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Finance Bill


Finance Bill
Schedule 42 — Controlled foreign companies: exempt activities

    447

 

                      (a)                     balance sheet total: 6.2 million euros;

                      (b)                     net turnover: 12.8 million euros;

                      (c)                     number of employees: 250.

                           (3)                  For the purposes of sub-paragraph (2) above as it applies where

the policy holder is a company, within the meaning of section

5

735(1) of the Companies Act 1985 or Article 3 of the Companies

(Northern Ireland) Order 1986,—

                      (a)                     “balance sheet total” has the meaning given by section

247(5) of that Act or Article 255(5) of that Order;

                      (b)                     “net turnover” has the meaning given to “turnover” by

10

section 262(1) of that Act or Article 270(1) of that Order;

and

                      (c)                     “number of employees” has the meaning given by section

247(6) of that Act or Article 255(6) of that Order;

                                             and for a financial year which is a company’s financial year but

15

not in fact a year, the net turnover of the company shall be

proportionately reduced.

                           (4)                  Where the policy holder is a member of a group for which

consolidated accounts (within the meaning of Directive 83/349/

EEC) are drawn up, the question whether the condition in sub-

20

paragraph (2) above is met shall be determined by reference to

those accounts.

                           (5)                  For the purposes of sub-paragraph (1)(c) above as it applies where

the policy holder is a professional association, joint venture or

temporary grouping, the question whether the condition in sub-

25

paragraph (2) above is met shall be determined by reference to the

aggregate of the figures of the description in question for all the

members of the professional association, joint venture or

temporary grouping.

                           (6)                  In sub-paragraphs (1) to (5) above “business” includes a trade or

30

profession and, for the purposes of sub-paragraph (1)(c) above,

any activity of a professional association, joint venture or

temporary grouping.

                           (7)                  For the purposes of this paragraph, where an amount is

denominated in any accounts in a currency other than the euro, it

35

shall be converted into its equivalent in euros using the London

closing exchange rate for that currency and the euro for the last

day of the period to which the accounts relate.

                           (8)                  In this paragraph—

                       “euro” means the single currency adopted or proposed to be

40

adopted as its currency by a member State in accordance

with the Treaty establishing the European Community;

                       “financial year”, in relation to any person, means the period

(not exceeding 12 months) for which that person makes

up accounts.”.

45

 

 

Finance Bill
Schedule 43 — Repeals
Part 1 — Excise duties

    448

 

Schedule 43

Section 216

 

Repeals

Part 1

Excise duties

(1) General betting duty

5

 

Short title and chapter

Extent of repeal

 
 

Betting and Gaming Duties Act

Section 5A.

 
 

1981 (c. 63)

In section 5C, subsections (2) and (3) and, in

 
  

subsection (4), the words “In the case of a bet

 
  

which is excluded from subsection (2) by

 

10

  

virtue of subsection (3),”.

 

  1                          The repeal of section 5A has effect in accordance with section 6(6) of this Act.

  2        The repeals in section 5C have effect in accordance with section 7(5) and (6)

of this Act.

15

(2) Bingo duty

 

Short title and chapter

Extent of repeal

 
 

Betting and Gaming Duties Act

In Schedule 3—

 
 

1981 (c. 63)

     (a)    paragraphs 11, 12 and 15;

 
  

     (b)    paragraph 16(2)(b) and the word “or”

 

20

  

preceding it.

 

           These repeals have effect in accordance with section 9 of this Act.

(3) Amusement machine licence duty

 

Short title and chapter

Extent of repeal

 

25

 

Betting and Gaming Duties Act

In section 26—

 
 

1981 (c. 63)

  (a) the definition of “coin” in subsection (2);

 
  

  (b) subsection (4).

 

           These repeals have effect in accordance with section 11(3) of this Act.

30

 

 

Finance Bill
Schedule 43 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax

    449

 

(4) Vehicle excise duty

 

Short title and chapter

Extent of repeal

 
 

Vehicle Excise and Registration

Section 16.

 
 

Act 1994 (c. 22).

  

           This repeal has effect in accordance with section 16 of this Act.

5

Part 2

Value added tax

Face-value vouchers

 

Short title and chapter

Extent of repeal

 

10

 

Value Added Tax Act 1994

In Schedule 6, paragraph 5.

 
 

(c. 23)

  

           This repeal has effect in accordance with paragraph 4 of Schedule 1 to this

Act.

15

Part 3

Income tax, corporation tax and capital gains tax

(1) Provision of services through intermediary

 

Short title and chapter

Extent of repeal

 
 

Income Tax (Earnings and

Section 49(2).

