Finance Act 2001
Finance Act 2001 (2001 c. 9)
- Finance Act 2001 (2001 c. 9)
- 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
- SCHEDULE 2 RATES OF VEHICLE EXCISE DUTY ON GOODS VEHICLES
- SCHEDULE 3 EXCISE DUTY: PAYMENTS BY COMMISSIONERS IN CASE OF ERROR OR DELAY
- Part 1 PAYMENTS
- Duty paid in error
- Error relating to rebate
- Claims
- Part 2 INTEREST
- Commissioners’ delay
- Commissioners’ error
- Claims
- Rate of interest
- Part 3 APPEALS
- Part 4 GENERAL
- Amendments
- General
- SCHEDULE 4 AGGREGATES LEVY: REGISTRATION
- Notification of registrability etc.
- Form of registration
- Notification of loss or prospective loss of registrability
- Cancellation of registration
- Correction of the register etc.
- Supplemental regulations about notifications
- Publication of information on the register
- Interpretation of Schedule
- SCHEDULE 5 AGGREGATES LEVY: RECOVERY AND INTEREST
- Recovery of levy as debt due
- Assessments of amounts of levy due
- Supplementary assessments
- Time limits for assessments
- Penalty interest on unpaid levy
- Interest on overdue levy paid before assessment
- Penalty interest on levy where no return made
- Ordinary and penalty interest on under-declared levy
- Penalty interest on unpaid ordinary interest
- Penalty interest
- Supplemental provisions about interest
- Assessments to interest
- Further assessments to penalty interest
- Recovery by distress
- Walking possession agreements
- Recovery by diligence
- Preferential debts in England and Wales and Northern Ireland
- Preferred debts in Scotland
- Interpretation of Schedule etc.
- SCHEDULE 6 AGGREGATES LEVY: EVASION, MISDECLARATION AND NEGLECT
- Part 1 CRIMINAL OFFENCES
- Evasion
- Misstatements
- Conduct involving evasions or misstatements
- Preparations for evasion
- Criminal proceedings etc.
- Arrest
- Part 2 CIVIL PENALTIES
- Evasion
- Liability of directors etc. for civil penalties
- Misdeclaration or neglect
- Incorrect records etc evidencing claim for tax credit
- Part 3 INTERPRETATION OF SCHEDULE
- SCHEDULE 7 AGGREGATES LEVY: INFORMATION AND EVIDENCE ETC
- Provision of information
- Records
- Evidence of records that are required to be preserved
- Production of documents
- Powers in relation to documents produced
- Entry and inspection
- Entry and search
- Order for access to recorded information etc.
- Removal of documents etc.
- Enforcement of paragraph 9
- Power to take samples
- Evidence by certificate
- Inducements to provide information
- Disclosure of information
- Interpretation of Schedule
- SCHEDULE 8 AGGREGATES LEVY: REPAYMENTS AND CREDITS
- Reimbursement arrangements
- Interest payable by the Commissioners
- Assessment for excessive repayment
- Assessment for overpayments of interest
- Assessments under paragraphs 3 and 4
- Interest on amounts assessed
- Assessments to interest under paragraph 6
- Supplementary assessments
- Set-off of or against amounts due under this Part of this Act
- Set-off of or against other taxes and duties
- Restriction on powers to provide for set-off
- Supplemental provisions of Schedule
- SCHEDULE 9 AGGREGATES LEVY: GROUP TREATMENT
- Eligibility for group treatment
- Application for group treatment
- Modification of group treatment
- Termination of group treatment
- Applications relating to group treatment
- Notifications relating to group treatment
- Supplemental regulations about applications and notifications
- Interpretation of Schedule
- SCHEDULE 10 AGGREGATES LEVY: ASSESSMENT OF CIVIL PENALTIES AND INTEREST ON THEM
- Preliminary
- Assessments to penalties etc.
- Further assessments to daily penalties
- Time limits on penalty assessments
- Penalty interest on unpaid penalties
- Supplemental provisions about interest
- Assessments to penalty interest on unpaid penalties
- Further assessments to interest on penalties
- SCHEDULE 11 CHILDREN’S TAX CREDIT: BABY RATE: SUPPLEMENTARY
- Introduction
- Child living with married or unmarried couple
- Election that credit should go to lower-earning partner
- Child living with more than one adult: other cases
- Combined cases
- Change of circumstances
- SCHEDULE 12 MILEAGE ALLOWANCES
- Part 1 NEW SCHEDULE 12AA TO THE TAXES ACT 1988
- Part 2 CONSEQUENTIAL AMENDMENTS
- The Taxes Act 1988
- Finance Act 2000 (c. 17)
- SCHEDULE 13 EMPLOYEE SHARE OWNERSHIP PLANS: AMENDMENTS
- Introductory
- The employment requirement
- Meaning of “salary”
- No charge to tax on award of shares, etc.
