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Finance Act 2008

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. Part 9 Final provisions

    1. 165.Interpretation

    2. 166.Short title

  11. SCHEDULES

    1. SCHEDULE 1

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

      1. Part 1 Amendments of ITA 2007

        1. 1.ITA 2007 is amended as follows.

        2. 2.For section 7 (savings rate) substitute— The starting rate for...

        3. 3.(1) Section 10 (income charged at main rates: individuals) is...

        4. 4.In section 11(2) (income charged at the basic rate: persons...

        5. 5.For section 12 substitute— Income charged at the starting rate...

        6. 6.In section 13 (income charged at dividend ordinary and dividend...

        7. 7.In section 16(1) (savings and dividend income to be treated...

        8. 8.(1) Section 17 (repayment: tax paid at basic rate instead...

        9. 9.For the heading before section 20 substitute— Indexation of basic...

        10. 10.Omit section 20 (starting rate limit and basic rate limit)....

        11. 11.(1) Section 21 (indexation of starting and basic rate limits)...

        12. 12.In section 31(2), omit “or savings rate”.

        13. 13.(1) Section 158 (form and amount of EIS relief) is...

        14. 14.In section 209(3) (withdrawal or reduction of EIS relief: disposal...

        15. 15.In section 210(1)(b) (cases where maximum EIS relief not obtained),...

        16. 16.In section 213(2) (withdrawal or reduction of EIS relief: value...

        17. 17.In section 220(1)(b) (cases where maximum EIS relief not obtained),...

        18. 18.In section 224(2) (withdrawal or reduction of EIS relief: repayments...

        19. 19.In section 229(1)(b) (cases where maximum EIS relief not obtained),...

        20. 20.In section 414(2) (relief for gifts to charity), for “section...

        21. 21.In section 486(1) (how allowable expenses are to be set...

        22. 22.(1) Section 498 (types of income tax for purposes of...

        23. 23.In section 504(3) (treatment of income of unauthorised unit trust),...

        24. 24.In section 745(1) (rates of tax applicable to income charged...

        25. 25.In section 851(2) (deduction by deposit-takers and building societies), for...

        26. 26.In section 874(2) (deduction from payments of yearly interest), for...

        27. 27.In section 889(4) (deduction from payments in respect of building...

        28. 28.In section 892(2) (deduction from UK public dividends), for “savings...

        29. 29.In section 901(4) (deduction from annual payments made by other...

        30. 30.Omit section 902 (meaning of “applicable rate” in section 901)....

        31. 31.In section 919(2) (manufactured interest on UK securities: payments by...

        32. 32.In section 939(2) (duty to retain bonds where issue treated...

        33. 33.(1) Section 989 (definitions) is amended as follows.

        34. 34.In section 1014(5)(b)(i) (orders and regulations not subject to annulment),...

        35. 35.In Schedule 1 (consequential amendments), omit paragraphs 85(2), 86, 112,...

        36. 36.(1) Schedule 4 (index of defined expressions) is amended as...

      2. Part 2 Other amendments

        1. 37.TMA 1970

        2. 38.In section 7(6) (notice of liability to income tax and...

        3. 39.In section 91(3)(c) (effect of interest on reliefs), for “,...

        4. 40.ICTA

        5. 41.In section 468(1A) (authorised unit trusts), for “savings rate” substitute...

        6. 42.In section 468A(1) (open-ended investment companies), for “savings rate” substitute...

        7. 43.In section 552(5)(f)(i) (information: duty of insurers), for “savings rate”...

        8. 44.In section 699A(4)(b) (untaxed sums comprised in the income of...

        9. 45.In section 701(3A) (estates of deceased persons in administration), omit—...

        10. 46.Omit section 789(2) (double taxation arrangements made under old law:...

        11. 47.FA 1989

        12. 48.TCGA 1992

        13. 49.FA 1996

        14. 50.ITTOIA 2005

        15. 51.In section 465A(1)(b) (gains from contracts for life insurance etc:...

        16. 52.In section 466(2) (gains from contracts for life insurance etc:...

        17. 53.In section 467(7) (gains from contracts for life insurance etc:...

        18. 54.(1) Section 530 (gains from contracts for life insurance etc:...

        19. 55.In section 535(3) (gains from contracts for life insurance etc:...

        20. 56.In section 536(1) (gains from contracts for life insurance etc:...

        21. 57.In section 537 (gains from contracts for life insurance etc:...

        22. 58.In section 539(5) (gains from contracts for life insurance etc:...

        23. 59.In section 669(3)(a)(i) (reduction in residuary income: inheritance tax on...

        24. 60.In section 679(3) (income from which basic amounts are treated...

        25. 61.In section 680(4) (income treated as bearing income tax), for...

        26. 62.(1) Section 680A (income treated as savings income or dividend...

        27. 63.(1) Schedule 4 (index of defined expressions) is amended as...

        28. 64.F(No.2)A 2005

      3. Part 3 Commencement

        1. 65.Apart from the amendments made by paragraph 11, the amendments...

    2. SCHEDULE 2

      Capital gains tax reform

      1. 1.Rate: consequentials

      2. 2.In section 2(7)(a) (chargeable gains and allowable losses), omit “77...

      3. 3.Omit section 6 (rates: special cases).

      4. 4.In section 13(7A) (attribution of gains to members of non-resident...

      5. 5.Omit sections 77 to 79 (charge on settlor with interest...

      6. 6.Omit section 88(6) (gains of dual resident settlements: sections 77...

      7. 7.(1) Schedule 4A (disposal of interest in settled property: deemed...

      8. 8.(1) Schedule 4B (transfers of value by trustees linked with...

      9. 9.Omit paragraph 6(3) of Schedule 4C (attribution of gains to...

      10. 10.In paragraph 1(1) of Schedule 5 (construction of section 86(1)(e)),...

      11. 11.Chapter 4 of Part 2 of FA 2005 (trusts with...

      12. 12.In section 23(4) (introduction), for “33” substitute “32”.

      13. 13.In section 26(1) (income tax: amount of relief), in the...

      14. 14.(1) Section 28 (vulnerable person’s liability: VQTI) is amended as...

      15. 15.In section 30 (qualifying trust gains: special capital gains tax...

      16. 16.(1) Section 31 (UK resident vulnerable persons: section 77 treatment)...

      17. 17.(1) Section 32 (non-UK resident vulnerable persons: amount of relief)...

      18. 18.Omit section 33 (non-UK resident vulnerable person’s liability: VQTG).

      19. 19.In section 41(3) (interpretation), for “33” substitute “32”.

      20. 20.(1) Schedule 1 (non-UK resident vulnerable persons: interpretation) is amended...

      21. 21.In consequence of section 8 and paragraphs 1 to 20,...

      22. 22.The amendments made by paragraphs 1 to 21 have effect...

      23. 23.Abolition of taper relief

      24. 24.(1) Section 2 (chargeable gains and allowable losses) is amended...

      25. 25.Omit section 2A (taper relief).

      26. 26.(1) Section 3 (annual exempt amount) is amended as follows....

      27. 27.In section 3A(2) (reporting limits)— (a) omit paragraph (a), and...

      28. 28.Omit section 13(10A) (attribution of gains to members of non-resident...

      29. 29.(1) Section 62 (death) is amended as follows

      30. 30.In section 86(1)(e) (attribution of gains to settlors with interest...

      31. 31.(1) Section 86A (attribution of gains to settlor in section...

      32. 32.Omit section 150D (enterprise investment scheme: application of taper relief)....

      33. 33.In subsection (8) of section 165 (relief for gifts of...

      34. 34.After that section insert— Meaning of “holding company”, “trading company”...

      35. 35.Omit section 214C (re-organisations of mutual business: gains not eligible...

      36. 36.In section 228(8) (relief for employee share ownership trusts), for...

      37. 37.In section 241(3A) (furnished holiday lettings), omit “Schedule A1 (taper...

      38. 38.In section 253(14)(b) (relief for loans to traders), for “meaning...

      39. 39.Omit section 261C(2)(a) (treating trading loss etc as CGT loss:...

      40. 40.In section 279(2)(a) (foreign assets: delayed remittances), omit “(before the...

      41. 41.In section 279A(7)(b) (deferred unascertainable consideration: election for treatment of...

      42. 42.In section 279B(1) (provisions supplementary to section 279A), for paragraph...

      43. 43.(1) Section 279C (effect of election under section 279A) is...

      44. 44.Omit section 284B(1) (provisions supplementary to section 284A).

      45. 45.Omit Schedule A1 (taper relief).

      46. 46.Schedule 4C (transfers of value: attribution of gains to beneficiaries)...

      47. 47.(1) Paragraph 6 (gains attributed to settlor) is amended as...

      48. 48.Omit paragraph 11 (taper relief).

      49. 49.Omit Schedule 5BA (application of taper relief to enterprise investment...

      50. 50.Omit paragraph 15 of Schedule 7D (enterprise management incentives).

      51. 51.In paragraph 45D(7) of Schedule 26 to FA 2002 (derivative...

      52. 52.In paragraph 86(2) of Schedule 7 to ITEPA 2003 (transitionals...

      53. 53.Omit section 185G(3)(c) of FA 2004 (disposal by person holding...

      54. 54.Omit section 161(5) of ITA 2007 (other tax reliefs relating...

      55. 55.In consequence of paragraphs 23 to 54, omit—

      56. 56.(1) The amendments made by paragraph 31(2) and (3) have...

      57. 57.Abolition of “kink” test

      58. 58.(1) Section 35 (assets held on 31 March 1982) is...

      59. 59.After that section insert— Disposal of asset acquired on no...

