|
| |
|
81 | Rent to shared ownership |
| |
(1) | In Schedule 9 to FA 2003 (stamp duty land tax: right to buy etc), insert at the |
| |
| |
“Rent to shared ownership lease: charge to tax |
| |
13 (1) | The chargeable consideration for transactions forming part of a rent |
| 5 |
to shared ownership lease scheme is determined in accordance with |
| |
| |
(2) | A “rent to shared ownership lease scheme” means a scheme or |
| |
arrangement under which a qualifying body— |
| |
(a) | grants an assured shorthold tenancy of a dwelling to a person |
| 10 |
(“the tenant”) or persons (“the tenants”), and |
| |
(b) | subsequently grants a shared ownership lease of the |
| |
dwelling or another dwelling to the tenant or one or more of |
| |
| |
(3) | The following transactions are to be treated as if they were not linked |
| 15 |
| |
(a) | the grant of the assured shorthold tenancy, |
| |
(b) | the grant of the shared ownership lease, and |
| |
(c) | any other land transaction between the qualifying body and |
| |
the tenant, or any of the tenants, entered into as part of the |
| 20 |
| |
(4) | For the purpose of determining the effective date of the grant of the |
| |
shared ownership lease, the possession of the dwelling by the tenant |
| |
or tenants pursuant to the assured shorthold tenancy is to be |
| |
| 25 |
| |
“assured shorthold tenancy” has the same meaning as in Part 1 |
| |
| |
“qualifying body” has the same meaning as in paragraph 5; |
| |
“shared ownership lease” has the same meaning as in |
| 30 |
| |
Rent to shared ownership trust: charge to tax |
| |
14 (1) | The chargeable consideration for transactions forming part of a rent |
| |
to shared ownership trust scheme is determined in accordance with |
| |
| 35 |
(2) | A “rent to shared ownership trust scheme” means a scheme or |
| |
| |
(a) | a qualifying body grants an assured shorthold tenancy of a |
| |
dwelling to a person (“the tenant”) or persons (“the tenants”), |
| |
| 40 |
(b) | the tenant, or one or more of tenants, subsequently becomes |
| |
the purchaser under a shared ownership trust of the |
| |
dwelling, or another dwelling, under which the qualifying |
| |
body is the social landlord. |
| |
|
| |
|
| |
|
(3) | The following transactions are to be treated as if they were not linked |
| |
| |
(a) | the grant of the assured shorthold tenancy, |
| |
(b) | the declaration of the shared ownership trust, and |
| |
(c) | any other land transaction between the qualifying body and |
| 5 |
the tenant, or any of the tenants, entered into as part of the |
| |
| |
(4) | For the purpose of determining the effective date of the declaration |
| |
of the shared ownership trust, the possession of the dwelling by the |
| |
tenant or tenants pursuant to the assured shorthold tenancy is to be |
| 10 |
| |
| |
“assured shorthold tenancy” has the same meaning as in Part 1 |
| |
| |
“qualifying body” has the same meaning as in paragraph 5; |
| 15 |
“social landlord” and “purchaser”, in relation to a shared |
| |
ownership trust, have the same meaning as in paragraph 7.” |
| |
(2) | The amendment made by this section has effect in relation to cases in which the |
| |
effective date of the grant of the shared ownership lease or the declaration of |
| |
the shared ownership trust is on or after 22 April 2009. |
| 20 |
(3) | Paragraphs 13(4) and 14(4) of Schedule 9 to FA 2003 (inserted by this section) |
| |
have effect for the purposes of subsection (2). |
| |
Stock lending arrangements |
| |
82 | Stamp taxes in the event of insolvency |
| |
(1) | Schedule 37 contains provision amending Part 3 (stamp duty) and Part 4 |
| 25 |
(stamp duty reserve tax) of FA 1986 in respect of repurchase and stock lending |
| |
arrangements in the event of the insolvency of one of the parties. |
| |
(2) | The amendments made by that Schedule have effect where the insolvency in |
| |
question occurs on or after 1 September 2008. |
| |
(3) | This section and that Schedule cease to have effect— |
| 30 |
(a) | in relation to the amendments made to Part 3 of FA 1986, when the |
