Finance Bill 2008: Report stage proceedings (1 July 2008)

Resource type: Legal update: archive

Status: Published on 02-Jul-2008

Jurisdictions: England, Wales

On 1 July 2008, the following amendments to the Finance Bill 2008, proposed by the government, were agreed by the House of Commons at the Report stage:

1. Various amendments intended to counteract the axing of the 10% rate of income tax: see Legal update, Finance Bill 2008: government tables amendments to counteract the axing of 10% rate of income tax.

2. New clause 16 on the assignment of tax repayments: see Legal update, Finance Bill 2008: government tables amendments (25 and 26 June 2008).

3. Various minor amendments to clauses 128 and 129 (set-off): see Legal update, Finance Bill 2008: government tables amendments (25 and 26 June 2008).

In discussing the Finance Bill provisions on HMRC powers, the Financial Secretary to the Treasury commented that:

(a) Even though some time limits for claiming tax relief are being shortened, HMRC may still accept later claims where there is reasonable excuse.

(b) HMRC guidance will set out when an inspection of premises would (not) be reasonable, breach of which would entitle taxpayers to make an official complaint or refuse the inspection (as a penalty only arises if the inspection is reasonable).

(c) Notice of premises inspection will be given at least seven days in advance and reasonable excuses for delaying visits will include the taxpayer being on holiday.

Source: Report Stage Proceedings as at 1 July 2008; House of Commons Report Stage debate: 1 July 2008.
PLC Tax

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  • Resource ID: 1-382-5022
  • Published: 02-Jul-2008
  • Products:  PLC UK Public Sector, PLC UK Tax
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