Finance Bill

House of Commons

Session 2002 - 03
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Finance Bill

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
588

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 and”;

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(1) 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 of, 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
589

(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.

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
590

(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) Employment-related securities and options: other provisions

Short title and chapter
Extent of repeal

Income Tax (Earnings and
Section 421G.

Pensions) Act 2003 (c. 1)
Section 429(5).

Section 443(5).

40

Section 446R(5).

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
591

Short title and chapter
Extent of repeal

Income Tax (Earnings and
Section 449(4).

Pensions) Act 2003 (c. 1)—
In section 519(1), the word “and” at the end of

cont.
paragraph (a).

In section 524(1), the word “and” at the end of

5

paragraph (a).

Section 701(2)(c)(ii).

Finance Act 2003 (c. 14)
In Schedule 21, paragraph 18(4).

1
The repeals in sections 429, 443, 446R and 449 of the Income Tax (Earnings
and Pensions) Act 2003 have effect in accordance with section 86(8) of this
10
Act.
2
The remaining repeals have effect in accordance with section 88(11) of this
Act.
(12) Minor amendments of or connected with the Income Tax (Earnings and
Pensions) Act 2003
15

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).

Income Tax (Earnings and
Section 577(3).

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

20

relating to compensation payments where

child support reduced because of a change in

legislation.

In Schedule 6—

(a)
paragraph 166(3);

25

(b)
paragraph 245.

1
The repeals of paragraph 5(1ZA) of Schedule 20 to the Finance Act 2000,
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.
30
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
Schedule 17 to this Act.
(13) Enterprise incentives

Short title and chapter
Extent of repeal

35

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

that”.

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

administration or receivership”.

40

Section 303A(6)(a).

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
592

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 308—

Act 1988 (c. 1)—cont.
(a)
in subsection (1)(a), the words from

“and, except” to “relevant period”,

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

5

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

shown that”,

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

immediately preceding it,

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

10

relevant period” and “it is shown that”,

(f)
subsection (5).

In Schedule 28B—

(a)
in paragraph 3(3), the words from “and

for the purposes” to the end,

15

(b)
paragraph 6(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),

20

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

shown that”,

(f)
paragraph 10(6),

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

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

25

and the word “that” in paragraph (b).

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”,

30

(b)
in paragraph 2(4), the words “or

Schedule 5C”,

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

Schedule 5C.

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

35

Schedule 16.

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,

40

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

after” to the end.

In Schedule 13—

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

(b)
paragraph 21.

45

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

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

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

in administration or receivership”.

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
593

Short title and chapter
Extent of repeal

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

Pensions) Act 2003 (c. 1)

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.
5
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.
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
10
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.
15
5
The repeals in the Income Tax (Earnings and Pensions) Act 2003 have effect
in accordance with section 96 of this Act.
6
The remaining repeals have effect in relation to shares issued on or after 17th
March 2004.
(14) Chargeable gains: gifts relief etc
20

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).

25

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
30
effect in relation to disposals on or after the passing of this Act.
(15) 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 (c. 12)
provisions as applied by section 225”.

35

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
594

(16) 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
(17) 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 137(4) to (6) of this Act.
(18) Offshore funds
25

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)

and the word “or” preceding paragraph

30

(b);

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

In Schedule 27—

(a)
paragraph 10;

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

35

“section 760(3) and”;

(c)
paragraphs 12 and 13;

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

trustee or officer thereof”.