| |
repeal of sections 80 to 85 of that Act (by Part 6 of Schedule 19 to, and |
| |
in accordance with sections 107 to 109 of, FA 1990) comes into force, |
| |
| |
(b) | in relation to the amendments made to Part 4 of FA 1986, when the |
| 35 |
repeal of that Part (by Part 7 of Schedule 19 to, and in accordance with |
| |
section 110 of, FA 1990) comes into force. |
| |
| |
| |
83 | Capital allowances for oil decommissioning expenditure |
| 40 |
Schedule 38 contains provision about capital allowances for oil |
| |
decommissioning expenditure. |
| |
|
| |
|
| |
|
| |
Schedule 39 contains provision about the treatment of blended oil for the |
| |
purposes of petroleum revenue tax. |
| |
| |
Schedule 40 contains provision about chargeable gains in oil trades. |
| 5 |
86 | Oil assets put to other uses |
| |
Schedule 41 contains provision about oil production assets put to certain other |
| |
| |
87 | Former licensees and former oil fields |
| |
Schedule 42 contains provision about the treatment of certain former licensees |
| 10 |
and former oil fields for the purposes of petroleum revenue tax. |
| |
88 | Abolition of provisional expenditure allowance |
| |
Schedule 43 contains provision abolishing provisional expenditure allowance. |
| |
89 | Supplementary charge: reduction for certain new oil fields |
| |
(1) | Schedule 44 contains provision for the reduction of the supplementary charge |
| 15 |
under section 501A of ICTA on companies that are, or have been, licensees in |
| |
| |
(2) | In section 501A of ICTA, after subsection (11) insert— |
| |
“(12) | This section is subject to Schedule 44 to the Finance Act 2009.” |
| |
(3) | This section and Schedule 44 have effect in relation to accounting periods |
| 20 |
ending on or after 22 April 2009. |
| |
90 | Miscellaneous amendments |
| |
Schedule 45 contains miscellaneous amendments relating to oil taxation. |
| |
| |
| 25 |
| |
| |
(1) | In CRCA 2005, after section 16 insert— |
| |
“16A | Charter of standards and values |
| |
(1) | The Commissioners must prepare a Charter. |
| 30 |
|
| |
|
| |
|
(2) | The Charter must include standards of behaviour and values to which |
| |
Her Majesty’s Revenue and Customs will aspire when dealing with |
| |
people in the exercise of their functions. |
| |
(3) | The Commissioners must— |
| |
(a) | regularly review the Charter, and |
| 5 |
(b) | publish revisions, or revised versions, of it when they consider |
| |
| |
(4) | The Commissioners must, at least once every year, make a report |
| |
reviewing the extent to which Her Majesty’s Revenue and Customs |
| |
have demonstrated the standards of behaviour and values included in |
| 10 |
| |
(2) | The duty imposed by section 16A(1) of CRCA 2005 must be complied with |
| |
| |
92 | Duties of senior accounting officers of large companies |
| |
(1) | Schedule 46 contains provision about the duties of senior accounting officers of |
| 15 |
| |
(2) | That Schedule has effect in relation to financial years (within the meaning of |
| |
the Companies Act 2006) beginning on or after the day on which this Act is |
| |
| |
93 | Publishing details of deliberate tax defaulters |
| 20 |
(1) | The Commissioners may publish information about any person if— |
| |
(a) | in consequence of an investigation conducted by the Commissioners, |
| |
one or more relevant tax penalties is found to have been incurred by the |
| |
| |
(b) | the potential lost revenue in relation to the penalty (or the aggregate of |
| 25 |
the potential lost revenue in relation to each of the penalties) exceeds |
| |
| |
(2) | A “relevant tax penalty” is— |
| |
(a) | a penalty under paragraph 1 of Schedule 24 to FA 2007 (inaccuracy in |
| |
taxpayer’s document) in respect of a deliberate inaccuracy on the part |
| 30 |
| |
(b) | a penalty under paragraph 1A of that Schedule (inaccuracy in |
| |
taxpayer’s document attributable to deliberate supply of false |
| |
information or deliberate withholding of information by person), |
| |
(c) | a penalty under paragraph 1 of Schedule 41 to FA 2008 (failure to |
