Finance Act 2008
Sections and provisions with full text and the judgments that cite each one.
Section 22 — Rates of gaming duty
Rates of gaming duty 22 1 For the table in section 11(2) of FA 1997 substitute— Table Part of gross gaming yield Rate The first £1,911,000 15 per cent The next £1,317,000 20 per cent The next…
Section 23 — Amusement machine licence duty
Amusement machine licence duty 23 1 In section 23(2) of BGDA 1981 (amount of duty payable on amusement machine licence), for the table substitute— Table Months for which licence granted Category A…
Section 24 — Periods of residence
Periods of residence 24 1 Section 831 of ITA 2007 (foreign income of individuals in United Kingdom for temporary purpose) is amended as follows. 2 In subsection (1), for paragraph (b) substitute— b…
Section 25 — Remittance basis
Remittance basis 25 Schedule 7 contains provision for and in connection with the revision of the remittance basis.
Section 25A — Certificates of debt
Certificates of debt 25A 1 A certificate of an officer of Revenue and Customs that, to the best of that officer's knowledge and belief, a relevant sum has not been paid is sufficient evidence that…
Section 26 — Rates of R&D relief and vaccine research relief
Rates of R&D relief and vaccine research relief 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 27 — Qualifying expenditure: R&D relief and vaccine research relief
Qualifying expenditure: R&D relief and vaccine research relief 27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 28 — Companies in difficulty: SME R&D relief and vaccine research relief
Companies in difficulty: SME R&D relief and vaccine research relief 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 29 — Cap on R&D aid
Cap on R&D aid 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 30 — Vaccine research relief: declaration about effect of relief
Vaccine research relief: declaration about effect of relief 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 31 — Enterprise investment scheme: increase in amount of relief
Enterprise investment scheme: increase in amount of relief 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 32 — Venture capital schemes
Venture capital schemes 32 Schedule 11 contains provision about venture capital schemes.
Section 33 — Enterprise management incentives: qualifying companies
Enterprise management incentives: qualifying companies 33 1 Part 3 of Schedule 5 to ITEPA 2003 (enterprise management incentives: qualifying companies) is amended as follows. 2 In paragraph 8…
Section 33A — Expenditure on provision or replacement of integral features
Expenditure on provision or replacement of integral features 33A 1 This section applies where a person carrying on a qualifying activity incurs expenditure on the provision or replacement of an…
Section 33B — Meaning of “replacement” in section 33A
Meaning of “replacement” in section 33A 33B 1 Expenditure to which this section applies is to be treated for the purposes of section 33A as expenditure on the replacement of an integral feature. 2…
Section 34 — Tax credits for certain foreign distributions
Tax credits for certain foreign distributions 34 1 Schedule 12 contains provision about tax credits for certain foreign distributions. 2 The amendments made by that Schedule have effect for the tax…
Section 35 — Small companies' relief: associated companies
Small companies' relief: associated companies 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 35A — Disposal of asset acquired on no gain/no loss disposal
Disposal of asset acquired on no gain/no loss disposal 35A 1 This section applies for the purposes of capital gains tax in relation to a disposal of an asset if— a the person making the disposal…
Section 36 — Company gains from investment life insurance contracts etc
Company gains from investment life insurance contracts etc 36 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Schedule 14 contains amendments and repeals consequential on that…
Section 37 — Trade profits: changes in trading stock
Trade profits: changes in trading stock 37 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…
Section 38 — Non-residents: investment managers
Non-residents: investment managers 38 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…
Section 38A — AIA qualifying expenditure
AIA qualifying expenditure 38A 1 An annual investment allowance is not available unless the qualifying expenditure is AIA qualifying expenditure. 2 Expenditure is AIA qualifying expenditure if— a it…
Section 38B — General exclusions applying to section 38A
General exclusions applying to section 38A 38B Expenditure within any of the following general exclusions is not AIA qualifying expenditure. General exclusion 1 The expenditure is incurred in the…
Section 39 — Dormant assets
Dormant assets 39 1 The Commissioners for Her Majesty’s Revenue and Customs may by regulations— a modify Chapters 2 and 3 of Part 15 of ITA 2007 (deduction of income tax on interest payments at…
Section 40 — Individual investment plan regulations