      60. 60.In section 55(5) (indexation allowance: assets acquired on no gain/no...

      61. 61.In section 73(1) (death of life tenant: exclusion of chargeable...

      62. 62.In section 175(2C) (replacement of business assets by member of...

      63. 63.In section 288 (interpretation), after subsection (3) insert—

      64. 64.(1) Schedule 2 (assets held on 6 April 1965) is...

      65. 65.(1) Schedule 3 (assets held on 31 March 1982) is...

      66. 66.In paragraph 7 of Schedule 4 (deferred charges on pre-31...

      67. 67.In paragraph 7 of Schedule 4ZA (sub-fund settlements), for “sections...

      68. 68.In paragraph 12(b) of Schedule 7A (restriction on set-off or...

      69. 69.(1) FA 1997 is amended as follows.

      70. 70.In consequence of paragraphs 57 to 69, omit—

      71. 71.The amendments made by paragraphs 57 to 70 have effect...

      72. 72.Abolition of “halving relief”

      73. 73.In section 36 (reduction of deferred charges where wholly or...

      74. 74.(1) Schedule 4 (deferred charges on pre-31 March 1982 gains)...

      75. 75.In consequence of paragraph 74, omit paragraph 43 of Schedule...

      76. 76.The amendments made by paragraphs 72 to 75 have effect...

      77. 77.Abolition of indexation allowance

      78. 78.At the beginning of Chapter 4 of Part 2 (indexation...

      79. 79.In section 53 (indexation allowance), omit— (a) subsection (1A), and...

      80. 80.(1) Section 54 (calculation of indexation allowance) is amended as...

      81. 81.(1) Section 145 (call options: indexation allowance) is amended as...

      82. 82.In consequence of the amendments made by paragraphs 77 to...

      83. 83.The amendments made by paragraphs 77 to 82 have effect...

      84. 84.Simplification of pooling etc

      85. 85.(1) Section 104 (share pooling: general interpretative provisions) is amended...

      86. 86.In section 105 (disposal on or before day of acquisition),...

      87. 87.(1) Section 106A (identification of securities: general rules for capital...

      88. 88.In the heading of section 107 (identification of securities etc:...

      89. 89.In the heading of section 108 (identification of relevant securities),...

      90. 90.(1) Section 109 (pre-April 1982 share pools) is amended as...

      91. 91.For the heading of section 110 substitute “Indexation for section...

      92. 92.Omit section 110A (indexation for section 104 holdings: CGT).

      93. 93.In the heading of section 112 (parallel pooling regulations), insert...

      94. 94.(1) Section 113 (calls on shares) is amended as follows....

      95. 95.(1) Section 114 (consideration for options) is amended as follows....

      96. 96.In FA 1998, omit— (a) section 123(1) and (2), and...

      97. 97.Chapter 6 of Part 4 of ITA 2007 (losses on...

      98. 98.(1) Section 147 (limits on share loss relief) is amended...

      99. 99.(1) Section 148 (disposal of shares forming part of mixed...

      100. 100.The amendments made by paragraphs 84 to 99 have effect...

      101. 101.Meaning of “tax year”

      102. 102.In consequence of the amendments made by paragraph 101, omit—...

    3. SCHEDULE 3

      Entrepreneurs' relief

      1. 1.Introduction

      2. 2.Main provisions

      3. 3.Other amendments

      4. 4.In paragraph 1(1)(b) of Schedule 5B (enterprise investment scheme: re-investment),...

      5. 5.Commencement

      6. 6.Transitionals: section 169P(4)(d)

      7. 7.Transitionals: reorganisations

      8. 8.Transitionals: EIS and VCT

    4. SCHEDULE 4

      Inheritance tax: transfer of nil-rate band etc

      1. 1.Amendments of IHTA 1984

      2. 2.After section 8 insert— Transfer of unused nil-rate band between...

      3. 3.In section 147 (Scotland: legitim etc), insert at the end—...

      4. 4.(1) Section 151BA (rates of charge under section 151B) is...

      5. 5.In section 239(4) (certificates of discharge: cases where further tax...

      6. 6.In section 247(2) (tax-geared penalty), after “liable” insert “, or...

      7. 7.In section 272 (general interpretation), insert at the appropriate place—...

      8. 8.Amendment of TCGA 1992

      9. 9.Commencement

      10. 10.Modifications for cases where deceased person died before 25 July 1986

      11. 11.(1) Section 8C of IHTA 1984 (as inserted by paragraph...

    5. SCHEDULE 5

      Fuel duty: biodiesel and bioblend

      1. 1.HODA 1979 is amended as follows.

      2. 2.(1) Section 1 (hydrocarbon oil) is amended as follows.

      3. 3.(1) Section 2A (power to amend definitions) is amended as...

      4. 4.In section 6AA (excise duty on biodiesel), after subsection (3)...

      5. 5.In section 6AB (excise duty on bioblend), for subsections (3)...

      6. 6.In section 8 (excise duty on road fuel gas)—

      7. 7.In section 10 (restrictions on use of duty-free oil), omit...

      8. 8.In section 12 (rebate not allowed on fuel for road...

      9. 9.In section 13 (penalties for misuse of rebated heavy oil),...

      10. 10.In section 13AA (restrictions on use of rebated kerosene), omit...

      11. 11.In section 13AB (penalties for misuse of kerosene), omit subsections...

      12. 12.In section 14 (rebate on light oil for use as...

      13. 13.After that section insert— Rebate on biodiesel used other than...

      14. 14.Omit section 17A (repayment of part of duty where biodiesel...

      15. 15.(1) Section 20A (mixing: adjustment of duty) is amended as...

      16. 16.(1) Section 20AAA (mixing of rebated oil) is amended as...

      17. 17.In section 20AA(1) (power to allow reliefs), after “12(2)” (in...

      18. 18.Before section 21 (but after the heading “Administration and enforcement”)...

      19. 19.In section 23 (prohibition on use etc of road fuel...

      20. 20.(1) Section 24 (control of duty-free and rebated oil) is...

      21. 21.In section 24A (penalties for misuse of marked oil), omit...

      22. 22.(1) Section 27 (interpretation) is amended as follows.

      23. 23.In Schedule 4 (regulations under section 24), omit—

      24. 24.In Schedule 5 (sampling), in paragraph 3(1), omit “of oil”....

      25. 25.In consequence of the amendments of HODA 1979, omit—

      26. 26.The amendments made by this Schedule are treated as having...

    6. SCHEDULE 6

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

      1. Part 1 Fuel used in aircraft and boats

        1. 1.Aviation gasoline

        2. 2.In section 1 (hydrocarbon oil), after subsection (3C) insert—

        3. 3.In section 2A(1) (power to amend definitions), before paragraph (a)...

        4. 4.(1) Section 6 (hydrocarbon oil: rates of duty) is amended...

        5. 5.In section 24(1) (control of use of duty-free and rebated...

        6. 6.In section 27(1) (interpretation), in the definition of “aviation gasoline”,...

        7. 7.In Schedule 3 (regulations under section 21), omit paragraph 10A....

        8. 8.In consequence of the amendments made by paragraphs 2 to...

        9. 9.Kerosene used for aviation (avtur)

        10. 10.In the heading of section 13AB, for “misuse of kerosene”...

        11. 11.After that section insert— Use of rebated kerosene for private...

        12. 12.Fuel for private pleasure craft

        13. 13.(1) Section 14A (rebate on biodiesel used other than as...

        14. 14.(1) Section 14C (restrictions on use of rebated biodiesel and...

        15. 15.After section 14D insert— Rebated heavy oil and bioblend: private...

        16. 16.In section 24(1) (control of use of duty-free and rebated...

        17. 17.Consequential amendments

        18. 18.In section 12A(3)(c) (other assessment relating to excise duty matters)—...

        19. 19.In section 12B(2)(f) (section 12A: supplementary provisions)—

        20. 20.In section 14(1)(ba) (requirement for review of a decision)—

        21. 21.Commencement etc

        22. 22.But section 13AC(2) of HODA 1979 does not apply to...

        23. 23.And section 14E(2) of that Act does not apply to...

      2. Part 2 Heavy oil used for heating or as fuel for certain engines

        1. 24.Amendments of HODA 1979

        2. 25.In section 11(1) (rebate on heavy oil), for “13, 13AA...

        3. 26.In section 12(2) (rebated heavy oil not to be used...

        4. 27.In the heading of section 13 (penalties for misuse of...

        5. 28.After that section insert— Rebate on certain heavy oil used...

        6. 29.In section 20AAA(6)(b) (mixing of rebated oil), before “13AA” insert...

        7. 30.In section 20AA(1) (power to allow reliefs), after “12(2)” (in...

        8. 31.In section 24(2) (control of use of duty-free and rebated...

        9. 32.In section 27(1) (interpretation), in the definition of “rebate”, after...

        10. 33.Amendments of FA 1994

        11. 34.In section 12A(3)(c) (other assessment relating to excise duty matters),...

        12. 35.In section 12B(2)(f) (section 12A: supplementary provisions), after “13,” insert...

        13. 36.In section 14(1)(ba) (requirement for review of a decision), after...

        14. 37.Commencement

    7. SCHEDULE 7

      Remittance basis

      1. Part 1 Main provisions

        1. 1.Remittance basis_general

        2. 2.Employment income

        3. 3.(1) Section 6 (nature of charge to tax on employment...

        4. 4.(1) Section 10 (meaning of “taxable earnings” etc) is amended...

        5. 5.(1) Section 13 (person liable to tax) is amended as...

        6. 6.For the heading of Chapter 4 of Part 2 substitute...

