Finance Act 2003
Finance Act 2003 (2003 c. 14)
- Finance Act 2003 (2003 c. 14)
- Part 1 Excise duties
- Tobacco products duty
- 1 Rates of tobacco products duty
- Alcoholic liquor duties
- 2 Rate of duty on beer
- 3 Rates of duty on wine and made-wine
- Hydrocarbon oil duties
- 4 Rates of hydrocarbon oil duties
- 5 Rebates on hydrocarbon oil duties
- Betting and gaming duties
- 6 General betting duty and pool betting duty: relief for losses
- 7 General betting duty: betting exchanges
- 8 General betting duty: restriction of exemption for on-course bets
- 9 Bingo duty
- 10 Amusement machines not operated by coins or tokens
- 11 Amusement machines: use of currencies other than sterling
- 12 Responsibility for unlicensed amusement machines
- 13 Rates of gaming duty
- Vehicle excise duty
- 14 Vehicle excise duty: rates
- 15 Disclosure for exemptions: Northern Ireland
- 16 Duty at higher rate: exception for tractive units
- Part 2 Value added tax
- 17 Requirement of evidence or security
- 18 Joint and several liability for unpaid VAT of another trader
- 19 Face-value vouchers
- 20 Supplies arising from prior grant of fee simple
- 21 Business gifts
- 22 Non-business use of business property
- 23 Supply of electronic services in member States: special accounting scheme
- Part 3 Taxes and duties on importation and exportation: penalties
- Preliminary
- 24 Introductory
- The penalties
- 25 Penalty for evasion
- 26 Penalty for contravention of relevant rule
- 27 Exceptions from section 26
- 28 Liability of directors etc where body corporate liable to penalty for evasion
- Reduction of amount of penalty
- 29 Reduction of penalty under section 25 or 26
- Demand notices
- 30 Demands for penalties
- 31 Time limits for demands for penalties
- 32 No prosecution after demand notice for penalty under section 26
- Appeals and reviews
- 33 Right to appeal against certain decisions
- 33A Offer of review
- 33B Review by HMRC
- 33C Extensions of time
- 33D Review out of time
- 33E Nature of review etc
- 33F Bringing of appeals
- 34 Time limit and right to further review
- 35 Powers of Commissioners on a review
- 36 Appeals to a tribunal
- 37 Appeal tribunals
- Evidence
- 38 Admissibility of certain statements and documents
- Miscellaneous and supplementary
- 39 Service of notices
- 40 Penalties not to be deducted for income tax or corporation tax purposes
- 41 Regulations and orders
- Part 4 Stamp duty land tax
- Introduction
- 42 The tax
- Land transactions
- 43 Land transactions
- 44 Contract and conveyance
- 44A Contract providing for conveyance to third party
- 45 Transactions entered into before completion of contract
- 45A Contract providing for conveyance to third party: effect of transfer of rights
- 46 Options and rights of pre-emption
- 47 Exchanges
- Chargeable interests, chargeable transactions and chargeable consideration
- 48 Chargeable interests
- 48A Interests, transactions and consideration where land in England and Wales
- 49 Chargeable transactions
- 50 Chargeable consideration
- 51 Contingent, uncertain or unascertained consideration
- 52 Annuities etc: chargeable consideration limited to twelve years' payments
- 53 Deemed market value where transaction involves connected company
- 54 Exceptions from deemed market value rule
- Amount of tax chargeable
- 55 Amount of tax chargeable: general
- 55A Amount of tax chargeable: higher rate for certain transactions
- 56 Amount of tax chargeable: rent
- Reliefs
- 57 Disadvantaged areas relief
- 57A Sale and leaseback arrangements
- 57AA First-time buyers
- 57B First-time buyers
- 58A Relief for certain acquisitions of residential property
- 58B Relief for new zero-carbon homes
- 58C Relief for new zero-carbon homes: supplemental
- 58D Transfers involving multiple dwellings
- 60 Compulsory purchase facilitating development
- 61 Compliance with planning obligations
- 61A Relief for special tax sites
- 62 Group relief and reconstruction or acquisition relief
- 63 Demutualisation of insurance company
- 64 Demutualisation of building society
- 64A Initial transfer of assets to trustees of unit trust scheme
- 65 Incorporation of limited liability partnership
- 65A Seeding relief
- 66 Transfers involving public bodies
- 66A Resolution of financial institutions
- 67 Transfer in consequence of reorganisation of parliamentary constituencies
- 67A Acquisitions by certain health service bodies
- 68 Charities relief
- 69 Acquisition by bodies established for national purposes
- 70 Right to buy transactions, shared ownership leases etc
- 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
- 73A Sections 71A to 73: relationship with Schedule 7
- 73AB Section 71A : arrangements to transfer control of financial institution
- 73B Exempt interests
- 73BA Meaning of “financial institution”
- 73C Alternative finance investment bonds
- 73CA Sections 71A to 73: first-time buyers
- 74 Exercise of collective rights by tenants of flats
- 75 Crofting community right to buy
- Increased rates for non-resident transactions
- 75ZA Increased rates for non-resident transactions
- Anti-avoidance
- 75A Anti-avoidance
- 75B Anti-avoidance: incidental transactions
- 75C Anti-avoidance: supplemental
- Returns and other administrative matters
- 76 Duty to deliver land transaction return
- 77 Notifiable transactions
- 77A Exceptions for certain acquisitions of major interests in land
- 78 Returns, enquiries, assessments and related matters
- 78A Disclosure of information contained in land transaction returns
- 79 Registration of land transactions etc
- 80 Adjustment where contingency ceases or consideration is ascertained
- 81 Further return where relief withdrawn
- 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
- 82 Loss or destruction of, or damage to, return etc
- 82A Claims not included in returns
- 83 Formal requirements as to assessments, penalty determinations etc
