Finance (No. 2) Bill

House of Commons

Session 2004 - 05
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Other Bills before Parliament

Finance (No. 2) Bill

Finance (No. 2) Bill
Schedule 11 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
199

(4) Partners: removal of restriction on interest relief

Short title and chapter
Extent of repeal

Income and Corporation Taxes
In section 117—

Act 1988 (c. 1)
(a)
in subsection (1), the words “353,” and,

in paragraph (a), the words “, or of

5

interest paid by him in connection with

the carrying on of a trade,”,

(b)
in subsection (2), in the definition of “the

aggregate amount”, the words “353,”

and, in paragraph (a), the words “, or of

10

interest paid by him in connection with

carrying it on,”, and

(c)
in that subsection, in the definition of

“the appropriate time”, the words “or

the interest paid”.

15

In section 118ZB(2), the words “, or interest paid

by him in connection with the carrying on of

a trade,”.

In section 118ZE(1), the words “353,” and “, or

interest paid by him in connection with the

20

carrying on of a trade,”.

In section 118ZF(1), the words “353,” and “, or of

interest paid by him in connection with

carrying it on,”.

In section 118ZG(2)(b)(ii), the words “353,” and

25

“, or of interest paid by him in connection

with carrying it on,”.

In section 118ZJ—

(a)
in subsection (3), the words “353,” and “,

and interest paid by him in connection

30

with carrying it on,”,

(b)
in subsection (4), the words “the sum

of”, paragraph (b) and the word “and”

immediately before that paragraph, and

(c)
in subsection (5), paragraph (b) and the

35

word “and” immediately before it.


These repeals have effect in accordance with section 72(7) to (12) of this Act.
(5) Bad debts and related matters

Short title and chapter
Extent of repeal

Income and Corporation Taxes
Section 74(1)(j) and (2).

40

Act 1988 (c. 1)
Section 94(2).

Section 103(4A).

Finance Act 1994 (c. 9)
Section 144(1), (5) and (6).

Finance (No. 2) Bill
Schedule 11 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
200

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 80(4) of this Act.
(6) 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 4
30
to this Act.
(7) 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 (No. 2) Bill
Schedule 11 — Repeals
Part 2 — Income tax, corporation tax and capital gains tax
201

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 4 to this Act.
25
2
The other repeals have effect in accordance with section 80(4) of this Act.
(8) Double taxation relief: 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 86 of this
Act.
(9) 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 91(8) of this Act.

Finance (No. 2) Bill
Schedule 11 — Repeals
Part 4 — Pensions etc
202

(10) Tonnage tax

Short title and chapter
Extent of repeal

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


This repeal has effect in accordance with paragraph 18(1) of Schedule 7 to
this Act.
5
Part 3
Stamp taxes
(1) Stamp duty land tax: alternative property finance

Short title and chapter
Extent of repeal

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

10

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


These repeals have effect in accordance with paragraph 7(1) of Schedule 8 to
this Act.
(2) Stamp duty land tax: disadvantaged areas relief

Short title and chapter
Extent of repeal

15

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

(a)
paragraph 4;

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

the words “land that is non-residential

property or”;

20

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

(d)
paragraph 8;

(e)
in the second sentence of paragraph

10(1), the words “land that is non-

residential property or”;

25

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


These repeals have effect in accordance with paragraph 4 of Schedule 9 to
this Act.
Part 4
Pensions etc
30

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”.

Finance (No. 2) Bill
Schedule 11 — Repeals
Part 4 — Pensions etc
203

Short title and chapter
Extent of repeal

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

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

word “and” before it, and

(b)
subsection (10).

5

In Schedule 28—

(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),

10

(c)
paragraph 6(2),

(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

15

(e)
paragraph 20(2).

In Schedule 32, in paragraph 9(2), the words

“which will be payable”.

Finance Act 2004 (c. 12)—cont.
In Schedule 36—

(a)
in paragraph 9(2), the words “the lower

20

of”,

(b)
in paragraph 19(5), the words “and the

pension scheme”,

(c)
in paragraph 26(2), the words “the lower

of”, and

25

(d)
paragraphs 43 and 46.

1
The repeals in ICTA and of paragraphs 43 and 46 of Schedule 36 to FA 2004
come into force on 6th April 2007.
2
The remaining repeals come into force on 6th April 2006.