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Royal arms

Finance Act 2001

2001 CHAPTER 9

CONTENTS

Go to Preamble

  1. Part 1

    Excise duties

    1. Hydrocarbon oil duties

      1. 1. Rates of duty on hydrocarbon oil

      2. 2. Rebate on unleaded petrol

      3. 3. Fuel-testing pilot projects

    2. Tobacco products duty

      1. 4. Rates of tobacco products duty

    3. Alcoholic liquor duties

      1. 5. Dilution etc. of cider

    4. Betting and gaming duties

      1. 6. General betting duty

      2. 7. Rates of gaming duty

    5. Vehicle excise duty

      1. 8. Threshold for reduced general rate

      2. 9. Rates of duty for goods vehicles

      3. 10. Rates of duty for vehicles used for exceptional loads

      4. 11. Rates of duty for recovery vehicles

      5. 12. Mobile pumping vehicles

      6. 13. Exemption of agricultural etc. vehicles

      7. 14. Surrender of vehicle licences

    6. General

      1. 15. Payments by Commissioners in case of error or delay

  2. Part 2

    Aggregates Levy

    1. Charging provisions

      1. 16. Charge to aggregates levy

      2. 17. Meanings of “aggregate” and “taxable aggregate”

      3. 18. Exempt processes

      4. 19. Commercial exploitation

      5. 20. Originating sites

      6. 21. Operators of sites

      7. 22. Responsibility for exploitation of aggregate

      8. 23. Weight of aggregate

    2. Administration and enforcement

      1. 24. The register

      2. 25. Returns and payment of levy

      3. 26. Security for levy

      4. 27. Recovery and interest

      5. 28. Evasion, misdeclaration and neglect

      6. 29. Information and evidence

    3. Credits and repayments

      1. 30. Credit for aggregates levy

      2. 31. Repayments of overpaid levy

      3. 32. Supplemental provisions about repayments etc

    4. Non-resident taxpayers

      1. 33. Appointment of tax representatives

      2. 34. Effect of appointment of tax representatives

    5. Other special cases

      1. 35. Groups of companies etc

      2. 36. Partnerships and other unincorporated bodies

      3. 37. Insolvency etc

      4. 38. Death and incapacity

      5. 39. Transfer of a business as a going concern

    6. Review and appeal

      1. 40. Review of Commissioners' decisions

      2. 41. Appeals against reviewed decisions

      3. 42. Determinations on appeal

      4. 43. Adjustments of contracts

    7. General provisions

      1. 44. Destination of receipts

      2. 45. Regulations and orders

      3. 46. Civil penalties

      4. 47. Service of notices etc

      5. 48. Interpretation of Part

    8. Supplemental

      1. 49. Minor and consequential amendments

  3. Part 3

    Income tax, corporation tax and capital gains tax

    1. Chapter 1

      Charge and rates

      1. Income tax

        1. 50. Charge and rates for 2001-02

        2. 51. Starting rate limit for 2001-02

        3. 52. Children’s tax credit: amount for 2001-02 and subsequent years

        4. 53. Children’s tax credit: baby rate

      2. Corporation tax

        1. 54. Charge and main rate for financial year 2002

        2. 55. Small companies' rate and fraction for financial year 2001

        3. 56. Corporation tax starting rate and fraction for financial year 2001

    2. Chapter 2

      Other provisions

      1. Employment

        1. 57. Mileage allowances: exemptions and relief

        2. 58. Mileage allowances: nil liability notices

        3. 59. Employees' vehicles: withdrawal of capital allowances

        4. 60. Exemption for works bus services: extension to minibuses

        5. 61. Employee share ownership plans

      2. Enterprise incentives

        1. 62. Enterprise management incentives

        2. 63. Enterprise investment scheme

        3. 64. Venture capital

      3. Capital allowances

        1. 65. Energy-saving plant and machinery

        2. 66. Fixtures provided in connection with energy management services

        3. 67. Conversion of parts of business premises into flats

        4. 68. Decommissioning of offshore oil infrastructure

        5. 69. Minor amendments

      4. Other relieving provisions

        1. 70. Relief for expenditure on remediation of contaminated land

        2. 71. Creative artists: relief for fluctuating profits

        3. 72. Expenditure on film production etc

        4. 73. Deductions for business gifts: yearly limit

      5. Pension funds

        1. 74. Payments to employers out of pension funds

      6. Limited liability partnerships

        1. 75. Limited liability partnerships: general

        2. 76. Limited liability partnerships: investment LLPs and property investment LLPs

