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Finance Act 2009

2009 CHAPTER 10

CONTENTS

Go to Preamble

  1. Part 1

    Charges, rates, allowances, etc

    1. Income tax

      1. 1. Charge and main rates for 2009-10

      2. 2. Basic rate limit for 2009-10

      3. 3. Personal allowance for 2009-10 for those aged under 65

      4. 4. Reduction of personal allowance for those with income exceeding £100,000

      5. 5. Abolition of personal reliefs for non-residents

      6. 6. Additional rate, dividend additional rate, trust rates and pension tax rates

    2. Corporation tax

      1. 7. Charge and main rates for financial year 2010

      2. 8. Small companies' rates and fractions for financial year 2009

    3. Value added tax

      1. 9. Extension of reduced standard rate and anti-avoidance provision

    4. Stamp duty land tax

      1. 10. Thresholds for residential property

    5. Alcohol and tobacco duties

      1. 11. Rates of alcoholic liquor duty

      2. 12. Rates of tobacco products duty

    6. Vehicle excise duty

      1. 13. Rates for 2009-10

      2. 14. Rates from April 2010

    7. Fuel duties

      1. 15. Rates and rebates from Spring 2009

      2. 16. Rates and rebates from September 2009

    8. Other environmental taxes and duties

      1. 17. Rates of air passenger duty

      2. 18. Standard rate of landfill tax

    9. Gambling duties

      1. 19. Rates of gaming duty

      2. 20. Bingo duty

      3. 21. Amounts of duty on amusement machine licences

      4. 22. Provisions affecting amount of amusement machine licence duty

  2. Part 2

    Income tax, corporation tax and capital gains tax

    1. Support for business

      1. 23. Temporary extension of loss carry back provisions

      2. 24. First-year capital allowances for expenditure in 2009-2010

      3. 25. Agreements to forgo tax reliefs

      4. 26. Contaminated and derelict land

      5. 27. Venture capital schemes

      6. 28. Group relief: preference shares

      7. 29. Sale of lessor companies etc: reforms

      8. 30. Tax relief for business expenditure on cars and motor cycles

      9. 31. Reallocation of chargeable gain or loss within a group

      10. 32. Stock lending: chargeable gains in event of insolvency etc of borrower

      11. 33. FSCS payments representing interest

    2. Foreign profits etc

      1. 34. Corporation tax treatment of company distributions received

      2. 35. Tax treatment of financing costs and income

      3. 36. Controlled foreign companies

      4. 37. International movement of capital

      5. 38. Corporation tax: foreign currency accounting

      6. 39. Certain distributions of offshore funds taxed as interest

      7. 40. Income tax credits for foreign distributions

    3. Loan relationships and derivatives

      1. 41. Loan relationships involving connected parties

      2. 42. Release of trade etc debts

      3. 43. Foreign exchange matching: anti-avoidance

    4. Collective investment

      1. 44. Tax treatment of participants in offshore funds

      2. 45. Power to enable dividends of investment trusts to be taxed as interest

    5. Insurance etc

      1. 46. Insurance companies

      2. 47. Equalisation reserves for Lloyd’s corporate and partnership members

    6. Simplification

      1. 48. Disguised interest

      2. 49. Transfer of income streams

      3. 50. SAYE schemes

    7. Residence and domicile

      1. 51. Remittance basis

      2. 52. Exemption for certain non-domiciled persons

    8. Employment income

      1. 53. Taxable benefits: cars

      2. 54. Taxable benefit of cars: price of automatic car for disabled employee

      3. 55. Exemption of benefit consisting of health-screening or medical check-up

