Finance Act 2001
Part 1
EXCISE DUTIES
Hydrocarbon oil duties
1
Rates of duty on hydrocarbon oil
2
Rebate on unleaded petrol
3
Fuel-testing pilot projects
Tobacco products duty
4
Rates of tobacco products duty
Alcoholic liquor duties
5
Dilution etc. of cider
Betting and gaming duties
6
General betting duty
7
Rates of gaming duty
Vehicle excise duty
8
Threshold for reduced general rate
9
Rates of duty for goods vehicles
10
Rates of duty for vehicles used for exceptional loads
11
Rates of duty for recovery vehicles
12
Mobile pumping vehicles
13
Exemption of agricultural etc. vehicles
14
Surrender of vehicle licences
General
15
Payments by Commissioners in case of error or delay
Part 2
AGGREGATES LEVY
Charging provisions
16
Charge to aggregates levy
17
Meanings of “aggregate” and “taxable aggregate”
18
Exempt processes
19
Commercial exploitation
20
Originating sites
21
Operators of sites
22
Responsibility for exploitation of aggregate
23
Weight of aggregate
Administration and enforcement
24
The register
25
Returns and payment of levy
26
Security for levy
27
Recovery and interest
28
Evasion, misdeclaration and neglect
29
Information and evidence
Credits and repayments
30
Credit for aggregates levy
30A
Transitional tax credit in Northern Ireland
30B
Special tax credit in Northern Ireland
30C
Special tax credit: applicable rate of interest
30D
Special tax credit: certification by Department
31
Repayments of overpaid levy
32
Supplemental provisions about repayments etc
Non-resident taxpayers
33
Appointment of tax representatives
34
Effect of appointment of tax representatives
Other special cases
35
Groups of companies etc
36
Partnerships and other unincorporated bodies
37
Insolvency etc
38
Death and incapacity
39
Transfer of a business as a going concern
Review and appeal
40
Appeals
40A
Offer of review
40B
Right to require review
40C
Review by HMRC
40D
Extensions of time
40E
Review out of time
40F
Nature of review etc
40G
Bringing of appeals
41
Appeals: further provisions
42
Determinations on appeal
43
Adjustments of contracts
General provisions
44
Destination of receipts
45
Regulations and orders
46
Civil penalties
47
Service of notices etc
48
Interpretation of Part
Supplemental
49
Minor and consequential amendments
Part 3
INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX
Chapter 1
CHARGE AND RATES
Income tax
50
Charge and rates for 2001-02
51
Starting rate limit for 2001-02
52
Children’s tax credit: amount for 2001-02 and subsequent years
53
Children’s tax credit: baby rate
Corporation tax
54
Charge and main rate for financial year 2002
55
Small companies’ rate and fraction for financial year 2001
56
Corporation tax starting rate and fraction for financial year 2001
Chapter 2
OTHER PROVISIONS
Employment
57
Mileage allowances: exemptions and relief
58
Mileage allowances: nil liability notices
59
Employees’ vehicles: withdrawal of capital allowances
60
Exemption for works bus services: extension to minibuses
61
Employee share ownership plans
Enterprise incentives
62
Enterprise management incentives
63
Enterprise investment scheme
64
Venture capital
Capital allowances
65
Energy-saving plant and machinery
66
Fixtures provided in connection with energy management services
67
Conversion of parts of business premises into flats
68
Decommissioning of offshore oil infrastructure
69
Minor amendments
Other relieving provisions
70
Relief for expenditure on remediation of contaminated land
71
Creative artists: relief for fluctuating profits
72
Expenditure on film production etc
73
Deductions for business gifts: yearly limit
Pension funds
74
Payments to employers out of pension funds
Limited liability partnerships
75
Limited liability partnerships: general
76
Limited liability partnerships: investment LLPs and property investment LLPs
