Step 1: The time constant \( \tau \) of an RL circuit is given by the formula \( \tau = \dfrac{L}{R} \), where \( L \) is the inductance and \( R \) is the resistance.
Step 2: Given \( L = 40 \, \text{H} \) and \( R = 8 \, \Omega \), the time constant is:
\[
\tau = \dfrac{40}{8} = 5 \, \text{seconds}.
\]
Final Answer:
\[
\boxed{5 \, \text{seconds}}
\]