        7. 7.In section 14(1) (taxable earnings under Chapter 4: introduction), for...

        8. 8.For the heading before section 15 substitute “UK resident employees”....

        9. 9.(1) Section 15 (earnings for year when employee resident, ordinarily...

        10. 10.For the title to Chapter 5 of Part 2 substitute...

        11. 11.(1) Section 20 (taxable earnings under Chapter 5: introduction) is...

        12. 12.For the heading before section 21 substitute “Remittance basis rules...

        13. 13.Omit section 21 (earnings for year when employee resident and...

        14. 14.(1) Section 22 (chargeable overseas earnings for year when employee...

        15. 15.(1) Section 23 (calculation of chargeable overseas earnings) is amended...

        16. 16.In section 24(7) (limit on chargeable overseas earnings where duties...

        17. 17.For the heading before section 25 substitute “Remittance basis rules:...

        18. 18.Omit section 25 (UK-based earnings for year when employee resident,...

        19. 19.(1) Section 26 (foreign earnings for year when employee resident,...

        20. 20.(1) Section 27 (UK-based earnings for year when employee non-UK...

        21. 21.Omit sections 31 to 37 (and the heading before section...

        22. 22.After section 41 insert— Chapter 5A Taxable specific income: effect...

        23. 23.Omit Chapter 6 of Part 2 (disputes as to domicile...

        24. 24.In section 225 (payments for restrictive undertakings), for subsections (6)...

        25. 25.In section 271(2) (limited exemption of removal benefits and expenses:...

        26. 26.In section 335(4) (application of deductions provisions), omit “, 21,...

        27. 27.(1) Section 370 (travel costs and expenses where duties performed...

        28. 28.(1) Section 371 (travel costs and expenses where duties performed...

        29. 29.(1) Section 378 (deduction from seafarer’s earnings: eligibility) is amended...

        30. 30.(1) Section 413 (exception in certain cases of foreign service)...

        31. 31.In section 421E(1) (income relating to securities: exclusions), for the...

        32. 32.In section 446N (securities subject to restriction during relevant period),...

        33. 33.In section 474(1) (securities options: exclusions), for the words from...

        34. 34.In section 540(2) (EMI: taxable benefits), for the words from...

        35. 35.In section 690 (PAYE: employee non-UK resident etc), after subsection...

        36. 36.In section 698 (PAYE: special charges on employment-related securities), after...

        37. 37.In section 700 (PAYE: gains from securities options), after subsection...

        38. 38.After that section insert— Employment-related securities etc: remittance basis (1) This section applies if— (a) section 698 or 700...

        39. 39.In section 721(1) (other definitions), for the definition of “foreign...

        40. 40.In Schedule 1 (index of defined expressions), omit the entries...

        41. 41.In paragraph 8 of Schedule 2 (approved share incentive plans:...

        42. 42.In paragraph 6(2) of Schedule 3 (approved SAYE option schemes:...

        43. 43.In paragraph 27(2) of Schedule 5 (enterprise management incentives: meaning...

        44. 44.In Schedule 7 (transitionals and savings), omit paragraphs 9 to...

        45. 45.Relevant foreign income

        46. 46.ITTOIA 2005 is amended as follows.

        47. 47.In section 260(1) (overview of Part 3)—

        48. 48.In section 269 (territorial scope of charge to tax), omit...

        49. 49.Omit Chapter 11 of Part 3 (overseas property income).

        50. 50.In section 829 (overview of Part 8), for paragraph (a)...

        51. 51.(1) Section 830 (meaning of “relevant foreign income”) is amended...

        52. 52.Omit section 831 (claims for relevant foreign income to be...

        53. 53.For section 832 substitute— Relevant foreign income charged on remittance...

        54. 54.Omit sections 833 to 837.

        55. 55.Chargeable gains

        56. 56.(1) Section 3 (annual exempt amount) is amended as follows....

        57. 57.In section 3A (reporting limits), after subsection (5) insert—

        58. 58.In section 9 (residence etc), omit subsection (2).

        59. 59.In section 10A (temporary non-residents), after subsection (9) insert—

        60. 60.For section 12 substitute— Non-UK domiciled individuals to whom remittance...

        61. 61.In section 16 (computation of losses), omit subsection (4).

        62. 62.After that section insert— Losses: non-UK domiciled individuals (1) In this section “the relevant tax year”, in relation...

        63. 63.In section 119A (increase in expenditure by reference to tax...

        64. 64.After that section insert— Section 119A: unremitted foreign securities income...

        65. 65.Minor and consequential amendments

        66. 66.ITTOIA 2005 is amended as follows.

        67. 67.In section 839 (annual payments payable out of relevant foreign...

        68. 68.In section 840 (relief for backdated pensions charged on arising...

        69. 69.After that section insert— Claims under section 840 (1) A claim under section 840 must be made on...

        70. 70.(1) Section 857 (partners to whom the remittance basis may...

        71. 71.In section 878 (definitions), omit subsection (2).

        72. 72.In Schedule 2 (transitional provision etc), omit paragraphs 150 and...

        73. 73.In Part 2 of Schedule 4 (index of defined expressions),...

        74. 74.ITA 2007 is amended as follows.

        75. 75.In section 2(14) (overview of Act), before paragraph (a) insert—...

        76. 76.In section 34 (personal allowances etc: introduction), after subsection (2)...

        77. 77.In section 42 (tax reductions for married couples etc: introduction),...

        78. 78.In section 460 (residence etc of claimants for relief for...

        79. 79.In consequence of the amendments made by this Part of...

        80. 80.Commencement

        81. 81.The other amendments made by this Part of this Schedule...

        82. 82.Transitional provision

        83. 83.(1) This paragraph applies to an individual’s relevant foreign income...

        84. 84.(1) This paragraph applies if section 12 of TCGA 1992...

        85. 85.(1) In section 809E(3)(b) of ITA 2007, the reference to...

        86. 86.(1) Section 809L of ITA 2007 (meaning of “remitted to...

        87. 87.Section 809N of ITA 2007 (section 809L: gift recipients, qualifying...

        88. 88.Section 809O of ITA 2007 (section 809L: dealings where there...

        89. 89.Sections 809Q to 809S of ITA 2007 (transfers from mixed...

        90. 90.(1) This paragraph applies if— (a) before 12 March 2008,...

        91. 91.(1) This paragraph applies in relation to employment-related securities if—...

      2. Part 2 Non-resident companies and trusts etc

        1. 92.Offshore income gains

        2. 93.(1) Section 762 of that Act (offshore income gains accruing...

        3. 94.After that section insert— Offshore income gains: application of transfer...

        4. 95.In Schedule 10 to TCGA 1992 (consequential amendments), omit paragraph...

        5. 96.In section 830(4) of ITTOIA 2005 (meaning of “relevant foreign...

        6. 97.In section 734 of ITA 2007 (reduction in amount charged:...

        7. 98.Offshore income gains: commencement etc

        8. 99.Paragraphs 120 and 121 apply in relation to offshore income...

        9. 100.(1) This paragraph applies if— (a) by virtue of section...

        10. 101.(1) This paragraph applies if— (a) the trustees of a...

        11. 102.(1) This paragraph applies if— (a) in the tax year...

        12. 103.Attribution of gains to members of non-resident companies

        13. 104.After section 14 of that Act insert— Section 13: non-UK...

        14. 105.The amendments made by paragraphs 103 and 104 have effect...

        15. 106.Attribution of gains to beneficiaries

        16. 107.In section 85(11) (disposal of interests in non-resident settlements), for...

        17. 108.For section 87 substitute— Non-UK resident settlements: attribution of gains...

        18. 109.(1) Section 88 (gains of dual resident settlements) is amended...

        19. 110.(1) Section 89 (migrant settlements) is amended as follows.

        20. 111.For section 90 substitute— Sections 87 and 89(2): transfers between...

        21. 112.(1) Section 91 (increase in tax payable under section 87...

        22. 113.Omit sections 92 to 95 (matching).

        23. 114.Omit— (a) in FA 1998, section 130(1) and (4), and...

        24. 115.Attribution of gains to beneficiaries: commencement etc

        25. 116.For the purposes of sections 87 and 87A of TCGA...

        26. 117.In the application of section 87 of TCGA 1992 for...

        27. 118.(1) This paragraph applies if— (a) section 87 of TCGA...

        28. 119.Section 87C of TCGA 1992 does not apply in relation...

        29. 120.(1) This paragraph applies to a settlement if section 87...

        30. 121.(1) If section 90 of TCGA 1992 (as originally enacted)...

        31. 122.(1) If all of a capital payment would (in the...

        32. 123.Section 89(2) of TCGA 1992 as substituted applies to a...

        33. 124.(1) This paragraph applies if— (a) chargeable gains are treated...

        34. 125.(1) This paragraph applies in relation to a settlement for...

        35. 126.(1) The following provisions apply to a settlement if—

        36. 127.(1) This paragraph applies if— (a) in the tax year...

        37. 128.Attribution of gains to beneficiaries: cases involving transfers of value

        38. 129.(1) Section 85A (transfers of value: attribution of gains to...

        39. 130.In paragraph 3 of Schedule 4B (transfers of value by...

        40. 131.Schedule 4C (transfers of value: attribution of gains to beneficiaries)...

        41. 132.In paragraph 1, for sub-paragraphs (2) and (3) substitute—

        42. 133.After that paragraph insert— Outstanding section 2(2) amounts (1) The following steps are to be taken for the...

        43. 134.In paragraph 4(2) (chargeable amount: non-resident settlement), at the end...