Chargeable gains
77
Notional transfers within a group
78
Taper relief: assets qualifying as business assets
79
De-grouping charge: transitional relief
80
Attribution of gains of non-resident companies
International matters
81
Double taxation relief
82
Controlled foreign companies: acceptable distribution policy
Miscellaneous
83
Life policies, life annuity contracts and capital redemption policies
84
Exclusion of deductions for deemed manufactured payments
85
Deduction of tax: payments between companies etc
86
Profits for purposes of small companies’ relief
87
Tax deductions and credits: end of provisional repayment regime
General
88
Amendments to the machinery of self-assessment
89
Recovery proceedings: minor amendments
90
Repayment supplements: claim for relief involving two or more years
91
Power to revise excessive penalties
Part 4
OTHER TAXES
Stamp duty and stamp duty reserve tax
92
Stamp duty: exemption for land in disadvantaged areas
92A
Restriction of exemption in the case of residential property etc
92B
Meaning of “residential property”
93
SDRT: unit trust schemes and individual pension accounts
94
SDRT: open-ended investment companies and individual pension accounts
95
Exemptions in relation to ... share incentive plans
Value added tax
96
VAT: children’s car seats
97
VAT: residential conversions and renovations
98
VAT: museums and galleries
99
VAT: re-enactment of reduced-rate provisions
100
VAT representatives
Petroleum revenue tax
101
PRT: unrelievable field losses
102
PRT: allowable decommissioning expenditure
103
PRT: expenditure in certain gas-producing fields
Landfill tax
104
Landfill tax: rate
Climate change levy
105
Climate change levy
Inheritance tax
106
Transfers within group etc
Part 5
MISCELLANEOUS AND SUPPLEMENTARY PROVISIONS
Miscellaneous
107
Interest on unpaid tax, etc.: foot-and-mouth disease
108
Trading funds
Supplementary
109
Interpretation
110
Repeals and revocations
111
Short title
SCHEDULES
SCHEDULE 1
GENERAL BETTING DUTY
1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
For section 9(3)(a) of that Act (protection of revenue) substitute—...
3
Paragraph 2(4)(b) and (c) of Schedule 1 to that Act...
SCHEDULE 2
RATES OF VEHICLE EXCISE DUTY ON GOODS VEHICLES
1
Part 8 of Schedule 1 to the Vehicle Excise and...
2
For the Table in paragraph 9(1) (rigid goods vehicles not...
3
In paragraph 9(3) (rigid goods vehicles not satisfying reduced pollution...
4
In paragraph 9A(3) (rigid goods vehicles satisfying reduced pollution requirements...
5
For the Table in paragraph 9B (rigid goods vehicles satisfying...
6
In paragraph 10(3) (trailer supplement for trailers exceeding 12,000 kilograms...
7
For the Table in paragraph 11(1) (tractive units not satisfying...
8
In paragraph 11(3) (tractive units not satisfying reduced pollution requirements...
9
In paragraph 11A(3) (tractive units satisfying reduced pollution requirements and...
10
For the Table in paragraph 11B (tractive units satisfying reduced...
11
In paragraph 11C(2)(a) (certain tractive units not satisfying reduced pollution...
SCHEDULE 3
EXCISE DUTY: PAYMENTS BY COMMISSIONERS IN CASE OF ERROR OR DELAY
Part 1
PAYMENTS
1
Duty paid in error
2
Error relating to rebate
3
Claims
Part 2
INTEREST
4
Commissioners’ delay
5
(1) This paragraph applies if— (a) a person is entitled...
6
(1) In deciding the applicable period for the purposes of...
7
Commissioners’ error
8
(1) This paragraph applies if— (a) a person pays to...
9
(1) This paragraph applies if— (a) a person pays to...
10
(1) This paragraph applies if— (a) a person makes a...
11
(1) In deciding the applicable period for the purposes of...
12
Claims
13
Rate of interest
Part 3
APPEALS
14
(1) This paragraph applies if— (a) a person (the appellant)...
