Finance Bill

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Session 2003 - 04
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Finance Bill

Finance Bill
Schedule 40 — Repeals
Part 1 — Excise duties
556

Schedule 40
Section 308

Repeals
Part 1
Excise duties
(1) Hydrocarbon oil etc duties
5

Short title and chapter
Extent of repeal

Hydrocarbon Oil Duties Act
In section 6AA(2), the word “or” preceding

1979 (c. 5)
paragraph (b).

In section 20AAB(3), “or (2)”.

Schedule 2A.

10
1
The repeal in section 6AA(2) of the Hydrocarbon Oil Duties Act 1979 has
effect in accordance with section 11(2) of this Act.
2
The other repeals have effect in accordance with section 9(4) of this Act.
(2) General betting duty

Short title and chapter
Extent of repeal

15

Betting and Gaming Duties Act
In section 7B(2)(b), the words “the bet is made

1981 (c. 63)
otherwise than by means of a totalisator and”.

In section 12(4), the definition of “sponsored

pool betting”.

In Schedule 1, in paragraph 10(1), the words “,

20

or that facilities for sponsored pool betting on

those events are being or are to be provided,”.


These repeals have effect in accordance with section 15(10) of this Act.

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
557

Part 2
Income tax, corporation tax and capital gains tax
(1) Provision not at arm’s length

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 494—

5

Act 1988 (c. 1)
(a)
in subsection (2), paragraph (d) and the

word “and” preceding it, and the third

sentence;

(b)
subsection (2B).

In Schedule 24, paragraph 20.

10

In Schedule 28AA—

(a)
in paragraph 5, in sub-paragraph (1), the

words “(but subject to sub-paragraph (2)

below)” and sub-paragraphs (2) to (6);

(b)
in paragraph 11, sub-paragraph (2), in

15

sub-paragraph (3), paragraph (e) and the

word “and” preceding it and, in sub-

paragraph (4), the words “(2) or”.

Finance Act 1998 (c. 36)
In Schedule 17, paragraph 24.

Finance Act 2002 (c. 23)
In Schedule 29, in paragraph 92(3), paragraph

20

(c) and the word “and” preceding it.

Finance Act 2003 (c. 14)
In Schedule 33, paragraph 13(10).


These repeals have effect in accordance with section 37 of this Act.
(2) Interest payments deemed to be distributions

Short title and chapter
Extent of repeal

25

Income and Corporation Taxes
Section 74(1)(n).

Act 1988 (c. 1)
In section 209—

(a)
in subsection (2), paragraph (da) and, in

paragraph (e), the words “or (da)”;

(b)
in subsection (3), the words “, (da)”;

30

(c)
in subsection (3A)(a), the words “, (da)”;

(d)
subsections (8A) to (8F).

In section 212—

(a)
in subsection (1)(b), the words

“paragraph (da) of section 209(2) or”;

35

(b)
in subsection (3), the words “Without

prejudice to subsection (4) below,” and

the words from “and does not apply” to

the end of the subsection;

(c)
subsection (4).

40

Section 710(3)(a).

In section 730A(5), the words “and (da)”.

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
558

Short title and chapter
Extent of repeal

Finance Act 1995 (c. 4)
Section 87(1), (3), (4) and (5).

Finance Act 1996 (c. 8)
In Schedule 9, in paragraph 11A—

(a)
sub-paragraphs (2)(a) and (3)(a);

(b)
in sub-paragraph (3)(b), the words “in a

5

case falling within paragraph (b) of that

sub-paragraph,”;

(c)
in sub-paragraph (5)(b), the words “the

terms would have been the same, except

that”.

10


These repeals have effect in accordance with section 37 of this Act.
(3) Expenses: companies with investment business and insurance companies

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 77(1), the words from “and the

Act 1988 (c. 1)
incidental cost” onwards.

15

Finance Act 1989 (c. 26)
In section 85(2), the word “or” at the end of

paragraph (b) and paragraphs (c) to (d).

Section 86(5), (5A) and (7).

Finance Act 1990 (c. 29)
Section 44.

In Schedule 7, paragraph 1.

20

Finance Act 1991 (c. 31)
Section 47.

In Schedule 7, paragraph 13(1).

Finance Act 1995 (c. 4)
In Schedule 8, paragraphs 7 and 23(3).

Finance Act 1996 (c. 8)
Section 164(1), (2) and (6).

In Schedule 11, in paragraph 4(3), the word

25

“net”.

In Schedule 14, paragraph 8.

In Schedule 31, paragraph 3(1) and (2).

Finance Act 1997 (c. 16)
Section 67(4)(a).

Finance (No. 2) Act 1997 (c. 58)
In Schedule 3, paragraph 1.

30

In Schedule 6, paragraph 2.

Finance Act 1998 (c. 36)
In Schedule 3, paragraph 9.

In Schedule 7, in paragraph 1 the words “86(2)

definition of “deductible”,”.

Finance Act 2000 (c. 17)
In Schedule 27, paragraph 7.

35

Capital Allowances Act 2001
In Schedule 2, paragraphs 15 and 70.

(c. 2)

Finance Act 2001 (c. 9)
In Schedule 23, paragraph 2.

Finance Act 2003 (c. 14)
In Schedule 33, paragraphs 6(6), 8(1) and 12(1).


These repeals have effect in accordance with section 42 of this Act.
40

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
559

(4) Loan relationships

Short title and chapter
Extent of repeal

Finance Act 1996 (c. 8)
In Schedule 9—

(a)
paragraph 18(3A);

(b)
in paragraph 20(1), paragraph (c) and

5

the word “and” preceding it;

(c)
paragraph 20(2).


These repeals have effect in accordance with Schedule 8 to this Act.
(5) Derivative Contracts

Short title and chapter
Extent of repeal

10

Finance Act 2002 (c. 23)
In Schedule 26, in paragraph 33(4)(b), the words

“issued by the Financial Services Authority”.


This repeal has effect in accordance with Schedule 9 to this Act.
(6) Amendment of enactments that operate by reference to accounting
practice
15

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 730A(6), paragraph (b) (but not the

Act 1988 (c. 1)
word “and” following it).

Section 730BB(12).

Finance Act 1996 (c. 8)
In section 84—

20

(a)
in subsection (1) the words “in

accordance with an authorised

accounting method;

(b)
subsections (2) and (4A).

Section 84A(4) to (7).

25

Section 88(2)(b) and (3)(b).

Section 88A(5).

Section 90.

Section 92.

Sections 93, 93A, 93B and 94.

30

Section 96(3).

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
560

Short title and chapter
Extent of repeal

Finance Act 1996 (c. 8)—cont.
In section 103(1)—

(a)
the definition of “authorised accounting

method”, “authorised accruals basis of

accounting” and “authorised mark to

5

market basis of accounting”;

(b)
the definition of “statutory accounts”.

Section 103(5).

In Schedule 9—

(a)
paragraph 5(1) to (2A);

10

(b)
in paragraph 5A(9), the words “by virtue

of paragraph 5(2) above”;

(c)
in paragraph 5A(15), the words “under

paragraph 5(1)”;

(d)
in paragraph 6(2), the words “in

15

accordance with that accounting

method”;

(e)
in paragraph 6C(2), the words “by virtue

of paragraph 5(2) above”;

(f)
in paragraph 9(2), the word “or” at the

20

end of paragraph (b);

(g)
paragraph 10A(5);

(h)
in paragraph 12(2A), paragraph (b) and

the word “and” preceding it;

(i)
in paragraph 13(1), the words “given by

25

the authorised accounting method

used”;

(j)
in paragraph 14(1), the words “given by

an authorised accounting method”;

(k)
in paragraph 16(2), the words “,

30

notwithstanding the provisions of any

authorised accounting method,”;

(l)
paragraph 19(10).

In Schedule 10, in paragraphs 2A(1) and 2B(1),

the words “notwithstanding anything in

35

section 84(2)(b) of this Act”.

Finance Act 1997 (c. 16)
Section 83(1) to (5).

Finance Act 1999 (c. 16)
Section 65(7).

Capital Allowances Act 2001
In Schedule 2, paragraphs 88 and 89.

(c. 1)

40

Finance Act 2002 (c. 23)
Sections 72 to 77.

In section 103(4)—

(a)
in paragraph (b), the words “93(2)”;

(b)
in paragraph (d), the words “sections

84(2)(b) and 85(2)(a).

45

In Schedule 23, paragraphs 4, 5 and 8.

In Schedule 24, paragraphs 1 to 6.

In Schedule 25, paragraphs 4 to 6, 10 and 12.

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
561

Short title and chapter
Extent of repeal

Finance Act 2002 (c. 23)—cont.
In Schedule 26—

(a)
in paragraph 15(1), the words “in

accordance with an authorised

accounting method”;

5

(b)
paragraph 15(2), (3) and (6);

(c)
paragraph 16(4) to (7);

(d)
paragraph 22(1) to (4);

(e)
in paragraph 22(5), paragraph (b) and

the word “and” preceding it;

10

(f)
paragraph 22A(5);

(g)
in paragraph 23(2) and (3), the words

“given by the authorised accounting

method used”;

(h)
in paragraph 25(1), the words “given by

15

an authorised accounting method”;

(i)
in paragraph 31A(2), the words

“, notwithstanding the provisions of any

authorised accounting method,”.

(j)
in paragraphs 32(1) and 33(1), the words

20

“, notwithstanding paragraph 15”;

(k)
paragraph 52;

(l)
in paragraph 54 the definitions of

“authorised accounting method”,

“authorised accruals basis of

25

accounting” and “authorised mark to

market basis of accounting” and of

“statutory accounts”.

In Schedule 27, paragraph 18.

Finance Act 2003 (c. 14)
In Schedule 27, paragraph 3.

30

1
These repeals have effect in accordance with section 52(3) of this Act.
2
The repeals of section 92 of the Finance Act 1996, section 65(7) of the Finance
Act 1999 and sections 72 and 73, and paragraph 5 of Schedule 23 to, the
Finance Act 2002 have effect subject to the provisions of paragraph 9(2) and
(3) of Schedule 10 to this Act.
35
3
The repeals of sections 93, 93A and 93B of the Finance Act 1996 and sections
75 to 77 of, and paragraph 18 of Schedule 27 to, the Finance Act 2002 have
effect subject to the provisions of paragraph 11(2) and (3) of Schedule 10 to
this Act.

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
562

(7) Construction industry scheme

Short title and chapter
Extent of repeal

Taxes Management Act 1970
In section 98, in the Table—

(c. 9)
(a)
in the first column, the entry relating to

section 561(8) of the Income and

5

Corporation Taxes Act 1988;

(b)
in the second column, the entry relating

to regulations under section 566(1), (2) or

(2A) of that Act.

Income and Corporation Taxes
In Part 13, Chapter 4.

10

Act 1988 (c. 1)

Companies Act 1989 (c. 40)
Section 139(5).

In Schedule 10, paragraph 38(3).

Finance Act 1994 (c. 9)
In Schedule 17, paragraph 5.

Finance Act 1995 (c. 4)
Section 139.

15

Schedule 27.

Finance Act 1996 (c. 8)
Section 72(3).

Section 178.

Finance Act 1997 (c. 16)
Section 54(5).

Finance Act 1998 (c. 36)
Section 55(2).

20

Section 57.

Schedule 8.

Government of Wales Act 1998
In Schedule 16, paragraph 58.

(c. 38)

Finance Act 1999 (c. 16)
Section 53.

25

Finance Act 2002 (c. 23)
In section 40—

(a)
subsection (1),

(b)
subsection (3), and

(c)
in subsection (4), the second sentence.

Income Tax (Earnings and
In Schedule 6, paragraphs 58, 59, 60 and 61.

30

Pensions) Act 2003 (c. 1)

Finance Act 2003 (c. 14)
Section 147(1).


These repeals have effect in accordance with section 77 of this Act.
(8) Exemption for loaned computers

Short title and chapter
Extent of repeal

35

Income Tax (Earnings and
Section 320(4) and (5).

Pensions) Act 2003 (c. 1)


This repeal has effect in accordance with section 79(4) of this Act.