      7. Chargeable gains

        1. 77. Notional transfers within a group

        2. 78. Taper relief: assets qualifying as business assets

        3. 79. De-grouping charge: transitional relief

        4. 80. Attribution of gains of non-resident companies

      8. International matters

        1. 81. Double taxation relief

        2. 82. Controlled foreign companies: acceptable distribution policy

      9. Miscellaneous

        1. 83. Life policies, life annuity contracts and capital redemption policies

        2. 84. Exclusion of deductions for deemed manufactured payments

        3. 85. Deduction of tax: payments between companies etc

        4. 86. Profits for purposes of small companies' relief

        5. 87. Tax deductions and credits: end of provisional repayment regime

      10. General

        1. 88. Amendments to the machinery of self-assessment

        2. 89. Recovery proceedings: minor amendments

        3. 90. Repayment supplements: claim for relief involving two or more years

        4. 91. Power to revise excessive penalties

  4. Part 4

    Other taxes

    1. Stamp duty and stamp duty reserve tax

      1. 92. Stamp duty: exemption for land in disadvantaged areas

      2. 93. SDRT: unit trust schemes and individual pension accounts

      3. 94. SDRT: open-ended investment companies and individual pension accounts

      4. 95. Exemptions in relation to employee share ownership plans

    2. Value added tax

      1. 96. VAT: children’s car seats

      2. 97. VAT: residential conversions and renovations

      3. 98. VAT: museums and galleries

      4. 99. VAT: re-enactment of reduced-rate provisions

      5. 100. VAT representatives

    3. Petroleum revenue tax

      1. 101. PRT: unrelievable field losses

      2. 102. PRT: allowable decommissioning expenditure

      3. 103. PRT: expenditure in certain gas-producing fields

    4. Landfill tax

      1. 104. Landfill tax: rate

    5. Climate change levy

      1. 105. Climate change levy

    6. Inheritance tax

      1. 106. Transfers within group etc

  5. Part 5

    Miscellaneous and supplementary provisions

    1. Miscellaneous

      1. 107. Interest on unpaid tax, etc.: foot-and-mouth disease

      2. 108. Trading funds

    2. Supplementary

      1. 109. Interpretation

      2. 110. Repeals and revocations

      3. 111. Short title

    1. Schedule 1

      General betting duty

    2. Schedule 2

      Rates of vehicle excise duty on goods vehicles

    3. Schedule 3

      Excise duty: payments by Commissioners in case of error or delay

      1. Part 1

        Payments

      2. Part 2

        Interest

      3. Part 3

        Appeals

      4. Part 4

        General

    4. Schedule 4

      Aggregates levy: registration

    5. Schedule 5

      Aggregates levy: recovery and interest

    6. Schedule 6

      Aggregates levy: evasion, misdeclaration and neglect

      1. Part 1

        Criminal offences

      2. Part 2

        Civil penalties

      3. Part 3

        Interpretation of Schedule

    7. Schedule 7

      Aggregates levy: information and evidence etc

    8. Schedule 8

      Aggregates levy: repayments and credits

    9. Schedule 9

      Aggregates levy: group treatment

    10. Schedule 10

      Aggregates levy: assessment of civil penalties and interest on them

    11. Schedule 11

      Children’s tax credit: baby rate: supplementary

    12. Schedule 12

      Mileage allowances

      1. Part 1

        New Schedule 12AA to the Taxes Act 1988

      2. Part 2

        Consequential amendments

    13. Schedule 13

      Employee share ownership plans: amendments

    14. Schedule 14

      Enterprise management incentives: amendments

    15. Schedule 15

      Enterprise investment scheme: amendments

      1. Part 1

        Income tax relief

      2. Part 2

        Postponement of chargeable gain on reinvestment

      3. Part 3

        Miscellaneous and general

    16. Schedule 16

      Venture capital

      1. Part 1

        Venture capital trusts

      2. Part 2

        Corporate venturing scheme

    17. Schedule 17

      Capital allowances: energy-saving plant and machinery

    18. Schedule 18

      Capital allowances: fixtures provided in connection with energy management services

    19. Schedule 19

      Capital allowances: conversion of parts of business premises into flats

      1. Part 1

        New Part 4A of the Capital Allowances Act 2001

      2. Part 2

        Consequential amendments

    20. Schedule 20

      Capital allowances: offshore oil infrastructure

      1. Part 1

        Chargeable periods ending before 1st or 6th April 2001

      2. Part 2

        Chargeable periods ending on or after 1st or 6th April 2001

    21. Schedule 21

      Capital allowances: minor amendments

    22. Schedule 22

      Remediation of contaminated land

      1. Part 1

        Deduction for capital expenditure

      2. Part 2

        Entitlement to land remediation relief

      3. Part 3

        Manner of giving effect to relief

      4. Part 4

        Special provision for life assurance business

      5. Part 5

        Supplementary provisions

    23. Schedule 23

      Land remediation: consequential amendments

    24. Schedule 24

      Creative artists: relief for fluctuating profits

      1. Part 1

        New Schedule 4A to the Taxes Act 1988

      2. Part 2

        Consequential amendments

    25. Schedule 25

      Limited liability partnerships: investment LLPs and property investment LLPs

    26. Schedule 26

      Capital gains tax: taper relief: business assets

    27. Schedule 27

      Double taxation relief

    28. Schedule 28

      Life policies, life annuities and capital redemption policies

      1. Part 1

        Assignment or surrender of part of the rights

      2. Part 2

        Provision of information by insurers etc

    29. Schedule 29

      Amendments to machinery of self-assessment

      1. Part 1

        Amendment or correction of return

      2. Part 2

        Enquiries into returns

      3. Part 3

        Referral of questions during enquiry

      4. Part 4

        Procedure on completion of enquiry

      5. Part 5

        Minor and consequential amendments

    30. Schedule 30

      Stamp duty: land in disadvantaged areas

    31. Schedule 31

      Value added tax: re-enactment of reduced rate provisions

      1. Part 1

        New Schedule 7A to the Value Added Tax Act 1994

      2. Part 2

        Consequential amendments

    32. Schedule 32

      Petroleum revenue tax: unrelievable field losses

    33. Schedule 33

      Repeals

      1. Part 1

        Excise duties

      2. Part 2

        Income tax, corporation tax and capital gains tax

      3. Part 3

        Other taxes

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:—

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