        44. 135.In paragraph 5(2)(a) (chargeable amount: dual resident settlement), after “apply”...

        45. 136.Omit paragraph 7A (and the heading before it).

        46. 137.For paragraph 7B substitute— (1) This paragraph applies if the trustees of the transferor...

        47. 138.For paragraph 8 substitute— (1) Chargeable gains are treated as accruing in a tax...

        48. 139.After paragraph 8A insert— Attribution of gains: remittance basis Section 87B (remittance basis) applies in relation to chargeable gains...

        49. 140.Omit paragraphs 8B and 8C (including the heading before paragraph...

        50. 141.For paragraph 9 (and the heading before it) substitute— Attribution...

        51. 142.In paragraph 10 (residence of trustees from whom capital payment...

        52. 143.(1) Paragraph 12 (attribution of gains to settlor in section...

        53. 144.In paragraph 12A(3), for “87(4)” substitute “87(2)”.

        54. 145.(1) Paragraph 13 (increase in tax payable under this Schedule)...

        55. 146.Omit paragraph 3 and 6(2) and (3) of Schedule 29...

        56. 147.Attribution of gains to beneficiaries in cases involving transfers of value: commencement etc

        57. 148.For the purposes of paragraph 8 of Schedule 4C to...

        58. 149.A capital payment received before 6 April 2008 is not...

        59. 150.Paragraph 124 applies in relation to chargeable gains treated under...

        60. 151.(1) This paragraph applies for the tax year 2008-09 or...

        61. 152.Attribution of gains to beneficiaries: existing Schedule 4C pools

        62. 153.Any reduction in the amount of a capital payment has...

        63. 154.(1) If all of a capital payment ceases (in the...

        64. 155.In any tax year— (a) Schedule 4C to TCGA 1992...

        65. 156.Transfers of securities: accrued income profits

        66. 157.In section 617 of ITA 2007 (accrued income profits: income...

        67. 158.Omit section 644 of that Act (accrued income profits: individuals...

        68. 159.After section 670 of that Act insert— Individuals to whom...

        69. 160.The amendments made by paragraphs 156 to 159 have effect...

        70. 161.Transfers of assets abroad

        71. 162.In section 830(4) of ITTOIA 2005 (meaning of “relevant foreign...

        72. 163.ITA 2007 is amended as follows.

        73. 164.In section 720(4) (transfer of assets abroad: charge where power...

        74. 165.For section 726 substitute— Non-UK domiciled individuals to whom remittance...

        75. 166.In section 727 (transfer of assets abroad: charge where capital...

        76. 167.For section 730 substitute— Non-UK domiciled individuals to whom remittance...

        77. 168.In section 731 (transfer of assets abroad: charge where benefit...

        78. 169.For section 735 substitute— Non-UK domiciled individuals to whom remittance...

        79. 170.The amendments made by paragraphs 161 to 169 have effect...

        80. 171.General

    8. SCHEDULE 8

      Rates of research and development relief and vaccine research relief

      1. 1.Rates of research and development relief: SMEs

      2. 2.Rates of research and development tax relief: large companies

      3. 3.Rates of vaccine research relief

    9. SCHEDULE 9

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

      1. 1.Research and development relief

      2. 2.Vaccine research relief

      3. 3.Commencement

    10. SCHEDULE 10

      Cap on R&D aid

      1. Part 1 Calculation of total R&D aid

        1. 1.Calculation of total R&D aid

        2. 2.(1) In paragraph 1 “the tax credits” means the aggregate...

        3. 3.In paragraph 1 “the actual reduction in tax liability” means...

        4. 4.(1) In paragraph 1 “the potential relief” means the aggregate...

        5. 5.(1) In paragraph 1 “the notional relief” is the aggregate...

        6. 6.Interpretation

        7. 7.Transitional provision

      2. Part 2 Consequential amendments

        1. 8.In Schedule 20 to FA 2000 (tax relief for expenditure...

        2. 9.In Schedule 12 to FA 2002 (tax relief for expenditure...

        3. 10.In Schedule 13 to FA 2002 (tax relief for expenditure...

    11. SCHEDULE 11

      Venture capital schemes

      1. 1.Corporate Venturing Scheme

      2. 2.In paragraph 26 (excluded activities)— (a) in sub-paragraph (1), after...

      3. 3.After paragraph 30 insert— Excluded activities: shipbuilding In paragraph 26(1)(ha) “shipbuilding” has the same meaning as in...

      4. 4.Enterprise Investment Scheme

      5. 5.In section 192 (meaning of “excluded activities”)—

      6. 6.After section 196 insert— Excluded activities: shipbuilding In section 192(1)(ia) “shipbuilding” has the same meaning as in...

      7. 7.Venture capital trusts

      8. 8.In section 303 (meaning of “excluded activities”)—

      9. 9.After section 307 insert— Excluded activities: shipbuilding In section 303(1)(ia) “shipbuilding” has the same meaning as in...

      10. 10.Commencement

      11. 11.But the amendments made by paragraphs 2, 3, 5 and...

      12. 12.And the amendments made by paragraphs 8 and 9 do...

      13. 13.For the purposes of paragraph 12(b) “protected money” is—

    12. SCHEDULE 12

      Tax credit for certain foreign distributions

      1. Part 1 The tax credit

        1. 1.Chapter 3 of Part 4 of ITTOIA 2005 (dividends etc...

        2. 2.In the heading of the Chapter, for “etc.”, in the...

        3. 3.In the heading of section 397, after “distributions” insert “of...

        4. 4.After section 397 insert— Tax credits for distributions of non-UK...

        5. 5.In section 398(1) (increase in amount or value of dividends...

        6. 6.In section 399(1) (qualifying distributions received by persons not entitled...

      2. Part 2 Consequential provision

        1. 7.TMA 1970

        2. 8.In section 8(1AA)(b) (personal return: amount payable by way of...

        3. 9.In section 8A(1AA)(b) (trustee’s return: amount payable by way of...

        4. 10.In section 9(1)(b) (self-assessment of amount payable by way of...

        5. 11.In section 12AA(1A)(b) (partnership return: amount payable by way of...

        6. 12.In section 12AB(5) (partnership statement), in the definition of “tax...

        7. 13.In section 59A(8)(b) (payments on account of income tax), after...

        8. 14.In section 59B(2)(b) (payment of income tax), after “397(1)” insert...

        9. 15.ICTA

        10. 16.FA 1993

        11. 17.ITTOIA 2005

        12. 18.In section 403(1) (dividends from non-UK resident companies: income charged),...

        13. 19.In section 406 (dividends of non-UK resident companies: later charge...

        14. 20.In section 407 (dividends of non-UK resident companies: dividend payment...

        15. 21.In section 408 (reduction in tax due in cases within...

        16. 22.In section 688(1) (income not otherwise charged), omit “full”.

        17. 23.ITA 2007

        18. 24.In section 425(5) (gift aid: deductions when calculating total amount...

        19. 25.In section 504(4)(b) (provisions that do not apply to income...

        20. 26.(1) Section 567 (meaning of “overseas securities” etc) is amended...

        21. 27.(1) Section 592 (no tax credits for borrower under stock...

        22. 28.(1) Section 593 (no tax credits for interim holder under...

        23. 29.(1) Section 594 (no tax credits for original owner under...

        24. 30.(1) Section 595 (meaning of “manufactured dividend”) is amended as...

        25. 31.In section 989 (definitions), in the definition of “tax credit”,...

    13. SCHEDULE 13

      Company gains from investment life insurance contracts

      1. 1.Definitions

      2. 2.Contract to be loan relationship

      3. 3.Increased non-trading credits

      4. 4.(1) Where the relevant company brings into account credits and...

      5. 5.Commencement

      6. 6.(1) Where the relevant company was a party to an...

      7. 7.(1) This paragraph applies where— (a) the relevant company was...

      8. 8.(1) This paragraph applies where— (a) the relevant company was...

    14. SCHEDULE 14

      Company gains from investment life insurance contracts: consequential amendments etc

      1. 1.ICTA

      2. 2.(1) Subsection (1C) of section 437 (general annuity business: income...

      3. 3.Omit sections 539 to 551A (corporation tax in respect of...

      4. 4.(1) Section 552 (information: duty of insurers) is amended as...

      5. 5.In section 552ZA(3) (information: supplementary provisions), omit “section 546C(7)(a) of...

      6. 6.In section 552A(12) (tax representatives)— (a) omit “this Chapter and”...

      7. 7.Omit sections 553 to 553C (further provisions about corporation tax...

      8. 8.Omit sections 656 to 658 (purchased life annuities).

      9. 9.In paragraph 20 of Schedule 15 (qualifying policies)—

      10. 10.ITTOIA 2005

      11. 11.In section 467(5) (persons liable: UK resident trustees), for paragraph...

      12. 12.In section 469(2) (two or more persons interested in policy...

      13. 13.Omit section 486 (exclusion of maturity of capital redemption policies...

      14. 14.In section 501 (part surrenders: loans)— (a) in subsection (1),...

      15. 15.In section 541B(7) (section 541A: further definitions), omit paragraph (b)...

      16. 16.In Schedule 1 (consequential amendments), omit paragraphs 210 to 221...

      17. 17.Other repeals

      18. 18.Commencement

    15. SCHEDULE 15

      Changes in trading stock

      1. Part 1 Income tax

        1. 1.ITTOIA 2005 is amended as follows.

        2. 2.After section 172 insert— Chapter 11A Trade profits: changes in...

        3. 3.In the heading of Chapter 12 of Part 2, insert...

        4. 4.In Schedule 4, in the table in Part 2, after...