Part 4
GENERAL
15
Amendments
16
In section 16(9) of the Finance Act 1994 (c. 9)...
17
(1) Schedule 5 to the Finance Act 1994 (decisions subject...
18
(1) Section 197(2) of the Finance Act 1996 (c. 8)...
19
(1) Schedule 5 to the Finance Act 1997 (c. 16)...
20
In Schedule 6 to the Finance Act 1994 (c. 9),...
21
General
22
(1) A power to make an order or regulations under...
23
References in this Schedule to the Commissioners are to the...
SCHEDULE 4
AGGREGATES LEVY: REGISTRATION
1
Notification of registrability etc.
2
Form of registration
3
Notification of loss or prospective loss of registrability
4
Cancellation of registration
5
Correction of the register etc.
6
Supplemental regulations about notifications
7
Publication of information on the register
8
Interpretation of Schedule
SCHEDULE 5
AGGREGATES LEVY: RECOVERY AND INTEREST
1
Recovery of levy as debt due
2
Assessments of amounts of levy due
3
Supplementary assessments
4
Time limits for assessments
5
Penalty interest on unpaid levy
6
Interest on overdue levy paid before assessment
7
Penalty interest on levy where no return made
8
Ordinary and penalty interest on under-declared levy
9
Penalty interest on unpaid ordinary interest
10
Penalty interest
11
Supplemental provisions about interest
12
Assessments to interest
13
Further assessments to penalty interest
14
Recovery by distress
15
Walking possession agreements
16
Recovery by diligence
17
Preferential debts in England and Wales and Northern Ireland
18
Preferred debts in Scotland
19
Interpretation of Schedule etc.
SCHEDULE 6
AGGREGATES LEVY: EVASION, MISDECLARATION AND NEGLECT
Part 1
CRIMINAL OFFENCES
1
Evasion
2
Misstatements
3
Conduct involving evasions or misstatements
4
Preparations for evasion
5
Criminal proceedings etc.
6
Arrest
Part 2
CIVIL PENALTIES
7
Evasion
8
Liability of directors etc. for civil penalties
9
Misdeclaration or neglect
9A
Incorrect records etc evidencing claim for tax credit
Part 3
INTERPRETATION OF SCHEDULE
10
(1) References in this Schedule to obtaining a tax credit...
SCHEDULE 7
AGGREGATES LEVY: INFORMATION AND EVIDENCE ETC
1
Provision of information
2
Records
3
Evidence of records that are required to be preserved
4
Production of documents
5
Powers in relation to documents produced
6
Entry and inspection
7
Entry and search
8
Order for access to recorded information etc.
9
Removal of documents etc.
10
Enforcement of paragraph 9
11
Power to take samples
12
Evidence by certificate
13
Inducements to provide information
14
Disclosure of information
15
Interpretation of Schedule
SCHEDULE 8
AGGREGATES LEVY: REPAYMENTS AND CREDITS
1
Reimbursement arrangements
2
Interest payable by the Commissioners
3
Assessment for excessive repayment
4
Assessment for overpayments of interest
5
Assessments under paragraphs 3 and 4
6
Interest on amounts assessed
7
Assessments to interest under paragraph 6
8
Supplementary assessments
9
Set-off of or against amounts due under this Part of this Act
10
Set-off of or against other taxes and duties
11
Restriction on powers to provide for set-off
12
Supplemental provisions of Schedule
SCHEDULE 9
AGGREGATES LEVY: GROUP TREATMENT
1
Eligibility for group treatment
2
Application for group treatment
3
Modification of group treatment
4
Termination of group treatment
5
Applications relating to group treatment
6
Notifications relating to group treatment
7
Supplemental regulations about applications and notifications
8
Interpretation of Schedule
SCHEDULE 10
AGGREGATES LEVY: ASSESSMENT OF CIVIL PENALTIES AND INTEREST ON THEM
1
Preliminary
2
Assessments to penalties etc.
