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
The Bill is divided into two Volumes. Volume I contains the Clauses and Schedules
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
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
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
iv
Part 4
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
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
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
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
109
Recovery of debts using PAYE regulations
110
Managed payment plans
111
Customs and excise enforcement: movements between member States
Part 8
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
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