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Finance Act 2003 is up to date with all changes known to be in force on or before 11 December 2024. There are changes that may be brought into force at a future date.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the affected provisions when you open the content using the Table of Contents below.
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
Part 3 Taxes and duties on importation and exportation: penalties
Chargeable interests, chargeable transactions and chargeable consideration
64A.Initial transfer of assets to trustees of unit trust scheme
67.Transfer in consequence of reorganisation of parliamentary constituencies
71.Certain acquisitions by registered providers of social housing etc
71A.Alternative property finance: land sold to financial institution and leased to person
72.Alternative property finance in Scotland: land sold to financial institution and leased to person
72A.Alternative property finance in Scotland: land sold to financial institution and person in common
73.Alternative property finance: land sold to financial institution and re-sold to person
73AB.Section 71A : arrangements to transfer control of financial institution
Returns and other administrative matters
77A.Exceptions for certain acquisitions of major interests in land
78A.Disclosure of information contained in land transaction returns
80.Adjustment where contingency ceases or consideration is ascertained
81ZA.Alternative finance arrangements: return where relief withdrawn
81A.Return or further return in consequence of later linked transaction
81B.Declaration by person authorised to act on behalf of individual
83.Formal requirements as to assessments, penalty determinations etc
125.Abolition of stamp duty except on instruments relating to stock or marketable securities
127.Circumstances in which relief for company acquisitions withdrawn
128.Exemption of certain leases granted by registered social landlords
129.Relief for certain leases granted before section 128 has effect
130.Registered social landlords: treatment of certain leases granted between 1st January 1990 and 27 March 2000
Part 6 Income tax and corporation tax: charge and rate bands
Part 7 Income tax, corporation tax and capital gains tax: general
Employment income and related matters
137.Exemption where homeworker’s additional expenses met by employer
138.Taxable benefits: lower threshold for cars with a CO2 emissions figure
143.Restriction of deductions for employee benefit contributions
146.Payroll giving: extension of 10% supplement to 5th April 2004
147.Sub-contractor deductions etc: interest on late payment or repayment
Taxation of non-resident companies and related matters
149.Non-resident companies: basis of charge to corporation tax
150.Non-resident companies: assessment, collection and recovery of corporation tax
152.Non-resident companies: transactions carried out through broker, investment manager or Lloyd’s agent
153.General replacement of references to branch or agency of company
154.Double taxation relief: profits attributable to overseas permanent establishment
Part 9 Miscellaneous and supplementary provisions
SCHEDULES
Supply of electronic services in member States: VAT special accounting scheme
Transactions entered into before completion of contract
Tax not charged on transferee by reason of the pre-completion transaction
Assignments of rights: application of rules about completion and consideration
Assignment of rights: transferor treated as making separate acquisition
Paragraph 5: effect of rescission etc following substantial performance
Assignment of rights relating to part only of subject-matter of original contract
Free-standing transfers: consideration and substantial performance
Meaning of “the vendor”: cases involving free-standing transfers
Paragraph 10: “the first appropriate transaction” and “the original contract”
Stamp duty land tax: chargeable consideration
Stamp duty land tax: higher rates for additional dwellings and dwellings purchased by companies
Stamp duty land tax: higher rate for certain transactions
Amount of tax chargeable: higher rate for certain transactions
Acquisitions of interests in the same dwelling through different transactions
Businesses of letting, trading in or redeveloping properties
Financial institutions acquiring dwellings in the course of lending
Dwellings for occupation by certain employees etc of a relievable business
Acquisition by management company of flat for occupation by caretaker
5G.(1) Sub-paragraph (2) applies where relief under paragraph 5 has...
5H.(1) This paragraph applies where relief under paragraph 5B (trades...
5I.(1) This paragraph applies where relief under paragraph 5C (financial...
5IA.(1) This paragraph applies where relief under paragraph 5CA (acquisition...
5J.(1) This paragraph applies where relief under paragraph 5D (dwellings...
5JA.(1) This paragraph applies where relief under paragraph 5EA (acquisition...
5K.(1) This paragraph applies where relief under paragraph 5F (farmhouses)...
5L.(1) This paragraph applies where relief under paragraph 5FA (qualifying...
