Finance Act 2008
Sections and provisions with full text and the judgments that cite each one.
Section 164 — EU emissions trading: criminal offences
EU emissions trading: criminal offences 164 1 Section 16 of FA 2007 (EU emissions trading: charges for allocations) is amended as follows. 2 In subsection (4)(c), for “imposition and recovery of…
Section 165 — Interpretation
Interpretation 165 1 In this Act— “ ALDA 1979 ” means the Alcoholic Liquor Duties Act 1979 (c. 4), “ BGDA 1981 ” means the Betting and Gaming Duties Act 1981 (c. 63), “ CAA 2001 ” means the Capital…
Section 165A — Meaning of “holding company”, “trading company” and “trading group”
Meaning of “holding company”, “trading company” and “trading group” 165A 1 This section has effect for the interpretation of section 165 (and this section). 2 “ Holding company ” means a company that…
Section 166 — Short title
Short title 166 This Act may be cited as the Finance Act 2008.
Section 169H — Introduction
Introduction 169H 1 This Chapter provides relief from capital gains tax in respect of qualifying business disposals (to be known as “ entrepreneurs' relief ”). 2 The following are qualifying business…
Section 169I — Material disposal of business assets
Material disposal of business assets 169I 1 There is a material disposal of business assets where— a an individual makes a disposal of business assets (see subsection (2)), and b the disposal of…
Section 169J — Disposal of trust business assets
Disposal of trust business assets 169J 1 There is a disposal of trust business assets where— a the trustees of a settlement make a disposal of settlement business assets (see subsection (2)), b there…
Section 169K — Disposal associated with relevant material disposal
Disposal associated with relevant material disposal 169K 1 There is a disposal associated with a relevant material disposal if conditions A, B and C are met. 2 Condition A is that an individual makes…
Section 169L — Relevant business assets
Relevant business assets 169L 1 If a qualifying business disposal is one which does not consist of the disposal of (or of interests in) shares in or securities of a company, entrepreneurs' relief is…
Section 169M — Relief to be claimed
Relief to be claimed 169M 1 Entrepreneurs' relief is to be given only on the making of a claim. 2 A claim for entrepreneurs' relief in respect of a qualifying business disposal must be made— a in the…
Section 169N — Amount of relief: general
Amount of relief: general 169N 1 Where a claim is made in respect of a qualifying business disposal— a the relevant gains (see subsection (5)) are to be aggregated, and b any relevant losses (see…
Section 169O — Amount of relief: special provisions for certain trust disposals
Amount of relief: special provisions for certain trust disposals 169O 1 This section applies where, on a disposal of trust business assets, there is (in addition to the qualifying beneficiary) at…
Section 169P — Amount of relief: special provision for certain associated disposals
Amount of relief: special provision for certain associated disposals 169P 1 This section applies where, on a disposal associated with a relevant material disposal, any of the conditions in subsection…
Section 169Q — Reorganisations: disapplication of section 127
Reorganisations: disapplication of section 127 169Q 1 This section applies where— a there is a reorganisation (within the meaning of section 126), and b the original shares and the new holding…
Section 169R — Reorganisations involving acquisition of qualifying corporate bonds
Reorganisations involving acquisition of qualifying corporate bonds 169R 1 This section applies where the calculation under section 116(10)(a) has effect to produce a chargeable gain for an…
Section 169S — Interpretation of Chapter
Interpretation of Chapter 169S 1 For the purposes of this Chapter “ a business ” means anything which— a is a trade, profession or vocation, and b is conducted on a commercial basis and with a view…
Section 172A — Meaning of “trading stock”
Meaning of “trading stock” 172A 1 In this Chapter “ trading stock ”, in relation to a trade, means anything (whether land or other property)— a which is sold in the ordinary course of trade, or b…
Section 172B — Trading stock appropriated by trader
Trading stock appropriated by trader 172B 1 This section applies if trading stock of a person's trade is appropriated by the person for any other purpose. 2 In calculating the profits of the trade— a…
Section 172C — Trading stock supplied by trader
Trading stock supplied by trader 172C 1 This section applies if something that— a belongs to a person carrying on a trade, but b is not trading stock of the trade, becomes trading stock of the trade.…
Section 172D — Disposals not made in the course of trade
Disposals not made in the course of trade 172D 1 This section applies if— a trading stock of a trade is disposed of otherwise than in the course of a trade, and b section 172B does not apply. 2 In…
Section 172E — Acquisitions not made in the course of trade
Acquisitions not made in the course of trade 172E 1 This section applies if— a trading stock of a trade has been acquired otherwise than in the course of trade, and b section 172C does not apply. 2…
Section 172F — Transfer pricing rules to take precedence
Transfer pricing rules to take precedence 172F 1 Section 172D or 172E does not apply if the relevant consideration— a falls to be adjusted for tax purposes under Schedule 28AA to ICTA, or b falls…
Section 196A — Excluded activities: shipbuilding
Excluded activities: shipbuilding 196A In section 192(1)(ia) “ shipbuilding ” has the same meaning as in the Framework on state aid to shipbuilding (2003/C 317/06), published in the Official Journal…
Section 196B — Excluded activities: producing coal
Excluded activities: producing coal 196B 1 This section supplements section 192(1)(ib). 2 “ Coal ” has the meaning given by Article 2 of Council Regulation (EC) No. 1407/2002 (state aid to coal…
Section 196C — Excluded activities: producing steel
Excluded activities: producing steel 196C In section 192(1)(ic) “ steel ” means any of the steel products listed in Annex 1 to the Guidelines on national regional aid (2006/C 54/08), published in the…
Section 199A — Indirect contributions