- Charge on disposal of beneficial interest during holding period
- Charge on distributions in respect of unappropriated shares
- Dividend shares ceasing to be subject to plan: tax credit
- Gains accruing to trustees
- SCHEDULE 14 ENTERPRISE MANAGEMENT INCENTIVES: AMENDMENTS
- Introductory
- Period of notice
- General requirements to be met by option
- Purpose of granting option
- Value of options in respect of a company’s shares
- Income tax: option to acquire shares at less than market value
- Income tax: option to acquire shares at nil cost
- Disqualifying events: alteration of share capital
- Income tax charge arising on disqualifying event
- Qualifying requirements for replacement option
- Commencement
- SCHEDULE 15 ENTERPRISE INVESTMENT SCHEME: AMENDMENTS
- Part 1 INCOME TAX RELIEF
- Introductory
- Oil activities
- Requirement as to the money raised
- Repayment supplements
- Designated period
- Unquoted company requirement
- Royalties and licence fees
- Value received by individual etc.
- Repayment of share capital
- Claims
- Information
- Interpretation
- Part 2 POSTPONEMENT OF CHARGEABLE GAIN ON REINVESTMENT
- Introductory
- Requirement as to the money raised
- Designated period
- Value received by investor
- Value received by persons other than the investor
- Certain receipts to be disregarded
- Information
- Trustees: anti-avoidance
- Interpretation
- Part 3 MISCELLANEOUS AND GENERAL
- Loss relief
- Penalties in connection with returns etc.
- Commencement
- SCHEDULE 16 VENTURE CAPITAL
- Part 1 VENTURE CAPITAL TRUSTS
- Meaning of “qualifying holdings”
- Income tax relief: repayment supplements
- Part 2 CORPORATE VENTURING SCHEME
- Introductory
- Money raised by issue of shares
- Receipt of replacement value
- Value received by other persons
- Insignificant repayments disregarded
- SCHEDULE 17 CAPITAL ALLOWANCES: ENERGY-SAVING PLANT AND MACHINERY
- SCHEDULE 18 CAPITAL ALLOWANCES: FIXTURES PROVIDED IN CONNECTION WITH ENERGY MANAGEMENT SERVICES
- 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
- SCHEDULE 20 CAPITAL ALLOWANCES: OFFSHORE OIL INFRASTRUCTURE
- Part 1 CHARGEABLE PERIODS ENDING BEFORE 1ST OR 6TH APRIL 2001
- Writing-down allowances: infrastructure from UK or non-UK oil fields
- Ring fence trades: special allowance for pre-cessation abandonment expenditure
- Ring fence trades: allowances for post-cessation expenditure
- Commencement of Part 1
- Part 2 CHARGEABLE PERIODS ENDING ON OR AFTER 1ST OR 6TH APRIL 2001
- Writing-down allowances: infrastructure from UK or non-UK oil fields
- Ring fence trades: meaning of “abandonment expenditure”
- Ring fence trades: special allowance for pre-cessation expenditure
- Ring fence trades: allowances for post-cessation expenditure
- Commencement of Part 2
- SCHEDULE 21 CAPITAL ALLOWANCES: MINOR AMENDMENTS
- Thermal insulation of industrial buildings
- Fixtures: purchasers of land and incoming lessees
- Meaning of “sale and finance leaseback”
- Effect of partnership changes
- Enterprise zones
- Highway concessions
- SCHEDULE 22 REMEDIATION OF CONTAMINATED LAND
- Part 1 DEDUCTION FOR CAPITAL EXPENDITURE
- Deduction for capital expenditure
- Qualifying land remediation expenditure
- Land in a contaminated state
- Relevant land remediation
- Employee costs
- Expenditure on materials
- Expenditure incurred because of contamination
- Subsidised expenditure
- Qualifying expenditure on sub-contracted land remediation
- Treatment of expenditure where company and sub-contractor are connected persons
- Treatment of sub-contractor payment in other cases
- Part 2 ENTITLEMENT TO LAND REMEDIATION RELIEF
- Entitlement to relief
- Part 3 MANNER OF GIVING EFFECT TO RELIEF
- Deduction in computing profits of Schedule A business or trade
- Entitlement to land remediation tax credit
- Amount of land remediation tax credit
- Payment in respect of land remediation tax credit
- Restriction on losses carried forward
- Tax credit not income
- Certain qualifying land remediation expenditure excluded for purposes of capital gains
- Part 4 SPECIAL PROVISION FOR LIFE ASSURANCE BUSINESS
- Limitation on relief
- Provision in respect of “I minus E” basis
- Entitlement to relief: “I minus E” basis
- Giving effect to relief: enhanced expenses payable
- Entitlement to life assurance company tax credit
- Amount of life assurance company tax credit
- Payment in respect of life assurance company tax credit, etc
- Restriction on carrying forward expenses payable
- Certain qualifying expenditure excluded for purposes of capital gains
- Part 5 SUPPLEMENTARY PROVISIONS
- Artificially inflated claims for deduction, relief or tax credit
- Funding of tax credits
- Interpretation
- Transitional provisions