3
Further assessments to daily penalties
4
Time limits on penalty assessments
5
Penalty interest on unpaid penalties
6
Supplemental provisions about interest
7
Assessments to penalty interest on unpaid penalties
8
Further assessments to interest on penalties
SCHEDULE 11
CHILDREN’S TAX CREDIT: BABY RATE: SUPPLEMENTARY
1
Introduction
2
Child living with married or unmarried couple
3
Election that credit should go to lower-earning partner
4
Child living with more than one adult: other cases
5
Combined cases
6
Change of circumstances
SCHEDULE 12
MILEAGE ALLOWANCES
Part 1
NEW SCHEDULE 12AA TO THE TAXES ACT 1988
. . . . . . . . . ....
Part 2
CONSEQUENTIAL AMENDMENTS
1
The Taxes Act 1988
2
In section 163(4)(b) of that Act (expenses connected with living...
3
In section 167(2)(b) of that Act (employment to which Chapter...
4
(1) Section 168 of that Act (Chapter 2 of Part...
5
In section 192(5) of that Act (relief for foreign emoluments),...
6
In section 198 of that Act (general relief for necessary...
7
In section 200A(1)(b) (incidental overnight expenses), for “195, 198 or...
8
For section 200C(2) (cap on travelling and subsistence expenditure exempt...
9
For section 200F(2) (cap on travelling and subsistence expenditure exempt...
10
In section 332 of that Act (expenditure of ministers of...
11
In section 578A(1) of that Act (deductions for expenditure on...
12
For section 589(6) (cap on travelling expenses exempt under section...
13
For section 589B(4) (cap on travelling expenses exempt under section...
14
In section 646(2)(b) (meaning of “net relevant earnings”), after “section”...
15
In paragraph 1A of Schedule 12 (foreign earnings), after “195(7),”...
16
Finance Act 2000 (c. 17)
SCHEDULE 13
EMPLOYEE SHARE OWNERSHIP PLANS: AMENDMENTS
1
Introductory
2
The employment requirement
3
Meaning of “salary”
4
No charge to tax on award of shares, etc.
5
Charge on disposal of beneficial interest during holding period
6
Charge on distributions in respect of unappropriated shares
7
Dividend shares ceasing to be subject to plan: tax credit
8
Gains accruing to trustees
SCHEDULE 14
ENTERPRISE MANAGEMENT INCENTIVES: AMENDMENTS
1
Introductory
2
Period of notice
3
In paragraph 4 (notice of enquiry), in sub-paragraph (4) for...
4
General requirements to be met by option
5
Purpose of granting option
6
Value of options in respect of a company’s shares
7
Income tax: option to acquire shares at less than market value
8
Income tax: option to acquire shares at nil cost
9
Disqualifying events: alteration of share capital
10
(1) Paragraph 49 (disqualifying events: alterations of share capital) is...
11
Income tax charge arising on disqualifying event
12
Qualifying requirements for replacement option
13
Commencement
SCHEDULE 15
ENTERPRISE INVESTMENT SCHEME: AMENDMENTS
Part 1
INCOME TAX RELIEF
1
Introductory
2
Oil activities
3. . . . . . . . . ....
4. . . . . . . . . ....
5. . . . . . . . . ....
6
Requirement as to the money raised
7. . . . . . . . . ....
8. . . . . . . . . ....
9
Repayment supplements
10
Designated period
11. . . . . . . . . ....
12
Unquoted company requirement
13. . . . . . . . . ....
14
Royalties and licence fees
15
Value received by individual etc.
16. . . . . . . . . ....
17. . . . . . . . . ....
18. . . . . . . . . ....
19
Repayment of share capital
20. . . . . . . . . ....
21. . . . . . . . . ....
22
Claims
23
Information
24
Interpretation
Part 2
POSTPONEMENT OF CHARGEABLE GAIN ON REINVESTMENT
25
Introductory
26
Requirement as to the money raised
27
(1) In paragraph 1A (failure of conditions of application), in...
