House of Commons portcullis
House of Commons
Session 2002 - 03
Internet Publications
Other Bills before Parliament

Finance Bill


Finance Bill
Schedule 43 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax

    440

 

(2) Taxable benefits: cars: CO2 emissions

 

Short title and chapter

Extent of repeal

 
 

Income Tax (Earnings and

In the table in section 139(4), in the entry for

 
 

Pensions) Act 2003 (c. 1)

2004-05 and subsequent tax years, the words

 

5

  

“and subsequent tax years”.

 

(3) Approved share plans and schemes

 

Short title and chapter

Extent of repeal

 
 

Income Tax (Earnings and

In section 701(2)(c)(i), the words “or 4 (approved

 

10

 

Pensions) Act 2003 (c. 1)

CSOP schemes)”.

 
  

In Schedule 2, paragraphs 18(1)(a) and 47(3).

 
  

In Schedule 3, in paragraph 34(5), the words

 
  

following paragraph (b).

 

15

(4) Employee securities and options

 

Short title and chapter

Extent of repeal

 
 

Income Tax (Earnings and

In section 19(2), the entries relating to Chapters

 
 

Pensions) Act 2003 (c. 1)

8 and 9 of Part 3.

 
  

In section 32(2), the entries relating to Chapters

 

20

  

8 and 9 of Part 3.

 
  

In section 63(1), the entries relating to Chapters

 
  

8 and 9 of Part 3.

 
  

Section 64(5) and (6).

 
  

Chapters 8 and 9 of Part 3.

 

25

  

In section 216—

 
  

     (a)    in subsection (4), the entries relating to

 
  

Chapters 8 and 9 of Part 3;

 
  

     (b)    in subsection (6), the entries relating to

 
  

sections 195(3) and 199(4).

 

30

  

Section 227(4)(d), (f) and (h).

 
  

Section 491.

 
  

Sections 494 and 495.

 
  

Section 518.

 
  

Section 519(4).

 

35

 

 

Finance Bill
Schedule 43 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax

    441

 
 

Short title and chapter

Extent of repeal

 
 

Income Tax (Earnings and

Section 520.

 
 

Pensions Act 2003 (c. 1) —

Section 523.

 
 

cont.

Section 524(4).

 
  

Section 525.

 

5

  

Section 528.

 
  

In section 701(2)(b), the words “subject to

 
  

section 700(6),”.

 
  

In Part 2 of Schedule 1, the entries listed in

 
  

paragraph 42(2) of Schedule 22 to this Act.

 

10

  

In Schedule 7, paragraphs 30, 31, 47, 48, 50 to 53,

 
  

55(2)(a), 59 to 62, 66 and 67.

 
 

Finance Act 2003

In Schedule 23, in paragraph 31, the entry

 
  

relating to “subject to forfeiture”.

 
 

           These repeals have effect in accordance with Schedule 22 to this Act.

15

(5) Deductions for employee benefit contributions

 

Short title and chapter

Extent of repeal

 
 

Finance Act 2002 (c. 23)

In Schedule 29, in paragraph 113(3)(a) the words

 
  

“or benefits” and “, or held by an

 

20

  

intermediary,”.

 

           These repeals have effect in accordance with paragraph 11(1) of Schedule 24

to this Act.

(6) References to branch or agency

25

 

Short title and chapter

Extent of repeal

 
 

Taxes Management Act 1970

In section 118(1), the definitions of “branch or

 
 

(c. 9)

agency” and “branch or agent”.

 
 

Income and Corporation Taxes

Section 95(1A)(e).

 
 

Act 1988 (c. 1)

  

30

 

Taxation of Chargeable Gains

In section 10—

 
 

Act 1992 (c. 12)

     (a)    subsection (3);

 
  

     (b)    in subsection (4), the words “or

 
  

corporation tax”.

 
 

Finance Act 1994 (c. 9)

In section 219(4A), the words “11(2)(a) or”.

 

35

 

 

Finance Bill
Schedule 43 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax

    442

 
 

Short title and chapter

Extent of repeal

 
 

Finance Act 1995 (c. 4)

In section 126—

 
  

     (a)    in subsection (1), the words

 
  

“, corporation tax”;

 
  

     (b)    in subsection (2)(c), the words from “or

 

5

  

fall” to “non-resident”;

 
  

     (c)    in subsection (2), paragraph (d) and the

 
  

word “and” preceding it;

 
  

     (d)    in subsection (9), paragraph (b) and the

 
  

word “and” preceding it.

 

10

  

In section 127—

 
  

     (a)    in subsection (5)(b), the words “or 129”;

 
  

     (b)    in subsection (19), paragraph (b) and the

 
  

word “and” preceding it.

 
  

Section 129.

 

15

 

Finance (No. 2) Act 1997 (c. 58)

Section 24(3)(e).

 
 

           These repeals have effect in relation to accounting periods beginning on or

after 1st January 2003.