      4. 56. MEPs' pay, allowances and pensions under European Parliament Statute

    9. Double taxation

      1. 57. Tax underlying dividends

      2. 58. Manufactured overseas dividends

      3. 59. Payments by reference to foreign tax etc

      4. 60. Anti-fragmentation

    10. Miscellaneous anti-avoidance provisions

      1. 61. Financial arrangements avoidance

      2. 62. Transfers of trade to obtain terminal loss relief

      3. 63. Sale of lessor companies etc: anti-avoidance

      4. 64. Leases of plant or machinery

      5. 65. Long funding leases of films

      6. 66. Real Estate Investment Trusts

      7. 67. Deductions for employee liabilities

      8. 68. Employment loss relief

      9. 69. No loss relief for losses from contracts for life insurance etc

      10. 70. Intangible fixed assets and goodwill

      11. 71. Taxable benefit of living accommodation: lease premiums

  3. Part 3

    Pensions

    1. 72. Special annual allowance charge etc

    2. 73. Financial assistance scheme

    3. 74. FSCS intervention in relation to insurance in connection with pensions

    4. 75. Power to make retrospective non-charging provision

  4. Part 4

    Value added tax

    1. 76. Place of supply of services etc

    2. 77. Repayment to those in business in other States

    3. 78. Information relating to cross-border supplies of services to taxable recipients

    4. 79. Effect of VAT changes on arbitration of rent for agricultural holdings

  5. Part 5

    Stamp taxes

    1. Stamp duty land tax

      1. 80. Exercise of collective rights by tenants of flats

      2. 81. Registered providers of social housing

      3. 82. Rent to shared ownership

    2. Stock lending arrangements

      1. 83. Stamp taxes in event of insolvency

  6. Part 6

    Oil

    1. 84. Capital allowances for oil decommissioning expenditure

    2. 85. Blended oil

    3. 86. Chargeable gains

    4. 87. Oil assets put to other uses

    5. 88. Former licensees and former oil fields

    6. 89. Abolition of provisional expenditure allowance

    7. 90. Supplementary charge: reduction for certain new oil fields

    8. 91. Miscellaneous amendments

  7. Part 7

    Administration

    1. Standards and values

      1. 92. HMRC Charter

      2. 93. Duties of senior accounting officers of qualifying companies

      3. 94. Publishing details of deliberate tax defaulters

    2. Information etc

      1. 95. Amendment of information and inspection powers

      2. 96. Extension of information and inspection powers to further taxes

      3. 97. Powers to obtain contact details for debtors

      4. 98. Record-keeping

    3. Assessments, claims etc

      1. 99. Time limits for assessments, claims etc

      2. 100. Recovery of overpaid tax etc

    4. Interest

      1. 101. Late payment interest on sums due to HMRC

      2. 102. Repayment interest on sums to be paid by HMRC

      3. 103. Rates of interest

      4. 104. Supplementary

      5. 105. Miscellaneous amendments

    5. Penalties

      1. 106. Penalties for failure to make returns etc

      2. 107. Penalties for failure to pay tax

      3. 108. Suspension of penalties during currency of agreement for deferred payment

      4. 109. Miscellaneous amendments

    6. Miscellaneous

      1. 110. Recovery of debts using PAYE regulations

      2. 111. Managed payment plans

      3. 112. Customs and excise enforcement: movements between member States

  8. Part 8

    Miscellaneous

    1. Gambling

      1. 113. VAT exemption for gaming participation fees

      2. 114. Gaming duty

      3. 115. Remote bingo etc

      4. 116. Meaning of “gaming machine” and “gaming”

