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Finance Bill

 

Finance Bill

 

[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 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 122                                                                                                

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: chargeable gains in event of insolvency etc of borrower

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 intervention 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 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

 

 

Finance Bill

vi

 

Part 9

Final provisions

125   

Interpretation

126   

Short title

Schedule 1   —   

Income tax: abolition of non-residents’ personal reliefs

Schedule 2   —   

Income tax rates

Part 1   —   

Amendments of ITA 2007

Part 2   —   

Amendments of other Acts

Part 3   —   

Commencement

Schedule 3   —   

VAT: supplementary charge and orders changing rate

Part 1   —   

Supplementary charge to VAT

Part 2   —   

Exceptions

Part 3   —   

Liability and amount

Part 4   —   

Listed supplies

Part 5   —   

Administration and interpretation

Part 6   —   

Amendments of VATA 1994

Schedule 4   —   

Vehicle excise duty: further provision about rates of duty etc

Schedule 5   —   

Air passenger duty

Schedule 6   —   

Temporary extension of carry back of losses

Schedule 7   —   

Contaminated and derelict land

Part 1   —   

Amendments of Part 14 of CTA 2009

Part 2   —   

Amendments of other enactments

Part 3   —   

Commencement

Schedule 8   —   

Venture capital schemes

Schedule 9   —   

Group relief: preference shares

Schedule 10   —   

Sale of lessor companies etc: reforms

Schedule 11   —   

Tax relief for business expenditure on cars and motor cycles

Part 1   —   

Capital allowances

Part 2   —   

Restrictions on deductions for hire expenses

Schedule 12   —   

Reallocation of chargeable gain or loss within a group

Schedule 13   —   

Chargeable gains in stock lending: insolvency etc of borrower

Schedule 14   —   

Corporation tax treatment of company distributions

Part 1   —   

Insertion of new Part 9A of CTA 2009

Part 2   —   

Other amendments

Part 3   —   

Commencement etc

Schedule 15   —   

Tax treatment of financing costs and income

Part 1   —   

Introduction

Part 2   —   

Application of this Schedule

Part 3   —   

Disallowance of deductions

Part 4   —   

Exemption of financing income

Part 5   —   

Intra-group financing income where payer denied deduction

Part 6   —   

Anti-avoidance

Part 7   —   

“Financing expense amount” and “financing income amount”

Part 8   —   

The “tested expense amount” and “tested income amount”

Part 9   —   

The “available amount”

Part 10   —   

Other interpretative provisions

Part 11   —   

Consequential amendments and commencement

Schedule 16   —   

Controlled foreign companies

 

 

Finance Bill

vii

 

Part 1   —   

Abolition of acceptable distribution policy exemption

Part 2   —   

Amendment of exempt activities exemption

Part 3   —   

Reduction in chargeable profits for certain financing income

Schedule 17   —   

International movement of capital

Part 1   —   

Abolition of existing regime

Part 2   —   

Reporting requirement

Part 3   —   

Commencement etc

Schedule 18   —   

Corporation tax: foreign currency accounting

Schedule 19   —   

Income tax credits for foreign distributions

Schedule 20   —   

Loan relationships: connected parties

Schedule 21   —   

Foreign exchange: anti-avoidance

Schedule 22   —   

Offshore funds

Part 1   —   

Meaning of “offshore fund”

Part 2   —   

Application of TCGA 1992 to offshore funds

Schedule 23   —   

Insurance companies

Schedule 24   —   

Disguised interest

Schedule 25   —   

Transfers of income streams

Part 1   —   

Company transferors

Part 2   —   

Non-corporate transferors

Part 3   —   

Company transferees

Part 4   —   

Consequential amendments and repeals

Part 5   —   

Commencement

Schedule 26   —   

Certification of SAYE savings arrangements

Schedule 27   —   

Remittance basis

Part 1   —   

Amendments of ITA 2007

Part 2   —   

Amendments of other Acts

Part 3   —   

Commencement

Schedule 28   —   

Taxable benefits: cars

Schedule 29   —   

Manufactured overseas dividends

Schedule 30   —   

Financial arrangements avoidance

Schedule 31   —   

Sale of lessor companies etc: anti-avoidance

Schedule 32   —   

Leases of plant or machinery

Schedule 33   —   

Long funding leases of films

Schedule 34   —   

Real Estate Investment Trusts

Schedule 35   —   

Pensions: special annual allowance charge

Schedule 36   —   

VAT: place of supply of services etc

Part 1   —   

Amendments coming into force in 2010

Part 2   —   

Amendments coming into force in 2011

Part 3   —   

Amendments coming into force in 2013

Part 4   —   

Transitional provisions

Schedule 37   —   

Stock lending: stamp taxes in the event of insolvency

Part 1   —   

Stamp duty

Part 2   —   

Stamp duty reserve tax

Schedule 38   —   

Capital allowances for oil decommissioning expenditure

Schedule 39   —   

PRT: blended oil

Schedule 40   —   

Oil: chargeable gains

Part 1   —   

Licence swaps

Part 2   —   

Reinvestment of ring fence assets

Schedule 41   —   

Oil assets put to other uses

Part 1   —   

Petroleum revenue tax

Part 2   —   

Capital allowances

Schedule 42   —   

PRT: former licensees and former oil fields

Part 1   —   

Persons who cease to be licensees because of cessation events

Part 2   —   

Areas treated as continuing to be oil fields

 

 

 
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Revised 29 June 2009