Finance Bill

House of Commons

Session 2002 - 03
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Finance Bill

Finance Bill
Schedule 43 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax
    447

  3        The repeal in Schedule 15 to that Act has effect in accordance with section
171(6) of this Act.
(14) Loan relationships: late interest

Short title and chapter
Extent of repeal

5

Finance Act 1996 (c. 8)
In Schedule 9, in paragraph 2(6), in the

definition of “participator”, the word “close”.

           This repeal has effect in accordance with paragraph 2(4) of Schedule 37 to
this Act.
10
(15) Repos etc

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 737C—

Act 1988 (c. 1)
     (a)    in subsection (3)(b), the word “gross”;

     (b)    subsection (4).

15

Finance Act 1996 (c. 8)
In Schedule 9, in paragraph 15(3)(b), the words

“, or a person connected with him,”.

  1         The repeals in the Taxes Act 1988 have effect in accordance with sub-
paragraph (1) of paragraph 21 of Schedule 38 to this Act.
  2         The repeal in the Finance Act 1996 has effect in accordance with sub-
20
paragraph (2) of that paragraph.
(16) Relevant discounted securities

Short title and chapter
Extent of repeal

Finance Act 1996 (c. 8)
In Schedule 13—

25

     (a)    in paragraph 1(3)(a), the words “reduced

by the amount of any relevant costs”;

     (b)    paragraph 1(4);

     (c)    paragraph 2;

     (d)    paragraph 6(4) to (6);

30

     (e)    paragraphs 7, 9A and 11;

     (f)    in paragraph 14(2) and (3), the words

“gilt-edged”;

     (g)    in paragraph 14(4), the words after

paragraph (c).

35

Finance Act 2002 (c. 23)
Section 104(3).

Finance Bill
Schedule 43 — Repeals
Part 4 — Other taxes
    448

           These repeals have effect in accordance with paragraph 6 of Schedule 39 to
this Act.
(17) Court common investment funds

Short title and chapter
Extent of repeal

5

Income and Corporation Taxes
In section 469A—

Act 1988 (c. 1)
     (a)    in subsection (2), the words “(subject to

subsection (3) below)”;

     (b)    subsection (3).

           These repeals have effect in relation to income arising to a common
10
investment fund (within the meaning of section 182 of this Act) on or after
6th April 2003.
Part 4
Other taxes
15
(1) Inheritance tax: authorised unit trusts

Short title and chapter
Extent of repeal

Inheritance Tax Act 1984 (c. 51)
In section 178(1), in the definition of “qualifying

investments”, the words “(as defined in

section 468 of the Taxes Act 1988)”.

20

Income and Corporation Taxes
In Schedule 29, in the table in paragraph 32, the

Act 1988 (c. 1)
entry relating to section 178(1) of the

Inheritance Tax Act 1984.

           These repeals have effect in relation to transfers of value and other events
occurring on or after 16th October 2002.
25

Finance Bill
Schedule 43 — Repeals
Part 5 — Miscellaneous
    449

(2) Climate change levy

Short title and chapter
Extent of repeal

Finance Act 2000 (c. 17)
In Schedule 6—

     (a)    paragraph 15(5);

     (b)    in paragraph 41(1)(c), the words “for any

5

period”;

     (c)    in paragraph 100(1), the words “for an

accounting period”;

     (d)    paragraph 148(6);

     (e)    in paragraph 149(1), the words “the

10

percentage that is to be stated in a

certificate under paragraph 148 as”.

           These repeals, except the ones in paragraphs 41(1)(c) and 100(1), have effect
in accordance with section 186(5) of this Act.
15
Part 5
Miscellaneous
(1) Exchange of information between tax authorities of member States

Short title and chapter
Extent of repeal

Finance Act 1978 (c. 42)
Section 77.

20

Finance Act 1980 (c. 48)
Section 17.

Finance Act 1990 (c. 29)
In section 125, subsection (5) and the words

after “appoint” in subsection (6).

Finance Act 1993 (c. 34)
Section 22.

25
(2) Controlled foreign companies: exempt activities

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In Part 2 of Schedule 25, in paragraph 6(2A), the

Act 1988 (c. 1)
word “and” preceding paragraph (c).

           This repeal has effect in accordance with section 197 of this Act.
30

Finance Bill
Schedule 43 — Repeals
Part 5 — Miscellaneous
    450

(3) Authorised unit trusts: interest distributions

Short title and chapter
Extent of repeal

Income and Corporation Taxes
Section 468O(2) to (4).

Act 1988 (c. 1)
In section 468P—

     (a)    subsection (4);

5

     (b)    in subsection (5), the words “or (4)” and

the words “or, as the case may be,

resident” (in both places);

     (c)    subsections (8) and (9).

Finance Act 1996 (c. 8)
In Schedule 7, paragraph 17.

10

Finance Act 2002 (c. 23)
Section 96(3)(a).

           These repeals have effect in relation to interest distributions made on or after
16th October 2002.
(4) National savings
15

Short title and chapter
Extent of repeal

Finance Act 1980 (c. 48)
In section 120, subsections (4), (5) and (8) and, in

subsection (9), the words “and subsection (8)

above from the passing of this Act”.

Finance Act 1998 (c. 36)
In section 162, subsection (1)(a), and the word

20

“and” before it, and subsections (2) and (5).

(5) Other financial matters

Short title and chapter
Extent of repeal

National Loans Act 1968 (c. 13)
Section 15(3).

25

Section 19(3).

Section 21(3).

In Schedule 5A—

     (a)    paragraph 8 (and the heading before it);

     (b)    paragraph 13(2).

30

Finance Act 1982 (c. 39)
Section 152(3).

           The repeal of section 21(3) of the National Loans Act 1968 has effect in
accordance with section 209(5) of this Act.



© Parliamentary copyright 2003	Revised 19 June 2003