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14 Apr 2003 : Column 769—continued
43. Insurance Companies
- That provision (including provision having retrospective effect) may be made about the taxation of insurance companies, including companies which have ceased to be insurance companies after a transfer of business.
44. Life Policies Etc
- That provision may be made in relation to policies of life insurance, contracts for life annuities and capital redemption policies.
45. Personal Pension Schemes (Limits On Contributions)
- That—
(1) In section 640A(1) of the Income and Corporation Taxes Act 1988 for "for the purposes of section 640 above" there shall be substituted "for the purposes of section 638 or 640 above".
(2) In determining "the permitted maximum" for the purposes of any provision of an existing approved scheme designed to meet the requirements of section 638(3) of that Act, a member's net relevant earnings for the year shall be taken to be the amount of his net relevant earnings after applying section 640A of that Act.
An "existing approved scheme" means a personal pension scheme approved under Chapter 4 of Part 14 of that Act before 9th April 2003.
(3) In section 641A(1) of that Act, for "A person who pays a contribution under approved personal pension arrangements" there shall be substituted "An individual who under approved personal pension arrangements made by him pays a contribution".
(4) This Resolution shall have effect in relation to contributions paid on or after 9th April 2003.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
46. Charges Under Life Insurance Policies Etc For Exceptional Risk Of Disability
- That provision may be made about variations in insurance policies in connection with exceptional risks of disability.
47. Currency Contracts And Currency Options
- That provision (including provision having retrospective effect) may be made in relation to currency contracts and currency options, as defined in Chapter 2 of Part 4 of the Finance Act 1994.
48. Loan Relationships Etc
- That provision (including provision having retrospective effect) may be made for the purposes of corporation tax in relation to—
(a) loan relationships; and
(b) other relationships where a company stands, or is treated as standing, in the position of a creditor or debtor in relation to a debt.
49. Derivative Contracts
- That provision may be made for the purposes of corporation tax in relation to derivative contracts.
50. Sale And Repurchase Of Securities
- That provision may be made in relation to the sale and repurchase of securities.
51. Relevant Discounted Securities
- That—
(1) In paragraph 1 of Schedule 13 to the Finance Act 1996—
(a) at the end of sub-paragraph (2)(b) there shall be inserted "(no account being taken of any costs incurred in connection with the transfer or redemption of the security or its acquisition)";
(b) in sub-paragraph (3)(a) the words "reduced by the amount of any relevant costs" shall be omitted;
(c) sub-paragraph (4) shall be omitted.
(2) Paragraph 2 of that Schedule shall be omitted.
(3) In paragraph 6(3) of that Schedule, for "paragraphs 1(1) and 2(1) above do not apply" there shall be substituted "paragraph 1(1) above does not apply".
(4) Paragraphs 6(4) to (6), 7, 9A and 11 of that Schedule shall be omitted.
(5) In paragraph 14 of that Schedule—
(a) for the heading there shall be substituted "Strips of government securities";
(b) in sub-paragraphs (2) and (3), the words "gilt-edged" shall be omitted;
(c) in sub-paragraph (4), the words after paragraph (c) shall be omitted.
(6) After that paragraph there shall be inserted—
"Strips of government securities: losses
14A (1) A person who sustains a loss in any year of assessment from the discount on a strip shall be entitled to relief from income tax on an amount of his income for that year equal to the amount of the loss.
(2) The relief is due only if the person makes a claim before the end of twelve months from the 31st January following that year.
(3) For the purposes of this paragraph a person sustains a loss from the discount on a strip where—
(a) he transfers the strip or becomes entitled, as the person holding it, to any payment on its redemption, and
(b) the amount paid by him for the strip exceeds the amount payable on the transfer or redemption (no account being taken of any costs incurred in connection with the transfer or redemption of the strip or its acquisition).
The loss shall be taken to be equal to the amount of the excess, and to be sustained in the year of assessment in which the transfer or redemption takes place.
(4)In sub-paragraph (3) above the reference to a transfer in paragraph (a) includes a reference to a deemed transfer under paragraph 14(4) above (and paragraph (b) shall be read accordingly).
(5) This paragraph does not apply in the case of—
(a) any transfer of a strip for the time being held under a settlement the trustees of which are not resident in the United Kingdom, or
(b) any redemption of a strip which is so held immediately before its redemption.".
(7) In the definition of "strip" in paragraph 15(1) of that Schedule, for "is a strip of a gilt-edged security" there shall be substituted "is a strip of a security, or would be if that section had effect with the substitution in subsection (1B) of "issued by or on behalf of the government of any territory" for "issued under the National Loans Act 1968"".
(8) In section 710(3) of the Taxes Act 1988, after paragraph (e) there shall be inserted—
"(f) any relevant discounted security within the meaning of Schedule 13 to the Finance Act 1996 (see paragraphs 3 and 14(1) of that Schedule).".
(9) Subject to paragraph (10) below—
(a) the amendments made by paragraphs (1) and (5)(c) of this Resolution shall apply in relation to costs incurred on or after 27th March 2003;
(b) the amendments made by paragraphs (2), (3), (4), (6) and (8) of this Resolution shall apply in relation to any loss sustained from the discount on a relevant discounted security transferred or redeemed on or after that date;
(c) the amendments made by paragraphs (5)(a) and (b) and (7) of this Resolution shall apply in relation to any security acquired on or after that date.
(10) The amendments mentioned in paragraph (9)(a) and (b) above shall not apply in relation to costs incurred, or losses sustained, on the transfer or redemption of a relevant discounted security if—
(a) the person transferring or redeeming the security held it continuously since a time before 27th March 2003, and
(b) the security was listed on a recognised stock exchange at any time before that date.
(11) No losses may be carried forward under paragraph 6(6) of Schedule 13 to the Finance Act 1996 to any year of assessment after 2002–03.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
52. Foster Carers
- That provision may be made in relation to income tax and capital allowances in the case of individuals who provide foster care.
53. Court Common Investment Funds
- That provision may be made amending section 469A of the Income and Corporation Taxes Act 1988.
54. Rate Of Landfill Tax For Year Beginning1st April 2003
- That—
(1) For the amount specified in subsection (1)(a) of section 42 of the Finance Act 1996, and the corresponding amount in subsection (2) of that section, there shall be substituted "£14".
(2) This Resolution shall apply in relation to taxable disposals made, or treated as made, on or after 1st April 2003 and before 1st April 2004.
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.
55. Rate Of Landfill Tax From 1st April 2004
- That, in relation to taxable disposals made, or treated as made, on or after 1st April 2004, for the amount specified in subsection (1)(a) of section 42 of the Finance Act 1996, and the corresponding amount in subsection (2) of that section, there shall be substituted "£15".
56. Climate Change Levy (Miscellaneous Amendments)
- That provision may be made amending Schedule 6 to the Finance Act 2000 in relation to—
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