- 84 Delivery and service of documents
- Liability for and payment of tax
- 85 Liability for tax
- 86 Payment of tax
- 87 Interest on unpaid tax
- 87A Interest on unpaid tax: cases involving Reserved Investor Fund (Contractual Schemes)
- 88 Interest on penalties
- 89 Interest on repayment of tax overpaid etc
- 90 Application to defer payment in case of contingent or uncertain consideration
- 91 Collection and recovery of tax etc
- 92 Payment by cheque
- Compliance
- 93 Information powers
- 94 Power to inspect premises
- 95 Offence of fraudulent evasion of tax
- 96 Penalty for assisting in preparation of incorrect return etc
- 97 Power to allow further time and reasonable excuse for failure
- 98 Admissibility of evidence not affected by offer of settlement etc
- 99 General provisions about penalties
- Application of provisions
- 100 Companies
- 101 Unit trust schemes
- 102 Open-ended investment companies
- 102A Co-ownership ... contractual schemes
- 103 Joint purchasers
- 104 Partnerships
- 105 Trustees
- 106 Persons acting in a representative capacity etc
- 107 Crown application
- Supplementary provisions
- 108 Linked transactions
- 109 General power to vary this Part by regulations
- 110 Approval of regulations under general power
- 111 Claim for repayment if regulations under general power not approved
- 112 Power to amend certain provisions before implementation
- 113 Functions conferred on “the Inland Revenue”
- 114 Orders and regulations made by the Treasury or the Inland Revenue
- 115 General and Special Commissioners, appeals and other proceedings
- Interpretation etc
- 116 Meaning of “residential property”
- 117 Meaning of “major interest” in land
- 118 Meaning of “market value”
- 119 Meaning of “effective date” of a transaction
- 120 Further provisions relating to leases
- 121 Minor definitions
- 122 Index of defined expressions
- Final provisions
- 123 Consequential amendments
- 124 Commencement and transitional provisions
- Part 5 Stamp duty
- 125 Abolition of stamp duty except on instruments relating to stock or marketable securities
- 126 Circumstances in which group relief withdrawn
- 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
- Income tax
- 131 Charge and rates for 2003-04
- 132 Indexed rate bands for 2003-04: PAYE deductions etc
- Corporation tax
- 133 Charge and main rate for financial year 2004
- 134 Small companies' rate and fraction for financial year 2003
- 135 Corporation tax starting rate and fraction for financial year 2003
- Part 7 Income tax, corporation tax and capital gains tax: general
- Employment income and related matters
- 136 Provision of services through intermediary
- 137 Exemption where homeworker’s additional expenses met by employer
- 138 Taxable benefits: lower threshold for cars with a CO2 emissions figure
- 139 Approved share plans and schemes
- 140 Employee securities and options
- 141 Corporation tax relief for employee share acquisitions
- 142 Ending of relief for contributions to QUESTS
- 143 Restriction of deductions for employee benefit contributions
- 144 PAYE on notional payments: reimbursement period
- 145 PAYE: regulations and notional payments
- 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
- 148 Meaning of “permanent establishment”
- 149 Non-resident companies: basis of charge to corporation tax
- 150 Non-resident companies: assessment, collection and recovery of corporation tax
- 151 Non-resident companies: extent of charge to income 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
- 155 Consequential amendments
- 156 Overseas life insurance companies
- Chargeable gains
- 157 Life insurance policies and deferred annuity contracts
- 158 Application of market value rule in case of exercise of option
- 159 Reporting limits and annual exempt amount
- 160 Taper relief: assets qualifying as business assets
- 161 Earn-out rights to be treated as securities unless contrary election
- 162 Deferred unascertainable consideration: election for treatment of loss
- 163 Transfers of value: attribution of gains to beneficiaries
- Capital allowances and related matters
- 164 Avoidance affecting proceeds of balancing event
- 165 Extension of first-year allowances for ICT expenditure by small enterprises
- 166 Expenditure on software for sub-licensing
- 167 First-year allowances for expenditure on environmentally beneficial plant or machinery
- 168 Relief for research and development
- 169 Tonnage tax: extension of capital allowance restrictions on lessors of ships
- Life insurance and pensions
- 170 Insurance companies
- 171 Policies of life insurance etc: miscellaneous amendments
- 172 Charges under life insurance policies for exceptional risk of disability
- 173 Gains on policies of life insurance etc: rate of tax
- 174 Personal pension arrangements: limit on contributions
- Miscellaneous
- 175 Payments to adopters
- 176 Foster carers
- 177 Currency contracts and currency options
- 178 Loan relationships: amendments
- 179 Derivative contracts: transactions within groups
- 180 Contributions to urban regeneration companies
- 181 Repos etc
- 182 Relevant discounted securities: withdrawal of relief for costs and losses, etc
- 183 Court common investment funds
- 184 Intangible fixed assets: tax avoidance arrangements and related parties
- Part 8 Other taxes
- Inheritance tax
- 185 Gifts with reservation
- 186 Authorised unit trusts, OEICs and common investment funds
- Landfill tax
- 187 Rate of landfill tax
- Climate change levy
- 188 Exemption for fuel used in recycling processes
- 189 CHP exemption to be based on current efficiency
- 190 Supplies not known to be taxable when made, etc
- 191 Deemed supplies
- 192 Amendments about registration, payment etc
- 193 Electricity from renewable sources etc
- Insurance premium tax
- 194 Higher rate of tax: divided companies
