- Latest available (Revised)
- Original (As enacted)
Finance Act 2008 is up to date with all changes known to be in force on or before 31 October 2024. There are changes that may be brought into force at a future date.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the affected provisions when you open the content using the Table of Contents below.
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
Part 1 Charges, rates, allowances, reliefs etc
Part 2 Income tax, corporation tax and capital gains tax_general
SCHEDULES
Abolition of starting and savings rates and creation of starting rate for savings
2.For section 7 (savings rate) substitute— The starting rate for...
3.(1) Section 10 (income charged at main rates: individuals) is...
4.In section 11(2) (income charged at the basic rate: persons...
5.For section 12 substitute— Income charged at the starting rate...
6.In section 13 (income charged at dividend ordinary and dividend...
7.In section 16(1) (savings and dividend income to be treated...
8.(1) Section 17 (repayment: tax paid at basic rate instead...
9.For the heading before section 20 substitute— “ Indexation of...
10.Omit section 20 (starting rate limit and basic rate limit)....
11.(1) Section 21 (indexation of starting and basic rate limits)...
14.In section 209(3) (withdrawal or reduction of EIS relief: disposal...
15.In section 210(1)(b) (cases where maximum EIS relief not obtained),...
16.In section 213(2) (withdrawal or reduction of EIS relief: value...
17.In section 220(1)(b) (cases where maximum EIS relief not obtained),...
18.In section 224(2) (withdrawal or reduction of EIS relief: repayments...
19.In section 229(1)(b) (cases where maximum EIS relief not obtained),...
20.In section 414(2) (relief for gifts to charity), for “section...
21.In section 486(1) (how allowable expenses are to be set...
23.In section 504(3) (treatment of income of unauthorised unit trust),...
24.In section 745(1) (rates of tax applicable to income charged...
25.In section 851(2) (deduction by deposit-takers and building societies), for...
26.In section 874(2) (deduction from payments of yearly interest), for...
27.In section 889(4) (deduction from payments in respect of building...
28.In section 892(2) (deduction from UK public dividends), for “savings...
29.In section 901(4) (deduction from annual payments made by other...
30.Omit section 902 (meaning of “applicable rate” in section 901)....
31.In section 919(2) (manufactured interest on UK securities: payments by...
32.In section 939(2) (duty to retain bonds where issue treated...
34.In section 1014(5)(b)(i) (orders and regulations not subject to annulment),...
35.In Schedule 1 (consequential amendments), omit paragraphs 85(2), 86, 112,...
36.(1) Schedule 4 (index of defined expressions) is amended as...
41.In section 468(1A) (authorised unit trusts), for “savings rate” substitute...
42.In section 468A(1) (open-ended investment companies), for “savings rate” substitute...
43.In section 552(5)(f)(i) (information: duty of insurers), for “savings rate”...
44.In section 699A(4)(b) (untaxed sums comprised in the income of...
45.In section 701(3A) (estates of deceased persons in administration), omit—...
46.Omit section 789(2) (double taxation arrangements made under old law:...
51.In section 465A(1)(b) (gains from contracts for life insurance etc:...
52.In section 466(2) (gains from contracts for life insurance etc:...
53.In section 467(7) (gains from contracts for life insurance etc:...
54.(1) Section 530 (gains from contracts for life insurance etc:...
55.In section 535(3) (gains from contracts for life insurance etc:...
56.In section 536(1) (gains from contracts for life insurance etc:...
57.In section 537 (gains from contracts for life insurance etc:...
58.In section 539(5) (gains from contracts for life insurance etc:...
59.In section 669(3)(a)(i) (reduction in residuary income: inheritance tax on...
60.In section 679(3) (income from which basic amounts are treated...
61.In section 680(4) (income treated as bearing income tax), for...
62.(1) Section 680A (income treated as savings income or dividend...
63.(1) Schedule 4 (index of defined expressions) is amended as...
2.In section 2(7)(a) (chargeable gains and allowable losses), omit “77...
4.In section 13(7A) (attribution of gains to members of non-resident...
5.Omit sections 77 to 79 (charge on settlor with interest...
6.Omit section 88(6) (gains of dual resident settlements: sections 77...
7.(1) Schedule 4A (disposal of interest in settled property: deemed...
8.(1) Schedule 4B (transfers of value by trustees linked with...
