Finance Bill

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Session 2002 - 03
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Finance Bill

Finance Bill
Schedule 40 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
595

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 142(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.
(19) 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
596

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).

In section 58(2), the words “part of or” and the

words “fund or” (in both places).

Section 151(1) and (1A).

15

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

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

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

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

the word “or” before it.

20

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

Section 438(8).

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

business”.

Section 512(2).

25

Sections 590 to 594.

Sections 598 to 599A.

Sections 601 to 612.

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

paragraphs (b) to (d).

30

Sections 618 to 626.

Section 628.

Sections 630 to 640A.

Section 641A.

Sections 643 to 646D.

35

Sections 648B to 651A.

Sections 653 to 655.

Section 658A.

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

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

40

and the words following paragraph (b).

Sections 659B to 659D.

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.

45

Schedules 22, 23 and 23ZA.

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

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

of the Inheritance Tax Act 1984.

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

50

In Schedule 3, paragraph 18.

In Schedule 13, paragraph 6.

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

Finance Bill
Schedule 40 — Repeals
Part 3 — Pension schemes etc
597

Short title and chapter
Extent of repeal

Finance Act 1989 (c. 26)—cont.
Section 170(4)(a) and (b).

Schedule 6.

Schedule 7.

In Schedule 12, paragraphs 15 and 16.

5

Finance Act 1991 (c. 31)
Sections 34 to 36.

Taxation of Chargeable Gains
Section 99A(4)(c).

Act 1992 (c. 12)
In section 271—

(a)
in subsection (1), paragraphs (d), (g), (h)

and (j) and the second sentence,

10

(b)
subsection (2),

(c)
in subsection (7), the words after

“chargeable gains;”, and

(d)
in subsection (10), the words after

“options contracts”.

15

In Schedule 1, paragraph 2(8).

In Schedule 10, paragraph 14(21).

Finance Act 1993 (c. 34)
Section 106.

Section 107(4) to (7).

Section 112.

20

Pension Schemes Act 1993
In Schedule 8, paragraph 20.

(c. 48)

Pension Schemes (Northern
In Schedule 7, paragraph 22.

Ireland) Act 1993 (c. 49)

Finance Act 1994 (c. 9)
Sections 103 to 107.

25

Finance Act 1995 (c. 4)
Sections 58 to 61.

In Schedule 8, paragraph 4(3).

Schedule 11.

Pensions Act 1995 (c. 26)
In Schedule 5, paragraph 12.

Pensions (Northern Ireland)
In Schedule 3, paragraph 8.

30

Order 1995 (S.I. 1995/3213

(N.I. 22))

Finance Act 1996 (c. 8)
Section 172.

In Schedule 21, paragraph 17.

In Schedule 39, paragraph 2.

35

Finance Act 1998 (c. 36)
Section 92.

Sections 94 to 97.

Section 98(1).

Schedule 15.

Social Security Contributions
In Schedule 1, paragraphs 3 and 4.

40

(Transfer of Functions, etc.)

Act 1999 (c. 2)

Finance Act 1999 (c. 16)
Section 52.

In Schedule 5, paragraphs 4 and 5 and, in

paragraph 6(2), the words “and 654”.

45

In Schedule 10, paragraphs 1 to 10 and 12 to 18.

Welfare Reform and Pensions
In Schedule 12, paragraph 13.

Act 1999 (c. 30)

Finance Act 2000 (c. 17)
Section 61.

Finance Bill
Schedule 40 — Repeals
Part 3 — Pension schemes etc
598

Short title and chapter
Extent of repeal

Finance Act 2000 (c. 17)—cont.
In Schedule 8, paragraph 83(2).

Schedule 13.

Capital Allowances Act 2001
In Schedule 2, paragraphs 53 and 54.

(c. 2)

5

Finance Act 2001 (c. 7)
Section 74.

Income Tax (Earnings and
Section 56(8).

Pensions) Act 2003 (c. 1)
Section 224.

In section 327(4), the entry relating to section

619 of the Income and Corporation Taxes Act

10

1988.

In Part 6, Chapter 1.

Section 407(3).

Section 408(2).

Section 492(2).

15

In section 566(4), the entry relating to section

623.

In Part 9, Chapters 6, 7, 8, 9, 13 and 16.

Section 683(4).

In Part 2 of Schedule 1, the entries relating to the

20

following expressions: “administrator (in

Chapter 2 of Part 6)”, “approved (in Chapter 8

of Part 9)”, “approved (in relation to

retirement benefits scheme) (in Chapter 6 of

Part 9)”, “approved retirement benefits

25

scheme (in Chapter 6 of Part 9)”, “director (in

Chapter 1 of Part 6)”, “employee (in Chapter 1

of Part 6)”, “employee (in Chapter 2 of Part

6)”, “employee (in Chapter 6 of Part 9)”,

“employer (in Chapter 1 of Part 6)”,

30

“employment (in Chapter 1 of Part 6)”,

“exempt approved scheme (in Chapter 13 of

Part 9)”, “ex-spouse (in Chapter 2 of Part 6)”,

“ex-spouse (in Chapter 6 of Part 9)”, “former

approved superannuation fund (in Chapter 7

35

of Part 9)”, “income withdrawal (in Chapter 8

of Part 9)”, “non-approved retirement

benefits scheme (in Chapter 1 of Part 6)”,

“non-approved retirement benefits scheme

(in Chapter 2 of Part 6)”, “personal pension

40

arrangements (in Chapter 8 of Part 9)”,

“personal pension scheme (in Chapter 8 of

Part 9)”, “provision of benefits in respect of an

employee (in Chapter 1 of Part 6)”, “provision

of relevant benefits (in Chapter 2 of Part 6)”,

45

“relative (in Chapter 2 of Part 6)”, “relevant

benefits (in Chapter 1 of Part 6)”, “relevant

benefits (in Chapter 2 of Part 6)”, “relevant

statutory scheme (in Chapter 13 of Part 9)”,

“retirement annuity contract (in Chapter 9 of

50

Part 9)”, and “retirement benefits scheme (in

Chapter 6 of Part 9)”.

In Schedule 6, paragraphs 72, 73, 79, 80(1) to (5),

82, 89, 90, 92 to 95, 97, 98, 99, 125(3) and 161.

Finance Bill
Schedule 40 — Repeals
Part 4 — Other taxes
599

Short title and chapter
Extent of repeal

Income Tax (Earnings and
In Schedule 7, paragraph 41.

Pensions) Act 2003 (c. 1)—

cont.

Finance Act 2003 (c. 14)
In section 153(2)(a), the words “606(13),”.

5

Section 174.

In Schedule 24, in paragraph 2(1), the word “or”

at the end of paragraph (a).

In Schedule 27, paragraph 1(2).

Finance Act 2004 (c. )
In Schedule 17, paragraphs 2 and 10(4).

10


These repeals have effect on 6th April 2006 (but subject to Schedule 34 to this
Act).
Part 4
Other taxes
(1) Inheritance tax
15

Short title and chapter
Extent of repeal

Supreme Court Act 1981 (c. 54)
Section 109(3).

Inheritance Tax Act 1984 (c.51)
Section 256(1)(c) and (2).

1
The repeal in section 109 of the Supreme Court Act 1981 has effect in
accordance with section 288(4) of this Act.
20
2
The repeals in section 256 of the Inheritance Tax Act 1984 come into force
with the passing of this Act.
(2) Stamp duty land tax

Short title and chapter
Extent of repeal

Finance Act 2003 (c. 14)
In section 43(3), the word “and” preceding

25

paragraph (c).

In section 45(1), the word “and” preceding

paragraph (b).

In section 47(3), the words from “and section 58”

to the end.

30

In section 77(2)(a) and (b), the word

“contractual”.

In section 80(2), the words “or chargeable”.

In section 119(2), the word “and” at the end of

the entry for section 44(4).

35

In Schedule 4—

(a)
in paragraph 5(6), the words from “and

section 58” to the end;

(b)
paragraphs 13 to 15.

Finance Bill
Schedule 40 — Repeals
Part 5 — Miscellaneous matters
600

Short title and chapter
Extent of repeal

Finance Act 2003 (c. 14)—cont.
In Schedule 5—

(a)
in paragraph 3, the words “(see

paragraphs 4 and 5)” and “(see

paragraphs 6 and 7)”;

5

(b)
paragraphs 4 to 7, 10 and 11.

In Schedule 10—

(a)
paragraph 33(2) and (3);

(b)
in paragraph 34(2), the words “by notice

in writing given to the Inland Revenue”;

10

(c)
paragraph 34(3).

In Schedule 19, paragraph 6(1).

Finance Act 2004 (c. 00)
In Schedule 37, paragraphs 6 and 11.

1
The repeals in Schedule 10 to the Finance Act 2003 come into force with the
passing of this Act.
15
2
The repeals in sections 43, 45 and 119 of that Act have effect in accordance
with paragraph 13 of Schedule 37 to this Act.
3
The other repeals have effect in accordance with paragraph 26 of that
Schedule.
Part 5
20
Miscellaneous matters
Ending of shipbuilders’ relief

Short title and chapter
Extent of repeal

Finance Act 1966 (c. 18)
Section 2.


This repeal has effect in accordance with section 315 of this Act.
25

Finance Bill
Schedule 40 — Repeals
Part 5 — Miscellaneous matters
601