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Finance Act 2008

2008 CHAPTER 9

CONTENTS

Go to Preamble

  1. Part 1

    Charges, rates, allowances, reliefs etc

    1. Income tax

      1. 1. Charge and main rates for 2008-09

      2. 2. Personal allowance for those aged under 65

      3. 3. Personal allowances for those aged 65 and over

      4. 4. Basic rate limit

      5. 5. Abolition of starting and savings rates and creation of starting rate for savings

    2. Corporation tax

      1. 6. Charge and main rates for financial year 2009

      2. 7. Small companies' rates and fractions for financial year 2008 etc

    3. Capital gains tax

      1. 8. Rate etc

      2. 9. Entrepreneurs' relief

    4. Inheritance tax

      1. 10. Transfer of unused nil-rate band etc

    5. Alcohol and tobacco

      1. 11. Rates of alcoholic liquor duty

      2. 12. Rates of tobacco products duty

    6. Fuel duties

      1. 13. Rates and rebates: simplification

      2. 14. Biodiesel and bioblend

      3. 15. Rates and rebates: increase from 1 October 2008

      4. 16. Fuel for aircraft and boats, heating oil and fuel for certain engines

    7. Environmental taxes and duties

      1. 17. Rates of vehicle excise duty

      2. 18. Standard rate of landfill tax

      3. 19. Rates of climate change levy

      4. 20. Rate of aggregates levy

      5. 21. Carbon reduction trading scheme: charges for allocations

    8. Gambling duties

      1. 22. Rates of gaming duty

      2. 23. Amusement machine licence duty

  2. Part 2

    Income tax, corporation tax and capital gains tax_general

    1. Residence and domicile

      1. 24. Periods of residence

      2. 25. Remittance basis

    2. Research and development

      1. 26. Rates of R&D relief and vaccine research relief

      2. 27. Qualifying expenditure: R&D relief and vaccine research relief

      3. 28. Companies in difficulty: SME R&D relief and vaccine research relief

      4. 29. Cap on R&D aid

      5. 30. Vaccine research relief: declaration about effect of relief

    3. Venture capital schemes etc

      1. 31. Enterprise investment scheme: increase in amount of relief

      2. 32. Venture capital schemes

      3. 33. Enterprise management incentives: qualifying companies

    4. Other business and investment measures

      1. 34. Tax credits for certain foreign distributions

      2. 35. Small companies' relief: associated companies

      3. 36. Company gains from investment life insurance contracts etc

      4. 37. Trade profits: changes in trading stock

      5. 38. Non-residents: investment managers

      6. 39. Dormant bank and building society accounts

      7. 40. Individual investment plan regulations

    5. Offshore funds

      1. 41. Tax treatment of participants in offshore funds

      2. 42. Regulations under section 41: supplementary

    6. Insurance companies and friendly societies

      1. 43. Insurance companies etc

      2. 44. Friendly societies

    7. Employment matters

      1. 45. Homes outside UK owned through company etc

      2. 46. In-work and return to work credits and payments

      3. 47. Company cars: lower threshold for CO2 emissions figure

      4. 48. Van fuel benefit

      5. 49. Employment-related securities etc: deductible amounts etc

      6. 50. Employment-related securities: repeal of obsolete provisions

      7. 51. Armed forces: the Council Tax Relief

      8. 52. Greater London Authority: severance payments

    8. Charities etc

      1. 53. Gift aid: payments to charities

      2. 54. Community investment tax relief

    9. Leasing

      1. 55. Leases of plant or machinery

      2. 56. Sale of lessor companies etc

