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Finance Act 2003

2003 CHAPTER 14

CONTENTS

Go to Preamble

  1. 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

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

    1. Schedule 1

      VAT: face-value vouchers

    2. Schedule 2

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

    3. Schedule 3

      Stamp duty land tax: transactions exempt from charge

    4. Schedule 4

      Stamp duty land tax: chargeable consideration

    5. Schedule 5

      Stamp duty land tax: amount of tax chargeable: rent

    6. Schedule 6

      Stamp duty land tax: disadvantaged areas relief

      1. Part 1

        Disadvantaged areas

      2. Part 2

        Land wholly situated in a disadvantaged area

      3. Part 3

        Land partly situated in a disadvantaged area

      4. Part 4

        Interpretation

    7. Schedule 7

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

      1. Part 1

        Group relief

      2. Part 2

        Reconstruction and acquisition reliefs

    8. Schedule 8

      Stamp duty land tax: charities relief

    9. Schedule 9

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

    10. Schedule 10

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

      1. Part 1

        Land transaction returns

      2. Part 2

        Duty to keep and preserve records

      3. Part 3

        Enquiry into return

      4. Part 4

        Revenue determination if no return delivered

      5. Part 5

        Revenue assessments

      6. Part 6

        Relief in case of excessive assessment

      7. Part 7

        Appeals against Revenue decisions on tax

    11. Schedule 11

      Stamp duty land tax: self-certificates

      1. Part 1

        General

      2. Part 2

        Duty to keep and preserve records

      3. Part 3

        Enquiry into self-certificate

    12. Schedule 12

      Stamp duty land tax: collection and recovery of tax

      1. Part 1

        General

      2. Part 2

        Court proceedings

    13. Schedule 13

      Stamp duty land tax: information powers

      1. Part 1

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

      2. Part 2

        Power of authorised officer to call for documents from third party

      3. Part 3

        Power to call for papers of tax accountant

      4. Part 4

        Restrictions on powers under Parts 1 to 3

      5. Part 5

        Powers of board to call for documents or information

      6. Part 6

        Order of judicial authority for the delivery of documents

      7. Part 7

        Entry with warrant to obtain evidence of offence

      8. Part 8

        Falsification etc of documents

    14. Schedule 14

      Stamp duty land tax: determination of penalties and related appeals

    15. Schedule 15

      Stamp duty land tax: partnerships

      1. Part 1

        General provisions

      2. Part 2

        Ordinary partnership transactions

      3. Part 3

        Transactions excluded from stamp duty land tax

    16. Schedule 16

      Stamp duty land tax: trusts and powers

    17. Schedule 17

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

    18. Schedule 18

      Stamp duty land tax: consequential amendments

    19. Schedule 19

      Stamp duty land tax: commencement and transitional provisions

    20. Schedule 20

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

      1. Part 1

        Supplementary provisions

      2. Part 2

        Consequential amendments and repeals

    21. Schedule 21

      Approved share plans and schemes

      1. Part 1

        Share incentive plans

      2. Part 2

        SAYE option schemes

      3. Part 3

        CSOP schemes

    22. Schedule 22

      Employee securities and options

    23. Schedule 23

      Corporation tax relief for employee share acquisition

      1. Part 1

        General provisions

      2. Part 2

        Award of shares

      3. Part 3

        Grant of option

      4. Part 4

        Provisions applying in case of shares subject to forfeiture

      5. Part 5

        Supplementary provisions

      6. Part 6

        Commencement and transitional provisions

    24. Schedule 24

      Restriction of deductions for employee benefit contributions

    25. Schedule 25

      Determination of profits attributable to permanent establishment: supplementary provisions

    26. Schedule 26

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

    27. Schedule 27

      Permanent establishment etc: consequential amendments

    28. Schedule 28

      Capital gains tax: reporting limits and annual exempt amount

      1. Part 1

        Reporting limits

      2. Part 2

        Annual exempt amount

      3. Part 3

        Commencement

    29. Schedule 29

      Transfers of value: attribution of gains to beneficiaries

    30. Schedule 30

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

    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

      2. Part 2

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

      3. Part 3

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

      4. Part 4

        Entitlement of SME to certain relief available to large companies

      5. Part 5

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

      6. Part 6

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

    32. Schedule 32

      Tonnage tax: restrictions on capital allowances for lessors of ships

    33. Schedule 33

      Insurance companies

    34. Schedule 34