Source: http://www.agreementdesk.co.uk/acts/finance-act-2008.php
Timestamp: 2017-11-23 05:10:14
Document Index: 427345943

Matched Legal Cases: ['art 2', 'art 1', 'art 2', 'art 3', 'art 1', 'art 2', 'art 1', 'art 2', 'art 1', 'art 1', 'art 2', 'art 2', 'art 1', 'art 2', 'art 3', 'art 4', 'art 1', 'art 2', 'art 2', 'art 1', 'art 1', 'art 2', 'art 3', 'art 1', 'art 2', 'art 1', 'art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 8', 'art 9', 'art 10', 'art 1', 'art 2', 'art 12', 'art 12', 'art 1', 'art 2', 'art 3']

Finance Act 2008 List of acts
1. Charge and main rates for 2008-09
2. Personal allowance for those aged under 65
3. Personal allowances for those aged 65 and over
4. Basic rate limit
5. Abolition of starting and savings rates and creation of starting rate for savings
6. Charge and main rates for financial year 2009
7. Small companies' rates and fractions for financial year 2008 etc
8. Rate etc
9. Entrepreneurs' relief
10. Transfer of unused nil-rate band etc
11. Rates of alcoholic liquor duty
12. Rates of tobacco products duty
13. Rates and rebates: simplification
14. Biodiesel and bioblend
15. Rates and rebates: increase from 1 October 2008
16. Fuel for aircraft and boats, heating oil and fuel for certain engines
17. Rates of vehicle excise duty
18. Standard rate of landfill tax
19. Rates of climate change levy
20. Rate of aggregates levy
21. Carbon reduction trading scheme: charges for allocations
22. Rates of gaming duty
23. Amusement machine licence duty
INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX_GENERAL
24. Periods of residence
25. Remittance basis
26. Rates of R&D relief and vaccine research relief
27. Qualifying expenditure: R&D relief and vaccine research relief
28. Companies in difficulty: SME R&D relief and vaccine research relief
29. Cap on R&D aid
30. Vaccine research relief: declaration about effect of relief
31. Enterprise investment scheme: increase in amount of relief
32. Venture capital schemes
33. Enterprise management incentives: qualifying companies
34. Tax credits for certain foreign distributions
35. Small companies' relief: associated companies
36. Company gains from investment life insurance contracts etc
37. Trade profits: changes in trading stock
38. Non-residents: investment managers
39. Dormant bank and building society accounts
40. Individual investment plan regulations
41. Tax treatment of participants in offshore funds
42. Regulations under section 41: supplementary
Insurance companies and friendly societies
43. Insurance companies etc
44. Friendly societies
45. Homes outside UK owned through company etc
46. In-work and return to work credits and payments
47. Company cars: lower threshold for CO2 emissions figure
48. Van fuel benefit
49. Employment-related securities etc: deductible amounts etc
50. Employment-related securities: repeal of obsolete provisions
51. Armed forces: the Council Tax Relief
52. Greater London Authority: severance payments
53. Gift aid: payments to charities
54. Community investment tax relief
55. Leases of plant or machinery
56. Sale of lessor companies etc
57. Double taxation relief
58. UK residents and foreign partnerships
59. UK residents and foreign enterprises
60. Restrictions on trade loss relief for individuals
61. Non-active partners
62. Financial arrangements avoidance
63. Manufactured payments
64. Controlled foreign companies
65. Intangible fixed assets: related parties
66. Repeal of obsolete anti-avoidance provisions
67. Income of beneficiaries under settlor-interested settlements
68. Income charged at dividend upper rate
69. Payments on account of income tax
70. Allowances etc for non-resident nationals of an EEA state
Plant and machinery: qualifying expenditure
71. Thermal insulation of buildings
72. Expenditure on required fire precautions
73. Integral features
74. Annual investment allowance
75. First-year allowance for small and medium-sized enterprises discontinued
76. Repeal of spent first-year allowances
