Source2002 c. 23

Finance Act 2002 (2002 c. 23)

Act · In force · Enacted 24 July 2002 · 911 sections

An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.

Data synced 4 July 2026

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This instrument is too large to display on one page. It is divided into the parts below; open a part to read its sections, each of which links to its full text.

Part 3 — Income tax, corporation tax and capital gains taxs 99–s 100 · 2 sectionsChapter 2 — Other provisionss 99–s 100 · 2 sections

Filmss 99–s 100 · 2 sections

Part 1 — Excise dutiess 1–s 21 · 21 sections

Tobacco products dutys 1 · 1 section

Alcoholic liquor dutiess 2–s 4 · 3 sections

Hydrocarbon oil dutiess 5–s 7 · 3 sections

Betting and gaming dutiess 8–s 14 · 7 sections

Vehicle excise dutys 15–s 20 · 6 sections

Generals 21 · 1 section

Part 2 — Value added taxs 22–s 25 · 4 sections

Part 3 — Income tax, corporation tax and capital gains taxs 26–s 109 · 79 sections

Chapter 1 — Charge and rate bandss 26–s 32 · 7 sections

Income taxs 26–s 29 · 4 sections

Corporation taxs 30–s 32 · 3 sections

Chapter 2 — Other provisionss 33–s 109 · 72 sections

Employment income and related matterss 33–s 41 · 9 sections

Chargeable gainss 42–s 52 · 11 sections

New reliefss 53–s 58 · 6 sections

Capital allowances and related matterss 59–s 63 · 5 sections

Computation of profitss 64–s 68 · 5 sections

Loan relationshipss 71–s 77 · 7 sections

Foreign exchange gains and losses, loan relationships and currencys 79–s 81 · 3 sections

