Change 1 Article Choose an article Title and introductory text 1 Charge and main rates for 2008-09 2 Personal allowance for those aged under 65 3 Personal allowances for those aged 65 and over 4 Basic rate limit 5 Abolition of starting and savings rates and creation of starting rate for savings 6 Charge and main rates for financial year 2009 7 Small companies' rates and fractions for financial year 2008 etc 8 Rate etc 9 Entrepreneurs' relief 10 Transfer of unused nil-rate band etc 11 Rates of alcoholic liquor duty 12 Rates of tobacco products duty 13 Rates and rebates: simplification 14 Biodiesel and bioblend 15 Rates and rebates: increase from 1 October 2008 16 Fuel for aircraft and boats, heating oil and fuel for certain engines 17 Rates of vehicle excise duty 18 Standard rate of landfill tax 19 Rates of climate change levy 20 Rate of aggregates levy 21 Carbon reduction trading scheme: charges for allocations 22 Rates of gaming duty 23 Amusement machine licence duty 24 Periods of residence 25 Remittance basis 26 Rates of R&D relief and vaccine research relief 27 Qualifying expenditure: R&D relief and vaccine research relief 28 Companies in difficulty: SME R&D relief and vaccine research relief 29 Cap on R&D aid 30 Vaccine research relief: declaration about effect of relief 31 Enterprise investment scheme: increase in amount of relief 32 Venture capital schemes 33 Enterprise management incentives: qualifying companies 34 Tax credits for certain foreign distributions 35 Small companies' relief: associated companies 36 Company gains from investment life insurance contracts etc 37 Trade profits: changes in trading stock 38 Non-residents: investment managers 39 Dormant assets 40 Individual investment plan regulations 40A Meaning of “offshore fund” 40B Meaning of “mutual fund” etc 40C Umbrella arrangements 40D Arrangements comprising more than one class of interest 40E Meaning of “mutual fund”: exceptions 40F Meaning of “relevant income-producing assets” 40G Meaning of “mutual fund”: powers to vary exceptions 41 Tax treatment of participants in offshore funds 42 Regulations under section 41: supplementary 42A Regulations: procedure 43 Insurance companies etc 44 Friendly societies 45 Homes outside UK owned through company etc 46 In-work and return to work credits and payments 47 Company cars: lower threshold for CO2 emissions figure 48 Van fuel benefit 49 Employment-related securities etc: deductible amounts etc 50 Employment-related securities: repeal of obsolete provisions 51 Armed forces: the Council Tax Relief 52 Greater London Authority: severance payments 53 Gift aid: payments to charities 54 Community investment tax relief 55 Leases of plant or machinery 56 Sale of lessor companies etc 57 Double taxation relief 58 UK residents and foreign partnerships 59 UK residents and foreign enterprises 60 Restrictions on trade loss relief for individuals 61 Non-active partners 62 Financial arrangements avoidance 63 Manufactured payments 64 Controlled foreign companies 65 Intangible fixed assets: related parties 66 Repeal of obsolete anti-avoidance provisions 67 Income of beneficiaries under settlor-interested settlements 68 Income charged at dividend upper rate 69 Payments on account of income tax 70 Allowances etc for non-resident nationals of an EEA state 71 Thermal insulation of buildings 72 Expenditure on required fire precautions 73 Integral features 74 Annual investment allowance 75 First-year allowance for small and medium-sized enterprises discontinued 76 Repeal of spent first-year allowances 77 Cars with low carbon dioxide emissions 78 Gas refuelling stations 79 First-year tax credits 80 Main rate of writing down allowance 81 Small pools 82 Special rate expenditure and the special rate pool 83 Existing long-life asset expenditure treated as special rate expenditure 84 Abolition of allowances from 2011 85 Phasing out of allowances before abolition 86 Qualifying enterprise zone expenditure: transitional provision 87 Phasing out of industrial buildings allowance: anti-avoidance 88 Power to make consequential and transitional provision 89 Balancing allowances on transfers of trade 90 Spreading of relief on indirect contributions 91 Inheritance etc of tax-relieved pension savings 92 Pension schemes: further provision 93 Zero-carbon homes 94 Notification and registration of transactions 95 Charge where consideration includes rent: 0% band 96 Withdrawal of group relief 97 Transfers of interests in property-investment partnerships 98 Exemption from ad valorem stamp duty for low value transactions 99 Abolition of fixed stamp duty on certain instruments 100 Gifts inter vivos 101 Loan capital 102 Meaning of “participator” 103 Abandonment expenditure: default by participator met by former participator 104 Abandonment expenditure: deductions from ring fence income 105 Abandonment expenditure: former participator reimbursed by defaulter 106 Returns of relevant sales of oil 107 Elections for oil fields to become non-taxable 108 Capital allowances: plant and machinery for use in ring fence trade 109 Capital allowances: decommissioning expenditure 110 Capital allowances: abandonment expenditure after ceasing ring fence trade 111 Losses: set off against profits of earlier accounting periods 112 Ring fence trade: no deduction for expenses of investment management 113 Information and inspection powers 114 Computer records etc 115 Record-keeping 116 Disclosure of tax avoidance schemes 117 Power to open or unpack containers 118 Time limits for assessments, claims etc 119 Correction and amendment of tax returns 120 VAT: time limits for assessments of excess credits etc 121 Old VAT claims: extended time limits 122 Penalties for errors 123 Penalties for failure to notify etc 124 HMRC decisions etc: reviews and appeals 125 Alcoholic liquor duties 126 Security under CEMA 1979 127 Enforcement by taking control of goods: England and Wales 128 Summary warrant: Scotland 129 Consequential provision and commencement 130 Set-off ... 