77. Cars with low carbon dioxide emissions
78. Gas refuelling stations
79. First-year tax credits
80. Main rate of writing down allowance
81. Small pools
82. Special rate expenditure and the special rate pool
83. Existing long-life asset expenditure treated as special rate expenditure
Industrial and agricultural buildings allowances
84. Abolition of allowances from 2011
85. Phasing out of allowances before abolition
86. Qualifying enterprise zone expenditure: transitional provision
87. Phasing out of industrial buildings allowance: anti-avoidance
88. Power to make consequential and transitional provision
89. Balancing allowances on transfers of trade
90. Spreading of relief on indirect contributions
91. Inheritance etc of tax-relieved pension savings
92. Pension schemes: further provision
93. Zero-carbon homes
94. Notification and registration of transactions
95. Charge where consideration includes rent: 0% band
96. Withdrawal of group relief
97. Transfers of interests in property-investment partnerships
98. Exemption from ad valorem stamp duty for low value transactions
99. Abolition of fixed stamp duty on certain instruments
100. Gifts inter vivos
101. Loan capital
102. Meaning of “participator”
103. Abandonment expenditure: default by participator met by former participator
104. Abandonment expenditure: deductions from ring fence income
105. Abandonment expenditure: former participator reimbursed by defaulter
106. Returns of relevant sales of oil
107. Elections for oil fields to become non-taxable
108. Capital allowances: plant and machinery for use in ring fence trade
109. Capital allowances: decommissioning expenditure
110. Capital allowances: abandonment expenditure after ceasing ring fence trade
111. Losses: set off against profits of earlier accounting periods
112. Ring fence trade: no deduction for expenses of investment management
113. Information and inspection powers
114. Computer records etc
115. Record-keeping
116. Disclosure of tax avoidance schemes
117. Power to open or unpack containers
TIME LIMITS FOR CLIMS AND ASSESSMENTS ETC
118. Time limits for assessments, claims etc
119. Correction and amendment of tax returns
120. VAT: time limits for assessments of excess credits etc
121. Old VAT claims: extended time limits
122. Penalties for errors
123. Penalties for failure to notify etc
124. HMRC decisions etc: reviews and appeals
Customs and excise decisions subject to review and appeal
125. Alcoholic liquor duties
126. Security under CEMA 1979
127. Enforcement by taking control of goods: England and Wales
128. Summary warrant: Scotland
129. Consequential provision and commencement
130. Set-off: England and Wales and Northern Ireland
131. No set-off where insolvency procedure has been applied
132. VAT: requirement to set-off
133. Set-off etc where right to be paid a sum has been transferred
134. Retained funding bonds: tender by Commissioners
135. Interest on unpaid tax in case of disaster etc of national significance
136. Fee for payment
137. County court proceedings
138. Certificates of debt
139. Interpretation of Chapter
140. Charge on termination of interest in possession where new interest acquired
141. Interest in possession settlements: extension of transitional period
142. Tax representatives
143. Overseas insurers
144. Rebates
145. Offence of using or keeping unlicensed vehicle
146. Rates for new lower-emission vans
147. Not exhibiting licence: period of grace
148. Reduced pollution certificates
149. Climate change levy: coal mine methane no longer to be renewable source
150. Climate change levy accounting documents: abolition of self-identification
151. Landfill tax credit: withdrawing approval of environmental bodies
152. Aviation duty
153. Air passenger duty: class of travel with large seat pitch
154. Stamp duty and stamp duty reserve tax: alternative finance investment bonds
155. Alternative property finance: anti-avoidance
156. Alternative finance arrangements: power to vary Chapter 5 of Part 2 of FA 2005
