in the heading, and |
| 15 |
(c) | in section 49E (transitional serial interest: contracts of life insurance), in |
| |
| |
| for “April” substitute “October”. |
| |
(2) | The amendments made by subsection (1) are treated as having come into force |
| |
| 20 |
| |
| |
(1) | In Part 3 of FA 1994 (insurance premium tax), omit the following provisions |
| |
(which relate to tax representatives)— |
| |
| 25 |
(b) | in section 65(1), paragraph (b) and the “and” before it, |
| |
(c) | in section 73(1), the definition of “tax representative”, and |
| |
(d) | in Schedule 7, paragraph 18 and, in paragraph 20, “, 18(2)”. |
| |
(2) | In consequence of the repeals made by subsection (1), omit sections 27(4) and |
| |
| 30 |
| |
(1) | Section 65 of FA 1994 (insurance premium tax: liability of insured where |
| |
insurer not established in United Kingdom) is amended as follows. |
| |
(2) | In subsection (1), for the words after “time” substitute “the insurer— |
| |
(a) | does not have any business establishment or other fixed |
| 35 |
establishment in the United Kingdom, and |
| |
(b) | is established in a country or territory in respect of which it |
| |
appears to the Commissioners that the condition in subsection |
| |
| |
(3) | After that subsection insert— |
| 40 |
“(1A) | The condition mentioned in subsection (1)(b) above is that— |
| |
|
| |
|