Individual investment plan regulations 40 In section 701 of ITTOIA 2005 (investment plan regulations: general and supplementary), insert at the end— 4 They may include provision having effect in…
Section 40A — Meaning of “offshore fund”
Meaning of “offshore fund” 40A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 40B — Meaning of “mutual fund” etc
Meaning of “mutual fund” etc 40B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 40C — Umbrella arrangements
Umbrella arrangements 40C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 40D — Arrangements comprising more than one class of interest
Arrangements comprising more than one class of interest 40D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 40E — Meaning of “mutual fund”: exceptions
Meaning of “mutual fund”: exceptions 40E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 40F — Meaning of “relevant income-producing assets”
Meaning of “relevant income-producing assets” 40F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 40G — Meaning of “mutual fund”: powers to vary exceptions
Meaning of “mutual fund”: powers to vary exceptions 40G . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 41 — Tax treatment of participants in offshore funds
Tax treatment of participants in offshore funds 41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 41A — Taxable specific income from employment-related securities: effect of remittance basis
Taxable specific income from employment-related securities: effect of remittance basis 41A 1 This section applies if— a an amount within subsection (2) counts as employment income of an individual…
Section 41B — Section 41A: the relevant period
Section 41A: the relevant period 41B 1 “The relevant period” is to be determined as follows. 2 In the case of an amount that counts as employment income by virtue of Chapter 2 (restricted securities)…
Section 41C — Section 41A: foreign securities income
Section 41A: foreign securities income 41C 1 The extent to which the securities income is “foreign” is to be determined as follows. 2 Treat an equal amount of the securities income as accruing on…
Section 41D — Limit on foreign securities income where duties of associated employment performed in UK
Limit on foreign securities income where duties of associated employment performed in UK 41D 1 This section imposes a limit on the extent to which section 41C(3) applies in relation to a period when—…
Section 41E — Foreign securities income: just and reasonable apportionment
Foreign securities income: just and reasonable apportionment 41E 1 This section applies if the proportion of the securities income that would otherwise be regarded as “foreign” is not, having regard…
Section 42 — Regulations under section 41: supplementary
Regulations under section 41: supplementary 42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 42A — Regulations: procedure
Regulations: procedure 42A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 43 — Insurance companies etc
Insurance companies etc 43 Schedule 17 contains provisions relating to insurance companies etc.
Section 44 — Friendly societies
Friendly societies 44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 45 — Homes outside UK owned through company etc
Homes outside UK owned through company etc 45 1 In ITEPA 2003, after section 100 insert— Homes outside UK owned through company etc 100A 1 This Chapter does not apply to living accommodation outside…
Section 46 — In-work and return to work credits and payments
In-work and return to work credits and payments 46 1 In section 677(1) of ITEPA 2003 (UK social security benefits wholly exempt from tax), in Part 1 of Table B (benefits payable under primary…
Section 47 — Company cars: lower threshold for CO 2 emissions figure
Company cars: lower threshold for CO 2 emissions figure 47 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 In consequence of the amendment made by subsection (1), omit— a in FA…
Section 48 — Van fuel benefit
Van fuel benefit 48 1 In section 239(3) of ITEPA 2003 (exemption in respect of payments and benefits connected with taxable cars and vans subject to section 149), insert at the end “ or section 160…
Section 49 — Employment-related securities etc: deductible amounts etc
Employment-related securities etc: deductible amounts etc 49 1 In section 149AA of TCGA 1992 (restricted and convertible employment-related securities), after subsection (6) insert— 7 In subsection…
Section 50 — Employment-related securities: repeal of obsolete provisions
Employment-related securities: repeal of obsolete provisions 50 1 In ICTA, omit sections 138 and 139 (share acquisitions by directors and employees: shares acquired before 26 October 1987). 2 In…
Section 51 — Armed forces: the Council Tax Relief
Armed forces: the Council Tax Relief 51 1 In ITEPA 2003, after section 297A insert— Armed forces: the Council Tax Relief 297B 1 No liability to income tax arises in respect of payments of the Council…
Section 51A — Entitlement to annual investment allowance
Entitlement to annual investment allowance 51A 1 A person is entitled to an allowance (an “annual investment allowance”) in respect of AIA qualifying expenditure if— a the expenditure is incurred in…