131 No set-off where insolvency procedure has been applied 132 VAT: requirement to set-off 133 Set-off etc where right to be paid a sum has been transferred 134 Retained funding bonds: tender by Commissioners 135 Interest on unpaid tax in case of disaster etc of national significance 136 Fee for payment 137 County court proceedings 138 Certificates of debt 139 Interpretation of Chapter 140 Charge on termination of interest in possession where new interest acquired 141 Interest in possession settlements: extension of transitional period 142 Tax representatives 143 Overseas insurers 144 Rebates 145 Offence of using or keeping unlicensed vehicle 146 Rates for new lower-emission vans 147 Not exhibiting licence: period of grace 148 Reduced pollution certificates 149 Climate change levy: coal mine methane no longer to be renewable source 150 Climate change levy accounting documents: abolition of self-identification 151 Landfill tax credit: withdrawing approval of environmental bodies 152 Aviation duty 153 Air passenger duty: class of travel with large seat pitch 154 Stamp duty and stamp duty reserve tax: alternative finance investment bonds 155 Alternative property finance: anti-avoidance 156 Alternative finance arrangements: power to vary Chapter 5 of Part 2 of FA 2005 157 Government borrowing: alternative finance arrangements 158 Power of Treasury to make payments 159 Payments from certain Exchequer accounts: mechanism 160 Power to give statutory effect to concessions 161 Fuel duty: definition of “ultra low sulphur diesel” 162 Duties: abolition of disregard of fractions of penny 163 National savings 164 EU emissions trading: criminal offences 165 Interpretation 166 Short title SCHEDULE 1 Abolition of starting and savings rates and creation of starting rate for savings SCHEDULE 2 Capital gains tax reform SCHEDULE 3 Entrepreneurs' relief SCHEDULE 4 Inheritance tax: transfer of nil-rate band etc SCHEDULE 5 Fuel duty: biodiesel and bioblend SCHEDULE 6 Aircraft and boat fuel, heating oil and fuel used for certain engines SCHEDULE 7 Remittance basis SCHEDULE 11 Venture capital schemes SCHEDULE 12 Tax credit for certain foreign distributions SCHEDULE 14 Company gains from investment life insurance contracts: consequential amendments etc SCHEDULE 15 Changes in trading stock SCHEDULE 16 Non-residents: investment managers SCHEDULE 17 Insurance companies etc SCHEDULE 19 Reduction of basic rate of income tax: transitional relief for gift aid charities SCHEDULE 20 Leases of plant or machinery SCHEDULE 21 Restriction on loss relief for non-active traders SCHEDULE 22 Avoidance involving financial arrangements SCHEDULE 23 Manufactured payments: anti-avoidance SCHEDULE 24 Annual investment allowance SCHEDULE 26 Special rate expenditure and the special rate pool SCHEDULE 27 Abolition of allowances: consequential amendments and savings SCHEDULE 28 Inheritance of tax-relieved pension savings SCHEDULE 29 Further provision about pension schemes SCHEDULE 30 Stamp duty land tax: notification etc: consequential provision SCHEDULE 31 Stamp duty land tax: special provisions for property-investment partnerships SCHEDULE 32 Stamp duty: abolition of fixed duty on certain instruments SCHEDULE 33 PRT: elections for oil fields to become non-taxable SCHEDULE 34 Oil decommissioning expenditure: consequential amendments SCHEDULE 35 Set off against oil profits: minor and consequential amendments SCHEDULE 36 Information and inspection powers SCHEDULE 37 Record-keeping SCHEDULE 38 Disclosure of tax avoidance schemes SCHEDULE 39 Time limits for assessments, claims etc. SCHEDULE 40 Penalties: amendments of Schedule 24 to FA 2007 SCHEDULE 41 Penalties: failure to notify and certain VAT and excise wrongdoing SCHEDULE 42 Alcoholic liquor duties: decisions subject to review and appeal SCHEDULE 43 Taking control of goods etc: consequential provision SCHEDULE 44 Certificates of debt: consequential provision SCHEDULE 45 Vehicle excise duty: offence of using or keeping unlicensed vehicle SCHEDULE 46 Government borrowing: alternative finance arrangements
What to do with it
As published
5 Abolition of starting and savings rates and creation of starting rate for savings
(1) Section 6 of ITA 2007 (rates at which income tax is charged) is amended as follows.
(2) In subsection (1), omit paragraph (a).
(3) In subsection (2), omit “starting rate,”.
(4) In subsection (3), for paragraph (a) substitute—
(a) section 7 (starting rate for savings),
.
(5) Accordingly, in the heading omit “starting rate,”.
(6) The amendments made by this section have effect for the tax year 2008-09 and subsequent tax years.
(7) Schedule 1 contains provision in connection with—
(a) the abolition of the starting rate and the savings rate, and
(b) the creation of the starting rate for savings.
Your wording
Your change, as a redline
5 Abolition of starting and savings rates and creation of starting rate for savings
(1) Section 6 of ITA 2007 (rates at which income tax is charged) is amended as follows.
(2) In subsection (1), omit paragraph (a).
(3) In subsection (2), omit “starting rate,”.
(4) In subsection (3), for paragraph (a) substitute—
(a) section 7 (starting rate for savings),
.
(5) Accordingly, in the heading omit “starting rate,”.
(6) The amendments made by this section have effect for the tax year 2008-09 and subsequent tax years.
(7) Schedule 1 contains provision in connection with—
(a) the abolition of the starting rate and the savings rate, and
(b) the creation of the starting rate for savings.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.