| 35 |
notify) in respect of a deliberate failure on the part of the person, or |
| |
(d) | a penalty under paragraph 2 (unauthorised VAT invoice), 3 (putting |
| |
product to use attracting higher duty etc) or 4 (handling goods subject |
| |
to unpaid excise duty) of that Schedule in respect of deliberate action |
| |
| 40 |
(3) | “Potential lost revenue”, in relation to a penalty, has the meaning given by— |
| |
(a) | paragraphs 5 to 8 of Schedule 24 to FA 2007, or |
| |
(b) | paragraphs 7 to 11 of Schedule 41 to FA 2008, |
| |
| in relation to the inaccuracy, failure or action to which the penalty relates. |
| |
|
| |
|
| |
|
(4) | The information that may be published is— |
| |
(a) | the person’s name (including any trading name, previous name or |
| |
| |
(b) | the person’s address (or registered office), |
| |
(c) | the nature of any business carried on by the person, |
| 5 |
(d) | the amount of the penalty or penalties and the potential lost revenue in |
| |
relation to the penalty (or the aggregate of the potential lost revenue in |
| |
relation to each of the penalties), |
| |
(e) | the periods or times to which the inaccuracy, failure or action giving |
| |
rise to the penalty (or any of the penalties) relates, and |
| 10 |
(f) | any such other information as the Commissioners consider it |
| |
appropriate to publish in order to make clear the person’s identity. |
| |
(5) | The information may be published in any manner that the Commissioners |
| |
| |
(6) | Before publishing any information the Commissioners— |
| 15 |
(a) | must inform the person that they are considering doing so, and |
| |
(b) | afford the person reasonable opportunity to make representations |
| |
about whether it should be published. |
| |
(7) | No information may be published before the day when the penalty becomes |
| |
final (or the latest day when any of the penalties becomes final). |
| 20 |
(8) | No information may be published for the first time after the end of the period |
| |
of one year beginning with that day (or that latest day). |
| |
(9) | No information may be published (or continue to be published) after the end |
| |
of the period of one year beginning with the day on which it is first published. |
| |
(10) | No information may be published if the amount of the penalty is reduced |
| 25 |
| |
(a) | paragraph 10(3) or (5) of Schedule 24 to FA 2007, or |
| |
(b) | paragraph 13(1) or (3) of Schedule 41 to FA 2008, |
| |
| (unprompted disclosure) to the full extent permitted. |
| |
(11) | No information may be published if— |
| 30 |
(a) | the amount of the penalty is reduced under paragraph 10(4) or (6) of |
| |
Schedule 24 to FA 2007 or paragraph 13(2) or (4) of Schedule 41 to FA |
| |
2008 (prompted disclosure) to the full extent permitted, and |
| |
(b) | the reduction is attributable to a disclosure made at such time as the |
| |
Commissioners, having regard to the circumstances of the case, |
| 35 |
consider makes it inappropriate to publish the information. |
| |
(12) | For the purposes of this section, a penalty becomes final— |
| |
(a) | if it has been assessed, when the time for any appeal or further appeal |
| |
relating to it expires or, if later, any appeal or final appeal relating to it |
| |
is finally determined, or |
| 40 |
(b) | if a contract is made between the Commissioners and the person under |
| |
which the Commissioners undertake not to assess the penalty or (if it |
| |
has been assessed) not to take proceedings to recover it, at the time |
| |
when the contract is made. |
| |
(13) | The Treasury may by order vary the amount for the time being specified in |
| 45 |
| |
|
| |
|
| |
|
(14) | This section comes into force on a day appointed by order made by the |
| |
| |
(15) | Orders under this section are to be made by statutory instrument. |
| |
(16) | A statutory instrument containing an order under subsection (13) is subject to |
| |
annulment in pursuance of a resolution of the House of Commons. |
| 5 |
(17) | In this section “the Commissioners” means the Commissioners for Her |