9.Omit paragraph 6(3) of Schedule 4C (attribution of gains to...
10.In paragraph 1(1) of Schedule 5 (construction of section 86(1)(e)),...
12.In section 23(4) (introduction), for “33” substitute “ 32 ”....
13.In section 26(1) (income tax: amount of relief), in the...
14.(1) Section 28 (vulnerable person's liability: VQTI) is amended as...
15.In section 30 (qualifying trust gains: special capital gains tax...
16.(1) Section 31 (UK resident vulnerable persons: section 77 treatment)...
17.(1) Section 32 (non-UK resident vulnerable persons: amount of relief)...
18.Omit section 33 (non-UK resident vulnerable person's liability: VQTG).
19.In section 41(3) (interpretation), for “33” substitute “ 32 ”....
20.(1) Schedule 1 (non-UK resident vulnerable persons: interpretation) is amended...
24.(1) Section 2 (chargeable gains and allowable losses) is amended...
26.(1) Section 3 (annual exempt amount) is amended as follows....
27.In section 3A(2) (reporting limits)— (a) omit paragraph (a), and...
28.Omit section 13(10A) (attribution of gains to members of non-resident...
30.In section 86(1)(e) (attribution of gains to settlors with interest...
31.(1) Section 86A (attribution of gains to settlor in section...
32.Omit section 150D (enterprise investment scheme: application of taper relief)....
34.After that section insert— Meaning of “holding company”, “trading company”...
35.Omit section 214C (re-organisations of mutual business: gains not eligible...
36.In section 228(8) (relief for employee share ownership trusts), for...
37.In section 241(3A) (furnished holiday lettings), omit “Schedule A1 (taper...
38.In section 253(14)(b) (relief for loans to traders), for “meaning...
39.Omit section 261C(2)(a) (treating trading loss etc as CGT loss:...
40.In section 279(2)(a) (foreign assets: delayed remittances), omit “(before the...
41.In section 279A(7)(b) (deferred unascertainable consideration: election for treatment of...
42.In section 279B(1) (provisions supplementary to section 279A), for paragraph...
43.(1) Section 279C (effect of election under section 279A) is...
44.Omit section 284B(1) (provisions supplementary to section 284A).
46.Schedule 4C (transfers of value: attribution of gains to beneficiaries)...
47.(1) Paragraph 6 (gains attributed to settlor) is amended as...
49.Omit Schedule 5BA (application of taper relief to enterprise investment...
50.Omit paragraph 15 of Schedule 7D (enterprise management incentives).
51.In paragraph 45D(7) of Schedule 26 to FA 2002 (derivative...
52.In paragraph 86(2) of Schedule 7 to ITEPA 2003 (transitionals...
53.Omit section 185G(3)(c) of FA 2004 (disposal by person holding...
54.Omit section 161(5) of ITA 2007 (other tax reliefs relating...
56.(1) The amendments made by paragraph 31(2) and (3) have...
59.After that section insert— Disposal of asset acquired on no...
60.In section 55(5) (indexation allowance: assets acquired on no gain/no...
61.In section 73(1) (death of life tenant: exclusion of chargeable...
62.In section 175(2C) (replacement of business assets by member of...
63.In section 288 (interpretation), after subsection (3) insert—
66.In paragraph 7 of Schedule 4 (deferred charges on pre-31...
67.In paragraph 7 of Schedule 4ZA (sub-fund settlements), for “sections...
68.In paragraph 12(b) of Schedule 7A (restriction on set-off or...
71.The amendments made by paragraphs 57 to 70 have effect...
Abolition of indexation allowance
79.In section 53 (indexation allowance), omit— (a) subsection (1A), and...
80.(1) Section 54 (calculation of indexation allowance) is amended as...
81.(1) Section 145 (call options: indexation allowance) is amended as...
82.In consequence of the amendments made by paragraphs 77 to...
83.The amendments made by paragraphs 77 to 82 have effect...
85.(1) Section 104 (share pooling: general interpretative provisions) is amended...
86.In section 105 (disposal on or before day of acquisition),...
87.(1) Section 106A (identification of securities: general rules for capital...
88.In the heading of section 107 (identification of securities etc:...
89.In the heading of section 108 (identification of relevant securities),...
90.(1) Section 109 (pre-April 1982 share pools) is amended as...
91.For the heading of section 110 substitute “ Indexation for...