Partnerships: application of paragraph 2 to certain transactions
Modifications for cases involving alternative finance arrangements
Paragraphs 6A and 6B: application where transaction is split under paragraph 2(3)
Alternative finance arrangements: withdrawal of relief
6D.(1) This paragraph applies where relief under paragraph 5 (businesses...
6E.(1) The requirement in paragraph 6D(3)(a) does not apply in...
6F.(1) This paragraph applies where relief under paragraph 5B (trades...
6G.(1) This paragraph applies where relief under paragraph 5D (dwellings...
6H.(1) This paragraph applies where relief under paragraph 5F (farmhouses)...
6I.(1) This paragraph applies where relief under paragraph 5FA (qualifying...
Relief for certain acquisitions of residential property
1.Acquisition by house-building company from individual acquiring new dwelling
2.Acquisition by property trader from individual acquiring new dwelling
3.Acquisition by property trader from personal representatives
4.Acquisition by property trader from individual where chain of transactions breaks down
5.Acquisition by employer in case of relocation of employment
6.Acquisition by property trader in case of relocation of employment
7.Meaning of “dwelling”, “new dwelling” and “the permitted area”
Transfers involving multiple dwellings
Stamp duty land tax: relief for special tax sites
Stamp duty land tax: group relief and reconstruction and acquisition reliefs
Part 2 Reconstruction and acquisition reliefs
Cases in which reconstruction or acquisition relief not withdrawn
Withdrawal of reconstruction or acquisition relief on subsequent non-exempt transfer
Recovery of reconstruction or acquisition relief from another group company or controlling director
Recovery of reconstruction or acquisition relief: supplementary
Paif seeding relief and coacs seeding relief
Stamp duty land tax: right to buy, shared ownership leases etc
Transfer of reversion under shared ownership lease where election made for market value treatment
Shared ownership lease: treatment of staircasing transaction
Shared ownership lease: grant not linked with staircasing transactions etc
Shared ownership leases: meaning of “qualifying body” and “preserved right to buy”
Shared ownership trust: treatment of staircasing transaction
Shared ownership trust: treatment of additional payments where no election made
Shared ownership trust: declaration not linked with staircasing transactions etc
Relief for first-time buyers: shared ownership lease where election made
Relief for first-time buyers: shared ownership lease where no election made
Relief for first-time buyers: shared ownership trust where no election made
No relief for first-time buyers for staircasing transactions etc
Increased rates for non-resident transactions
PART 3 “Non-resident” in relation to a chargeable transaction: individuals
PART 4 “Non-resident” in relation to a chargeable transaction: companies
PART 5 Special rules for particular purchasers and transactions
Stamp duty land tax: returns, enquiries, assessments and appeals
Part 1 Land transaction returns
Part 4 Revenue determination if no return delivered
Part 6 Relief in case of overpaid tax or excessive assessment
Stamp duty land tax: record-keeping where transaction is not notifiable
Stamp duty land tax: claims not included in returns
Stamp duty land tax: information powers
Part 1 Power of authorised officer to call for documents or information from taxpayer
Part 2 Power of authorised officer to call for documents from third party
Part 3 Power to call for papers of tax accountant
Part 6 Order of judicial authority for the delivery of documents
Stamp duty land tax: determination of penalties and related appeals
Stamp duty land tax: partnerships
Part 2 Ordinary partnership transactions
Part 3 Transactions to which special provisions apply
10.Transfer of chargeable interest to a partnership: general
11.Transfer of chargeable interest to a partnership: chargeable consideration including rent
12.Transfer of chargeable interest to a partnership: sum of the lower proportions
12A.Election by property-investment partnership to disapply paragraph 10
13.Transfer of chargeable interest to a partnership consisting wholly of bodies corporate
14.Transfer ... of interest in property-investment partnership
16.Partnership interests: application of provisions about exchanges etc.
17.Transfer of partnership interest pursuant to earlier arrangements
Withdrawal of money etc from partnership after transfer of chargeable interest
18.Transfer of chargeable interest from a partnership: general
19.Transfer of chargeable interest from a partnership: chargeable consideration including rent
20.Transfer of chargeable interest from a partnership: sum of the lower proportions
21.Transfer of chargeable interest from a partnership: partnership share attributable to partner
22.(1) Where this paragraph applies, the partnership share attributable to...
