Finance Act 2008
Sections and provisions with full text and the judgments that cite each one.
Section 80 — Main rate of writing down allowance
Main rate of writing down allowance 80 1 Section 56 of CAA 2001 (amount of allowances and charges) is amended as follows. 2 In subsection (1), for “25%” substitute “ 20% ” . 3 After that subsection…
Section 81 — Small pools
Small pools 81 1 CAA 2001 is amended as follows. 2 In section 56(2) (amount of allowances and charges), before paragraph (a) insert— za section 56A (small main pools and special rate pools), . 3…
Section 82 — Special rate expenditure and the special rate pool
Special rate expenditure and the special rate pool 82 Schedule 26 contains provision about special rate expenditure and the special rate pool.
Section 83 — Existing long-life asset expenditure treated as special rate expenditure
Existing long-life asset expenditure treated as special rate expenditure 83 1 This section applies in relation to long-life asset expenditure— a incurred before the relevant date, and b allocated to…
Section 84 — Abolition of allowances from 2011
Abolition of allowances from 2011 84 1 Parts 3 and 4 of CAA 2001 (industrial buildings allowances and agricultural buildings allowances) do not apply in relation to expenditure incurred on or after…
Section 85 — Phasing out of allowances before abolition
Phasing out of allowances before abolition 85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 86 — Qualifying enterprise zone expenditure: transitional provision
Qualifying enterprise zone expenditure: transitional provision 86 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 87 — Phasing out of industrial buildings allowance: anti-avoidance
Phasing out of industrial buildings allowance: anti-avoidance 87 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 87A — Section 87: matching
Section 87: matching 87A 1 This section supplements section 87. 2 The following steps are to be taken for the purposes of matching capital payments with section 2(2) amounts. Step 1 Find the section…
Section 87B — Section 87: remittance basis
Section 87: remittance basis 87B 1 This section applies if— a chargeable gains are treated under section 87 as accruing to an individual in a tax year, b section 809B, 809D or 809E (remittance basis)…
Section 87C — Sections 87 and 87A: disregard of certain capital payments
Sections 87 and 87A: disregard of certain capital payments 87C 1 For the purposes of sections 87 and 87A as they apply in relation to a settlement, no account is to be taken of a capital payment (or…
Section 88 — Power to make consequential and transitional provision
Power to make consequential and transitional provision 88 1 The Treasury may by order make such amendments (including repeals and revocations) of enactments or instruments as may appear appropriate…
Section 89 — Balancing allowances on transfers of trade
Balancing allowances on transfers of trade 89 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 90 — Spreading of relief on indirect contributions
Spreading of relief on indirect contributions 90 1 In Part 4 of FA 2004 (pension schemes etc), after section 199 insert— Indirect contributions 199A 1 This section applies where an employer (“E”)— a…
Section 90A — Section 90: transfers made for consideration in money or money's worth
Section 90: transfers made for consideration in money or money's worth 90A 1 Section 90 does not apply to a transfer of settled property made for consideration in money or money's worth if the amount…
Section 91 — Inheritance etc of tax-relieved pension savings
Inheritance etc of tax-relieved pension savings 91 Schedule 28 contains provision about the inheritance etc of tax-relieved pension savings.
Section 92 — Pension schemes: further provision
Pension schemes: further provision 92 Schedule 29 contains further provision about pension schemes.
Section 93 — Zero-carbon homes
Zero-carbon homes 93 1 Sections 58B and 58C of FA 2003 (relief from SDLT on first acquisition of zero-carbon homes) are amended as follows. 2 In section 58B, for subsection (2) substitute— 2 For the…
Section 94 — Notification and registration of transactions
Notification and registration of transactions 94 1 Part 4 of FA 2003 (stamp duty land tax) is amended as follows. 2 For section 77 substitute— Notifiable transactions 77 1 A land transaction is…
Section 95 — Charge where consideration includes rent: 0% band
Charge where consideration includes rent: 0% band 95 1 Schedule 5 to FA 2003 (amount of SDLT chargeable: rent) is amended as follows. 2 In paragraph 9 (SDLT chargeable in respect of consideration…
Section 95ZA — Taxation of UK distributions received by insurance companies
Taxation of UK distributions received by insurance companies 95ZA 1 If the total amount of relevant distributions received by a company in an accounting period exceeds £50,000, those distributions…
Section 96 — Withdrawal of group relief
Withdrawal of group relief 96 1 Part 1 of Schedule 7 to FA 2003 (group relief) is amended as follows. 2 In paragraph 3(5), for “paragraph 4” substitute “ paragraphs 4 and 4ZA ” . 3 In paragraph 4…
Section 97 — Transfers of interests in property-investment partnerships
Transfers of interests in property-investment partnerships 97 1 Schedule 31 contains provision relating to stamp duty land tax chargeable on transfers to, and of interests in, property-investment…
Section 98 — Exemption from ad valorem stamp duty for low value transactions
Exemption from ad valorem stamp duty for low value transactions 98 1 Paragraph 1 of Schedule 13 to FA 1999 (charge to stamp duty on conveyance or transfer on sale) is amended as follows. 2 In…
Section 99 — Abolition of fixed stamp duty on certain instruments
Abolition of fixed stamp duty on certain instruments 99 1 Schedule 32 contains provision abolishing fixed stamp duty on certain instruments. 2 The amendments and saving made by that Schedule have…
Section 100 — Gifts inter vivos
