Budget Notes 2008 | March 2008

Budget Notes 2008

12 March 2008

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 changes to tax law 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.

Contents

BN01 MODERNISING THE PERSONAL TAX SYSTEM

BN02 CORPORATION TAX MAIN RATES

BN03 CORPORATION TAX SMALL COMPANIES' RATES

BN04 SIMPLIFICATION OF ASSOCIATED COMPANIES RULES

BN05 AMENDMENTS TO THE RESEARCH & DEVELOPMENT AND VACCINE RESEARCH RELIEF SCHEMES

BN06 CAPITAL ALLOWANCES: INDUSTRIAL BUILDINGS ALLOWANCES, ENTERPRISE ZONE ALLOWANCES AND AGRICULTURAL BUILDINGS ALLOWANCES

BN07 CAPITAL ALLOWANCES: PLANT AND MACHINERY ALLOWANCES: INTEGRAL FEATURES AND THERMAL INSULATION

BN08 CAPITAL ALLOWANCES: PLANT AND MACHINERY: RATE CHANGES & NEW SPECIAL RATE POOL

BN09 NORTH SEA FISCAL REGIME

BN10 100 PER CENT FIRST-YEAR CAPITAL ALLOWANCES FOR NATURAL GAS, BIOGAS AND HYDROGEN REFUELLING EQUIPMENT

BN11 100 PER CENT FIRST-YEAR ALLOWANCES FOR EXPENDITURE ON CARS WITH LOW CARBON DIOXIDE EMISSIONS.

BN12 CAPITAL ALLOWANCES: PLANT AND MACHINERY: ANNUAL INVESTMENT ALLOWANCE

BN13 ENHANCED CAPITAL ALLOWANCES FOR ENERGY EFFICIENT AND WATER SAVING (ENVIRONMENTALLY-BENEFICIAL) TECHNOLOGIES

BN14 CAPITAL ALLOWANCES: INTRODUCTION OF FIRST-YEAR TAX CREDITS

BN15 CAPITAL ALLOWANCES: SMALL PLANT AND MACHINERY POOLS

BN16 VENTURE CAPITAL SCHEMES

BN17 COMMUNITY INVESTMENT TAX RELIEF AND BANKING

BN18 ENTERPRISE MANAGEMENT INCENTIVES

BN19 TRADING STOCK

BN20 LEASED PLANT OR MACHINERY: ANTI-AVOIDANCE

BN21 FINANCIAL PRODUCTS AVOIDANCE: DISGUISED INTEREST AND TRANSFERRING RIGHTS TO LEASE RENTALS

BN22 CONTROLLED FOREIGN COMPANIES: ANTI-AVOIDANCE

BN23 CORPORATE INTANGIBLE ASSETS REGIME:

BN24 CAPITAL ALLOWANCES BUYING AND ACCELERATION: ANTI-AVOIDANCE

BN25 EMPLOYMENT-RELATED SECURITIES: DEDUCTIBLE AMOUNTS

BN26 NORTH SEA MANAGEMENT EXPENSES

BN27 UNCLAIMED ASSETS SCHEME: TAX CHANGES

BN28 INVESTMENT MANAGER EXEMPTION

BN29 TAXATION OF PERSONAL DIVIDENDS

BN30 FUNDING BONDS

BN31 OFFSHORE FUNDS: NEW TAX REGIME

BN32 TIMING OF INCOME TAX PAYMENTS BY UNAUTHORISED UNIT TRUSTS

BN33 FUNDS OF ALTERNATIVE INVESTMENT FUNDS

BN34 PROPERTY AUTHORISED INVESTMENT FUNDS

BN35 REPEAL OF OBSOLETE ANTI-AVOIDANCE PROVISIONS

BN36 LIFE INSURANCE COMPANIES: CONSULTATION OUTCOMES AND SIMPLIFICATION

BN37 LIFE INSURANCE COMPANIES: INTEREST APPORTIONMENT

BN38 INSURANCE PREMIUM TAX (IPT): CHANGES RELATING TO OVERSEAS INSURERS

BN39 STAMP DUTY: ALTERNATIVE FINANCE: SUKUK

BN40 ALTERNATIVE FINANCE ARRANGEMENTS

BN41 OVERSEAS PENSION SCHEMES

BN42 PENSIONS: REGULATION MAKING POWERS

BN43 PENSIONS: TECHNICAL IMPROVEMENTS

BN44 APPROVED OCCUPATIONAL PENSION SCHEMES

BN45 PENSION SAVINGS AND INHERITANCE TAX

BN46 INHERITANCE TAX: TRANSITIONAL SERIAL INTERESTS

BN47 INHERITANCE TAX (IHT) NIL-RATE BAND

BN48 CAPITAL GAINS TAX: RELIEF ON DISPOSAL OF A BUSINESS (ENTREPRENEURS' RELIEF)

BN49 CHILD TRUST FUND: VOUCHER REQUIREMENT

BN50 INDIVIDUAL SAVING ACCOUNTS AND NORTHERN ROCK BANK

BN51 INDIVIDUAL SAVING ACCOUNTS AND OTHER SAVING ACCOUNTS: REDUCING THE ADMINISTRATIVE BURDEN

BN52 GIFT AID: TRANSITIONAL RELIEF

BN53 INCOME OF BENEFICIARIES UNDER SETTLOR-INTERESTED TRUSTS

BN54 STAMP DUTY: CHANGES TO LOAN CAPITAL EXEMPTION

BN55 REDUCTION OF STAMP DUTY ADMINISTRATIVE BURDEN

BN56 STAMP DUTY LAND TAX (SDLT): RELIEF FOR NEW ZERO-CARBON FLATS

BN57 STAMP DUTY LAND TAX (SDLT): NOTIFICATION THRESHOLDS FOR LAND TRANSACTIONS AND RATE THRESHOLDS FOR LEASEHOLD PROPERTY