92.Omit section 110A (indexation for section 104 holdings: CGT).
93.In the heading of section 112 (parallel pooling regulations), insert...
94.(1) Section 113 (calls on shares) is amended as follows....
95.(1) Section 114 (consideration for options) is amended as follows....
98.(1) Section 147 (limits on share loss relief) is amended...
99.(1) Section 148 (disposal of shares forming part of mixed...
100.The amendments made by paragraphs 84 to 99 have effect...
Inheritance tax: transfer of nil-rate band etc
2.After section 8 insert— Transfer of unused nil-rate band between...
3.In section 147 (Scotland: legitim etc), insert at the end—...
4.(1) Section 151BA (rates of charge under section 151B) is...
5.In section 239(4) (certificates of discharge: cases where further tax...
6.In section 247(2) (tax-geared penalty), after “liable” insert “ ,...
7.In section 272 (general interpretation), insert at the appropriate place—...
Modifications for cases where deceased person died before 25 July 1986
Fuel duty: biodiesel and bioblend
3.(1) Section 2A (power to amend definitions) is amended as...
4.In section 6AA (excise duty on biodiesel), after subsection (3)...
5.In section 6AB (excise duty on bioblend), for subsections (3)...
7.In section 10 (restrictions on use of duty-free oil), omit...
9.In section 13 (penalties for misuse of rebated heavy oil),...
10.In section 13AA (restrictions on use of rebated kerosene), omit...
11.In section 13AB (penalties for misuse of kerosene), omit subsections...
13.After that section insert— Rebate on biodiesel used other than...
14.Omit section 17A (repayment of part of duty where biodiesel...
15.(1) Section 20A (mixing: adjustment of duty) is amended as...
16.(1) Section 20AAA (mixing of rebated oil) is amended as...
17.In section 20AA(1) (power to allow reliefs), after “12(2)” (in...
18.Before section 21 (but after the heading “Administration and enforcement”)...
20.(1) Section 24 (control of duty-free and rebated oil) is...
21.In section 24A (penalties for misuse of marked oil), omit...
24.In Schedule 5 (sampling), in paragraph 3(1), omit “of oil”....
26.The amendments made by this Schedule are treated as having...
Aircraft and boat fuel, heating oil and fuel used for certain engines
Part 1 Fuel used in aircraft and boats
2.In section 1 (hydrocarbon oil), after subsection (3C) insert—
3.In section 2A(1) (power to amend definitions), before paragraph (a)...
4.(1) Section 6 (hydrocarbon oil: rates of duty) is amended...
5.In section 24(1) (control of use of duty-free and rebated...
6.In section 27(1) (interpretation), in the definition of “aviation gasoline”,...
7.In Schedule 3 (regulations under section 21), omit paragraph 10A....
8.In consequence of the amendments made by paragraphs 2 to...
Part 2 Heavy oil used for heating or as fuel for certain engines
28.After that section insert— Rebate on certain heavy oil used...
29.In section 20AAA(6)(b) (mixing of rebated oil), before “13AA” insert...
30.In section 20AA(1) (power to allow reliefs), after “12(2)” (in...
31.In section 24(2) (control of use of duty-free and rebated...
32.In section 27(1) (interpretation), in the definition of “rebate”, after...
4.(1) Section 10 (meaning of “taxable earnings” etc) is amended...
7.In section 14(1) (taxable earnings under Chapter 4: introduction), for...
8.For the heading before section 15 substitute “ UK resident...
9.(1) Section 15 (earnings for year when employee resident, ordinarily...
11.(1) Section 20 (taxable earnings under Chapter 5: introduction) is...
12.For the heading before section 21 substitute “ Remittance basis...
13.Omit section 21 (earnings for year when employee resident and...
14.(1) Section 22 (chargeable overseas earnings for year when employee...
15.(1) Section 23 (calculation of chargeable overseas earnings) is amended...
16.In section 24(7) (limit on chargeable overseas earnings where duties...
17.For the heading before section 25 substitute “ Remittance basis...
18.Omit section 25 (UK-based earnings for year when employee resident,...
19.(1) Section 26 (foreign earnings for year when employee resident,...
20.(1) Section 27 (UK-based earnings for year when employee non-UK...
21.Omit sections 31 to 37 (and the heading before section...
22.After section 41 insert— Chapter 5A Taxable specific income: effect...
