Source2003 c. 14
Finance Act 2003 (2003 c. 14)
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.
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This contents list shows the 484 upper-level divisions out of 824. Open a division to see the finer levels beneath it.
Part 1 — Excise dutiess 1–s 16 · 16 sections
Tobacco products dutys 1 · 1 section
Alcoholic liquor dutiess 2–s 3 · 2 sections
Hydrocarbon oil dutiess 4–s 5 · 2 sections
Betting and gaming dutiess 6–s 13 · 8 sections
Vehicle excise dutys 14–s 16 · 3 sections
Part 2 — Value added taxs 17–s 23 · 7 sectionsPart 3 — Taxes and duties on importation and exportation: penaltiess 24–s 41 · 24 sectionsPreliminarys 24 · 1 section
The penaltiess 25–s 28 · 4 sections
Reduction of amount of penaltys 29 · 1 section
Demand noticess 30–s 32 · 3 sections
Appeals and reviewss 33–s 37n · 11 sections
Evidences 38 · 1 section
Miscellaneous and supplementarys 39–s 41 · 3 sections
Part 4 — Stamp duty land taxs 42–s 124 · 117 sectionsIntroductions 42 · 1 section
Land transactionss 43–s 47 · 7 sections
Chargeable interests, chargeable transactions and chargeable considerations 48–s 54 · 8 sections
Amount of tax chargeables 55–s 56 · 3 sections
Reliefss 57–s 75 · 37 sections
Anti-avoidances 75A–s 75C · 3 sections
Increased rates for non-resident transactionss 75ZA · 1 section
Returns and other administrative matterss 76–s 84 · 15 sections
Liability for and payment of taxs 85–s 92 · 9 sections
Compliances 93–s 99 · 7 sections
Application of provisionss 100–s 107 · 9 sections
Supplementary provisionss 108–s 115 · 8 sections
Interpretation etcs 116–s 122 · 7 sections
Final provisionss 123–s 124 · 2 sections
Part 5 — Stamp dutys 125–s 130 · 6 sectionsPart 6 — Income tax and corporation tax: charge and rate bandss 131–s 135 · 5 sectionsIncome taxs 131–s 132 · 2 sections
Corporation taxs 133–s 135 · 3 sections
Part 7 — Income tax, corporation tax and capital gains tax: generals 136–s 184 · 49 sectionsEmployment income and related matterss 136–s 147 · 12 sections
Taxation of non-resident companies and related matterss 148–s 156 · 9 sections
Chargeable gainss 157–s 163 · 7 sections
Capital allowances and related matterss 164–s 169 · 6 sections
Life insurance and pensionss 170–s 174 · 5 sections
Miscellaneouss 175–s 184 · 10 sections
Part 8 — Other taxess 185–s 194 · 10 sectionsInheritance taxs 185–s 186 · 2 sections
Landfill taxs 187 · 1 section
Climate change levys 188–s 193 · 6 sections
Insurance premium taxs 194 · 1 section
Part 9 — Miscellaneous and supplementary provisionss 195–s 217 · 23 sectionsProvisions consequential on changes to company laws 195–s 196 · 2 sections
International matterss 197–s 201 · 5 sections
Administrative matterss 202–s 207 · 6 sections
National Savingss 208–s 209 · 2 sections
Other financial matterss 210–s 214 · 5 sections
Supplementarys 215–s 217 · 3 sections
SchedulesSch 1 para 1–Sch 43 para 8 · 891 sections
SCHEDULE 1 — VAT: face-value vouchersSch 1 para 1–Sch 1 para 4 · 4 sectionsSCHEDULE 2 — Supply of electronic services in member States: VAT special accounting schemeSch 2 para 1–Sch 2 para 4 · 4 sectionsIntroductorySch 2 para 1 · 1 section
Insertion of new section 3ASch 2 para 2 · 1 section
Persons registered under Schedule 1Sch 2 para 3 · 1 section
The special accounting schemeSch 2 para 4 · 1 section
SCHEDULE 2A — Transactions entered into before completion of contractSch 2A para 1–Sch 2A para 21 · 21 sectionsPre-completion transactionsSch 2A para 1 · 1 section
Other key expressionsSch 2A para 2 · 1 section
Tax not charged on transferee by reason of the pre-completion transactionSch 2A para 3 · 1 section
Assignments of rights: application of rules about completion and considerationSch 2A para 4 · 1 section
Assignment of rights: transferor treated as making separate acquisitionSch 2A para 5 · 1 section
Paragraph 5: effect of rescission etc following substantial performanceSch 2A para 6 · 1 section
Assignment of rights relating to part only of subject-matter of original contractSch 2A para 7 · 1 section
Assignment of rights: references to “the vendor”Sch 2A para 8 · 1 section
Free-standing transfers: consideration and substantial performanceSch 2A para 9 · 1 section
Meaning of “the vendor”: cases involving free-standing transfersSch 2A para 10 · 1 section
Paragraph 10: “the first appropriate transaction” and “the original contract”Sch 2A para 11 · 1 section
Minimum consideration ruleSch 2A para 12 · 1 section
The first minimum amountSch 2A para 13 · 1 section
The second minimum amountSch 2A para 14 · 1 section
Relief for transferor: assignment of rightsSch 2A para 15 · 1 section
