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

    454

 
 

Short title and chapter

Extent of repeal

 
 

Income and Corporation Taxes

In section 441—

 
 

Act 1988 (c. 1)—cont.

     (a)    in subsections (1) and (2), the words

 
  

“and section 441A”;

 
  

     (b)    in subsection (4)(a), the words “and in

 

5

  

particular with the omission of the words

 
  

“and any amounts of tax which are expended

 
  

on behalf of” in section 82(1)(a)”.

 
  

In section 442A(4), the words “to the company”.

 
  

In Schedule 28AA, in paragraph 5(6)(b), the

 

10

  

words “or 88A”.

 
 

Finance Act 1989 (c. 26)

In section 83—

 
  

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

 
  

word “but” before it;

 
  

     (b)    subsection (6A);

 

15

  

     (c)    in subsection (8), in the definition of

 
  

“total reinsurance”, the words “before

 
  

the making of the contract of reinsurance

 
  

(or, in a case where there are two or

 
  

more contracts of reinsurance, the last of

 

20

  

them)”.

 
  

In section 83AA—

 
  

     (a)    subsections (3) to (5) and (6)(a);

 
  

     (b)    in subsection (7), paragraph (b) and the

 
  

word “and” before it;

 

25

  

     (c)    in subsection (10), the definitions of “the

 
  

relevant accounting period” and “the

 
  

transferor company”.

 
  

Section 83AB(1)(c)(i).

 
  

In section 83A(2), the second sentence.

 

30

  

Section 84(1).

 
  

In section 87(6)(b), the words “, disregarding

 
  

section 76(1)(e) of that Act (as set out in

 
  

subsection (2) above),”.

 
  

In section 88(1), the words “and section 88A”.

 

35

  

Section 88A.

 
  

In section 89—

 
  

     (a)    in subsection (1), the words “or, as the

 
  

case may be, basic life assurance and

 
  

general annuity business”;

 

40

  

     (b)    in subsection (7), the definition of “the

 
  

Prudential Sourcebook (Insurers)”.

 
 

Finance Act 1990 (c. 29)

Section 43.

 
  

Section 45(5).

 
 

Finance Act 1991 (c. 31)

In Schedule 7—

 

45

  

     (a)    in paragraph 1(a), the words “and (e)”;

 
  

     (b)    paragraph 11.

 
 

 

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

    455

 
 

Short title and chapter

Extent of repeal

 
 

Taxation of Chargeable Gains

In section 204(4), the words from “and in

 
 

Act 1992 (c. 12)

subsection (3)” onwards.

 
  

Section 211(1A).

 
  

In section 212(7), the words following

 

5

  

paragraph (b).

 
  

Section 213(3A) and (3B).

 
  

In Schedule 7AD, in paragraph 10(1), the

 
  

definitions of “insurance company”, “long-

 
  

term business” and “long-term insurance

 

10

  

fund”.

 
  

In Schedule 7B, in paragraph 1, the words “(as

 
  

defined in section 431(2) of the Taxes Act)”.

 
 

Finance Act 1996 (c. 8)

In Schedule 6, paragraph 26.

 
 

Finance Act 1996 (c. 8)—cont.

In Schedule 11, in paragraph 4—

 

15

  

     (a)    in sub–paragraph (2), the word “net” (in

 
  

both places);

 
  

     (b)    in sub–paragraph (16), the definition of

 
  

“net income and gains”.

 
 

Finance Act 1998 (c. 36)

Section 137(4) and (7).

 

20

 

Finance Act 2000 (c. 17)

In Schedule 30, paragraph 18(3).

 
 

Finance Act 2002 (c. 23)

In Schedule 25, paragraph 46.

 
 

  1        The repeals in sections 432A, 436, 439B and 441(4)(a) of the Taxes Act 1988,

the repeals in sections 83(5), 83AA and 83AB of the Finance Act 1989, the

repeal of section 43 of the Finance Act 1990 and the repeals in the Finance Act

25

2000 and the Finance Act 2002 have effect for periods of account beginning

on or after 1st January 2003.

  2        The repeals in section 432E of the Taxes Act 1988 have effect in accordance

with paragraph 10(5) of Schedule 33 to this Act.