23.Transfer of chargeable interest from a partnership to a partnership
24.Transfer of chargeable interest from a partnership consisting wholly of bodies corporate
29.Acquisition of interest in partnership not chargeable except as specially provided
31.Stamp duty on transfers of partnership interests: continued application
32.Stamp duty on transfers of partnership interests: modification
33.(1) This paragraph applies where stamp duty under Part 1...
34.Interpretation: partnership property and partnership share
35.Interpretation: transfer of chargeable interest to a partnership
37.Interpretation: transfer of chargeable interest from a partnership
Stamp duty land tax: General and Special Commissioners, appeals and other proceedings
Further provisions relating to leases
Tenants' obligations etc that do not count as chargeable consideration
Assignment of lease: responsibility of assignee for returns etc
Increase of rent treated as grant of new lease: variation of lease in first five years
Increase of rent treated as grant of new lease: abnormal increase after fifth year
Increase of rent after fifth year: whether regarded as abnormal
Loan or deposit in connection with grant or assignment of lease
Stamp duty land tax: consequential amendments
Stamp duty land tax: commencement and transitional provisions
Effect for stamp duty purposes of stamp duty land tax being paid or chargeable
Stamping of contract where transaction on completion subject to stamp duty land tax
Stamping of agreement for lease where grant of lease subject to stamp duty land tax
Exercise of option or right of pre-emption acquired before implementation date
Stamp duty: restriction to instruments relating to stock or marketable securities
Approved share plans and schemes
Participation in more than one connected plan in a tax year
2.After paragraph 18 insert— Participation in more than one connected...
3.In paragraph 13 (eligibility of individuals: introduction), for the entry...
4.In paragraph 14(7) (eligibility to participate dependent on certain requirements...
5.In paragraph 18 (requirement not to participate in connected SIPs),...
6.After paragraph 71 insert— Duty to monitor participants in connected...
Employee securities and options
11.(1) Section 509 (modification of section 696 where charge on...
12.(1) For sections 698 and 699 (PAYE: conditional interests in...
13.(1) For section 700 (PAYE: gains from share options) substitute—...
14.(1) In section 701(2)(b) (“asset” not to include vouchers or...
15.(1) Section 702 (meaning of “readily convertible asset”) is amended...
16.(1) In section 3(1) (structure of employment income Parts), in...
17.(1) In section 7(6)(b) (employment income), for “(share-related income and...
18.(1) In section 19(2) (year in which earnings treated as...
19.(1) In section 32(2) (receipt of non-money earnings), omit the...
20.(1) In section 63(1) (the benefits code), omit the entries...
21.(1) In section 64 (relationship between earnings and benefits code),...
24.(1) Section 216 (provisions not applicable to lower-paid employments) is...
25.(1) Section 227(4) (employment income: exemptions) is amended as follows....
27.(1) Omit section 494 (no charge on removal of restrictions...
28.(1) Omit section 495 (approved share incentive plan shares: value...
29.(1) Omit section 518 (no charge in respect of acquisition...
31.(1) Omit section 520 (approved SAYE option schemes: no charge...
32.(1) Omit section 523 (no charge in respect of acquisition...
34.(1) Omit section 525 (approved CSOP schemes: no charge in...
35.(1) In section 526(4) (charge where approved CSOP scheme option...
36.(1) Omit section 528 (enterprise management incentives: no charge in...
37.(1) In section 531(4) (enterprise management incentives: limitation of charge...
38.(1) In section 532(5) (enterprise management incentives: modified tax consequences...
39.(1) In section 538 (share conversions excluded for purposes of...
40.(1) In section 540(1) (enterprise management incentives: notional loan provisions...
41.(1) In section 541 (enterprise management incentives: effect on other...
42.(1) Part 2 of Schedule 1 (index of defined expressions)...
43.(1) In paragraph 35 of Schedule 2 (approved share incentive...
44.(1) In paragraph 42(3) of Schedule 3 (approved SAYE option...