- Part 9 Miscellaneous and supplementary provisions
- Provisions consequential on changes to company law
- 195 Companies acquiring their own shares
- 196 Companies in administration
- International matters
- 197 Exchange of information between tax authorities of member States
- 198 Arrangements for mutual exchange of tax information
- 199 Savings income: Community obligations and international arrangements
- 200 Controlled foreign companies: exempt activities
- 201 Application of CFC provisions to Hong Kong and Macao companies
- Administrative matters
- 202 Deduction of tax from interest: recognised clearing houses etc
- 203 Authorised unit trusts: interest distributions paid gross
- 204 Mandatory electronic payment
- 205 Use of electronic means of payment under other provisions
- 206 Admissibility of evidence not affected by offer of settlement etc
- 207 Consequential claims etc
- National Savings
- 208 Ordinary accounts and investment accounts
- 209 Abolition of accounting requirements relating to investment deposits
- Other financial matters
- 210 Payments for service of national debt
- 211 Definition of liabilities and assets of National Loans Fund
- 212 Accounts of Consolidated Fund and National Loans Fund
- 213 Debt Management Account: abolition of borrowing cap
- 214 Payments in error from or to National Loans Fund
- Supplementary
- 215 Interpretation
- 216 Repeals
- 217 Short title
- SCHEDULES
- SCHEDULE 1 VAT: face-value vouchers
- SCHEDULE 2 Supply of electronic services in member States: VAT special accounting scheme
- Introductory
- Insertion of new section 3A
- Persons registered under Schedule 1
- The special accounting scheme
- SCHEDULE 2A Transactions entered into before completion of contract
- Pre-completion transactions
- Other key expressions
- 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
- Assignment of rights: references to “the vendor”
- 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”
- Minimum consideration rule
- The first minimum amount
- The second minimum amount
- Relief for transferor: assignment of rights
- Relief for original purchaser: qualifying subsales
- Application of paragraph 16 to successive subsales
- Tax avoidance arrangements
- Exclusion of transactions from duty to make returns etc
- Connected persons
- Interpretation of Schedule
- SCHEDULE 3 Stamp duty land tax: transactions exempt from charge
- No chargeable consideration
- Grant of certain leases by registered social landlords
- Transactions in connection with divorce etc
- Assents and appropriations by personal representatives
- Transactions in connection with dissolution of civil partnership etc
- Variation of testamentary dispositions etc
- Power to add further exemptions
- SCHEDULE 4 Stamp duty land tax: chargeable consideration
- Money or money’s worth
- Value added tax
- Postponed consideration
- Just and reasonable apportionment
- Exchanges
- Partition etc: disregard of existing interest
- Valuation of non-monetary consideration
- Debt as consideration
- Cases where conditions for exemption not fully met
- Conversion of amounts in foreign currency
- Carrying out of works
- Provision of services
- Land transaction entered into by reason of employment
- Obligations under lease
- Surrender of existing lease in return for new lease
- Reverse premium
- Indemnity given by purchaser
- Purchaser bearing inheritance tax liability
- Purchaser bearing capital gains tax liability
- Costs of enfranchisement
- Arrangements involving public or educational bodies
- SCHEDULE 4ZA Stamp duty land tax: higher rates for additional dwellings and dwellings purchased by companies
- PART 1 Higher rates
- PART 2 Meaning of “higher rates transaction”
- Meaning of “higher rates transaction” etc
- Single dwelling transactions
- Multiple dwelling transactions
- Exception where purchaser has prior interest in purchased dwelling
- PART 3 Supplementary provisions
- Further provision in connection with paragraph 3(6) and (7)
- Spouses and civil partners purchasing alone
- Spouses and civil partners purchasing from one another
- Property adjustment on divorce, dissolution of civil partnership etc
- Settlements and bare trusts
- Partnerships
- Alternative finance arrangements
- Major interests in dwellings inherited jointly
- Dwellings outside England, ... and Northern Ireland
- What counts as a dwelling
- Power to modify this Schedule
- SCHEDULE 4A Stamp duty land tax: higher rate for certain transactions
- Meaning of “higher threshold interest”
- Transactions involving a higher threshold interest
- 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
- Meaning of “non-qualifying individual”
- Trades involving making a dwelling available to the public
- Financial institutions acquiring dwellings in the course of lending
- Acquisition under a regulated home reversion plan
- Dwellings for occupation by certain employees etc of a relievable business
- More about the condition in paragraph 5D(2)(a)
- Acquisition by management company of flat for occupation by caretaker
- Farmhouses
- Qualifying housing co-operatives
- Withdrawal of relief
- 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
- Meaning of “dwelling”
- Interpretation
- SCHEDULE 5 Stamp duty land tax: amount of tax chargeable: rent
- Introduction
- Amounts payable in respect of periods before grant of lease
- Calculation of tax chargeable in respect of rent
- Net present value of rent payable over term of lease
- Rent payable
- Effect of provision for rent review
- Term of lease
- Treatment of lease for indefinite term
- Temporal discount rate
- Tax chargeable in respect of consideration other than rent : general
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Increase of rent treated as grant of new lease
- Interpretation
- SCHEDULE 6 Stamp duty land tax: disadvantaged areas relief
- Part 1 Disadvantaged areas