  3        The repeals in section 438B of, and in Schedule 28AA to, the Taxes Act 1988,

30

the repeal in section 88 of the Finance Act 1989, the repeal of section 88A of

that Act, the repeal in section 89(1) of that Act and the repeal in Schedule 6

to the Finance Act 1996 have effect for the financial year 2003 and

subsequent financial years.

  4        The repeal in section 442A of the Taxes Act 1988 has effect in accordance

35

with paragraph 23(5) of Schedule 33 to this Act.

  5        The repeal in section 83(8) of the Finance Act 1989 has effect in accordance

with paragraph 2(11) of that Schedule.

  6        The repeals in section 87 of the Finance Act 1989, paragraph 1(a) of Schedule

7 to the Finance Act 1991 and Schedule 11 to the Finance Act 1996 have effect

40

in accordance with paragraph 8(4) of that Schedule.

  7        The repeal of section 45(5) of the Finance Act 1990 has effect in relation to

distributions on or after 9th April 2003.

 

 

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

    456

 

  8        The repeals in section 213 of the Taxation of Chargeable Gains Act 1992 and

the Finance Act 1998 have effect in accordance with paragraph 16(6) of

Schedule 33 to this Act.

(13) Life insurance policies etc

 

Short title and chapter

Extent of repeal

 

5

 

Income and Corporation Taxes

In section 1A(2), the word “and” at the end of

 
 

Act 1988 (c. 1)

paragraph (b).

 
  

Section 540(2).

 
  

In Schedule 15, in paragraph 3(8), the words

 
  

from “and” preceding paragraph (b)(iii) to the

 

10

  

end of paragraph (c).

 

  1        The repeal in section 1A of the Taxes Act 1988 has effect in accordance with

section 173 of this Act.

  2        The repeal of section 540(2) of that Act has effect in accordance with section

171 of, and Part 4 of Schedule 34 to, this Act.

15

  3        The repeal in Schedule 15 to that Act has effect in accordance with section

172(6) of this Act.

(14) Loan relationships: late interest

 

Short title and chapter

Extent of repeal

 

20

 

Finance Act 1996 (c. 8)

In Schedule 9, in paragraph 2(6), in the

 
  

definition of “participator”, the word “close”.

 

           This repeal has effect in accordance with paragraph 2(4) of Schedule 37 to

this Act.

25

(15) Repos etc

 

Short title and chapter

Extent of repeal

 
 

Income and Corporation Taxes

In section 737C—

 
 

Act 1988 (c. 1)

     (a)    in subsection (3)(b), the word “gross”;

 
  

     (b)    subsection (4).

 

30

 

Finance Act 1996 (c. 8)

In Schedule 9, in paragraph 15(3)(b), the words

 
  

“, or a person connected with him,”.

 

  1         The repeals in the Taxes Act 1988 have effect in accordance with sub-

paragraph (1) of paragraph 21 of Schedule 38 to this Act.

  2         The repeal in the Finance Act 1996 has effect in accordance with sub-

35

paragraph (2) of that paragraph.

 

 

Finance Bill
Schedule 43 — Repeals
Part 4 — Other taxes

    457

 

(16) Relevant discounted securities

 

Short title and chapter

Extent of repeal

 
 

Finance Act 1996 (c. 8)

In Schedule 13—

 
  

     (a)    in paragraph 1(3)(a), the words “reduced

 
  

by the amount of any relevant costs”;

 

5

  

     (b)    paragraph 1(4);

 
  

     (c)    paragraph 2;

 
  

     (d)    paragraph 6(4) to (6);

 
  

     (e)    paragraphs 7, 9A and 11;

 
  

     (f)    in paragraph 14(2) and (3), the words

 

10

  

“gilt-edged”;

 
  

     (g)    in paragraph 14(4), the words after

 
  

paragraph (c).

 
 

Finance Act 2002 (c. 23)

Section 104(3).

 

           These repeals have effect in accordance with paragraph 6 of Schedule 39 to

15

this Act.

(17) Court common investment funds

 

Short title and chapter

Extent of repeal

 
 

Income and Corporation Taxes

In section 469A—

 

20

 

Act 1988 (c. 1)

     (a)    in subsection (2), the words “(subject to

 
  

subsection (3) below)”;

 
  

     (b)    subsection (3).