Relief for original purchaser: qualifying subsalesSch 2A para 16 · 1 section
Application of paragraph 16 to successive subsalesSch 2A para 17 · 1 section
Tax avoidance arrangementsSch 2A para 18 · 1 section
Exclusion of transactions from duty to make returns etcSch 2A para 19 · 1 section
Connected personsSch 2A para 20 · 1 section
Interpretation of ScheduleSch 2A para 21 · 1 section
SCHEDULE 3 — Stamp duty land tax: transactions exempt from chargeSch 3 para 1–Sch 3 para 5 · 7 sectionsNo chargeable considerationSch 3 para 1 · 1 section
Grant of certain leases by registered social landlordsSch 3 para 2 · 1 section
Transactions in connection with divorce etcSch 3 para 3 · 1 section
Assents and appropriations by personal representativesSch 3 para 3A · 1 section
Transactions in connection with dissolution of civil partnership etcSch 3 para 3A · 1 section
Variation of testamentary dispositions etcSch 3 para 4 · 1 section
Power to add further exemptionsSch 3 para 5 · 1 section
SCHEDULE 4 — Stamp duty land tax: chargeable considerationSch 4 para 1–Sch 4 para 17 · 21 sectionsMoney or money’s worthSch 4 para 1 · 1 section
Value added taxSch 4 para 2 · 1 section
Postponed considerationSch 4 para 3 · 1 section
Just and reasonable apportionmentSch 4 para 4 · 1 section
ExchangesSch 4 para 5 · 1 section
Partition etc: disregard of existing interestSch 4 para 6 · 1 section
Valuation of non-monetary considerationSch 4 para 7 · 1 section
Debt as considerationSch 4 para 8 · 1 section
Cases where conditions for exemption not fully metSch 4 para 8A · 1 section
Conversion of amounts in foreign currencySch 4 para 9 · 1 section
Carrying out of worksSch 4 para 10 · 1 section
Provision of servicesSch 4 para 11 · 1 section
Land transaction entered into by reason of employmentSch 4 para 12 · 1 section
Obligations under leaseSch 4 para 13 · 1 section
Surrender of existing lease in return for new leaseSch 4 para 14 · 1 section
Reverse premiumSch 4 para 15 · 1 section
Indemnity given by purchaserSch 4 para 16 · 1 section
Purchaser bearing inheritance tax liabilitySch 4 para 16A · 1 section
Purchaser bearing capital gains tax liabilitySch 4 para 16B · 1 section
Costs of enfranchisementSch 4 para 16C · 1 section
Arrangements involving public or educational bodiesSch 4 para 17 · 1 section
SCHEDULE 4ZA — Stamp duty land tax: higher rates for additional dwellings and dwellings purchased by companiesSch 4ZA para 1–Sch 4ZA para 19 · 22 sections
PART 1 — Higher ratesSch 4ZA para 1 · 1 section
PART 2 — Meaning of “higher rates transaction”Sch 4ZA para 2–Sch 4ZA para 7A · 7 sections
PART 3 — Supplementary provisionsSch 4ZA para 8–Sch 4ZA para 19 · 14 sections
SCHEDULE 4A — Stamp duty land tax: higher rate for certain transactionsSch 4A para 1–Sch 4A para 9 · 35 sectionsMeaning of “higher threshold interest”Sch 4A para 1 · 1 section
Transactions involving a higher threshold interestSch 4A para 2 · 1 section
Amount of tax chargeable: higher rate for certain transactionsSch 4A para 3 · 1 section
Acquisitions of interests in the same dwelling through different transactionsSch 4A para 4 · 1 section
Businesses of letting, trading in or redeveloping propertiesSch 4A para 5 · 1 section
Meaning of “non-qualifying individual”Sch 4A para 5A · 1 section
Trades involving making a dwelling available to the publicSch 4A para 5B · 1 section
Financial institutions acquiring dwellings in the course of lendingSch 4A para 5C · 1 section
Dwellings for occupation by certain employees etc of a relievable businessSch 4A para 5D · 1 section
More about the condition in paragraph 5D(2)(a)Sch 4A para 5E · 1 section
FarmhousesSch 4A para 5F · 1 section
Withdrawal of reliefSch 4A para 5G–Sch 4A para 5L · 6 sections
Acquisition under a regulated home reversion planSch 4A para 5CA · 1 section
Acquisition by management company of flat for occupation by caretakerSch 4A para 5EA · 1 section
Qualifying housing co-operativesSch 4A para 5FA · 1 section
Withdrawal of reliefSch 4A para 5IA–Sch 4A para 5JA · 2 sections
Partnerships: application of paragraph 2 to certain transactionsSch 4A para 6 · 1 section
Modifications for cases involving alternative finance arrangementsSch 4A para 6A–Sch 4A para 6B · 2 sections
Paragraphs 6A and 6B: application where transaction is split under paragraph 2(3)Sch 4A para 6C · 1 section
Alternative finance arrangements: withdrawal of reliefSch 4A para 6D–Sch 4A para 6I · 6 sections
Meaning of “dwelling”Sch 4A para 7–Sch 4A para 8 · 2 sections
InterpretationSch 4A para 9 · 1 section
SCHEDULE 5 — Stamp duty land tax: amount of tax chargeable: rentSch 5 para 1–Sch 5 para 11 · 13 sectionsIntroductionSch 5 para 1 · 1 section