      2. Part 2 Corporation tax

        1. 5.Introduction

        2. 6.Transfers of trading stock between trade and trader

        3. 7.(1) This paragraph applies if something that—

        4. 8.Other disposals not made in the course of trade

        5. 9.(1) This paragraph applies if— (a) trading stock of a...

        6. 10.Relationship with transfer pricing rules

    16. SCHEDULE 16

      Non-residents: investment managers

      1. Part 1 Eligibility to be UK representative

        1. 1.In section 127 of FA 1995 (persons not treated as...

        2. 2.(1) In section 127 of FA 1995, for subsections (12)...

      2. Part 2 Eligibility to be agent of independent status

        1. 3.FA 2003

        2. 4.ITA 2007

        3. 5.(1) Section 827 (meaning of “investment transaction”) is amended as...

        4. 6.(1) Section 1014(2) (orders and regulations under the Income Tax...

      3. Part 3 Non-residents liable to tax: disregarded investment income or profits

        1. 7.FA 2003

        2. 8.(1) Section 152 (non-resident companies: transactions carried out through broker,...

        3. 9.(1) Schedule 26 (non-resident companies: transactions through broker, investment manager...

        4. 10.ITA 2007

      4. Part 4 Commencement

        1. 11.(1) The amendments made by paragraph 1 have effect in...

    17. SCHEDULE 17

      Insurance companies etc

      1. 1.Financing-arrangement-funded transfers

      2. 2.In ICTA, for section 444AE substitute— Transfers of business: FAFTS...

      3. 3.In consequence of paragraphs 1 and 2, omit—

      4. 4.(1) The amendments made by paragraphs 1 to 3 have...

      5. 5.Expenses: fronting reinsurance commissions etc

      6. 6.(1) Section 85 of FA 1989 (charge of certain receipts...

      7. 7.Structural assets

      8. 8.(1) In section 431(2) of ICTA (interpretative provisions relating to...

      9. 9.Deposit back arrangements

      10. 10.Foreign business assets

      11. 11.Foreign currency assets

      12. 12.Derivative contracts

      13. 13.Apportionments

      14. 14.In section 755A of ICTA (treatment of chargeable profits and...

      15. 15.The amendments made by paragraphs 13 and 14 have effect...

      16. 16.UK distributions received by insurance companies

      17. 17.Clarification of scope of ICTA s.432A

      18. 18.“BLAGAB profits” etc

      19. 19.Abolition of “inherited estates” apportionment rules

      20. 20.Insurance special purpose vehicles

      21. 21.Group relief: gross profits to exclude relevant profits

      22. 22.Charges on income

      23. 23.Remediation of contaminated land

      24. 24.Repeal of ICTA s.56(4)

      25. 25.Partnership returns

      26. 26.Overseas life assurance business

      27. 27.(1) In section 476(3) of ITTOIA 2005 (foreign policies), omit—...

      28. 28.Trades in I minus E

      29. 29.Controlled foreign companies

      30. 30.Offshore income gains

      31. 31.Transfers of business

      32. 32.(1) In section 444ABB(1A)(b)(ii) of ICTA (retained assets), for “liabilities”...

      33. 33.(1) In section 444ABD(1) of ICTA (transferor’s period of account...

      34. 34.Periodical return

      35. 35.Repeal of section 737D of ICTA

      36. 36.R&D relief

      37. 37.Section 89(7) of FA 1989

      38. 38.Commencement of Schedule 9 to FA 2007

      39. 39.Commencement of Business Transfer Schemes Order

      40. 40.Gross roll-up business

      41. 41.Repeal of spent provision

    18. SCHEDULE 18

      Friendly societies

      1. 1.Introduction

      2. 2.PHI business

      3. 3.Transfers of exempt “other” business

      4. 4.Extension of section 463

      5. 5.Repeal of obsolete provisions

    19. SCHEDULE 19

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

      1. 1.Payment of gift aid supplement

      2. 2.Amount of gift aid supplement

      3. 3.The “notional basic rate”

      4. 4.Errors in connection with payment of gift aid supplement

      5. 5.General

      6. 6.Any expenditure incurred by the Commissioners under this Schedule is...

      7. 7.In this Schedule— “charity” has the same meaning as in...

      8. 8.Amendments

      9. 9.In section 521 of ITA 2007 (gifts entitling donor to...

    20. SCHEDULE 20

      Leases of plant or machinery

      1. 1.Capital received in respect of lease to be treated as income

      2. 2.(1) In ITA 2007, after section 809 insert— Chapter 6...

      3. 3.In section 785A of ICTA (rent factoring of leases of...

      4. 4.Disposal events: grant of long funding lease

      5. 5.Deemed disposals: plant or machinery used under long funding lease

      6. 6.Plant or machinery subject to a sale and finance leaseback or lease and finance leaseback

      7. 7.(1) In section 70I of CAA 2001 (meaning of “short...

      8. 8.Restriction on lessee’s right to elect that rules for non-long funding leases apply

      9. 9.Lessors under long funding leases of plant or machinery

      10. 10.(1) Chapter 10A of Part 2 of ITTOIA 2005 (corresponding...

      11. 11.(1) If, at the beginning of 13 December 2007 (“the...

      12. 12.Plant and machinery allowances: anti-avoidance

      13. 13.(1) Section 228B of CAA 2001 (S’s income or profits:...

    21. SCHEDULE 21

      Restriction on loss relief for non-active traders

      1. 1.Introduction

      2. 2.Main provisions

      3. 3.Other amendments

      4. 4.In section 64(8) (deduction of trade losses from general income),...

      5. 5.In section 72(5) (early trade loss relief)—

      6. 6.Commencement

      7. 7.(1) Section 74B of ITA, and the other provisions inserted...

    22. SCHEDULE 22

      Avoidance involving financial arrangements

      1. 1.Rent factoring of leases of plant or machinery

      2. 2.Credit allowable in relation to interest

      3. 3.Distributions arising from tax arrangements

      4. 4.Disposals for consideration not recognised by accounting practice

      5. 5.Avoidance relying on continuity of treatment provisions

      6. 6.Distributions from shares treated as loan relationships

      7. 7.Depreciatory transactions

      8. 8.(1) Section 91B of FA 1996 (shares treated as loan...

      9. 9.The amendments made by paragraphs 7 and 8 have effect...

      10. 10.Falsifying transactions

      11. 11.(1) Section 91C of FA 1996 (shares treated as loan...

      12. 12.The amendments made by paragraphs 10 and 11 have effect...

      13. 13.Non-qualifying shares

      14. 14.Income producing assets

      15. 15.Exit arrangements

      16. 16.Schemes etc designed to reproduce interest-like return

      17. 17.Partnerships

      18. 18.Loan relationships treated differently by debtor and creditor

      19. 19.Commercial rate of interest

      20. 20.Derivative contracts

      21. 21.Restrictions on relief for interest payments

    23. SCHEDULE 23

      Manufactured payments: anti-avoidance

      1. 1.Introduction

      2. 2.Section 572A

      3. 3.Section 573

      4. 4.Section 574

      5. 5.Section 575

      6. 6.Section 578

      7. 7.Section 579

      8. 8.Section 580

      9. 9.Section 581A

      10. 10.Section 583

      11. 11.Capital gains

      12. 12.In ITA 2007, omit paragraph 335(5) of Schedule 1 (which...

    24. SCHEDULE 24

      Annual investment allowance

      1. Part 1 Amendments of CAA 2001

        1. 1.CAA 2001 is amended as follows.

        2. 2.In Part 2, after Chapter 3 insert— Chapter 3A AIA...

        3. 3.In Chapter 5 of Part 2 (allowances and charges), insert...

        4. 4.After section 52 insert— Prevention of double relief Prevention of...

        5. 5.In section 58 (allocation of qualifying expenditure to pools), after...

        6. 6.(1) Section 205 (reduction of first-year allowances) is amended as...

        7. 7.(1) Section 210 (reduction of first-year allowances) is amended as...

        8. 8.(1) Section 217 (restrictions on allowances) is amended as follows....

        9. 9.After section 218 insert— Further restriction on annual investment allowance...

        10. 10.(1) Section 236 (additional VAT liability generates first-year allowance) is...

        11. 11.In section 237(1) (exceptions to section 236), after “liability is...

        12. 12.(1) Section 241 (no first-year allowance in respect of additional...

        13. 13.In section 263(3) (qualifying activities carried on in partnership), after...

        14. 14.In section 265(4) (successions: general), after “to” insert “an annual...

        15. 15.In Part 2 of Schedule 1 (index of defined expressions),...

      2. Part 2 Amendments of other enactments

        1. 16.ICTA

        2. 17.In section 395(1)(c) (leasing contracts and company reconstructions), after “for...

        3. 18.In paragraph 1(6)(b)(i) of Schedule 18 (group relief), before “a...

        4. 19.FA 2000

        5. 20.ITA 2007

        6. 21.In section 76 (first-year allowances)— (a) after “from” insert “an...

        7. 22.In section 78 (arrangements to reduce tax liabilities)—

      3. Part 3 Commencement

        1. 23.(1) This Schedule has effect in relation to expenditure incurred...

    25. SCHEDULE 25

      First-year tax credits

      1. Part 1 Amendments of CAA 2001

        1. 1.CAA 2001 is amended as follows.

        2. 2.In section 2(3) (general means of giving effect to capital...

        3. 3.(1) Section 3 (claims for capital allowances) is amended as...

        4. 4.After section 262 insert— First-year tax credits First-year tax credits...

        5. 5.Before Schedule 1 insert— SCHEDULE A1 First-year tax credits Section...

