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House of Commons

Session 2007 - 08 Internet Publications Other Bills before Parliament

Finance Bill

Finance Bill (Volume I)
[AS AMENDED IN THE COMMITTEE AND IN PUBLIC BILL COMMITTEE]
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 124 – I                                                                                             54/3
Finance Bill (Volume I) 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    Qualifying expenditure: R&D relief and vaccine research relief
26    Companies in difficulty: SME R&D relief and vaccine research relief
27    Cap on R&D aid
28    Vaccine research relief: declaration about effect of relief
Venture capital schemes etc
29    Enterprise investment scheme: increase in amount of relief
30    Venture capital schemes
31    Enterprise management incentives: qualifying companies
Other business and investment measures
32    Tax credits for certain foreign distributions
33    Small companies’ relief: associated companies
34    Company gains from investment life insurance contracts etc
35    Trade profits: changes in trading stock
36    Non-residents: investment managers
37    Dormant bank and building society accounts
38    Individual investment plan regulations
Offshore funds
39    Tax treatment of participants in offshore funds
40    Regulations under section 39: supplementary
Insurance companies and friendly societies
41    Insurance companies etc
42    Friendly societies
Finance Bill (Volume I) iii
Employment matters
43    Homes outside UK owned through company etc
44    In-work and return to work credits and payments
45    Company cars: lower threshold for CO2 emissions figure
46    Van fuel benefit
47    Employment-related securities etc: deductible amounts etc
48    Employment-related securities: repeal of obsolete provisions
49    Armed forces: the Council Tax Relief
50    Greater London Authority: severance payments
Charities etc
51    Gift aid: payments to charities
52    Community investment tax relief
Leasing
53    Leases of plant or machinery
54    Sale of lessor companies etc
Double taxation arrangements
55    Double taxation relief
56    UK residents and foreign partnerships
57    UK residents and foreign enterprises
Other anti-avoidance provisions
58    Restrictions on trade loss relief for individuals
59    Non-active partners
60    Financial arrangements avoidance
61    Manufactured payments
62    Controlled foreign companies
63    Intangible fixed assets: related parties
64    Repeal of obsolete anti-avoidance provisions
Miscellaneous
65    Income of beneficiaries under settlor-interested settlements
66    Income charged at dividend upper rate
67    Payments on account of income tax
68    Allowances etc for non-resident nationals of an EEA state
Part 3
Capital allowances
Plant and machinery: qualifying expenditure
69    Thermal insulation of buildings
70    Expenditure on required fire precautions
71    Integral features
Finance Bill (Volume I) iv
Plant and machinery: annual investment allowance
72    Annual investment allowance
Plant and machinery: first-year allowances
73    First-year allowance for small and medium-sized enterprises discontinued
74    Repeal of spent first-year allowances
75    Cars with low carbon dioxide emissions
76    Gas refuelling stations
77    First-year tax credits
Plant and machinery: writing-down allowances and pools
78    Main rate of writing down allowance
79    Small pools
80    Special rate expenditure and the special rate pool
81    Existing long-life asset expenditure treated as special rate expenditure
Industrial and agricultural buildings allowances
82    Abolition of allowances from 2011
83    Phasing out of allowances before abolition
84    Qualifying enterprise zone expenditure: transitional provision
85    Phasing out of industrial buildings allowance: anti-avoidance
Supplementary provision
86    Power to make consequential and transitional provision
Anti-avoidance
87    Balancing allowances on transfers of trade
Part 4
Pensions
88    Spreading of relief on indirect contributions
89    Inheritance etc of tax-relieved pension savings
90    Pension schemes: further provision
Part 5
Stamp taxes
Stamp duty land tax
91    Zero-carbon homes
92    Notification and registration of transactions
93    Charge where consideration includes rent: 0% band
94    Withdrawal of group relief
95    Transfers of interests in property-investment partnerships
Finance Bill (Volume I) v
Stamp duty
96    Exemption from ad valorem stamp duty for low value transactions
97    Abolition of fixed stamp duty on certain instruments
98    Gifts inter vivos
99    Loan capital
Part 6
Oil
Petroleum revenue tax
100    Meaning of “participator”
101    Abandonment expenditure: default by participator met by former
participator
102    Abandonment expenditure: deductions from ring fence income
103    Abandonment expenditure: former participator reimbursed by defaulter
104    Returns of relevant sales of oil
105    Elections for oil fields to become non-taxable
Corporation tax
106    Capital allowances: plant and machinery for use in ring fence trade
107    Capital allowances: decommissioning expenditure
108    Capital allowances: abandonment expenditure after ceasing ring fence trade
109    Losses: set off against profits of earlier accounting periods
110    Ring fence trade: no deduction for expenses of investment management
Part 7
Administration
Chapter 1
Information etc
New information etc powers
111    Information and inspection powers
112    Computer records etc
Other measures
113    Record-keeping
114    Disclosure of tax avoidance schemes
115    Power to open or unpack containers
Chapter 2
Time limits for claims and assessments etc
General
116    Time limits for assessments, claims etc
Finance Bill (Volume I) vi
Income tax and corporation tax
117    Correction and amendment of tax returns
VAT
118    VAT: time limits for assessments of excess credits etc
119    Old VAT claims: extended time limits
Chapter 3
Penalties
120    Penalties for errors
121    Penalties for failure to notify etc
Chapter 4
Appeals etc
Reviews and appeals etc: general
122    HMRC decisions etc: reviews and appeals
Customs and excise decisions subject to review and appeal
123    Alcoholic liquor duties
124    Security under CEMA 1979
Chapter 5
Payment and enforcement
Taking control of goods etc
125    Enforcement by taking control of goods: England and Wales
126    Summary warrant: Scotland
127    Consequential provision and commencement
Set off
128    Set-off: England and Wales and Northern Ireland
129    No set-off where insolvency procedure has been applied
130    VAT: requirement to set-off
131    Retained funding bonds: tender by Commissioners
Other measures
132    Interest on unpaid tax in case of disaster etc of national significance
133    Fee for payment
134    County court proceedings
135    Certificates of debt
Finance Bill (Volume I) vii
Supplementary
136    Interpretation of Chapter
Part 8
Miscellaneous
Inheritance tax
137    Charge on termination of interest in possession where new interest acquired
138    Interest in possession settlements: extension of transitional period
Insurance premium tax
139    Tax representatives
140    Overseas insurers
Vehicle excise duty
141    Rebates
142    Offence of using or keeping unlicensed vehicle
143    Rates for new lower-emission vans
144    Not exhibiting licence: period of grace
145    Reduced pollution certificates
Climate change levy and landfill tax
146    Climate change levy: coal mine methane no longer to be renewable source
147    Climate change levy accounting documents: abolition of self-identification
148    Landfill tax credit: withdrawing approval of environmental bodies
Aviation
149    Aviation duty
150    Air passenger duty: class of travel with large seat pitch
Alternative finance arrangements
151    Stamp duty and stamp duty reserve tax: alternative finance investment bonds
152    Alternative property finance: anti-avoidance
153    Alternative finance arrangements: power to vary Chapter 5 of Part 2 of FA
2005
154    Government borrowing: alternative finance arrangements
Payments from Exchequer accounts
155    Power of Treasury to make payments
156    Payments from certain Exchequer accounts: mechanism
Other matters
157    Power to give statutory effect to concessions
158    Fuel duty: definition of “ultra low sulphur diesel”
159    Duties: abolition of disregard of fractions of penny

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