| |
Majesty’s Revenue and Customs. |
| |
| |
94 | Amendment of information and inspection powers |
| |
(1) | Schedule 47 contains amendments of Schedule 36 to FA 2008 (information and |
| 10 |
| |
(2) | The Treasury may by order make any incidental, supplemental, consequential, |
| |
transitional or transitory provision or saving which appears appropriate in |
| |
consequence of, or otherwise in connection with, Schedule 36 to FA 2008 or |
| |
| 15 |
(3) | An order under this section may— |
| |
(a) | make different provision for different purposes, and |
| |
(b) | make provision amending, repealing or revoking an enactment or |
| |
instrument (whenever passed or made). |
| |
(4) | An order under this section is to be made by statutory instrument. |
| 20 |
(5) | A statutory instrument containing an order under this section is subject to |
| |
annulment in pursuance of a resolution of the House of Commons. |
| |
95 | Extension of information and inspection powers to further taxes |
| |
(1) | In paragraph 63(1) of Schedule 36 to FA 2008 (information and inspection |
| |
powers: meaning of “tax”), for paragraph (e) (and the “and” before it) |
| 25 |
| |
“(e) | insurance premium tax, |
| |
| |
| |
(h) | stamp duty reserve tax, |
| 30 |
(i) | petroleum revenue tax, |
| |
| |
| |
| |
(m) | relevant foreign tax,”. |
| 35 |
(2) | Schedule 48 contains further amendments of that Schedule. |
| |
(3) | The amendments made by this section and Schedule 48 come into force on such |
| |
day as the Treasury may by order appoint. |
| |
(4) | An order under subsection (3) may— |
| |
(a) | appoint different days for different purposes, and |
| 40 |
|
| |
|
| |
|
(b) | contain transitional provision and savings. |
| |
(5) | The Treasury may by order make any incidental, supplemental, consequential, |
| |
transitional or transitory provision or saving which appears appropriate in |
| |
consequence of, or otherwise in connection with, this section and Schedule 48. |
| |
(6) | An order under subsection (5) may— |
| 5 |
(a) | make different provision for different purposes, and |
| |
(b) | make provision amending, repealing or revoking an enactment or |
| |
instrument (whenever passed or made). |
| |
(7) | An order under this section is to be made by statutory instrument. |
| |
(8) | A statutory instrument containing an order under subsection (5) is subject to |
| 10 |
annulment in pursuance of a resolution of the House of Commons. |
| |
96 | Powers to obtain contact details for debtors |
| |
Schedule 49 contains provision about the powers of officers of Revenue and |
| |
Customs to obtain contact details of debtors. |
| |
| 15 |
(1) | Schedule 50 contains provision about the obligations to keep records. |
| |
(2) | The amendments made by that Schedule come into force on such day as the |
| |
Treasury may by order made by statutory instrument appoint. |
| |
| |
98 | Time limits for assessments, claims etc |
| 20 |
(1) | Schedule 51 contains provision about time limits for assessments, claims etc. |
| |
(2) | The amendments made by that Schedule come into force on such day as the |
| |
Treasury may by order made by statutory instrument appoint. |
| |
(3) | An order under subsection (2)— |
| |
(a) | may make different provision for different purposes, and |
| 25 |
(b) | may include transitional provision and savings. |
| |
99 | Recovery of overpaid tax etc |
| |
(1) | Schedule 52 contains provision for and in connection with the recovery of |
| |
overpaid income tax, capital gains tax and corporation tax. |
| |
(2) | The amendments made by that Schedule have effect in relation to claims made |
| 30 |
on or after 1 April 2010. |
| |
(3) | The Treasury may by order make any incidental, supplemental, consequential, |
| |
transitional or transitory provision or saving which appears appropriate in |
| |
consequence of, or otherwise in connection with, that Schedule. |
| |
(4) | An order under this section may— |
| 35 |
(a) | make different provision for different purposes, and |
| |
|
| |
|