(7) Capital gains tax: reporting limits and annual exempt amount

20

 

Short title and chapter

Extent of repeal

 
 

Taxation of Chargeable Gains

Section 3(6).

 
 

Act 1992 (c. 12)

  
  

In Schedule 1, paragraph 2(3).

 

           These repeals have effect in accordance with paragraph 7 of Schedule 28 to

25

this Act.

(8) Chargeable gains: earn-out rights

 

Short title and chapter

Extent of repeal

 
 

Taxation of Chargeable Gains

In section 138A—

 

30

 

Act 1992 (c. 12)

     (a)    in subsection (2), paragraph (c) and the

 
  

word “and” preceding it;

 
  

     (b)    in subsection (4), paragraph (e) and the

 
  

word “and” preceding it.

 

           These repeals have effect in accordance with section 160 of this Act.

35

 

 

Finance Bill
Schedule 43 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax

    443

 

(9) First-year allowances for expenditure on eco-friendly plant or machinery

 

Short title and chapter

Extent of repeal

 
 

Capital Allowances Act 2001

In section 39, the word “or” at the end of the

 
 

(c. 2)

entry relating to section 45E.

 
  

In section 46(1), the word “or” at the end of the

 

5

  

entry relating to section 45E.

 
  

In Part 2 of Schedule 1, in the first column of the

 
  

entry relating to the expression “long life

 
  

asset expenditure”, the words “Chapter 10

 
  

of”.

 

10

           These repeals have effect in accordance with section 166 of this Act.

(10) Relief for research and development

 

Short title and chapter

Extent of repeal

 
 

Finance Act 2000 (c. 17)

In Schedule 20, in paragraph 5(3)—

 

15

  

     (a)    the words “the following rules apply”;

 
  

     (b)    paragraphs (a) and (b);

 
  

     (c)    in paragraph (c), the words “in any other

 
  

case,”.

 
 

Finance Act 2002 (c. 23)

In Schedule 12—

 

20

  

     (a)    in paragraph 7(2), the word “and”

 
  

preceding paragraph (b);

 
  

     (b)    in paragraph 11(3), the word “and”

 
  

preceding paragraph (b);

 
  

     (c)    in paragraph 15(1), the word “or”

 

25

  

preceding paragraph (c);

 
  

     (d)    in paragraph 17, the word “and”

 
  

preceding paragraph (c).

 
  

In Schedule 13, in paragraph 5(3), the word

 
  

“and” preceding paragraph (d).

 

30

           These repeals have effect in accordance with section 167 of this Act.

 

 

Finance Bill
Schedule 43 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax

    444

 

(11) Tonnage tax: capital allowances for lessors

 

Short title and chapter

Extent of repeal

 
 

Finance Act 2000 (c. 17)

In Schedule 22—

 
  

     (a)    the word “finance” in the first sentence

 
  

of paragraph 41(4), in paragraphs 89(1),

 

5

  

90(1), 92(1), 94(1), 98(1)(a) and 99(1)(a)

 
  

and in the heading to paragraph 93;

 
  

     (b)    in paragraph 93(1), the words “finance”

 
  

and “either”;

 
  

     (c)    in paragraph 147, the entry for “finance

 

10

  

lease (and lessor and lessee) (in Part X)”.

 

           These repeals have effect in relation to any lease (within the meaning given

by paragraph 5 of Schedule 32 to this Act) entered into on or after 19th

December 2002.

15

(12) Insurance companies

 

Short title and chapter

Extent of repeal

 
 

Income and Corporation Taxes

Section 432A(9B).

 
 

Act 1988 (c. 1)

In section 432E(2), paragraph (a) and, in

 
  

paragraph (b), the words “in any other case,”.

 

20

  

In section 436(3)(a), the words after

 
  

“modifications”.

 
  

In section 438B(5), paragraph (b) and the word

 
  

“and” before it.

 
  

In section 439B(3)(a), the words “and in

 

25

  

particular with the omission of the words

 
  

“and any amounts of tax which are expended

 
  

on behalf of” in section 82(1)(a)”.

 
  

In section 441—

 
  

     (a)    in subsection (1), the words “and section

 

30

  

441A” (in both places);

 
  

     (b)    in subsection (4)(a), the words “and in

 
  

particular with the omission of the

 
  

words “and any amounts of tax which

 
  

are expended on behalf of” in section

 

35

  

82(1)(a)”.

 
  

In section 442A(4), the words “to the company”.

 
  

In Schedule 28AA, in paragraph 5(6)(b), the

 
  

words “or 88A”.

 
 

 

Finance Bill
Schedule 43 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax

    445

 
 

Short title and chapter

Extent of repeal

 
 

Finance Act 1989 (c. 26)

In section 83—

 
  

     (a)    in subsection (5), paragraph (b) and the

 
  

word “but” before it;

 
  

     (b)    in subsection (6)(c), the words “unless

 

5

  

the reinsurer under the contract falls

 
  

within section 439A of the Taxes Act

 
  

1988 (pure reinsurance)”;

 
  

     (c)    subsection (6A);

 
  

     (d)    in subsection (8), in the definition of

 

10

  

“total reinsurance”, the words “before

 
  

the making of the contract of reinsurance

 
  

(or, in a case where there are two or

 
  

more contracts of reinsurance, the last of

 
  

them)”.

