Part 1 Excise Duties

Tobacco products duty

• 1 Rates of tobacco products duty

Alcoholic liquor duties

• 2 Rate of duty on beer
• 3 Rates of duty on wine and made-wine

Hydrocarbon oil duties

• 4 Rates of hydrocarbon oil duties
• 5 Rebates on hydrocarbon oil duties

Betting and gaming duties

• 6 General betting duty and pool betting duty: relief for losses
• 7 General betting duty: betting exchanges
• 8 General betting duty: restriction of exemption for on-course bets
• 9 Bingo duty
• 10 Amusement machines not operated by coins or tokens
• 11 Amusement machines: use of currencies other than sterling
• 12 Responsibility for unlicensed amusement machines
• 13 Rates of gaming duty

Vehicle excise duty

• 14 Vehicle excise duty: rates
• 15 Disclosure for exemptions: Northern Ireland
• 16 Duty at higher rate: exception for tractive units

Part 2 Value Added Tax

• 17 Requirement of evidence or security
• 18 Joint and several liability for unpaid VAT of another trader
• 19 Face-value vouchers
• 20 Supplies arising from prior grant of fee simple
• 21 Business gifts
• 22 Non-business use of business property
• 23 Supply of electronic services in member States: special accounting scheme

Part 3 Taxes and Duties on Importation and Exportation: Penalties

Preliminary

• 24 Introductory

The penalties

• 25 Penalty for evasion
• 26 Penalty for contravention of relevant rule
• 27 Exceptions from section 26
• 28 Liability of directors etc where body corporate liable to penalty for evasion

Reduction of amount of penalty

• 29 Reduction of penalty under section 25 or 26

Demand notices

• 30 Demands for penalties
• 31 Time limits for demands for penalties
• 32 No prosecution after demand notice for penalty under section 26

Reviews

• 33 Right to review of certain decisions
• 34 Time limit and right to further review
• 35 Powers of Commissioners on a review

Appeals

• 36 Appeals to a tribunal
• 37 Appeal tribunals

Evidence

• 38 Admissibility of certain statements and documents

Miscellaneous and supplementary

• 39 Service of notices
• 40 Penalties not to be deducted for income tax or corporation tax purposes
• 41 Regulations and orders

Part 4 Stamp Duty Land Tax

Introduction

• 42 The tax

Land transactions

• 43 Land transactions
• 44 Contract and conveyance
• 45 Contract and conveyance: effect of transfer of rights
• 46 Options and rights of pre-emption
• 47 Exchanges

Chargeable interests, chargeable transactions and chargeable consideration

• 48 Chargeable interests
• 49 Chargeable transactions
• 50 Chargeable consideration
• 51 Contingent, uncertain or unascertained consideration
• 52 Annuities etc: chargeable consideration limited to twelve years' payments
• 53 Deemed market value where transaction involves connected company
• 54 Exceptions from deemed market value rule

Amount of tax chargeable

• 55 Amount of tax chargeable: general
• 56 Amount of tax chargeable: rent

Reliefs

• 57 Disadvantaged areas relief
• 58 Relief for certain exchanges of residential property
• 59 Relocation relief
• 60 Compulsory purchase facilitating development
• 61 Compliance with planning obligations
• 62 Group relief and reconstruction or acquisition relief
• 63 Demutualisation of insurance company
• 64 Demutualisation of building society
• 65 Incorporation of limited liability partnership
• 66 Transfers involving public bodies
• 67 Transfer in consequence of reorganisation of parliamentary constituencies
• 68 Charities relief
• 69 Acquisition by bodies established for national purposes
• 70 Right to buy transactions, shared ownership leases etc
• 71 Certain acquisitions by registered social landlord
• 72 Alternative property finance: land sold to financial institution and leased to individual
• 73 Alternative property finance: land sold to financial institution and re-sold to individual
• 74 Collective enfranchisement by leaseholders
• 75 Crofting community right to buy

Returns and other administrative matters

• 76 Duty to deliver land transaction return
• 77 Notifiable transactions
• 78 Returns, enquiries, assessments and related matters
• 79 Registration of land transactions etc
• 80 Adjustment where contingency ceases or consideration is ascertained
• 81 Further return where relief withdrawn
• 82 Loss or destruction of, or damage to, return etc
• 83 Formal requirements as to assessments, penalty determinations etc
• 84 Delivery and service of documents

Liability for and payment of tax

• 85 Liability for tax
• 86 Payment of tax
• 87 Interest on unpaid tax
• 88 Interest on penalties
• 89 Interest on repayment of tax overpaid etc
• 90 Application to defer payment in case of contingent or uncertain consideration
• 91 Collection and recovery of tax etc
• 92 Payment by cheque