157. Government borrowing: alternative finance arrangements
Payments from Exchequer accounts
158. Power of Treasury to make payments
159. Payments from certain Exchequer accounts: mechanism
160. Power to give statutory effect to concessions
161. Fuel duty: definition of “ultra low sulphur diesel”
162. Duties: abolition of disregard of fractions of penny
163. National savings
164. EU emissions trading: criminal offences
165. Interpretation
166. Short title
Schedule 1: Abolition of starting and savings rates and creation of starting rate for savings
Part 1: Amendments of ITA 2007
Part 2: Other amendments
Part 3: Commencement
Schedule 2: Capital gains tax reform
Schedule 3: Entrepreneurs' relief
Schedule 4: Inheritance tax: transfer of nil-rate band etc
Schedule 5: Fuel duty: biodiesel and bioblend
Schedule 6: Aircraft and boat fuel, heating oil and fuel used for certain engines
Part 1: Fuel used in aircraft and boats
Part 2: Heavy oil used for heating or as fuel for certain engines
Schedule 7: Remittance basis
Part 1: Main provisions
Part 2: Non-resident companies and trusts etc
Schedule 8: Rates of research and development relief and vaccine research relief
Schedule 9: Companies in difficulty: SME R&D relief and vaccine research relief
Schedule 10: Cap on R&D aid
Part 1: Calculation of total R&D aid
Schedule 11: Venture capital schemes
Schedule 12: Tax credit for certain foreign distributions
Part 1: The tax credit
Part 2: Consequential provision
Schedule 13: Company gains from investment life insurance contracts
Schedule 14: Company gains from investment life insurance contracts: consequential amendments etc
Schedule 15: Changes in trading stock
Part 2: Corporation tax
Schedule 16: Non-residents: investment managers
Part 1: Eligibility to be UK representative
Part 2: Eligibility to be agent of independent status
Part 3: Non-residents liable to tax: disregarded investment income or profits
Part 4: Commencement
Schedule 17: Insurance companies etc
Schedule 18: Friendly societies
Schedule 19: Reduction of basic rate of income tax: transitional relief for gift aid charities
Schedule 20: Leases of plant or machinery
Schedule 21: Restriction on loss relief for non-active traders
Schedule 22: Avoidance involving financial arrangements
Schedule 23: Manufactured payments: anti-avoidance
Schedule 24: Annual investment allowance
Part 1: Amendments of CAA 2001
Part 2: Amendments of other enactments
Schedule 25: First-year tax credits
Schedule 26: Special rate expenditure and the special rate pool
Part 2: Commencement etc
Schedule 27: Abolition of allowances: consequential amendments and savings
Part 1: Consequential amendments
Schedule 28: Inheritance of tax-relieved pension savings
Schedule 29: Further provision about pension schemes
Schedule 30: Stamp duty land tax: notification etc: consequential provision
Schedule 31: Stamp duty land tax: special provisions for property-investment partnerships
Part 1: Transfer of interest in partnership: “relevant partnership property”
Part 2: Elections in respect of interest transferred to partnership
Part 3: Transitional provision
Schedule 32: Stamp duty: abolition of fixed duty on certain instruments
Part 1: Abolition of fixed duty
Part 2: Consequential provisions and saving
Schedule 33: PRT: elections for oil fields to become non-taxable
Part 1: New Schedule 20A to FA 1993
Schedule 34: Oil decommissioning expenditure: consequential amendments
Schedule 35: Set off against oil profits: minor and consequential amendments
Schedule 36: Information and inspection powers
Part 1: Powers to obtain information and documents
Part 2: Powers to inspect businesses etc
Part 3: Further powers
Part 4: Restrictions on powers
Part 5: Appeals against information notices
Part 6: Special cases
Part 8: Offence
Part 9: Miscellaneous provisions and interpretation
Part 10: Consequential provisions
Schedule 37: Record-keeping
Schedule 38: Disclosure of tax avoidance schemes
Schedule 39: Time limits for assessments, claims etc.
