Source: http://www.legislation.gov.uk/ukpga/2008/9/part/2/crossheading/other-business-and-investment-measures
Timestamp: 2013-05-21 14:14:57
Document Index: 612792225

Matched Legal Cases: ['art. 3', 'art. 3', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2']

Other business and investment measuresTable of ContentsContentMore ResourcesPrevious: CrossheadingNext: CrossheadingPlain ViewPrint Options
Changes to legislation:There are outstanding changes not yet made by the legislation.gov.uk editorial team to Finance Act 2008. Any changes that have already been made by the team appear in the content and are referenced with annotations.Changes to LegislationRevised 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 legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.Changes and effects yet to be applied to the whole Act, associated Parts and Chapters:Changes and effectsThis section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.Act modified by S.I. 2009/317 art. 3 Sch.Blanket amendment words substituted by S.I. 2011/1043 art. 3 4Whole provisions yet to be inserted into this Act (including any effects on those provisions):s. 40A-40G inserted by 2009 c. 10 Sch. 22 para. 2s. 40A-42A repealed by 2010 c. 8 Sch. 8 para. 170 Sch. 10 Pt. 5s. 42A inserted by 2009 c. 10 Sch. 22 para. 5Commencement Orders yet to be applied to the Finance Act 2008:Commencement OrdersThis section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.Commencement Orders bringing provisions within this Act into force:S.I. 2008/1925 art. 2 commences (2008 c. 9)S.I. 2008/1928 art. 2 commences (2008 c. 9)S.I. 2008/1929 art. 2 commences (2008 c. 9)S.I. 2008/1930 art. 2 commences (2008 c. 9)S.I. 2008/1933 art. 2 commences (2008 c. 9)S.I. 2008/1935 art. 2(1) commences (2008 c. 9)S.I. 2009/402 art. 2 commences (2008 c. 9)S.I. 2009/403 art. 2 commences (2008 c. 9)S.I. 2009/404 art. 2 commences (2008 c. 9)S.I. 2009/405 art. 2 commences (2008 c. 9)S.I. 2009/511 art. 2 commences (2008 c. 9)S.I. 2009/571 art. 2-5 commences (2008 c. 9)S.I. 2010/409 art. 2 commences (2008 c. 9)S.I. 2011/23 art. 2 commences (2008 c. 9)Commencement Orders bringing legislation that affects this Act into force:S.I. 2010/867 art. 2 commences (2009 c. 10)S.I. 2011/975 art. 2 commences (2010 c. 13)Other business and investment measuresE+W+S+N.I.34Tax credits for certain foreign distributionsE+W+S+N.I.(1)Schedule 12 contains provision about tax credits for certain foreign distributions.
(2)The amendments made by that Schedule have effect for the tax year 2008-09 and subsequent tax years.
35Small companies' relief: associated companiesE+W+S+N.I.(1)Section 13 of ICTA (small companies' relief) is amended as follows.
(2)In the second sentence of subsection (4) (meaning of “control” for purposes of definition of “associated company”), insert at the end “except that, in the application of subsection (6) of that section in relation to the company (“the taxpayer company”) and another company or companies for the purposes of this section, the references to an associate of a person (“P”) include a partner of the person only if the condition in subsection (4A) below is met.”
“(4A)The condition referred to in subsection (4) above is that relevant tax planning arrangements have at any time had effect in relation to the taxpayer company (whether in connection with its formation or otherwise).
(4B)In subsection (4A) above “relevant tax planning arrangements” means arrangements which—
(a)involve P and the partner, and
(b)secure a relevant tax advantage.
(4C)In subsection (4B) above—
“arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable), other than any guarantee, security or charge given to or taken by a bank, and
“relevant tax advantage” means a reduction of the taxpayer company's liability to corporation tax by virtue of an increase in relief under this section.”
(4)The amendments made by this section are treated as having come into force on 1 April 2008.
36Company gains from investment life insurance contracts etcE+W+S+N.I.(1)Schedule 13 contains provisions about company gains from investment life insurance contracts.
37Trade profits: changes in trading stockE+W+S+N.I.(1)Schedule 15 contains provision about the effect of certain changes in trading stock on the calculation of profits of trades for the purposes of income tax or corporation tax.
(2)The amendments made by that Schedule have effect in relation to changes in trading stock occurring on or after 12 March 2008.
(3)In subsection (2) “change in trading stock” means—
(a)in relation to new section 172B of ITTOIA 2005, or paragraph 6 of Schedule 15, an appropriation of trading stock,
(b)in relation to new section 172C of ITTOIA 2005, or paragraph 7 of Schedule 15, a thing becoming trading stock,
(c)in relation to new section 172D of ITTOIA 2005, or paragraph 8 of Schedule 15, a disposal of trading stock, and
(d)in relation to new section 172E of ITTOIA 2005, or paragraph 9 of Schedule 15, an acquisition of trading stock.
38Non-residents: investment managersE+W+S+N.I.Schedule 16 contains provision about—
(a)the eligibility of an investment manager to be the UK representative of a non-resident, or an agent of independent status in relation to a non-resident, and
(b)profits or income of non-residents that are to be disregarded if derived from certain investment transactions carried out by investment managers.
39Dormant bank and building society accountsE+W+S+N.I.(1)The Commissioners for Her Majesty's Revenue and Customs may by regulations—
“26ATransfer of dormant bank or building society account(1)This section applies where the balance of a dormant account held by a person with a bank or building society is transferred—
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI1S. 39 partly in force; s. 39(1)-(6)(8) in force at Royal Assent see s. 39(8)40Individual investment plan regulationsE+W+S+N.I.In section 701 of ITTOIA 2005 (investment plan regulations: general and supplementary), insert at the end—