- Meaning of “disadvantaged area”
- Continuation of regulations made for purposes of stamp duty
- Part 2 Land wholly situated in a disadvantaged area
- Introduction
- Land all non-residential
- Land all residential
- Land partly non-residential and partly residential
- Part 3 Land partly situated in a disadvantaged area
- Introduction
- Land all non-residential
- Land all residential
- Land partly non-residential and partly residential
- Part 4 Supplementary
- Relevant consideration and relevant rental value
- Rent and annual rent
- Notification of transactions
- SCHEDULE 6ZA Relief for first-time buyers
- PART 1 Eligibility for relief
- Eligibility for relief
- Eligibility for relief: linked transactions within paragraph 1(6)
- Eligibility for relief: alternative finance arrangements
- Eligibility for relief: acquisition of new lease on bare trust
- PART 2 The Relief
- The relief
- Withdrawal of relief
- PART 3 Interpretation
- “First-time buyer”
- “Relevant consideration”
- “Major interest”
- What counts as a dwelling
- SCHEDULE 6A Relief for certain acquisitions of residential property
- Acquisition by house-building company from individual acquiring new dwelling
- Acquisition by property trader from individual acquiring new dwelling
- Acquisition by property trader from personal representatives
- Acquisition by property trader from individual where chain of transactions breaks down
- Acquisition by employer in case of relocation of employment
- Acquisition by property trader in case of relocation of employment
- Meaning of “dwelling”, “new dwelling” and “the permitted area”
- Meaning of “property trader” and “principal”
- Meaning of “refurbishment” and “the permitted amount”
- Connected companies etc
- Withdrawal of relief under this Schedule
- Schedule 6B Transfers involving multiple dwellings
- Introduction
- Transactions to which this Schedule applies
- Key terms
- The relief
- The amount of tax chargeable
- Adjustment for change of circumstances
- What counts as a dwelling
- SCHEDULE 6C Stamp duty land tax: relief for special tax sites
- PART 1 qualifying land
- Transaction land
- Qualifying land
- Use of land in a qualifying manner
- Connected persons
- PART 2 The relief
- Exemption
- Other relief
- Attributing chargeable consideration to land
- PART 3 Withdrawal of relief
- Withdrawal of relief
- The control period
- Disposal of interest in part of qualifying land during control period
- PART 4 Alternative finance arrangements
- Cases involving alternative finance arrangements
- PART 5 Power to change when relief is available
- Power to change the cases in which relief is available
- Approval of regulations
- SCHEDULE 7 Stamp duty land tax: group relief and reconstruction and acquisition reliefs
- Part 1 Group relief
- Group relief
- Restrictions on availability of group relief
- Certain arrangements not within paragraph 2
- Certain mortgage arrangements not within paragraph 2
- Withdrawal of group relief
- Cases in which group relief not withdrawn
- Group relief not withdrawn where vendor leaves group
- Withdrawal of group relief in certain cases involving successive transactions
- Recovery of group relief from another group company or controlling director
- Recovery of group relief: supplementary
- Part 2 Reconstruction and acquisition reliefs
- Reconstruction relief
- Acquisition relief
- Withdrawal of reconstruction or acquisition relief
- 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
- SCHEDULE 7A Seeding relief
- PART 1 Property authorised investment funds
- PAIF seeding relief
- Meaning of “property AIF”
- Meaning of “seeding period”
- Restrictions on availability of relief
- Withdrawal of relief: ceasing to be property AIF
- Withdrawal of relief: portfolio test not met
- Withdrawal of relief: units disposed of
- Withdrawal of relief: dwelling occupied by non-qualifying individual
- PART 2 Co-ownership ... contractual schemes
- Co-ownership scheme seeding relief
- Meaning of “seeding period”
- Restrictions on availability of relief
- Withdrawal of relief: ceasing to be co-ownership ... contractual scheme
- Withdrawal of relief: genuine diversity of ownership condition not met by COACS
- Genuine diversity of ownership condition
- Withdrawal of relief: portfolio test not met
- Withdrawal of relief: units disposed of
- Withdrawal of relief: dwelling occupied by non-qualifying individual
- PART 3 Interpretation
- “Feeder fund” and “units”
- Interpretation of other terms
- SCHEDULE 8 Stamp duty land tax: charities relief
- Charities relief
- Withdrawal of charities relief
- Cases where first condition not fully met
- Joint purchasers: partial relief
- Withdrawal of relief given under paragraph 3A
- Partial relief: charity not fully meeting the “qualifying charity” condition
- Charitable trusts
- SCHEDULE 9 Stamp duty land tax: right to buy, shared ownership leases etc
- Right to buy transactions
- Shared ownership lease: election for market value treatment
- Transfer of reversion under shared ownership lease where election made for market value treatment
- Shared ownership lease: election where staircasing allowed
- 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”
- Rent to mortgage or rent to loan: chargeable consideration
- Shared ownership trust: introduction
- Shared ownership trust: “purchaser”
- Shared ownership trust: election for market value treatment
- 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
- Rent to shared ownership lease: charge to tax
- Rent to shared ownership trust: charge to tax
- 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
- SCHEDULE 9A Increased rates for non-resident transactions
- PART 1 Introduction
- PART 2 Meaning of “non-resident transaction”
- Meaning of “non-resident transaction”
- PART 3 “Non-resident” in relation to a chargeable transaction: individuals