45.(1) Schedule 5 (enterprise management incentives) is amended as follows....
46.(1) Schedule 7 (transitionals and savings) is amended as follows....
Consequential amendments of other enactments
48.(1) In section 4(4)(a) of— (a) the Social Security Contributions...
50.(1) After section 119 insert— Increase in expenditure by reference...
51.In section 120 (increase in expenditure by reference to tax...
52.(1) After section 149A insert— Restricted and convertible employment-related securities...
53.In section 149B (employee incentive schemes: conditional interests in shares),...
54.(1) In section 288 (interpretation), after subsection (1) insert—
55.(1) The Social Security Contributions (Share Options) Act 2001 (c....
56.In section 2(3)(b) (effect of notice under section 1), insert...
57.(1) Section 3 (special provision for roll-overs) is amended as...
58.In section 5(2)(c) (interpretation), for “483(1)” substitute “ 477(6) ”....
59.Schedule 23 to this Act (corporation tax relief for employee...
61.(1) For paragraph 5(2) substitute— (2) Where the shares acquired...
62.(1) For paragraph 11(2) substitute— (2) Where the shares acquired...
63.(1) In paragraph 12, for “in exercise of” substitute “...
65.(1) For paragraph 14 substitute— Income tax position of the...
67.(1) In paragraph 17(1), for “in exercise of” substitute “...
68.(1) For Part 4 substitute— Part 4 Provisions applying in...
69.(1) After Part 4 insert— Part 4A Provisions applying in...
72.(1) For paragraph 27 substitute— Acquisition of shares pursuant to...
Corporation tax relief for employee share acquisition
Part 5 Supplementary provisions
Relationship between relief and other deductions: priority of deductions under SIP code
Relationship between relief and other deductions: exclusion of other deductions
Acquisition of shares pursuant to option after death of employee or recipient
Meaning of “consortium” and “commercial association of companies”
Restriction of deductions for employee benefit contributions
Determination of profits attributable to permanent establishment: supplementary provisions
Non-resident companies: transactions through broker, investment manager or Lloyd’s agent
Permanent establishment etc: consequential amendments
Capital gains tax: reporting limits and annual exempt amount
Transfers of value: attribution of gains to beneficiaries
First-year allowances for expenditure on environmentally beneficial plant or machinery
Tax relief for expenditure on research and development
Part 1 Small and medium-sized enterprises: Schedule 20 to Finance Act 2000
Required minimum aggregate expenditure: reduction from £25,000 to £10,000
Required minimum aggregate expenditure: inclusion of new class of expenditure
Qualifying R&D expenditure: expenditure on externally provided workers
Staffing costs: persons partly engaged directly and actively in relevant R&D
Qualifying expenditure on sub-contracted R&D: externally provided workers
Part 2 Large companies: Part 1 of Schedule 12 to Finance Act 2002
Part 3 Work sub-contracted to SMEs: Part 2 of Schedule 12 to Finance Act 2002
Part 4 Entitlement of SME to certain relief available to large companies
Part 5 Supplementary: amendments to Parts 3 to 6 of Schedule 12 to Finance Act 2002
Part 6 Expenditure on vaccine research etc: Schedule 13 to Finance Act 2002
Reduction of required qualifying expenditure from £25,000 to £10,000
Direct research and development: qualifying expenditure on externally provided workers
Meaning of “qualifying expenditure on externally provided workers”
Relevant expenditure of sub-contractor: qualifying expenditure on externally provided workers
Tonnage tax: restrictions on capital allowances for lessors of ships
Rate of tax on policy holders' share of life assurance profits
Policies of life insurance etc: miscellaneous amendments
Exception of certain group life policies from Chapter 2 of Part 13
Retrospective exception of past and present pure protection group life policies
Existing group life policies: time for compliance with the conditions in section 539A
Deaths before 6th April 2004: period for insurer to give certificate under section 552(1)(a)
Part 2 The exemption and the alternative methods of calculation
Sale and repurchase of securities etc
Increase of repurchase price of UK securities by amount of deemed manufactured dividend
Relevant discounted securities: withdrawal of relief for costs and losses, etc
Acquisition by company of its own shares
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