Finance Bill

House of Commons

Session 2004 - 05
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Finance Bill

Finance Bill
Schedule 20 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax
334

Short title and chapter
Extent of repeal

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

(a)
paragraph 6B;

(b)
paragraph 6C(2);

(c)
paragraph 8;

5

(d)
paragraph 9.

Finance Act 2002 (c. 23)
In Schedule 25, paragraph 26.

In Schedule 29, paragraph 115(2).

Finance Act 2004 (c. 12)
In Schedule 10—

(a)
paragraph 24;

10

(b)
paragraph 25(4);

(c)
paragraph 26;

(d)
paragraph 27.


These repeals have effect in accordance with section 111(4) of this Act.
(8) Foreign currency accounting
15

Short title and chapter
Extent of repeal

Income and Corporation Taxes
Section 747(4A) and (4B).

Act 1988 (c. 1)
Section 747A.

Section 748(4) and (5).

Section 750(5) to (8).

20

In Schedule 24, paragraph 11A.

Finance Act 1995 (c. 4)
In Schedule 25—

(a)
paragraphs 2 to 5;

(b)
paragraph 6(4).

Finance Act 1996 (c. 8)
In Schedule 36, paragraph 1(3)(b) and (c).

25

Finance Act 1998 (c. 36)
In Schedule 17, paragraph 2.

Capital Allowances Act 2001
In Schedule 2, paragraph 66(3).

(c. 2)

Finance Act 2002 (c. 23)
In Schedule 23, paragraph 19.


These repeals have effect in accordance with paragraph 24(2) of Schedule 7
30
to this Act.
(9) Other provisions connected with accounting practice

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 43A(3), paragraphs (a) and (b) and the

Act 1988 (c. 1)
word “and” preceding paragraph (a).

35

Section 836A.

Finance Act 1996 (c. 8)
In Schedule 9, paragraph 19A(6).

Finance Act 1997 (c. 16)
In Schedule 12, in paragraph 30(1), the

definitions of “consolidated group accounts”,

“group of companies” and “member” in

40

relation to a group of companies.

Finance Bill
Schedule 20 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax
335

Short title and chapter
Extent of repeal

Finance Act 2002 (c. 23)
Section 103(2).

In Schedule 25, paragraph 12(2).

In Schedule 29—

(a)
paragraph 6(2);

5

(b)
in paragraph 15(4), in the definitions of

“Previous Debits” and “Previous

Credits” the words from “under” to

“accounting policy)”;

(c)
paragraph 20(1)(a), (b) and (c);

10

(d)
in paragraph 27(1), in the definitions of

“Debits” and “Credits” the words from

“under” to “accounting policy)”;

(e)
in paragraph 134(1), the words following

paragraph (b).

15

Finance Act 2004 (c. 12)
In sections 50(6), 51(6), 52(3) and 54(2),

paragraph (b) and the word “and” preceding

it.

In Schedule 10—

(a)
paragraph 12;

20

(b)
paragraph 72;

(c)
paragraph 73(3);

(d)
paragraphs 74 to 76.

1
The repeals in sections 50, 51, 52 and 54 of FA 2004 have effect in accordance
with paragraph 50 of Schedule 7 to this Act.
25
2
The other repeals have effect in accordance with section 111(4) of this Act.
(10) Double Taxation: limits on credit

Short title and chapter
Extent of repeal

Income and Corporation Taxes
Subsections (4) to (9) of section 803.

Act 1988 (c. 1)

30

This repeal has effect in accordance with the provisions of section 118 of this
Act.
(11) Tax avoidance involving annual payments and double taxation relief

Short title and chapter
Extent of repeal

Income and Corporation Taxes
Section 801(4A) to (4D).

35

Act 1988 (c. 1)

Finance Act 2001 (c. 9)
In Schedule 27, paragraph 3.


These repeals have effect in accordance with section 123(8) of this Act.

Finance Bill
Schedule 20 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax
336

(12) Insurance companies

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 76(8), in the second sentence, the

Act 1988 (c. 1)
word “or” at the end of paragraph (a).

In section 431(2), the definition of “long-term

5

liabilities”.

Finance Act 1989 (c. 26)
Section 82C(4), (5), (8) and (9).