Amounts payable in respect of periods before grant of leaseSch 5 para 1A · 1 section
Calculation of tax chargeable in respect of rentSch 5 para 2 · 1 section
Net present value of rent payable over term of leaseSch 5 para 3 · 1 section
Rent payableSch 5 para 4 · 1 section
Effect of provision for rent reviewSch 5 para 5 · 1 section
Term of leaseSch 5 para 6 · 1 section
Treatment of lease for indefinite termSch 5 para 7 · 1 section
Temporal discount rateSch 5 para 8 · 1 section
Tax chargeable in respect of consideration other than rent : generalSch 5 para 9 · 1 section
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Sch 5 para 9A · 1 section
Increase of rent treated as grant of new leaseSch 5 para 10 · 1 section
InterpretationSch 5 para 11 · 1 section
SCHEDULE 6 — Stamp duty land tax: disadvantaged areas reliefSch 6 para 1–Sch 6 para 13 · 13 sectionsPart 1 — Disadvantaged areasSch 6 para 1–Sch 6 para 2 · 2 sectionsPart 2 — Land wholly situated in a disadvantaged areaSch 6 para 3–Sch 6 para 6 · 4 sectionsPart 3 — Land partly situated in a disadvantaged areaSch 6 para 7–Sch 6 para 10 · 4 sectionsPart 4 — SupplementarySch 6 para 11–Sch 6 para 13 · 3 sectionsSCHEDULE 6ZA — Relief for first-time buyersSch 6ZA para 1–Sch 6ZA para 9 · 10 sections
PART 1 — Eligibility for reliefSch 6ZA para 1–Sch 6ZA para 3A · 4 sections
PART 2 — The ReliefSch 6ZA para 4–Sch 6ZA para 5 · 2 sections
PART 3 — InterpretationSch 6ZA para 6–Sch 6ZA para 9 · 4 sections
SCHEDULE 6A — Relief for certain acquisitions of residential propertySch 6a para 1–Sch 6a para 11 · 11 sectionsSchedule 6B — Transfers involving multiple dwellingsSch 6B para 1–Sch 6B para 7 · 7 sectionsIntroductionSch 6B para 1 · 1 section
Transactions to which this Schedule appliesSch 6B para 2 · 1 section
Key termsSch 6B para 3 · 1 section
The reliefSch 6B para 4 · 1 section
The amount of tax chargeableSch 6B para 5 · 1 section
Adjustment for change of circumstancesSch 6B para 6 · 1 section
What counts as a dwellingSch 6B para 7 · 1 section
SCHEDULE 6C — Stamp duty land tax: relief for special tax sitesSch 6C para 1–Sch 6C para 13 · 13 sectionsPART 1 — qualifying landSch 6C para 1–Sch 6C para 4 · 4 sectionsPART 2 — The reliefSch 6C para 5–Sch 6C para 7 · 3 sectionsPART 3 — Withdrawal of reliefSch 6C para 8–Sch 6C para 10 · 3 sectionsPART 4 — Alternative finance arrangementsSch 6C para 11 · 1 sectionPART 5 — Power to change when relief is availableSch 6C para 12–Sch 6C para 13 · 2 sectionsSCHEDULE 7 — Stamp duty land tax: group relief and reconstruction and acquisition reliefsSch 7 para 1–Sch 7 para 13 · 17 sectionsPart 1 — Group reliefSch 7 para 1–Sch 7 para 6 · 10 sectionsPart 2 — Reconstruction and acquisition reliefsSch 7 para 7–Sch 7 para 13 · 7 sectionsSCHEDULE 7A — Seeding reliefSch 7A para 1–Sch 7A para 21 · 21 sectionsPART 1 — Property authorised investment fundsSch 7A para 1–Sch 7A para 9 · 9 sectionsPART 2 — Co-ownership ... contractual schemesSch 7A para 10–Sch 7A para 19 · 10 sectionsPART 3 — InterpretationSch 7A para 20–Sch 7A para 21 · 2 sectionsSCHEDULE 8 — Stamp duty land tax: charities reliefSch 8 para 1–Sch 8 para 4 · 7 sectionsCharities reliefSch 8 para 1 · 1 section
Withdrawal of charities reliefSch 8 para 2 · 1 section
Cases where first condition not fully metSch 8 para 3 · 1 section
Joint purchasers: partial reliefSch 8 para 3A · 1 section
Withdrawal of relief given under paragraph 3ASch 8 para 3B · 1 section
Partial relief: charity not fully meeting the “qualifying charity” conditionSch 8 para 3C · 1 section
Charitable trustsSch 8 para 4 · 1 section
SCHEDULE 9 — Stamp duty land tax: right to buy, shared ownership leases etcSch 9 para 1–Sch 9 para 16 · 20 sectionsRight to buy transactionsSch 9 para 1 · 1 section
Shared ownership lease: election for market value treatmentSch 9 para 2 · 1 section
Transfer of reversion under shared ownership lease where election made for market value treatmentSch 9 para 3 · 1 section
Shared ownership lease: election where staircasing allowedSch 9 para 4 · 1 section
Shared ownership lease: treatment of staircasing transactionSch 9 para 4A · 1 section
Shared ownership lease: grant not linked with staircasing transactions etcSch 9 para 4B · 1 section
Shared ownership leases: meaning of “qualifying body” and “preserved right to buy”Sch 9 para 5 · 1 section
Rent to mortgage or rent to loan: chargeable considerationSch 9 para 6 · 1 section
Shared ownership trust: introductionSch 9 para 7 · 1 section
Shared ownership trust: “purchaser”Sch 9 para 8 · 1 section
Shared ownership trust: election for market value treatmentSch 9 para 9 · 1 section