    2. Climate change levy

      1. 117. Taxable commodities ineligible for reduced-rate supply

      2. 118. Removal of reduced rate where targets not met

    3. Other environmental taxes and duties

      1. 119. Landfill tax: prescribed landfill site activities

      2. 120. Requirement to destroy replaced vehicle registration documents

      3. 121. Hydrocarbon oil duties: minor amendments

    4. Other matters

      1. 122. Inheritance tax: agricultural property and woodlands relief for EEA land

      2. 123. Alternative finance investment bonds

      3. 124. Mutual societies: tax consequences of transfers of business etc

      4. 125. National Savings ordinary accounts: surplus funds

  9. Part 9

    Final provisions

    1. 126. Interpretation

    2. 127. Short title

    1. Schedule 1

      Income tax: abolition of non-residents' personal reliefs

    2. Schedule 2

      Income tax rates

      1. Part 1

        Amendments of ITA 2007

      2. Part 2

        Amendments of other Acts

      3. Part 3

        Commencement

    3. Schedule 3

      VAT: supplementary charge and orders changing rate

      1. Part 1

        Supplementary charge to VAT

      2. Part 2

        Exceptions

      3. Part 3

        Liability and amount

      4. Part 4

        Listed supplies

      5. Part 5

        Administration and interpretation

      6. Part 6

        Amendments of VATA 1994

    4. Schedule 4

      Vehicle excise duty: further provision about rates of duty etc

    5. Schedule 5

      Air passenger duty

    6. Schedule 6

      Temporary extension of carry back of losses

    7. Schedule 7

      Contaminated and derelict land

      1. Part 1

        Amendments of Part 14 of CTA 2009

      2. Part 2

        Amendments of other enactments

      3. Part 3

        Commencement

    8. Schedule 8

      Venture capital schemes

    9. Schedule 9

      Group relief: preference shares

    10. Schedule 10

      Sale of lessor companies etc: reforms

    11. Schedule 11

      Tax relief for business expenditure on cars and motor cycles

      1. Part 1

        Capital allowances

      2. Part 2

        Restrictions on deductions for hire expenses

    12. Schedule 12

      Reallocation of chargeable gain or loss within a group

    13. Schedule 13

      Chargeable gains in stock lending: insolvency etc of borrower

    14. Schedule 14

      Corporation tax treatment of company distributions

      1. Part 1

        Insertion of new Part 9A of CTA 2009

      2. Part 2

        Other amendments

      3. Part 3

        Commencement etc

    15. Schedule 15

      Tax treatment of financing costs and income

      1. Part 1

        Introduction

      2. Part 2

        Application of this Schedule

      3. Part 3

        Disallowance of deductions

      4. Part 4

        Exemption of financing income

      5. Part 5

        Intra-group financing income where payer denied deduction

      6. Part 6

        Anti-avoidance

      7. Part 7

        “Financing expense amount” and “financing income amount”

      8. Part 8

        The “tested expense amount” and “tested income amount”

      9. Part 9

        The “available amount”

      10. Part 10

        Other interpretative provisions

      11. Part 11

        Consequential amendments and commencement

    16. Schedule 16

      Controlled foreign companies

      1. Part 1

        Abolition of acceptable distribution policy exemption

      2. Part 2

        Amendment of exempt activities exemption

      3. Part 3

        Reduction in chargeable profits for certain financing income

    17. Schedule 17

      International movement of capital

      1. Part 1

        Abolition of existing regime

      2. Part 2

        Reporting requirement

      3. Part 3

        Commencement etc

    18. Schedule 18

      Corporation tax: foreign currency accounting

    19. Schedule 19

      Income tax credits for foreign distributions

    20. Schedule 20

      Loan relationships: connected parties

    21. Schedule 21

      Foreign exchange: anti-avoidance

    22. Schedule 22

      Offshore funds

      1. Part 1

        Meaning of “offshore fund”

