Finance Act 2008
Sections and provisions with full text and the judgments that cite each one.
Section 51B — First restriction: companies
First restriction: companies 51B 1 A company is entitled to a single annual investment allowance in respect of all the qualifying activities carried on by the company in a chargeable period. 2 The…
Section 51C — Second restriction: groups of companies
Second restriction: groups of companies 51C 1 This section applies in relation to— a a company which, in a financial year, is a parent undertaking of one or more other companies, and b those other…
Section 51D — Third restriction: groups of companies under common control
Third restriction: groups of companies under common control 51D 1 Where in a financial year two or more groups of companies are— a controlled by the same person (see section 51F), and b related to…
Section 51E — Fourth restriction: other companies under common control
Fourth restriction: other companies under common control 51E 1 This section applies in relation to two or more companies which in a financial year are— a controlled by the same person (see section…
Section 51F — Companies and groups: meaning of “control”
Companies and groups: meaning of “control” 51F 1 A company is controlled by a person in a financial year if it is controlled by that person at the end of its chargeable period ending in that…
Section 51G — Companies and groups: meaning of “related”
Companies and groups: meaning of “related” 51G 1 A company (“C1”) is related to another company (“C2”) in a financial year if one or both of— a the shared premises condition, and b the similar…
Section 51H — Fifth restriction: qualifying activities under common control
Fifth restriction: qualifying activities under common control 51H 1 This section applies in relation to two or more qualifying activities which, in a tax year— a are carried on by a qualifying person…
Section 51I — Qualifying activities: meaning of control
Qualifying activities: meaning of control 51I 1 A qualifying activity is controlled by a person in a tax year if it is controlled by the person at the end of the chargeable period for that activity…
Section 51J — Qualifying activity: meaning of “related”
Qualifying activity: meaning of “related” 51J 1 A qualifying activity (“A1”) is related to another qualifying activity (“A2”) in a tax year if one or both of— a the shared premises condition, and b…
Section 51K — Operation of annual investment allowance where restrictions apply
Operation of annual investment allowance where restrictions apply 51K 1 This section applies where because of section 51B, 51C, 51D, 51E or 51H a person is (or persons between them are) entitled to a…
Section 51L — Special provision for short chargeable periods
Special provision for short chargeable periods 51L 1 This section applies where— a more than one chargeable period of a company ends in a financial year, or b more than one chargeable period for a…
Section 51M — Special provision for long chargeable periods
Special provision for long chargeable periods 51M 1 This section applies where— a section 51H applies in relation to two or more qualifying activities controlled by a person (“P”) in a tax year, and…
Section 51N — Special provision for long chargeable periods: supplementary
Special provision for long chargeable periods: supplementary 51N 1 This section applies where— a section 51H applies in relation to two or more qualifying activities controlled by a person (“P”) in a…
Section 52 — Greater London Authority: severance payments
Greater London Authority: severance payments 52 1 Section 291(2) of ITEPA 2003 (termination payments to MPs and others ceasing to hold office) is amended as follows. 2 In paragraph (ea), omit “or”. 3…
Section 52A — Chapter to apply only for corporation tax purposes
Chapter to apply only for corporation tax purposes 52A This Chapter applies only for the purposes of corporation tax.
Section 53 — Gift aid: payments to charities
Gift aid: payments to charities 53 Schedule 19 contains provision for the Commissioners for Her Majesty's Revenue and Customs to make payments to charities which receive donations under the gift aid…
Section 54 — Community investment tax relief
Community investment tax relief 54 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 55 — Leases of plant or machinery
Leases of plant or machinery 55 Schedule 20 contains provision about leases of plant or machinery.
Section 55A — Expenditure on integral features
Expenditure on integral features 55A Section 33A(3) of CAA 2001 provides that no deduction is allowed in respect of certain expenditure on an integral feature of a building or structure (within the…
Section 56 — Sale of lessor companies etc
Sale of lessor companies etc 56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 56A — Writing-down allowances for small pools
Writing-down allowances for small pools 56A 1 This section applies in relation to the main pool and the special rate pool. 2 Where the amount by which AQE exceeds TDR is less than or equal to the…
Section 57 — Double taxation relief
Double taxation relief 57 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 58 — UK residents and foreign partnerships
UK residents and foreign partnerships 58 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 In section 59 of TCGA 1992 (partnerships), insert at the end— 4 For the purposes of…
Section 59 — UK residents and foreign enterprises
UK residents and foreign enterprises 59 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 60 — Restrictions on trade loss relief for individuals
Restrictions on trade loss relief for individuals 60 Schedule 21 contains provision restricting relief for losses made by individuals who, otherwise than in partnership, carry on trades in a…
Section 61 — Non-active partners
Non-active partners 61 1 In section 103B(2) of ITA 2007 (meaning of “non-active partner” for purposes of provisions restricting trade loss relief), for “carried on for the purposes of the trade”…
Section 62 — Financial arrangements avoidance
Financial arrangements avoidance 62 Schedule 22 contains provision about avoidance involving financial arrangements.