- Whether individual “non-resident” in relation to a chargeable transaction
- Whether individual “UK resident” in relation to a chargeable transaction: basic rule
- Whether individual “UK resident” in relation to a chargeable transaction: special cases
- Crown employment
- PART 4 “Non-resident” in relation to a chargeable transaction: companies
- Whether company is “non-resident” in relation to a chargeable transaction
- Meaning of “close company”
- Non-UK control
- Non-UK control: attribution of rights and powers
- Excluded companies
- PART 5 Special rules for particular purchasers and transactions
- Spouses and civil partners of UK residents
- Bare trust acquiring new lease
- Purchase by settlement if beneficiary entitled to occupy, or to income from, dwelling
- Co-ownership ... contractual schemes
- Alternative property finance
- Completion of contract previously substantially performed
- PART 6 Supplementary provision
- Completion of land transaction return
- Amendment of return where individual becomes UK resident after return delivered
- What counts as a dwelling
- Interpretation
- Power to modify this Schedule
- SCHEDULE 10 Stamp duty land tax: returns, enquiries, assessments and appeals
- Part 1 Land transaction returns
- Contents of return
- Declaration by agent
- Declaration by the relevant Official Solicitor
- Meaning of filing date and delivery of return
- Failure to deliver return: flat-rate penalty
- Failure to deliver return: tax-related penalty
- Formal notice to deliver return: daily penalty
- Amendment of return by purchaser
- Correction of return by Revenue
- Penalty for incorrect or uncorrected return
- Part 2 Duty to keep and preserve records
- Duty to keep and preserve records
- Preservation of information etc
- Penalty for failure to keep and preserve records
- Part 3 Enquiry into return
- Notice of enquiry
- Scope of enquiry
- Notice to produce documents etc for purposes of enquiry
- Appeal against notice to produce documents etc
- Penalty for failure to produce documents etc
- Amendment of self-assessment during enquiry to prevent loss of tax
- Amendment of return by taxpayer during enquiry
- Referral of questions to the tribunal during enquiry
- Withdrawal of notice of referral
- Effect of referral on enquiry
- Effect of determination
- Completion of enquiry
- Direction to complete enquiry
- Part 4 Revenue determination if no return delivered
- Determination of tax chargeable if no return delivered
- Determination to have effect as a self-assessment
- Determination superseded by actual self-assessment
- Part 5 Revenue assessments
- Assessment where loss of tax discovered
- Assessment to recover excessive repayment of tax
- Restrictions on assessment where return delivered
- Time limit for assessment
- Losses brought about carelessly or deliberately
- Assessment procedure
- Part 6 Relief in case of overpaid tax or excessive assessment
- Relief in case of double assessment
- Claim for relief for overpaid tax etc
- Cases in which Commissioners not liable to give effect to a claim
- Making a claim
- The claimant: partnerships
- Assessment of claimant in connection with claim
- Contract settlements
- Part 7 Reviews and appeals
- Right of appeal
- Notice of appeal
- Appeal: HMRC review or determination by tribunal
- Appellant requires review by HMRC
- HMRC offer review
- Notifying appeal to the tribunal
- Nature of review etc
- Effect of conclusions of review
- Notifying appeal to tribunal after review concluded
- Notifying appeal to tribunal after review offered but not accepted
- Other interpretation
- Settling of appeals by agreement
- Recovery of tax not postponed by appeal
- Direction by the tribunal to postpone payment
- Agreement to postpone payment of tax
- Tribunal determinations
- Assessments and self assessments
- Payment of stamp duty land tax where there is a further appeal
- Late notice of appeal
- Questions to be determined by the relevant tribunal
- Meaning of HMRC
- SCHEDULE 11 Stamp duty land tax: record-keeping where transaction is not notifiable
- Part 1 General
- Introductory
- Form and contents of self-certificate
- Declaration by agent
- Declaration by the relevant Official Solicitor
- Tax-related penalty for fraud or negligence
- Part 2 Duty to keep and preserve records
- Duty to keep and preserve records
- Preservation of information etc
- Penalty for failure to keep and preserve records
- Part 3 Enquiry into self-certificate
- Notice of enquiry
- Scope of enquiry
- Notice to produce documents etc for purposes of enquiry
- Appeal against notice to produce documents etc
- Penalty for failure to produce documents etc
- Referral of questions to Special Commissioners during enquiry
- Withdrawal of notice of referral
- Effect of referral on enquiry
- Effect of determination
- Completion of enquiry
- Direction to complete enquiry
- SCHEDULE 11A Stamp duty land tax: claims not included in returns
- Introductory
- Making of claims
- Duty to keep and preserve records
- Preservation of information etc
- Amendment of claim by claimant
- Correction of claim by Revenue
- Giving effect to claims and amendments
- Notice of enquiry
- Notice to produce documents etc for purposes of enquiry
- Appeal against notice to produce documents etc
- Penalty for failure to produce documents etc
- Completion of enquiry
- Direction to complete enquiry
- Giving effect to amendments under paragraph 11
- Appeals against amendments under paragraph 11
- Jurisdiction of Commissioners
- SCHEDULE 12 Stamp duty land tax: collection and recovery of tax
- Part 1 General
- Issue of tax demands and receipts
- Recovery of tax by distraint
- Recovery of tax by diligence in Scotland
- Part 2 Court proceedings
- Civil proceedings in magistrates' court or court of summary jurisdiction
- Proceedings in county court or sheriff court
- Proceedings in High Court or Court of Session
- ...