 

20

 

Pensions) Act 2003 (c. 1)

In section 56(7), paragraph (c) and the word

 
  

“and” preceding it.

 

           These repeals have effect in accordance with section 136(4) of this Act.

(2) Taxable benefits: cars: CO2 emissions

25

 

Short title and chapter

Extent of repeal

 
 

Income Tax (Earnings and

In the table in section 139(4), in the entry for

 
 

Pensions) Act 2003 (c. 1)

2004-05 and subsequent tax years, the words

 
  

“and subsequent tax years”.

 

30

 

 

Finance Bill
Schedule 43 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax

    450

 

(3) Approved share plans and schemes

 

Short title and chapter

Extent of repeal

 
 

Income Tax (Earnings and

In section 701(2)(c)(i), the words “or 4 (approved

 
 

Pensions) Act 2003 (c. 1)

CSOP schemes)”.

 
  

In Schedule 2, paragraphs 18(1)(a) and 47(3).

 

5

  

In Schedule 3, in paragraph 34(5), the words

 
  

following paragraph (b).

 

(4) Employee securities and options

 

Short title and chapter

Extent of repeal

 

10

 

Income Tax (Earnings and

In section 19(2), the entries relating to Chapters

 
 

Pensions) Act 2003 (c. 1)

8 and 9 of Part 3.

 
  

In section 32(2), the entries relating to Chapters

 
  

8 and 9 of Part 3.

 
  

In section 63(1), the entries relating to Chapters

 

15

  

8 and 9 of Part 3.

 
  

Section 64(5) and (6).

 
  

Chapters 8 and 9 of Part 3.

 
  

In section 216—

 
  

     (a)    in subsection (4), the entries relating to

 

20

  

Chapters 8 and 9 of Part 3;

 
  

     (b)    in subsection (6), the entries relating to

 
  

sections 195(3) and 199(4).

 
 

Income Tax (Earnings and

Section 227(4)(d), (f) and (h).

 
 

Pensions) Act 2003 (c. 1)—

Section 491.

 

25

 

cont.

Sections 494 and 495.

 
  

Section 518.

 
  

Section 519(4).

 
 

Income Tax (Earnings and

Section 520.

 
 

Pensions Act 2003 (c. 1) —

Section 523.

 

30

 

cont.

Section 524(4).

 
  

Section 525.

 
  

Section 528.

 
  

In section 701(2)(b), the words “subject to

 
  

section 700(6),”.

 

35

  

In Part 2 of Schedule 1, the entries listed in

 
  

paragraph 42(2) of Schedule 22 to this Act.

 
  

In Schedule 7, paragraphs 30, 31, 47, 48, 50 to 53,

 
  

55(2)(a), 59 to 62, 66 and 67.

 
 

Finance Act 2003

In Schedule 23, in paragraph 31, the entry

 

40

  

relating to “subject to forfeiture”.

 

           These repeals have effect in accordance with Schedule 22 to this Act.

 

 

Finance Bill
Schedule 43 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax

    451

 

(5) Deductions for employee benefit contributions

 

Short title and chapter

Extent of repeal

 
 

Finance Act 2002 (c. 23)

In Schedule 29, in paragraph 113(3)(a) the words

 
  

“or benefits” and “, or held by an

 
  

intermediary,”.

 

5

           These repeals have effect in accordance with paragraph 11(1) of Schedule 24

to this Act.

(6) References to branch or agency

 

Short title and chapter

Extent of repeal

 

10

 

Taxes Management Act 1970

In section 118(1), the definitions of “branch or

 
 

(c. 9)

agency” and “branch or agent”.

 
 

Income and Corporation Taxes

Section 95(1A)(e).

 
 

Act 1988 (c. 1)

  
 

Taxation of Chargeable Gains

In section 10—

 

15

 

Act 1992 (c. 12)

     (a)    subsection (3);

 
  

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

 
  

corporation tax”.

 
 

Finance Act 1994 (c. 9)

In section 219(4A), the words “11(2)(a) or”.

 
 

Finance Act 1995 (c. 4)

In section 126—

 

20

  

     (a)    in subsection (1), the words

 
  

“, corporation tax”;

 
  

     (b)    in subsection (2)(c), the words from “or

 
  

fall” to “non-resident”;

 
  

     (c)    in subsection (2), paragraph (d) and the

 

25

  

word “and” preceding it;

 
  

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

 
  

word “and” preceding it.

