Act Text
Preamble1 - Finance Act, 2008
Section1 - Charge and main rates for 2008-2009
Section2 - Personal Allowance for those aged under 65
Section3 - Personal allowances for those aged 65 and over
Section4 - Basic rate limit
Section5 - Abolition of starting and savings rates and creation of starting rate for savings
Section6 - Charge and main rates for financial year 2009
Section7 - Small companies' rates and fractions for financial year 2008 etc
Section8 - Rate etc
Section9 - Entrepreneurs' relief: Schedule 3 contains provision for and in connection with entrepreneurs' relief
Section10 - Transfer of unused nil-rate band etc: Schedule 4 contains provisions about the transfer of unused nil-rate band between
Section11 - Rates of alcoholic liquor duty
Section12 - Rates of tobacco products duty
Section13 - Rates and rebates simplification
Section14 - Biodiesel and bioblend: Schedule 5 contains provision about biodiesel and bioblend
Section15 - Rates and rebates: increase from 1 October 2008
Section16 - Fuel for aircraft and boats, heating oil and fuel for certain engines
Section17 - Rates of vehicle excise duty
Section18 - Standard rate of landfill tax
Section19 - Rates of climate change levy
Section20 - Rate of aggregates levy
Section21 - Carbon reduction trading scheme: charges for allocations
Section22 - Rates of gaming duty
Section23 - Amusement machine licence duty
Part2 - : INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX-GENERAL:
Section24 - Periods of residence
Section25 - Remittance basis: Schedule 7 contains provision for and in connection with the revision of the remittance basis
Section26 - Rates of RandD relief and vaccine research relief: Schedule 8 contains provision about the rates of research and
Section27 - Qualifying expenditure: RandD relief and vaccine research relief
Section28 - Companies in difficulty: SME RandD relief and vaccine research relief: Schedule 9 contains provision preventing a
Section29 - Cap on RandD aid
Section30 - Vaccine research relief: declaration about effect of relief
Section31 - Enterprise investment scheme: increase in amount of relief
Section32 - Venture capital schemes: Schedule 11 contains provision about venture capital schemes
Section33 - Enterprise management incentives: qualifying companies
Section34 - Tax credits for certain foreign distributions
Section35 - Small companies relief: associated companies
Section36 - Company gains from investment life insurance contracts etc
Section37 - Trade profits: changes in trading stock
Section38 - Non-residents: investment managers: Schedule 16 contains provision about
Section39 - Dormant bank and building society accounts
Section40 - Individual investment plan regulations: In section 701 of ITTOIA 2005
Section41 - Tax treatment of participants in offshore funds
Section43 - Insurance companies etc: Schedule 17 contains provisions relating to insurance companies etc
Section44 - Friendly societies: Schedule 18 contains provision relating to friendly societies. Employment matters
Section45 - Homes outside UK owned through company etc
Section46 - In-work and return to work credits and payments
Section47 - Company cars: lower threshold for CO2 emissions figure
Section48 - Van fuel benefit
Section49 - Employment-related securities etc: deductible amounts etc
Section50 - Employment-related securities: repeal of obsolete provisions
Section51 - Armed forces: the Council Tax Relief
Section52 - Greater London Authority: Severance payments
Section53 - Gift aid: payments to charities: Schedule 19 contains provision for the Commissioners for Her Majesty's Revenue and
Section54 - Community investment tax relief
Section55 - Leases of plant or machinery: Schedule 20 contains provision about leases of plant or machinery
Section56 - Sale of lessor companies etc
Section57 - Double taxation relief
Section58 - UK residents and foreign partnerships
Section59 - UK residents and foreign enterprises
Section60 - Restrictions on trade loss relief for individuals: Schedule 21 contains provision restricting relief for losses made by
Section61 - Non-active partners
Section62 - Financial arrangements avoidance: Schedule 22 contains provision about avoidance involving financial arrangements
Section63 - Manufactured payments
Section64 - Controlled foreign companies
Section65 - Intangible fixed assets: related parties
Section66 - Repeal of obsolete anti-avoidance provisions
Section67 - Income of beneficiaries under settler-interested settlements
Section68 - Income charged at dividend upper rate
Section69 - Payments on account of income tax
Section70 - Allowances etc for non-resident nationals of an EEA state
Part3 - : CAPITAL ALLOWANCES:
Section71 - Thermal insulation of buildings
Section72 - Expenditure on required fire precautions
Section73 - Integral features: Section 73 TABLE
Section74 - Annual investment allowance: Schedule 24 contains provision about an annual investment allowance in respect of certain
Section75 - First-year allowance for small and medium-sized enterprises discontinued
Section76 - Repeal of spent first-year allowances
Section77 - Cars with low carbon dioxide emissions
Section78 - Gas refuelling stations
Section79 - First-year tax credits: Schedule 25 contains provision about the payment of first-year tax credits to companies in
Section80 - Main rate of writing down allowance
Section81 - Small pools
Section82 - Special rate expenditure and the special rate pool: Schedule 26 contains provision about special rate expenditure and