        6. 6.In Part 1 of Schedule 1, insert at the appropriate...

      2. Part 2 Amendments of other enactments

        1. 7.ICTA

        2. 8.FA 1998

      3. Part 3 Commencement

        1. 9.The amendments made by this Schedule have effect in relation...

    26. SCHEDULE 26

      Special rate expenditure and the special rate pool

      1. Part 1 Amendments of CAA 2001

        1. 1.Introductory

        2. 2.Special rate expenditure and the special rate pool

        3. 3.Consequential amendments

        4. 4.In section 56(2) (amount of allowances and charges), for paragraph...

        5. 5.In section 65(1) (final chargeable period), for paragraph (b) substitute—...

        6. 6.In section 66 (list of provisions about disposal values), for...

        7. 7.In column 1 of the table in section 84 (cases...

        8. 8.Omit section 92 (application of Chapter 10 to part of...

        9. 9.For section 101 (long-life asset pool) substitute— Allocation of long-life...

        10. 10.For section 102 (6% writing-down allowance in respect of long-life...

        11. 11.Omit section 104 (disposal value of long-life assets).

        12. 12.In section 266(7) (certain provisions disapplied where election made under...

        13. 13.In Part 2 of Schedule 1 (index of defined expressions),...

      2. Part 2 Commencement etc

        1. 14.Commencement

        2. 15.Sale between connected persons

        3. 16.Saving for intra-group transfers

        4. 17.(1) Where this paragraph applies, for the purposes of making...

        5. 18.Interpretation

    27. SCHEDULE 27

      Abolition of allowances: consequential amendments and savings

      1. Part 1 Consequential amendments

        1. 1.CAA 2001

        2. 2.In section 1 (capital allowances), omit— (a) subsection (2)(b) and...

        3. 3.In section 2(3) (general means of giving effect to capital...

        4. 4.In section 3 (claims for capital allowances), omit subsections (4)(b)...

        5. 5.(1) Section 186 (fixture on which an industrial buildings allowance...

        6. 6.In section 443(3) (disposal values and disposal events), omit “or...

        7. 7.In section 448(3) (additional VAT rebate generates disposal value), omit...

        8. 8.In section 537 (contribution allowances), omit “, 3, 4” in—...

        9. 9.Omit section 539 (contribution allowances: industrial buildings).

        10. 10.Omit section 540 (contribution allowances: agricultural buildings).

        11. 11.In section 542(1) (effect of transfers of trade on contribution...

        12. 12.In section 546 (introduction to Chapter 2 of Part 12),...

        13. 13.In section 564 (application of procedure in section 563)—

        14. 14.In section 567(1) (sales treated as for alternative amounts), omit...

        15. 15.In section 569 (election to treat sale as being for...

        16. 16.In section 570 (elections: supplementary), omit— (a) in subsection (1),...

        17. 17.In section 570A(1) (avoidance affecting proceeds of balancing event), omit...

        18. 18.In section 573(1) (transfers treated as sales), omit “3,” and...

        19. 19.(1) Part 2 of Schedule 1 (index of defined expressions)...

        20. 20.In Schedule 3 (transitional provision and savings), omit—

        21. 21.ICTA

        22. 22.FA 2000

        23. 23.FA 2001

        24. 24.Proceeds of Crime Act 2002 (c. 29)

        25. 25.Energy Act 2004 (c. 20)

        26. 26.ITTOIA 2005

        27. 27.ITA 2007

        28. 28.FA 2007

        29. 29.FA 2008

        30. 30.Commencement

      2. Part 2 Savings

        1. 31.Enterprise zone expenditure

        2. 32.(1) Sub-paragraph (2) applies if— (a) an initial allowance has...

        3. 33.Definition of structure

        4. 34.Definition of qualifying trade

        5. 35.Commencement

    28. SCHEDULE 28

      Inheritance of tax-relieved pension savings

      1. 1.Amendments of Part 4 of FA 2004

      2. 2.(1) Section 172 (assignment) is amended as follows.

      3. 3.(1) Section 172A (surrender) is amended as follows.

      4. 4.(1) Section 172B (increase in rights of connected person on...

      5. 5.In paragraph 16(2) of Schedule 28 (dependants' scheme pension), after...

      6. 6.Amendments of IHTA 1984

      7. 7.(1) Section 151A (person dying with alternatively secured pension fund)...

      8. 8.(1) Section 151BA (rate or rates of charge under section...

      9. 9.(1) Section 151C (dependant dying with alternatively secured pension fund...

      10. 10.After section 151C insert— Unauthorised payment where person dies over...

      11. 11.In section 210 (persons liable), after subsection (2) insert—

      12. 12.(1) Section 216 (delivery of accounts) is amended as follows....

      13. 13.In section 226(4) (payment), for “or 151B” substitute “, 151B...

      14. 14.In section 233(1)(c) (interest on unpaid tax), for “or 151B”...

      15. 15.Commencement

    29. SCHEDULE 29

      Further provision about pension schemes

      1. 1.Authorised member payments

      2. 2.Transfer of lifetime annuities and dependants' annuities

      3. 3.Definition of investment-regulated pension schemes

      4. 4.Benefit crystallisation event 3

      5. 5.In the table in section 216(1) (benefit crystallisation events), in...

      6. 6.Schedule 32 (benefit crystallisation events: supplementary) is amended as follows....

      7. 7.(1) Paragraph 10 (benefit crystallisation event 3: excepted circumstances) is...

      8. 8.After that paragraph insert— Benefit crystallisation event 3: threshold annual...

      9. 9.(1) Paragraph 11 (benefit crystallisation event 3: permitted margin) is...

      10. 10.In paragraph 13 (benefit crystallisation event 3: meaning of XP),...

      11. 11.In consequence of the amendment made by paragraph 7(3), in...

      12. 12.(1) The amendments made by paragraphs 9(2) and (3) come...

      13. 13.Transitional protection of lump sums

      14. 14.Miscellaneous provision about registered pension schemes

      15. 15.In section 215(4)(a) of FA 2004 (amount of lifetime allowance...

      16. 16.In Schedule 34 to that Act (non-UK schemes: application of...

      17. 17.Employer contributions under exempt approved schemes

      18. 18.Inheritance tax treatment of non-UK pension schemes

      19. 19.Application of charges to non-UK pension schemes

    30. SCHEDULE 30

      Stamp duty land tax: notification etc: consequential provision

      1. 1.FA 2003

      2. 2.(1) Section 79 (registration of land transactions) is amended as...

      3. 3.In section 81B(1) (declaration by person authorised to act on...

      4. 4.(1) Section 103 (joint purchasers) is amended as follows.

      5. 5.(1) Section 122 (index of defined expressions) is amended as...

      6. 6.In Part 4 of Schedule 6 (SDLT: disadvantaged areas relief),...

      7. 7.In paragraph 36 of Schedule 10 (notice of appeal), in...

      8. 8.Omit Part 1 of Schedule 11 (SDLT: self-certificates).

      9. 9.(1) In Part 2 of that Schedule (duty to keep...

      10. 10.Omit Part 3 of that Schedule (enquiry into self-certificate).

      11. 11.Accordingly, in the heading to Schedule 11, for “self-certificates” substitute...

      12. 12.In Schedule 15 (SDLT: partnerships), in paragraph 8(2), omit “or...

      13. 13.(1) In Schedule 16 (SDLT: trusts and powers), paragraph 6...

      14. 14.In Schedule 17A (SDLT: further provisions relating to leases), in...

      15. 15.FA 2007

    31. SCHEDULE 31

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

      1. Part 1 Transfer of interest in partnership: “relevant partnership property”

        1. 1.Paragraph 14 of Schedule 15 to FA 2003

        2. 2.Consequential provision

        3. 3.In paragraph 16(2) of that Schedule (application of provisions about...

        4. 4.In paragraph 26(9) of that Schedule (application of disadvantaged areas...

      2. Part 2 Elections in respect of interest transferred to partnership

        1. 5.Election when interest transferred to partnership

        2. 6.After paragraph 12 insert— Election by property-investment partnership to disapply...

        3. 7.In paragraph 18 of that Schedule (transfer of chargeable interest...

        4. 8.Consequential provision

        5. 9.In paragraph 26(8) of that Schedule (application of disadvantaged areas...

      3. Part 3 Transitional provision

        1. 10.Omit section 72(14) of FA 2007 (saving relating to changes...

        2. 11.(1) This paragraph applies in the case of a transfer...

    32. SCHEDULE 32

      Stamp duty: abolition of fixed duty on certain instruments

      1. Part 1 Abolition of fixed duty

        1. 1.FA 1985

        2. 2.In section 83 (transfers in connection with divorce, dissolution of...

        3. 3.In section 84 (death: varying dispositions, and appropriations)—

        4. 4.FA 1986

        5. 5.In section 66 (company’s purchase of own shares), omit subsection...

        6. 6.In section 67(9) (transfer of securities between depositary receipt systems),...

        7. 7.In section 70(9) (transfer of securities between clearance systems), for...

        8. 8.In section 72A(1) (transfer of securities between depositary receipt system...

        9. 9.FA 1999

        10. 10.(1) Schedule 13 (instruments chargeable to stamp duty and rates...

        11. 11.(1) Schedule 15 (stamp duty: bearer instruments) is amended as...

      2. Part 2 Consequential provisions and saving

        1. 12.FA 1982

        2. 13.FA 1986

        3. 14.(1) Section 67 (stamp duty on certain transfers to depositary...

        4. 15.(1) Section 70 (stamp duty on certain transfers to a...

