Finance Bill

House of Commons

Session 2003 - 04
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Finance Bill

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
563

(9) Vans

Short title and chapter
Extent of repeal

Income Tax (Earnings and
In section 114(2), the word “and” following

Pensions) Act 2003 (c. 1)
paragraph (b).

In section 171, in subsection (2), the words “or

5

van” and, in subsection (3), the words “or a

van”.

In Part 2 of Schedule 1, in the entry relating to

the age of a car or van (in Chapter 6 of Part 3)

and in the entry relating to the date of first

10

registration (in relation to a car or van) (in

Chapter 6 of Part 3), the words “or van”.

In Part 3 of Schedule 7, paragraph 24.


The repeals in section 171 of, and Schedule 1 to, the Income Tax (Earnings
and Pensions) Act 2003 have effect for the year 2007-08 and subsequent years
15
of assessment and the other repeals have effect for the year 2005-06 and
subsequent years of assessment.
(10) Income tax relief where national insurance contributions met by
employee

Short title and chapter
Extent of repeal

20

Taxation of Chargeable Gains
Section 119A(8).

Act 1992 (c. 12)

Income Tax (Earnings and
Section 480(7).

Pensions) Act 2003 (c. 1)
In section 484(7), the definition of “the

Contributions and Benefits Act” and the word

25

“and” preceding it.

Finance Act 2003 (c. 14)
In Schedule 23, in paragraphs 21(4) and 22C(4),

the words “increased by any amounts

deducted under sections 481 and 482 of that

Act”.

30
1
These repeals come into force in accordance with section 85(2) of this Act.
2
The repeal of section 119A(8) of the Taxation of Chargeable Gains Act 1992
has effect subject to paragraph 6(4) of Schedule 16 to this Act.
3
The repeals in paragraphs 21(4) and 22C(4) of Schedule 23 to the Finance Act
2003 have effect subject to paragraph 5(6) of Schedule 16 to this Act.
35
(11) Minor amendments of or connected with the Income Tax (Earnings and
Pensions) Act 2003

Short title and chapter
Extent of repeal

Finance Act 2000 (c. 17)
In Schedule 20, paragraph 5(1ZA).

Finance Act 2001 (c. 9)
In Schedule 22, paragraph 5(1A).

40

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
564

Short title and chapter
Extent of repeal

Income Tax (Earnings and
Section 577(3).

Pensions) Act 2003 (c. 1)
In section 677(1), in Part 2 of Table B, the entry

relating to compensation payments where

child support reduced because of a change in

5

legislation.

In Schedule 6—

(a)
paragraph 166(3);

(b)
paragraph 245.

1
The repeals of paragraph 5(1ZA) of Schedule 20 to the Finance Act 2000,
10
paragraph 5(1A) of Schedule 22 to the Finance Act 2001 and paragraph 245
of Schedule 6 to the Income Tax (Earnings and Pensions) Act 2003 have effect
in accordance with paragraph 7(3) of Schedule 17 to this Act.
2
The repeal of paragraph 166(3) of Schedule 6 to the Income Tax (Earnings
and Pensions) Act 2003 has effect in accordance with paragraph 5(2) of
15
Schedule 17 to this Act.
(12) Enterprise incentives

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 289(1)(a), the words “wholly in cash”.

Act 1988 (c. 1)
In section 289A(8)(b), the words “it is shown

20

that”.

In section 293(4A), the words “which is in

administration or receivership”.

Section 303A(6)(a).

In section 308—

25

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

“and, except” to “relevant period”,

(b)
subsection (2)(a) to (c),

(c)
in subsection (3)(a), the words “it is

shown that”,

30

(d)
subsection (3)(b) and the word “and”

immediately preceding it,

(e)
in subsection (4), the words “within the

relevant period” and “it is shown that”,

(f)
subsection (5).

35

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
565

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In Schedule 28B—

Act 1988 (c. 1)—cont.
(a)
in paragraph 3(3), the words from “and

for the purposes” to the end,

(b)
paragraph 6(5),

5

(c)
paragraph 10(3)(a) to (c),

(d)
in paragraph 10(4), the words “it is

shown”, the first “that” in paragraph (a)

and the word “that” in paragraph (b),

(e)
in paragraph 10(5), the words “it is

10

shown that”,

(f)
paragraph 10(6),

(g)
in paragraph 11(4), the words “it is

shown”, the first “that” in paragraph (a)

and the word “that” in paragraph (b).

15

Taxation of Chargeable Gains
Section 151A(3).

Act 1992 (c. 12)
In Schedule 5B—

(a)
in paragraph 1(2)(a), the words “wholly

in cash”,

(b)
in paragraph 2(4), the words “or

20

Schedule 5C”,

(c)
paragraph 14A(6)(a).

Schedule 5C.

Finance Act 1995 (c. 4)
Section 72(4).

Schedule 16.

25

Finance Act 1998 (c. 36)
In section 73—

(a)
subsection (2),

(b)
in subsection (3), the words from “and

after paragraph (b)” to the end,

(c)
in subsection (4), the words from “and

30

after” to the end.

In Schedule 13—

(a)
paragraph 1(1)(a),

(b)
paragraph 21.

Finance Act 2000 (c. 17)
In Schedule 15—

35

(a)
paragraph 21(2)(a) to (c),

(b)
in paragraph 24(1), the words “which is

in administration or receivership”.

Income Tax (Earnings and
In Schedule 5, paragraph 11(2)(a) to (c) and (3).

Pensions) Act 2003 (c. 1)

40

1
The repeal in section 303A of the Taxes Act 1988 has effect in accordance
with paragraph 8(2) of Schedule 18 to this Act.
2
The repeals in Schedule 28B to the Taxes Act 1988, and in section 73 of the
Finance Act 1998, have effect in accordance with paragraph 16 of Schedule
19 to this Act.
45
3
The repeals of section 151A(3) of, in paragraph 2(4) of Schedule 5B to, and of
Schedule 5C to, the Taxation of Chargeable Gains Act 1992, and the repeals

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
566

in the Finance Act 1995, have effect in accordance with paragraph 7 of
Schedule 19 to this Act.
4
The repeal in paragraph 14A of Schedule 5B to the Taxation of Chargeable
Gains Act 1992 has effect in accordance with paragraph 18(2) of Schedule 18
to this Act.
5
5
The repeals in the Income Tax (Earnings and Pensions) Act 2003 have effect
in accordance with section 91 of this Act.
6
The remaining repeals have effect in relation to shares issued on or after 17th
March 2004.
(13) Chargeable gains: gifts relief etc
10

Short title and chapter
Extent of repeal

Taxation of Chargeable Gains
Section 260(6A) and (6B).

Act 1992 (c. 12)
In section 281(3)(c), the words “nor dealt in on

the Unlisted Securities Market”.

Finance Act 1995 (c. 4)
Section 72(6).

15

In Schedule 13, paragraph 4(2).

1
The repeals in section 260 of the Taxation of Chargeable Gains Act 1992 and
in the Finance Act 1995 have effect in accordance with paragraph 10(8) of
Schedule 21 to this Act.
2
The repeal in section 281 of the Taxation of Chargeable Gains Act 1992 has
20
effect in relation to disposals on or after the passing of this Act.
(14) Chargeable gains: private residence relief

Short title and chapter
Extent of repeal

Taxation of Chargeable Gains
In section 223(4)(a), the words “or those

Act 1992
provisions as applied by section 225”.

25

This repeal has effect in accordance with paragraph 7(2) of Schedule 22 to
this Act.

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
567

(15) Manufactured dividends

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In Schedule 23A, in paragraph 2A—

Act 1988 (c. 1)
(a)
in sub-paragraph (1A), paragraph (a),

paragraph (c) and the word “or” before it

5

and the words following paragraph (c);

(b)
in sub-paragraph (1B), paragraph (c) and

the word “or” before it;

(c)
in sub-paragraph (4), in paragraph (a),

the words “or corporation tax” and in

10

paragraph (b), the words “or, as the case

may be, total profits”.

Finance Act 2002 (c. 23)
Section 108(2).

1
The repeal of paragraph 2A(1A)(a) of Schedule 23A to the Taxes Act 1988 has
effect in accordance with paragraph 2(7) of Schedule 24 to this Act.
15
2
The other repeals in paragraph 2A(1A) of Schedule 23A to the Taxes Act
1988 and the repeals in paragraph 2A(1B) of that Schedule have effect in
accordance with paragraph 2(11) of Schedule 24 to this Act.
3
The repeal of section 108(2) of the Finance Act 2002 has effect in accordance
with paragraph 2(7) and (9) of Schedule 24 to this Act.
20
(16) Life policies etc.: restriction of corresponding deficiency relief

Short title and chapter
Extent of repeal

Finance Act 2001 (c. 9)
In Schedule 28, paragraph 13.


This repeal has effect in accordance with section 130(4) to (6) of this Act.
25
(17) Offshore funds

Short title and chapter
Extent of repeal

Income and Corporation Taxes
Section 759(1) and (1A).

Act 1988 (c. 1)
In section 760—

(a)
in subsection (3), paragraphs (b) to (d)

30

and the word “or” preceding paragraph

(b);

(b)
subsections (4) to (7).

In Schedule 27—

(a)
paragraph 10;

35

(b)
in paragraph 11(1) and (4), the words

“section 760(3) and”;

(c)
paragraphs 12 and 13;

(d)
in paragraph 16(1), the words “by a

trustee or officer thereof”.

40

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
568

Short title and chapter
Extent of repeal

Taxation of Chargeable Gains
In Schedule 10, paragraph 14(46).

Act 1992 (c. 12)

Finance Act 1995 (c. 4)
Section 134(1) to (3) and (8).

Finance Act 1996 (c. 8)
In Schedule 10, paragraph 3.

5

Finance Act 2002 (c. 23)
In Schedule 26, paragraph 35.

1
These repeals have effect in accordance with section 135(2) of this Act.
2
The repeal of paragraph 3 of Schedule 10 to the Finance Act 1996 has effect
subject to paragraph 1(3) and (4) of Schedule 26 to this Act.
3
The repeal of paragraph 35 of Schedule 26 to the Finance Act 2002 has effect
10
subject to paragraph 2(3) and (4) of Schedule 26 to this Act.
(18) Meaning of “offshore installation”

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 298(5), the definition of “oil rig”.

Act 1988 (c. 1)
In paragraph 5(1) of Schedule 28B, the definition

15

of “oil rig”.

Finance Act 2000 (c. 17)
In paragraph 28(6) of Schedule 15, the definition

of “oil rig”.

In Schedule 22, paragraph 20(5).

Capital Allowances Act 2001
Section 94(2)(b) and (3).

20

(c. 2)
Section 153(3).

Income Tax (Earnings and
In section 305(6), the definition of “offshore

Pensions) Act 2003 (c. 1)
installation”.

In paragraph 18(8) of Schedule 5, the definition

of “oil rig”.

25
1
The repeal in section 298 of the Taxes Act 1988 has effect in accordance with
paragraph 4(5) and (6) of Schedule 27 to this Act.
2
The repeal in Schedule 28B to the Taxes Act 1988 has effect in accordance
with paragraph 5(5) and (6) of Schedule 27 to this Act.
3
The repeal in Schedule 15 to the Finance Act 2000 has effect in accordance
30
with paragraph 6(5) and (6) of Schedule 27 to this Act.
4
The repeal in Schedule 22 to the Finance Act 2000 has effect in accordance
with paragraph 7(2) of Schedule 27 to this Act.
5
The repeals in the Capital Allowances Act 2001 have effect in accordance
with paragraph 11(1) of Schedule 27 to this Act.
35
6
The repeal in section 305 of the Income Tax (Earnings and Pensions) Act 2003
has effect in accordance with paragraph 16 of Schedule 27 to this Act.
7
The repeal in Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003
has effect in accordance with paragraph 17(6) and (7) of Schedule 27 to this
Act.
40

Finance Bill
Schedule 40 — Repeals
Part 3 — Pension schemes etc.
569

Part 3
Pension schemes etc.

Short title and chapter
Extent of repeal

Taxes Management Act 1970
In section 98, in the Table, in the first and second

(c. 9)
columns, the entries relating to regulations

5

under section 602, 605, 612, 639 and 651A of

the Income and Corporation Taxes Act 1988

and the entries relating to section 605 of that

Act.

In section 100(6)(a), the word “or” in the second

10

place.

Inheritance Tax Act 1984 (c. 51)
Section 12(3) and (4).

Section 151(1) and (1A).

Finance (No.2) Act 1987 (c. 51)
Section 98.

Income and Corporation Taxes
In section 21A(2), the entry relating to section 76

15

Act 1988 (c. 1)
of the Finance Act 1989.

In section 336(1A)(b), sub-paragraph (iii) and

the word “or” before it.

Section 349B(3)(l) and (m).

Section 438(8).

20

In section 466(2), the definition of “pension

business”.

Section 512(2).

Sections 590 to 594.

Sections 598 to 599A.

25

Sections 601 to 612.

In section 613(4), the word “respective” and

paragraphs (b) to (d).

Sections 618 to 626.

Section 628.

30

Sections 630 to 640A.

Section 641A.

Sections 643 to 646D.

Sections 648B to 651A.

Sections 653 to 655.

35

Section 658A.

In section 659A(1), the words “592(2),

608(2)(a),”, the words “, 620(6) and 643(2)”

and the words following paragraph (b).

Sections 659B to 659D.

40

In section 659E(2), the entries relating to sections

592(2), 608(2)(a), 620(6) and 643(2) of the

Income and Corporation Taxes Act 1988.

Schedules 22, 23 and 23ZA.

In Schedule 29, in the Table in paragraph 32, the

45

entries relating to sections 12(2), 151 and 152

of the Inheritance Tax Act 1984.

Finance Act 1988 (c. 39)
Sections 54 to 56.

In Schedule 3, paragraph 18.

In Schedule 13, paragraph 6.

50

Finance Act 1989 (c. 26)
Sections 75 to 77.

Section 170(4)(a) and (b).

Schedule 6.