Section83 - Existing long-life asset expenditure treated as special rate expenditure
Section84 - Abolition of allowances from 2011
Section85 - Phasing out of allowances before abolition: Section 85 TABLE
Section86 - Qualifying enterprise zone expenditure: transitional provision
Section87 - Phasing out of industrial buildings allowance: anti-avoidance
Section88 - Power to make consequential and transitional provision
Section89 - Balancing allowances on transfers of trade
Part4 - : PENSIONS:
Section90 - Spreading of relief on indirect contributions
Section92 - Pension Schemes: further provision: Schedule 29 contains further provision about pension schemes. PART 5: STAMP TAXES
Part5 - : STAMP TAXES:
Section93 - Zero-carbon homes
Section94 - Notification and registration of transactions
Section95 - Charge where consideration includes rent: 0% band
Section96 - Withdrawal of group relief
Section97 - Transfers of interests in property-investment partnerships
Section98 - Exemption from ad valorem stamp duty for low value transactions
Section99 - Abolition of fixed stamp duty on certain instruments
Section100 - Gifts inter vivos
Section101 - Loan capital
Part6 - : OIL
Section102 - Meaning of "participator"
Section103 - Abandonment expenditure: default by participator met by former participator
Section104 - Abandonment expenditure: deductions from ring fence income
Section105 - Abandonment expenditure: former participator reimbursed by defaulter
Section106 - Returns of relevant sales of oil
Section107 - Elections for oil fields to become non-taxable
Section108 - Capital allowances: plant and machinery for use in ring fence trade
Section109 - Capital allowances: decommissioning expenditure
Section110 - Capital allowances: abandonment expenditure after ceasing ring fence trade
Section111 - Losses: set off against profits of earlier accounting periods
Section112 - Ring fence trade: no deduction for expenses of investment management
Section113 - Information and inspection powers
Section114 - Computer records etc
Section115 - Record-keeping
Section116 - Disclosure of tax avoidance schemes
Section117 - Power to open or unpack containers
Section118 - Time limits for assessments, claims etc
Section119 - Correction and amendment of tax returns
Section120 - VAT: time limits for assessments of excess credits etc
Section121 - Old VAT claim: extended time limits
Chapter3 - : PENALTIES:
Section122 - Penalties for errors
Section123 - Penalties for failure to notify etc
Chapter4 - : APPEALS ETC:
Section124 - HMRC decisions etc: reviews and appeals
Section125 - Alcoholic liquor duties
Section126 - Security under CEMA 1979
Chapter5 - : PAYMENT AND ENFORCEMENT:
Section127 - Enforcement by taking control of goods: England and Wales
Section128 - Summary warrant: Scotland
Section129 - Consequential provision and commencement
Section130 - Set-off: England and Wales and Northern Ireland
Section131 - No set-off where insolvency procedure has been applied
Section132 - VAT: requirement of set-off
Section133 - Set-off etc where right to be paid a sum has been transferred
Section134 - Retained funding bonds: tender by commissioners
Section135 - Interest on unpaid tax in case of disaster etc of national significance
Section136 - Fee for payment
Section137 - County court proceedings
Section138 - Certificates of debt
Section139 - Interpretation of Chapter: In this Chapter- "the Commissioners" means the Commissioners for Her Majesty's Revenue and
Part8 - : MISCELLANEOUS:
Section140 - Charge on termination of interest in possession where new interest acquired
Section141 - Interest in possession settlements: extension of transitional period
Section142 - Tax representatives
Section143 - Overseas insurers
Section144 - Rebates
Section145 - offence of using or keeping unlicensed vehicle: Schedule 45 contains provision in relation to the offence of using or
Section146 - Rates for new lower-emission vans
Section147 - Not exhibiting licence: period of grace: In section 33 of VERA 1994
Section148 - Reduced pollution certificates
Section149 - Climate change levy: coal mine methane no longer to be renewable source
Section150 - Climate change levy accounting documents: abolition of self-identification: In paragraph 143
Section151 - Landfill tax credit: withdrawing approval of environmental bodies
Section152 - Aviation duty: The Commissioners for Her Majesty's Revenue and Customs may incur expenditure in preparing for the
Section153 - Air passenger duty: class of travel with large seat pitch
Section154 - Stamp duty and stamp duty reserve tax: alternative finance investment bonds
Section155 - Alternative property finance: anti-avoidance
Section156 - Alternative finance arrangements: power to vary Chapter 5 of Part 2 of FA 2005
Section157 - Government borrowing: alternative finance arrangements
Section158 - Power to Treasury to make payments
Section159 - Payments from certain Exchequer accounts: mechanism
Section160 - Power to give statutory effect to concessions
Section161 - Fuel duty: definition of "ultra low sulphur diesel"
Section162 - Duties: abolition of disregard of fractions of penny: In section 137 of CEMA 1979
Section163 - National savings
Section164 - EU emissions trading: criminal offences
Section165 - Interpretation
Section166 - Short title: This Act may be cited as the Finance Act 2008. Central Bare Acts
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