28
In paragraph 16 (information), after sub-paragraph (4) insert—
29
Designated period
30
Value received by investor
31
After paragraph 13 insert— Provision supplemental to paragraph 13 (1) For the purposes of paragraph 13 above, the value...
32
Value received by persons other than the investor
33
Certain receipts to be disregarded
34
In paragraph 14A (certain receipts to be disregarded for purposes...
35
Information
36
Trustees: anti-avoidance
37
Interpretation
Part 3
MISCELLANEOUS AND GENERAL
38
Loss relief
39
Penalties in connection with returns etc.
40
Commencement
SCHEDULE 16
VENTURE CAPITAL
Part 1
VENTURE CAPITAL TRUSTS
1
Meaning of “qualifying holdings”
2. . . . . . . . . ....
3
Income tax relief: repayment supplements
Part 2
CORPORATE VENTURING SCHEME
4
Introductory
5
Money raised by issue of shares
6
Receipt of replacement value
7
(1) In paragraph 55 (provision supplementary to paragraph 54), after...
8
Value received by other persons
9
Insignificant repayments disregarded
SCHEDULE 17
CAPITAL ALLOWANCES: ENERGY-SAVING PLANT AND MACHINERY
1
In section 39 of the Capital Allowances Act 2001 (c....
2
After section 45 of that Act insert— Expenditure on energy-saving...
3
In section 46(1) of that Act (cases in which expenditure...
4
In section 52(3) of that Act (amount of first-year allowances),...
5
In the second column of the Table in section 98...
6
(1) For the purposes of section 45A(2) of the Capital...
SCHEDULE 18
CAPITAL ALLOWANCES: FIXTURES PROVIDED IN CONNECTION WITH ENERGY MANAGEMENT SERVICES
1
In section 172(3) of the Capital Allowances Act 2001 (c....
2
After section 175 of that Act insert— Meaning of “energy...
3
In section 176(4) of that Act (treatment of fixture where...
4
After section 180 of that Act insert— Energy services providers...
5
In section 181(4) of that Act (purchaser of land giving...
6
After section 182 of that Act insert— Purchaser of land...
7
(1) Section 188 of that Act (cessation of ownership when...
8
After section 192 of that Act insert— Cessation of ownership...
9
After section 195 of that Act insert— Acquisition of ownership...
10
(1) Section 196 of that Act (disposal values in relation...
11
In section 203(2)(b) of that Act (reasons for amendment of...
SCHEDULE 19
CAPITAL ALLOWANCES: CONVERSION OF PARTS OF BUSINESS PREMISES INTO FLATS
Part 1
NEW PART 4A OF THE CAPITAL ALLOWANCES ACT 2001
Part 2
CONSEQUENTIAL AMENDMENTS
1
In section 1(2) of the Capital Allowances Act 2001 (c....
2
In section 2(3) of that Act (provisions about giving effect...
3
In section 537(1) of that Act (general conditions for making...
4
In section 542(1) of that Act (effect of transfers of...
5
In section 567(1) of that Act (Parts of Act for...
6
In section 570(1) of that Act (elections under section 569:...
7
In section 573(1) of that Act (transfers treated as sales),...
8
(1) Part 2 of Schedule 1 to that Act (list...