        5. 16.FA 1987

        6. 17.In section 50(1) (warrants to purchase Government stock, etc), omit...

        7. 18.In section 55(1) (Crown exemption), omit “, or paragraph 16”....

        8. 19.FA 1990

        9. 20.FA 1999

        10. 21.FA 2003

        11. 22.Saving for certain land transactions

        12. 23.Repeals on abolition day

    33. SCHEDULE 33

      PRT: elections for oil fields to become non-taxable

      1. Part 1 New Schedule 20A to FA 1993

        1. 1.This is Schedule 20A to be inserted before Schedule 21...

      2. Part 2 Other amendments

        1. 2.OTA 1975

        2. 3.FA 1980

        3. 4.Oil Taxation Act 1983

    34. SCHEDULE 34

      Oil decommissioning expenditure: consequential amendments

      1. 1.ICTA

      2. 2.CAA 2001

      3. 3.In section 26 (demolition costs), in subsection (5), for “abandonment...

      4. 4.In section 57 (available qualifying expenditure), in the entry in...

      5. 5.(1) Section 164 (abandonment expenditure incurred before cessation of ring...

      6. 6.(1) Section 165 (abandonment expenditure within 3 years of ceasing...

    35. SCHEDULE 35

      Set off against oil profits: minor and consequential amendments

      1. 1.TMA 1970

      2. 2.ICTA

      3. 3.In section 343 (company reconstructions without change of ownership), in...

      4. 4.In section 393 (losses other than terminal losses), in subsection...

      5. 5.In section 393A (losses: set off against profits of the...

      6. 6.In section 768A (change in ownership: disallowance of carry back...

      7. 7.In section 826 (interest on tax overpaid), in subsection (7A)(b),...

      8. 8.(1) Schedule 19B (petroleum extraction activities: exploration expenditure supplement) is...

      9. 9.(1) Schedule 19C (petroleum extraction activities: ring fence expenditure supplement)...

      10. 10.FA 2000

    36. SCHEDULE 36

      Information and inspection powers

      1. Part 1 Powers to obtain information and documents

        1. 1.Power to obtain information and documents from taxpayer

        2. 2.Power to obtain information and documents from third party

        3. 3.Approval etc of taxpayer notices and third party notices

        4. 4.Copying third party notice to taxpayer

        5. 5.Power to obtain information and documents about persons whose identity is not known

        6. 6.Notices

        7. 7.Complying with notices

        8. 8.Producing copies of documents

        9. 9.Restrictions and special cases

      2. Part 2 Powers to inspect businesses etc

        1. 10.Power to inspect business premises etc

        2. 11.Power to inspect premises used in connection with taxable supplies etc

        3. 12.Carrying out inspections

        4. 13.Approval of First-tier Tribunal

        5. 14.Restrictions and special cases

      3. Part 3 Further powers

        1. 15.Power to copy documents

        2. 16.Power to remove documents

        3. 17.Power to mark assets and to record information

      4. Part 4 Restrictions on powers

        1. 18.Documents not in person’s possession or power

        2. 19.Types of information

        3. 20.Old documents

        4. 21.Taxpayer notices

        5. 22.Deceased persons

        6. 23.Privileged communications between professional legal advisers and clients

        7. 24.Auditors

        8. 25.Tax advisers

        9. 26.Auditors and tax advisers: supplementary

        10. 27.(1) This paragraph applies where paragraph 24(1) or 25(1) is...

        11. 28.Corresponding restrictions on inspection of business documents

      5. Part 5 Appeals against information notices

        1. 29.Right to appeal against taxpayer notice

        2. 30.Right to appeal against third party notice

        3. 31.Right to appeal against notice given under paragraph 5

        4. 32.Procedure

        5. 33.Special cases

      6. Part 6 Special cases

        1. 34.Supply of goods or services etc

        2. 35.Groups of undertakings

        3. 36.Change of ownership of companies

        4. 37.Partnerships

        5. 38.Application to the Crown

      7. Part 7 Penalties

        1. 39.Standard penalties

        2. 40.Daily default penalties

        3. 41.Power to change amount of standard and daily default penalties

        4. 42.Concealing, destroying etc documents following information notice

        5. 43.Concealing, destroying etc documents following informal notification

        6. 44.Failure to comply with time limit

        7. 45.Reasonable excuse

        8. 46.Assessment of standard penalty or daily default penalty

        9. 47.Right to appeal against standard penalty or daily default penalty

        10. 48.Procedure on appeal against standard penalty or daily default penalty

        11. 49.Enforcement of standard penalty or daily default penalty

        12. 50.Tax-related penalty

        13. 51.Enforcement of tax-related penalty

        14. 52.Double jeopardy

      8. Part 8 Offence

        1. 53.Concealing etc documents following information notice

        2. 54.Concealing etc documents following informal notification

        3. 55.Fine or imprisonment

      9. Part 9 Miscellaneous provisions and interpretation

        1. 56.Application of provisions of TMA 1970

        2. 57.Regulations under this Schedule

        3. 58.General interpretation

        4. 59.Authorised officer of Revenue and Customs

        5. 60.Business

        6. 61.Chargeable period

        7. 62.Statutory records

        8. 63.Tax

        9. 64.Tax position

      10. Part 10 Consequential provisions

        1. 65.TMA 1970

        2. 66.Omit section 19A (power to call for documents for purposes...

        3. 67.Omit section 20 (power to call for documents of taxpayer...

        4. 68.(1) Section 20B (restrictions on powers to call for documents...

        5. 69.(1) Section 20BB (falsification etc. of documents) is amended as...

        6. 70.(1) Section 20D (interpretation) is amended as follows.

        7. 71.In section 29(6)(c) (assessment where loss of tax discovered), omit...

        8. 72.Omit section 97AA (failure to produce documents under section 19A)....

        9. 73.In section 98 (penalties), in the Table—

        10. 74.In section 100(2) (exclusions from provisions relating to determination of...

        11. 75.(1) Section 107A (relevant trustees) is amended as follows.

        12. 76.In section 118 (interpretation), in the definition of “tax”, omit...

        13. 77.In Schedule 1A (claims etc. not included in returns), omit...

        14. 78.National Savings Bank Act 1971 (c. 29)

        15. 79.ICTA

        16. 80.In section 767B (change of company ownership: supplementary), in subsection...

        17. 81.Omit section 767C (change in company ownership: information).

        18. 82.In section 769 (rules for ascertaining change in ownership of...

        19. 83.FA 1990

        20. 84.Social Security Administration Act 1992 (c. 5)

        21. 85.Social Security Administration (Northern Ireland) Act 1992 (c. 8)

        22. 86.F(No.2)A 1992

        23. 87.VATA 1994

        24. 88.FA 1998

        25. 89.FA 1999

        26. 90.Tax Credits Act 2002 (c. 21)

        27. 91.FA 2006

        28. 92.Other repeals

    37. SCHEDULE 37

      Record-keeping

      1. 1.TMA 1970

      2. 2.(1) Section 12B (records to be kept for purposes of...

      3. 3.(1) Paragraph 2A of Schedule 1A (records to be kept...

      4. 4.VATA 1994

      5. 5.(1) Paragraph 6 (duty to keep records) is amended as...

      6. 6.In paragraph 6A(7) (application of provisions of paragraph 6 where...

      7. 7.FA 1998

      8. 8.(1) Paragraph 21 (duty to keep and preserve records) is...

      9. 9.(1) Paragraph 22 (preservation of information instead of original records)...

      10. 10.Consequential provisions

      11. 11.In consequence of the amendments made by paragraph 2 omit—...

    38. SCHEDULE 38

      Disclosure of tax avoidance schemes

      1. 1.Amendments of Part 7 of FA 2004

      2. 2.(1) Section 308 (duties of promoter) is amended as follows....

      3. 3.In section 311(1) (arrangements to be given reference number)—

      4. 4.For section 312 substitute— Duty of promoter to notify client...

      5. 5.(1) Section 313 (duty of parties to notifiable arrangements to...

      6. 6.For section 316 substitute— Information to be provided in form...

      7. 7.Amendments of TMA 1970

    39. SCHEDULE 39

      Time limits for assessments, claims etc.

      1. 1.TMA 1970

      2. 2.In section 28C(5)(a) (time limit for determination of tax where...

      3. 3.In section 29(4) (assessment where loss of tax discovered), for...

      4. 4.In section 30B(5) (amendment of partnership statement where loss of...

      5. 5.In section 33(1) (claim for error or mistake), for “not...

      6. 6.In section 33A(2) (error or mistake in partnership return), for...

      7. 7.(1) Section 34 (ordinary time limit for assessments) is amended...

      8. 8.In section 35 (time limit: income received after year for...

      9. 9.(1) Section 36 (fraudulent or negligent conduct) is amended as...

      10. 10.In section 37A (effect of assessment where allowances transferred), for...

      11. 11.(1) Section 40 (assessment on personal representatives) is amended as...

      12. 12.In section 43(1) (time limit for making claims), for “five...

      13. 13.In section 43A(1)(b) (further assessments: claims etc), for the words...

      14. 14.In section 43C(1)(b) (consequential claims etc), for “attributable to fraudulent...

      15. 15.In section 118 (interpretation) insert at the end—

      16. 16.ICTA

      17. 17.In section 36(2)(b) (claims for repayment of tax on sale...

      18. 18.In section 257AB(9) (elections in respect of married couple’s allowance...

      19. 19.In section 257BB(5)(a) (notices in respect of transfer of relief...

      20. 20.In section 265(5) (notices in respect of transfer of blind...

      21. 21.In section 270(4) (claims for repayment of excess paid on...

