Finance Bill Tracking Service 2007 | Budget 2007

Budget Notes

21 March 2007

CONTENTS:

BN01 MODERNISING THE PERSONAL TAX SYSTEM

BN02 BUSINESS TAX REFORM PACKAGE

BN03 CORPORATION TAX MAIN RATES

BN04 CORPORATION TAX SMALL COMPANIES' RATES

BN06 EXTENSION OF INCREASED RATE OF FIRST-YEAR CAPITAL ALLOWANCES FOR SMALL BUSINESSES

BN07 INDUSTRIAL BUILDINGS ALLOWANCES AND AGRICULTURAL BUILDINGS ALLOWANCES

BN08 CAPITAL ALLOWANCES: BUSINESS PREMISES RENOVATION ALLOWANCE

BN09 CORPORATE CAPITAL LOSS AND GAIN BUYING

BN10 LOSS-BUYING

BN11 FILM TAX REGIME: EXCLUDING NON-CINEMA PRODUCTION

BN12 SALE OF LESSOR COMPANIES ANTI AVOIDANCE

BN13 SECURITISATION COMPANIES

BN14 CHANGES TO THE VENTURE CAPITAL SCHEMES AND ENTERPRISE MANAGEMENT INCENTIVES

BN15 SALE AND REPURCHASE AGREEMENTS ("REPOS")