 

15

  

In section 83AA—

 
  

     (a)    subsections (3) to (5) and (6)(a);

 
  

     (b)    in subsection (7), paragraph (b) and the

 
  

word “and” before it;

 
  

     (c)    in subsection (10), the definitions of “the

 

20

  

relevant accounting period” and “the

 
  

transferor company”.

 
  

Section 83AB(1)(c)(i).

 
  

In section 83A(2), the second sentence.

 
  

Section 84(1).

 

25

  

In section 87(6)(b), the words “, disregarding

 
  

section 76(1)(e) of that Act (as set out in

 
  

subsection (2) above),”.

 
  

In section 88(1), the words “and section 88A”.

 
  

Section 88A.

 

30

  

In section 89—

 
  

     (a)    in subsection (1), the words “or, as the

 
  

case may be, basic life assurance and

 
  

general annuity business”;

 
  

     (b)    in subsection (7), the definition of “the

 

35

  

Prudential Sourcebook (Insurers)”.

 
 

Finance Act 1990 (c. 29)

Section 43.

 
 

Finance Act 1991 (c. 31)

In Schedule 7—

 
  

     (a)    in paragraph 1(a), the words “and (e)”;

 
  

     (b)    paragraph 11.

 

40

 

Taxation of Chargeable Gains

In section 204(4), the words from “and in

 
 

Act 1992 (c. 12)

subsection (3)” onwards.

 
  

Section 211(1A).

 
  

In section 212(7), the words following

 
  

paragraph (b).

 

45

  

In Schedule 7AD, in paragraph 10(1), the

 
  

definitions of “insurance company”, “long-

 
  

term business” and “long-term insurance

 
  

fund”.

 
  

In Schedule 7B, in paragraph 1, the words “(as

 

50

  

defined in section 431(2) of the Taxes Act)”.

 
 

 

Finance Bill
Schedule 43 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax

    446

 
 

Short title and chapter

Extent of repeal

 
 

Finance Act 1996 (c. 8)

In Schedule 6, paragraph 26.

 
  

In Schedule 11, in paragraph 4—

 
  

     (a)    in sub–paragraph (2), the word “net” (in

 
  

both places);

 

5

  

     (b)    in sub–paragraph (16), the definition of

 
  

“net income and gains”.

 
 

Finance Act 2000 (c. 17)

In Schedule 30, paragraph 18(3).

 
 

Finance Act 2002 (c. 23)

In Schedule 25, paragraph 46.

 
 

  1        The repeals in sections 432A, 436, 439B and 441(4)(a) of the Taxes Act 1988,

10

the repeals in sections 83(5), 83AA and 83AB of the Finance Act 1989 and the

repeals in the Finance Act 1990, the Finance Act 2000 and the Finance Act

2002 have effect for periods of account beginning on or after 1st January

2003.

  2        The repeals in section 432E of the Taxes Act 1988 have effect in accordance

15

with paragraph 9(5) of Schedule 33 to this Act.

  3        The repeals in section 438B of, and in Schedule 28AA to, the Taxes Act 1988,

the repeal in section 88 of the Finance Act 1989, the repeal of section 88A of

that Act, the repeal in section 89(1) of that Act and the repeal in Schedule 6

to the Finance Act 1996 have effect for the financial year 2003 and

20

subsequent financial years.

  4        The repeal in section 442A of the Taxes Act 1988 has effect in accordance

with paragraph 21(5) of Schedule 33 to this Act.

  5        The repeals in section 83(6)(c) and (8) of the Finance Act 1989 have effect in

accordance with paragraph 2(11) of that Schedule.

25

  6        The repeals in section 87 of the Finance Act 1989, paragraph 1(a) of Schedule

7 to the Finance Act 1991 and Schedule 11 to the Finance Act 1996 have effect

in accordance with paragraph 8(4) of that Schedule.

(13) Life insurance policies etc

30

 

Short title and chapter

Extent of repeal

 
 

Income and Corporation Taxes

In section 1A(2), the word “and” at the end of

 
 

Act 1988 (c. 1)

paragraph (b).

 
  

Section 540(2).

 
  

In Schedule 15, in paragraph 3(8), the words

 

35

  

from “and” preceding paragraph (b)(iii) to the

 
  

end of paragraph (c).

 

  1        The repeal in section 1A of the Taxes Act 1988 has effect in accordance with

section 172 of this Act.

  2        The repeal of section 540(2) of that Act has effect in accordance with section

40

170 of, and Part 4 of Schedule 34 to, this Act.

 

 

 
previous section contents continue
 
House of Commons home page Houses of Parliament home page House of Lords home page search page enquiries

© Parliamentary copyright 2003
Revised 19 June 2003