      22. 22.In section 419(4) (claims for relief from tax where loan...

      23. 23.In section 500(4) and (9) (additional assessment to corporation tax...

      24. 24.In section 806(1) (time limit for claims for allowance under...

      25. 25.In section 806G(3)(a) (claims for the purposes of utilisation of...

      26. 26.In section 806M(7)(a) (claims for the purpose of carry forward...

      27. 27.FA 1991

      28. 28.TCGA 1992

      29. 29.In section 203(2) (claims in respect of certain capital losses),...

      30. 30.In section 253(4A) (claims for relief for loans to traders)—...

      31. 31.In section 279(5) (claims in respect of delayed remittance of...

      32. 32.VATA 1994

      33. 33.In section 33A(4) (refunds of VAT to museums and galleries),...

      34. 34.(1) Section 77 (assessments: time limits and supplementary assessments) is...

      35. 35.In section 78(11) (interest in certain cases of official error),...

      36. 36.In section 80(4) (credit for, or repayment of, overstated or...

      37. 37.FA 1998

      38. 38.In paragraph 36(5) (determination of tax payable if no return...

      39. 39.In paragraph 37(4) (determination of tax payable if notice complied...

      40. 40.In paragraph 40(3) (time limit for self-assessment superseding determination), for...

      41. 41.(1) Paragraph 43 (fraudulent or negligent conduct) is amended as...

      42. 42.(1) Paragraph 46 (general time limits for assessments) is amended...

      43. 43.In paragraph 51(1)(c) (relief in case of mistake in return),...

      44. 44.(1) Paragraph 53 (time limit for recovery of excessive payments...

      45. 45.In paragraph 55 (general time limit for making claims), for...

      46. 46.In paragraph 61(2) (consequential claims etc arising out of certain...

      47. 47.(1) Paragraph 65 (consequential claims) is amended as follows.

      48. 48.FA 2002

      49. 49.ITEPA 2003

      50. 50.ITTOIA 2005

      51. 51.In section 301(3) (claims for repayment of tax payable in...

      52. 52.In section 302(3) (claims for repayment of tax payable in...

      53. 53.In section 840A(1) (claims for relief for backdated pensions charged...

      54. 54.ITA 2007

      55. 55.In section 40(1)(a) (election for transfer of blind person’s allowance),...

      56. 56.In section 46(6)(b) (marriages and civil partnerships on or after...

      57. 57.In section 53(4)(a) (notice in respect of transfer of unused...

      58. 58.In section 155 (claim for loss relief against miscellaneous income),...

      59. 59.(1) Section 237 (EIS relief: time limits for assessments) is...

      60. 60.In section 372 (withdrawal or reduction of community investment tax...

      61. 61.In section 668(7) (claim for relief for unremittable transfer proceeds),...

      62. 62.In section 669(4) (claim for relief for unremittable transfer proceeds:...

      63. 63.Consequential amendments

      64. 64.In section 225(3)(b) of FA 1994 (stop-loss and quota share...

      65. 65.In consequence of the preceding provisions of this Schedule, omit—...

      66. 66.Saving

    40. SCHEDULE 40

      Penalties: amendments of Schedule 24 to FA 2007

      1. 1.Schedule 24 to FA 2007 (penalties for errors) is amended...

      2. 2.(1) Paragraph 1 (error in taxpayer’s document) is amended as...

      3. 3.After that paragraph insert— Error in taxpayer’s document attributable to...

      4. 4.(1) Paragraph 2 (under-assessment by HMRC) is amended as follows....

      5. 5.(1) Paragraph 3 (degrees of culpability) is amended as follows...

      6. 6.In paragraph 4 (standard amount), after sub-paragraph (1) insert—

      7. 7.In paragraph 5(1) (potential lost revenue: normal rule), after “document”...

      8. 8.(1) Paragraph 6 (potential lost revenue: multiple errors) is amended...

      9. 9.(1) Paragraph 9 (reductions for disclosure) is amended as follows....

      10. 10.In paragraph 11(1) (special reduction), after “1” insert “, 1A”....

      11. 11.(1) Paragraph 12 (interaction with other penalties) is amended as...

      12. 12.(1) Paragraph 13 (assessment) is amended as follows.

      13. 13.In paragraph 15 (right of appeal)— (a) for “P may”...

      14. 14.For paragraph 16 substitute— (1) An appeal is to be brought to the First-tier...

      15. 15.In paragraph 18(3) (agency), after “penalty” insert “under paragraph 1...

      16. 16.(1) Paragraph 19 (companies: officers' liability) is amended as follows....

      17. 17.In paragraph 21 (double jeopardy)— (a) for “P is” substitute...

      18. 18.In paragraph 22 (interpretation: introduction), for “26” substitute “27”.

      19. 19.After paragraph 23 insert— “Tax”, without more, includes duty.

      20. 20.(1) Paragraph 28 (interpretation) is amended as follows.

      21. 21.In consequence of this Schedule the following provisions are omitted—...

    41. SCHEDULE 41

      Penalties: failure to notify and certain VAT and excise wrongdoing

      1. 1.Failure to notify etc

      2. 2.Issue of invoice showing VAT by unauthorised person

      3. 3.Putting product to use that attracts higher duty

      4. 4.Handling goods subject to unpaid excise duty

      5. 5.Degrees of culpability

      6. 6.Amount of penalty: standard amount

      7. 7.Potential lost revenue

      8. 8.In the case of the making of an unauthorised issue...

      9. 9.In the case of— (a) the doing of an act...

      10. 10.In the case of acquiring possession of, or being concerned...

      11. 11.(1) In calculating potential lost revenue in respect of a...

      12. 12.Reductions for disclosure

      13. 13.(1) Where a person who would otherwise be liable to...

      14. 14.Special reduction

      15. 15.Interaction with other penalties and late payment surcharges

      16. 16.Assessment

      17. 17.Appeal

      18. 18.(1) An appeal is to be brought to the First-tier...

      19. 19.(1) On an appeal under paragraph 17(1) the First-tier Tribunal...

      20. 20.Reasonable excuse

      21. 21.Agency

      22. 22.Companies: officers' liability

      23. 23.Double jeopardy

      24. 24.Interpretation

      25. 25.Consequential repeals

    42. SCHEDULE 42

      Alcoholic liquor duties: decisions subject to review and appeal

      1. 1.Schedule 5 to FA 1994 (customs and excise decisions subject...

      2. 2.(1) Sub-paragraph (1) of paragraph 3 (decisions under or for...

      3. 3.(1) Sub-paragraph (2) of paragraph 3 (decisions under regulations under...

      4. 4.After sub-paragraph (2) of paragraph 3 insert—

      5. 5.(1) Sub-paragraph (3) of paragraph 3 (decisions under section 55,...

      6. 6.After sub-paragraph (3) of paragraph 3 insert—

      7. 7.After paragraph 9 insert— The Finance Act 1995 Any decision by the Commissioners— (a) on a claim under...

    43. SCHEDULE 43

      Taking control of goods etc: consequential provision

      1. Part 1 Consequential provision: taking control of goods

        1. 1.TMA 1970

        2. 2.Social Security Administration Act 1992 (c. 5)

        3. 3.FA 1994

        4. 4.VATA 1994

        5. 5.FA 1996

        6. 6.FA 1997

        7. 7.FA 2000

        8. 8.FA 2001

        9. 9.FA 2003

        10. 10.Tribunals, Courts and Enforcement Act 2007 (c. 15)

        11. 11.Other repeals

      2. Part 2 Consequential provision: summary warrant

        1. 12.TMA 1970

        2. 13.Debtors (Scotland) Act 1987 (c. 18)

        3. 14.Social Security Administration Act 1992 (c. 5)

        4. 15.FA 1997

        5. 16.FA 2003

    44. SCHEDULE 44

      Certificates of debt: consequential provision

      1. 1.TMA 1970

      2. 2.OTA 1975

      3. 3.IHTA 1984

      4. 4.Social Security Administration Act 1992 (c. 5)

      5. 5.FA 1994

      6. 6.VATA 1994

      7. 7.FA 1996

      8. 8.FA 2000

      9. 9.FA 2001

      10. 10.FA 2003

      11. 11.Other repeals

    45. SCHEDULE 45

      Vehicle excise duty: offence of using or keeping unlicensed vehicle

      1. 1.Introductory

      2. 2.Amendments of section 29

      3. 3.Amendment of section 30

      4. 4.Amendments of Schedule 2A

      5. 5.(1) Paragraph 1 (immobilisation) is amended as follows.

      6. 6.In paragraph 2(4) (offences connected with immobilisation), for paragraphs (a)...

      7. 7.(1) Paragraph 3 (removal and disposal of vehicles) is amended...

      8. 8.In paragraph 4(1) (offences as to securing possession of vehicles),...

    46. SCHEDULE 46

      Government borrowing: alternative finance arrangements

      1. 1.Introduction

      2. 2.Paragraphs 3 to 14 do not limit the generality of...

      3. 3.Alternative finance arrangements that are to be available

      4. 4.Terms, conditions and procedures

      5. 5.Decisions to raise money through alternative finance arrangements

      6. 6.Involvement of persons other than the Treasury

      7. 7.Ancillary arrangements

      8. 8.Property

      9. 9.Powers and duties

      10. 10.Liabilities

      11. 11.Money raised

      12. 12.Other legislation

      13. 13.Things to be done otherwise than in regulations

      14. 14.(1) This paragraph applies if regulations provide for a person...

      15. 15.Regulations to be made by SI

      16. 16.Parliamentary scrutiny

      17. 17.Interpretation

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