Finance Act 2007
Finance Act 2007 (2007 c. 11)
- Finance Act 2007 (2007 c. 11)
- Part 1 Charges, rates, thresholds etc
- Income 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 Environment
- 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
- 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 tax
- Anti-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 SMEetc
- Venture capital schemes etc
- 51 Venture capital schemes etc
- REITs
- 52 Real Estate Investment Trusts
- Alternative finance
- 53 Alternative finance investment bond
- 54 Profit share agency
- Trusts
- 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
- Other income tax measures
- 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
- 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 SDRT
- SDLT: 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 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
- 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 Miscellaneous
- Value 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
- SCHEDULES
- SCHEDULE 1 Remote gaming duty
- Part 1 Imposition of duty
- Part 2 Consequential amendments
- SCHEDULE 2 Climate change levy: reduced-rate supplies etc
- Introductory
- Reduced-rate supplies
- Notifications and certificates
- Commencement
- SCHEDULE 3 Managed service companies
- Part 1 Amendments of ITEPA 2003
- Part 2 Calculation of profits of MSCs: deduction for deemed employment payments
- Deduction for deemed employment payments for income tax purposes
- Deduction for deemed employment payments for corporation tax purposes
- SCHEDULE 4 Restrictions on trade loss relief for partners
- Limit on amount of sideways relief and capital gains relief available in any tax year
- Disregard of contributions made for purpose of accessing sideways relief and capital gains relief
- Provision corresponding to paragraphs 1 and 2 for tax year 2006-07
- Consequential amendments
- SCHEDULE 5 Avoidance involving financial arrangements
- Amounts not forming part of a company's income
- Structured finance arrangements
- Manufactured payments under arrangements having an unallowable purpose
- Options and groups of companies
- Loan relationships: amounts not fully recognised for accounting purposes
- Shares treated as loan relationships
- Exchange gains and losses where loan not on arm's length terms
- Loan relationships and collective investment schemes
- Plant or machinery subject to a lease and finance leaseback
- Derivative contracts: contracts treated for accounting purposes as financial asset or liability
- Derivative contracts: transfers of value to connected companies
- SCHEDULE 6 Companies carrying on business of leasing plant or machinery
- Company reconstructions without change of ownership
- Sale etc of lessor companies etc
- SCHEDULE 7 Insurance business: gross roll-up business etc
- Part 1 Amendments
- Taxes Management Act 1970 (c. 9)
- Income and Corporation Taxes Act 1988 (c. 1)
- Finance Act 1989 (c. 26)
- Taxation of Chargeable Gains Act 1992 (c. 12)
- Finance Act 1996 (c. 8)
- Capital Allowances Act 2001 (c. 2)
- Finance Act 2001 (c. 9)
- Finance Act 2002 (c. 23)
- Income Tax (Trading and Other Income) Act 2005 (c. 5)
- Part 2 Transitional provisions
- Introduction
- Carry forward of unused pension business losses
- Carry forward of unused non-pension business losses
- “Section 432F(2) excesses”
- Losses transferred under section 444AZA
- Losses transferred under section 444AZB
- SCHEDULE 8 Insurance companies: basis of taxation etc
- Part 1 Amendments
- Income and Corporation Taxes Act 1988 (c. 1)
- Finance Act 1989 (c. 26)
- Finance Act 1991 (c. 31)
- Taxation of Chargeable Gains Act 1992 (c. 12)
- Finance (No. 2) Act 1992 (c. 48)
- Finance Act 1996 (c. 8)
- Finance Act 1998 (c. 36)
- Capital Allowances Act 2001 (c. 2)
- Finance Act 2002 (c. 23)
- Part 2 Transitional provisions
- Unused pre-commencement section 76(12) etc excesses
- Shifts in basis of taxation at first post-commencement accounting period
- SCHEDULE 9 Insurance companies: transfers etc
- Definition of “insurance business transfer scheme”
- Transfer schemes: expenses, losses etc
- Transfer schemes: deemed periodical returns
- Transfer schemes: taxing the transferor
- Transferor's period of account including transfer
- Transfer schemes: taxing the transferee
- Repeal of section 444AD