Shared ownership trust: treatment of staircasing transactionSch 9 para 10 · 1 section
Shared ownership trust: treatment of additional payments where no election madeSch 9 para 11 · 1 section
Shared ownership trust: declaration not linked with staircasing transactions etcSch 9 para 12 · 1 section
Rent to shared ownership lease: charge to taxSch 9 para 13 · 1 section
Rent to shared ownership trust: charge to taxSch 9 para 14 · 1 section
Relief for first-time buyers: shared ownership lease where election madeSch 9 para 15 · 1 section
Relief for first-time buyers: shared ownership lease where no election madeSch 9 para 15A · 1 section
Relief for first-time buyers: shared ownership trust where no election madeSch 9 para 15B · 1 section
No relief for first-time buyers for staircasing transactions etcSch 9 para 16 · 1 section
SCHEDULE 9A — Increased rates for non-resident transactionsSch 9A para 1–Sch 9A para 22 · 22 sectionsPART 1 — IntroductionSch 9A para 1 · 1 sectionPART 2 — Meaning of “non-resident transaction”Sch 9A para 2 · 1 sectionPART 3 — “Non-resident” in relation to a chargeable transaction: individualsSch 9A para 3–Sch 9A para 6 · 4 sectionsPART 4 — “Non-resident” in relation to a chargeable transaction: companiesSch 9A para 7–Sch 9A para 11 · 5 sectionsPART 5 — Special rules for particular purchasers and transactionsSch 9A para 12–Sch 9A para 17 · 6 sectionsPART 6 — Supplementary provisionSch 9A para 18–Sch 9A para 22 · 5 sectionsSCHEDULE 10 — Stamp duty land tax: returns, enquiries, assessments and appealsSch 10 para 1–Sch 10 para 46 · 63 sectionsPart 1 — Land transaction returnsSch 10 para 1–Sch 10 para 8 · 10 sectionsPart 2 — Duty to keep and preserve recordsSch 10 para 9–Sch 10 para 11 · 3 sectionsPart 3 — Enquiry into returnSch 10 para 12–Sch 10 para 24 · 13 sectionsPart 4 — Revenue determination if no return deliveredSch 10 para 25–Sch 10 para 27 · 3 sectionsPart 5 — Revenue assessmentsSch 10 para 28–Sch 10 para 32 · 6 sectionsPart 6 — Relief in case of overpaid tax or excessive assessmentSch 10 para 33–Sch 10 para 34E · 7 sectionsPart 7 — Reviews and appealsSch 10 para 35–Sch 10 para 46 · 21 sectionsSCHEDULE 11 — Stamp duty land tax: record-keeping where transaction is not notifiableSch 11 para 1–Sch 11 para 17 · 19 sectionsPart 1 — GeneralSch 11 para 1–Sch 11 para 3 · 5 sectionsPart 2 — Duty to keep and preserve recordsSch 11 para 4–Sch 11 para 6 · 3 sectionsPart 3 — Enquiry into self-certificateSch 11 para 7–Sch 11 para 17 · 11 sectionsSCHEDULE 11A — Stamp duty land tax: claims not included in returnsSch 11A para 1–Sch 11A para 15 · 16 sectionsIntroductorySch 11A para 1 · 1 section
Making of claimsSch 11A para 2 · 1 section
Duty to keep and preserve recordsSch 11A para 3 · 1 section
Preservation of information etcSch 11A para 3A · 1 section
Amendment of claim by claimantSch 11A para 4 · 1 section
Correction of claim by RevenueSch 11A para 5 · 1 section
Giving effect to claims and amendmentsSch 11A para 6 · 1 section
Notice of enquirySch 11A para 7 · 1 section
Notice to produce documents etc for purposes of enquirySch 11A para 8 · 1 section
Appeal against notice to produce documents etcSch 11A para 9 · 1 section
Penalty for failure to produce documents etcSch 11A para 10 · 1 section
Completion of enquirySch 11A para 11 · 1 section
Direction to complete enquirySch 11A para 12 · 1 section
Giving effect to amendments under paragraph 11Sch 11A para 13 · 1 section
Appeals against amendments under paragraph 11Sch 11A para 14 · 1 section
Jurisdiction of CommissionersSch 11A para 15 · 1 section
SCHEDULE 12 — Stamp duty land tax: collection and recovery of taxSch 12 para 1–Sch 12 para 7 · 7 sectionsPart 1 — GeneralSch 12 para 1–Sch 12 para 3 · 3 sectionsPart 2 — Court proceedingsSch 12 para 4–Sch 12 para 7 · 4 sectionsSCHEDULE 13 — Stamp duty land tax: information powersSch 13 para 1–Sch 13 para 53 · 53 sectionsPart 1 — Power of authorised officer to call for documents or information from taxpayerSch 13 para 1–Sch 13 para 5 · 5 sectionsPart 2 — Power of authorised officer to call for documents from third partySch 13 para 6–Sch 13 para 13 · 8 sectionsPart 3 — Power to call for papers of tax accountantSch 13 para 14–Sch 13 para 18 · 5 sectionsPart 4 — Restrictions on powers under Parts 1 to 3Sch 13 para 19–Sch 13 para 27 · 9 sectionsPart 5 — Powers of board to call for documents or informationSch 13 para 28–Sch 13 para 31 · 4 sectionsPart 6 — Order of judicial authority for the delivery of documentsSch 13 para 32–Sch 13 para 42 · 11 sectionsPart 7 — Entry with warrant to obtain evidence of offenceSch 13 para 43–Sch 13 para 52 · 10 sectionsPart 8 — Falsification etc of documentsSch 13 para 53 · 1 sectionSCHEDULE 14 — Stamp duty land tax: determination of penalties and related appealsSch 14 para 1–Sch 14 para 8 · 8 sectionsDetermination of penalties and appealsSch 14 para 1 · 1 section