Compliance

• 93 Information powers
• 94 Power to inspect premises
• 95 Offence of fraudulent evasion of tax
• 96 Penalty for assisting in preparation of incorrect return etc
• 97 Power to allow further time and reasonable excuse for failure
• 98 Admissibility of evidence not affected by offer of settlement etc
• 99 General provisions about penalties

Application of provisions

• 100 Companies
• 101 Unit trust schemes
• 102 Open-ended investment companies
• 103 Joint purchasers
• 104 Partnerships
• 105 Trustees
• 106 Persons acting in a representative capacity etc
• 107 Crown application

Supplementary provisions

• 108 Linked transactions
• 109 General power to vary this Part by regulations
• 110 Approval of regulations under general power
• 111 Claim for repayment if regulations under general power not approved
• 112 Power to amend certain provisions before implementation
• 113 Functions conferred on “the Inland Revenue”
• 114 Orders and regulations made by the Treasury or the Inland Revenue
• 115 General and Special Commissioners, appeals and other proceedings

Interpretation etc

• 116 Meaning of “residential property”
• 117 Meaning of “major interest” in land
• 118 Meaning of “market value”
• 119 Meaning of “effective date” of a transaction
• 120 Meaning of “lease” and other supplementary provisions
• 121 Minor definitions
• 122 Index of defined expressions

Final provisions

• 123 Consequential amendments
• 124 Commencement and transitional provisions

Part 5 Stamp Duty

• 125 Abolition of stamp duty except on instruments relating to stock or marketable securities
• 126 Circumstances in which group relief withdrawn
• 127 Circumstances in which relief for company acquisitions withdrawn
• 128 Exemption of certain leases granted by registered social landlords
• 129 Relief for certain leases granted before section 128 has effect
• 130 Registered social landlords: treatment of certain leases granted between 1st January 1990 and 27 March 2000

Part 6 Income Tax and Corporation Tax: Charge and Rate Bands

Income tax

• 131 Charge and rates for 2003–04
• 132 Indexed rate bands for 2003–04: PAYE deductions etc

Corporation tax

• 133 Charge and main rate for financial year 2004
• 134 Small companies' rate and fraction for financial year 2003
• 135 Corporation tax starting rate and fraction for financial year 2003

Part 7 Income Tax, Corporation Tax and Capital Gains Tax: General

Employment income and related matters

• 136 Provision of services through intermediary
• 137 Exemption where homeworker's additional expenses met by employer
• 138 Taxable benefits: lower threshold for cars with a CO2 emissions figure
• 139 Approved share plans and schemes
• 140 Employee securities and options
• 141 Corporation tax relief for employee share acquisitions
• 142 Ending of relief for contributions to QUESTS
• 143 Restriction of deductions for employee benefit contributions
• 144 PAYE on notional payments: reimbursement period
• 145 PAYE: regulations and notional payments
• 146 Payroll giving: extension of 10% supplement to 5th April 2004
• 147 Sub-contractor deductions etc: interest on late payment or repayment

Taxation of non-resident companies and related matters

• 148 Meaning of “permanent establishment”
• 149 Non-resident companies: basis of charge to corporation tax
• 150 Non-resident companies: assessment, collection and recovery of corporation tax
• 151 Non-resident companies: extent of charge to income tax
• 152 Non-resident companies: transactions carried out through broker, investment manager or Lloyd's agent
• 153 General replacement of references to branch or agency of company
• 154 Double taxation relief: profits attributable to overseas permanent establishment
• 155 Consequential amendments
• 156 Overseas life insurance companies

Chargeable gains

• 157 Life insurance policies and deferred annuity contracts
• 158 Application of market value rule in case of exercise of option
• 159 Reporting limits and annual exempt amount
• 160 Taper relief: assets qualifying as business assets
• 161 Earn-out rights to be treated as securities unless contrary election
• 162 Deferred unascertainable consideration: election for treatment of loss
• 163 Transfers of value: attribution of gains to beneficiaries

Capital allowances and related matters

• 164 Avoidance affecting proceeds of balancing event
• 165 Extension of first-year allowances for ICT expenditure by small enterprises
• 166 Expenditure on software for sub-licensing
• 167 First-year allowances for expenditure on environmentally beneficial plant or machinery
• 168 Relief for research and development
• 169 Tonnage tax: extension of capital allowance restrictions on lessors of ships

Life insurance and pensions

• 170 Insurance companies
• 171 Policies of life insurance etc: miscellaneous amendments
• 172 Charges under life insurance policies for exceptional risk of disability
• 173 Gains on policies of life insurance etc: rate of tax
• 174 Personal pension arrangements: limit on contributions

Miscellaneous

• 175 Payments to adopters
• 176 Foster carers
• 177 Currency contracts and currency options
• 178 Loan relationships: amendments
• 179 Derivative contracts: transactions within groups
• 180 Contributions to urban regeneration companies
• 181 Repos etc
• 182 Relevant discounted securities: withdrawal of relief for costs and losses, etc
• 183 Court common investment funds
• 184 Intangible fixed assets: tax avoidance arrangements and related parties

Part 8 Other Taxes

Inheritance Tax

• 185 Gifts with reservation
• 186 Authorised unit trusts, OEICs and common investment funds

Landfill tax

• 187 Rate of landfill tax

Climate change levy

• 188 Exemption for fuel used in recycling processes
• 189 CHP exemption to be based on current efficiency
• 190 Supplies not known to be taxable when made, etc
• 191 Deemed supplies
• 192 Amendments about registration, payment etc
• 193 Electricity from renewable sources etc

Insurance premium tax

• 194 Higher rate of tax: divided companies

Part 9 Miscellaneous and Supplementary Provisions

Provisions consequential on changes to company law

• 195 Companies acquiring their own shares
• 196 Companies in administration

International matters

• 197 Exchange of information between tax authorities of member States
• 198 Arrangements for mutual exchange of tax information
• 199 Savings income: Community obligations and international arrangements
• 200 Controlled foreign companies: exempt activities
• 201 Application of CFC provisions to Hong Kong and Macao companies

Administrative matters

• 202 Deduction of tax from interest: recognised clearing houses etc
• 203 Authorised unit trusts: interest distributions paid gross
• 204 Mandatory electronic payment by large employers
• 205 Use of electronic means of payment under other provisions
• 206 Admissibility of evidence not affected by offer of settlement etc
• 207 Consequential claims etc

National Savings

• 208 Ordinary accounts and investment accounts
• 209 Abolition of accounting requirements relating to investment deposits

Other financial matters

• 210 Payments for service of national debt
• 211 Definition of liabilities and assets of National Loans Fund
• 212 Accounts of Consolidated Fund and National Loans Fund
• 213 Debt Management Account: abolition of borrowing cap
• 214 Payments in error from or to National Loans Fund

Supplementary

• 215 Interpretation
• 216 Repeals
• 217 Short title

• SCHEDULE 1 VAT: Face-Value Vouchers
• SCHEDULE 2 Supply of Electronic Services in Member States: VAT Special Accounting Scheme
• SCHEDULE 3 Stamp Duty Land Tax: Transactions Exempt From Charge
• SCHEDULE 4 Stamp Duty Land Tax: Chargeable Consideration
• SCHEDULE 5 Stamp Duty Land Tax: Amount of Tax Chargeable: Rent

SCHEDULE 6 Stamp Duty Land Tax: Disadvantaged Areas Relief

• Part 1 Disadvantaged Areas
• Part 2 Land Wholly Situated in a Disadvantaged Area
• Part 3 Land Partly Situated in a Disadvantaged Area
• Part 4 Interpretation

SCHEDULE 7 Stamp Duty Land Tax: Group Relief and Reconstruction and Acquisition Reliefs

• Part 1 Group Relief
• Part 2 Reconstruction and Acquisition Reliefs

• SCHEDULE 8 Stamp Duty Land Tax: Charities Relief
• SCHEDULE 9 Stamp Duty Land Tax: Right to Buy, Shared Ownership Leases etc

SCHEDULE 10 Stamp Duty Land Tax: Returns, Enquiries, Assessments and Appeals

• Part 1 Land Transaction Returns
• Part 2 Duty to Keep and Preserve Records
• Part 3 Enquiry Into Return
• Part 4 Revenue Determination if No Return Delivered
• Part 5 Revenue Assessments
• Part 6 Relief in Case of Excessive Assessment
• Part 7 Appeals Against Revenue Decisions on Tax

SCHEDULE 11 Stamp Duty Land Tax: Self-Certificates

• Part 1 General
• Part 2 Duty to Keep and Preserve Records
• Part 3 Enquiry Into Self-certificate

SCHEDULE 12 Stamp Duty Land Tax: Collection and Recovery of Tax

• Part 1 General
• Part 2 Court Proceedings

SCHEDULE 13 Stamp Duty Land Tax: Information Powers

• Part 1 Power of Authorised Officer to Call for Documents or Information from Taxpayer
• Part 2 Power of Authorised Officer to Call for Documents from Third Party
• Part 3 Power to Call for Papers of Tax Accountant
• Part 4 Restrictions on Powers under Parts 1 to 3
• Part 5 Powers of Board to Call for Documents or Information
• Part 6 Order of Judicial Authority for the Delivery of Documents
• Part 7 Entry with Warrant to Obtain Evidence of Offence
• Part 8 Falsification etc of Documents

• SCHEDULE 14 Stamp Duty Land Tax: Determination of Penalties and Related Appeals

SCHEDULE 15 Stamp Duty Land Tax: Partnerships

• Part 1 General Provisions
• Part 2 Ordinary Partnership Transactions
• Part 3 Transactions Excluded from Stamp Duty Land Tax

• SCHEDULE 16 Stamp Duty Land Tax: Trusts and Powers
• SCHEDULE 17 Stamp Duty Land Tax: General and Special Commissioners, Appeals and Other Proceedings
• SCHEDULE 18 Stamp Duty Land Tax: Consequential Amendments
• SCHEDULE 19 Stamp Duty Land Tax: Commencement and Transitional Provisions

SCHEDULE 20 Stamp Duty: Restriction to Instruments Relating to Stock or Marketable Securities

• Part 1 Supplementary Provisions
• Part 2 Consequential Amendments and Repeals

SCHEDULE 21 Approved Share Plans and Schemes

• Part 1 Share Incentive Plans
• Part 2 SAYE Option Schemes
• Part 3 CSOP Schemes

• SCHEDULE 22 Employee Securities and Options

SCHEDULE 23 Corporation Tax Relief for Employee Share Acquisition

• Part 1 General Provisions
• Part 2 Award of Shares
• Part 3 Grant of Option
• Part 4 Provisions Applying in Case of Shares Subject to Forfeiture
• Part 5 Supplementary Provisions
• Part 6 Commencement and Transitional Provisions

• SCHEDULE 24 Restriction of Deductions for Employee Benefit Contributions
• SCHEDULE 25 Determination of Profits Attributable to Permanent Establishment: Supplementary Provisions
• SCHEDULE 26 Non-Resident Companies: Transactions through Broker, Investment Manager or Lloyd's Agent
• SCHEDULE 27 Permanent Establishment etc: Consequential Amendments

SCHEDULE 28 Capital Gains Tax: Reporting Limits and Annual Exempt Amount

• Part 1 Reporting Limits
• Part 2 Annual Exempt Amount
• Part 3 Commencement

• SCHEDULE 29 Transfers of Value: Attribution of Gains to Beneficiaries
• SCHEDULE 30 First-Year Allowances for Expenditure on Environmentally Beneficial Plant or Machinery

SCHEDULE 31 Tax Relief for Expenditure on Research and Development

• Part 1 Small and Medium-Sized Enterprises: Schedule 20 to Finance Act 2000
• Part 2 Large Companies: Part 1 of Schedule 12 to Finance Act 2002
• Part 3 Work Sub-contracted to SMEs: Part 2 of Schedule 12 to Finance Act 2002
• Part 4 Entitlement of SME to Certain Relief Available to Large Companies
• Part 5 Supplementary: Amendments to Parts 3 to 6 of Schedule 12 to Finance Act 2002
• Part 6 Expenditure on Vaccine Research etc: Schedule 13 to Finance Act 2002

• SCHEDULE 32 Tonnage Tax: Restrictions on Capital Allowances for Lessors of Ships
• SCHEDULE 33 Insurance Companies

SCHEDULE 34 Policies of Life Insurance etc: Miscellaneous Amendments

• Part 1 Group Life Policies
• Part 2 Charitable and Non-Charitable Trusts
• Part 3 Meaning of “Life Annuity”
• Part 4 Rollover of Gain on Maturity into New Policy

• SCHEDULE 35 Gains on Policies of Life Insurance etc: Rate of Tax

SCHEDULE 36 Foster Carers

• Part 1 Introduction
• Part 2 The Exemption and the Alternative Methods of Calculation
• Part 3 Capital Allowances
• Part 4 Supplementary

SCHEDULE 37 Loan Relationships: Amendments

• Part 1 Amendments to Schedule 9 to the Finance Act 1996
• Part 2 Transitional Provisions

• SCHEDULE 38 Sale and Repurchase of Securities etc
• SCHEDULE 39 Relevant Discounted Securities: Withdrawal of Relief for Costs and Losses, etc
• SCHEDULE 40 Acquisition by Company of its Own Shares
• SCHEDULE 41 Companies in Administration
• SCHEDULE 42 Controlled Foreign Companies: Exempt Activities

SCHEDULE 43 Repeals

• Part 1 Excise Duties
• Part 2 Value Added Tax
• Part 3 Income Tax, Corporation Tax and Capital Gains Tax
• Part 4 Other Taxes
• Part 5 Miscellaneous