 

           These repeals have effect in relation to income arising to a common

investment fund (within the meaning of section 183 of this Act) on or after

25

6th April 2003.

Part 4

Other taxes

(1) Inheritance tax: authorised unit trusts

30

 

Short title and chapter

Extent of repeal

 
 

Inheritance Tax Act 1984 (c. 51)

In section 178(1), in the definition of “qualifying

 
  

investments”, the words “(as defined in

 
  

section 468 of the Taxes Act 1988)”.

 
 

Income and Corporation Taxes

In Schedule 29, in the table in paragraph 32, the

 

35

 

Act 1988 (c. 1)

entry relating to section 178(1) of the

 
  

Inheritance Tax Act 1984.

 
 

 

Finance Bill
Schedule 43 — Repeals
Part 5 — Miscellaneous

    458

 

           These repeals have effect in relation to transfers of value and other events

occurring on or after 16th October 2002.

(2) Climate change levy

 

Short title and chapter

Extent of repeal

 

5

 

Finance Act 2000 (c. 17)

In Schedule 6—

 
  

     (a)    paragraph 15(5);

 
  

     (b)    in paragraph 41(1)(c), the words “for any

 
  

period”;

 
  

     (c)    in paragraph 100(1), the words “for an

 

10

  

accounting period”;

 
  

     (d)    paragraph 148(6);

 
  

     (e)    in paragraph 149(1), the words “the

 
  

percentage that is to be stated in a

 
  

certificate under paragraph 148 as”.

 

15

           These repeals, except the ones in paragraphs 41(1)(c) and 100(1), have effect

in accordance with section 189(5) of this Act.

Part 5

Miscellaneous

20

(1) Exchange of information between tax authorities of member States

 

Short title and chapter

Extent of repeal

 
 

Finance Act 1978 (c. 42)

Section 77.

 
 

Finance Act 1980 (c. 48)

Section 17.

 
 

Finance Act 1990 (c. 29)

In section 125, subsection (5) and the words

 

25

  

after “appoint” in subsection (6).

 
 

Finance Act 1993 (c. 34)

Section 22.

 

(2) Controlled foreign companies: exempt activities

 

Short title and chapter

Extent of repeal

 

30

 

Income and Corporation Taxes

In Part 2 of Schedule 25, in paragraph 6(2A), the

 
 

Act 1988 (c. 1)

word “and” preceding paragraph (c).

 

           This repeal has effect in accordance with section 200 of this Act.

 

 

Finance Bill
Schedule 43 — Repeals
Part 5 — Miscellaneous

    459

 

(3) Authorised unit trusts: interest distributions

 

Short title and chapter

Extent of repeal

 
 

Income and Corporation Taxes

Section 468O(2) to (4).

 
 

Act 1988 (c. 1)

In section 468P—

 
  

     (a)    subsection (4);

 

5

  

     (b)    in subsection (5), the words “or (4)” and

 
  

the words “or, as the case may be,

 
  

resident” (in both places);

 
  

     (c)    subsections (8) and (9).

 
 

Finance Act 1996 (c. 8)

In Schedule 7, paragraph 17.

 

10

 

Finance Act 2002 (c. 23)

Section 96(3)(a).

 

           These repeals have effect in relation to interest distributions made on or after

16th October 2002.

(4) National savings

15

 

Short title and chapter

Extent of repeal

 
 

Finance Act 1980 (c. 48)

In section 120, subsections (4), (5) and (8) and, in

 
  

subsection (9), the words “and subsection (8)

 
  

above from the passing of this Act”.

 
 

Finance Act 1998 (c. 36)

In section 162, subsection (1)(a), and the word

 

20

  

“and” before it, and subsections (2) and (5).

 

(5) Other financial matters

 

Short title and chapter

Extent of repeal

 
 

National Loans Act 1968 (c. 13)

Section 15(3).

 

25

  

Section 19(3).

 
  

Section 21(3).

 
  

In Schedule 5A—

 
  

     (a)    paragraph 8 (and the heading before it);

 
  

     (b)    paragraph 13(2).

 

30

 

Finance Act 1982 (c. 39)

Section 152(3).

 

           The repeal of section 21(3) of the National Loans Act 1968 has effect in

accordance with section 212(5) of this Act.

 

 

 
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