Indirect contributions 199A 1 This section applies where an employer (“E”)— a pays contributions under a registered pension scheme (“ the original scheme ”) in a chargeable period, and b would (apart…
Section 218A — Further restriction on annual investment allowance
Further restriction on annual investment allowance 218A 1 This section applies where an arrangement is entered into wholly or mainly for a disqualifying purpose. 2 Arrangements are entered into for a…
Section 228A — Application of sections 228B and 228C
Application of sections 228B and 228C 228A 1 Sections 228B and 228C apply where plant or machinery is the subject of a lease and finance leaseback. 2 Plant or machinery is the subject of a lease and…
Section 271A — Qualifying non-UK pension scheme
Qualifying non-UK pension scheme 271A 1 For the purposes of this Act “ qualifying non-UK pension scheme ” means a pension scheme (other than a registered pension scheme) which— a is established in a…
Section 297B — Armed forces: the Council Tax Relief
Armed forces: the Council Tax Relief 297B 1 No liability to income tax arises in respect of payments of the Council Tax Relief to members of the armed forces of the Crown. 2 Payments of the Council…
Section 307A — Excluded activities: shipbuilding
Excluded activities: shipbuilding 307A In section 303(1)(ia) “ shipbuilding ” has the same meaning as in the Framework on state aid to shipbuilding (2003/C 317/06), published in the Official Journal…
Section 307B — Excluded activities: producing coal
Excluded activities: producing coal 307B 1 This section supplements section 303(1)(ib). 2 “ Coal ” has the meaning given by Article 2 of Council Regulation (EC) No. 1407/2002 (state aid to coal…
Section 307C — Excluded activities: producing steel
Excluded activities: producing steel 307C In section 303(1)(ic) “ steel ” means any of the steel products listed in Annex 1 to the Guidelines on national regional aid (2006/C 54/08), published in the…
Section 312 — Duty of promoter to notify client of number
Duty of promoter to notify client of number 312 1 This section applies where a person who is a promoter in relation to notifiable arrangements is providing (or has provided) services to any person (“…
Section 312A — Duty of client to notify parties of number
Duty of client to notify parties of number 312A 1 This section applies where a person (a “client”) to whom a person who is a promoter in relation to notifiable arrangements or a notifiable proposal…
Section 316 — Information to be provided in form and manner specified by HMRC
Information to be provided in form and manner specified by HMRC 316 1 HMRC may specify the form and manner in which information required to be provided by any of the information provisions must be…
Section 397A — Tax credits for distributions of non-UK resident companies: UK residents and eligible non-UK residents
Tax credits for distributions of non-UK resident companies: UK residents and eligible non-UK residents 397A 1 This section applies where a UK resident or eligible non-UK resident receives a relevant…
Section 397B — Tax credits under section 397A: manufactured overseas dividends
Tax credits under section 397A: manufactured overseas dividends 397B 1 This section applies where, under section 581 of ITA 2007, a person is treated as receiving an overseas dividend by virtue of…
Section 397C — Meaning of “minority shareholder”
Meaning of “minority shareholder” 397C 1 In section 397A “ minority shareholder ”, in relation to a non-UK resident company, means a person whose shareholding in the company is less than 10% of the…
Section 670A — Individuals to whom remittance basis applies
Individuals to whom remittance basis applies 670A 1 This section applies if— a accrued income profits are made by an individual as a result of a transfer of foreign securities, and b section 809B,…
Section 700A — Employment-related securities etc: remittance basis
Employment-related securities etc: remittance basis 700A 1 This section applies if— a section 698 or 700 applies, and b part or all of the amount that counts as employment income is foreign…
Section 726 — Non-UK domiciled individuals to whom remittance basis applies
Non-UK domiciled individuals to whom remittance basis applies 726 1 This section applies in relation to income treated under section 721 as arising to an individual in a tax year (“the deemed…
Section 730 — Non-UK domiciled individuals to whom remittance basis applies
Non-UK domiciled individuals to whom remittance basis applies 730 1 This section applies in relation to income treated under section 728 as arising to an individual in a tax year (“the deemed…
Section 735 — Non-UK domiciled individuals to whom remittance basis applies
Non-UK domiciled individuals to whom remittance basis applies 735 1 This section applies if— a income is treated under section 732 as arising to an individual in a tax year (“the deemed income”), b…
Section 735A — Section 735: relevant income and benefits relating to foreign deemed income
Section 735: relevant income and benefits relating to foreign deemed income 735A 1 For the purposes of section 735— a place the benefits mentioned in Step 1 in the order in which they were received…
Section 809Z1 — Public access rule: relevant VAT relief
Public access rule: relevant VAT relief 809Z1 1 Property “attracts a relevant VAT relief” if any of conditions 1 to 4 is met. 2 Condition 1 is that article 5(1) of the Value Added Tax (Imported…
Section 809Z2 — Personal use rule
Personal use rule 809Z2 1 Clothing, footwear, jewellery or watches meet the personal use rule if they— a are property of a relevant person, and b are for the personal use of a relevant individual. 2…
Section 809Z3 — Repair rule
Repair rule 809Z3 1 Property meets the repair rule for the whole of the relevant period if, during the whole of that period, the property meets the repair conditions. 2 Property meets the repair rule…
Section 809Z4 — Temporary importation rule
Temporary importation rule 809Z4 1 Property meets the temporary importation rule if the total number of countable days is 275 or fewer. 2 A “ countable day ” is a day on which, or on part of which,…
Section 809Z5 — Notional remitted amount
Notional remitted amount 809Z5 1 The “ notional remitted amount ”, in relation to property, is the amount of income that would be taken to be remitted to the United Kingdom in relation to the…