Loan relationships and other money debtss 82 · 1 section

Derivative contractss 83 · 1 section

Intangible fixed assetss 84 · 1 section

Insurances 85–s 87 · 3 sections

International matterss 88–s 90 · 3 sections

Supplementary charge in respect of ring fence tradess 91–s 93 · 3 sections

Deduction of taxs 94–s 96 · 3 sections

Charitable givings 97–s 98 · 2 sections

Filmss 101 · 1 section

Miscellaneouss 102–s 109 · 8 sections

Part 4 — Stamp duty and stamp duty reserve taxs 110–s 117 · 8 sections

Stamp dutys 110–s 116 · 7 sections

Stamp duty and stamp duty reserve taxs 117 · 1 section

Part 5 — Other taxess 118–s 133 · 16 sections

Inheritance taxs 118–s 120 · 3 sections

Air passenger dutys 121 · 1 section

Landfill taxs 122 · 1 section

Climate change levys 123–s 128 · 6 sections

Aggregates levys 129–s 133 · 5 sections

Part 6 — Miscellaneous and supplementary provisionss 134–s 143 · 10 sections

Recovery of taxes etc due in other member Statess 134 · 1 section

Mandatory e-filings 135–s 136 · 2 sections

Lorry road-user charges 137 · 1 section

Registers of UK giltss 138–s 140 · 3 sections

Supplementarys 141–s 143 · 3 sections

SchedulesSch 1 para 1–Sch 39 para 6 · 771 sections

SCHEDULE 1 — Beer from small breweries: reduced rate of dutySch 1 para 1–Sch 1 para 4 · 4 sectionsSCHEDULE 2 — Hydrocarbon oil duties: minor and consequential amendments relating to biodieselSch 2 para 1–Sch 2 para 7 · 7 sectionsSCHEDULE 3 — Hydrocarbon oil duties: rebated heavy oil etcSch 3 para 1–Sch 3 para 9 · 9 sectionsPart 1 — Regulating traders in rebated heavy oilSch 3 para 1–Sch 3 para 4 · 4 sectionsPart 2 — Minor amendments relating to rebatesSch 3 para 5–Sch 3 para 9 · 5 sectionsSCHEDULE 4 — Pool betting duty etcSch 4 para 1–Sch 4 para 14 · 14 sectionsPart 1 — Amendments of the Betting and Gaming Duties Act 1981Sch 4 para 1–Sch 4 para 10 · 10 sectionsPart 2 — Minor amendments and transitional provisionsSch 4 para 11–Sch 4 para 14 · 4 sectionsSCHEDULE 5 — Vehicle excise duty: registered vehicles etcSch 5 para 1–Sch 5 para 17 · 17 sectionsSCHEDULE 6 — Minor amendments to Schedule E chargeSch 6 para 1–Sch 6 para 6 · 6 sectionsSCHEDULE 7 — Chargeable gains: roll-over of degrouping charge: modification of enactmentss 1–s 10 · 10 sections

SCHEDULE 7AB — Roll-over of degrouping charge: modification of enactmentss 1–s 10 · 10 sections

SCHEDULE 8 — Chargeable gains: exemptions in case of substantial shareholdingSch 8 para 1–Sch 8 para 5 · 5 sectionsPart 1 — New Schedule 7AC to the Taxation of Chargeable Gains Act 1992Sch 8 para 1 · 1 sectionPart 2 — Consequential amendmentsSch 8 para 2–Sch 8 para 5 · 4 sectionsSCHEDULE 9 — Chargeable gains: share exchanges and company reconstructionsSch 9 para 1–Sch 9 para 8 · 8 sectionsPart 1 — Provisions replacing sections 135 and 136 of the Taxation of Chargeable Gains Act 1992Sch 9 para 1–Sch 9 para 3 · 3 sectionsPart 2 — Consequential amendmentsSch 9 para 4–Sch 9 para 6 · 3 sectionsPart 3 — CommencementSch 9 para 7–Sch 9 para 8 · 2 sectionsSCHEDULE 10 — Chargeable gains: taper relief: minor amendmentsSch 10 para 1–Sch 10 para 12 · 12 sectionsSCHEDULE 11 — Chargeable gains: deduction of personal losses from gains treated as accruing to settlorsSch 11 para 1–Sch 11 para 8 · 8 sectionsSCHEDULE 12 — Tax relief for expenditure on research and developmentSch 12 para 1–Sch 12 para 20 · 23 sectionsPart 1 — Entitlement to relief for R&D expenditure: large companiesSch 12 para 1–Sch 12 para 6 · 6 sectionsPart 2 — Entitlement to relief for R&D expenditure: work subcontracted to small or medium-sized enterpriseSch 12 para 7–Sch 12 para 10 · 4 sectionsPart 2A — Entitlement of SME to additional relief available to large companiesSch 12 para 10A–Sch 12 para 10C · 3 sections

Entitlement to relief under this PartSch 12 para 10A · 1 section

Qualifying additional Small or Medium-sized EnterpriseSME expenditureSch 12 para 10B · 1 section

Capped SME expenditureSch 12 para 10C · 1 section

Part 3 — The reliefSch 12 para 11 · 1 sectionPart 4 — Special provision for giving relief to insurance companiesSch 12 para 12–Sch 12 para 13 · 2 sectionsPart 5 — Supplementary provisionsSch 12 para 14–Sch 12 para 16 · 3 sectionsPart 6 — General provisionsSch 12 para 17–Sch 12 para 20 · 4 sectionsSCHEDULE 13 — Tax relief for expenditure on vaccine research etcSch 13 para 1–Sch 13 para 28 · 31 sectionsPart 1 — Entitlement to reliefSch 13 para 1–Sch 13 para 12 · 12 sectionsPart 2 — Manner of giving effect to relief: small and medium-sized companiesSch 13 para 13–Sch 13 para 20 · 11 sectionsPart 3 — Manner of giving effect to relief: large companiesSch 13 para 21 · 1 sectionPart 4 — Special provision for giving relief to insurance companiesSch 13 para 22–Sch 13 para 23 · 2 sectionsPart 5 — Supplementary provisionsSch 13 para 24–Sch 13 para 28 · 5 sectionsSCHEDULE 14 — Tax credits under Schedule 13: consequential amendmentsSch 14 para 1–Sch 14 para 5 · 5 sectionsSCHEDULE 15 — R&D tax relief for small and medium-sized enterprises: minor and consequential amendmentsSch 15 para 1–Sch 15 para 5 · 5 sectionsSCHEDULE 16 — Community investment tax reliefSch 16 para 1–Sch 16 para 52 · 49 sectionsPart 1 — IntroductionSch 16 para 1–Sch 16 para 3 · 3 sectionsPart 2 — Accredited community development finance institutionsSch 16 para 4 · 1 section