- Transfer schemes: anti-avoidance
- Repeal of FA s.82C
- Transfers: receipts to be taken into account
- Transfers and demutualisations: losses where assets added to long-term insurance fund
- Transfer schemes: old annuity contracts
- Transfer schemes: no gain/no loss
- Transfer schemes: old reinsurance business
- Power to amend transfer provisions
- Commencement
- SCHEDULE 10 Insurance companies: miscellaneous
- Contingent loans
- “Structural” assets
- Losses on disposal of authorised investment fund assets to connected manager
- Priority of section 83(2) of FA 1989 etc
- Tidying up of TCGA 1992
- Tidying up of Chapter 2 of Part 4 of FA 1996
- Correction of erroneous repeal
- Non-profit companies, non-profit funds and with-profits funds
- Internal linked funds and net value
- Fair value
- Generalisation of definitions
- Minor changes
- Obsolete etc provisions
- Commencement
- SCHEDULE 11 Technical provisions made by general insurers
- Restriction on amount of technical provisions made by general insurers
- Enforcement
- Supplementary
- Repeal of section 107 of FA 2000
- Commencement
- SCHEDULE 12 Friendly societies: transfers to insurance companies etc
- Exempt life or endowment business
- Other exempt business
- Commencement
- SCHEDULE 13 Sale and repurchase of securities
- Purpose of Schedule
- Meaning of debtor repo
- Meaning of debtor quasi-repo
- Ignoring effect on borrower of sale of securities: debtor repos, debtor quasi-repos and other arrangements
- Relief for borrower for finance charges in respect of the advance: debtor repos and debtor quasi-repos
- Ignoring sale and subsequent purchase for purposes of chargeable gains: debtor repos
- Meaning of creditor repo
- Meaning of creditor quasi-repo
- Ignoring effect on lender of sale of securities: creditor repos and creditor quasi-repos
- Charge on lender for finance return in respect of the advance: creditor repos and creditor quasi-repos
- Ignoring purchase and subsequent sale for purposes of chargeable gains: creditor repos
- Repo under arrangement designed to produce quasi-interest: anti-avoidance
- Requirements to deduct tax from manufactured payments: creditor repos and debtor repos
- Interpretation etc
- Power to modify Schedule
- SCHEDULE 14 Sale and repurchase of securities: minor and consequential amendments
- Income and Corporation Taxes Act 1988 (c. 1)
- Taxation of Chargeable Gains Act 1992 (c. 12)
- Finance Act 1996 (c. 8)
- Finance Act 1994 (c. 9)
- Finance Act 2006 (c. 25)
- Income Tax Act 2007 (c. 3)
- SCHEDULE 15 Controlled foreign companies
- Imputation of chargeable profits and creditable tax of controlled foreign companies
- Residence
- Elections and designations under section 749: supplementary provisions
- Territories with a lower level of taxation
- Reduction in chargeable profits for certain activities of EEA business establishments
- Interpretation
- Exempt activities test
- Abolition of public quotation exemption
- Discovery assessments
- Commencement
- SCHEDULE 16 Venture capital schemes etc
- Part 1 Limit on number of employees of company in which investment is made
- Corporate venturing scheme
- Enterprise investment scheme
- Venture capital trusts
- Part 2 Limit on amount raised annually by company through risk capital schemes
- Corporate venturing scheme
- Enterprise investment scheme
- Venture capital trusts
- Enterprise investment scheme: reinvestment
- Transitional provision
- Part 3 Excluded activities: receipt of royalties and licence fees
- Corporate venturing scheme
- Enterprise investment scheme
- Venture capital trusts
- Commencement
- Transitional provision
- Part 4 Meaning of “qualifying 90% subsidiary”
- Corporate venturing scheme
- Enterprise investment scheme etc
- Venture capital trusts
- Commencement
- Part 5 Other amendments
- EIS: approved investment funds
- VCTs: disposal of holding
- VCTs: power to make regulations as to breaches of conditions
- SCHEDULE 17 Real Estate Investment Trusts
- SCHEDULE 18 Pensions schemes: abolition of relief for life assurance premium contributions etc
- Introduction
- Life assurance premium contributions not to be relievable pension contributions
- Life assurance premium contributions
- Commencement: schemes other than occupational pension schemes
- Commencement: occupational pension schemes
- Power to amend commencement provisions
- SCHEDULE 19 Alternatively secured pensions and transfer lump sum death benefit etc
- Introduction
- Alternatively secured pension: guaranteed pension and maximum
- Maximum dependants' alternatively secured pension
- Abolition of transfer lump sum death benefit
- Untraceable members
- Increase in rights on death
- Minimum alternatively secured pension and dependants' alternatively secured pension
- Charity lump sum death benefit
- Discharge of liability to scheme chargeable payment
- Non-UK schemes
- Inheritance tax
- Consequential amendment
- Commencement
- SCHEDULE 20 Pension schemes etc: miscellaneous
- Introduction
- Persons by whom registered pension schemes may be established
- Unauthorised payments reduced by amount of scheme sanction charge
- Surrenders
- Scheme pensions where ill-health condition met
- Unsecured and dependants' unsecured pensions: reference periods
- Pension commencement lump sums
- Winding-up lump sums
- Lump sum death benefits
- Taxable property held by investment-regulated pension schemes: indirect holdings in REITs
- Transitional provision: primary protection
- Transitional provision: enhanced protection
- Inheritance tax: lump sum death benefits
- Benefits under employer-financed retirement benefits schemes
- Consequential amendments
- Commencement
- SCHEDULE 21 Exemptions from stamp duty and SDRT: intermediaries, repurchases etc
- Intermediaries
- Repurchases and stock lending
- Exemptions from stamp duty and SDRT in cases involving recognised investment exchanges
- Consequential repeal
- SCHEDULE 22 Amendments and repeals consequential on extension of HMRC powers
- Part 1 Amendments
- Part 2 Repeals
- SCHEDULE 23 Extension of HMRC powers: Scotland
- Criminal Law (Consolidation) (Scotland) Act 1995 (c. 39)
- Criminal Procedure (Scotland) Act 1995 (c. 46)
- Criminal Justice and Police Act 2001 (c. 16)
- SCHEDULE 24 Penalties for errors
- Part 1 Liability for penalty
- Error in taxpayer's document
- Error in taxpayer's document attributable to another person
- Under-assessment by HMRC
- Degrees of culpability
- Errors related to avoidance arrangements
- Errors related to transfer pricing records
- Part 2 Amount of penalty
- Standard amount
- Potential lost revenue: normal rule
- Potential lost revenue: multiple errors
- Potential lost revenue: losses
- Potential lost revenue: delayed tax
- Reductions for disclosure
- Special reduction
- Interaction with other penalties and late payment surcharges
- Part 3 Procedure
- Assessment
- Suspension
- Appeal
- Part 4 Miscellaneous
- Agency
- Companies: officers' liability
- Partnerships
- Double jeopardy
- Part 5 General
- Classification of territories
- Location of assets etc
- Treatment of certain payments on account of tax
- Interpretation
- Consequential amendments
- SCHEDULE 25 Amendments connected with Gambling Act 2005
- Part 1 Amendments of the Tax Acts
- Exemption from corporation tax for profits of charitable companies from certain lotteries
- Exemption from income tax for profits of charitable trusts from certain lotteries
- Part 2 Amendments of BGDA 1981
- Introductory
- Bookmakers: spread bets
- Liability to pay general betting duty
- Bet-brokers
- Definitions for purposes of betting duties
- Combined bingo
- ...
- Definition of “gaming”
- Supplementary provisions as to betting duties
- Exemptions from bingo duty
- Part 3 Amendments of FA 1993 relating to lottery duty
- Introductory
- Charge to lottery duty
- Disclosure of information
- Part 4 Amendments of FA 1997 relating to gaming duty
- Introductory
- Charge to gaming duty
- Banker's profits from gaming
- Definition of “gaming”
- Gaming Duty Register
- Part 5 Miscellaneous amendments
- Provision of FA 1966 relating to repealed law
- Customs and Excise Management Act 1979
- Part 6 Commencement
- SCHEDULE 26 Meaning of "recognised stock exchange" etc
- Meaning of “recognised stock exchange” etc in Tax Acts and TCGA 1992
- Valuation of shares listed on recognised stock exchange for purposes of TCGA 1992 etc
- Minor and consequential amendments
- SCHEDULE 27 Repeals
- Part 1 Environment
- Part 2 Income tax, corporation tax and capital gains tax
- Part 3 Pensions
- Part 4 SDLT, stamp duty and SDRT
- Part 5 Investigation, administration etc
- Part 6 Miscellaneous
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