24.In section 225 (payments for restrictive undertakings), for subsections (6)...
25.In section 271(2) (limited exemption of removal benefits and expenses:...
26.In section 335(4) (application of deductions provisions), omit “, 21,...
27.(1) Section 370 (travel costs and expenses where duties performed...
28.(1) Section 371 (travel costs and expenses where duties performed...
29.(1) Section 378 (deduction from seafarer's earnings: eligibility) is amended...
30.(1) Section 413 (exception in certain cases of foreign service)...
31.In section 421E(1) (income relating to securities: exclusions), for the...
32.In section 446N (securities subject to restriction during relevant period),...
33.In section 474(1) (securities options: exclusions), for the words from...
34.In section 540(2) (EMI: taxable benefits), for the words from...
35.In section 690 (PAYE: employee non-UK resident etc), after subsection...
36.In section 698 (PAYE: special charges on employment-related securities), after...
37.In section 700 (PAYE: gains from securities options), after subsection...
38.After that section insert— Employment-related securities etc: remittance basis (1) This section applies if— (a) section 698 or 700...
39.In section 721(1) (other definitions), for the definition of “foreign...
40.In Schedule 1 (index of defined expressions), omit the entries...
41.In paragraph 8 of Schedule 2 (approved share incentive plans:...
42.In paragraph 6(2) of Schedule 3 (approved SAYE option schemes:...
43.In paragraph 27(2) of Schedule 5 (enterprise management incentives: meaning...
44.In Schedule 7 (transitionals and savings), omit paragraphs 9 to...
45.In section 575 of ITEPA 2003 (foreign pensions: taxable pension...
48.In section 269 (territorial scope of charge to tax), omit...
50.In section 829 (overview of Part 8), for paragraph (a)...
51.(1) Section 830 (meaning of “relevant foreign income”) is amended...
52.Omit section 831 (claims for relevant foreign income to be...
53.For section 832 substitute— Relevant foreign income charged on remittance...
56.(1) Section 3 (annual exempt amount) is amended as follows....
57.In section 3A (reporting limits), after subsection (5) insert—
59.In section 10A (temporary non-residents), after subsection (9) insert—
60.For section 12 substitute— Non-UK domiciled individuals to whom remittance...
61.In section 16 (computation of losses), omit subsection (4).
62.After that section insert— Losses: non-UK domiciled individuals (1) In this section “the relevant tax year”, in relation...
63.In section 119A (increase in expenditure by reference to tax...
64.After that section insert— Section 119A: unremitted foreign securities income...
Minor and consequential amendments
67.In section 839 (annual payments payable out of relevant foreign...
68.In section 840 (relief for backdated pensions charged on arising...
69.After that section insert— Claims under section 840 (1) A claim under section 840 must be made on...
70.(1) Section 857 (partners to whom the remittance basis may...
72.In Schedule 2 (transitional provision etc), omit paragraphs 150 and...
73.In Part 2 of Schedule 4 (index of defined expressions),...
75.In section 2(14) (overview of Act), before paragraph (a) insert—...
76.In section 34 (personal allowances etc: introduction), after subsection (2)...
77.In section 42 (tax reductions for married couples etc: introduction),...
78.In section 460 (residence etc of claimants for relief for...
82.(1) This paragraph applies in relation to an individual's general...
83.(1) This paragraph applies to an individual's relevant foreign income...
85.(1) In section 809E(3)(b) of ITA 2007, the reference to...
87.Section 809N of ITA 2007 (section 809L: gift recipients, qualifying...
88.Section 809O of ITA 2007 (section 809L: dealings where there...
89.Sections 809Q to 809S of ITA 2007 (transfers from mixed...
90.(1) This paragraph applies if— (a) before 12 March 2008,...
91.(1) This paragraph applies in relation to employment-related securities if—...
Part 2 Non-resident companies and trusts etc
Attribution of gains to beneficiaries
107.In section 85(11) (disposal of interests in non-resident settlements), for...
108.For section 87 substitute— Non-UK resident settlements: attribution of gains...
109.(1) Section 88 (gains of dual resident settlements) is amended...
110.(1) Section 89 (migrant settlements) is amended as follows.
111.For section 90 substitute— Sections 87 and 89(2): transfers between...
112.(1) Section 91 (increase in tax payable under section 87...