Determination of penalty by officer of the BoardSch 14 para 2 · 1 section
Alteration of penalty determinationSch 14 para 3 · 1 section
Liability of personal representativesSch 14 para 4 · 1 section
Appeal against penalty determinationSch 14 para 5 · 1 section
Further appealSch 14 para 6 · 1 section
Penalty proceedings before the courtSch 14 para 7 · 1 section
Time limit for determination of penaltiesSch 14 para 8 · 1 section
SCHEDULE 15 — Stamp duty land tax: partnershipsSch 15 para 1–Sch 15 para 40 · 43 sectionsPart 1 — General provisionsSch 15 para 1–Sch 15 para 4 · 4 sectionsPart 2 — Ordinary partnership transactionsSch 15 para 5–Sch 15 para 8 · 4 sectionsPart 3 — Transactions to which special provisions applySch 15 para 9–Sch 15 para 40 · 35 sectionsSCHEDULE 16 — Stamp duty land tax: trusts and powersSch 16 para 1–Sch 16 para 8 · 8 sectionsMeaning of “settlement” and “bare trust”Sch 16 para 1 · 1 section
Interests of beneficiaries under certain trustsSch 16 para 2 · 1 section
Bare trusteeSch 16 para 3 · 1 section
Acquisition by trustees of settlementSch 16 para 4 · 1 section
Responsibility of trustees of settlementSch 16 para 5 · 1 section
Relevant trustees for purposes of return etcSch 16 para 6 · 1 section
Consideration for exercise of power of appointment or discretionSch 16 para 7–Sch 16 para 8 · 2 sections
SCHEDULE 17 — Stamp duty land tax: General and Special Commissioners, appeals and other proceedingsSch 17 para 1–Sch 17 para 11 · 11 sectionsGeneral and Special Commissioners: application of general provisionsSch 17 para 1 · 1 section
Prescribed matters to be determined by Commissioners or Lands TribunalSch 17 para 2 · 1 section
General or Special Commissioners: jurisdictionSch 17 para 3 · 1 section
Proceedings brought out of timeSch 17 para 4 · 1 section
Quorum etc of the CommissionersSch 17 para 5 · 1 section
ProcedureSch 17 para 6 · 1 section
Consequences of determination by the CommissionersSch 17 para 7 · 1 section
CostsSch 17 para 8 · 1 section
Finality of decisions of the CommissionersSch 17 para 9 · 1 section
Publication of reports of decisionsSch 17 para 10 · 1 section
Supplementary provisionsSch 17 para 11 · 1 section
SCHEDULE 17A — Further provisions relating to leasesSch 17A para 1–Sch 17A para 19 · 26 sectionsMeaning of “lease”Sch 17A para 1 · 1 section
Leases for a fixed termSch 17A para 2 · 1 section
Leases that continue after a fixed termSch 17A para 3–Sch 17A para 3A · 2 sections
Treatment of leases for indefinite termSch 17A para 4 · 1 section
Treatment of successive linked leasesSch 17A para 5 · 1 section
RentSch 17A para 6 · 1 section
Variable or uncertain rentSch 17A para 7 · 1 section
First rent review in final quarter of fifth yearSch 17A para 7A · 1 section
Adjustment where rent ceases to be uncertainSch 17A para 8 · 1 section
Rent for overlap period in case of grant of further leaseSch 17A para 9 · 1 section
Backdated lease granted to tenant holding overSch 17A para 9A · 1 section
Tenants' obligations etc that do not count as chargeable considerationSch 17A para 10 · 1 section
Cases where assignment of lease treated as grant of leaseSch 17A para 11 · 1 section
Assignment of lease: responsibility of assignee for returns etcSch 17A para 12 · 1 section
Agreement for leaseSch 17A para 12A · 1 section
Assignment of agreement for leaseSch 17A para 12B · 1 section
Increase of rent treated as grant of new lease: variation of lease in first five yearsSch 17A para 13 · 1 section
Increase of rent treated as grant of new lease: abnormal increase after fifth yearSch 17A para 14 · 1 section
Increase of rent after fifth year: whether regarded as abnormalSch 17A para 15 · 1 section
Reduction of rent or term or other variation of leaseSch 17A para 15A · 1 section
Surrender of existing lease in return for new leaseSch 17A para 16 · 1 section
Assignment of lease: assumption of obligations by assigneeSch 17A para 17 · 1 section
Reverse premiumSch 17A para 18 · 1 section
Loan or deposit in connection with grant or assignment of leaseSch 17A para 18A · 1 section
Provisions relating to leases in ScotlandSch 17A para 19 · 1 section
SCHEDULE 18 — Stamp duty land tax: consequential amendmentsSch 18 para 1–Sch 18 para 6 · 6 sectionsProvisional Collection of Taxes Act 1968Sch 18 para 1 · 1 section
Inheritance Tax Act 1984Sch 18 para 2 · 1 section
Income and Corporation Taxes Act 1988Sch 18 para 3 · 1 section
Finance Act 1989Sch 18 para 4 · 1 section
