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Royal arms

Finance Act 2007

2007 CHAPTER 11

CONTENTS

Go to Preamble

  1. Part 1

    Charges, rates, thresholds etc

    1. Income tax

      1. 1. Charge and rates for 2007-08

    2. Corporation tax

      1. 2. Charge and main rates for financial year 2008

      2. 3. Small companies' rates and fractions for financial year 2007

    3. Inheritance tax

      1. 4. Rates and rate bands for 2010-11

    4. Alcohol and tobacco

      1. 5. Rates of duty on alcoholic liquor

      2. 6. Rates of tobacco products duty

    5. Gambling

      1. 7. Rates of gaming duty

      2. 8. Remote gaming duty

      3. 9. Amusement machine licence duty

    6. Environment

      1. 10. Fuel duty rates and rebates

      2. 11. Rates of vehicle excise duty

      3. 12. Rates of air passenger duty

      4. 13. Rates of climate change levy

      5. 14. Rate of aggregates levy

      6. 15. Rates of landfill tax

      7. 16. Emissions trading: charges for allocations

  2. Part 2

    Environment

    1. Energy-saving: houses

      1. 17. Corporation tax deduction for expenditure on energy-saving items

      2. 18. Extension of income tax deduction for expenditure on energy-saving items

      3. 19. SDLT relief for new zero-carbon homes

    2. Domestic microgeneration

      1. 20. Income tax exemption for domestic microgeneration

      2. 21. Renewables obligation certificates for domestic microgeneration

    3. Other measures

      1. 22. Aggregates levy: exemption for aggregate removed from railways etc

      2. 23. Climate change levy: reduced-rate supplies etc

      3. 24. Landfill tax: bodies concerned with the environment

  3. Part 3

    Income tax, corporation tax and capital gains tax

    1. Anti-avoidance

      1. 25. Managed service companies

      2. 26. Restrictions on trade loss relief for partners

      3. 27. Extension of restrictions on allowable capital losses

      4. 28. Restriction on expenses of management

      5. 29. Life policies etc: effect of rebated or reinvested commission

      6. 30. Avoidance involving financial arrangements

      7. 31. Companies carrying on business of leasing plant or machinery

      8. 32. Restrictions on companies buying losses or gains: tax avoidance schemes

      9. 33. Lloyd’s corporate members: restriction of group relief

      10. 34. Employee benefit contributions

      11. 35. Schemes etc designed to increase double taxation relief

    2. Capital allowances

      1. 36. Industrial and agricultural buildings allowances

      2. 37. Temporary increase in first-year capital allowances for small enterprises

    3. Insurance and friendly societies

      1. 38. Insurance companies: gross roll-up business etc

      2. 39. Insurance companies: basis of taxation etc

      3. 40. Insurance companies: transfers etc

      4. 41. Insurance companies: miscellaneous

      5. 42. Technical provisions made by general insurers

      6. 43. Lloyd's: cessation of business by corporate members

      7. 44. Transfers of business by friendly societies to insurance companies etc

      8. 45. Tax exempt business of friendly societies

      9. 46. Purchased life annuities: self-assessment

    4. Repos

      1. 47. Sale and repurchase of securities

    5. CFCs

      1. 48. Controlled foreign companies

    6. R&D

      1. 49. Vaccine research relief: amount of deduction for SMEs

      2. 50. Research and development tax relief: definition of SME etc

    7. Venture capital schemes etc

      1. 51. Venture capital schemes etc

    8. REITs

      1. 52. Real Estate Investment Trusts

    9. Alternative finance

      1. 53. Alternative finance investment bond

      2. 54. Profit share agency

    10. Trusts

      1. 55. Trust income

      2. 56. Trust gains on contracts for life insurance

    11. Other corporation tax measures

      1. 57. Offshore funds

      2. 58. Election out of special film rules for film production companies

      3. 59. Securitisation companies

    12. Other income tax measures

      1. 60. Gift aid: limits

      2. 61. Enterprise management incentives: excluded activities

      3. 62. Benefits code: whether employment is “lower-paid employment”

      4. 63. Armed forces redundancy schemes

      5. 64. Armed forces: the Operational Allowance

      6. 65. Service charge income

      7. 66. Charge on benefits received by former owner of property: late elections

      8. 67. Unpaid remuneration and employee benefit contributions

  4. Part 4

    Pensions

    1. 68. Abolition of contributions relief for life assurance premium contributions

