Source: http://www.agreementdesk.co.uk/acts/finance-act-2007.php
Timestamp: 2017-09-24 06:47:49
Document Index: 767737692

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

Finance Act 2007 List of acts
CHARGES, RATES, THRESHOLDS ETC
1. Charge and rates for 2007-08
2. Charge and main rates for financial year 2008
3. Small companies' rates and fractions for financial year 2007
4. Rates and rate bands for 2010-11
5. Rates of duty on alcoholic liquor
6. Rates of tobacco products duty
7. Rates of gaming duty
8. Remote gaming duty
9. Amusement machine licence duty
10. Fuel duty rates and rebates
11. Rates of vehicle excise duty
12. Rates of air passenger duty
13. Rates of climate change levy
14. Rate of aggregates levy
15. Rates of landfill tax
16. Emissions trading: charges for allocations
Energy-saving: houses
17. Corporation tax deduction for expenditure on energy-saving items
18. Extension of income tax deduction for expenditure on energy-saving items
19. SDLT relief for new zero-carbon homes
20. Income tax exemption for domestic microgeneration
21. Renewables obligation certificates for domestic microgeneration
22. Aggregates levy: exemption for aggregate removed from railways etc
23. Climate change levy: reduced-rate supplies etc
24. Landfill tax: bodies concerned with the environment
25. Managed service companies
26. Restrictions on trade loss relief for partners
27. Extension of restrictions on allowable capital losses
28. Restriction on expenses of management
29. Life policies etc: effect of rebated or reinvested commission
30. Avoidance involving financial arrangements
31. Companies carrying on business of leasing plant or machinery
32. Restrictions on companies buying losses or gains: tax avoidance schemes
33. Lloyd’s corporate members: restriction of group relief
34. Employee benefit contributions
35. Schemes etc designed to increase double taxation relief
36. Industrial and agricultural buildings allowances
37. Temporary increase in first-year capital allowances for small enterprises
Insurance and friendly societies
38. Insurance companies: gross roll-up business etc
39. Insurance companies: basis of taxation etc
40. Insurance companies: transfers etc
41. Insurance companies: miscellaneous
42. Technical provisions made by general insurers
43. Lloyd's: cessation of business by corporate members
44. Transfers of business by friendly societies to insurance companies etc
45. Tax exempt business of friendly societies
46. Purchased life annuities: self-assessment
47. Sale and repurchase of securities
48. Controlled foreign companies
49. Vaccine research relief: amount of deduction for SMEs
50. Research and development tax relief: definition of SME etc
51. Venture capital schemes etc
52. Real Estate Investment Trusts
53. Alternative finance investment bond
54. Profit share agency
55. Trust income
56. Trust gains on contracts for life insurance
Other corporation tax measures
57. Offshore funds
58. Election out of special film rules for film production companies
59. Securitisation companies
60. Gift aid: limits
61. Enterprise management incentives: excluded activities
62. Benefits code: whether employment is “lower-paid employment”
63. Armed forces redundancy schemes
64. Armed forces: the Operational Allowance
65. Service charge income
66. Charge on benefits received by former owner of property: late elections
67. Unpaid remuneration and employee benefit contributions
68. Abolition of contributions relief for life assurance premium contributions
69. Alternatively secured pensions etc
SDLT, STAMP DUTY AND SDRT
71. Anti-avoidance
72. Partnerships
Reliefs in relation to shares etc
73. Exemptions: intermediaries, repurchases etc
74. Acquisition relief: disregard of company holding own shares
75. SDLT: alternative finance arrangements
76. SDLT: exchanges
77. SDLT: shared ownership trusts
78. SDLT: shared ownership lease
79. Certain transfers of school land
SDLT: administration
80. Payment of tax
81. Self-certificate declarations