Taxation of Chargeable Gains Act 1992Sch 18 para 5 · 1 section
Income Tax (Earnings and Pensions) Act 2003Sch 18 para 6 · 1 section
SCHEDULE 19 — Stamp duty land tax: commencement and transitional provisionsSch 19 para 1–Sch 19 para 10 · 13 sectionsIntroductionSch 19 para 1 · 1 section
The implementation dateSch 19 para 2 · 1 section
Contract entered into before first relevant dateSch 19 para 3 · 1 section
Contract substantially performed before implementation dateSch 19 para 4 · 1 section
Contracts substantially performed after implementation dateSch 19 para 4A · 1 section
Application of provisions in case of transfer of rightsSch 19 para 4B · 1 section
Credit for ad valorem stamp duty paidSch 19 para 5 · 1 section
Effect for stamp duty purposes of stamp duty land tax being paid or chargeableSch 19 para 6 · 1 section
Earlier related transactions under stamp dutySch 19 para 7 · 1 section
Stamping of contract where transaction on completion subject to stamp duty land taxSch 19 para 7A · 1 section
Stamping of agreement for lease where grant of lease subject to stamp duty land taxSch 19 para 8 · 1 section
Exercise of option or right of pre-emption acquired before implementation dateSch 19 para 9 · 1 section
SupplementarySch 19 para 10 · 1 section
SCHEDULE 20 — Stamp duty: restriction to instruments relating to stock or marketable securitiesSch 20 para 1–Sch 20 para 7 · 7 sectionsPart 1 — Supplementary provisionsSch 20 para 1–Sch 20 para 2 · 2 sectionsPart 2 — Consequential amendments and repealsSch 20 para 3–Sch 20 para 7 · 5 sectionsSCHEDULE 21 — Approved share plans and schemesSch 21 para 1–Sch 21 para 18 · 18 sectionsPart 1 — Share incentive plansSch 21 para 1–Sch 21 para 8 · 8 sectionsPart 2 — SAYE option schemesSch 21 para 9–Sch 21 para 12 · 4 sectionsPart 3 — CSOP schemesSch 21 para 13–Sch 21 para 18 · 6 sectionsSCHEDULE 22 — Employee securities and optionsSch 22 para 1–Sch 22 para 73 · 73 sectionsIntroductorySch 22 para 1 · 1 section
Main provisionsSch 22 para 2–Sch 22 para 10 · 9 sections
PAYESch 22 para 11–Sch 22 para 15 · 5 sections
Consequential amendmentsSch 22 para 16–Sch 22 para 46 · 31 sections
Consequential amendments of other enactmentsSch 22 para 47–Sch 22 para 73 · 27 sections
SCHEDULE 23 — Corporation tax relief for employee share acquisitionSch 23 para 1–Sch 23 para 33 · 37 sectionsPart 1 — General provisionsSch 23 para 1–Sch 23 para 4 · 4 sectionsPart 2 — Award of sharesSch 23 para 5–Sch 23 para 10 · 6 sectionsPart 3 — Grant of optionSch 23 para 11–Sch 23 para 17 · 7 sectionsPart 4 — Provisions applying in case of restricted sharesSch 23 para 18–Sch 23 para 22 · 5 sectionsPart 4A — Provisions applying in case of convertible sharesSch 23 para 22A–Sch 23 para 22D · 4 sectionsPart 5 — Supplementary provisionsSch 23 para 23–Sch 23 para 31 · 9 sectionsPart 6 — Commencement and transitional provisionsSch 23 para 32–Sch 23 para 33 · 2 sectionsSCHEDULE 24 — Restriction of deductions for employee benefit contributionsSch 24 para 1–Sch 24 para 11 · 11 sectionsRestriction of deductionsSch 24 para 1 · 1 section
“ Provision of qualifying benefits ”Sch 24 para 2 · 1 section
“Qualifying expenses”Sch 24 para 3 · 1 section
Payment “out of” employee benefit contributionsSch 24 para 4 · 1 section
Transfer of asset to employeeSch 24 para 5 · 1 section
Provisional calculation of profitsSch 24 para 6 · 1 section
Life assurance businessSch 24 para 7 · 1 section
Deductions to which Schedule does not applySch 24 para 8 · 1 section
InterpretationSch 24 para 9 · 1 section
Consequential amendmentsSch 24 para 10 · 1 section
Commencement and transitory provisionsSch 24 para 11 · 1 section
SCHEDULE 25 — Determination of profits attributable to permanent establishment: supplementary provisionss 945 · 1 sectionSCHEDULE 26 — Non-resident companies: transactions through broker, investment manager or Lloyd’s agentSch 26 para 1–Sch 26 para 7 · 8 sectionsIntroductionSch 26 para 1 · 1 section
BrokersSch 26 para 2 · 1 section
Investment managersSch 26 para 3 · 1 section
Investment managers: the 20% ruleSch 26 para 4 · 1 section
Investment managers: application of 20% rule to collective investment schemesSch 26 para 5 · 1 section
Profits attributable to permanent establishment: disregard of profits of certain investment transactionsSch 26 para 5A · 1 section
Lloyd’s agentsSch 26 para 6 · 1 section
General supplementary provisionsSch 26 para 7 · 1 section
SCHEDULE 27 — Permanent establishment etc: consequential amendmentsSch 27 para 1–Sch 27 para 9 · 9 sectionsTaxes Act 1988Sch 27 para 1 · 1 section
Taxation of Chargeable Gains Act 1992Sch 27 para 2 · 1 section