Attribution of gains to beneficiaries: commencement etc
115.The amendments made by paragraphs 106 to 114 have effect...
118.(1) This paragraph applies if— (a) section 87 of TCGA...
120.(1) This paragraph applies to a settlement if section 87...
121.(1) If section 90 of TCGA 1992 (as originally enacted)...
123.Section 89(2) of TCGA 1992 as substituted applies to a...
124.(1) This paragraph applies if— (a) chargeable gains are treated...
125.(1) This paragraph applies in relation to a settlement for...
Attribution of gains to beneficiaries: cases involving transfers of value
129.(1) Section 85A (transfers of value: attribution of gains to...
131.Schedule 4C (transfers of value: attribution of gains to beneficiaries)...
132.In paragraph 1, for sub-paragraphs (2) and (3) substitute—
133.After that paragraph insert— Outstanding section 2(2) amounts (1) The following steps are to be taken for the...
134.In paragraph 4(2) (chargeable amount: non-resident settlement), at the end...
135.In paragraph 5(2)(a) (chargeable amount: dual resident settlement), after “apply”...
137.For paragraph 7B substitute— (1) This paragraph applies if the trustees of the transferor...
138.For paragraph 8 substitute— (1) Chargeable gains are treated as accruing in a tax...
139.After paragraph 8A insert— Attribution of gains: remittance basis Section 87B (remittance basis) applies in relation to chargeable gains...
140.Omit paragraphs 8B and 8C (including the heading before paragraph...
141.For paragraph 9 (and the heading before it) substitute— Attribution...
142.In paragraph 10 (residence of trustees from whom capital payment...
143.(1) Paragraph 12 (attribution of gains to settlor in section...
145.(1) Paragraph 13 (increase in tax payable under this Schedule)...
Attribution of gains to beneficiaries in cases involving transfers of value: commencement etc
Attribution of gains to beneficiaries: existing Schedule 4C pools
Transfers of securities: accrued income profits
156.In section 830(4) of ITTOIA 2005 (meaning of “relevant foreign...
157.In section 617 of ITA 2007 (accrued income profits: income...
158.Omit section 644 of that Act (accrued income profits: individuals...
159.After section 670 of that Act insert— Individuals to whom...
160.The amendments made by paragraphs 156 to 159 have effect...
162.In section 830(4) of ITTOIA 2005 (meaning of “relevant foreign...
164.In section 720(4) (transfer of assets abroad: charge where power...
165.For section 726 substitute— Non-UK domiciled individuals to whom remittance...
166.In section 727 (transfer of assets abroad: charge where capital...
167.For section 730 substitute— Non-UK domiciled individuals to whom remittance...
168.In section 731 (transfer of assets abroad: charge where benefit...
169.For section 735 substitute— Non-UK domiciled individuals to whom remittance...
170.The amendments made by paragraphs 161 to 169 have effect...
Rates of research and development relief and vaccine research relief
Companies in difficulty: SME R&D relief and vaccine research relief
Tax credit for certain foreign distributions
Part 2 Consequential provision
8.In section 8(1AA)(b) (personal return: amount payable by way of...
9.In section 8A(1AA)(b) (trustee's return: amount payable by way of...
10.In section 9(1)(b) (self-assessment of amount payable by way of...
11.In section 12AA(1A)(b) (partnership return: amount payable by way of...
12.In section 12AB(5) (partnership statement), in the definition of “tax...
13.In section 59A(8)(b) (payments on account of income tax), after...
14.In section 59B(2)(b) (payment of income tax), after “397(1)” insert...
18.In section 403(1) (dividends from non-UK resident companies: income charged),...
19.In section 406 (dividends of non-UK resident companies: later charge...
20.In section 407 (dividends of non-UK resident companies: dividend payment...
22.In section 688(1) (income not otherwise charged), omit “full”.
24.In section 425(5) (gift aid: deductions when calculating total amount...
25.In section 504(4)(b) (provisions that do not apply to income...
26.(1) Section 567 (meaning of “overseas securities” etc ) is...
27.(1) Section 592 (no tax credits for borrower under stock...
28.(1) Section 593 (no tax credits for interim holder under...
29.(1) Section 594 (no tax credits for original owner under...
30.(1) Section 595 (meaning of “manufactured dividend”) is amended as...
31.In section 989 (definitions), in the definition of “tax credit”,...
Company gains from investment life insurance contracts
Company gains from investment life insurance contracts: consequential amendments etc
2.(1) Subsection (1C) of section 437 (general annuity business: income...
3.Omit sections 539 to 551A (corporation tax in respect of...
4.(1) Section 552 (information: duty of insurers) is amended as...
5.In section 552ZA(3) (information: supplementary provisions), omit “section 546C(7)(a) of...
6.In section 552A(12) (tax representatives)— (a) omit “this Chapter and”...
7.Omit sections 553 to 553C (further provisions about corporation tax...
11.In section 467(5) (persons liable: UK resident trustees), for paragraph...
12.In section 469(2) (two or more persons interested in policy...
13.Omit section 486 (exclusion of maturity of capital redemption policies...
14.In section 501 (part surrenders: loans)— (a) in subsection (1),...
15.In section 541B(7) (section 541A: further definitions), omit paragraph (b)...
16.In Schedule 1 (consequential amendments), omit paragraphs 210 to 221...
Reduction of basic rate of income tax: transitional relief for gift aid charities
Restriction on loss relief for non-active traders
Manufactured payments: anti-avoidance
3.In Chapter 5 of Part 2 (allowances and charges), insert...
4.After section 52 insert— Prevention of double relief Prevention of...
5.In section 58 (allocation of qualifying expenditure to pools), after...
6.(1) Section 205 (reduction of first-year allowances) is amended as...
7.(1) Section 210 (reduction of first-year allowances) is amended as...
8.(1) Section 217 (restrictions on allowances) is amended as follows....
9.After section 218 insert— Further restriction on annual investment allowance...
10.(1) Section 236 (additional VAT liability generates first-year allowance) is...
11.In section 237(1) (exceptions to section 236), after “liability is...
12.(1) Section 241 (no first-year allowance in respect of additional...
13.In section 263(3) (qualifying activities carried on in partnership), after...
14.In section 265(4) (successions: general), after “to” insert “ an...
15.In Part 2 of Schedule 1 (index of defined expressions),...
Part 2 Amendments of other enactments
Special rate expenditure and the special rate pool
3.In section 54(5) (the different kinds of pools), for “section...
4.In section 56(2) (amount of allowances and charges), for paragraph...
5.In section 65(1) (final chargeable period), for paragraph (b) substitute—...
6.In section 66 (list of provisions about disposal values), for...
9.For section 101 (long-life asset pool) substitute— Allocation of long-life...
10.For section 102 (6% writing-down allowance in respect of long-life...
12.In section 266(7) (certain provisions disapplied where election made under...
13.In Part 2 of Schedule 1 (index of defined expressions),...
Abolition of allowances: consequential amendments and savings
Part 1 Consequential amendments
2.In section 1 (capital allowances), omit— (a) subsection (2)(b) and...
3.In section 2(3) (general means of giving effect to capital...
4.In section 3 (claims for capital allowances), omit subsections (4)(b)...
5.(1) Section 186 (fixture on which an industrial buildings allowance...
6.In section 443(3) (disposal values and disposal events), omit “or...
7.In section 448(3) (additional VAT rebate generates disposal value), omit...
8.In section 537 (contribution allowances), omit “, 3, 4” in—...
9.Omit section 539 (contribution allowances: industrial buildings).
10.Omit section 540 (contribution allowances: agricultural buildings).
11.In section 542(1) (effect of transfers of trade on contribution...
12.In section 546 (introduction to Chapter 2 of Part 12),...
13.In section 564 (application of procedure in section 563)—
14.In section 567(1) (sales treated as for alternative amounts), omit...
16.In section 570 (elections: supplementary), omit— (a) in subsection (1),...
17.In section 570A(1) (avoidance affecting proceeds of balancing event), omit...
18.In section 573(1) (transfers treated as sales), omit “3,” and...
19.(1) Part 2 of Schedule 1 (index of defined expressions)...
20.In Schedule 3 (transitional provision and savings), omit—
Further provision about pension schemes
Benefit crystallisation event 3
5.In the table in section 216(1) (benefit crystallisation events), in...
6.Schedule 32 (benefit crystallisation events: supplementary) is amended as follows....
7.(1) Paragraph 10 (benefit crystallisation event 3: excepted circumstances) is...
8.After that paragraph insert— Benefit crystallisation event 3: threshold annual...
9.(1) Paragraph 11 (benefit crystallisation event 3: permitted margin) is...
10.In paragraph 13 (benefit crystallisation event 3: meaning of XP),...
11.In consequence of the amendment made by paragraph 7(3), in...
12.(1) The amendments made by paragraphs 9(2) and (3) come...
Stamp duty land tax: notification etc: consequential provision
2.(1) Section 79 (registration of land transactions) is amended as...
3.In section 81B(1) (declaration by person authorised to act on...
5.(1) Section 122 (index of defined expressions) is amended as...
10.Omit Part 3 of that Schedule (enquiry into self-certificate).
11.Accordingly, in the heading to Schedule 11, for “self-certificates” substitute...
12.In Schedule 15 (SDLT: partnerships), in paragraph 8(2), omit “or...
13.(1) In Schedule 16 (SDLT: trusts and powers), paragraph 6...
14.In Schedule 17A (SDLT: further provisions relating to leases), in...
Stamp duty land tax: special provisions for property-investment partnerships
Stamp duty: abolition of fixed duty on certain instruments
Part 1 Abolition of fixed duty
5.In section 66 (company's purchase of own shares), omit subsection...
6.In section 67(9) (transfer of securities between depositary receipt systems),...
7.In section 70(9) (transfer of securities between clearance systems), for...
8.In section 72A(1) (transfer of securities between depositary receipt system...
Part 2 Consequential provisions and saving
PRT: elections for oil fields to become non-taxable
Set off against oil profits: minor and consequential amendments
3.In section 343 (company reconstructions without change of ownership), in...
4.In section 393 (losses other than terminal losses), in subsection...
5.In section 393A (losses: set off against profits of the...
6.In section 768A (change in ownership: disallowance of carry back...
7.In section 826 (interest on tax overpaid), in subsection (7A)(b),...
8.(1) Schedule 19B (petroleum extraction activities: exploration expenditure supplement) is...
9.(1) Schedule 19C (petroleum extraction activities: ring fence expenditure supplement)...
Information and inspection powers
Part 9 Miscellaneous provisions and interpretation
Part 10 Consequential provisions
66.Omit section 19A (power to call for documents for purposes...
67.Omit section 20 (power to call for documents of taxpayer...
68.(1) Section 20B (restrictions on powers to call for documents...
69.(1) Section 20BB (falsification etc. of documents) is amended as...
71.In section 29(6)(c) (assessment where loss of tax discovered), omit...
72.Omit section 97AA (failure to produce documents under section 19A)....
75.(1) Section 107A (relevant trustees) is amended as follows.
76.In section 118 (interpretation), in the definition of “tax”, omit...
77.In Schedule 1A (claims etc. not included in returns), omit...
Social Security Administration (Northern Ireland) Act 1992 (c. 8)
Disclosure of tax avoidance schemes
Amendments of Part 7 of FA 2004
1.Part 7 of FA 2004 (disclosure of tax avoidance schemes)...
2.(1) Section 308 (duties of promoter) is amended as follows....
3.In section 311(1) (arrangements to be given reference number)—
4.For section 312 substitute— Duty of promoter to notify client...
5.(1) Section 313 (duty of parties to notifiable arrangements to...
6.For section 316 substitute— Information to be provided in form...
Time limits for assessments, claims etc.
2.In section 28C(5)(a) (time limit for determination of tax where...
3.In section 29(4) (assessment where loss of tax discovered), for...
4.In section 30B(5) (amendment of partnership statement where loss of...
5.In section 33(1) (claim for error or mistake), for “not...
6.In section 33A(2) (error or mistake in partnership return), for...
7.(1) Section 34 (ordinary time limit for assessments) is amended...
8.In section 35 (time limit: income received after year for...
9.(1) Section 36 (fraudulent or negligent conduct) is amended as...
10.In section 37A (effect of assessment where allowances transferred), for...
11.(1) Section 40 (assessment on personal representatives) is amended as...
12.In section 43(1) (time limit for making claims), for “five...
13.In section 43A(1)(b) (further assessments: claims etc), for the words...
14.In section 43C(1)(b) (consequential claims etc), for “attributable to fraudulent...
17.In section 36(2)(b) (claims for repayment of tax on sale...
18.In section 257AB(9) (elections in respect of married couple's allowance...
19.In section 257BB(5)(a) (notices in respect of transfer of relief...