SCHEDULE 20
CAPITAL ALLOWANCES: OFFSHORE OIL INFRASTRUCTURE
Part 1
CHARGEABLE PERIODS ENDING BEFORE 1ST OR 6TH APRIL 2001
1
Writing-down allowances: infrastructure from UK or non-UK oil fields
2
Ring fence trades: special allowance for pre-cessation abandonment expenditure
3
Ring fence trades: allowances for post-cessation expenditure
4
Commencement of Part 1
Part 2
CHARGEABLE PERIODS ENDING ON OR AFTER 1ST OR 6TH APRIL 2001
5
Writing-down allowances: infrastructure from UK or non-UK oil fields
6
Ring fence trades: meaning of “abandonment expenditure”
7
Ring fence trades: special allowance for pre-cessation expenditure
8
Ring fence trades: allowances for post-cessation expenditure
9
Commencement of Part 2
SCHEDULE 21
CAPITAL ALLOWANCES: MINOR AMENDMENTS
1
Thermal insulation of industrial buildings
2
Fixtures: purchasers of land and incoming lessees
3
Meaning of “sale and finance leaseback”
4
Effect of partnership changes
5
Enterprise zones
6
Highway concessions
SCHEDULE 22
REMEDIATION OF CONTAMINATED LAND
Part 1
DEDUCTION FOR CAPITAL EXPENDITURE
1
Deduction for capital expenditure
2
Qualifying land remediation expenditure
3
Land in a contaminated state
4
Relevant land remediation
5
Employee costs
6
Expenditure on materials
7
Expenditure incurred because of contamination
8
Subsidised expenditure
9
Qualifying expenditure on sub-contracted land remediation
10
Treatment of expenditure where company and sub-contractor are connected persons
11
Treatment of sub-contractor payment in other cases
Part 2
ENTITLEMENT TO LAND REMEDIATION RELIEF
12
Entitlement to relief
Part 3
MANNER OF GIVING EFFECT TO RELIEF
13
Deduction in computing profits of Schedule A business or trade
14
Entitlement to land remediation tax credit
15
Amount of land remediation tax credit
16
Payment in respect of land remediation tax credit
17
Restriction on losses carried forward
18
Tax credit not income
19
Certain qualifying land remediation expenditure excluded for purposes of capital gains
Part 4
SPECIAL PROVISION FOR LIFE ASSURANCE BUSINESS
20
Limitation on relief
21
Provision in respect of “I minus E” basis
22
Entitlement to relief: “I minus E” basis
23
Giving effect to relief: enhanced expenses payable
24
Entitlement to life assurance company tax credit
25
Amount of life assurance company tax credit
26
Payment in respect of life assurance company tax credit, etc
27
Restriction on carrying forward expenses payable
28
Certain qualifying expenditure excluded for purposes of capital gains
Part 5
SUPPLEMENTARY PROVISIONS
29
Artificially inflated claims for deduction, relief or tax credit
30
Funding of tax credits
31
Interpretation
32
Transitional provisions
SCHEDULE 23
LAND REMEDIATION: CONSEQUENTIAL AMENDMENTS
1
Computation under Schedule A
2
Computation of profits of insurance companies
3
Interest
4
Claim must be made in tax return
5
Recovery of excessive tax credit
6
Claims relating to remediation of contaminated land
SCHEDULE 24
CREATIVE ARTISTS: RELIEF FOR FLUCTUATING PROFITS
Part 1
NEW SCHEDULE 4A TO THE TAXES ACT 1988
. . . . . . . . . ....
Part 2
CONSEQUENTIAL AMENDMENTS
2
(1) In section 46C(3) of the Taxes Management Act 1970...
3
(1) In Schedule 1B to that Act (claims for relief...
4. . . . . . . . . ....