Application of Chapter 2 of Part 7 of ITA 2007Sch 16 para 4 · 1 section

Part 3 — Qualifying investmentsSch 16 para 8–Sch 16 para 13 · 6 sectionsPart 4 — General conditionsSch 16 para 14–Sch 16 para 18 · 5 sectionsPart 5 — Form of reliefSch 16 para 19–Sch 16 para 26 · 8 sectionsPart 6 — Withdrawal of reliefSch 16 para 27–Sch 16 para 39 · 13 sectionsPart 7 — Restructuring of CDFISch 16 para 40–Sch 16 para 41 · 2 sectionsPart 8 — Supplementary and generalSch 16 para 42–Sch 16 para 52 · 11 sectionsSCHEDULE 17 — Community investment tax relief: consequential amendmentsSch 17 para 1–Sch 17 para 5 · 5 sectionsSCHEDULE 18 — Relief for community amateur sports clubsSch 18 para 1–Sch 18 para 16 · 16 sectionsPart 1 — Clubs entitled to be registeredSch 18 para 1–Sch 18 para 3 · 3 sectionsPart 2 — Exemptions for registered clubsSch 18 para 4–Sch 18 para 8 · 5 sectionsPart 3 — Reliefs for donorsSch 18 para 9 · 1 sectionPart 4 — Chargeable gains: property ceasing to be held for qualifying purposesSch 18 para 10 · 1 sectionPart 5 — RegistrationSch 18 para 11–Sch 18 para 13 · 3 sectionsPart 6 — InterpretationSch 18 para 14–Sch 18 para 16 · 3 sectionsSCHEDULE 19 — Capital allowances: cars with low carbon dioxide emissionsSch 19 para 1–Sch 19 para 6 · 6 sectionsSCHEDULE 20 — Capital allowances: plant or machinery for gas refuelling stationSch 20 para 1–Sch 20 para 5 · 5 sectionsSCHEDULE 21 — First-year allowances for expenditure wholly for a ring fence tradeSch 21 para 1–Sch 21 para 13 · 13 sectionsPart 1 — Plant and machinerySch 21 para 1–Sch 21 para 7 · 7 sectionsPart 2 — Mineral extraction allowancesSch 21 para 8–Sch 21 para 13 · 6 sectionsSCHEDULE 22 — Computation of profits: adjustment on change of basisSch 22 para 1–Sch 22 para 18 · 18 sectionsPart 1 — IntroductionSch 22 para 1 · 1 sectionPart 2 — General rulesSch 22 para 2–Sch 22 para 5 · 4 sectionsPart 3 — Special rules for certain casesSch 22 para 6–Sch 22 para 12 · 7 sectionsPart 4 — Supplementary provisionsSch 22 para 13–Sch 22 para 15 · 3 sectionsPart 5 — CommencementSch 22 para 16–Sch 22 para 18 · 3 sectionsSCHEDULE 23 — Exchange gains and losses from loan relationships etcSch 23 para 1–Sch 23 para 26 · 26 sectionsPart 1 — Amendments of the Finance Act 1996Sch 23 para 1–Sch 23 para 16 · 16 sectionsPart 2 — Amendments of other legislationSch 23 para 17–Sch 23 para 24 · 8 sections