BN58 STAMP DUTY LAND TAX (SDLT): ANTI-AVOIDANCE LEGISLATION AFFECTING PARTNERSHIPS

BN59 STAMP DUTY LAND TAX (SDLT): GROUP RELIEF: ANTI-AVOIDANCE

BN60 STAMP DUTY LAND TAX (SDLT): ALTERNATIVE FINANCE: ANTI-AVOIDANCE

BN61 GREATER LONDON AUTHORITY SEVERANCE PAY

BN62 ARMED FORCES COUNCIL TAX RELIEF

BN63 RESTRICTIONS ON TRADE LOSS RELIEF FOR INDIVIDUALS

BN64 DOUBLE TAXATION RELIEF: INCOME TAX

BN65 AVOIDANCE OF INCOME TAX USING MANUFACTURED PAYMENTS

BN66 DOUBLE TAXATION TREATY ABUSE

BN67 TAX AVOIDANCE DISCLOSURE REGIME: SCHEME REFERENCE NUMBER SYSTEM

BN68 INCOME TAX EXEMPTIONS FOR THE RETURN TO WORK CREDIT, IN-WORK CREDIT, IN-WORK EMERGENCY DISCRETION FUND AND IN-WORK EMERGENCY FUND

BN69 COMPANY CAR BENEFIT TAX

BN70 EMPLOYER PROVIDED VANS: FUEL BENEFIT RULES

BN71 HYDROCARBON OILS: DUTY RATES CHANGES AND RATES SIMPLIFICATION

BN72 NEW AVIATION DUTY REPLACING AIR PASSENGER DUTY (APD)

BN73 VAT: INCREASED TURNOVER THRESHOLDS FOR REGISTRATION AND DEREGISTRATION

BN74 VAT: AMENDMENT TO THE EXEMPTION FOR FUND MANAGEMENT

BN75 INDIRECT TAX RETURNS: CORRECTION OF ERRORS

BN76 VAT: CHANGES IN FUEL SCALE CHARGES

BN77 VAT: REDUCED RATE FOR SMOKING CESSATION PRODUCTS

BN78 VAT: TRANSITIONAL PERIOD FOR CLAIMS

BN79 VAT: OPTION TO TAX LAND & BUILDINGS

BN80 LANDFILL TAX: EXEMPTION FOR WASTE FROM CLEANING UP CONTAMINATED LAND

BN81 LANDFILL COMMUNITIES FUND

BN82 LANDFILL TAX: STANDARD RATE

BN83 AGGREGATES LEVY: RATE

BN84 CLIMATE CHANGE LEVY: RATES

BN85 CLIMATE CHANGE LEVY (CCL): ELECTRICITY FROM COAL MINE METHANE

BN86 CLIMATE CHANGE LEVY (CCL): CLIMATE CHANGE LEVY ACCOUNTING DOCUMENTS (CCLADs): SIMPLIFICATION

BN87 ENERGY PRODUCTS DIRECTIVE: EXPIRY OF DEROGATIONS

BN88 AMUSEMENT MACHINE LICENCE DUTY (AMLD): GAMING MACHINES

BN89 GAMING DUTY: REVALORISATION OF DUTY BANDS

BN90 TOBACCO PRODUCTS DUTY: RATES

BN91 ALCOHOL DUTY: RATES

BN92 CALCULATION OF ALCOHOL DUTY

BN93 EXCISE REVIEWS AND APPEALS

BN94 WAIVING INTEREST AND SURCHARGES FOR THOSE AFFECTED BY NATIONAL DISASTERS

BN95 POWER TO GIVE STATUTORY EFFECT TO EXISTING CONCESSIONS

BN96 HMRC REVIEW OF POWERS, DETERRENTS AND SAFEGUARDS: PENALTIES FOR INCORRECT RETURNS & FAILURE TO NOTIFY A TAXABLE ACTIVITY

BN97 HMRC REVIEW OF POWERS, DETERRENTS AND SAFEGUARDS: COMPLIANCE CHECKS

BN98 HMRC REVIEW OF POWERS, DETERRENTS AND SAFEGUARDS: PAYMENTS, REPAYMENTS AND DEBT

BN99 CHANGES TO CUSTOMS POWERS

BN100 TRIBUNAL REFORM: SIMPLIFYING HMRC'S APPROACH TO APPEALS

BN101 TAX LAW REWRITE: REMITTANCE BASIS AND FOREIGN DIVIDEND INCOME

BN102 RESIDENCE AND DOMICILE: THE RESIDENCE TEST AND DAY COUNTING RULES

BN103 RESIDENCE AND DOMICILE: PERSONAL ALLOWANCES AND THE REMITTANCE BASIS

BN104 RESIDENCE AND DOMICILE: CLOSING LOOPHOLES IN THE REMITTANCE BASIS

BN105 RESIDENCE AND DOMICILE: REMITTANCE BASIS AND ART FOR PUBLIC DISPLAY

BN106 RESIDENCE AND DOMICILE: CHANGES FOR EMPLOYMENT-RELATED SECURITIES

BN107 RESIDENCE AND DOMICILE: ANNUAL £30,000 CHARGE FOR SOME USERS OF THE REMITTANCE BASIS