This is most likely due to the second stupid decision of whoever is leading the IIS team at Microsoft (see my previous post for the first one).
If you install IIS 8.0, it will not by default install the ASP.Net 4.5 module with it. It won't even prompt you though it looks like you have set up everything as it's tucked under the Application Development Features which is semi checked so you'd just assumed that it picked sensible defaults. not so.
They have dropped aspnet_regiis so what you have to do is:
1)Go to Control Panel -> Programs and Features
2)Find IIS 8.0
3)Click on Turn Windows Features on/off
4)Expand the Internet Information Services
5)Expand the World Wide Web Services
6)Expand the Application Development Features
7)Tick Asp.Net 4.5 (and whatever else you may need for that matter)
screenshot: