Finance Act 2009
The Finance Bill received Royal Assent on 21 July and is now the Finance Act 2009. It comprises 127 sections and 61 schedules and makes law all of the tax announcements made by the Chancellor during his Budget speech.
At the Committee stage 199 amendments were made, including, unusually, 12 non-government amendments. Most (54) were to Schedule 15 – which addresses the tax treatment of certain financing costs and income of companies that are members of a group. A further 31 amendments were made to Schedule 40 – which is concerned with ‘Oil: chargeable gains’. And 38 amendments were made to Schedule 46 which sets out new duties of senior accounting officers.