SCHEDULE 25
LIMITED LIABILITY PARTNERSHIPS: INVESTMENT LLPS AND PROPERTY INVESTMETN LLPS
1
Meaning of “investment LLP” and “property investment LLP”
2
Pension funds, &c.: exclusion of exemptions from tax in case of income from property investment LLPs
3
Pension funds, &c.: exclusion of exemption from trusts rate in case of income from property investment LLPs
4
Pension funds, &c.: exclusion of exemptions in case of gains from property investment LLPs
5
Insurance companies: treatment of income or gains arising from property investment LLP
6
Insurance companies: double taxation relief
7
Insurance companies: capital allowances
8
Friendly societies: exclusion of exemptions from tax
9
Exclusion of relief on loans to buy into investment LLP
SCHEDULE 26
CAPITAL GAINS TAX: TAPER RELIEF: BUSINESS ASSETS
1
Introductory
2
Conditions for assets other than shares to qualify as business assets
3
Companies which are qualifying companies
4
Meaning of “material interest”
5
Interpretation of Schedule A1
6
Qualifying shareholdings in joint venture companies
7
Joint enterprise companies: relevant connection
SCHEDULE 27
DOUBLE TAXATION RELIEF
1
Computation of income subject to foreign tax
2
Restriction of relief for underlying tax
3
Credit for underlying tax: UK company related through overseas company
4
Dividends that give rise to eligible unrelieved foreign tax
5
The amounts that are eligible unrelieved foreign tax
6
Underlying tax excluded from claim not to be allowed under section 811
7
Relief for non-resident persons with branches or agencies in the UK
SCHEDULE 28
LIFE POLICIES, LIFE ANNUITIES AND CAPITAL REDEMPTION POLICIES
Part 1
ASSIGNMENT OR SURRENDER OF PART OF THE RIGHTS
1
Introductory
2
Interpretation
3
Life policies: chargeable events
4
Life policies: computation of gain
5
Life annuity contracts: chargeable events
6
Life annuity contracts: computation of gain
7
Capital redemption policies: chargeable events
8
The value of a part or share assigned
9
Assignments etc involving co-ownership
10
Charging tax in respect of certain section 546 excesses
11
Method of charging gain to tax
12
Method of charging gain to tax: multiple interests
13
Corresponding deficiency relief
14
Relief where gain charged at higher rate
15
Right of individual to recover tax from trustees
16
Right of company to recover tax from trustees
17
Non-resident policies and off-shore capital redemption policies
Part 2
PROVISION OF INFORMATION BY INSURERS
18
Information: duty of insurers
19
Duties of overseas insurers’ tax representatives
20
Penalties
SCHEDULE 29
AMENDMENTS TO MACHINERY OF SELF-ASSESSMENT
Part 1
AMENDMENT OR CORRECTION OF RETURN
1
Assessment by Revenue treated as included in return
2
Power to amend or correct personal or trustee return
3
Power to amend or correct partnership return
Part 2
ENQUIRIES INTO RETURNS
4
Enquiry into personal or trustee return
5
Enquiry into partnership return
Part 3
REFERRAL OF QESTIONS DURING ENQUIRY
6
Enquiry into personal, trustee or partnership return
7
Enquiry into company tax return
Part 4
PROCEDURE ON COMPLETION OF ENQUIRY
8
Procedure on completion of enquiry into personal or trustee return
9
Procedure on completion of enquiry into partnership return
10
Procedure on completion of enquiry into claims, &c. not included in returns
Part 5
MINOR AND CONSEQUENTIAL AMENDMENTS
11
Appeals
12
(1) Schedule 1A to the Taxes Management Act 1970 (c....
13
(1) Part 11 of Schedule 18 to the Finance Act...
14
Due date for payment after amendment or correction of return
15
After Schedule 3 to the Taxes Management Act 1970 insert—...
16
(1) Paragraphs 14 and 15 above apply where the relevant...
17
Effect of return on recovery proceedings
18
Other amendments of the Taxes Management Act 1970
19
In section 12AB(1) of the Taxes Management Act 1970 (partnership...
20
(1) Section 12B of the Taxes Management Act 1970 (preservation...
21
(1) Section 19A of the Taxes Management Act 1970 (c....
22
In section 29(7)(a)(ii) of the Taxes Management Act 1970 (assessment...
23
(1) Section 30 of the Taxes Management Act 1970 (recovery...
24
(1) Section 30B of the Taxes Management Act 1970 (amendment...
25
(1) Section 33A of the Taxes Management Act 1970 (c....
26
In section 42(6)(a) of the Taxes Management Act 1970 (procedure...