    10. Double taxation arrangements

      1. 57. Double taxation relief

      2. 58. UK residents and foreign partnerships

      3. 59. UK residents and foreign enterprises

    11. Other anti-avoidance provisions

      1. 60. Restrictions on trade loss relief for individuals

      2. 61. Non-active partners

      3. 62. Financial arrangements avoidance

      4. 63. Manufactured payments

      5. 64. Controlled foreign companies

      6. 65. Intangible fixed assets: related parties

      7. 66. Repeal of obsolete anti-avoidance provisions

    12. Miscellaneous

      1. 67. Income of beneficiaries under settlor-interested settlements

      2. 68. Income charged at dividend upper rate

      3. 69. Payments on account of income tax

      4. 70. Allowances etc for non-resident nationals of an EEA state

  3. Part 3

    Capital allowances

    1. Plant and machinery: qualifying expenditure

      1. 71. Thermal insulation of buildings

      2. 72. Expenditure on required fire precautions

      3. 73. Integral features

    2. Plant and machinery: annual investment allowance

      1. 74. Annual investment allowance

    3. Plant and machinery: first-year allowances

      1. 75. First-year allowance for small and medium-sized enterprises discontinued

      2. 76. Repeal of spent first-year allowances

      3. 77. Cars with low carbon dioxide emissions

      4. 78. Gas refuelling stations

      5. 79. First-year tax credits

    4. Plant and machinery: writing-down allowances and pools

      1. 80. Main rate of writing down allowance

      2. 81. Small pools

      3. 82. Special rate expenditure and the special rate pool

      4. 83. Existing long-life asset expenditure treated as special rate expenditure

    5. Industrial and agricultural buildings allowances

      1. 84. Abolition of allowances from 2011

      2. 85. Phasing out of allowances before abolition

      3. 86. Qualifying enterprise zone expenditure: transitional provision

      4. 87. Phasing out of industrial buildings allowance: anti-avoidance

    6. Supplementary provision

      1. 88. Power to make consequential and transitional provision

    7. Anti-avoidance

      1. 89. Balancing allowances on transfers of trade

  4. Part 4

    Pensions

    1. 90. Spreading of relief on indirect contributions

    2. 91. Inheritance etc of tax-relieved pension savings

    3. 92. Pension schemes: further provision

  5. Part 5

    Stamp taxes

    1. Stamp duty land tax

      1. 93. Zero-carbon homes

      2. 94. Notification and registration of transactions

      3. 95. Charge where consideration includes rent: 0% band

      4. 96. Withdrawal of group relief

      5. 97. Transfers of interests in property-investment partnerships

    2. Stamp duty

      1. 98. Exemption from ad valorem stamp duty for low value transactions

      2. 99. Abolition of fixed stamp duty on certain instruments

      3. 100. Gifts inter vivos

      4. 101. Loan capital

  6. Part 6

    Oil

    1. Petroleum revenue tax

      1. 102. Meaning of “participator”

      2. 103. Abandonment expenditure: default by participator met by former participator

      3. 104. Abandonment expenditure: deductions from ring fence income

      4. 105. Abandonment expenditure: former participator reimbursed by defaulter

      5. 106. Returns of relevant sales of oil

      6. 107. Elections for oil fields to become non-taxable

    2. Corporation tax

      1. 108. Capital allowances: plant and machinery for use in ring fence trade

      2. 109. Capital allowances: decommissioning expenditure

      3. 110. Capital allowances: abandonment expenditure after ceasing ring fence trade