Section 63 — Manufactured payments
Manufactured payments 63 1 Schedule 23 contains anti-avoidance provisions about manufactured payments. 2 The amendments made by that Schedule have effect in relation to manufactured payments…
Section 64 — Controlled foreign companies
Controlled foreign companies 64 1 Chapter 4 of Part 17 of ICTA (controlled foreign companies) is amended as follows. 2 In section 747 (imputation of chargeable profits of controlled foreign…
Section 65 — Intangible fixed assets: related parties
Intangible fixed assets: related parties 65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 66 — Repeal of obsolete anti-avoidance provisions
Repeal of obsolete anti-avoidance provisions 66 1 In Part 17 of ICTA (tax avoidance)— a in section 704 (cancellation of corporation tax advantages: the prescribed circumstances), omit— i paragraph B…
Section 67 — Income of beneficiaries under settlor-interested settlements
Income of beneficiaries under settlor-interested settlements 67 1 In section 685A of ITTOIA 2005 (settlor-interested settlements), after subsection (5) insert— 5A If the recipient of the annual…
Section 68 — Income charged at dividend upper rate
Income charged at dividend upper rate 68 1 In section 13(2) of ITA 2007 (income charged at dividend upper rate: individuals)— a omit “and” at the end of paragraph (a), and b at the end of paragraph…
Section 69 — Payments on account of income tax
Payments on account of income tax 69 1 In section 964 of ITA 2007, omit subsection (5) (sums representing income tax deducted from annual payments not to be taken into account for the purpose of…
Section 70 — Allowances etc for non-resident nationals of an EEA state
Allowances etc for non-resident nationals of an EEA state 70 1 In section 278 of ICTA (non-residents eligible for reliefs)— a in subsection (2)(a), omit “or an EEA national”, and b omit subsection…
Section 71 — Thermal insulation of buildings
Thermal insulation of buildings 71 1 Section 28 of CAA 2001 (thermal insulation of industrial buildings) is amended as follows. 2 In subsection (1)— a for “consisting of a trade” substitute “ other…
Section 72 — Expenditure on required fire precautions
Expenditure on required fire precautions 72 1 In CAA 2001, omit section 29 (expenditure on required fire precautions). 2 In section 23(2) of that Act, omit “section 29 (fire safety);”. 3 In…
Section 73 — Integral features
Integral features 73 1 In section 23 of CAA 2001 (expenditure unaffected by sections 21 and 22)— a in subsection (2), after the entry for section 33 insert— “ section 33A (integral features); ” , and…
Section 73AB — Sections 71A to 72A: arrangements to transfer control of financial institution
Sections 71A to 72A: arrangements to transfer control of financial institution 73AB 1 Section 71A, 72 or 72A does not apply to alternative finance arrangements if those arrangements, or any connected…
Section 74 — Annual investment allowance
Annual investment allowance 74 Schedule 24 contains provision about an annual investment allowance in respect of certain qualifying expenditure on plant or machinery.
Section 74A — Reliefs in any tax year not to exceed cap for tax year
Reliefs in any tax year not to exceed cap for tax year 74A 1 This section applies if— a during a tax year an individual carries on one or more trades, otherwise than as a partner in a firm, in a…
Section 74B — No relief for tax-generated losses
No relief for tax-generated losses 74B 1 This section applies if— a during a tax year an individual carries on a trade, otherwise than as a partner in a firm, in a non-active capacity (see section…
Section 74C — Meaning of “non-active capacity” for purposes of sections 74A and 74B etc
Meaning of “non-active capacity” for purposes of sections 74A and 74B etc 74C 1 For the purposes of sections 74A and 74B an individual carries on a trade in a non-active capacity during a tax year if…
Section 74D — Meaning of “qualifying film expenditure” for purposes of sections 74A and 74B
Meaning of “qualifying film expenditure” for purposes of sections 74A and 74B 74D 1 For the purposes of sections 74A and 74B expenditure is qualifying film expenditure if— a it is deducted under a…
Section 75 — First-year allowance for small and medium-sized enterprises discontinued
First-year allowance for small and medium-sized enterprises discontinued 75 1 CAA 2001 is amended as follows. 2 Omit section 44 (expenditure incurred by small or medium-sized enterprises). 3 In…
Section 76 — Repeal of spent first-year allowances
Repeal of spent first-year allowances 76 1 CAA 2001 is amended as follows. 2 Omit sections 40 to 43 (first-year allowance for Northern Ireland expenditure incurred on or before 11 May 2002). 3 Omit…
Section 77 — Cars with low carbon dioxide emissions
Cars with low carbon dioxide emissions 77 1 Section 45D of CAA 2001 (expenditure on cars with low carbon dioxide emissions) is amended as follows. 2 . . . . . . . . . . . . . . . . . . . . . . . . .…
Section 77A — Exceptions for certain acquisitions of major interests in land
Exceptions for certain acquisitions of major interests in land 77A 1 The exceptions referred to in section 77(1)(a) are as follows. 1 An acquisition which is exempt from charge under Schedule 3. 2 An…
Section 78 — Gas refuelling stations
Gas refuelling stations 78 1 Section 45E of CAA 2001 (expenditure on plant or machinery for gas refuelling station) is amended as follows. 2 In subsection (1)(a), for “2008” substitute “ 2013 ” . 3…
Section 79 — First-year tax credits
First-year tax credits 79 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .