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Finance Act 2003

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. Part 1 Excise duties

    1. Tobacco products duty

      1. 1.Rates of tobacco products duty

    2. Alcoholic liquor duties

      1. 2.Rate of duty on beer

      2. 3.Rates of duty on wine and made-wine

    3. Hydrocarbon oil duties

      1. 4.Rates of hydrocarbon oil duties

      2. 5.Rebates on hydrocarbon oil duties

    4. Betting and gaming duties

      1. 6.General betting duty and pool betting duty: relief for losses

      2. 7.General betting duty: betting exchanges

      3. 8.General betting duty: restriction of exemption for on-course bets

      4. 9.Bingo duty

      5. 10.Amusement machines not operated by coins or tokens

      6. 11.Amusement machines: use of currencies other than sterling

      7. 12.Responsibility for unlicensed amusement machines

      8. 13.Rates of gaming duty

    5. Vehicle excise duty

      1. 14.Vehicle excise duty: rates

      2. 15.Disclosure for exemptions: Northern Ireland

      3. 16.Duty at higher rate: exception for tractive units

  3. Part 2 Value added tax

    1. 17.Requirement of evidence or security

    2. 18.Joint and several liability for unpaid VAT of another trader

    3. 19.Face-value vouchers

    4. 20.Supplies arising from prior grant of fee simple

    5. 21.Business gifts

    6. 22.Non-business use of business property

    7. 23.Supply of electronic services in member States: special accounting scheme

  4. Part 3 Taxes and duties on importation and exportation: penalties

    1. Preliminary

      1. 24.Introductory

    2. The penalties

      1. 25.Penalty for evasion

      2. 26.Penalty for contravention of relevant rule

      3. 27.Exceptions from section 26

      4. 28.Liability of directors etc where body corporate liable to penalty for evasion

    3. Reduction of amount of penalty

      1. 29.Reduction of penalty under section 25 or 26

    4. Demand notices

      1. 30.Demands for penalties

      2. 31.Time limits for demands for penalties

      3. 32.No prosecution after demand notice for penalty under section 26

    5. Reviews

      1. 33.Right to review of certain decisions

      2. 34.Time limit and right to further review

      3. 35.Powers of Commissioners on a review

    6. Appeals

      1. 36.Appeals to a tribunal

      2. 37.Appeal tribunals

    7. Evidence

      1. 38.Admissibility of certain statements and documents

    8. Miscellaneous and supplementary

      1. 39.Service of notices

      2. 40.Penalties not to be deducted for income tax or corporation tax purposes

      3. 41.Regulations and orders

  5. Part 4 Stamp duty land tax

    1. Introduction

      1. 42.The tax

    2. Land transactions

      1. 43.Land transactions

      2. 44.Contract and conveyance

      3. 45.Contract and conveyance: effect of transfer of rights

      4. 46.Options and rights of pre-emption

      5. 47.Exchanges

    3. Chargeable interests, chargeable transactions and chargeable consideration

      1. 48.Chargeable interests

      2. 49.Chargeable transactions

      3. 50.Chargeable consideration

      4. 51.Contingent, uncertain or unascertained consideration

      5. 52.Annuities etc: chargeable consideration limited to twelve years' payments

      6. 53.Deemed market value where transaction involves connected company

      7. 54.Exceptions from deemed market value rule

    4. Amount of tax chargeable

      1. 55.Amount of tax chargeable: general

      2. 56.Amount of tax chargeable: rent

    5. Reliefs

      1. 57.Disadvantaged areas relief

      2. 58.Relief for certain exchanges of residential property

      3. 59.Relocation relief

      4. 60.Compulsory purchase facilitating development

      5. 61.Compliance with planning obligations

      6. 62.Group relief and reconstruction or acquisition relief

      7. 63.Demutualisation of insurance company

      8. 64.Demutualisation of building society

      9. 65.Incorporation of limited liability partnership

      10. 66.Transfers involving public bodies

      11. 67.Transfer in consequence of reorganisation of parliamentary constituencies

      12. 68.Charities relief

      13. 69.Acquisition by bodies established for national purposes

      14. 70.Right to buy transactions, shared ownership leases etc

      15. 71.Certain acquisitions by registered social landlord

      16. 72.Alternative property finance: land sold to financial institution and leased to individual

      17. 73.Alternative property finance: land sold to financial institution and re-sold to individual

      18. 74.Collective enfranchisement by leaseholders

      19. 75.Crofting community right to buy

    6. Returns and other administrative matters

      1. 76.Duty to deliver land transaction return

      2. 77.Notifiable transactions

      3. 78.Returns, enquiries, assessments and related matters

      4. 79.Registration of land transactions etc

      5. 80.Adjustment where contingency ceases or consideration is ascertained

      6. 81.Further return where relief withdrawn

      7. 82.Loss or destruction of, or damage to, return etc

      8. 83.Formal requirements as to assessments, penalty determinations etc

      9. 84.Delivery and service of documents

    7. Liability for and payment of tax

      1. 85.Liability for tax

      2. 86.Payment of tax

      3. 87.Interest on unpaid tax

      4. 88.Interest on penalties

      5. 89.Interest on repayment of tax overpaid etc

      6. 90.Application to defer payment in case of contingent or uncertain consideration

      7. 91.Collection and recovery of tax etc

      8. 92.Payment by cheque

    8. Compliance

      1. 93.Information powers

      2. 94.Power to inspect premises

      3. 95.Offence of fraudulent evasion of tax

      4. 96.Penalty for assisting in preparation of incorrect return etc

      5. 97.Power to allow further time and reasonable excuse for failure

      6. 98.Admissibility of evidence not affected by offer of settlement etc

      7. 99.General provisions about penalties

    9. Application of provisions

      1. 100.Companies

      2. 101.Unit trust schemes

      3. 102.Open-ended investment companies

      4. 103.Joint purchasers

      5. 104.Partnerships

      6. 105.Trustees

      7. 106.Persons acting in a representative capacity etc

      8. 107.Crown application

    10. Supplementary provisions

      1. 108.Linked transactions

      2. 109.General power to vary this Part by regulations

      3. 110.Approval of regulations under general power

      4. 111.Claim for repayment if regulations under general power not approved

      5. 112.Power to amend certain provisions before implementation

      6. 113.Functions conferred on “the Inland Revenue”

      7. 114.Orders and regulations made by the Treasury or the Inland Revenue

      8. 115.General and Special Commissioners, appeals and other proceedings

    11. Interpretation etc

      1. 116.Meaning of “residential property”

      2. 117.Meaning of “major interest” in land

      3. 118.Meaning of “market value”

      4. 119.Meaning of “effective date” of a transaction

      5. 120.Meaning of “lease” and other supplementary provisions

      6. 121.Minor definitions

      7. 122.Index of defined expressions

    12. Final provisions

      1. 123.Consequential amendments

      2. 124.Commencement and transitional provisions

  6. Part 5 Stamp duty

    1. 125.Abolition of stamp duty except on instruments relating to stock or marketable securities

    2. 126.Circumstances in which group relief withdrawn

    3. 127.Circumstances in which relief for company acquisitions withdrawn

    4. 128.Exemption of certain leases granted by registered social landlords

    5. 129.Relief for certain leases granted before section 128 has effect

    6. 130.Registered social landlords: treatment of certain leases granted between 1st January 1990 and 27 March 2000

  7. Part 6 Income tax and corporation tax: charge and rate bands

    1. Income tax

      1. 131.Charge and rates for 2003-04

      2. 132.Indexed rate bands for 2003-04: PAYE deductions etc

    2. Corporation tax

      1. 133.Charge and main rate for financial year 2004

      2. 134.Small companies' rate and fraction for financial year 2003

      3. 135.Corporation tax starting rate and fraction for financial year 2003

  8. Part 7 Income tax, corporation tax and capital gains tax: general

    1. Employment income and related matters

      1. 136.Provision of services through intermediary

      2. 137.Exemption where homeworker’s additional expenses met by employer

      3. 138.Taxable benefits: lower threshold for cars with a CO2 emissions figure

      4. 139.Approved share plans and schemes

      5. 140.Employee securities and options

      6. 141.Corporation tax relief for employee share acquisitions

      7. 142.Ending of relief for contributions to QUESTS

      8. 143.Restriction of deductions for employee benefit contributions

      9. 144.PAYE on notional payments: reimbursement period

      10. 145.PAYE: regulations and notional payments

      11. 146.Payroll giving: extension of 10% supplement to 5th April 2004

      12. 147.Sub-contractor deductions etc: interest on late payment or repayment

    2. Taxation of non-resident companies and related matters

      1. 148.Meaning of “permanent establishment”

      2. 149.Non-resident companies: basis of charge to corporation tax

      3. 150.Non-resident companies: assessment, collection and recovery of corporation tax

      4. 151.Non-resident companies: extent of charge to income tax

      5. 152.Non-resident companies: transactions carried out through broker, investment manager or Lloyd’s agent

      6. 153.General replacement of references to branch or agency of company

      7. 154.Double taxation relief: profits attributable to overseas permanent establishment

      8. 155.Consequential amendments

      9. 156.Overseas life insurance companies

    3. Chargeable gains

      1. 157.Life insurance policies and deferred annuity contracts

      2. 158.Application of market value rule in case of exercise of option

      3. 159.Reporting limits and annual exempt amount

      4. 160.Taper relief: assets qualifying as business assets

      5. 161.Earn-out rights to be treated as securities unless contrary election

      6. 162.Deferred unascertainable consideration: election for treatment of loss

      7. 163.Transfers of value: attribution of gains to beneficiaries

    4. Capital allowances and related matters

      1. 164.Avoidance affecting proceeds of balancing event

      2. 165.Extension of first-year allowances for ICT expenditure by small enterprises

      3. 166.Expenditure on software for sub-licensing

      4. 167.First-year allowances for expenditure on environmentally beneficial plant or machinery

      5. 168.Relief for research and development

      6. 169.Tonnage tax: extension of capital allowance restrictions on lessors of ships

    5. Life insurance and pensions

      1. 170.Insurance companies

      2. 171.Policies of life insurance etc: miscellaneous amendments

      3. 172.Charges under life insurance policies for exceptional risk of disability

      4. 173.Gains on policies of life insurance etc: rate of tax

      5. 174.Personal pension arrangements: limit on contributions

    6. Miscellaneous

      1. 175.Payments to adopters

      2. 176.Foster carers

      3. 177.Currency contracts and currency options

      4. 178.Loan relationships: amendments

      5. 179.Derivative contracts: transactions within groups

      6. 180.Contributions to urban regeneration companies

      7. 181.Repos etc

      8. 182.Relevant discounted securities: withdrawal of relief for costs and losses, etc

      9. 183.Court common investment funds

      10. 184.Intangible fixed assets: tax avoidance arrangements and related parties

  9. Part 8 Other taxes

    1. Inheritance tax

      1. 185.Gifts with reservation

      2. 186.Authorised unit trusts, OEICs and common investment funds

    2. Landfill tax

      1. 187.Rate of landfill tax

    3. Climate change levy

      1. 188.Exemption for fuel used in recycling processes

      2. 189.CHP exemption to be based on current efficiency

      3. 190.Supplies not known to be taxable when made, etc

      4. 191.Deemed supplies

      5. 192.Amendments about registration, payment etc

      6. 193.Electricity from renewable sources etc

    4. Insurance premium tax

      1. 194.Higher rate of tax: divided companies

  10. Part 9 Miscellaneous and supplementary provisions

    1. Provisions consequential on changes to company law

      1. 195.Companies acquiring their own shares

      2. 196.Companies in administration

    2. International matters

      1. 197.Exchange of information between tax authorities of member States

      2. 198.Arrangements for mutual exchange of tax information

      3. 199.Savings income: Community obligations and international arrangements

      4. 200.Controlled foreign companies: exempt activities

      5. 201.Application of CFC provisions to Hong Kong and Macao companies

    3. Administrative matters

      1. 202.Deduction of tax from interest: recognised clearing houses etc

      2. 203.Authorised unit trusts: interest distributions paid gross

      3. 204.Mandatory electronic payment by large employers

      4. 205.Use of electronic means of payment under other provisions

      5. 206.Admissibility of evidence not affected by offer of settlement etc

      6. 207.Consequential claims etc

    4. National Savings

      1. 208.Ordinary accounts and investment accounts

      2. 209.Abolition of accounting requirements relating to investment deposits

    5. Other financial matters

      1. 210.Payments for service of national debt

      2. 211.Definition of liabilities and assets of National Loans Fund

      3. 212.Accounts of Consolidated Fund and National Loans Fund

      4. 213.Debt Management Account: abolition of borrowing cap

      5. 214.Payments in error from or to National Loans Fund

    6. Supplementary

      1. 215.Interpretation

      2. 216.Repeals

      3. 217.Short title

  11. SCHEDULES

    1. SCHEDULE 1

      VAT: face-value vouchers

      1. 1.In Part 3 of the Value Added Tax Act 1994...

