Finance Act 2003

2003 CHAPTER 14

Part 1

Excise duties
Part 2

Value added tax
Part 3

Taxes and duties on importation and exportation: penalties
Part 4

Stamp duty land tax
Part 5

Stamp duty
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
Part 7

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

Other taxes
Part 9

Miscellaneous and supplementary provisions

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.

[10th July 2003]

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 to 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:—

Part 1 Excise duties

Tobacco products duty

1 Rates of tobacco products duty

(1) For the Table of rates of duty in Schedule 1 to the Tobacco Products Duty Act 1979 (c. 7) substitute—

“Table

1. Cigarettes	An amount equal to 22 per cent of the retail price plus £96.88 per thousand cigarettes.
2. Cigars	£141.10 per kilogram.
3. Hand-rolling tobacco	£101.42 per kilogram.
4. Other smoking tobacco and chewing tobacco	£62.03 per kilogram.”

(2) This section shall be deemed to have come into force at 6 o'clock in the evening of 9th April 2003.

Alcoholic liquor duties

2 Rate of duty on beer

(1) In section 36(1AA)(a) of the Alcoholic Liquor Duties Act 1979 (c. 4) (rate of duty on beer), for “£11.89” substitute “£12.22”.

(2) This section shall be deemed to have come into force at midnight on 13th April 2003.

3 Rates of duty on wine and made-wine

(1) For Part 1 of the Table of rates of duty in Schedule 1 to the Alcoholic Liquor Duties Act 1979 (rates of duty on wine and made-wine) substitute—

“Part 1 Wine and made-wine of a strength not exceeding 22 per cent

Description of wine or made-wine	Rates of duty per hectolitre
	£
Wine or made-wine of a strength not exceeding 4 per cent	48.91
Wine or made-wine of a strength exceeding 4 per cent but not exceeding 5.5 per cent	67.25
Wine or made-wine of a strength exceeding 5.5 per cent but not exceeding 15 per cent and not sparkling	158.69
Sparkling wine or sparkling made-wine of a strength exceeding 5.5 per cent but less than 8.5 per cent	166.70
Sparkling wine or sparkling made-wine of a strength of 8.5 per cent or of a strength exceeding 8.5 per cent but not exceeding 15 per cent	220.54
Wine or made-wine of a strength exceeding 15 per cent but not exceeding 22 per cent	211.58”

(2) This section shall be deemed to have come into force at midnight on 13th April 2003.

Hydrocarbon oil duties

4 Rates of hydrocarbon oil duties

(1) In section 6(1A) of the Hydrocarbon Oil Duties Act 1979 (c. 5) (rates of duty)—

(a) in paragraph (a) (ultra low sulphur petrol) for “£0.4582” substitute “£0.4710”,

(b) in paragraph (b) (other light oil) for “£0.5468” substitute “£0.5620”,

(d) in paragraph (d) (other heavy oil) for “£0.5182” substitute “£0.5327”.

(2) In section 6AA(3) of that Act (biodiesel duty) for “£0.2582” substitute “£0.2710”.

(3) In section 13A(1) of that Act (rebate on unleaded petrol) for “£0.0586” substitute “£0.0601”.

(4) This section shall come into force on 1st October 2003.

5 Rebates on hydrocarbon oil duties

(1) In section 11(1) of the Hydrocarbon Oil Duties Act 1979 (rebate on heavy oil)—

(a) in paragraph (a) (fuel oil) for “£0.0274” substitute “£0.0382”,

(b) in paragraph (b) (gas oil: general) for “£0.0313” substitute “£0.0422”, and

(2) In section 14(1) of that Act (furnace fuel) for “£0.0274” substitute “£0.0382”.

(3) This section shall be deemed to have come into force at 6 o'clock in the evening of 9th April 2003.

Betting and gaming duties

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

(1) Part 1 of the Betting and Gaming Duties Act 1981 (c. 63) (betting duties) is amended as follows.

(2) In section 5 (net stake receipts) at the end of subsection (3) (negative net stake receipts to be disregarded) insert “except as provided for by section 5AA”.

(3) After that section insert—

“5AA Relief for losses

(1) This section applies where the amount of a person’s net stake receipts for an accounting period in respect of a class of bets (calculated in accordance with section 5(1)) is a negative amount.

(2) That amount shall be carried forward to the following accounting period and, to the extent that it does not exceed it, deducted from the amount of the person’s net stake receipts in respect of the same class of bets for that period.

(3) If the amount of those net stake receipts for that following accounting period—

(a) is not a positive amount, or

(b) is less than the amount carried forward,

the amount carried forward or, as the case may be, the balance of it shall be treated for the purposes of this section as if it were a negative amount of net stake receipts for that period in respect of the same class of bets.”.

(4) Omit section 5A (multiple bets) (which becomes unnecessary as a result of the amendment made by subsection (3) above).

(5) After section 7 (duty charged on net pool betting receipts) insert—

“7ZA Relief for losses

(1) This section applies where the amount of a person’s net pool betting receipts for an accounting period is a negative amount.