 
  

In section 127—

 
  

     (a)    in subsection (5)(b), the words “or 129”;

 

30

  

     (b)    in subsection (19), paragraph (b) and the

 
  

word “and” preceding it.

 
  

Section 129.

 
 

Finance (No. 2) Act 1997 (c. 58)

Section 24(3)(e).

 

           These repeals have effect in relation to accounting periods beginning on or

35

after 1st January 2003.

 

 

Finance Bill
Schedule 43 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax

    452

 

(7) Capital gains tax: reporting limits and annual exempt amount

 

Short title and chapter

Extent of repeal

 
 

Taxation of Chargeable Gains

Section 3(6).

 
 

Act 1992 (c. 12)

  
  

In Schedule 1, paragraph 2(3).

 

5

           These repeals have effect in accordance with paragraph 7 of Schedule 28 to

this Act.

(8) Chargeable gains: earn-out rights

 

Short title and chapter

Extent of repeal

 

10

 

Taxation of Chargeable Gains

In section 138A—

 
 

Act 1992 (c. 12)

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

 
  

word “and” preceding it;

 
  

     (b)    in subsection (4), paragraph (e) and the

 
  

word “and” preceding it.

 

15

           These repeals have effect in accordance with section 161 of this Act.

(9) First-year allowances for expenditure on eco-friendly plant or machinery

 

Short title and chapter

Extent of repeal

 
 

Capital Allowances Act 2001

In section 39, the word “or” at the end of the

 

20

 

(c. 2)

entry relating to section 45E.

 
  

In section 46(1), the word “or” at the end of the

 
  

entry relating to section 45E.

 
  

In Part 2 of Schedule 1, in the first column of the

 
  

entry relating to the expression “long life

 

25

  

asset expenditure”, the words “Chapter 10

 
  

of”.

 

           These repeals have effect in accordance with section 167 of this Act.

(10) Relief for research and development

30

 

Short title and chapter

Extent of repeal

 
 

Finance Act 2000 (c. 17)

In Schedule 20, in paragraph 5(3)—

 
  

     (a)    the words “the following rules apply”;

 
  

     (b)    paragraphs (a) and (b);

 
  

     (c)    in paragraph (c), the words “in any other

 

35

  

case,”.

 
 

 

Finance Bill
Schedule 43 — Repeals
Part 3 — Income tax, corporation tax and capital gains tax

    453

 
 

Short title and chapter

Extent of repeal

 
 

Finance Act 2002 (c. 23)

In Schedule 12—

 
  

     (a)    in paragraph 7(2), the word “and”

 
  

preceding paragraph (b);

 
  

     (b)    in paragraph 11(3), the word “and”

 

5

  

preceding paragraph (b);

 
  

     (c)    in paragraph 15(1), the word “or”

 
  

preceding paragraph (c);

 
  

     (d)    in paragraph 17, the word “and”

 
  

preceding paragraph (c).

 

10

  

In Schedule 13, in paragraph 5(3), the word

 
  

“and” preceding paragraph (d).

 
 

           These repeals have effect in accordance with section 168 of this Act.

(11) Tonnage tax: capital allowances for lessors

15

 

Short title and chapter

Extent of repeal

 
 

Finance Act 2000 (c. 17)

In Schedule 22—

 
  

     (a)    the word “finance” in the first sentence

 
  

of paragraph 41(4), in paragraphs 89(1),

 
  

90(1), 92(1), 94(1), 98(1)(a) and 99(1)(a)

 

20

  

and in the heading to paragraph 93;

 
  

     (b)    in paragraph 93(1), the words “finance”

 
  

and “either”;

 
  

     (c)    in paragraph 147, the entry for “finance

 
  

lease (and lessor and lessee) (in Part X)”.

 

25

           These repeals have effect in relation to any lease (within the meaning given

by paragraph 5 of Schedule 32 to this Act) entered into on or after 19th

December 2002.

(12) Insurance companies

30

 

Short title and chapter

Extent of repeal

 
 

Income and Corporation Taxes

Section 432A(9B).

 
 

Act 1988 (c. 1)

In section 432E(2), paragraph (a) and, in

 
  

paragraph (b), the words “in any other case,”.

 
  

In section 436(3)(a), the words after

 

35

  

“modifications”.

 
  

In section 438B(5), paragraph (b) and the word

 
  

“and” before it.

 
  

In section 439B(3)(a), the words “and in

 
  

particular with the omission of the words

 

40

  

“and any amounts of tax which are expended

 
  

on behalf of” in section 82(1)(a)”.

 
 

 

 
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