      4. 111. Losses: set off against profits of earlier accounting periods

      5. 112. Ring fence trade: no deduction for expenses of investment management

  7. Part 7

    Administration

    1. Chapter 1

      Information etc

      1. New information etc powers

        1. 113. Information and inspection powers

        2. 114. Computer records etc

      2. Other measures

        1. 115. Record-keeping

        2. 116. Disclosure of tax avoidance schemes

        3. 117. Power to open or unpack containers

    2. Chapter 2

      Time limits for claims and assessments etc

      1. General

        1. 118. Time limits for assessments, claims etc

      2. Income tax and corporation tax

        1. 119. Correction and amendment of tax returns

      3. VAT

        1. 120. VAT: time limits for assessments of excess credits etc

        2. 121. Old VAT claims: extended time limits

    3. Chapter 3

      Penalties

      1. 122. Penalties for errors

      2. 123. Penalties for failure to notify etc

    4. Chapter 4

      Appeals etc

      1. Reviews and appeals etc: general

        1. 124. HMRC decisions etc: reviews and appeals

      2. Customs and excise decisions subject to review and appeal

        1. 125. Alcoholic liquor duties

        2. 126. Security under CEMA 1979

    5. Chapter 5

      Payment and enforcement

      1. Taking control of goods etc

        1. 127. Enforcement by taking control of goods: England and Wales

        2. 128. Summary warrant: Scotland

        3. 129. Consequential provision and commencement

      2. Set off

        1. 130. Set-off: England and Wales and Northern Ireland

        2. 131. No set-off where insolvency procedure has been applied

        3. 132. VAT: requirement to set-off

        4. 133. Set-off etc where right to be paid a sum has been transferred

        5. 134. Retained funding bonds: tender by Commissioners

      3. Other measures

        1. 135. Interest on unpaid tax in case of disaster etc of national significance

        2. 136. Fee for payment

        3. 137. County court proceedings

        4. 138. Certificates of debt

      4. Supplementary

        1. 139. Interpretation of Chapter

  8. Part 8

    Miscellaneous

    1. Inheritance tax

      1. 140. Charge on termination of interest in possession where new interest acquired

      2. 141. Interest in possession settlements: extension of transitional period

    2. Insurance premium tax

      1. 142. Tax representatives

      2. 143. Overseas insurers

    3. Vehicle excise duty

      1. 144. Rebates

      2. 145. Offence of using or keeping unlicensed vehicle

      3. 146. Rates for new lower-emission vans

      4. 147. Not exhibiting licence: period of grace

      5. 148. Reduced pollution certificates

    4. Climate change levy and landfill tax

      1. 149. Climate change levy: coal mine methane no longer to be renewable source

      2. 150. Climate change levy accounting documents: abolition of self-identification

      3. 151. Landfill tax credit: withdrawing approval of environmental bodies

    5. Aviation

      1. 152. Aviation duty

      2. 153. Air passenger duty: class of travel with large seat pitch

    6. Alternative finance arrangements

      1. 154. Stamp duty and stamp duty reserve tax: alternative finance investment bonds

      2. 155. Alternative property finance: anti-avoidance

      3. 156. Alternative finance arrangements: power to vary Chapter 5 of Part 2 of FA 2005

      4. 157. Government borrowing: alternative finance arrangements

    7. Payments from Exchequer accounts

      1. 158. Power of Treasury to make payments

      2. 159. Payments from certain Exchequer accounts: mechanism

    8. Other matters

      1. 160. Power to give statutory effect to concessions

      2. 161. Fuel duty: definition of “ultra low sulphur diesel”

      3. 162. Duties: abolition of disregard of fractions of penny

      4. 163. National savings

      5. 164. EU emissions trading: criminal offences

  9. Part 9

    Final provisions

    1. 165. Interpretation

    2. 166. Short title

    1. Schedule 1

      Abolition of starting and savings rates and creation of starting rate for savings

      1. Part 1

        Amendments of ITA 2007

      2. Part 2

        Other amendments

      3. Part 3

        Commencement

    2. Schedule 2

      Capital gains tax reform

    3. Schedule 3

      Entrepreneurs' relief

    4. Schedule 4

      Inheritance tax: transfer of nil-rate band etc

    5. Schedule 5

      Fuel duty: biodiesel and bioblend

    6. Schedule 6

      Aircraft and boat fuel, heating oil and fuel used for certain engines

      1. Part 1

        Fuel used in aircraft and boats

      2. Part 2

        Heavy oil used for heating or as fuel for certain engines

    7. Schedule 7

      Remittance basis

      1. Part 1

        Main provisions

      2. Part 2

        Non-resident companies and trusts etc

    8. Schedule 8

      Rates of research and development relief and vaccine research relief

    9. Schedule 9

      Companies in difficulty: SME R&D relief and vaccine research relief

    10. Schedule 10

      Cap on R&D aid

      1. Part 1

        Calculation of total R&D aid

      2. Part 2

        Consequential amendments

    11. Schedule 11

      Venture capital schemes

    12. Schedule 12

      Tax credit for certain foreign distributions

      1. Part 1

        The tax credit

      2. Part 2

        Consequential provision

    13. Schedule 13

      Company gains from investment life insurance contracts

    14. Schedule 14

      Company gains from investment life insurance contracts: consequential amendments etc

