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House of Commons

Session 2008 - 09 Internet Publications Other Bills before Parliament

Finance Bill

Finance Bill
The Bill is divided into two volumes. Volume I contains the Clauses and Schedules
1 to 21 to the Bill. Volume II contains Schedules 22 to 61 to the Bill.
EUROPEAN CONVENTION ON HUMAN RIGHTS
Mr Chancellor of the Exchequer has made the following statement under section
19(1)(a) of the Human Rights Act 1998:
In my view the provisions of the Finance Bill are compatible with the Convention
rights.
Bill 90                                                                                                  54/4
Finance Bill
The Bill is divided into two Volumes. Volume I contains the Clauses and Schedules
1 to 21 to the Bill. Volume II contains Schedules 22 to 61 to the Bill.
Contents
Part 1
Charges, rates, allowances, etc
Income tax
1    Charge and main rates for 2009-10
2    Basic rate limit for 2009-10
3    Personal allowance for 2009-10 for those aged under 65
4    Reduction of personal allowance for those with income exceeding £100,000
5    Abolition of personal reliefs for non-residents
6    Additional rate, dividend additional rate, trust rates and pension tax rates
Corporation tax
7    Charge and main rates for financial year 2010
8    Small companies’ rates and fractions for financial year 2009
Value added tax
9    Extension of reduced standard rate and anti-avoidance provision
Stamp duty land tax
10    Thresholds for residential property
Alcohol and tobacco
11    Rates of alcoholic liquor duty
12    Rates of tobacco products duty
Vehicle excise duty
13    Rates for 2009-10
14    Rates from April 2010
Bill 90                                                                                                  54/4
Finance Bill ii
Fuel duties
15    Rates and rebates from Spring 2009
16    Rates and rebates from September 2009
Other environmental taxes and duties
17    Rates of air passenger duty
18    Standard rate of landfill tax
Gambling duties
19    Rates of gaming duty
20    Bingo duty
21    Amounts of duty on amusement machine licences
22    Provisions affecting amount of amusement machine licence duty
Part 2
Income tax, corporation tax and capital gains tax
Support for business
23    Temporary extension of loss carry back provisions
24    First-year capital allowances for expenditure in 2009-2010
25    Agreements to forgo tax reliefs
26    Contaminated and derelict land
27    Venture capital schemes
28    Group relief: preference shares
29    Sale of lessor companies etc: reforms
30    Tax relief for business expenditure on cars and motor cycles
31    Reallocation of chargeable gain or loss within a group
32    Stock lending: insolvency etc of borrower: chargeable gains
33    FSCS payments representing interest
Foreign profits etc
34    Corporation tax treatment of company distributions received
35    Tax treatment of financing costs and income
36    Controlled foreign companies
37    International movement of capital
38    Corporation tax: foreign currency accounting
39    Certain distributions of offshore funds taxed as interest
40    Income tax credits for foreign distributions
Loan relationships and derivatives
41    Loan relationships involving connected parties
42    Release of trade etc debts
43    Foreign exchange matching: anti-avoidance
Collective investment
44    Tax treatment of participants in offshore funds
45    Power to enable dividends of investment trusts to be taxed as interest
Finance Bill iii
Insurance etc
46    Insurance companies
47    Equalisation reserves for Lloyd’s corporate and partnership members
Simplification
48    Disguised interest
49    Transfer of income streams
50    SAYE schemes
Residence and domicile
51    Remittance basis
52    Exemption for certain non-domiciled persons
Employment income
53    Taxable benefits: cars
54    Taxable benefit of cars: price of automatic car for disabled employee
55    Exemption of benefit consisting of health-screening or medical check-up
56    MEPs’ pay, allowances and pensions under European Parliament Statute
Double taxation
57    Tax underlying dividends
58    Manufactured overseas dividends
59    Payments by reference to foreign tax etc
60    Anti-fragmentation
Miscellaneous anti-avoidance provisions
61    Financial arrangements avoidance
62    Sale of lessor companies etc: anti-avoidance
63    Leases of plant or machinery
64    Long funding leases of films
65    Real Estate Investment Trusts
66    Deductions for employee liabilities
67    Employment loss relief
68    No loss relief for losses from contracts for life insurance etc
69    Intangible fixed assets and goodwill
70    Taxable benefit of living accommodation: lease premiums
Part 3
Pensions
71    Special annual allowance charge etc
72    Financial assistance scheme
73    FSCS involvement in relation to insurance in connection with pensions
74    Power to make retrospective non-charging provision
Finance Bill iv
Part 4
Value added tax
75    Place of supply of services etc
76    Repayment to those in business in other States
77    Information relating to cross-border supplies of services to taxable recipients
78    Effect of VAT changes on arbitration of rent for agricultural holdings
Part 5
Stamp taxes
Stamp duty land tax
79    Exercise of collective rights by tenants of flats
80    Registered providers of social housing
81    Rent to shared ownership
Stock lending arrangements
82    Stamp taxes in the event of insolvency
Part 6
Oil
83    Capital allowances for oil decommissioning expenditure
84    Blended oil
85    Chargeable gains
86    Oil assets put to other uses
87    Former licensees and former oil fields
88    Abolition of provisional expenditure allowance
89    Supplementary charge: reduction for certain new oil fields
90    Miscellaneous amendments
Part 7
Administration
Standards and values
91    HMRC Charter
92    Duties of senior accounting officers of large companies
93    Publishing details of deliberate tax defaulters
Information etc
94    Amendment of information and inspection powers
95    Extension of information and inspection powers to further taxes
96    Powers to obtain contact details for debtors
97    Record-keeping
Finance Bill v
Assessments, claims etc
98    Time limits for assessments, claims etc
99    Recovery of overpaid tax etc
Interest
100    Late payment interest on sums due to HMRC
101    Repayment interest on sums to be paid by HMRC
102    Rates of interest
103    Supplementary
104    Miscellaneous amendments
Penalties
105    Penalties for failure to make returns etc
106    Penalties for failure to pay tax
107    Suspension of penalties during currency of agreement for deferred payment
108    Miscellaneous amendments
Miscellaneous
109    Recovery of debts using PAYE regulations
110    Managed payment plans
111    Customs and excise enforcement: movements between member States
Part 8
Miscellaneous
Gambling
112    VAT exemption for gaming participation fees
113    Gaming duty
114    Remote bingo etc
115    Meaning of “gaming machine” and “gaming”
Climate change levy
116    Taxable commodities ineligible for reduced-rate supply
117    Removal of reduced rate where targets not met
Other environmental taxes and duties
118    Landfill tax: prescribed landfill site activities
119    Requirement to destroy replaced vehicle registration documents
120    Hydrocarbon oil duties: minor amendments
Other matters
121    Inheritance tax: agricultural property and woodlands relief for EEA land
122    Alternative finance investment bonds
123    Mutual societies: tax consequences of transfers of business etc
124    National Savings ordinary accounts: surplus funds

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