Finance Bill

House of Commons portcullis

House of Commons

Session 2000-2001
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Other Bills before Parliament

Finance Bill

This is the text of the Finance Bill, as presented to the House of Commons on 13th March 2001.

EUROPEAN CONVENTION ON HUMAN RIGHTS

Mr Chancellor of the Exchequer has made the following statement under section 19(1)(a) of the Human Rights Act 1998:

In my view the provisions of the Finance Bill are compatible with the Convention rights.

Finance Bill

ARRANGEMENT OF CLAUSES

PART I

EXCISE DUTIES

Hydrocarbon oil duties

Clause

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 II

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.

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. Review of Commissioners' decisions.

41. Appeals against reviewed decisions.

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 III

INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX

CHAPTER I

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 II

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.

Chargeable gains

75. Notional transfers within a group.

76. Taper relief: assets qualifying as business assets.

77. De-grouping charge: transitional relief.

78. Attribution of gains of non-resident companies.

International matters

79. Double taxation relief.

80. Controlled foreign companies: acceptable distribution policy.

Miscellaneous

81. Life policies, life annuity contracts and capital redemption policies.

82. Exclusion of deductions for deemed manufactured payments.

83. Deduction of tax: payments between companies etc.

84. Profits for purposes of small companies' relief.

85. Tax deductions and credits: end of provisional repayment regime.

General

86. Amendments to the machinery of self-assessment.

87. Recovery proceedings: minor amendments.

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

89. Power to revise excessive penalties.

PART IV

OTHER TAXES

Stamp duty and stamp duty reserve tax

90. Stamp duty: exemption for land in disadvantaged areas.

91. SDRT: unit trust schemes and individual pension accounts.

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

93. Exemptions in relation to employee share ownership plans.

Value added tax

94. VAT: children's car seats.

95. VAT: residential conversions and renovations.

96. VAT: museums and galleries.

97. VAT: re-enactment of reduced-rate provisions.

98. VAT representatives.

Petroleum revenue tax

99. PRT: unrelievable field losses.

100. PRT: allowable decommissioning expenditure.

101. PRT: expenditure in certain gas-producing fields.

Landfill tax

102. Landfill tax: rate.

Climate change levy

103. Climate change levy.

Inheritance tax

104. Transfers within group etc.

PART V

MISCELLANEOUS AND SUPPLEMENTARY PROVISIONS

Miscellaneous

105. Trading funds.

Supplementary

106. Interpretation.

107. Repeals and revocations.

108. 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 I - Payments.

    Part II - Interest.

    Part III - Appeals.

    Part IV - General.

    Schedule 4 - Aggregates levy: registration.

    Schedule 5 - Aggregates levy: recovery and interest.

    Schedule 6 - Aggregates levy: evasion, misdeclaration and neglect.

    Part I - Criminal offences.

    Part II - Civil penalties.

    Part III - Interpretation of Schedule.

    Schedule 7 - Aggregates levy: information and evidence etc.

    Schedule 8 - Aggregates levy: repayments and credits.

    Schedule 9 - Aggregates levy: group treatment.

    Schedule 10 - Aggregates levy: assessment of civil penalties and interest on them.

    Schedule 11 - Children's tax credit: baby rate: supplementary.

    Schedule 12 - Mileage allowances.

    Part I - New Schedule 12AA to the Taxes Act 1988.

    Part II - Consequential amendments.

    Schedule 13 - Employee share ownership plans: amendments.

    Schedule 14 - Enterprise management incentives: amendments.

    Schedule 15 - Enterprise investment scheme: amendments.

    Part I - Income tax relief.

    Part II - Postponement of chargeable gain on reinvestment.

    Part III - Miscellaneous and general.

    Schedule 16 - Venture capital.

    Part I - Venture capital trusts.

    Part II - Corporate venturing scheme.

    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 I - New Part 4A of the Capital Allowances Act 2001.

    Part II - Consequential amendments.

    Schedule 20 - Capital allowances: offshore oil infrastructure.

    Part I - Chargeable periods ending before 1st or 6th April 2001.

    Part II - Chargeable periods ending on or after 1st or 6th April 2001.

    Schedule 21 - Capital allowances: minor amendments.

    Schedule 22 - Remediation of contaminated land.

    Part I - Deduction for capital expenditure.

    Part II - Entitlement to land remediation relief.

    Part III - Manner of giving effect to relief.

    Part IV - Special provision for life assurance business.

    Part V - Supplementary provisions.

    Schedule 23 - Land remediation: consequential amendments.

    Schedule 24 - Creative artists: relief for fluctuating profits.

    Part I - New Schedule 4A to the Taxes Act 1988.

    Part II - Consequential amendments.

    Schedule 25 - Capital gains tax: taper relief: business assets.

    Schedule 26 - Double taxation relief.

    Schedule 27 - Life policies, life annuities and capital redemption policies.

    Part I - Assignment or surrender of part of the rights.

    Part II - Provision of information by insurers etc.

    Schedule 28 - Amendments to machinery of self-assessment.

    Part I - Amendment or correction of return.

    Part II - Enquiries into returns.

    Part III - Referral of questions during enquiry.

    Part IV - Procedure on completion of enquiry.

    Part V - Minor and consequential amendments.

    Schedule 29 - Stamp duty: land in disadvantaged areas.

    Schedule 30 - Value added tax: re-enactment of reduced rate provisions.

    Part I - New Schedule 7A to the Value Added Tax Act 1994.

    Part II - Consequential amendments.

    Schedule 31 - Petroleum revenue tax: unrelievable field losses.

    Schedule 32 - Repeals .

    Part I - Excise duties.

    Part II - Income tax, corporation tax and capital gains tax.

    Part III - Other taxes.

© Parliamentary copyright 2001
Prepared 30 March 2001