- SCHEDULE 23 LAND REMEDIATION: CONSEQUENTIAL AMENDMENTS
- Computation under Schedule A
- Computation of profits of insurance companies
- Interest
- Claim must be made in tax return
- Recovery of excessive tax credit
- 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
- SCHEDULE 25 LIMITED LIABILITY PARTNERSHIPS: INVESTMENT LLPS AND PROPERTY INVESTMETN LLPS
- Meaning of “investment LLP” and “property investment LLP”
- Pension funds, &c.: exclusion of exemptions from tax in case of income from property investment LLPs
- Pension funds, &c.: exclusion of exemption from trusts rate in case of income from property investment LLPs
- Pension funds, &c.: exclusion of exemptions in case of gains from property investment LLPs
- Insurance companies: treatment of income or gains arising from property investment LLP
- Insurance companies: double taxation relief
- Insurance companies: capital allowances
- Friendly societies: exclusion of exemptions from tax
- Exclusion of relief on loans to buy into investment LLP
- SCHEDULE 26 CAPITAL GAINS TAX: TAPER RELIEF: BUSINESS ASSETS
- Introductory
- Conditions for assets other than shares to qualify as business assets
- Companies which are qualifying companies
- Meaning of “material interest”
- Interpretation of Schedule A1
- Qualifying shareholdings in joint venture companies
- Joint enterprise companies: relevant connection
- SCHEDULE 27 DOUBLE TAXATION RELIEF
- Computation of income subject to foreign tax
- Restriction of relief for underlying tax
- Credit for underlying tax: UK company related through overseas company
- Dividends that give rise to eligible unrelieved foreign tax
- The amounts that are eligible unrelieved foreign tax
- Underlying tax excluded from claim not to be allowed under section 811
- 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
- Introductory
- Interpretation
- Life policies: chargeable events
- Life policies: computation of gain
- Life annuity contracts: chargeable events
- Life annuity contracts: computation of gain
- Capital redemption policies: chargeable events
- The value of a part or share assigned
- Assignments etc involving co-ownership
- Charging tax in respect of certain section 546 excesses
- Method of charging gain to tax
- Method of charging gain to tax: multiple interests
- Corresponding deficiency relief
- Relief where gain charged at higher rate
- Right of individual to recover tax from trustees
- Right of company to recover tax from trustees
- Non-resident policies and off-shore capital redemption policies
- Part 2 PROVISION OF INFORMATION BY INSURERS
- Information: duty of insurers
- Duties of overseas insurers’ tax representatives
- Penalties
- SCHEDULE 29 AMENDMENTS TO MACHINERY OF SELF-ASSESSMENT
- Part 1 AMENDMENT OR CORRECTION OF RETURN
- Assessment by Revenue treated as included in return
- Power to amend or correct personal or trustee return
- Power to amend or correct partnership return
- Part 2 ENQUIRIES INTO RETURNS
- Enquiry into personal or trustee return
- Enquiry into partnership return
- Part 3 REFERRAL OF QESTIONS DURING ENQUIRY
- Enquiry into personal, trustee or partnership return
- Enquiry into company tax return
- Part 4 PROCEDURE ON COMPLETION OF ENQUIRY
- Procedure on completion of enquiry into personal or trustee return
- Procedure on completion of enquiry into partnership return
- Procedure on completion of enquiry into claims, &c. not included in returns
- Part 5 MINOR AND CONSEQUENTIAL AMENDMENTS
- Appeals
- Due date for payment after amendment or correction of return
- Effect of return on recovery proceedings
- Other amendments of the Taxes Management Act 1970
- Consequential amendments of other enactments
- SCHEDULE 31 VALUE ADDED TAX: RE-ENACTMENT OF REDUCED RATE PROVISIONS
- Part 1 NEW SCHEDULE 7A TO THE VALUE ADDED TAX ACT 1994
- Part 2 CONSEQUENTIAL AMENDMENTS
- Value Added Tax Act 1994 (c.23)
- Finance Act 2000 (c.17)
- SCHEDULE 32 PETROLEUM REVENUE TAX: UNRELIEVABLE FIELD LOSSES
- 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
- Meaning of “excluded transfer”
- Meaning of “subsequent new owner”
- Transfers of interests in oil fields: interpretation
- Schedule applies in place of section 6(1C) of the Oil Taxation Act 1975
- General rule for determinations under this Schedule of “unrelievable portion” of loss
- Loss to be relieved against other participators’ profits
- Extent to which losses to be relieved
- Profits not to be utilised more than once
- Relieving different losses against the same profits
- Construction as one with Part 1 of the Oil Taxation Act 1975
- SCHEDULE 33 REPEALS
- Part 1 EXCISE DUTIES
- Part 2 INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX
- Part 3 OTHER TAXES
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