Finance (No. 2) Act 2008

In short

This law, the Finance (No. 2) Act 2008, primarily deals with various financial matters, including taxes, levies, and duties. It introduces new provisions and amends existing legislation concerning income tax, corporation tax, capital gains tax, excise, value-added tax, and stamp duties.

What it regulates

• Levies, Income Tax, Corporation Tax and Capital Gains Tax
• Excise duties on various products and services
• Value-Added Tax (VAT)
• Stamp Duties and Capital Acquisitions Tax

Who it concerns

• Individuals subject to income tax, capital gains tax, and capital acquisitions tax.
• Companies liable for corporation tax.
• Businesses and consumers affected by excise duties, VAT, and stamp duties.

Key points

• Introduces an income levy and a parking levy in urban areas.
• Amends rules for income tax, including preferential loan arrangements, benefit-in-kind calculations, and relief for health expenses and home loans.
• Provides for capital allowances for qualifying specialist palliative care units and relief from tax for certain start-up companies.
• Adjusts rates for mineral oil tax, alcohol products tax, and tobacco products tax, and introduces an air travel tax.
• Modifies provisions related to Value-Added Tax, including the supply of goods, options to tax lettings, and the travel agent's margin scheme.
• Updates regulations for stamp duties, including electronic stamping and special provisions for land, and amends the rate of charge for capital acquisitions.