- SCHEDULE 13 Stamp duty land tax: information powers
- Part 1 Power of authorised officer to call for documents or information from taxpayer
- Notice requiring taxpayer to deliver documents or provide information
- Requirement of consent of the tribunal
- Contents of notice under this Part
- Summary of reasons to be given
- Power to take copies of documents etc
- Part 2 Power of authorised officer to call for documents from third party
- Notice requiring documents to be delivered or made available
- Requirement of consent of the tribunal
- Contents of notice under paragraph 6
- Copy of notice to be given to taxpayer
- Summary of reasons to be given
- Power to give notice relating to unnamed taxpayer or taxpayers
- Contents of notice under paragraph 11
- Power to take copies of documents etc
- Part 3 Power to call for papers of tax accountant
- Power to call for papers of tax accountant
- When notice may be given
- Requirement of consent of appropriate judicial authority
- Contents of notice
- Power to take copies of documents etc
- Part 4 Restrictions on powers under Parts 1 to 3
- Introduction
- Personal records or journalistic material
- Documents or information relating to pending appeal
- Barristers, advocates and solicitors
- Provision of copies instead of original documents
- Documents originating more than six years before date of notice
- Documents subject to legal privilege
- Documents belonging to auditor or tax adviser
- Documents belonging to auditor or tax adviser: information to be disclosed
- Part 5 Powers of board to call for documents or information
- Notice requiring delivery of documents or provision of information
- Contents of notice
- Power to take copies of documents etc
- Exclusion of personal records or journalistic material
- Part 6 Order of judicial authority for the delivery of documents
- Order for the delivery of documents
- Notice of application for order
- Obligations of person given notice of application
- Exception of items subject to legal privilege
- Resolution of disputes as to legal privilege
- Complying with an order
- Document not to be retained if photograph or copy sufficient
- Access to or supply of photograph or copy of documents delivered
- Sanction for failure to comply with order
- Notice of order, etc
- General provisions about regulations
- Part 7 Entry with warrant to obtain evidence of offence
- Power to issue warrant
- Meaning of offence involving serious fraud
- Approval of application by Board
- Extent of powers conferred by warrant
- Exercise of powers conferred by warrant
- Items subject to legal privilege
- Procedure where documents etc are removed
- Document not to be retained if photograph or copy sufficient
- Access to or supply of photograph or copy of items removed
- Endorsement and custody etc of warrant
- Part 8 Falsification etc of documents
- Falsification etc of documents
- SCHEDULE 14 Stamp duty land tax: determination of penalties and related appeals
- Determination of penalties and appeals
- Determination of penalty by officer of the Board
- Alteration of penalty determination
- Liability of personal representatives
- Appeal against penalty determination
- Further appeal
- Penalty proceedings before the court
- Time limit for determination of penalties
- SCHEDULE 15 Stamp duty land tax: partnerships
- Part 1 General provisions
- Partnerships
- Legal personality of partnership disregarded
- Continuity of partnership
- Partnership not to be regarded as unit trust scheme etc
- Part 2 Ordinary partnership transactions
- Introduction
- Responsibility of partners
- Joint and several liability of responsible partners
- Representative partners
- Part 3 Transactions to which special provisions apply
- Introduction
- Transfer of chargeable interest to a partnership: general
- Transfer of chargeable interest to a partnership: chargeable consideration including rent
- Transfer of chargeable interest to a partnership: sum of the lower proportions
- Election by property-investment partnership to disapply paragraph 10
- Transfer of chargeable interest to a partnership consisting wholly of bodies corporate
- Transfer ... of interest in property-investment partnership
- Exclusion of market rent leases
- Partnership interests: application of provisions about exchanges etc.
- Transfer of partnership interest pursuant to earlier arrangements
- Withdrawal of money etc from partnership after transfer of chargeable interest
- Transfer of chargeable interest from a partnership: general
- Transfer of chargeable interest from a partnership: chargeable consideration including rent
- Transfer of chargeable interest from a partnership: sum of the lower proportions
- Transfer of chargeable interest from a partnership: partnership share attributable to partner
- Transfer of chargeable interest from a partnership to a partnership
- Transfer of chargeable interest from a partnership consisting wholly of bodies corporate
- Application of exemptions and reliefs
- Application of disadvantaged areas relief
- Application of group relief
- Application of charities relief
- Acquisition of interest in partnership not chargeable except as specially provided
- Transactions that are not notifiable
- Stamp duty on transfers of partnership interests: continued application
- Stamp duty on transfers of partnership interests: modification
- Interpretation: partnership property and partnership share
- Interpretation: transfer of chargeable interest to a partnership
- Interpretation: transfer of interest in a partnership
- Interpretation: transfer of chargeable interest from a partnership
- Interpretation: market value of leases
- Interpretation: connected persons
- Interpretation: arrangements
- SCHEDULE 16 Stamp duty land tax: trusts and powers
- Meaning of “settlement” and “bare trust”
- Interests of beneficiaries under certain trusts
- Bare trustee
- Acquisition by trustees of settlement
- Responsibility of trustees of settlement
- Relevant trustees for purposes of return etc
- Consideration for exercise of power of appointment or discretion
- Reallocation of trust property as between beneficiaries
- SCHEDULE 17 Stamp duty land tax: General and Special Commissioners, appeals and other proceedings
- General and Special Commissioners: application of general provisions
- Prescribed matters to be determined by Commissioners or Lands Tribunal
- General or Special Commissioners: jurisdiction
- Proceedings brought out of time
- Quorum etc of the Commissioners
- Procedure
- Consequences of determination by the Commissioners
- Costs
- Finality of decisions of the Commissioners
- Publication of reports of decisions