    2. 69. Alternatively secured pensions etc

    3. 70. Miscellaneous

  5. Part 5

    SDLT, stamp duty and SDRT

    1. SDLT: anti-avoidance provisions

      1. 71. Anti-avoidance

      2. 72. Partnerships

    2. Reliefs in relation to shares etc

      1. 73. Exemptions: intermediaries, repurchases etc

      2. 74. Acquisition relief: disregard of company holding own shares

    3. Other reliefs etc

      1. 75. SDLT: alternative finance arrangements

      2. 76. SDLT: exchanges

      3. 77. SDLT: shared ownership trusts

      4. 78. SDLT: shared ownership lease

      5. 79. Certain transfers of school land

    4. SDLT: administration

      1. 80. Payment of tax

      2. 81. Self-certificate declarations

  6. Part 6

    Investigation, administration etc

    1. Investigation etc

      1. 82. Criminal investigations: powers of Revenue and Customs

      2. 83. Northern Ireland criminal investigations

      3. 84. Sections 82 and 83: supplementary

      4. 85. Criminal investigations: Scotland

      5. 86. Search warrants

      6. 87. Cross-border exercise of powers

    2. Filing dates

      1. 88. Personal tax returns

      2. 89. Trustee’s tax return

      3. 90. Partnership tax returns

      4. 91. Consequential amendments

      5. 92. Commencement

    3. Other administration

      1. 93. Mandatory electronic filing of returns

      2. 94. Mandatory electronic payment

      3. 95. Payment by cheque

      4. 96. Enquiry into returns

      5. 97. Penalties for errors

  7. Part 7

    Miscellaneous

    1. Value added tax and insurance premium tax

      1. 98. VAT: joint and several liability of traders in supply chain where tax unpaid

      2. 99. VAT: non-business use etc of business goods

      3. 100. VAT: transfers of going concerns

      4. 101. IPT: meaning of “premium”

    2. Petroleum revenue tax

      1. 102. Abolition of PRT for fields recommissioned after earlier decommissioning

      2. 103. Tax-exempt tariffing receipts

      3. 104. Allowance of unrelievable loss from abandoned field

    3. Other miscellaneous measures

      1. 105. Amendments connected with Gambling Act 2005

      2. 106. VED: exempt vehicles

      3. 107. Limitation period in old actions for mistake of law relating to direct tax

      4. 108. Disclosure of tax avoidance schemes

      5. 109. Meaning of “recognised stock exchange” etc

      6. 110. Mergers Directive: regulations

      7. 111. Excise duties: small consignment relief

      8. 112. Updating references to Standing Committees

  8. Part 8

    Final provisions

    1. 113. Interpretation

    2. 114. Repeals

    3. 115. Short title

    1. Schedule 1

      Remote gaming duty

      1. Part 1

        Imposition of duty

      2. Part 2

        Consequential amendments

    2. Schedule 2

      Climate change levy: reduced-rate supplies etc

    3. Schedule 3

      Managed service companies

      1. Part 1

        Amendments of ITEPA 2003

      2. Part 2

        Calculation of profits of MSCs: deduction for deemed employment payments

    4. Schedule 4

      Restrictions on trade loss relief for partners

    5. Schedule 5

      Avoidance involving financial arrangements

    6. Schedule 6

      Companies carrying on business of leasing plant or machinery

    7. Schedule 7

      Insurance business: gross roll-up business etc

      1. Part 1

        Amendments

      2. Part 2

        Transitional provisions

    8. Schedule 8

      Insurance companies: basis of taxation etc

      1. Part 1

        Amendments

      2. Part 2

        Transitional provisions

    9. Schedule 9

      Insurance companies: transfers etc

    10. Schedule 10

      Insurance companies: miscellaneous

    11. Schedule 11

      Technical provisions made by general insurers

    12. Schedule 12

      Friendly societies: transfers to insurance companies etc

    13. Schedule 13

      Sale and repurchase of securities

    14. Schedule 14

      Sale and repurchase of securities: minor and consequential amendments

    15. Schedule 15

      Controlled foreign companies

    16. Schedule 16

      Venture capital schemes etc

      1. Part 1

        Limit on number of employees of company in which investment is made

      2. Part 2

        Limit on amount raised annually by company through risk capital schemes

      3. Part 3

        Excluded activities: receipt of royalties and licence fees

      4. Part 4

        Meaning of “qualifying 90% subsidiary”

      5. Part 5

        Other amendments

    17. Schedule 17

      Real Estate Investment Trusts

    18. Schedule 18

      Pensions schemes: abolition of relief for life assurance premium contributions etc

    19. Schedule 19

      Alternatively secured pensions and transfer lump sum death benefit etc

    20. Schedule 20

      Pension schemes etc: miscellaneous

    21. Schedule 21

      Exemptions from stamp duty and SDRT: intermediaries, repurchases etc

    22. Schedule 22

      Amendments and repeals consequential on extension of HMRC powers

      1. Part 1

        Amendments

      2. Part 2

        Repeals

    23. Schedule 23

      Extension of HMRC powers: Scotland

    24. Schedule 24

      Penalties for errors

      1. Part 1

        Liability for penalty

      2. Part 2

        Amount of penalty

      3. Part 3

        Procedure

      4. Part 4

        Miscellaneous

      5. Part 5

        General

    25. Schedule 25

      Amendments connected with Gambling Act 2005

      1. Part 1

        Amendments of the Tax Acts

      2. Part 2

        Amendments of BGDA 1981

      3. Part 3

        Amendments of FA 1993 relating to lottery duty

      4. Part 4

        Amendments of FA 1997 relating to gaming duty

      5. Part 5

        Miscellaneous amendments

      6. Part 6

        Commencement

    26. Schedule 26

      Meaning of “recognised stock exchange” etc

    27. Schedule 27

      Repeals

      1. Part 1

        Environment

      2. Part 2

        Income tax, corporation tax and capital gains tax

      3. Part 3

        Pensions

      4. Part 4

        SDLT, stamp duty and SDRT

      5. Part 5

        Investigation, administration etc

      6. Part 6

        Miscellaneous

An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.

[19th July 2007]

Most Gracious Sovereign

We, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and to grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

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