Schedule 40: Penalties: amendments of Schedule 24 to FA 2007
Schedule 41: Penalties: failure to notify and certain VAT and excise wrongdoing
Schedule 42: Alcoholic liquor duties: decisions subject to review and appeal
Schedule 43: Taking control of goods etc: consequential provision
Part 1: Consequential provision: taking control of goods
Part 2: Consequential provision: summary warrant
Schedule 44: Certificates of debt: consequential provision
Schedule 45: Vehicle excise duty: offence of using or keeping unlicensed vehicle
Schedule 46: Government borrowing: alternative finance arrangements
(1) Income tax is charged for the tax year 2008-09.
(b) the higher rate is 40%.
(b) section 257(1) of ICTA,
(b) section 257C of ICTA, so far as relating to the amount specified in section 257(1) of that Act,
(a) the amount specified in section 36(1) of ITA 2007 and section 257(2) of ICTA (personal allowance for those aged 65 to 74) is replaced with “£9,030”, and
(b) the amount specified in section 37(1) of ITA 2007 and section 257(3) of ICTA (personal allowance for those aged 75 and over) is replaced with “£9,180”.
“(5) The basic rate limit is £34,800.”
(3) In subsection (2), omit “starting rate,”.
“(a) section 7 (starting rate for savings),”.
(5) Accordingly, in the heading omit “starting rate,”.
(3) In subsection (2) “ring fence profits” has the same meaning as in Chapter 5 of Part 12 of ICTA (see section 502(1) and (1A)).
(a) 7/400ths in relation to profits of companies other than ring fence profits (“the standard fraction”), and
(b) 11/400ths in relation to ring fence profits of companies (“the ring fence fraction”).
(4) In this section “ring fence profits” has the same meaning as in Chapter 5 of Part 12 of ICTA (see section 502(1) and (1A)).
“4 Rate of capital gains tax
The rate of capital gains tax is 18%.”
(1) ALDA 1979 is amended as follows.
(2) In section 5 (rate of duty on spirits), for “£19.56” substitute “£21.35”.
(3) In section 36(1AA)(a) (standard rate of duty on beer), for “£13.71” substitute “£14.96”.
(a) in paragraph (a) (rate of duty per hectolitre in the case of sparkling cider of a strength exceeding 5.5 per cent), for “£172.33” substitute “£188.10”,
(b) in paragraph (b) (rate of duty per hectolitre in the case of cider of a strength exceeding 7.5 per cent which is not sparkling cider), for “£39.73” substitute “£43.37”, and
(c) in paragraph (c) (rate of duty per hectolitre in any other case), for “£26.48” substitute “£28.90”.
WINE OR MADE-WINE OF A STENGTH NOT EXCEEDING 22 PER CENT
Description of wine or made-wine Rates of duty per litre of alcohol in the wine or made-wine
(b) in subsection (3C), “; and petrol is “leaded petrol” if it is not unleaded petrol”, and
“(1A) The rates are—
(c) £0.5035 a litre in the case of heavy oil.”
(4) In section 6AB(5) (duty on bioblend), omit the words from “of the description” to the end.
(a) in paragraph (b), “which is not ultra low sulphur diesel”, and
(6) In section 13AA(6) (restrictions on use of rebated kerosene), omit “which is not ultra low sulphur diesel or sulphur-free diesel”.
(8) In section 20AAA(4)(a) (mixing of rebated oil), for “section 6(1A)(d)” substitute “section 6A(1A)(c)”.
(a) in the definition of “rebate”, omit “13A,”,
(b) omit the definitions of “sulphur-free diesel”, “sulphur-free petrol”, “ultra low sulphur diesel” and “ultra low sulphur petrol”, and
(c) for “and “leaded petrol” have” substitute “has”.
(10) In Article 21(7) of the Renewable Transport Fuel Obligations Order 2007 (S.I.2007/3072), for “sulphur-free petrol” substitute “unleaded petrol”.
15 Rates and rebates: increase from 1 October 2008
(2) In section 6(1A) (main rates)—
(a) in paragraph (a) (unleaded petrol), for “£0.5035” substitute “£0.5235”,
(b) in paragraph (b) (light oil other than unleaded petrol), for “£0.6007” substitute “£0.6207”, and
(c) in paragraph (c), (heavy oil), for “£0.5035” substitute “£0.5235”.
(3) In section 6AA(3) (rate of duty on biodiesel), for “£0.3035” substitute “£0.3235”.
(4) In section 6AD(3) (rate of duty on bioethanol), for “£0.3035” substitute “£0.3235”.
(5) In section 8(3) (road fuel gas)—
(a) in paragraph (a) (natural road fuel gas), for “£0.1370” substitute “£0.1660”, and
(b) in paragraph (b) (other road fuel gas), for “£0.1649” substitute “£0.2077”.
(6) In section 11(1) (rebate on heavy oil)—
(a) in paragraph (a) (fuel oil), for “£0.0929” substitute “£0.0966”, and
(b) in paragraph (b) (gas oil), for “£0.0969” substitute “£0.1007”.
(7) In section 14(1) (rebate on light oil for use as furnace fuel), for “£0.0929” substitute “£0.0966”.
(8) In section 14A(2) (rebate on certain biodiesel), for “£0.0969” substitute “£0.1007”.
(9) The amendments made by this section come into force on 1 October 2008.
16 Fuel for aircraft and boats, heating oil and fuel for certain engines
(1) In section 6(1A) of HODA 1979 (main rates)—
“(aa) £0.3103 a litre in the case of aviation gasoline,”, and
(b) in paragraph (b), after “petrol” insert “or aviation gasoline”.
(2) The amendments made by subsection (1) come into force on 1 November 2008.
(3) Schedule 6 contains—
(a) in Part 1, provision consequential on subsection (1) and provision about fuel used for private pleasure-flying or private pleasure craft, and
(b) in Part 2, provision about certain heavy oil used for heating or as fuel for certain engines.
17 Rates of vehicle excise duty
(1) Schedule 1 to VERA 1994 (annual rates of duty) is amended as follows.
(2) In paragraph 1 (general)—
(a) in sub-paragraph (2) (vehicle not covered elsewhere in Schedule otherwise than with engine cylinder capacity not exceeding 1,549cc), for “£180” substitute “£185”, and
(b) in sub-paragraph (2A) (vehicle not covered elsewhere in Schedule with engine cylinder capacity not exceeding 1,549cc), for “£115” substitute “£120”.
(3) In paragraph 1B (graduated rates for light passenger vehicles), for the table substitute—
Exceeding Not exceeding Reduced rate Standard rate
g/km g/km £ £
100 120 15 35
120 150 100 120
150 165 125 45
165 185 150 170
185 225 195 210
225 - 385 400
The table has effect in relation to vehicles first registered before 23 March 2006 as if—
(a)in column (3), in the last row, “195” were substituted for “385”, and
(b)in column (4), in the last row, “210” were substituted for “400”.”
(4) In paragraph 1J (light goods vehicles)—
(a) in sub-paragraph (a) (vehicle which is not lower-emission van), for “£175” substitute “£180”, and
(b) in sub-paragraph (b) (lower-emission van), for “£115” substitute “£120”.
(5) In paragraph 2(1) (motorcycles)—
(a) in paragraph (b) (motorbicycle and engine’s cylinder capacity more than 150cc but not more than 400cc), for “£32” substitute “£33”,
(b) in paragraph (c) (motorbicycle and engine’s cylinder capacity more than 400cc but not more than 600cc), for “£47” substitute “£48”, and
(c) in paragraph (d) (any other case), for “£64” substitute “£66”.
(6) The amendments made by this section have effect in relation to licences taken out on or after 13 March 2008.