INVESTIGATION, ADMINISTRATION ETC
Investigation etc
82. Criminal investigations: powers of Revenue and Customs
83. Northern Ireland criminal investigations
84. Sections 82 and 83: supplementary
85. Criminal investigations: Scotland
86. Search warrants
87. Cross-border exercise of powers
88. Personal tax returns
89. Trustee’s tax return
90. Partnership tax returns
91. Consequential amendments
93. Mandatory electronic filing of returns
94. Mandatory electronic payment
95. Payment by cheque
96. Enquiry into returns
97. Penalties for errors
98. VAT: joint and several liability of traders in supply chain where tax unpaid
99. VAT: non-business use etc of business goods
100. VAT: transfers of going concerns
101. IPT: meaning of “premium”
102. Abolition of PRT for fields recommissioned after earlier decommissioning
103. Tax-exempt tariffing receipts
104. Allowance of unrelievable loss from abandoned field
105. Amendments connected with Gambling Act 2005
106. VED: exempt vehicles
107. Limitation period in old actions for mistake of law relating to direct tax
108. Disclosure of tax avoidance schemes
109. Meaning of “recognised stock exchange” etc
110. Mergers Directive: regulations
111. Excise duties: small consignment relief
112. Updating references to Standing Committees
114. Repeals
Schedule 1: Remote gaming duty
Part 1: Imposition of duty
Schedule 2: Climate change levy: reduced-rate supplies etc
Schedule 3: Managed service companies
Part 1: Amendments of ITEPA 2003
Part 2: Calculation of profits of MSCs: deduction for deemed employment payments
Schedule 4: Restrictions on trade loss relief for partners
Schedule 5: Avoidance involving financial arrangements
Schedule 6: Companies carrying on business of leasing plant or machinery
Schedule 7: Insurance business: gross roll-up business etc
Part 2: Transitional provisions
Schedule 8: Insurance companies: basis of taxation etc
Schedule 9: Insurance companies: transfers etc
Schedule 10: Insurance companies: miscellaneous
Schedule 11: Technical provisions made by general insurers
Schedule 12: Friendly societies: transfers to insurance companies etc
Schedule 13: Sale and repurchase of securities
Schedule 14: Sale and repurchase of securities: minor and consequential amendments
Schedule 15: Controlled foreign companies
Schedule 16: Venture capital schemes etc
Part 1: Limit on number of employees of company in which investment is made
Part 2: Limit on amount raised annually by company through risk capital schemes
Part 3: Excluded activities: receipt of royalties and licence fees
Part 4: Meaning of “qualifying 90% subsidiary”
Part 5: Other amendments
Schedule 17: Real Estate Investment Trusts
Schedule 18: Pensions schemes: abolition of relief for life assurance premium contributions etc
Schedule 19: Alternatively secured pensions and transfer lump sum death benefit etc
Schedule 20: Pension schemes etc: miscellaneous
Schedule 21: Exemptions from stamp duty and SDRT: intermediaries, repurchases etc
Schedule 22: Amendments and repeals consequential on extension of HMRC powers
Part 2: Repeals
Schedule 23: Extension of HMRC powers: Scotland
Schedule 24: Penalties for errors
Part 1: Liability for penalty
Part 2: Amount of penalty
Schedule 25: Amendments connected with Gambling Act 2005
Part 1: Amendments of the Tax Acts
Part 2: Amendments of BGDA 1981
Part 3: Amendments of FA 1993 relating to lottery duty
Part 4: Amendments of FA 1997 relating to gaming duty
Part 5: Miscellaneous amendments
Part 6: Commencement
Schedule 26: Meaning of “recognised stock exchange” etc
Schedule 27: Repeals
Part 3: Pensions
Part 4: SDLT, stamp duty and SDRT
Part 5: Investigation, administration etc
1 Charge and rates for 2007-08
Income tax is charged for the tax year 2007-08; and for that tax year—
2 Charge and main rates for financial year 2008
(1) Corporation tax is charged for the financial year 2008; and for that year the rate of corporation tax is—
(2) 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)).