Gifts inter vivos 100 1 In FA 1985, omit section 82(5) and (9) (adjudication of certain gifts inter vivos). 2 Accordingly, omit paragraph 9 of Schedule 14 to FA 1999. 3 The amendments made by this…
Section 100A — Homes outside UK owned through company etc
Homes outside UK owned through company etc 100A 1 This Chapter does not apply to living accommodation outside the United Kingdom provided by a company for a director or other officer of the company…
Section 100B — Section 100A(1): exceptions
Section 100A(1): exceptions 100B 1 Section 100A(1) does not apply if subsection (2), (3) or (4) applies. 2 This subsection applies if— a the company's interest in the property was acquired directly…
Section 101 — Loan capital
Loan capital 101 1 Section 79 of FA 1986 (stamp duty and loan capital) is amended as follows. 2 In subsection (6), for “subsection (7)” substitute “ subsections (7) to (7B) ” . 3 After subsection…
Section 102 — Meaning of “participator”
Meaning of “participator” 102 1 In section 12 of OTA 1975 (interpretation of Part 1), the definition of “participator” is amended as follows. 2 In the words before paragraph (a), after “chargeable…
Section 103 — Abandonment expenditure: default by participator met by former participator
Abandonment expenditure: default by participator met by former participator 103 1 In Schedule 5 to OTA 1975 (allowance of expenditure, other than abortive exploration expenditure), for paragraph 2A…
Section 104 — Abandonment expenditure: deductions from ring fence income
Abandonment expenditure: deductions from ring fence income 104 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 104A — Special rate expenditure
Special rate expenditure 104A 1 “ Special rate expenditure ” means— a expenditure incurred on or after the relevant date to which section 28 (thermal insulation) applies, b expenditure incurred on or…
Section 104B — Application of Chapter to part of expenditure
Application of Chapter to part of expenditure 104B 1 If part only of the capital expenditure on plant and machinery is special rate expenditure— a the part which is such expenditure, and b the part…
Section 104C — Special rate pool
Special rate pool 104C 1 Special rate expenditure to which this section applies, if allocated to a pool, must be allocated to a class pool (“the special rate pool”). 2 This section applies to special…
Section 104D — Writing-down allowances at 10%
Writing-down allowances at 10% 104D 1 The amount of the writing-down allowance to which a person is entitled for a chargeable period in respect of expenditure which is special rate expenditure is 10%…
Section 104E — Disposal value of special rate assets
Disposal value of special rate assets 104E 1 This section applies if— a section 104D (writing-down allowances at 10%) has had effect in relation to any special rate expenditure incurred by a person…
Section 105 — Abandonment expenditure: former participator reimbursed by defaulter
Abandonment expenditure: former participator reimbursed by defaulter 105 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 106 — Returns of relevant sales of oil
Returns of relevant sales of oil 106 1 Section 62 of FA 1987 (returns of relevant sales of oil) is amended as follows. 2 After subsection (3) insert— 3A Subsection (4) applies to a participator in an…
Section 107 — Elections for oil fields to become non-taxable
Elections for oil fields to become non-taxable 107 1 Section 185 of FA 1993 is amended as follows. 2 Before subsection (1) insert— A1 In this Part of this Act— “ non-taxable field ” means an oil…
Section 108 — Capital allowances: plant and machinery for use in ring fence trade
Capital allowances: plant and machinery for use in ring fence trade 108 1 In section 52(3) of CAA 2001 (amount of first-year allowances), for the two entries in the table relating to section 45F…
Section 109 — Capital allowances: decommissioning expenditure
Capital allowances: decommissioning expenditure 109 1 Section 163 of CAA 2001 (meaning of “abandonment expenditure”) is amended as follows. 2 For the heading substitute “ . Meaning of “general…
Section 110 — Capital allowances: abandonment expenditure after ceasing ring fence trade
Capital allowances: abandonment expenditure after ceasing ring fence trade 110 1 Section 165 of CAA 2001 (abandonment expenditure within 3 years of ceasing ring fence trade) is amended as follows. 2…
Section 111 — Losses: set off against profits of earlier accounting periods
Losses: set off against profits of earlier accounting periods 111 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Schedule 35 contains minor and consequential amendments relating…
Section 112 — Ring fence trade: no deduction for expenses of investment management
Ring fence trade: no deduction for expenses of investment management 112 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 113 — Information and inspection powers
Information and inspection powers 113 1 Schedule 36 contains provision about the powers of officers of Revenue and Customs to obtain information and to inspect businesses. 2 That Schedule comes into…
Section 114 — Computer records etc
Computer records etc 114 1 This section applies to any enactment that, in connection with an HMRC matter— a requires a person to produce a document or cause a document to be produced, b requires a…
Section 115 — Record-keeping
Record-keeping 115 1 Schedule 37 contains provision about the obligations to keep records for the purposes of income tax, capital gains tax, corporation tax and value added tax. 2 The amendments made…
Section 116 — Disclosure of tax avoidance schemes
Disclosure of tax avoidance schemes 116 1 Schedule 38 contains amendments relating to the disclosure of tax avoidance schemes. 2 The amendments made by that Schedule come into force on such day as…
Section 117 — Power to open or unpack containers
Power to open or unpack containers 117 1 CEMA 1979 is amended as follows. 2 In section 1(1) (interpretation), in the definition of “container”, after “and any” insert “ baggage, ” . 3 Section 159…