20.In section 265(5) (notices in respect of transfer of blind...
21.In section 270(4) (claims for repayment of excess paid on...
22.In section 419(4) (claims for relief from tax where loan...
23.In section 500(4) and (9) (additional assessment to corporation tax...
24.In section 806(1) (time limit for claims for allowance under...
25.In section 806G(3)(a) (claims for the purposes of utilisation of...
26.In section 806M(7)(a) (claims for the purpose of carry forward...
37.Schedule 18 to FA 1998 (company tax returns) is amended...
38.In paragraph 36(5) (determination of tax payable if no return...
39.In paragraph 37(4) (determination of tax payable if notice complied...
40.In paragraph 40(3) (time limit for self-assessment superseding determination), for...
41.(1) Paragraph 43 (fraudulent or negligent conduct) is amended as...
42.(1) Paragraph 46 (general time limits for assessments) is amended...
43.In paragraph 51(1)(c) (relief in case of mistake in return),...
44.(1) Paragraph 53 (time limit for recovery of excessive payments...
45.In paragraph 55 (general time limit for making claims), for...
46.In paragraph 61(2) (consequential claims etc arising out of certain...
47.(1) Paragraph 65 (consequential claims) is amended as follows.
55.In section 40(1)(a) (election for transfer of blind person's allowance),...
56.In section 46(6)(b) (marriages and civil partnerships on or after...
57.In section 53(4)(a) (notice in respect of transfer of unused...
58.In section 155 (claim for loss relief against miscellaneous income),...
59.(1) Section 237 (EIS relief: time limits for assessments) is...
60.In section 372 (withdrawal or reduction of community investment tax...
61.In section 668(7) (claim for relief for unremittable transfer proceeds),...
62.In section 669(4) (claim for relief for unremittable transfer proceeds:...
Penalties: amendments of Schedule 24 to FA 2007
1.Schedule 24 to FA 2007 (penalties for errors) is amended...
2.(1) Paragraph 1 (error in taxpayer's document) is amended as...
3.After that paragraph insert— Error in taxpayer's document attributable to...
4.(1) Paragraph 2 (under-assessment by HMRC) is amended as follows....
5.(1) Paragraph 3 (degrees of culpability) is amended as follows...
6.In paragraph 4 (standard amount), after sub-paragraph (1) insert—
7.In paragraph 5(1) (potential lost revenue: normal rule), after “document”...
8.(1) Paragraph 6 (potential lost revenue: multiple errors) is amended...
9.(1) Paragraph 9 (reductions for disclosure) is amended as follows....
10.In paragraph 11(1) (special reduction), after “1” insert “ ,...
11.(1) Paragraph 12 (interaction with other penalties) is amended as...
14.For paragraph 16 substitute— (1) An appeal is to be brought to the First-tier...
15.In paragraph 18(3) (agency), after “penalty” insert “ under paragraph...
16.(1) Paragraph 19 (companies: officers' liability) is amended as follows....
17.In paragraph 21 (double jeopardy)— (a) for “P is” substitute...
18.In paragraph 22 (interpretation: introduction), for “26” substitute “ 27...
19.After paragraph 23 insert— “Tax”, without more, includes duty.
21.In consequence of this Schedule the following provisions are omitted—...
Penalties: failure to notify and certain VAT and excise wrongdoing
Amount of penalty: standard amount
6.(1) This paragraph sets out the penalty payable under paragraph...
6AA.(1) This paragraph makes provision in relation to offshore transfers....
6AB.Regulations under paragraph 21B of Schedule 24 to FA 2007...
6B.The penalty payable under any of paragraphs 2, 3(1) and...
6C.The penalty payable under paragraph 3(2) is 100% of the...
Interaction with other penalties and late payment surcharges
Alcoholic liquor duties: decisions subject to review and appeal
1.Schedule 5 to FA 1994 (customs and excise decisions subject...
2.(1) Sub-paragraph (1) of paragraph 3 (decisions under or for...
3.(1) Sub-paragraph (2) of paragraph 3 (decisions under regulations under...
5.(1) Sub-paragraph (3) of paragraph 3 (decisions under section 55,...
7.After paragraph 9 insert— The Finance Act 1995 Any decision by the Commissioners— (a) on a claim under...
Certificates of debt: consequential provision
Vehicle excise duty: offence of using or keeping unlicensed vehicle
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