The Income and Corporation Taxes Act 1988Sch 23 para 17–Sch 23 para 21 · 5 sections

The Finance Act 1995Sch 23 para 22 · 1 section

The Finance Act 2000Sch 23 para 23 · 1 section

The Finance Act 2002Sch 23 para 24 · 1 section

Part 3 — Transitional provisions etcSch 23 para 25–Sch 23 para 26 · 2 sectionsSCHEDULE 24 — Corporation tax: currencySch 24 para 1–Sch 24 para 7 · 7 sections

The Finance Act 1993Sch 24 para 1–Sch 24 para 6 · 6 sections

The Finance Act 1994Sch 24 para 7 · 1 section

SCHEDULE 25 — Loan relationshipsSch 25 para 1–Sch 25 para 64 · 65 sectionsPart 1 — Amendments of the Finance Act 1996Sch 25 para 1–Sch 25 para 42 · 42 sectionsPart 2 — Amendments of other enactmentsSch 25 para 43–Sch 25 para 60 · 18 sections

The Taxes Act 1988Sch 25 para 43–Sch 25 para 58 · 16 sections

The Finance Act 1988Sch 25 para 59 · 1 section

The Taxation of Chargeable Gains Act 1992Sch 25 para 60 · 1 section

Part 3 — Transitional provisionsSch 25 para 61–Sch 25 para 64 · 5 sectionsSCHEDULE 26 — Derivative contractsSch 26 para 1–Sch 26 para 54 · 99 sectionsPart 1 — IntroductionSch 26 para 1 · 1 sectionPart 2 — Derivative contractsSch 26 para 2–Sch 26 para 13 · 18 sectionsPart 3 — Method of taxationSch 26 para 14–Sch 26 para 16 · 3 sectionsPart 4 — Computation of amounts to be brought into accountSch 26 para 17A–Sch 26 para 21 · 4 sectionsPart 5 — Special provision for release of liabilitySch 26 para 22 · 1 sectionPart 6 — Special computational provisionsSch 26 para 22A–Sch 26 para 31A · 22 sectionsPart 7 — Collective investment schemesSch 26 para 32–Sch 26 para 40 · 10 sectionsPart 8 — Insurance and mutual trading companiesSch 26 para 41–Sch 26 para 43 · 5 sectionsPart 9 — MiscellaneousSch 26 para 43A–Sch 26 para 51 · 32 sectionsPart 10 — InterpretationSch 26 para 52–Sch 26 para 54 · 3 sectionsSCHEDULE 27 — Derivative contracts: minor and consequential amendmentsSch 27 para 1–Sch 27 para 26 · 26 sectionsSCHEDULE 28 — Derivative contracts: transitional provisions etcSch 28 para 1–Sch 28 para 7 · 7 sectionsSCHEDULE 29 — Gains and losses of a company from intangible fixed assetsSch 29 para 1–Sch 29 para 143 · 165 sectionsPart 1 — IntroductionSch 29 para 1–Sch 29 para 6 · 6 sectionsPart 2 — Debits in respect of intangible fixed assetsSch 29 para 7–Sch 29 para 12 · 6 sectionsPart 3 — Credits in respect of intangible fixed assetsSch 29 para 13–Sch 29 para 17 · 6 sectionsPart 4 — Realisation of intangible fixed assetsSch 29 para 18–Sch 29 para 26 · 9 sectionsPart 5 — Calculation of tax written down valueSch 29 para 27–Sch 29 para 29 · 3 sectionsPart 6 — How credits and debits are given effectSch 29 para 30–Sch 29 para 36 · 7 sectionsPart 7 — Roll-over relief in case of realisation and reinvestmentSch 29 para 37–Sch 29 para 45 · 10 sectionsPart 8 — Groups of companiesSch 29 para 46–Sch 29 para 54 · 10 sectionsPart 9 — Application of provisions to groups of companiesSch 29 para 55–Sch 29 para 71 · 17 sectionsPart 10 — Excluded assetsSch 29 para 72–Sch 29 para 83 · 15 sectionsPart 11 — Transfer of business or tradeSch 29 para 84–Sch 29 para 91 · 13 sections (10 directly here)