3 Small companies' rates and fractions for financial year 2007
(1) For the financial year 2007 the small companies' rate is—
(2) For the financial year 2007 the fraction mentioned in section 13(2) of ICTA is—
(a) 1/40th in relation to profits of companies other than ring fence profits (“the standard fraction”), and
(a) a company makes a claim under subsection (2) of section 13 of ICTA in respect of any accounting period any part of which falls in the financial year 2007, and
(b) its profits for that accounting period consist of both ring fence profits and other profits,
(4) The corporation tax charged on its basic profits for that period is reduced by the aggregate of—
(a) the sum equal to the ring fence fraction of the ring fence amount, and
(b) the sum equal to the standard fraction of the remaining amount.
(5) For the purposes of subsection (4)(a) “the ring fence amount” is the amount given by the formula—
(MR-PR)*IR/PR
(6) For the purposes of subsection (4)(b) “the remaining amount” is the amount given by the formula—
(MNR-PNR)*INR/PNR
(7) 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 Rates and rate bands for 2010-11
(1) For the Table in Schedule 1 to IHTA 1984 substitute—
Portion of value Rate of tax
Lower limit (£) Upper limit (£) Per cent.
0 350,000 Nil
350,000 — 40”
(2) The amendment made by subsection (1) has effect in relation to chargeable transfers made on or after 6th April 2010.
(3) That amendment does not affect the application of section 8 of IHTA 1984 (indexation) by virtue of the difference between the retail prices index for September 2009, or September in any later year, and that for September in the following year.
(4) But that section does not have effect by virtue of the difference between the retail prices index for September 2008 and that for September 2009.
5 Rates of duty on alcoholic liquor
(1) The Alcoholic Liquor Duties Act 1979 (c. 4) is amended as follows.
(2) In section 36(1AA)(a) (standard rate of duty on beer), for “£13.26” substitute “£13.71”.
(3) In section 62(1A) (rates of duty on cider)—
(a) in paragraph (a) (rate of duty per hectolitre in the case of sparkling cider of a strength exceeding 5.5 per cent), for “£166.70” substitute “£172.33”,
(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 “£38.43” substitute “£39.73”, and
(c) in paragraph (c) (rate of duty per hectolitre in any other case), for “£25.61” substitute “£26.48”.
(4) For Part 1 of the Table in Schedule 1 substitute—
Wine or made-wine of a strength not exceeding 4 per cent 54.85
Wine or made-wine of a strength exceeding 4 per cent but not exceeding 5.5 per cent 75.42
Wine or made-wine of a strength exceeding 5.5 per cent but not exceeding 15 per cent and not sparkling 177.99
Sparkling wine or sparkling made-wine of a strength exceeding 5.5 per cent but less than 8.5 per cent 172.33
Sparkling wine or sparkling made-wine of a strength of 8.5 per cent or of a strength exceeding 8.5 per cent but not exceeding 15 per cent 227.99
Wine or made-wine of a strength exceeding 15 per cent but not exceeding 22 per cent 237.31”.
(5) The amendments made by this section are deemed to have come into force on 26th March 2007.
6 Rates of tobacco products duty
(1) For the Table in Schedule 1 to the Tobacco Products Duty Act 1979 (c. 7) substitute—
1. Cigarettes An amount equal to 22 per cent of the retail price plus £108.65 per thousand cigarettes.
2. Cigars £158.24 per kilogram.
3. Hand-rolling tobacco £113.74 per kilogram.
4. Other smoking tobacco and chewing tobacco £69.57 per kilogram.”
(2) The amendment made by subsection (1) is deemed to have come into force at 6 p.m. on 21st March 2007.
7 Rates of gaming duty
The first £1,836,500 15 per cent.
The next £1,266,000 20 per cent.
The next £2,217,500 30 per cent.
The next £4,680,000 40 per cent.
The remainder 50 50 per cent.”
(2) In section 11(3) of that Act, for “40 per cent” substitute “50 per cent”.
(3) The amendments made by this section have effect in relation to accounting periods beginning on or after 1st April 2007.
