Finance Act 2008
Sections and provisions with full text and the judgments that cite each one.
Section 118 — Time limits for assessments, claims etc
Time limits for assessments, claims etc 118 1 Schedule 39 contains provision about time limits for assessments, claims etc. 2 The amendments and saving made by that Schedule come into force on such…
Section 119 — Correction and amendment of tax returns
Correction and amendment of tax returns 119 1 In section 9ZB(1) of TMA 1970 (correction of personal or trustee return by HMRC)— a after “correct” insert — a , and b insert at the end , and b anything…
Section 119B — Section 119A: unremitted foreign securities income
Section 119A: unremitted foreign securities income 119B 1 For the purposes of section 119A reduce the amount that counts as employment income by so much of that amount (if any) as is unremitted…
Section 120 — VAT: time limits for assessments of excess credits etc
VAT: time limits for assessments of excess credits etc 120 1 In section 73 of VATA 1994 (assessment of overpaid VAT credits etc), after subsection (6) insert— 6A In the case of an assessment under…
Section 121 — Old VAT claims: extended time limits
Old VAT claims: extended time limits 121 1 The requirement in section 80(4) of VATA 1994 that a claim under that section be made within 3 years of the relevant date does not apply to a claim in…
Section 122 — Penalties for errors
Penalties for errors 122 1 Schedule 40 contains provisions amending Schedule 24 to FA 2007 (penalties for errors in returns etc). 2 That Schedule comes into force on such day as the Treasury may by…
Section 123 — Penalties for failure to notify etc
Penalties for failure to notify etc 123 1 Schedule 41 contains provisions for imposing penalties on persons in respect of failures to notify HMRC that they are chargeable to tax etc and certain…
Section 124 — HMRC decisions etc: reviews and appeals
HMRC decisions etc: reviews and appeals 124 1 The Treasury may by order made by statutory instrument make provision— a for and in connection with reviews by the Commissioners, or by an officer of…
Section 125 — Alcoholic liquor duties
Alcoholic liquor duties 125 1 Schedule 42 contains amendments of FA 1994 making certain decisions about alcoholic liquor duties subject to review and appeal. 2 The amendments made by that Schedule…
Section 126 — Security under CEMA 1979
Security under CEMA 1979 126 1 In paragraph 2(1)(s) of Schedule 5 to FA 1994 (decisions under section 157 of CEMA 1979 subject to review and appeal)— a after “any security” insert “ (or further…
Section 127 — Enforcement by taking control of goods: England and Wales
Enforcement by taking control of goods: England and Wales 127 1 This section applies if a person does not pay a sum that is payable by that person to the Commissioners under or by virtue of an…
Section 128 — Summary warrant: Scotland
Summary warrant: Scotland 128 1 This section applies if a person does not pay a sum that is payable by that person to the Commissioners under or by virtue of any enactment or under a contract…
Section 129 — Consequential provision and commencement
Consequential provision and commencement 129 1 Part 1 of Schedule 43 contains provision consequential on section 127. 2 Part 2 of that Schedule contains provision consequential on section 128. 3 The…
Section 130 — Set-off ...