    15. Schedule 15

      Changes in trading stock

      1. Part 1

        Income tax

      2. Part 2

        Corporation tax

    16. Schedule 16

      Non-residents: investment managers

      1. Part 1

        Eligibility to be UK representative

      2. Part 2

        Eligibility to be agent of independent status

      3. Part 3

        Non-residents liable to tax: disregarded investment income or profits

      4. Part 4

        Commencement

    17. Schedule 17

      Insurance companies etc

    18. Schedule 18

      Friendly societies

    19. Schedule 19

      Reduction of basic rate of income tax: transitional relief for gift aid charities

    20. Schedule 20

      Leases of plant or machinery

    21. Schedule 21

      Restriction on loss relief for non-active traders

    22. Schedule 22

      Avoidance involving financial arrangements

    23. Schedule 23

      Manufactured payments: anti-avoidance

    24. Schedule 24

      Annual investment allowance

      1. Part 1

        Amendments of CAA 2001

      2. Part 2

        Amendments of other enactments

      3. Part 3

        Commencement

    25. Schedule 25

      First-year tax credits

      1. Part 1

        Amendments of CAA 2001

      2. Part 2

        Amendments of other enactments

      3. Part 3

        Commencement

    26. Schedule 26

      Special rate expenditure and the special rate pool

      1. Part 1

        Amendments of CAA 2001

      2. Part 2

        Commencement etc

    27. Schedule 27

      Abolition of allowances: consequential amendments and savings

      1. Part 1

        Consequential amendments

      2. Part 2

        Savings

    28. Schedule 28

      Inheritance of tax-relieved pension savings

    29. Schedule 29

      Further provision about pension schemes

    30. Schedule 30

      Stamp duty land tax: notification etc: consequential provision

    31. Schedule 31

      Stamp duty land tax: special provisions for property-investment partnerships

      1. Part 1

        Transfer of interest in partnership: “relevant partnership property”

      2. Part 2

        Elections in respect of interest transferred to partnership

      3. Part 3

        Transitional provision

    32. Schedule 32

      Stamp duty: abolition of fixed duty on certain instruments

      1. Part 1

        Abolition of fixed duty

      2. Part 2

        Consequential provisions and saving

    33. Schedule 33

      PRT: elections for oil fields to become non-taxable

      1. Part 1

        New Schedule 20A to FA 1993

      2. Part 2

        Other amendments

    34. Schedule 34

      Oil decommissioning expenditure: consequential amendments

    35. Schedule 35

      Set off against oil profits: minor and consequential amendments

    36. Schedule 36

      Information and inspection powers

      1. Part 1

        Powers to obtain information and documents

      2. Part 2

        Powers to inspect businesses etc

      3. Part 3

        Further powers

      4. Part 4

        Restrictions on powers

      5. Part 5

        Appeals against information notices

      6. Part 6

        Special cases

      7. Part 7

        Penalties

      8. Part 8

        Offence

      9. Part 9

        Miscellaneous provisions and interpretation

      10. Part 10

        Consequential provisions

    37. Schedule 37

      Record-keeping

    38. Schedule 38

      Disclosure of tax avoidance schemes

    39. Schedule 39

      Time limits for assessments, claims etc.

    40. Schedule 40

      Penalties: amendments of Schedule 24 to FA 2007

    41. Schedule 41

      Penalties: failure to notify and certain VAT and excise wrongdoing

    42. Schedule 42

      Alcoholic liquor duties: decisions subject to review and appeal

    43. Schedule 43

      Taking control of goods etc: consequential provision

      1. Part 1

        Consequential provision: taking control of goods

      2. Part 2

        Consequential provision: summary warrant

    44. Schedule 44

      Certificates of debt: consequential provision

    45. Schedule 45

      Vehicle excise duty: offence of using or keeping unlicensed vehicle

    46. Schedule 46

      Government borrowing: alternative finance arrangements

An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance. 9

[21st July 2008]

Most Gracious Sovereign

We, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and to grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

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