      2. Part 2

        Application of TCGA 1992 to offshore funds

    23. Schedule 23

      Insurance companies

    24. Schedule 24

      Disguised interest

    25. Schedule 25

      Transfers of income streams

      1. Part 1

        Company transferors

      2. Part 2

        Non-corporate transferors

      3. Part 3

        Company transferees

      4. Part 4

        Consequential amendments and repeals

      5. Part 5

        Commencement

    26. Schedule 26

      Certification of SAYE savings arrangements

    27. Schedule 27

      Remittance basis

      1. Part 1

        Amendments of ITA 2007

      2. Part 2

        Amendments of other Acts

      3. Part 3

        Commencement

    28. Schedule 28

      Taxable benefits: cars

    29. Schedule 29

      Manufactured overseas dividends

    30. Schedule 30

      Financial arrangements avoidance

    31. Schedule 31

      Sale of lessor companies etc: anti-avoidance

    32. Schedule 32

      Leases of plant or machinery

    33. Schedule 33

      Long funding leases of films

    34. Schedule 34

      Real Estate Investment Trusts

    35. Schedule 35

      Pensions: special annual allowance charge

    36. Schedule 36

      VAT: place of supply of services etc

      1. Part 1

        Amendments coming into force in 2010

      2. Part 2

        Amendments coming into force in 2011

      3. Part 3

        Amendments coming into force in 2013

      4. Part 4

        Transitional provisions

    37. Schedule 37

      Stock lending: stamp taxes in the event of insolvency

      1. Part 1

        Stamp duty

      2. Part 2

        Stamp duty reserve tax

    38. Schedule 38

      Capital allowances for oil decommissioning expenditure

    39. Schedule 39

      PRT: blended oil

    40. Schedule 40

      Oil: chargeable gains

      1. Part 1

        Licence swaps

      2. Part 2

        Reinvestment of ring fence assets

    41. Schedule 41

      Oil assets put to other uses

      1. Part 1

        Petroleum revenue tax

      2. Part 2

        Capital allowances

    42. Schedule 42

      PRT: former licensees and former oil fields

      1. Part 1

        Persons who cease to be licensees because of cessation events

      2. Part 2

        Areas treated as continuing to be oil fields

    43. Schedule 43

      PRT: abolition of provisional expenditure allowance

    44. Schedule 44

      Supplementary charge: reduction for certain new oil fields

      1. Part 1

        Reduction of adjusted ring fence profits

      2. Part 2

        Pool of field allowances

      3. Part 3

        Field allowance: when held and unactivated amount

      4. Part 4

        No change in equity share: activation of allowance

      5. Part 5

        Change in equity share: activation of allowance

      6. Part 6

        Change in equity share: transfer of field allowance

      7. Part 7

        Miscellaneous

      8. Part 8

        Interpretation

    45. Schedule 45

      Oil: miscellaneous amendments

    46. Schedule 46

      Duties of senior accounting officers of qualifying companies

    47. Schedule 47

      Amendment of information and inspection powers

    48. Schedule 48

      Extension of information and inspection powers

    49. Schedule 49

      Powers to obtain contact details for debtors

    50. Schedule 50

      Record-keeping

    51. Schedule 51

      Time limits for assessments, claims etc

    52. Schedule 52

      Recovery of overpaid tax etc

      1. Part 1

        Income tax and capital gains tax

      2. Part 2

        Corporation tax

    53. Schedule 53

      Late payment interest

      1. Part 1

        Special provision: amount carrying late payment interest

      2. Part 2

        Special provision: late payment interest start date

      3. Part 3

        Special provision: date to which late payment interest runs

      4. Part 4

        Effect of interest on reliefs

    54. Schedule 54

      Repayment interest

      1. Part 1

        Repayment interest start date: general rule

      2. Part 2

        Special provision as to repayment interest start date

      3. Part 3

        Supplementary

    55. Schedule 55

      Penalty for failure to make returns etc

    56. Schedule 56

      Penalty for failure to make payments on time

    57. Schedule 57

      Amendments relating to penalties

      1. Part 1

        Amendments of Schedule 24 to FA 2007

      2. Part 2

        Amendments of Schedule 41 to FA 2008

      3. Part 3

        Other amendments

    58. Schedule 58

      Recovery of debts under PAYE regulations

    59. Schedule 59

      Climate change levy: removal of reduced rate

      1. Part 1

        New provision for removal of reduced rate

      2. Part 2

        Consequential amendments

    60. Schedule 60

      Landfill tax: prescribed landfill site activities

    61. Schedule 61

      Alternative finance investment bonds

      1. Part 1

        Introductory

      2. Part 2

        Issue, transfer and redemption of rights under arrangements

      3. Part 3

        Transactions relating to underlying assets consisting of land

      4. Part 4

        Supplementary

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.

[21st July 2009]

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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