Finance Act 1993Sch 27 para 3 · 1 section
Finance Act 1995Sch 27 para 4–Sch 27 para 7 · 4 sections
Finance Act 1996Sch 27 para 8 · 1 section
Finance Act 2000Sch 27 para 9 · 1 section
SCHEDULE 28 — Capital gains tax: reporting limits and annual exempt amountSch 28 para 1–Sch 28 para 9 · 9 sectionsPart 1 — Reporting limitsSch 28 para 1–Sch 28 para 2 · 2 sectionsPart 2 — Annual exempt amountSch 28 para 3–Sch 28 para 6 · 4 sectionsPart 3 — CommencementSch 28 para 7–Sch 28 para 9 · 3 sectionsSCHEDULE 29 — Transfers of value: attribution of gains to beneficiariesSch 29 para 1–Sch 29 para 6 · 6 sectionsIntroductionSch 29 para 1 · 1 section
Scope and scheme of ScheduleSch 29 para 2 · 1 section
Other gains to be brought into Schedule 4C poolSch 29 para 3 · 1 section
Attribution of gains to beneficiariesSch 29 para 4 · 1 section
Gains attributed to settlorSch 29 para 5 · 1 section
Minor and consequential amendmentsSch 29 para 6 · 1 section
SCHEDULE 30 — First-year allowances for expenditure on environmentally beneficial plant or machinerySch 30 para 1–Sch 30 para 7 · 7 sectionsIntroductorySch 30 para 1 · 1 section
Types of expenditure for which first-year allowances availableSch 30 para 2 · 1 section
First-year qualifying expenditure on environmentally beneficial plant or machinerySch 30 para 3 · 1 section
General exclusions affecting first-year qualifying expenditureSch 30 para 4 · 1 section
Amount of first-year allowancesSch 30 para 5 · 1 section
Penalty for failure to provide information etcSch 30 para 6 · 1 section
Transitory provision: expenditure incurred etc before first order madeSch 30 para 7 · 1 section
SCHEDULE 31 — Tax relief for expenditure on research and developmentSch 31 para 1–Sch 31 para 24 · 24 sectionsPart 1 — Small and medium-sized enterprises: Schedule 20 to Finance Act 2000Sch 31 para 1–Sch 31 para 7 · 7 sectionsPart 2 — Large companies: Part 1 of Schedule 12 to Finance Act 2002Sch 31 para 8–Sch 31 para 10 · 3 sectionsPart 3 — Work sub-contracted to SMEs: Part 2 of Schedule 12 to Finance Act 2002Sch 31 para 11–Sch 31 para 14 · 4 sectionsPart 4 — Entitlement of SME to certain relief available to large companiesSch 31 para 15 · 1 sectionPart 5 — Supplementary: amendments to Parts 3 to 6 of Schedule 12 to Finance Act 2002Sch 31 para 16–Sch 31 para 19 · 4 sectionsPart 6 — Expenditure on vaccine research etc: Schedule 13 to Finance Act 2002Sch 31 para 20–Sch 31 para 24 · 5 sectionsSCHEDULE 32 — Tonnage tax: restrictions on capital allowances for lessors of shipsSch 32 para 1–Sch 32 para 5 · 5 sectionsThe ring fence: amendments to the provisions about capital allowances and ship leasingSch 32 para 1 · 1 section
Consequential amendmentsSch 32 para 2 · 1 section
Commencement and temporary provisionSch 32 para 3–Sch 32 para 5 · 3 sections
SCHEDULE 33 — Insurance companiesSch 33 para 1–Sch 33 para 32 · 32 sectionsCase I profitsSch 33 para 1–Sch 33 para 12 · 12 sections
Rate of tax on policy holders' share of life assurance profitsSch 33 para 13 · 1 section
Chargeable gainsSch 33 para 14–Sch 33 para 17 · 4 sections
Transfers of businessSch 33 para 18–Sch 33 para 24 · 7 sections
Meaning of “investment reserve” etcSch 33 para 25–Sch 33 para 28 · 4 sections
Meaning of “period of account”Sch 33 para 29 · 1 section
Rationalisation of interpretation provisionsSch 33 para 30–Sch 33 para 32 · 3 sections
SCHEDULE 34 — Policies of life insurance etc: miscellaneous amendmentsSch 34 para 1–Sch 34 para 15 · 15 sectionsPart 1 — Group life policiesSch 34 para 1–Sch 34 para 5 · 5 sectionsPart 2 — Charitable and non-charitable trustsSch 34 para 6–Sch 34 para 12 · 7 sectionsPart 3 — Meaning of “life annuity”Sch 34 para 13 · 1 sectionPart 4 — Rollover of gain on maturity into new policySch 34 para 14–Sch 34 para 15 · 2 sectionsSCHEDULE 35 — Gains on policies of life insurance etc: rate of taxSch 35 para 1–Sch 35 para 5 · 5 sectionsApplication of the lower rateSch 35 para 1 · 1 section
Method of charging gains from policies of life insurance etc to taxSch 35 para 2 · 1 section
Relief where gain charged at a higher rateSch 35 para 3 · 1 section
Gains included in aggregate income of estate of deceasedSch 35 para 4 · 1 section
Income to be disregarded in determining highest part of person’s incomeSch 35 para 5 · 1 section