8 Remote gaming duty
(1) Schedule 1 contains amendments of and relating to Part 2 of BGDA 1981 (gaming duties) imposing a remote gaming duty.
(2) The amendments made by Schedule 1 have effect in respect of the provision of facilities on or after a date appointed by the Commissioners for Her Majesty’s Revenue and Customs by order made by statutory instrument.
9 Amusement machine licence duty
(1) Section 23 of BGDA 1981 (amount of duty payable on amusement machine licence) is amended as follows.
(2) In subsection (3), in the definition of “Category C”, in paragraph (ii)(b) for “£25” substitute “£35”.
“(7) The Commissioners may by order substitute for a sum for the time being specified in subsection (3) such higher sum as they consider appropriate.”
(4) Subsection (2) is deemed to have come into force on 22nd March 2007.
10 Fuel duty rates and rebates
(a) in paragraph (a) (ultra low sulphur petrol), for “£0.4835” substitute “£0.5035”,
(b) in paragraph (aa) (sulphur-free petrol), for “£0.4835” substitute “£0.5035”,
(c) in paragraph (b) (light oil other than ultra low sulphur petrol and sulphur-free petrol), for “£0.5768” substitute “£0.6007”,
(d) in paragraph (c) (ultra low sulphur diesel), for “£0.4835” substitute “£0.5035”,
(e) in paragraph (ca) (sulphur-free diesel), for “£0.4835” substitute “£0.5035”, and
(f) in paragraph (d) (heavy oil other than ultra low sulphur diesel and sulphur-free diesel), for “£0.5468” substitute “£0.5694”.
(3) In section 6AA(3) (biodiesel), for “£0.2835” substitute “£0.3035”.
(4) In section 6AD(3) (bioethanol), for “£0.2835” substitute “£0.3035”.
(a) in paragraph (a) (natural road fuel gas), for “£0.1081” substitute “£0.1370”, and
(b) in paragraph (b) (other road fuel gas), for “£0.1221” substitute “£0.1649”.
(a) in paragraph (a) (fuel oil), for “£0.0729” substitute“£0.0929”,
(b) in paragraph (b) (gas oil which is not ultra low sulphur diesel), for “£0.0769” substitute “£0.0969”, and
(c) in paragraph (ba) (ultra low sulphur diesel), for “£0.0769” substitute “£0.0969”.
(7) In section 13A(1) (rebate on unleaded petrol), for “£0.0617” substitute “£0.0642”.
(8) In section 14(1) (rebate on light oil for use as furnace oil), for “£0.0729” substitute “£0.0929”.
(9) The amendments made by this section come into force on 1st October 2007.
11 Rates of vehicle excise duty
(a) in sub-paragraph (2) (vehicle not covered elsewhere in Schedule otherwise than with engine cylinder capacity not exceeding 1,549cc), for “£175” substitute “£180”, and
(b) in sub-paragraph (2A) (vehicle not covered elsewhere in Schedule with engine cylinder capacity not exceeding 1,549cc), for “£110” substitute “£115”.
(3) Paragraph 1B (graduated rates for light passenger vehicles) is amended as follows.
(4) For the words from “Table A” to “date,” substitute “the following table”.
(5) For “, or is liable to the standard rate or the premium” substitute “or is liable to the standard”.
(6) For Tables A and B substitute—
(1) (2)(3) (3) (4)
120 150 95 115
150 165 120 140
165 185 145 165
185 225 190 205
225 - 285 300
The table has effect in relation to vehicles first registered before 23rd March 2006 as if—
(7) For paragraphs 1D and 1E substitute—
“The standard rate
1D A vehicle is liable to the standard rate of duty if it does not qualify for the reduced rate of duty.”
(8) In paragraph 1J (light goods vehicles)—
(a) in sub-paragraph (a) (vehicle which is not lower-emission van), for “£170” substitute “£175”, and
(b) in sub-paragraph (b) (lower-emission van), for “£110” substitute “£115”.