      2. 2.After Schedule 10 to that Act insert— SCHEDULE 10A Face-value...

      3. 3.In Schedule 6 to the Value Added Tax Act 1994...

      4. 4.The amendments made by this Schedule apply to supplies of...

    2. SCHEDULE 2

      Supply of electronic services in member States: VAT special accounting scheme

      1. 1.Introductory

      2. 2.Insertion of new section 3A

      3. 3.Persons registered under Schedule 1

      4. 4.The special accounting scheme

    3. SCHEDULE 3

      Stamp duty land tax: transactions exempt from charge

      1. 1.No chargeable consideration

      2. 2.Grant of certain leases by registered social landlords

      3. 3.Transactions in connection with divorce etc

      4. 4.Variation of testamentary dispositions etc

      5. 5.Power to add further exemptions

    4. SCHEDULE 4

      Stamp duty land tax: chargeable consideration

      1. 1.Money or money’s worth

      2. 2.Value added tax

      3. 3.Postponed consideration

      4. 4.Just and reasonable apportionment

      5. 5.Exchanges

      6. 6.Partition etc: disregard of existing interest

      7. 7.Valuation of non-monetary consideration

      8. 8.Debt as consideration

      9. 9.Conversion of amounts in foreign currency

      10. 10.Carrying out of works

      11. 11.Provision of services

      12. 12.Land transaction entered into by reason of employment

      13. 13.Obligations under lease

      14. 14.Surrender of existing lease in return for new lease

      15. 15.Reverse premium

      16. 16.Indemnity given by purchaser

    5. SCHEDULE 5

      Stamp duty land tax: amount of tax chargeable: rent

      1. 1.Introduction

      2. 2.Calculation of tax chargeable in respect of rent

      3. 3.Net present value of rent payable over term of lease

      4. 4.Rent payable

      5. 5.Effect of provision for rent review

      6. 6.Term of lease

      7. 7.Treatment of lease for indefinite term

      8. 8.Temporal discount rate

      9. 9.Tax chargeable in respect of consideration other than rent

      10. 10.Increase of rent treated as grant of new lease

      11. 11.Interpretation

    6. SCHEDULE 6

      Stamp duty land tax: disadvantaged areas relief

      1. Part 1 Disadvantaged areas

        1. 1.Meaning of “disadvantaged area”

        2. 2.Continuation of regulations made for purposes of stamp duty

      2. Part 2 Land wholly situated in a disadvantaged area

        1. 3.Introduction

        2. 4.Land all non-residential

        3. 5.Land all residential

        4. 6.Land partly non-residential and partly residential

      3. Part 3 Land partly situated in a disadvantaged area

        1. 7.Introduction

        2. 8.Land all non-residential

        3. 9.Land all residential

        4. 10.Land partly non-residential and partly residential

      4. Part 4 Interpretation

        1. 11.Relevant consideration and relevant rental value

        2. 12.Rent and annual rent

    7. SCHEDULE 7

      Stamp duty land tax: group relief and reconstruction and acquisition reliefs

      1. Part 1 Group relief

        1. 1.Group relief

        2. 2.Restrictions on availability of group relief

        3. 3.Withdrawal of group relief

        4. 4.Cases in which group relief not withdrawn

        5. 5.Recovery of group relief from another group company or controlling director

        6. 6.Recovery of group relief: supplementary

      2. Part 2 Reconstruction and acquisition reliefs

        1. 7.Reconstruction relief

        2. 8.Acquisition relief

        3. 9.Withdrawal of reconstruction or acquisition relief

        4. 10.Cases in which reconstruction or acquisition relief not withdrawn

        5. 11.Withdrawal of reconstruction or acquisition relief on subsequent non-exempt transfer

        6. 12.Recovery of reconstruction or acquisition relief from another group company or controlling director

        7. 13.Recovery of reconstruction or acquisition relief: supplementary

    8. SCHEDULE 8

      Stamp duty land tax: charities relief

      1. 1.Charities relief

      2. 2.Withdrawal of charities relief

    9. SCHEDULE 9

      Stamp duty land tax: right to buy, shared ownership leases etc

      1. 1.Right to buy transactions

      2. 2.Shared ownership lease: election for market value treatment

      3. 3.Transfer of reversion under shared ownership lease where election made for market value treatment

      4. 4.Shared ownership lease: election where staircasing allowed

      5. 5.Shared ownership leases: meaning of “qualifying body” and “preserved right to buy”

      6. 6.Rent to mortgage or rent to loan: chargeable consideration

    10. SCHEDULE 10

      Stamp duty land tax: returns, enquiries, assessments and appeals

      1. Part 1 Land transaction returns

        1. 1.Contents of return

        2. 2.Meaning of filing date and delivery of return

        3. 3.Failure to deliver return: flat-rate penalty

        4. 4.Failure to deliver return: tax-related penalty

        5. 5.Formal notice to deliver return: daily penalty

        6. 6.Amendment of return by purchaser

        7. 7.Correction of return by Revenue

        8. 8.Penalty for incorrect or uncorrected return

      2. Part 2 Duty to keep and preserve records

        1. 9.Duty to keep and preserve records

        2. 10.Preservation of information instead of original records

        3. 11.Penalty for failure to keep and preserve records

      3. Part 3 Enquiry into return

        1. 12.Notice of enquiry

        2. 13.Scope of enquiry

        3. 14.Notice to produce documents etc for purposes of enquiry

        4. 15.Appeal against notice to produce documents etc

        5. 16.Penalty for failure to produce documents etc

        6. 17.Amendment of self-assessment during enquiry to prevent loss of tax

        7. 18.Amendment of return by taxpayer during enquiry

        8. 19.Referral of questions to Special Commissioners during enquiry

        9. 20.Withdrawal of notice of referral

        10. 21.Effect of referral on enquiry

        11. 22.Effect of determination

        12. 23.Completion of enquiry

        13. 24.Direction to complete enquiry

      4. Part 4 Revenue determination if no return delivered

        1. 25.Determination of tax chargeable if no return delivered

        2. 26.Determination to have effect as a self-assessment

        3. 27.Determination superseded by actual self-assessment

      5. Part 5 Revenue assessments

        1. 28.Assessment where loss of tax discovered

        2. 29.Assessment to recover excessive repayment of tax

        3. 30.Restrictions on assessment where return delivered

        4. 31.Time limit for assessment

        5. 32.Assessment procedure

      6. Part 6 Relief in case of excessive assessment

        1. 33.Relief in case of double assessment

        2. 34.Relief in case of mistake in return

      7. Part 7 Appeals against Revenue decisions on tax

        1. 35.Right of appeal

        2. 36.Notice of appeal

        3. 37.Settling of appeals by agreement

        4. 38.Recovery of tax not postponed by appeal

        5. 39.Direction by Commissioners to postpone payment

        6. 40.Agreement to postpone payment of tax

    11. SCHEDULE 11

      Stamp duty land tax: self-certificates

      1. Part 1 General

        1. 1.Introductory

        2. 2.Form and contents of self-certificate

        3. 3.Tax-related penalty for fraud or negligence

      2. Part 2 Duty to keep and preserve records

        1. 4.Duty to keep and preserve records

        2. 5.Preservation of information instead of original records

        3. 6.Penalty for failure to keep and preserve records

      3. Part 3 Enquiry into self-certificate

        1. 7.Notice of enquiry

        2. 8.Scope of enquiry

        3. 9.Notice to produce documents etc for purposes of enquiry

        4. 10.Appeal against notice to produce documents etc

        5. 11.Penalty for failure to produce documents etc

        6. 12.Referral of questions to Special Commissioners during enquiry

        7. 13.Withdrawal of notice of referral

        8. 14.Effect of referral on enquiry

        9. 15.Effect of determination

        10. 16.Completion of enquiry

        11. 17.Direction to complete enquiry

    12. SCHEDULE 12

      Stamp duty land tax: collection and recovery of tax

      1. Part 1 General

        1. 1.Issue of tax demands and receipts

        2. 2.Recovery of tax by distraint

        3. 3.Recovery of tax by diligence in Scotland

      2. Part 2 Court proceedings

        1. 4.Civil proceedings in magistrates' court or court of summary jurisdiction

        2. 5.Proceedings in county court or sheriff court

        3. 6.Proceedings in High Court or Court of Session

        4. 7.Evidence of unpaid tax

    13. SCHEDULE 13

      Stamp duty land tax: information powers

      1. Part 1 Power of authorised officer to call for documents or information from taxpayer

        1. 1.Notice requiring taxpayer to deliver documents or provide information

        2. 2.Requirement of consent of General or Special Commissioner

        3. 3.Contents of notice under this Part

        4. 4.Summary of reasons to be given

        5. 5.Power to take copies of documents etc

      2. Part 2 Power of authorised officer to call for documents from third party

        1. 6.Notice requiring documents to be delivered or made available

        2. 7.Requirement of consent of General or Special Commissioner

        3. 8.Contents of notice under paragraph 6

        4. 9.Copy of notice to be given to taxpayer

        5. 10.Summary of reasons to be given

        6. 11.Power to give notice relating to unnamed taxpayer or taxpayers

        7. 12.Contents of notice under paragraph 11

        8. 13.Power to take copies of documents etc

      3. Part 3 Power to call for papers of tax accountant

        1. 14.Power to call for papers of tax accountant

        2. 15.When notice may be given

        3. 16.Requirement of consent of appropriate judicial authority

        4. 17.Contents of notice

        5. 18.Power to take copies of documents etc

      4. Part 4 Restrictions on powers under Parts 1 to 3

        1. 19.Introduction

        2. 20.Personal records or journalistic material

        3. 21.Documents or information relating to pending appeal

        4. 22.Barristers, advocates and solicitors

        5. 23.Provision of copies instead of original documents

        6. 24.Documents originating more than six years before date of notice

        7. 25.Documents subject to legal privilege

        8. 26.Documents belonging to auditor or tax adviser

        9. 27.Documents belonging to auditor or tax adviser: information to be disclosed

      5. Part 5 Powers of board to call for documents or information

        1. 28.Notice requiring delivery of documents or provision of information

        2. 29.Contents of notice

        3. 30.Power to take copies of documents etc

        4. 31.Exclusion of personal records or journalistic material

      6. Part 6 Order of judicial authority for the delivery of documents

        1. 32.Order for the delivery of documents

        2. 33.Notice of application for order

        3. 34.Obligations of person given notice of application

        4. 35.Exception of items subject to legal privilege

        5. 36.Resolution of disputes as to legal privilege

        6. 37.Complying with an order

        7. 38.Document not to be retained if photograph or copy sufficient

        8. 39.Access to or supply of photograph or copy of documents delivered

        9. 40.Sanction for failure to comply with order

        10. 41.Notice of order, etc

        11. 42.General provisions about regulations

      7. Part 7 Entry with warrant to obtain evidence of offence

        1. 43.Power to issue warrant

        2. 44.Meaning of offence involving serious fraud

        3. 45.Approval of application by Board

        4. 46.Extent of powers conferred by warrant

        5. 47.Exercise of powers conferred by warrant

        6. 48.Items subject to legal privilege

        7. 49.Procedure where documents etc are removed

        8. 50.Document not to be retained if photograph or copy sufficient

        9. 51.Access to or supply of photograph or copy of items removed

        10. 52.Endorsement and custody etc of warrant

      8. Part 8 Falsification etc of documents

        1. 53.Falsification etc of documents

    14. SCHEDULE 14

      Stamp duty land tax: determination of penalties and related appeals

      1. 1.Determination of penalties and appeals

      2. 2.Determination of penalty by officer of the Board

      3. 3.Alteration of penalty determination

      4. 4.Liability of personal representatives

      5. 5.Appeal against penalty determination

      6. 6.Further appeal

      7. 7.Penalty proceedings before the court

      8. 8.Time limit for determination of penalties

    15. SCHEDULE 15

      Stamp duty land tax: partnerships

      1. Part 1 General provisions

        1. 1.Partnerships

        2. 2.Legal personality of partnership disregarded

        3. 3.Continuity of partnership

        4. 4.Partnership not to be regarded as unit trust scheme etc

      2. Part 2 Ordinary partnership transactions

        1. 5.Introduction

        2. 6.Responsibility of partners

        3. 7.Joint and several liability of responsible partners

        4. 8.Representative partners

      3. Part 3 Transactions excluded from stamp duty land tax

        1. 9.Introduction

        2. 10.Transfer of interest in land into a partnership

        3. 11.Acquisition of partnership interest

        4. 12.Transfer of interest in land out of a partnership

        5. 13.Effect of exclusion of transaction from stamp duty land tax

        6. 14.Construction of references to partnership property

    16. SCHEDULE 16

      Stamp duty land tax: trusts and powers

      1. 1.Meaning of “settlement” and “bare trust”

      2. 2.Interests of beneficiaries under certain trusts

      3. 3.Acquisition etc by bare trustee attributed to beneficial owner

      4. 4.Acquisition by trustees of settlement

      5. 5.Responsibility of trustees of settlement

      6. 6.Relevant trustees for purposes of return etc

      7. 7.Consideration for exercise of power of appointment or discretion

    17. SCHEDULE 17

      Stamp duty land tax: General and Special Commissioners, appeals and other proceedings

      1. 1.General and Special Commissioners: application of general provisions

      2. 2.Prescribed matters to be determined by Commissioners or Lands Tribunal

      3. 3.General or Special Commissioners: jurisdiction

      4. 4.Proceedings brought out of time

      5. 5.Quorum etc of the Commissioners

      6. 6.Procedure

      7. 7.Consequences of determination by the Commissioners

      8. 8.Costs

      9. 9.Finality of decisions of the Commissioners

      10. 10.Publication of reports of decisions

      11. 11.Supplementary provisions

    18. SCHEDULE 18

      Stamp duty land tax: consequential amendments

      1. 1.Provisional Collection of Taxes Act 1968

      2. 2.Inheritance Tax Act 1984

      3. 3.Income and Corporation Taxes Act 1988

      4. 4.Finance Act 1989

      5. 5.Taxation of Chargeable Gains Act 1992

      6. 6.Income Tax (Earnings and Pensions) Act 2003

    19. SCHEDULE 19

      Stamp duty land tax: commencement and transitional provisions

      1. 1.Introduction

      2. 2.The implementation date

      3. 3.Contract entered into before first relevant date

      4. 4.Contract substantially performed before implementation date

      5. 5.Credit for ad valorem stamp duty paid

      6. 6.Effect for stamp duty purposes of stamp duty land tax being paid or chargeable

      7. 7.Earlier related transactions under stamp duty

      8. 8.Time for stamping agreement for lease: lease subject to stamp duty land tax

      9. 9.Exercise of option or right of pre-emption acquired before implementation date

      10. 10.Supplementary

    20. SCHEDULE 20

      Stamp duty: restriction to instruments relating to stock or marketable securities

      1. Part 1 Supplementary provisions

        1. 1.Reduction of stamp duty where instrument partly relating to stock or marketable securities

        2. 2.Apportionment of consideration for stamp duty purposes

      2. Part 2 Consequential amendments and repeals

        1. 3.Removal of unnecessary references to “conveyance”

        2. 4.Finance Act 1895

        3. 5.Finance Act 1990

        4. 6.Finance Act 1999

        5. 7.Power to make further consequential amendments or repeals

    21. SCHEDULE 21

      Approved share plans and schemes

      1. Part 1 Share incentive plans

        1. 1.Introductory

        2. 2.Participation in more than one connected plan in a tax year

        3. 3.In paragraph 13 (eligibility of individuals: introduction), for the entry...

        4. 4.In paragraph 14(7) (eligibility to participate dependent on certain requirements...

        5. 5.In paragraph 18 (requirement not to participate in connected SIPs),...

        6. 6.After paragraph 71 insert— Duty to monitor participants in connected...

        7. 7.Partnership shares

        8. 8.In paragraph 47 (minimum amount of deductions)—

      2. Part 2 SAYE option schemes

        1. 9.Introductory

        2. 10.Minor correction

        3. 11.Exercise of options: scheme-related employment ends because of change of control or transfer

        4. 12.Alteration of schemes

      3. Part 3 CSOP schemes

        1. 13.Introductory

        2. 14.Exercise of options: exclusion of income tax liability

        3. 15.(1) Schedule 4 (approved CSOP schemes) is amended as follows....

        4. 16.Meaning of “material interest”

        5. 17.Alteration of schemes

        6. 18.PAYE

    22. SCHEDULE 22

      Employee securities and options

      1. 1.Introductory

      2. 2.Main provisions

      3. 3.(1) For Chapter 2 of Part 7 substitute— Chapter 2...

      4. 4.(1) For Chapter 3 of Part 7 substitute— Chapter 3...

      5. 5.(1) After Chapter 3 of Part 7 insert— Chapter 3A...

      6. 6.(1) After Chapter 3A of Part 7 (inserted by paragraph...

      7. 7.(1) After Chapter 3B of Part 7 (inserted by paragraph...

      8. 8.(1) After Chapter 3C of Part 7 (inserted by paragraph...

      9. 9.(1) For Chapter 4 of Part 7 substitute— Chapter 4...

      10. 10.(1) For Chapter 5 of Part 7 substitute— Chapter 5...

      11. 11.PAYE

      12. 12.(1) For sections 698 and 699 (PAYE: conditional interests in...

      13. 13.(1) For section 700 (PAYE: gains from share options) substitute—...

      14. 14.(1) In section 701(2)(b) (“asset” not to include vouchers or...

      15. 15.(1) Section 702 (meaning of “readily convertible asset”) is amended...

      16. 16.Consequential amendments

      17. 17.(1) In section 7(6)(b) (employment income), for “(share-related income and...

      18. 18.(1) In section 19(2) (year in which earnings treated as...

      19. 19.(1) In section 32(2) (receipt of non-money earnings), omit the...

      20. 20.(1) In section 63(1) (the benefits code), omit the entries...

      21. 21.(1) In section 64 (relationship between earnings and benefits code),...

      22. 22.(1) Omit Chapter 8 of Part 3.

      23. 23.(1) Omit Chapter 9 of Part 3.

      24. 24.(1) Section 216 (provisions not applicable to lower-paid employments) is...

      25. 25.(1) Section 227(4) (employment income: exemptions) is amended as follows....

      26. 26.(1) Omit section 491 (no charge under Chapter 8 of...

      27. 27.(1) Omit section 494 (no charge on removal of restrictions...

      28. 28.(1) Omit section 495 (approved share incentive plan shares: value...

      29. 29.(1) Omit section 518 (no charge in respect of acquisition...

      30. 30.(1) In section 519 (no charge in respect of exercise...

      31. 31.(1) Omit section 520 (approved SAYE option schemes: no charge...

      32. 32.(1) Omit section 523 (no charge in respect of acquisition...

      33. 33.(1) In section 524 (no charge in respect of exercise...

      34. 34.(1) Omit section 525 (approved CSOP schemes: no charge in...

      35. 35.(1) In section 526(4) (charge where approved CSOP scheme option...

      36. 36.(1) Omit section 528 (enterprise management incentives: no charge in...

      37. 37.(1) In section 531(4) (enterprise management incentives: limitation of charge...

      38. 38.(1) In section 532(5) (enterprise management incentives: modified tax consequences...

      39. 39.(1) In section 538 (share conversions excluded for purposes of...

      40. 40.(1) In section 540(1) (enterprise management incentives: notional loan provisions...

      41. 41.(1) In section 541 (enterprise management incentives: effect on other...

      42. 42.(1) Part 2 of Schedule 1 (index of defined expressions)...

      43. 43.(1) In paragraph 35 of Schedule 2 (approved share incentive...

      44. 44.(1) In paragraph 42(3) of Schedule 3 (approved SAYE option...

      45. 45.(1) Schedule 5 (enterprise management incentives) is amended as follows....

      46. 46.(1) Schedule 7 (transitionals and savings) is amended as follows....

      47. 47.Consequential amendments of other enactments

      48. 48.(1) In section 4(4)(a) of— (a) the Social Security Contributions...

      49. 49.The Taxation of Chargeable Gains Act 1992 (c. 12) is...

      50. 50.(1) After section 119 insert— Increase in expenditure by reference...

      51. 51.In section 120 (increase in expenditure by reference to tax...

      52. 52.(1) After section 149A insert— Restricted and convertible employment-related securities...

      53. 53.In section 149B (employee incentive schemes: conditional interests in shares),...

      54. 54.(1) In section 288 (interpretation), after subsection (1) insert—

      55. 55.(1) The Social Security Contributions (Share Options) Act 2001 (c....

      56. 56.In section 2(3)(b) (effect of notice under section 1), insert...

      57. 57.(1) Section 3 (special provision for roll-overs) is amended as...

      58. 58.In section 5(2)(c) (interpretation), for “483(1)” substitute “477(6)”.

      59. 59.Schedule 23 to this Act (corporation tax relief for employee...

      60. 60.(1) Paragraph 1 is amended as follows.

      61. 61.(1) For paragraph 5(2) substitute— (2) Where the shares acquired...

      62. 62.(1) For paragraph 11(2) substitute— (2) Where the shares acquired...

      63. 63.(1) In paragraph 12, for “in exercise of” substitute “pursuant...

      64. 64.(1) Paragraph 13 is amended as follows.

      65. 65.(1) For paragraph 14 substitute— Income tax position of the...

      66. 66.(1) Paragraph 15 is amended as follows.

      67. 67.(1) In paragraph 17(1), for “in exercise of” substitute “pursuant...

      68. 68.(1) For Part 4 substitute— Part 4 Provisions applying in...

      69. 69.(1) After Part 4 insert— Part 4A Provisions applying in...

      70. 70.(1) In paragraph 23(2)(a), for “or 22” substitute “, 22...

      71. 71.(1) In paragraph 26 before paragraph (a) insert—

      72. 72.(1) For paragraph 27 substitute— Acquisition of shares pursuant to...

      73. 73.(1) Paragraph 31 is amended as follows.

    23. SCHEDULE 23

      Corporation tax relief for employee share acquisition

      1. Part 1 General provisions

        1. 1.Introduction

        2. 2.Requirements for relief

        3. 3.Business must be within the charge to corporation tax

        4. 4.Kind of shares acquired

      2. Part 2 Award of shares

        1. 5.Introduction

        2. 6.The company whose shares are acquired

        3. 7.Income tax position of employee

        4. 8.Amount of relief

        5. 9.How relief is given

        6. 10.Timing of relief

      3. Part 3 Grant of option

        1. 11.Introduction

        2. 12.The company whose shares are acquired

        3. 13.Takeover of company whose shares are subject of option

        4. 14.Income tax position of the employee

        5. 15.Amount of relief

        6. 16.How relief is given

        7. 17.Timing of relief

      4. Part 4 Provisions applying in case of shares subject to forfeiture

        1. 18.Introduction

        2. 19.Meaning of shares being “subject to forfeiture”

        3. 20.Income tax position of the employee in case of shares subject to forfeiture

        4. 21.Amount of relief in case of shares subject to forfeiture

        5. 22.Timing of relief in case of shares subject to forfeiture

      5. Part 5 Supplementary provisions

        1. 23.Transfer of business within a group

        2. 24.Relationship between relief and other deductions: priority of deductions under SIP code

        3. 25.Relationship between relief and other deductions: exclusion of other deductions

        4. 26.Meaning of “employment”

        5. 27.Exercise of option after death of employee or recipient

        6. 28.Meaning of “group company” and “parent company”

        7. 29.Meaning of “consortium” and “commercial association of companies”

        8. 30.Minor definitions

        9. 31.Index of defined expressions

      6. Part 6 Commencement and transitional provisions

        1. 32.Commencement

        2. 33.Transitional provisions

    24. SCHEDULE 24

      Restriction of deductions for employee benefit contributions

      1. 1.Restriction of deductions

      2. 2.“Provision of qualifying benefits”

      3. 3.“Qualifying expenses”

      4. 4.Payment “out of” employee benefit contributions

      5. 5.Transfer of asset to employee

      6. 6.Provisional calculation of profits

      7. 7.Life assurance business

      8. 8.Deductions to which Schedule does not apply

      9. 9.Interpretation

      10. 10.Consequential amendments

      11. 11.Commencement and transitory provisions

    25. SCHEDULE 25

      Determination of profits attributable to permanent establishment: supplementary provisions

      1.  The Schedule inserted in the Taxes Act 1988 as Schedule...

    26. SCHEDULE 26

      Non-resident companies: transactions through broker, investment manager or Lloyd’s agent

      1. 1.Introduction

      2. 2.Brokers

      3. 3.Investment managers

      4. 4.Investment managers: the 20% rule

      5. 5.Investment managers: application of 20% rule to collective investment schemes

      6. 6.Lloyd’s agents

      7. 7.General supplementary provisions

    27. SCHEDULE 27

      Permanent establishment etc: consequential amendments

      1. 1.Taxes Act 1988

      2. 2.Taxation of Chargeable Gains Act 1992

      3. 3.Finance Act 1993

      4. 4.Finance Act 1995

      5. 5.(1) Section 127 of the Finance Act 1995 (persons not...

      6. 6.In section 128 of the Finance Act 1989 (limit on...

      7. 7.Omit section 129 of the Finance Act 1995 (c. 4)...

      8. 8.Finance Act 1996

      9. 9.Finance Act 2000

    28. SCHEDULE 28

      Capital gains tax: reporting limits and annual exempt amount

      1. Part 1 Reporting limits

        1. 1.After section 3 of the Taxation of Chargeable Gains Act...

        2. 2.(1) In the heading to Schedule 1 to that Act...

      2. Part 2 Annual exempt amount

        1. 3.(1) Section 3 of the Taxation of Chargeable Gains Act...

        2. 4.(1) Paragraph 1 of Schedule 1 to that Act is...

        3. 5.(1) Paragraph 2 of that Schedule is amended as follows....

        4. 6.In the first column of the Table in section 98...

      3. Part 3 Commencement

        1. 7.The amendments in paragraphs 1, 2, 3(2) and (3), 4(2)(a)...

        2. 8.The amendments in paragraphs 3(4), 4(2)(b), (3) and (4)(b) and...

        3. 9.The amendments in paragraphs 4(5), 5(6) and 6 of this...

    29. SCHEDULE 29

      Transfers of value: attribution of gains to beneficiaries

      1. 1.Introduction

      2. 2.Scope and scheme of Schedule

      3. 3.Other gains to be brought into Schedule 4C pool

      4. 4.Attribution of gains to beneficiaries

      5. 5.Gains attributed to settlor

      6. 6.Minor and consequential amendments

    30. SCHEDULE 30

      First-year allowances for expenditure on environmentally beneficial plant or machinery

      1. 1.Introductory

      2. 2.Types of expenditure for which first-year allowances available

      3. 3.First-year qualifying expenditure on environmentally beneficial plant or machinery

      4. 4.General exclusions affecting first-year qualifying expenditure

      5. 5.Amount of first-year allowances

      6. 6.Penalty for failure to provide information etc

      7. 7.Transitory provision: expenditure incurred etc before first order made

    31. SCHEDULE 31

      Tax relief for expenditure on research and development

      1. Part 1 Small and medium-sized enterprises: Schedule 20 to Finance Act 2000

        1. 1.Introductory

        2. 2.Required minimum aggregate expenditure: reduction from £25,000 to £10,000

        3. 3.Required minimum aggregate expenditure: inclusion of new class of expenditure

        4. 4.Qualifying R&D expenditure: expenditure on externally provided workers

        5. 5.Staffing costs: persons partly engaged directly and actively in relevant R&D

        6. 6.Qualifying expenditure on externally provided workers

        7. 7.Qualifying expenditure on sub-contracted R&D: externally provided workers

      2. Part 2 Large companies: Part 1 of Schedule 12 to Finance Act 2002

        1. 8.Introductory

        2. 9.Required minimum aggregate expenditure: reduction from £25,000 to £10,000

        3. 10.Qualifying expenditure on externally provided workers

      3. Part 3 Work sub-contracted to SMEs: Part 2 of Schedule 12 to Finance Act 2002

        1. 11.Introductory

        2. 12.Required minimum aggregate expenditure: reduction from £25,000 to £10,000

        3. 13.Required minimum aggregate expenditure: inclusion of new class of expenditure

        4. 14.R&D directly undertaken by SME: qualifying expenditure on externally provided workers

      4. Part 4 Entitlement of SME to certain relief available to large companies

        1. 15.Insertion of Part 2A of Schedule 12 to the Finance Act 2002

      5. Part 5 Supplementary: amendments to Parts 3 to 6 of Schedule 12 to Finance Act 2002

        1. 16.Introductory

        2. 17.Deduction in computing profits of trade

        3. 18.Refunds of contributions to independent research and development

        4. Meaning of “qualifying expenditure on externally provided workers”

          1. 19.(1) Paragraph 17 (which applies certain definitions from Schedule 20...

      6. Part 6 Expenditure on vaccine research etc: Schedule 13 to Finance Act 2002

        1. 20.Introductory

        2. 21.Reduction of required qualifying expenditure from £25,000 to £10,000

        3. 22.Direct research and development: qualifying expenditure on externally provided workers

        4. 23.Meaning of “qualifying expenditure on externally provided workers”

        5. 24.Relevant expenditure of sub-contractor: qualifying expenditure on externally provided workers

    32. SCHEDULE 32

      Tonnage tax: restrictions on capital allowances for lessors of ships

      1. 1.The ring fence: amendments to the provisions about capital allowances and ship leasing

      2. 2.Consequential amendments

      3. 3.Commencement and temporary provision

      4. 4.(1) This paragraph applies in relation to any lease entered...

      5. 5.In paragraphs 3 and 4 “lease” means any arrangements that...

    33. SCHEDULE 33

      Insurance companies

      1. 1.Case I profits

      2. 2.(1) Section 83 of the Finance Act 1989 (receipts etc...

      3. 3.(1) In the Finance Act 1989 (c. 26), after section...

      4. 4.(1) In section 83AA of the Finance Act 1989 (c....

      5. 5.(1) In section 83AB(1)(c) of the Finance Act 1989 (treatment...

      6. 6.(1) In section 88 of the Finance Act 1989 (c....

      7. 7.(1) In section 89(7) of the Finance Act 1989 (which...

      8. 8.(1) In section 76(1) of the Taxes Act 1988 (expenses...

      9. 9.(1) In section 432D of the Taxes Act 1988 (section...

      10. 10.(1) Section 432E of the Taxes Act 1988 (apportionment of...

      11. 11.(1) In section 804B(7) of the Taxes Act 1988 (double...

      12. 12.(1) In section 76(2B)(b) of the Taxes Act 1988 (expenses...

      13. 13.Rate of tax on policy holders' share of life assurance profits

      14. 14.Chargeable gains

      15. 15.(1) In the Taxation of Chargeable Gains Act 1992 (c....

      16. 16.(1) Section 213 of the Taxation of Chargeable Gains Act...

      17. 17.(1) Section 171A of the Taxation of Chargeable Gains Act...

      18. 18.Transfers of business

      19. 19.(1) In the Taxes Act 1988, after section 444AA (inserted...

      20. 20.(1) In the Taxes Act 1988, after section 444AB (inserted...

      21. 21.(1) In the Taxation of Chargeable Gains Act 1992 (c....

      22. 22.(1) In section 431 of the Taxes Act 1988 (interpretative...

      23. 23.(1) Section 442A of the Taxes Act 1988 (investment return...

      24. 24.(1) Section 444A of the Taxes Act 1988 (transfers of...

      25. 25.Meaning of “investment reserve” etc

      26. 26.In section 432A(9A) of the Taxes Act 1988 (apportionment of...

      27. 27.In paragraph 4(5) of Schedule 19AA to the Taxes Act...

      28. 28.Paragraphs 25 to 27 have effect in relation to periods...

      29. 29.Meaning of “period of account”

      30. 30.Rationalisation of interpretation provisions

      31. 31.In the Finance Act 1989, after section 90 insert— Interpretation...

      32. 32.In the Taxation of Chargeable Gains Act 1992 (c. 12),...

    34. SCHEDULE 34

      Policies of life insurance etc: miscellaneous amendments

      1. Part 1 Group life policies

        1. 1.Exception of certain group life policies from Chapter 2 of Part 13

        2. 2.Excepted group life policies

        3. 3.Retrospective exception of past and present pure protection group life policies

        4. 4.Existing group life policies: time for compliance with the conditions in section 539A

        5. 5.Deaths before 6th April 2004: period for insurer to give certificate under section 552(1)(a)

      2. Part 2 Charitable and non-charitable trusts

        1. 6.Interpretation

        2. 7.Method of charging gain to tax

        3. 8.Method of charging gain to tax: multiple interests

        4. 9.Deemed surrender of certain loans

        5. 10.Right of individual to recover tax from trustees

        6. 11.Right of company to recover tax from trustees

        7. 12.Section 547(1)(cc) and (d)(ia): exception for certain old policies and contracts

      3. Part 3 Meaning of “life annuity”

        1. 13.Restriction of “life annuity” to contracts to which section 656 of the Taxes Act 1988 applies

      4. Part 4 Rollover of gain on maturity into new policy

        1. 14.Repeal of section 540(2) of the Taxes Act 1988

        2. 15.Saving for certain policies maturing on or after 9th April 2003

    35. SCHEDULE 35

      Gains on policies of life insurance etc: rate of tax

      1. 1.Application of the lower rate

      2. 2.Method of charging gains from policies of life insurance etc to tax

      3. 3.Relief where gain charged at a higher rate

      4. 4.Gains included in aggregate income of estate of deceased

      5. 5.Income to be disregarded in determining highest part of person’s income

    36. SCHEDULE 36

      Foster carers

      1. Part 1 Introduction

        1. 1.Introductory

        2. 2.Individuals qualifying for relief

        3. 3.Meaning of “foster care receipts”

        4. 4.Meaning of “provision of foster care”

        5. 5.Meaning of “total foster care receipts”

        6. 6.The individual’s limit

        7. 7.The individual’s share of the fixed amount

        8. 8.The amount per child

        9. 9.Power to alter amounts

      2. Part 2 The exemption and the alternative methods of calculation

        1. 10.The exemption

        2. 11.Alternative calculation of profits where amount is above the limit

        3. 12.Alternative calculation of profits: income from trade etc

        4. 13.Alternative calculation of profits: income charged under Case VI of Schedule D

        5. 14.Election for alternative method

        6. 15.Periods of account ending otherwise than on 5th April

      3. Part 3 Capital allowances

        1. 16.Introductory

        2. 17.Provisions applying in relation to carried forward unrelieved qualifying expenditure

        3. 18.Expenditure incurred in a relevant chargeable period not qualifying expenditure

        4. 19.Excluded capital expenditure: subsequent treatment of asset

        5. 20.Interpretation of this Part

      4. Part 4 Supplementary

        1. 21.Interpretation

    37. SCHEDULE 37

      Loan relationships: amendments

      1. Part 1 Amendments to Schedule 9 to the Finance Act 1996

        1. 1.Introductory

        2. 2.Late interest

        3. 3.Continuity of treatment: groups etc

        4. 4.Discounted securities where companies have a connection

        5. 5.Discounted securities of close companies

      2. Part 2 Transitional provisions

        1. 6.Transitional provisions

    38. SCHEDULE 38

      Sale and repurchase of securities etc

      1. 1.Increase of repurchase price of UK securities by amount of deemed manufactured dividend

      2. 2.Deemed manufactured payment where transferor or connected person makes payment representative of dividend

      3. 3.In section 737C of the Taxes Act 1988 (deemed manufactured...

      4. 4.Provisions to cover both “put” and “call” options

      5. 5.In section 730A(1) of the Taxes Act 1988 (treatment of...

      6. 6.In section 731(2D) of the Taxes Act 1988 (provisions about...

      7. 7.In section 737A(1) of the Taxes Act 1988 (deemed manufactured...

      8. 8.In section 737E(8) of the Taxes Act 1988 (power to...

      9. 9.In paragraph 12(4) of Schedule 7AC to the Taxation of...

      10. 10.Option premium to be reflected in sale price unless brought into account under derivative contracts provisions

      11. 11.Exchange gains and losses

      12. 12.After section 730B of the Taxes Act 1988 insert— Exchange...

      13. 13.(1) Section 737E of the Taxes Act 1988 (power to...

      14. 14.In section 100 of the Finance Act 1996 (c. 8)...

      15. 15.Exceptions

      16. 16.In section 730A(8)(b) of the Taxes Act 1988 (treatment of...

      17. 17.In section 737C(11A) of the Taxes Act 1988 (purposes for...

      18. 18.(1) Paragraph 15 of Schedule 9 to the Finance Act...

      19. 19.Connected persons

      20. 20.Correction of section 730A(6B) of the Taxes Act 1988

      21. 21.Commencement

    39. SCHEDULE 39

      Relevant discounted securities: withdrawal of relief for costs and losses, etc

      1. 1.Withdrawal of relief for incidental costs

      2. 2.Withdrawal of relief for losses

      3. 3.Withdrawal of loss relief: exception for strips of government securities

      4. 4.Extension of provisions about strips to strips of foreign government securities

      5. 5.Consequential amendments

      6. 6.Commencement and transitional provisions

    40. SCHEDULE 40

      Acquisition by company of its own shares

      1. 1.Venture capital trusts

      2. 2.Stamp duty and stamp duty reserve tax

      3. 3.In section 90 of that Act (exemptions from stamp duty...

      4. 4.(1) Section 92 of that Act (stamp duty reserve tax:...

      5. 5.In Schedule 13 to the Finance Act 1999 (c. 16)...

    41. SCHEDULE 41

      Companies in administration

      1. 1.Accounting period for company in administration

      2. 2.Responsibility of officers of company in administration

      3. 3.Tax on companies in administration

      4. 4.Debit for bad debt where parties connected and creditor insolvent

      5. 5.Commencement

    42. SCHEDULE 42

      Controlled foreign companies: exempt activities

      1. 1.Introductory

      2. 2.Companies engaged in wholesale, distributive, financial or service business

      3. 3.Companies engaged in business of banking etc

      4. 4.Interpretation of paragraph 6(2B)

    43. SCHEDULE 43

      Repeals

      1. Part 1 Excise duties

      2. Part 2 Value added tax

      3. Part 3 Income tax, corporation tax and capital gains tax

      4. Part 4 Other taxes

      5. Part 5 Miscellaneous

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