27
(1) Section 46B(2) of the Taxes Management Act 1970 (questions...
28
(1) Section 46C of the Taxes Management Act 1970 (jurisdiction...
29
(1) Section 46D(2) of the Taxes Management Act 1970 (c....
30
(1) Section 50 of the Taxes Management Act 1970 (procedure...
31
(1) Section 55 of the Taxes Management Act 1970 (recovery...
32
In section 95A(1)(a) of the Taxes Management Act 1970 (c....
33
(1) Section 118(1) of the Taxes Management Act 1970 (interpretation)...
34
(1) Schedule 1A to the Taxes Management Act 1970 (claims...
35
Consequential amendments of other enactments
36
(1) Schedule 19 to the Finance Act 1993 (c. 34)...
37
(1) In Schedule 22 to the Finance Act 1995 (c....
38
(1) . . . . . . . . ....
39
In section 12(5) of the Social Security Contributions (Transfer of...
40
In Article 11(5) of the Social Security Contributions (Transfer of...
SCHEDULE 30
1
SCHEDULE 31
VALUE ADDED TAX: RE-ENACTMENT OF REDUCED RATE PROVISIONS
Part 1
NEW SCHEDULE 7A TO THE VALUE ADDED TAX ACT 1994
1
The Schedule inserted after Schedule 7 to the Value Added...
Part 2
CONSEQUENTIAL AMENDMENTS
2
Value Added Tax Act 1994 (c.23)
3
In section 62(1)(a)(i) of the Value Added Tax Act 1994...
4
(1) Section 88 of the Value Added Tax Act 1994...
5
In section 96(9) of the Value Added Tax Act 1994...
6
(1) Section 97(4) of the Value Added Tax Act 1994...
7
Finance Act 2000 (c.17)
SCHEDULE 32
PETROLEUM REVENUE TAX: UNRELIEVABLE FIELD LOSSES
1
Schedule applies where there has been a transfer to which Parts 2 and 3 of Schedule 17 to the Finance Act 1980 do not apply
2
Meaning of “excluded transfer”
3
Meaning of “subsequent new owner”
4
Transfers of interests in oil fields: interpretation
5
Schedule applies in place of section 6(1C) of the Oil Taxation Act 1975
6
General rule for determinations under this Schedule of “unrelievable portion” of loss
7
Loss to be relieved against other participators’ profits
8
Extent to which losses to be relieved
9
Profits not to be utilised more than once
10
Relieving different losses against the same profits
11
Construction as one with Part 1 of the Oil Taxation Act 1975
SCHEDULE 33
REPEALS
Part 1
EXCISE DUTIES
1
The repeals of— (a) section 19(3) of the Vehicle Excise...
2
The other repeals have effect in relation to licences issued...
Part 2
INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX
1
The repeal of section 289A(9) of the Taxes Act 1988...
2
The repeals in the following provisions have effect in accordance...
3
The repeals in section 576 of the Taxes Act 1988...
4
The repeal in Schedule 15B to the Taxes Act 1988...
5
The repeal in paragraph 21 of Schedule 15 to the...
6
The remaining repeals have effect in accordance with paragraph 40(2)...
1
The repeal in section 164 of the Capital Allowances Act...
2
The repeal in section 165 of that Act shall be...
1
The repeals in the Taxes Management Act 1970 have effect...
2
The other repeals have effect in relation to—
Part 3
OTHER TAXES
1
The repeals of— (a) sections 2(1C) and 97(4)(aa) of the...
2
The other repeals and revocations have effect in accordance with...
1
The repeals in the Finance Act 1991 have effect in...
2
The repeals in the Finance Act 1995 have effect in...

Finance Act 2001
2001 c. 9
An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.
[11th May 2001]
Most Gracious Sovereign,
We, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
Act extended (1.4.2002) by S.I. 2002/761, reg. 37(2)(c)