In section 83A(2), the words from “Paragraph

(b) above” to the end of the subsection.

1
The repeals in ICTA have effect in relation to periods of account ending on
10
or after 31st December 2004.
2
The repeals in section 82C of FA 1989 have effect in accordance with
paragraph 10(4) of Schedule 9 to this Act.
3
The repeal in section 83A of FA 1989 has effect in accordance with paragraph
12(6) of Schedule 9 to this Act.
15
(13) Chargeable gains: temporary non-residents

Short title and chapter
Extent of repeal

Taxation of Chargeable Gains
Section 10A(10).

Act 1992 (c. 12)


This repeal has effect in accordance with section 126(7) of this Act.
20
(14) Chargeable gains: options

Short title and chapter
Extent of repeal

Finance Act 1996 (c. 8)
Section 111(2) and (5).


These repeals have effect in accordance with paragraph 6(2) of Schedule 11
to this Act.
25
(15) Charges on income for corporation tax

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 125(1), the words “and shall not be a

Act 1988 (c. 1)
charge on income for the purposes of

corporation tax”.

30

Section 338A(2)(a) and (4).

Section 338B.

In section 402(6)(b), the words “or a charge on

income”.

Section 434A(2)(a)(i).

35

In section 487(3), the words “or be treated for

those purposes as a charge on income”.

Finance Bill
Schedule 20 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax
337

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 494—

Act 1988 (c. 1)—cont.
(a)
in subsection (1), the words “Section 338

of this Act and”;

(b)
subsection (3).

5

In section 494A—

(a)
in subsection (2), paragraph (b) and the

word “or” before it;

(b)
in subsection (3), paragraph (b) and the

word “and” before it.

10

In Schedule 28AA—

(a)
in paragraph 7A(2)(b), the words “or

charges on income”;

(b)
in paragraph 7C(2)(b), the words “or

charges on income”.

15

Finance Act 1989 (c. 26)
In section 102(7)(b), the words “or a charge on

income”.

Taxation of Chargeable Gains
In section 171A(5)(b), the words “or a charge on

Act 1992 (c. 12)
income”.

In section 179A(11)(b), the words “or a charge

20

on income”.

Finance Act 2002 (c. 23)
In Schedule 29, in paragraph 71(4), the words

“or a charge on income”.


These repeals have effect in accordance with section 132 of this Act.
(16) Avoidance involving financial arrangements
25

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 18, paragraph (c) of the Case III of

Act 1988 (c. 1)
Schedule D substituted by subsection (3A).

Section 43C(1).

Section 43E(1)(a) and (b).

30

In section 730—

(a)
subsection (1)(c);

(b)
subsection (2A);

(c)
in subsection (8), the words from “and

for the purpose” onwards.

35

Finance Act 1996 (c. 8)
In section 97—

(a)
in subsection (2), paragraph (b) and the

word “but” before it, and

(b)
subsections (3) and (3A).

Section 100(4) to (6), (8) and (13).

40

In Schedule 9—

(a)
in paragraph 1A(1), paragraph (b) and

the word “or” before it;

(b)
paragraph 11(5);

(c)
in paragraph 15(4A), paragraph (b) and

45

the word “and” before it.

Finance Act 2000 (c. 17)
In Schedule 29, paragraph 44(3).

Finance Bill
Schedule 20 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax
338

Short title and chapter
Extent of repeal

Finance Act 2002 (c. 23)
In Schedule 25, paragraphs 13(4) and 51.

Income Tax (Trading and Other
In section 430(6), the word “and” before the

Income) Act 2005 (c. 00)
entry relating to section 443(1).

In Schedule 1, paragraph 300(5).

5


These repeals have effect in accordance with Schedule 13 to this Act.
(17) Loan relationships

Short title and chapter
Extent of repeal

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

(a)
in paragraph 2(1B), the words “, but not

10

a CIS-based close company,”, the word

“or” preceding paragraph (c) and the

words after paragraph (c);

(b)
in paragraph 18(1), paragraph (aa), and

paragraph (c) and the word “and”

15

preceding it;

(c)
in paragraph 18(4), the word “and”

preceding the definition of

“participator”.

Finance Act 2002 (c. 23)
In Schedule 25, paragraph 34(4).

20

Finance Act 2004 (c. 12)
In Schedule 8, paragraphs 2(2) and 6(2) and (3).


These repeals have effect in accordance with paragraph 4 of Schedule 14 to
this Act.
(18) Tonnage tax

Short title and chapter
Extent of repeal

25

Finance Act 2000 (c. 17)
In Schedule 22, paragraph 105.


This repeal has effect in accordance with paragraph 18(1) of Schedule 15 to
this Act.
(19) Lloyd’s names

Short title and chapter
Extent of repeal

30

Finance Act 1993 (c. 34)
Section 173.

In section 182(1)(a), “(so far as not provided for

by Schedule 19 to this Act)”.

Schedule 19.

Finance Act 1994 (c. 9)
Section 221.

35

In section 229(1)(a), “(so far as not provided for

by Schedule 19 to the 1993 Act as applied by

section 221 above)”.

In Schedule 21, paragraphs 9 and 10.

Finance Act 2001 (c. 9)
In Schedule 29, paragraph 36.

40

Finance Bill
Schedule 20 — Repeals
Part 4 — Stamp taxes
339


These repeals have effect in accordance with section 137(8) and (9) of this
Act.
(20) Energy Act 2004 and Health Protection Agency Act 2004

Short title and chapter
Extent of repeal

Income and Corporation Taxes
Section 349B(3)(g) and (h).

5

Act 1988 (c. 1)
Section 512.

Taxation of Chargeable Gains
In section 271(7)—

Act 1992 (c. 12)
(a)
the words “, the United Kingdom

Atomic Energy Authority”;

(b)
the words “and the National

10

Radiological Protection Board”;

(c)
the words from “; and for the purposes”

to the end of the subsection.

Income Tax (Trading and Other
In Schedule 1, paragraph 199.

Income) Act 2005 (c. 00)

15

These repeals have effect in accordance with section 138 of this Act.
Part 4
Stamp taxes
(1) Stamp duty land tax: alternative property finance

Short title and chapter
Extent of repeal

20

Finance Act 2003 (c. 14)
In section 72, in subsection (1)(c) the words “or

its successor in title”, and subsection (8).


These repeals have effect in accordance with paragraph 7(1) of Schedule 16
to this Act.
(2) Stamp duty land tax: miscellaneous
25

Short title and chapter
Extent of repeal

Finance Act 2003
In Schedule 15, paragraph 33(4).


This repeal has effect in relation to any instrument executed on or after the
day on which this Act is passed.

Finance Bill
Schedule 20 — Repeals
Part 6 — Pensions etc
340

(3) Stamp duty land tax: disadvantaged areas relief

Short title and chapter
Extent of repeal

Finance Act 2003 (c. 14)
In Schedule 6—

(a)
paragraph 4;

(b)
in the second sentence of paragraph 6(1),

5

the words “land that is non-residential

property or”;

(c)
paragraphs 6(2) and 6(3);

(d)
paragraph 8;

(e)
in the second sentence of paragraph

10

10(1), the words “land that is non-

residential property or”;

(f)
paragraphs 10(2) and 10(3).


These repeals have effect in accordance with paragraph 4 of Schedule 18 to
this Act.
15
(4) Stamp duty and stamp duty reserve tax: extension of exceptions

Short title and chapter
Extent of repeal

Finance Act 2002 (c. 23)
Section 117.


This repeal has effect in accordance with section 146 of this Act.
Part 6
20
Pensions etc

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In sections 348(1A) and 349(1A)—

Act 1988 (c. 1)
(a)
paragraph (b), and

(b)
in paragraph (c), “, 610”.

25

Finance Act 2004 (c. 12)
In section 215—

(a)
in subsection (9), paragraph (b) and the

word “and” before it, and

(b)
subsection (10).

In Schedule 28—

30

(a)
in paragraph 2, sub-paragraph (1) and,

in sub-paragraph (4), the word “or” at

the end of paragraph (b),

(b)
paragraph 3(3) to (6),

(c)
paragraph 6(2),

35

(d)
in paragraph 16, sub-paragraph (1), in

sub-paragraph (2), paragraph (b) and the

word “and” before it, and sub-

paragraphs (3) to (6), and

(e)
paragraph 20(2).

40