Set-off ... 130 1 This section applies where there is both a credit and a debit in relation to a person. 2 The Commissioners may set the credit against the debit (subject to section 131 and any…
Section 131 — No set-off where insolvency procedure has been applied
No set-off where insolvency procedure has been applied 131 1 This section applies where— a an insolvency procedure has been applied to a person, and b there is a post-insolvency credit in relation to…
Section 132 — VAT: requirement to set-off
VAT: requirement to set-off 132 1 Section 81 of VATA 1994 (set-off of credits etc) is amended as follows. 2 For subsection (4C) substitute— 4C In this section, references to the application of an…
Section 133 — Set-off etc where right to be paid a sum has been transferred
Set-off etc where right to be paid a sum has been transferred 133 1 This section applies where there has been a transfer from one person (“the original creditor”) to another person (“the current…
Section 134 — Retained funding bonds: tender by Commissioners
Retained funding bonds: tender by Commissioners 134 1 Section 939 of ITA 2007 (duty to retain bonds where issue treated as payment of interest) is amended as follows. 2 After subsection (4) insert—…
Section 135 — Interest on unpaid tax in case of disaster etc of national significance
Interest on unpaid tax in case of disaster etc of national significance 135 1 This section applies in any case where the Commissioners agree that the payment of a relevant sum may be deferred by…
Section 136 — Fee for payment
Fee for payment 136 1 The Commissioners may by regulations provide that, where a person makes a payment to the Commissioners or a person authorised by the Commissioners using a method of payment…
Section 137 — County court proceedings
County court proceedings 137 1 In section 25 of CRCA 2005 (conduct of civil proceedings)— a after subsection (1) insert— 1A An officer of Revenue and Customs or a person authorised by the…
Section 138 — Certificates of debt
Certificates of debt 138 1 In CRCA 2005, after section 25 insert— Certificates of debt 25A 1 A certificate of an officer of Revenue and Customs that, to the best of that officer's knowledge and…
Section 139 — Interpretation of Chapter
Interpretation of Chapter 139 In this Chapter— “ the Commissioners ” means the Commissioners for Her Majesty's Revenue and Customs, and “ contract settlement ” means an agreement made in connection…
Section 140 — Charge on termination of interest in possession where new interest acquired
Charge on termination of interest in possession where new interest acquired 140 1 In section 53 of IHTA 1984 (exceptions from charge on termination of interest in possession), for subsection (2A)…
Section 141 — Interest in possession settlements: extension of transitional period
Interest in possession settlements: extension of transitional period 141 1 In Chapter 2 of Part 3 of IHTA 1984 (interests in possession etc)— a in section 49C (transitional serial interest: interest…
Section 142 — Tax representatives
Tax representatives 142 1 In Part 3 of FA 1994 (insurance premium tax), omit the following provisions (which relate to tax representatives)— a sections 57 and 58, b in section 65(1), paragraph (b)…
Section 143 — Overseas insurers
Overseas insurers 143 1 Section 65 of FA 1994 (insurance premium tax: liability of insured where insurer not established in United Kingdom) is amended as follows. 2 In subsection (1), for the words…
Section 144 — Rebates
Rebates 144 1 VERA 1994 is amended as follows. 2 In section 10 (transfer and surrender of vehicle licences), omit subsections (2) and (3) and, in the heading, “ and surrender ”. 3 For section 19…
Section 145 — Offence of using or keeping unlicensed vehicle
Offence of using or keeping unlicensed vehicle 145 Schedule 45 contains provision in relation to the offence of using or keeping an unlicensed vehicle.
Section 146 — Rates for new lower-emission vans
Rates for new lower-emission vans 146 1 Part 1B of Schedule 1 to VERA 1994 (annual rates of duty: light goods vehicles) is amended as follows. 2 In paragraph 1J(a) and (b) (rates), after “a” insert “…
Section 147 — Not exhibiting licence: period of grace
Not exhibiting licence: period of grace 147 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 148 — Reduced pollution certificates
Reduced pollution certificates 148 1 Section 61B of VERA 1994 (certificates as to reduced pollution) is amended as follows. 2 In subsection (1), after paragraph (b) insert— ba for the production of…
Section 148FA — Cases where ss. 148A to 148F do not apply: plant or machinery held as trading stock