(9) In paragraph 2(1) (motorcycles)—
(a) in paragraph (b) (motorbicycle and engine’s cylinder capacity more than 150cc but not more than 400cc), for “£31” substitute “£32”,
(b) in paragraph (c) (motorbicycle and engine’s cylinder capacity more than 400cc but not more than 600cc), for “£46” substitute “£47”, and
(c) in paragraph (d) (any other case), for “£62” substitute “£64”.
(10) The amendments made by this section have effect in relation to licences taken out on or after 22nd March 2007.
12 Rates of air passenger duty
(1) Section 30 of FA 1994 (rates of air passenger duty) is amended as follows.
(2) In subsection (3A) (destinations in EEA States and qualifying territories etc)—
(a) in paragraph (a) (standard class travel), for “£5” substitute “£10”, and
(b) in paragraph (b) (any other case), for “£10” substitute “£20”.
(3) In subsection (4) (other destinations)—
(a) in paragraph (a) (standard class travel), for “£20” substitute “£40”, and
(b) in paragraph (b) (any other case), for “£40” substitute “£80”.
(4) The amendments made by this section have effect in relation to any carriage of a passenger on an aircraft which begins on or after 1st February 2007.
(5) But if the amount of duty due from any operator in the accounting period ending before 21st March 2007 increased as a result of those amendments, the operator is to pay the amount of that increase as if it became due in the first accounting period ending after that day.
(6) Expressions which are used in subsection (5) and in the Air Passenger Duty Regulations 1994 (S.I. 1994/1738) have the same meaning in that subsection as in those regulations.
13 Rates of climate change levy
(1) For the Table in paragraph 42(1) of Schedule 6 to FA 2000 substitute—
Electricity £0.00456 per kilowatt hour
Gas supplied by a gas utility or any gas supplied in a gaseous state that is of a kind supplied by a gas utility £0.00159 per kilowatt hour
Any petroleum gas, or other gaseous hydrocarbon, supplied in a liquid state £0.01018 per kilogram
Any other taxable commodity £0.01242 per kilogram”.
(2) The amendment made by subsection (1) has effect in relation to supplies treated as taking place on or after 1st April 2008.
14 Rate of aggregates levy
(1) In section 16(4) of FA 2001 (rate of aggregates levy), for “£1.60” substitute “£1.95”.
(2) The amendment made by subsection (1) has effect in relation to aggregate subjected to commercial exploitation on or after 1st April 2008.
15 Rates of landfill tax
(1) Section 42 of FA 1996 (amount of landfill tax) is amended as follows.
(a) subsection (1)(a) (the standard rate), and
(b) subsection (2) (reference to the standard rate taken to be £2 in cases of disposals of qualifying material),
(3) The amendments made by subsection (2) have effect in relation to disposals made (or treated as made) on or after 1st April 2007 (but before 1st April 2008).
(4) In subsection (1)(a), for “£24” substitute “£32” and, in subsection (2), for “£24 were to £2” substitute “£32 were to £2.50”.
(5) The amendments made by subsection (4) come into force on 1st April 2008 and have effect in relation to disposals made (or treated as made) on or after that date.
16 Emissions trading: charges for allocations
(1) The Treasury may impose charges by providing for Community tradeable emissions allowances to be allocated in return for payment.
(2) The Treasury must by regulations make provision for and in connection with allocations of allowances in return for payment.
(3) The regulations must provide for allocations to be overseen by an independent person appointed by the Treasury.
(4) The regulations may make any other provision about allocations 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 allocations,
(c) provision for the imposition and recovery of penalties for failure to comply with the terms of a scheme made under subsection (5),
(d) 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
(e) 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).
(5) 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—
(6) “Community tradeable emissions allowances” are transferable allowances which—
(a) relate to the making of emissions of greenhouse gases, and
(b) are allocated as part of a system made for the purpose of implementing any Community obligation of the United Kingdom relating to such emissions;
(8) A 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.
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