Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Standard view
Full view
of .
Look up keyword or section
Like this

Table Of Contents

0 of .
Results for:
No results containing your search query
P. 1
Master Notes

Master Notes

Ratings: (0)|Views: 71 |Likes:
Published by davidclee

More info:

Published by: davidclee on Jul 25, 2008
Copyright:Attribution Non-commercial


Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less





Budget 2008
12 March 2008
Budget Notes contain technical information additional to the press notices issued by HMTreasury with the Budget. They are not the same as press notices, which are primarilyused as brief explanations of new policy for the media, but rather contain additional, moredetailed information on the changes to tax law announced in the Budget. As such they aredesigned to assist businesses that may be immediately affected by the changes, and toprovide more technical information to those with a specialist interest such as taxconsultants and advisers, City financial institutions and local HM Revenue and Customsoffices. This information is also published on the Treasury and HM Revenue and Customsinternet sites.
CONTENTS:BN Budget Note Page
1 Modernising the Personal Tax System 52 Corporation Tax Main Rates 73 Corporation Tax Small Companies’ Rates 94 Simplification of Associated Companies Rules 115 Amendments to the Research & Development andVaccine Research Relief Schemes136 Capital Allowances: Industrial Buildings Allowances,Enterprise Zone Allowances and Agricultural BuildingsAllowances157 Capital Allowances: Plant and Machinery Allowances:Integral Features and Thermal Insulation198 Capital Allowances: Plant and Machinery: Rate Changesand New Special Rate Pool219 North Sea Fiscal Regime 2510 100 Per Cent First-Year Capital Allowances for NaturalGas, Biogas and Hydrogen Refuelling Equipment2911 100 Per Cent First-Year Allowances for Expenditure onCars with Low Carbon Dioxide Emissions3112 Capital Allowances: Plant and Machinery: AnnualInvestment Allowance3313 Enhanced Capital Allowances for Energy Efficient andWater Saving (Environmentally-Beneficial) Technologies3714 Capital Allowances: Introduction of First-Year Tax Credits 3915 Capital Allowances: Small Plant and Machinery Pools 4116 Venture Capital Schemes 4317 Community Investment Tax Relief and Banking 4518 Enterprise Management Incentives 4719 Trading Stock 4920 Leased Plant or Machinery: Anti-Avoidance 5121 Financial Products Avoidance: Disguised Interest andTransferring Rights to Lease Rentals5522 Controlled Foreign Companies: Anti-Avoidance 59
23 Corporate Intangible Assets Regime: Anti-Avoidance 6324 Capital Allowances Buying and Acceleration: Anti-Avoidance6525 Employment-Related Securities: Deductible Amounts 6726 North Sea Management Expenses 6927 Unclaimed Assets Scheme: Tax Changes 7128 Investment Manager Exemption 7329 Taxation of Personal Dividends 7530 Funding Bonds 7731 Offshore Funds: New Tax Regime 7932 Timing of Income Tax Payments by Unauthorised UnitTrusts8133 Funds of Alternative Investment Funds 8334 Property Authorised Investment Funds 8535 Repeal of Obsolete Anti-Avoidance Provisions 8736 Life Insurance Companies: Consultation Outcomes andSimplification9137 Life Insurance Companies: Interest Apportionment 9538 Insurance Premium Tax (IPT): Changes relating toOverseas Insurers9739 Stamp Duty: Alternative Finance: Sukuk 9940 Alternative Finance Arrangements 10141 Overseas Pension Schemes 10342 Pensions: Regulation Making Powers 10543 Pensions: Technical Improvements 10744 Approved Occupational Pension Schemes 10945 Pension Savings and Inheritance Tax 11146 Inheritance Tax: Transitional Serial Interests 11347 Inheritance Tax (IHT) Nil-Rate Band 11548 Capital Gains Tax: Relief on Disposal of a Business(Entrepreneurs’ Relief)11749 Child Trust Fund: Voucher Requirement 12150 Individual Saving Accounts and Northern Rock Bank 12351 Individual Saving Accounts and other Savings Accounts:Reducing the Administrative Burden12552 Gift Aid: Transitional Relief 12953 Income of Beneficiaries Under Settlor-Interested Trusts 13154 Stamp Duty: Changes to Loan Capital Exemption 13355 Reduction of Stamp Duty Administrative Burden 13556 Stamp Duty Land Tax (SDLT) Relief for New Zero-CarbonFlats13757 Stamp Duty Land Tax (SDLT): Notification Thresholds for Land Transactions and Rate Thresholds for LeaseholdProperty13958 Stamp Duty Land Tax (SDLT): Anti-Avoidance LegislationAffecting Partnerships14359 Stamp Duty Land Tax: Group Relief: Anti-Avoidance 14560 Stamp Duty Land Tax (SDLT): Alternative Finance: Anti-Avoidance14761 Greater London Authority Severance Pay 14962 Armed Forces Council Tax Relief 15163 Restrictions on Trade Loss for Individuals 15364 Double Taxation Relief: Income Tax 155
65 Avoidance of Income Tax Using Manufactured Payments 15766 Double Taxation Treaty Abuse 15967 Tax Avoidance Disclosure Regime: Scheme ReferenceNumber System16168 Income Tax Exemptions for the Return to Work Credit, In-Work Credit, In-Work Emergency Discretion Fund and In-Work Emergency Fund16369 Company Car Benefit Tax 16570 Employer Provided Vans: Fuel Benefit Rules 16771 Hydrocarbon Oils: Duty Rates Changes and RatesSimplification16972 New Aviation Duty Replacing Air Passenger Duty (APD) 17373 VAT: Increased Turnover Thresholds for Registration andDeregistration17574 VAT: Amendment to the Exemption for Fund Management 17775 Indirect Tax Returns: Correction of Errors 17976 VAT: Changes in Fuel Scale Charges 18177 VAT: Reduced Rate for Smoking Cessation Products 18578 VAT: Transitional Period for Claims 18779 VAT: Option to Tax Land & Buildings 18980 Landfill Tax: Exemption for Waste from Cleaning UpContaminated Land19181 Landfill Communities Fund 19382 Landfill tax: Standard Rate 19583 Aggregates Levy: Rate 19784 Climate Change Levy: Rates 19985 Climate Change Levy (CCL): Electricity from Coal MineMethane20186 Climate Change Levy (CCL): Climate Change LevyAccounting Documents (CCLADs): Simplification20387 Energy Products Directive: Expiry of Derogations 20588 Amusement Machine Licence Duty (AMLD): GamingMachines20789 Gaming Duty: Revalorisation of Duty Bands 20990 Tobacco Products Duty: Rates 21191 Alcohol Duty: Rates 21392 Calculation of Alcohol Duty 21593 Excise Reviews and Appeals 21794 Waiving Interest and Surcharges for those Affected byNational Disasters21995 Power to Give Statutory Effect to Existing Concessions 22196 HMRC Review of Powers, Deterrents and Safeguards:Penalties for Incorrect Returns & Failure to Notify aTaxable Activity22397 HMRC Review of Powers, Deterrents and Safeguards:Compliance Checks22798 HMRC Review of Powers, Deterrents and Safeguards:Payments, Repayments and Debt23199 Changes to Customs Powers 233100 Tribunal Reform: Simplifying HMRC’s Approach toAppeals235101 Tax Law Rewrite: Remittance Basis and Foreign DividendIncome237

You're Reading a Free Preview

/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->