BN16 ALTERNATIVE FINANCE ARRANGEMENTS

BN17 PENSION TAX: TECHNICAL IMPROVEMENTS

BN18 TAX RELIEF ON PERSONAL TERM ASSURANCE

BN19 CHANGES TO ALTERNATIVELY SECURED PENSION RULES AND CONSULTATION ON INHERITING TAX-RELIEVED

BN20 STAMP TAXES RELIEFS FOR EXCHANGE INTERMEDIARIES

BN21 STAMP DUTY LAND TAX: EXCHANGES OF PROPERTY BETWEEN CONNECTED PERSONS

BN22 STAMP DUTY LAND TAX: ANTI-AVOIDANCE MEASURES

BN23 STAMP DUTY LAND TAX: RELIEF FOR SHARED OWNERSHIP TRUSTS

BN24 STAMP DUTY LAND TAX: PAYMENT OF TAX AND SELF-CERTIFICATE

BN25 STAMP DUTY LAND TAX: SURPLUS SCHOOL LAND

BN26 STAMP DUTY LAND TAX: RELIEF FOR NEW ZERO CARBON HOMES

BN27 STAMP TAXES RECONSTRUCTION RELIEFS

BN28 PRE-OWNED ASSETS: LATE ELECTIONS

BN29 CHANGES TO THE OFFSHORE FUNDS REGIME

BN30 CAPITAL GAINS TAX: A TARGETED ANTI-AVOIDANCE RULE

BN31 INSURANCE PREMIUM TAX (IPT): AMENDMENT TO THE DEFINITION OF A PREMIUM

BN32 LIFE INSURANCE COMPANIES : CONSULTATION OUTCOMES

BN33 LIFE INSURANCE COMPANIES: FINANCING ARRANGEMENTS

BN34 THE TAX TREATMENT OF GENERAL INSURERS' RESERVES

BN35 LIFE INSURANCE POLICIES AND COMMISSION ARRANGEMENTS

BN36 PURCHASED LIFE ANNUITIES

BN37 RECOGNITION OF STOCK EXCHANGES AND DEFINITION OF "LISTED" FOR TAX PURPOSES

BN38 TAX AVOIDANCE USING EMPLOYER BENEFIT TRUSTS

BN39 INDIVIDUAL SAVINGS ACCOUNTS: INCREASED SUBSCRIPTION LIMITS

BN40 TAXATION OF PERSONAL DIVIDENDS

BN41 RELIEF FROM THE 40% TRUST RATE OF TAX FOR SERVICE CHARGES AND SINKING FUNDS IN THE PRIVATE SECTOR

BN42 AMENDING LEGISLATION FOR TRUST MODERNISATION

BN43 CHARITIES: INCREASE TO GIFT AID BENEFIT LIMITS

BN44 CHARITABLE LOTTERY TAX RELIEF: GAMBLING ACT 2005 CONSEQUENTIALS

BN45 SECONDMENTS TO CHARITIES AND EDUCATIONAL INSTITUTIONS

BN46 MANAGED SERVICE COMPANIES

BN47 INVESTMENT MANAGERS' EXEMPTION: CARBON TRADING

BN48 ARMED FORCES OPERATIONAL ALLOWANCE

BN49 TAX TREATMENT OF PAYMENTS UNDER ARMED FORCES REDUNDANCY SCHEME 2006

BN50 HOMES ABROAD OWNED THROUGH A COMPANY

BN51 DOUBLE COUNTING OF CAR/CARFUEL BENEFITS: LEGISLATING ESC A104

BN52 COMPANY CAR AND FUEL BENEFIT TAX

BN53 HYDROCARBON OILS DUTY: RATES

BN54 VAT: INCREASED TURNOVER THRESHOLDS FOR REGISTRATION AND DEREGISTRATION

BN55 VAT: REFORM OF VAT FUEL SCALE CHARGES

BN56 VAT: AMENDMENT TO VAT LEGISLATION FOLLOWING RECENT JUDGMENTS OF THE EUROPEAN COURT OF JUSTICE

BN57 VAT: REDUCED RATE FOR SMOKING CESSATION PRODUCTS

BN58 VAT: TRANSFER OF GOING CONCERN

BN59 VAT : GAMBLING ACT 2005 CONSEQUENTIALS

BN60 VAT: JOINT AND SEVERAL LIABILITY

BN61 LANDFILL TAX: INCREASES TO RATES

BN62 LANDFILL COMMUNITIES FUND: INCREASE IN VALUE AND SIMPLIFICATION PACKAGE

BN63 EXTENSION OF THE LANDLORDS ENERGY SAVING ALLOWANCE

BN64 MICROGENERATION: TAX TREATMENT OF RENEWABLES OBLIGATION CERTIFICATES

BN65 AUCTIONS OF EMISSION ALLOWANCES UNDER THE EU EMISSIONS TRADING SCHEME

BN66 AGGREGATES LEVY: RATES

BN67 AGGREGATES LEVY: EXEMPTION FOR AGGREGATE FROM THE IMPROVEMENT, MAINTENANCE AND CONSTRUCTION

BN68 CLIMATE CHANGE LEVY: CHANGES TO RATES

BN69 CLIMATE CHANGE LEVY (CCL): SIMPLIFICATION PACKAGE

BN70 ENERGY PRODUCTS DIRECTIVE : EXPIRY OF DEROGATIONS

BN71 ALCOHOL DUTY RATES

BN72 TOBACCO PRODUCTS DUTY: RATES

BN73 REMOTE GAMING DUTY

BN74 GAMING DUTY: RATES AND BANDINGS

BN75 AMUSEMENT MACHINE LICENCE DUTY (AMLD): CHANGE TO PRIZE LIMIT FOR CATEGORY C MACHINES

BN76 CONSEQUENTIAL AMENDMENTS TO THE BETTING AND GAMING DUTIES LEGISLATION

BN77 REPEAL OF EXCISE DUTIES (SMALL NON-COMMERCIAL CONSIGNMENTS) RELIEF REGULATIONS 1986

BN78 REVIEW OF POWERS AND SAFEGUARDS: NEW CRIMINAL INVESTIGATION POWERS & SAFEGUARDS

BN79 HMRC REVIEW OF POWERS, DETERRENTS AND SAFEGUARDS: PENALTIES FOR INCORRECT RETURNS

BN81 CHANGES TO SELF ASSESSMENT TAX RETURN FILING DATES

Budget Notes contain technical information additional to the press notices issued by HM Treasury with the Budget. They are not the same as press notices, which are primarily used as brief explanations of new policy for the media, but rather contain additional, more detailed information on the finer points and application of taxation changes announced in the Budget. As such they are designed to assist businesses that may be immediately affected by the changes, and to provide more technical information to those with a specialist interest such as tax consultants and advisers, City financial institutions and local HM Revenue and Customs offices. This information is also published on the Treasury and HM Revenue and Customs internet sites.