Source: http://uklaws.org/acts_uk/document216/index.htm
Timestamp: 2017-05-28 02:47:18
Document Index: 476999781

Matched Legal Cases: ['art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7', 'art 8', 'art 1', 'art 2', 'art 1', 'art 2', 'art 1', 'art 2', 'art 1', 'art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'art 1', 'art 1', 'art 2', 'art 3', 'art 4', 'art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 2', 'art 4', 'art 5', 'art 6', 'art 1', 'art 12', 'art 12', 'art 1', 'art 1', 'art 2']

Finance Act 2007 (c. 11) Laws UK
Charges, rates, thresholds etcIncome tax 1. Charge and rates for 2007-08 Corporation tax 2. Charge and main rates for financial year 2008 3. Small companies' rates and fractions for financial year 2007 Inheritance tax 4. Rates and rate bands for 2010-11 Alcohol and tobacco 5. Rates of duty on alcoholic liquor 6. Rates of tobacco products duty Gambling 7. Rates of gaming duty 8. Remote gaming duty 9. Amusement machine licence duty Environment 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 Part 2
EnvironmentEnergy-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 Domestic microgeneration 20. Income tax exemption for domestic microgeneration 21. Renewables obligation certificates for domestic microgeneration Other measures 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 Part 3
Income tax, corporation tax and capital gains taxAnti-avoidance 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 Capital allowances 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 Repos 47. Sale and repurchase of securities CFCs 48. Controlled foreign companies R&D 49. Vaccine research relief: amount of deduction for SMEs 50. Research and development tax relief: definition of SME etc Venture capital schemes etc 51. Venture capital schemes etc REITs 52. Real Estate Investment Trusts 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 Part 4
Pensions 68. Abolition of contributions relief for life assurance premium contributions 69. Alternatively secured pensions etc 70. Miscellaneous Part 5
SDLT, stamp duty and SDRTSDLT: anti-avoidance provisions 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 Other reliefs etc 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 Part 6
Investigation, administration etcInvestigation 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 Filing dates 88. Personal tax returns 89. Trustee's tax return 90. Partnership tax returns 91. Consequential amendments 92. Commencement Other administration 93. Mandatory electronic filing of returns 94. Mandatory electronic payment 95. Payment by cheque 96. Enquiry into returns 97. Penalties for errors Part 7
MiscellaneousValue added tax and insurance premium tax 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" Petroleum revenue tax 102. Abolition of PRT for fields recommissioned after earlier decommissioning 103. Tax-exempt tariffing receipts 104. Allowance of unrelievable loss from abandoned field Other miscellaneous measures 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 Part 8
Final provisions 113. Interpretation 114. Repeals 115. Short title Schedule 1
Remote gaming dutyPart 1
Imposition of dutyPart 2
Climate change levy: reduced-rate supplies etcSchedule 3
Managed service companiesPart 1
Amendments of ITEPA 2003Part 2
Calculation of profits of MSCs: deduction for deemed employment paymentsSchedule 4
Restrictions on trade loss relief for partnersSchedule 5
Avoidance involving financial arrangementsSchedule 6
Companies carrying on business of leasing plant or machinerySchedule 7
Insurance business: gross roll-up business etcPart 1
AmendmentsPart 2
Transitional provisionsSchedule 8
Insurance companies: basis of taxation etcPart 1
Transitional provisionsSchedule 9
Insurance companies: transfers etcSchedule 10
Insurance companies: miscellaneousSchedule 11
Technical provisions made by general insurersSchedule 12
Friendly societies: transfers to insurance companies etcSchedule 13
Sale and repurchase of securitiesSchedule 14
Sale and repurchase of securities: minor and consequential amendmentsSchedule 15
Controlled foreign companiesSchedule 16
Venture capital schemes etcPart 1
Limit on number of employees of company in which investment is madePart 2
Limit on amount raised annually by company through risk capital schemesPart 3
Excluded activities: receipt of royalties and licence feesPart 4
Meaning of "qualifying 90% subsidiary"Part 5
Other amendmentsSchedule 17
Real Estate Investment TrustsSchedule 18
Pensions schemes: abolition of relief for life assurance premium contributions etcSchedule 19
Alternatively secured pensions and transfer lump sum death benefit etcSchedule 20
Pension schemes etc: miscellaneousSchedule 21
Exemptions from stamp duty and SDRT: intermediaries, repurchases etcSchedule 22
Amendments and repeals consequential on extension of HMRC powersPart 1
RepealsSchedule 23
Extension of HMRC powers: ScotlandSchedule 24
Penalties for errorsPart 1
Liability for penaltyPart 2
Amount of penaltyPart 3
ProcedurePart 4
GeneralSchedule 25
Amendments connected with Gambling Act 2005Part 1
Amendments of the Tax ActsPart 2
Amendments of BGDA 1981Part 3
Amendments of FA 1993 relating to lottery dutyPart 4
Amendments of FA 1997 relating to gaming dutyPart 5
Miscellaneous amendmentsPart 6
CommencementSchedule 26
Meaning of "recognised stock exchange" etcSchedule 27
EnvironmentPart 2
PensionsPart 4
SDLT, stamp duty and SDRTPart 5
Investigation, administration etcPart 6
Part 1 Charges, rates, thresholds etc Income tax 1 Charge and rates for 2007-08 Income tax is charged for the tax year 2007-08; and for that tax year--
(a) the starting rate is 10%, (b) the basic rate is 22%, and (c) the higher rate is 40%. Corporation tax 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-- (a) 28% on profits of companies other than ring fence profits, and (b) 30% on ring fence profits of companies. (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-- (a) 20% on profits of companies other than ring fence profits, and (b) 19% on ring fence profits of companies. (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 (b) 11/400ths in relation to ring fence profits of companies ("the ring fence fraction"). (3) If-- (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, that subsection applies with the following modification.
(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 is the sum equal to the appropriate fraction of the upper relevant maximum amount,PR is so much of the profits for the accounting period as consist of ring fence profits, andIR is so much of the basic profits for that period as consist of ring fence profits,
(6) For the purposes of subsection (4)(b) "the remaining amount" is the amount given by the formula-- ---
MNR is the sum equal to the appropriate fraction of the upper relevant maximum amount,PNR is so much of the profits for the accounting period as do not consist of ring fence profits, andINR is so much of the basic profits for that period as do not consist of ring fence profits,
(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)). Inheritance tax 4 Rates and rate bands for 2010-11 (1) For the Table in Schedule 1 to IHTA 1984 substitute-- " Table Portion of valueRate of taxLower limit (£)Upper limit (£)Per cent.0350,000Nil350,000--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. Alcohol and tobacco 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-- " Part 1 Wine and made-wine of a strength not exceeding 22 per cent Description of wine or made-wineRates of duty per hectolitre£Wine or made-wine of a strength not exceeding 4 per cent54.85Wine or made-wine of a strength exceeding 4 per cent but not exceeding 5.5 per cent75.42Wine or made-wine of a strength exceeding 5.5 per cent but not exceeding 15 per cent and not sparkling177.99Sparkling wine or sparkling made-wine of a strength exceeding 5.5 per cent but less than 8.5 per cent172.33Sparkling 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 cent227.99Wine or made-wine of a strength exceeding 15 per cent but not exceeding 22 per cent237.31 " .
(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-- " Table 1. CigarettesAn 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. Gambling 7 Rates of gaming duty (1) For the Table in section 11(2) of FA 1997 substitute-- " Table Part of gross gaming yieldRateThe first £1,836,50015 per cent.The next £1,266,00020 per cent.The next £2,217,50030 per cent.The next £4,680,00040 per cent.The remainder50 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". (3) After subsection (6) insert-- " (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. Environment <<<< >>>>
10 Fuel duty rates and rebates (1) The Hydrocarbon Oil Duties Act 1979 (c. 5) is amended as follows. (2) In section 6(1A) (hydrocarbon oil: rates of duty)-- (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". (5) In section 8(3) (road fuel gas)-- (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". (6) In section 11(1) (rebate on heavy oil)-- (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 (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 "£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-- " Table CO2 emissions figureRate(1)(2)(3)(4)ExceedingNot exceedingReduced rateStandard rateg/kmg/km££100120153512015095115150165120140165185145165185225190205225--285300
The table has effect in relation to vehicles first registered before 23rd March 2006 as if--
in column (3), in the last row, "190" were substituted for "285", and
in column (4), in the last row, "205" were substituted for "300". " (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-- " Table Taxable commodity suppliedRate at which levy payable if supply is not a reduced-rate supplyElectricity£0.00456 per kilowatt hourGas 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 hourAny petroleum gas, or other gaseous hydrocarbon, supplied in a liquid state£0.01018 per kilogramAny 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. (2) In-- Pages: