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Finance Act 2002
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- 2002 c. 23
- Part 3
- Chapter 1
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- Act amendment to earlier affecting provision SI 2006/3271 regs. 22-24 by S.I. 2007/2146 reg. 22-24
- Act amendment to earlier affecting provision SI 2007/1050 reg. 3-12 by 2009 c. 4 Sch. 2 para. 131
- Act applied in part (with modifications) by S.I. 2007/1050 reg. 3-12 (This SI is amended by 2009 c. 4 Sch. 2 para. 131)
- Act modified by S.I. 2006/3271 reg. 37-41
- Act modified by S.I. 2009/317 art. 3 Sch.
- Blanket amendment text amended by S.I. 2011/1043 art. 3 4
- Blanket amendment text amended by S.I. 2011/1043 art. 3 6
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- s. 85A inserted by 2005 c. 22 s. 52
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Commencement Orders bringing provisions within this Act into force:
- S.I. 2003/88 art. 2 3 commences (2002 c. 23)
- S.I. 2003/603 art. 2 commences (2002 c. 23)
- S.I. 2003/1472 art. 2 commences (2002 c. 23)
- S.I. 2003/2622 art. 2 commences (2002 c. 23)
- S.I. 2003/3043 art. 2 commences (2002 c. 23)
- S.I. 2003/3086 art. 2 commences (2002 c. 23)
- S.I. 2004/689 art. 2 commences (2002 c. 23)
- S.I. 2005/2007 art. 2 commences (2002 c. 23)
Commencement Orders bringing legislation that affects this Act into force:
- S.I. 2004/2575 art. 2 Sch. 1 2 commences (2004 c. 20)
- S.I. 2004/3268 art. 2 commences (2004 c. 12)
- S.I. 2005/123 art. 2 commences (2004 c. 12)
- S.I. 2005/1126 art. 2 commences (2005 c. 11)
- S.I. 2005/1444 art. 2 commences (2005 c. 14)
- S.I. 2006/982 art. 2 commences (2005 c. 22)
- S.I. 2006/3399 art. 2 commences (2006 c. 25)
- S.I. 2007/3546 art. 3 Sch. commences (2007 c. 17)
- S.I. 2008/1928 art. 2 commences (2008 c. 9)
- S.I. 2009/403 art. 2 commences (2008 c. 9)
- S.I. 2009/571 art. 2-5 commences (2008 c. 9)
- S.I. 2009/3250 art. 2 commences (2007 c. 29)
Chapter 1 E+W+S+N.I.Charge and rate bands
Income taxE+W+S+N.I.
26 Charge and rates for 2002-03E+W+S+N.I.
Income tax shall be charged for the year 2002-03, and for that year—
(a)the starting rate shall be 10%;
(b)the basic rate shall be 22%;
(c)the higher rate shall be 40%.
27 Indexed rate bands for 2002-03: PAYE deductions etcE+W+S+N.I.
For the year 2002-03, the following provisions of the Taxes Act 1988 shall have effect as if “17th June” were substituted for “ 17th May ”
(a)section 1(5A) (which provides that statutory inflation-linked changes to income tax rate bands for a year of assessement do not require changes to be made to PAYE deductions or repayments until 18th May in that year);
(b)section 257C(2A) (which makes corresponsing provision in relation to personal allowances etc) as it has effect for the application of—
(i)section 257AA(2) of that Act (children’s tax credit), and
(ii)section 265 of that Act (blind person’s allowance).
28 Personal allowance for 2003-04 for those aged under 65E+W+S+N.I.
(1)For the year 2003-04 the amount specified in section 257(1) of the Taxes Act 1988 (personal allowance for those aged under 65) shall be taken to be £4,615.
(2)Accordingly, section 257C(1) of that Act (indexation), so far as it relates to the amount so specified, does not apply for that year.
29 Personal allowances for 2003-04 for those aged 65 or overE+W+S+N.I.
(1)For the year 2003-04—
(a)the amount specified in section 257(2) of the Taxes Act 1988 (personal allowance for those aged between 65 and 74) shall be taken to be £6,610;
(b)the amount specified in section 257(3) of that Act (personal allowance for those aged 75 or over) shall be taken to be the indexed amount plus £240.
In paragraph (b) “the indexed amount” means the amount that would apply by virtue of section 257C(1) of that Act (indexation).
(2)Accordingly, section 257C(1), so far as it relates to the amounts specified in section 257(2) and (3), does not apply for that year (except as it applies for the purposes of subsection (1)(b) above).
Corporation taxE+W+S+N.I.
30 Charge and main rate for financial year 2003E+W+S+N.I.
Corporation tax shall be charged for the financial year 2003 at the rate of 30%.
31 Small companies’ rate and fraction for financial year 2002E+W+S+N.I.
For the financial year 2002—
(a)the small companies’ rate shall be 19%, and
(b)the fraction mentioned in section 13(2) of the Taxes Act 1988 (marginal relief for small companies) shall be 11/400ths.
32 Corporation tax starting rate and fraction for financial year 2002E+W+S+N.I.
For the financial year 2002—
(a)the corporation tax starting rate shall be 0%, and
(b)the fraction mentioned in section 13AA(3) of the Taxes Act 1988 (marginal relief for small companies) shall be 19/400ths.
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