SCHEDULE 36 — Foster carersSch 36 para 1–Sch 36 para 21 · 21 sectionsPart 1 — IntroductionSch 36 para 1–Sch 36 para 9 · 9 sectionsPart 2 — The exemption and the alternative methods of calculationSch 36 para 10–Sch 36 para 15 · 6 sectionsPart 3 — Capital allowancesSch 36 para 16–Sch 36 para 20 · 5 sectionsPart 4 — SupplementarySch 36 para 21 · 1 sectionSCHEDULE 37 — Loan relationships: amendmentsSch 37 para 1–Sch 37 para 6 · 6 sectionsPart 1 — Amendments to Schedule 9 to the Finance Act 1996Sch 37 para 1–Sch 37 para 5 · 5 sectionsPart 2 — Transitional provisionsSch 37 para 6 · 1 sectionSCHEDULE 38 — Sale and repurchase of securities etcSch 38 para 1–Sch 38 para 21 · 21 sectionsIncrease of repurchase price of UK securities by amount of deemed manufactured dividendSch 38 para 1 · 1 section
Deemed manufactured payment where transferor or connected person makes payment representative of dividendSch 38 para 2–Sch 38 para 3 · 2 sections
Provisions to cover both “put” and “call” optionsSch 38 para 4–Sch 38 para 9 · 6 sections
Option premium to be reflected in sale price unless brought into account under derivative contracts provisionsSch 38 para 10 · 1 section
Exchange gains and lossesSch 38 para 11–Sch 38 para 14 · 4 sections
ExceptionsSch 38 para 15–Sch 38 para 18 · 4 sections
Connected personsSch 38 para 19 · 1 section
Correction of section 730A(6B) of the Taxes Act 1988Sch 38 para 20 · 1 section
CommencementSch 38 para 21 · 1 section
SCHEDULE 39 — Relevant discounted securities: withdrawal of relief for costs and losses, etcSch 39 para 1–Sch 39 para 6 · 6 sectionsWithdrawal of relief for incidental costsSch 39 para 1 · 1 section
Withdrawal of relief for lossesSch 39 para 2 · 1 section
Withdrawal of loss relief: exception for strips of government securitiesSch 39 para 3 · 1 section
Extension of provisions about strips to strips of foreign government securitiesSch 39 para 4 · 1 section
Consequential amendmentsSch 39 para 5 · 1 section
Commencement and transitional provisionsSch 39 para 6 · 1 section
SCHEDULE 40 — Acquisition by company of its own sharesSch 40 para 1–Sch 40 para 5 · 5 sectionsVenture capital trustsSch 40 para 1 · 1 section
Stamp duty and stamp duty reserve taxSch 40 para 2–Sch 40 para 5 · 4 sections
SCHEDULE 41 — Companies in administrationSch 41 para 1–Sch 41 para 5 · 5 sectionsAccounting period for company in administrationSch 41 para 1 · 1 section
Responsibility of officers of company in administrationSch 41 para 2 · 1 section
Tax on companies in administrationSch 41 para 3 · 1 section
Debit for bad debt where parties connected and creditor insolventSch 41 para 4 · 1 section
CommencementSch 41 para 5 · 1 section
SCHEDULE 42 — Controlled foreign companies: exempt activitiesSch 42 para 1–Sch 42 para 4 · 4 sectionsIntroductorySch 42 para 1 · 1 section
Companies engaged in wholesale, distributive, financial or service businessSch 42 para 2 · 1 section
Companies engaged in business of banking etcSch 42 para 3 · 1 section
Interpretation of paragraph 6(2B)Sch 42 para 4 · 1 section
SCHEDULE 43 — RepealsSch 43 Pt 1 para 1–Sch 43 para 8 · 15 sectionsPart 1 — Excise dutiesSch 43 Pt 1 para 1 · 1 sectionPart 3 — Income tax, corporation tax and capital gains taxSch 43 Pt 3 para 1 · 3 sectionsPart 1 — Excise dutiesSch 43 Pt 1 para 2 · 1 section
Part 3 — Income tax, corporation tax and capital gains taxSch 43 Pt 3 para 2–Sch 43 para 8 · 10 sections
Cite this legislation
- Official citation
- 2003 c. 14
- Source
- legislation.gov.uk
- Data synced
- Licence
- OGL-3 ↗
Finance Act 2003 (legislation.gov.uk, OGL-3). Retrieved via LawPlayer, https://lawplayer.com/uk/act/ukpga-2003-14
This text is synced from legislation.gov.uk. In case of any discrepancy, the official version prevails.
Related legislation
Subordinate legislation
- Subordinate legislation: The Customs (Aerodromes and Miscellaneous Amendments) Regulations 2023
- Subordinate legislation: The Customs (Amendment) (EU Exit) Regulations 2020
- Subordinate legislation: The Customs (Contravention of a Relevant Rule) (Amendment) (EU Exit) Regulations 2018
- Subordinate legislation: The Customs (Contravention of a Relevant Rule) (Amendment) (EU Exit) Regulations 2019
- Subordinate legislation: The Customs (Contravention of a Relevant Rule) (Amendment) Regulations 2009
- Subordinate legislation: The Customs (Contravention of a Relevant Rule) (Amendment) Regulations 2011
- Subordinate legislation: The Customs (Contravention of a Relevant Rule) (Amendment) Regulations 2015
- Subordinate legislation: The Customs (Contravention of a Relevant Rule) Regulations 2003
90 pieces of subordinate legislation are made under this Act. The 8 most recently made are listed here.
Relations are derived from the official revision history and the text of the instruments; only high-confidence links held on LawPlayer are listed. Refer to the official gazette for the complete picture.
Contains public sector information licensed under the Open Government Licence v3.0 (legislation.gov.uk).