House of Commons portcullis
House of Commons
Session 2008 - 09
Internet Publications
Other Bills before Parliament

Finance Bill


Finance Bill
Part 5 — Stamp taxes

42

 

81      

Rent to shared ownership

(1)   

In Schedule 9 to FA 2003 (stamp duty land tax: right to buy etc), insert at the

end—

“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

this paragraph.

      (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

the tenants.

      (3)  

The following transactions are to be treated as if they were not linked

15

to each other—

(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

scheme.

      (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

disregarded.

25

      (5)  

In this paragraph—

“assured shorthold tenancy” has the same meaning as in Part 1

of the Housing Act 1988;

“qualifying body” has the same meaning as in paragraph 5;

“shared ownership lease” has the same meaning as in

30

paragraph 4A.

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

this paragraph.

35

      (2)  

A “rent to shared ownership trust scheme” means a scheme or

arrangement under which—

(a)   

a qualifying body grants an assured shorthold tenancy of a

dwelling to a person (“the tenant”) or persons (“the tenants”),

and

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.

 
 

Finance Bill
Part 6 — Oil

43

 

      (3)  

The following transactions are to be treated as if they were not linked

to each other—

(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

scheme.

      (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

disregarded.

      (5)  

In this paragraph—

“assured shorthold tenancy” has the same meaning as in Part 1

of the Housing Act 1988;

“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,

and

(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.

Part 6

Oil

83      

Capital allowances for oil decommissioning expenditure

40

Schedule 38 contains provision about capital allowances for oil

decommissioning expenditure.

 
 

Finance Bill
Part 7 — Administration

44

 

84      

Blended oil

Schedule 39 contains provision about the treatment of blended oil for the

purposes of petroleum revenue tax.

85      

Chargeable gains

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

uses.

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

new oil fields.

(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.

Part 7

Administration

25

Standards and values

91      

HMRC Charter

(1)   

In CRCA 2005, after section 16 insert—

“16A    

Charter of standards and values

(1)   

The Commissioners must prepare a Charter.

30

 
 

Finance Bill
Part 7 — Administration

45

 

(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

it appropriate to do so.

(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

the Charter.”

(2)   

The duty imposed by section 16A(1) of CRCA 2005 must be complied with

before the end of 2009.

92      

Duties of senior accounting officers of large companies

(1)   

Schedule 46 contains provision about the duties of senior accounting officers of

15

large companies.

(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

passed.

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

person, and

(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

£25,000.

(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

of the person,

(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

by the person.

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.

 
 

Finance Bill
Part 7 — Administration

46

 

(4)   

The information that may be published is—

(a)   

the person’s name (including any trading name, previous name or

pseudonym),

(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

consider appropriate.

(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

under—

(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

subsection (1).

 
 

Finance Bill
Part 7 — Administration

47

 

(14)   

This section comes into force on a day appointed by order made by the

Treasury.

(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.

Information etc

94      

Amendment of information and inspection powers

(1)   

Schedule 47 contains amendments of Schedule 36 to FA 2008 (information and

10

inspection powers).

(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

Schedule 47.

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

substitute—

“(e)   

insurance premium tax,

(f)   

inheritance tax,

(g)   

stamp duty land tax,

(h)   

stamp duty reserve tax,

30

(i)   

petroleum revenue tax,

(j)   

aggregates levy,

(k)   

climate change levy,

(l)   

landfill tax, and

(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

 
 

Finance Bill
Part 7 — Administration

48

 

(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.

97      

Record-keeping

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.

Assessments, claims etc

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

 
 

 
previous section contents continue
 
House of Commons home page Houses of Parliament home page House of Lords home page search page enquiries

© Parliamentary copyright 2009
Revised 30 April 2009