- Supplementary provisions
- SCHEDULE 17A Further provisions relating to leases
- Meaning of “lease”
- Leases for a fixed term
- Leases that continue after a fixed term
- Treatment of leases for indefinite term
- Treatment of successive linked leases
- Rent
- Variable or uncertain rent
- First rent review in final quarter of fifth year
- Adjustment where rent ceases to be uncertain
- Rent for overlap period in case of grant of further lease
- Backdated lease granted to tenant holding over
- Tenants' obligations etc that do not count as chargeable consideration
- Cases where assignment of lease treated as grant of lease
- Assignment of lease: responsibility of assignee for returns etc
- Agreement for lease
- Assignment of agreement for lease
- 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
- Reduction of rent or term or other variation of lease
- Surrender of existing lease in return for new lease
- Assignment of lease: assumption of obligations by assignee
- Reverse premium
- Loan or deposit in connection with grant or assignment of lease
- Provisions relating to leases in Scotland
- SCHEDULE 18 Stamp duty land tax: consequential amendments
- Provisional Collection of Taxes Act 1968
- Inheritance Tax Act 1984
- Income and Corporation Taxes Act 1988
- Finance Act 1989
- Taxation of Chargeable Gains Act 1992
- Income Tax (Earnings and Pensions) Act 2003
- SCHEDULE 19 Stamp duty land tax: commencement and transitional provisions
- Introduction
- The implementation date
- Contract entered into before first relevant date
- Contract substantially performed before implementation date
- Contracts substantially performed after implementation date
- Application of provisions in case of transfer of rights
- Credit for ad valorem stamp duty paid
- Effect for stamp duty purposes of stamp duty land tax being paid or chargeable
- Earlier related transactions under stamp duty
- 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
- Supplementary
- SCHEDULE 20 Stamp duty: restriction to instruments relating to stock or marketable securities
- Part 1 Supplementary provisions
- Reduction of stamp duty where instrument partly relating to stock or marketable securities
- Apportionment of consideration for stamp duty purposes
- Part 2 Consequential amendments and repeals
- Removal of unnecessary references to “conveyance”
- Finance Act 1895
- Finance Act 1990
- Finance Act 1999
- Power to make further consequential amendments or repeals
- SCHEDULE 21 Approved share plans and schemes
- Part 1 Share incentive plans
- Introductory
- Participation in more than one connected plan in a tax year
- Partnership shares
- Part 2 SAYE option schemes
- Introductory
- Minor correction
- Exercise of options: scheme-related employment ends because of change of control or transfer
- Alteration of schemes
- Part 3 CSOP schemes
- Introductory
- Exercise of options: exclusion of income tax liability
- Meaning of “material interest”
- Alteration of schemes
- PAYE
- SCHEDULE 22 Employee securities and options
- Introductory
- Main provisions
- PAYE
- Consequential amendments
- Consequential amendments of other enactments
- SCHEDULE 23 Corporation tax relief for employee share acquisition
- Part 1 General provisions
- Introduction
- Requirements for relief
- Business must be within the charge to corporation tax
- Kind of shares acquired
- Part 2 Award of shares
- Introduction
- The company whose shares are acquired
- Income tax position of employee
- Amount of relief
- How relief is given
- Timing of relief
- Part 3 Grant of option
- Introduction
- The company whose shares are acquired
- Takeover of company whose shares are subject of option
- Income tax position of the employee
- Amount of relief
- How relief is given
- Timing of relief
- Part 4 Provisions applying in case of restricted shares
- Introduction
- Meaning of “restricted shares”
- Income tax position of employee in case of restricted shares
- Amount of relief in case of restricted shares
- Timing of relief in case of restricted shares
- Part 4A Provisions applying in case of convertible shares
- Introduction
- Meaning of “convertible shares”
- Amount of relief in case of convertible shares
- Timing of relief in case of convertible shares
- Part 5 Supplementary provisions
- Transfer of business within a group
- Relationship between relief and other deductions: priority of deductions under SIP code
- Relationship between relief and other deductions: exclusion of other deductions
- Meaning of “employment”
- Acquisition of shares pursuant to option after death of employee or recipient
- Meaning of “group company” and “parent company”
- Meaning of “consortium” and “commercial association of companies”
- Minor definitions
- Index of defined expressions
- Part 6 Commencement and transitional provisions
- Commencement
- Transitional provisions
- SCHEDULE 24 Restriction of deductions for employee benefit contributions
- Restriction of deductions
- “Provision of qualifying benefits”
- “Qualifying expenses”
- Payment “out of” employee benefit contributions
- Transfer of asset to employee
- Provisional calculation of profits
- Life assurance business
- Deductions to which Schedule does not apply
- Interpretation
- Consequential amendments
- Commencement and transitory provisions
- SCHEDULE 25 Determination of profits attributable to permanent establishment: supplementary provisions
- SCHEDULE 26 Non-resident companies: transactions through broker, investment manager or Lloyd’s agent
- Introduction
- Brokers
- Investment managers
- Investment managers: the 20% rule
- Investment managers: application of 20% rule to collective investment schemes
- Profits attributable to permanent establishment: disregard of profits of certain investment transactions
- Lloyd’s agents
- General supplementary provisions
- SCHEDULE 27 Permanent establishment etc: consequential amendments
- Taxes Act 1988
- Taxation of Chargeable Gains Act 1992
- Finance Act 1993
- Finance Act 1995
- Finance Act 1996
- Finance Act 2000
- SCHEDULE 28 Capital gains tax: reporting limits and annual exempt amount
- Part 1 Reporting limits
- Part 2 Annual exempt amount
- Part 3 Commencement
- SCHEDULE 29 Transfers of value: attribution of gains to beneficiaries
- Introduction
- Scope and scheme of Schedule
- Other gains to be brought into Schedule 4C pool
- Attribution of gains to beneficiaries
- Gains attributed to settlor
- Minor and consequential amendments
- SCHEDULE 30 First-year allowances for expenditure on environmentally beneficial plant or machinery
- Introductory
- Types of expenditure for which first-year allowances available
- First-year qualifying expenditure on environmentally beneficial plant or machinery
