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Session 2002 - 03
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Finance Bill

Finance Bill



International matters

      194        Exchange of information between tax authorities of member States

      195        Arrangements for mutual exchange of tax information

      196        Savings income: Community obligations and international arrangements

      197        Controlled foreign companies: exempt activities

      198        Application of CFC provisions to Hong Kong and Macao companies

Administrative matters

      199        Deduction of tax from interest: recognised clearing houses etc

      200        Authorised unit trusts: interest distributions paid gross

      201        Mandatory electronic payment by large employers

      202        Use of electronic means of payment under other provisions

      203        Admissibility of evidence not affected by offer of settlement etc

      204        Consequential claims etc

National Savings

      205        Ordinary accounts and investment accounts

      206        Abolition of accounting requirements relating to investment deposits

Other financial matters

      207        Payments for service of national debt

      208        Definition of liabilities and assets of National Loans Fund

      209        Accounts of Consolidated Fund and National Loans Fund

      210        Debt Management Account: abolition of borrowing cap

      211        Payments in error from or to National Loans Fund


      212        Interpretation

      213        Repeals

      214        Short title

                  Schedule 1                                         VAT: face-value vouchers

                  Schedule 2                                         Supply of electronic services in member States: VAT special

accounting scheme

                  Schedule 3                                         Stamp duty land tax: transactions exempt from charge

                  Schedule 4                                         Stamp duty land tax: chargeable consideration

                  Schedule 5                                         Stamp duty land tax: amount of tax chargeable: rent

                  Schedule 6                                         Stamp duty land tax: disadvantaged areas relief

                  Part 1                    —                     Disadvantaged areas

                  Part 2                    —                     Land wholly situated in a disadvantaged area

                  Part 3                    —                     Land partly situated in a disadvantaged area

                  Part 4                    —                     Interpretation

                  Schedule 7                                         Stamp duty land tax: group relief and reconstruction and

acquisition reliefs

                  Part 1                    —                     Group relief

                  Part 2                    —                     Reconstruction and acquisition reliefs


Finance Bill



                  Schedule 8                                         Stamp duty land tax: charities relief

                  Schedule 9                                         Stamp duty land tax: right to buy, shared ownership leases etc

                  Schedule 10                                         Stamp duty land tax: returns, enquiries, assessments and


                  Part 1                    —                     Land transaction returns

                  Part 2                    —                     Duty to keep and preserve records

                  Part 3                    —                     Enquiry into return

                  Part 4                    —                     Revenue determination if no return delivered

                  Part 5                    —                     Revenue assessments

                  Part 6                    —                     Relief in case of excessive assessment

                  Part 7                    —                     Appeals against Revenue decisions on tax

                  Schedule 11                                         Stamp duty land tax: self-certificates

                  Part 1                    —                     General

                  Part 2                    —                     Duty to keep and preserve records

                  Part 3                    —                     Enquiry into self-certificate

                  Schedule 12                                         Stamp duty land tax: collection and recovery of tax

                  Part 1                    —                     General

                  Part 2                    —                     Court proceedings

                  Schedule 13                                         Stamp duty land tax: information powers

                  Part 1                    —                     Power of authorised officer to call for documents or

information from taxpayer

                  Part 2                    —                     Power of authorised officer to call for documents from third


                  Part 3                    —                     Power to call for papers of tax accountant

                  Part 4                    —                     Restrictions on powers under Parts 1 to 3

                  Part 5                    —                     Powers of board to call for documents or information

                  Part 6                    —                     Order of judicial authority for the delivery of documents

                  Part 7                    —                     Entry with warrant to obtain evidence of offence

                  Part 8                    —                     Falsification etc of documents

                  Schedule 14                                         Stamp duty land tax: determination of penalties and related


                  Schedule 15                                         Stamp duty land tax: partnerships

                  Part 1                    —                     General provisions

                  Part 2                    —                     Ordinary partnership transactions

                  Part 3                    —                     Transactions excluded from stamp duty land tax

                  Schedule 16                                         Stamp duty land tax: trusts and powers

                  Schedule 17                                         Stamp duty land tax: General Commissioners and appeals and

other proceedings

                  Schedule 18                                         Stamp duty land tax: consequential amendments

                  Schedule 19                                         Stamp duty land tax: commencement and transitional


                  Schedule 20                                         Stamp duty: restriction to instruments relating to stock or

marketable securities

                  Part 1                    —                     Supplementary provisions

                  Part 2                    —                     Consequential amendments and repeals

                  Schedule 21                                         Approved share plans and schemes

                  Part 1                    —                     Share incentive plans

                  Part 2                    —                     SAYE option schemes

                  Part 3                    —                     CSOP schemes

                  Schedule 22                                         Employee securities and options

                  Schedule 23                                         Corporation tax relief for employee share acquisition

                  Part 1                    —                     General provisions

                  Part 2                    —                     Award of shares

                  Part 3                    —                     Grant of option


Finance Bill



                  Part 4                    —                     Provisions applying in case of shares subject to forfeiture

                  Part 5                    —                     Supplementary provisions

                  Part 6                    —                     Commencement and transitional provisions

                  Schedule 24                                         Restriction of deductions for employee benefit contributions

                  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

                  Schedule 27                                         Permanent establishment etc: consequential amendments

                  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

                  Schedule 30                                         First-year allowances for expenditure on environmentally

beneficial plant or machinery

                  Schedule 31                                         Tax relief for expenditure on research and development

                  Part 1                    —                     Small and medium-sized enterprises: Schedule 20 to Finance

Act 2000

                  Part 2                    —                     Large companies: Part 1 of Schedule 12 to Finance Act 2002

                  Part 3                    —                     Work sub-contracted to SMEs: Part 2 of Schedule 12 to Finance

Act 2002

                  Part 4                    —                     Entitlement of SME to certain relief available to large


                  Part 5                    —                     Supplementary: amendments to Parts 3 to 6 of Schedule 12 to

Finance Act 2002

                  Part 6                    —                     Expenditure on vaccine research etc: Schedule 13 to Finance

Act 2002

                  Schedule 32                                         Tonnage tax: restrictions on capital allowances for lessors of


                  Schedule 33                                         Insurance companies

                  Schedule 34                                         Policies of life insurance etc: miscellaneous amendments

                  Part 1                    —                     Group life policies

                  Part 2                    —                     Charitable and non-charitable trusts

                  Part 3                    —                     Meaning of “life annuity”

                  Part 4                    —                     Rollover of gain on maturity into new policy

                  Schedule 35                                         Gains on policies of life insurance, etc: rate of tax

                  Schedule 36                                         Foster carers

                  Part 1                    —                     Introduction

                  Part 2                    —                     The exemption and the alternative methods of calculation

                  Part 3                    —                     Capital allowances

                  Part 4                    —                     Supplementary

                  Schedule 37                                         Loan relationships: amendments

                  Part 1                    —                     Amendments to Schedule 9 to the Finance Act 1996

                  Part 2                    —                     Transitional provisions

                  Schedule 38                                         Sale and repurchase of securities etc

                  Schedule 39                                         Relevant discounted securities: withdrawal of relief for costs

and losses, etc

                  Schedule 40                                         Acquisition by company of its own shares

                  Schedule 41                                         Companies in administration

                  Schedule 42                                         Controlled foreign companies: exempt activities

                  Schedule 43                                         Repeals

                  Part 1                    —                     Excise duties

                  Part 2                    —                     Value added tax


Finance Bill



                  Part 3                    —                     Income tax, corporation tax and capital gains tax

                  Part 4                    —                     Other taxes

                  Part 5                    —                     Miscellaneous


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Revised 19 June 2003