Finance Act 2003

Section 123

SCHEDULE 18 U.K. Stamp duty land tax: consequential amendments

Provisional Collection of Taxes Act 1968 U.K.

1 U.K. In section 1(1) of the Provisional Collection of Taxes Act 1968 (c. 2), after “stamp duty reserve tax,” insert “ stamp duty land tax, ”.

Inheritance Tax Act 1984 U.K.

2 U.K. In section 190(4) of the Inheritance Tax Act 1984 (c. 51) (sale of land from deceased’s estate: determination of price), after “stamp duty” insert “ or stamp duty land tax ”.

Income and Corporation Taxes Act 1988 U.K.

3 (1) The Income and Corporation Taxes Act 1988 (c. 1) is amended as follows. U.K.

(2) In section 209B(4) (hedging arrangements), in subsection (4) for “or stamp duty” substitute “ (including stamp duty or stamp duty land tax) ”.

(3) In section 213 (exempt distributions), in subsection (11)(a) for “stamp duty” substitute “ stamp duty or stamp duty land tax ”.

(4) In section 214 (chargeable payments connected with exempt distributions), in subsection (2) for “stamp duty” substitute “ stamp duty or stamp duty land tax ”.

(5) In section 215 (advance clearance by Board of distributions and payments), in subsection (2) for “stamp duty” substitute “ stamp duty or stamp duty land tax ”.

(6) In section 827 (penalties and interest not allowed as deductions for tax purposes), after subsection (1F) insert—

“(1G) Where a person is liable to make a payment by way of—

(a) any penalty under Part 4 of the Finance Act 2003 (stamp duty land tax), or

(b) interest under any provision of that Part,

the payment shall not be allowed as a deduction in computing any income, profits or losses for any tax purposes.”.

Finance Act 1989 U.K.

4 U.K. In section 178(2) of the Finance Act 1989 (c. 26) (power of Treasury to set rates of interest: enactments to which the section applies), after paragraph (s) add—

“(t) sections 87, 88 and 89 of the Finance Act 2003.”.

Taxation of Chargeable Gains Act 1992 U.K.

5 U.K. In section 38(2) of the Taxation of Chargeable Gains Act 1992 (c. 12) (incidental costs of acquisition or disposal), after “stamp duty” insert “ or stamp duty land tax ”.

Income Tax (Earnings and Pensions) Act 2003 U.K.

6 U.K. In section 277 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (removal benefits and expenses: acquisition of property), in subsection (3)(e) after “stamp duty” insert “ or stamp duty land tax ”.