Cases where ss. 148A to 148F do not apply: plant or machinery held as trading stock 148FA 1 Sections 148A to 148F do not apply in the case of a person carrying on a trade who is or has been the…
Section 148FB — Cases where ss. 148A to 148F do not apply: lessor also lessee under non-long funding lease
Cases where ss. 148A to 148F do not apply: lessor also lessee under non-long funding lease 148FB 1 This section applies if— a a person is the lessee of any plant or machinery under a lease (“lease…
Section 148FC — Cases where ss. 148A to 148F do not apply: other avoidance
Cases where ss. 148A to 148F do not apply: other avoidance 148FC 1 Sections 148A to 148F do not apply in the case of a person carrying on a trade who is or has been the lessor of any plant or…
Section 149 — Climate change levy: coal mine methane no longer to be renewable source
Climate change levy: coal mine methane no longer to be renewable source 149 1 In paragraph 19 of Schedule 6 to FA 2000 (exemption: electricity from renewable sources), omit sub-paragraph (4A) (coal…
Section 150 — Climate change levy accounting documents: abolition of self-identification
Climate change levy accounting documents: abolition of self-identification 150 In paragraph 143(2) of Schedule 6 to FA 2000 (requirements to be met by invoice if it is to be a “climate change levy…
Section 151 — Landfill tax credit: withdrawing approval of environmental bodies
Landfill tax credit: withdrawing approval of environmental bodies 151 1 Part 3 of FA 1996 (landfill tax) is amended as follows. 2 In section 53(4)(d) (withdrawal of approval of environmental body or…
Section 152 — Aviation duty
Aviation duty 152 The Commissioners for Her Majesty's Revenue and Customs may incur expenditure in preparing for the introduction of a new duty chargeable in respect of flights by aircraft.
Section 153 — Air passenger duty: class of travel with large seat pitch
Air passenger duty: class of travel with large seat pitch 153 1 In section 30 of FA 1994 (rate of air passenger duty), after subsection (10) insert— 11 But a class of travel is not standard class…
Section 154 — Stamp duty and stamp duty reserve tax: alternative finance investment bonds
Stamp duty and stamp duty reserve tax: alternative finance investment bonds 154 1 FA 1986 is amended as follows. 2 In section 78(7) (stamp duty: loan capital), after paragraph (c) insert— d any…
Section 155 — Alternative property finance: anti-avoidance
Alternative property finance: anti-avoidance 155 1 FA 2003 is amended as follows. 2 For the heading of section 73A substitute “ . Sections 71A to 73: relationship with Schedule 7 ” 3 After section…
Section 156 — Alternative finance arrangements: power to vary Chapter 5 of Part 2 of FA 2005
Alternative finance arrangements: power to vary Chapter 5 of Part 2 of FA 2005 156 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 157 — Government borrowing: alternative finance arrangements
Government borrowing: alternative finance arrangements 157 1 The Treasury may by regulations make provision for raising money through alternative finance arrangements. 2 Regulations under subsection…
Section 158 — Power of Treasury to make payments
Power of Treasury to make payments 158 1 This section applies if a person makes a claim which, in the Treasury's opinion, is a financial claim that concerns an Exchequer account. 2 The Treasury may…
Section 159 — Payments from certain Exchequer accounts: mechanism
Payments from certain Exchequer accounts: mechanism 159 1 This section applies to money to be paid under section 158 from— a the Consolidated Fund, or b the National Loans Fund. 2 In the case of the…
Section 160 — Power to give statutory effect to concessions
Power to give statutory effect to concessions 160 1 The Treasury may by order make provision for and in connection with giving effect to any existing HMRC concession. 2 “ Existing HMRC concession ”…
Section 161 — Fuel duty: definition of “ultra low sulphur diesel”
Fuel duty: definition of “ultra low sulphur diesel” 161 1 In section 1(6) of HODA 1979 (definition of “ultra low sulphur diesel”), omit paragraphs (b) and (c) (but not the “and” at the end of…
Section 162 — Duties: abolition of disregard of fractions of penny
Duties: abolition of disregard of fractions of penny 162 In section 137 of CEMA 1979 (calculation of excise duty etc), omit subsection (4) (fractions of penny to be disregarded in calculation of…
Section 163 — National savings
National savings 163 1 Section 10 of the National Debt Act 1972 (c. 65) (national savings stamps and gift tokens) is amended as follows. 2 In subsection (2), after “tokens; and” insert “ (subject to…