Transparent entitiesSch 29 para 85B–Sch 29 para 85D · 3 sections

Part 12 — Transactions between related partiesSch 29 para 92–Sch 29 para 101 · 11 sectionsPart 13 — Supplementary provisionsSch 29 para 102–Sch 29 para 116 · 15 sectionsPart 13A — Adjustment on change of accounting policySch 29 para 116A–Sch 29 para 116H · 8 sectionsPart 14 — Commencement and transitional provisionsSch 29 para 117–Sch 29 para 132 · 18 sectionsPart 15 — InterpretationSch 29 para 133–Sch 29 para 143 · 11 sectionsSCHEDULE 30 — Gains and losses of a company from intangible fixed assets: consequential amendmentsSch 30 para 1–Sch 30 para 6 · 6 sectionsSCHEDULE 31 — Gains of insurance company from venture capital investment partnerships 1–s 13 · 13 sections

SCHEDULE 7AD — Gains of insurance company from venture capital investment partnerships 1–s 13 · 13 sections

SCHEDULE 32 — Lloyd’s underwritersSch 32 para 1–Sch 32 para 10 · 10 sectionsSCHEDULE 33 — Venture capital trustsSch 33 para 1–Sch 33 para 17 · 17 sectionsPart 1 — Venture capital trusts: winding upSch 33 para 1–Sch 33 para 7 · 7 sectionsPart 2 — Venture capital trusts: mergersSch 33 para 8–Sch 33 para 10 · 3 sectionsPart 3 — Time allowed for VCT to invest money raised by further share issueSch 33 para 11–Sch 33 para 13 · 3 sectionsPart 4 — SupplementarySch 33 para 14–Sch 33 para 17 · 4 sectionsSCHEDULE 34 — Stamp duty: withdrawal of group relief: supplementary provisionsSch 34 para 1–Sch 34 para 11 · 11 sectionsSCHEDULE 35 — Stamp duty: withdrawal of relief for company acquisitions: supplementary provisionsSch 35 para 1–Sch 35 para 12 · 12 sectionsSCHEDULE 36 — Stamp duty: contracts chargeable as conveyances: supplementary provisionsSch 36 para 1–Sch 36 para 10 · 10 sectionsPart 1 — SubsalesSch 36 para 1–Sch 36 para 3 · 3 sectionsPart 2 — Subsequent conveyance or transferSch 36 para 4–Sch 36 para 6 · 3 sectionsPart 3 — General supplementary provisionsSch 36 para 7–Sch 36 para 10 · 4 sectionsSCHEDULE 37 — Stamp duty: abolition of duty on instruments relating to goodwill: supplementary provisionsSch 37 para 1–Sch 37 para 5 · 5 sectionsSCHEDULE 38 — Aggregates levy amendmentsSch 38 para 1–Sch 38 para 10 · 10 sectionsSCHEDULE 39 — Recovery of taxes etc due in other member StatesSch 39 para 1–Sch 39 para 6 · 6 sections

Cite this legislation

Official citation: 2002 c. 23
Source: legislation.gov.uk
Data synced: 4 July 2026
Licence: OGL-3 ↗

Finance Act 2002 (legislation.gov.uk, OGL-3). Retrieved via LawPlayer, https://lawplayer.com/uk/act/ukpga-2002-23

This text is synced from legislation.gov.uk. In case of any discrepancy, the official version prevails.

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102 pieces of subordinate legislation are made under this Act. The 8 most recently made are listed here.

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