18 Standard rate of landfill tax
(1) In section 42(1)(a) and (2) of FA 1996 (amount of landfill tax), for “£32” substitute “£40”.
(2) The amendments made by subsection (1) come into force on 1 April 2009 and have effect in relation to disposals made (or treated as made) on or after that date.
19 Rates of climate change levy
(1) In Schedule 6 to FA 2000 (climate change levy), for the table in paragraph 42(1) substitute—
Taxable commodity supplied Rate at which levy payable if supply is not a reduced-rate supply
(2) The amendment made by subsection (1) has effect in relation to supplies treated as taking place on or after 1 April 2009.
20 Rate of aggregates levy
(1) In section 16(4) of FA 2001 (rate of aggregates levy), for “£1.95” substitute “£2”.
(2) The amendment made by subsection (1) has effect in relation to aggregate subjected to commercial exploitation on or after 1 April 2009.
21 Carbon reduction trading scheme: charges for allocations
(1) The Treasury may impose charges by providing for carbon reduction trading scheme allowances to be allocated in return for payment.
(2) The charges may only be imposed by regulations.
(3) The regulations may make any other provision about allocations of allowances which the Treasury consider appropriate, including (in particular)—
(a) provision as to the imposition of fees, and as to the making and forfeiting of deposits, in connection with participation in the allocations,
(b) provision as to the persons by whom allocations are to be conducted,
(c) provision for allocations to be overseen by an independent person appointed by the Treasury,
(d) provision for the imposition and recovery of penalties for failure to comply with the terms of a scheme made under subsection (4),
(e) provision for and in connection with the recovery of payments due in respect of allowances allocated (including provision as to the imposition and recovery of interest and penalties), and
(f) provision conferring rights of appeal against decisions made in allocations, the forfeiting of deposits and the imposition of penalties (including provision specifying the person, court or tribunal to hear and determine appeals).
(4) The Treasury may make schemes about the conduct and terms of allocations (to have effect subject to any regulations under this section); and schemes may in particular include provision about—
(a) who may participate in allocations,
(b) the allowances to be allocated, and
(c) where and when allocations are to take place.
“carbon reduction trading scheme allowances” means tradeable allowances that—
(a)are provided for in a relevant trading scheme, and
(b)represent the right to carry on a specified amount of activities that consist of the emission of greenhouse gas or that cause or contribute, directly or indirectly, to such emissions;
“relevant trading scheme” means a trading scheme that—
(a)is made under Part 3 of the Climate Change Act 2008,
(b)applies to persons by reference to their consumption of electricity (whether or not by reference to other matters as well), and
(c)applies only to persons who consume electricity—
(i) for business or charitable purposes, or
(ii) for the performance of functions of a public nature,
(whether or not they also consume electricity for other purposes);
“specified” means specified in the relevant trading scheme.
(6) Regulations under this section are to be made by statutory instrument.
(7) A statutory instrument containing the first regulations under this section may not be made unless a draft of the regulations has been laid before, and approved by a resolution of, the House of Commons.
(8) Any other statutory instrument containing regulations under this section is subject to annulment in pursuance of a resolution of the House of Commons unless a draft of the regulations has been laid before, and approved by a resolution of, that House.
22 Rates of gaming duty
(1) For the table in section 11(2) of FA 1997 substitute—
Part of gross gaming yield Rate
The next £2,307,000 30 30 per cent
(2) The amendment made by subsection (1) has effect in relation to accounting periods beginning on or after 1 April 2008.
23 Amusement machine licence duty
(1) In section 23(2) of BGDA 1981 (amount of duty payable on amusement machine licence), for the table substitute—
Months for which licence granted Category A Category B1 Category B2 Category B3 Category B4 Category C
(2) The amendment made by subsection (1) has effect in relation to cases where the application for the amusement machine licence is received by the Commissioners for Her Majesty’s Revenue and Customs after 4pm on 14 March 2008.
See more for Finance Act 2008