- General exclusions affecting first-year qualifying expenditure
- Amount of first-year allowances
- Penalty for failure to provide information etc
- Transitory provision: expenditure incurred etc before first order made
- SCHEDULE 31 Tax relief for expenditure on research and development
- Part 1 Small and medium-sized enterprises: Schedule 20 to Finance Act 2000
- Introductory
- 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 externally provided workers
- Qualifying expenditure on sub-contracted R&D: externally provided workers
- Part 2 Large companies: Part 1 of Schedule 12 to Finance Act 2002
- Introductory
- Required minimum aggregate expenditure: reduction from £25,000 to £10,000
- Qualifying expenditure on externally provided workers
- Part 3 Work sub-contracted to SMEs: Part 2 of Schedule 12 to Finance Act 2002
- Introductory
- Required minimum aggregate expenditure: reduction from £25,000 to £10,000
- Required minimum aggregate expenditure: inclusion of new class of expenditure
- R&D directly undertaken by SME: qualifying expenditure on externally provided workers
- Part 4 Entitlement of SME to certain relief available to large companies
- Insertion of Part 2A of Schedule 12 to the Finance Act 2002
- Part 5 Supplementary: amendments to Parts 3 to 6 of Schedule 12 to Finance Act 2002
- Introductory
- Deduction in computing profits of trade
- Refunds of contributions to independent research and development
- Meaning of “qualifying expenditure on externally provided workers”
- Part 6 Expenditure on vaccine research etc: Schedule 13 to Finance Act 2002
- Introductory
- 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
- SCHEDULE 32 Tonnage tax: restrictions on capital allowances for lessors of ships
- The ring fence: amendments to the provisions about capital allowances and ship leasing
- Consequential amendments
- Commencement and temporary provision
- SCHEDULE 33 Insurance companies
- Case I profits
- Rate of tax on policy holders' share of life assurance profits
- Chargeable gains
- Transfers of business
- Meaning of “investment reserve” etc
- Meaning of “period of account”
- Rationalisation of interpretation provisions
- SCHEDULE 34 Policies of life insurance etc: miscellaneous amendments
- Part 1 Group life policies
- Exception of certain group life policies from Chapter 2 of Part 13
- Excepted group life policies
- 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 Charitable and non-charitable trusts
- Interpretation
- Method of charging gain to tax
- Method of charging gain to tax: multiple interests
- Deemed surrender of certain loans
- Right of individual to recover tax from trustees
- Right of company to recover tax from trustees
- Section 547(1)(cc) and (d)(ia): exception for certain old policies and contracts
- Part 3 Meaning of “life annuity”
- Restriction of “life annuity” to contracts to which section 656 of the Taxes Act 1988 applies
- Part 4 Rollover of gain on maturity into new policy
- Repeal of section 540(2) of the Taxes Act 1988
- Saving for certain policies maturing on or after 9th April 2003
- SCHEDULE 35 Gains on policies of life insurance etc: rate of tax
- Application of the lower rate
- Method of charging gains from policies of life insurance etc to tax
- Relief where gain charged at a higher rate
- Gains included in aggregate income of estate of deceased
- Income to be disregarded in determining highest part of person’s income
- SCHEDULE 36 Foster carers
- Part 1 Introduction
- Introductory
- Individuals qualifying for relief
- Meaning of “foster care receipts”
- Meaning of “provision of foster care”
- Meaning of “total foster care receipts”
- The individual’s limit
- The individual’s share of the fixed amount
- The amount per child
- Power to alter amounts
- Part 2 The exemption and the alternative methods of calculation
- The exemption
- Alternative calculation of profits where amount is above the limit
- Alternative calculation of profits: income from trade etc
- Alternative calculation of profits: income charged under Case VI of Schedule D
- Election for alternative method
- Periods of account ending otherwise than on 5th April
- Part 3 Capital allowances
- Introductory
- Provisions applying in relation to carried forward unrelieved qualifying expenditure
- Expenditure incurred in a relevant chargeable period not qualifying expenditure
- Excluded capital expenditure: subsequent treatment of asset
- Interpretation of this Part
- Part 4 Supplementary
- Interpretation
- SCHEDULE 37 Loan relationships: amendments
- Part 1 Amendments to Schedule 9 to the Finance Act 1996
- Introductory
- Late interest
- Continuity of treatment: groups etc
- Discounted securities where companies have a connection
- Discounted securities of close companies
- Part 2 Transitional provisions
- Transitional provisions
- SCHEDULE 38 Sale and repurchase of securities etc
- Increase of repurchase price of UK securities by amount of deemed manufactured dividend
- Deemed manufactured payment where transferor or connected person makes payment representative of dividend
- Provisions to cover both “put” and “call” options
- Option premium to be reflected in sale price unless brought into account under derivative contracts provisions
- Exchange gains and losses
- Exceptions
- Connected persons
- Correction of section 730A(6B) of the Taxes Act 1988
- Commencement
- SCHEDULE 39 Relevant discounted securities: withdrawal of relief for costs and losses, etc
- Withdrawal of relief for incidental costs
- Withdrawal of relief for losses
- Withdrawal of loss relief: exception for strips of government securities
- Extension of provisions about strips to strips of foreign government securities
- Consequential amendments
- Commencement and transitional provisions
- SCHEDULE 40 Acquisition by company of its own shares
- Venture capital trusts
- Stamp duty and stamp duty reserve tax
- SCHEDULE 41 Companies in administration
- Accounting period for company in administration
- Responsibility of officers of company in administration
- Tax on companies in administration
- Debit for bad debt where parties connected and creditor insolvent
- Commencement
- SCHEDULE 42 Controlled foreign companies: exempt activities
- Introductory
- Companies engaged in wholesale, distributive, financial or service business
- Companies engaged in business of banking etc
- Interpretation of paragraph 6(2B)
- SCHEDULE 43 Repeals
- Part 1 Excise duties
- Part 2 Value added tax
- Part 3 Income tax, corporation tax and capital gains tax
- Part 4 Other taxes
- Part 5 Miscellaneous
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