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Finance Act 2001

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  1. Introductory Text

  2. Part 1 EXCISE DUTIES

    1. Hydrocarbon oil duties

      1. 1. Rates of duty on hydrocarbon oil

      2. 2. Rebate on unleaded petrol

      3. 3. Fuel-testing pilot projects

    2. Tobacco products duty

      1. 4. Rates of tobacco products duty

    3. Alcoholic liquor duties

      1. 5. Dilution etc. of cider

    4. Betting and gaming duties

      1. 6. General betting duty

      2. 7. Rates of gaming duty

    5. Vehicle excise duty

      1. 8. Threshold for reduced general rate

      2. 9. Rates of duty for goods vehicles

      3. 10. Rates of duty for vehicles used for exceptional loads

      4. 11. Rates of duty for recovery vehicles

      5. 12. Mobile pumping vehicles

      6. 13. Exemption of agricultural etc. vehicles

      7. 14. Surrender of vehicle licences

    6. General

      1. 15. Payments by Commissioners in case of error or delay

  3. Part 2 AGGREGATES LEVY

    1. Charging provisions

      1. 16.Charge to aggregates levy

      2. 17.Meanings of “aggregate” and “taxable aggregate”

      3. 18.Exempt processes

      4. 19.Commercial exploitation

      5. 20. Originating sites

      6. 21. Operators of sites

      7. 22. Responsibility for exploitation of aggregate

      8. 23. Weight of aggregate

    2. Administration and enforcement

      1. 24. The register

      2. 25. Returns and payment of levy

      3. 26. Security for levy

      4. 27. Recovery and interest

      5. 28. Evasion, misdeclaration and neglect

      6. 29. Information and evidence

    3. Credits and repayments

      1. 30. Credit for aggregates levy

      2. 30A. Transitional tax credit in Northern Ireland

      3. 30B.Special tax credit in Northern Ireland

      4. 30C.Special tax credit: applicable rate of interest

      5. 30D.Special tax credit: certification by Department

      6. 31. Repayments of overpaid levy

      7. 32. Supplemental provisions about repayments etc

    4. Non-resident taxpayers

      1. 33. Appointment of tax representatives

      2. 34. Effect of appointment of tax representatives

    5. Other special cases

      1. 35. Groups of companies etc

      2. 36. Partnerships and other unincorporated bodies

      3. 37. Insolvency etc

      4. 38. Death and incapacity

      5. 39. Transfer of a business as a going concern

    6. Review and appeal

      1. 40.Appeals

      2. 40A.Offer of review

      3. 40B.Right to require review

      4. 40C.Review by HMRC

      5. 40D.Extensions of time

      6. 40E.Review out of time

      7. 40F.Nature of review etc

      8. 40G.Bringing of appeals

      9. 41.Appeals: further provisions

      10. 42. Determinations on appeal

      11. 43. Adjustments of contracts

    7. General provisions

      1. 44. Destination of receipts

      2. 45. Regulations and orders

      3. 46. Civil penalties

      4. 47. Service of notices etc

      5. 48. Interpretation of Part

    8. Supplemental

      1. 49. Minor and consequential amendments

  4. Part 3 INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX

    1. Chapter 1 CHARGE AND RATES

      1. Income tax

        1. 50. Charge and rates for 2001-02

        2. 51. Starting rate limit for 2001-02

        3. 52. Children’s tax credit: amount for 2001-02 and subsequent years

        4. 53. Children’s tax credit: baby rate

      2. Corporation tax

        1. 54. Charge and main rate for financial year 2002

        2. 55. Small companies’ rate and fraction for financial year 2001

        3. 56. Corporation tax starting rate and fraction for financial year 2001

    2. Chapter 2 OTHER PROVISIONS

      1. Employment

        1. 57. Mileage allowances: exemptions and relief

        2. 58. Mileage allowances: nil liability notices

        3. 59. Employees’ vehicles: withdrawal of capital allowances

        4. 60. Exemption for works bus services: extension to minibuses

        5. 61. Employee share ownership plans

      2. Enterprise incentives

        1. 62. Enterprise management incentives

        2. 63. Enterprise investment scheme

        3. 64. Venture capital

      3. Capital allowances

        1. 65. Energy-saving plant and machinery

        2. 66. Fixtures provided in connection with energy management services

        3. 67. Conversion of parts of business premises into flats

        4. 68. Decommissioning of offshore oil infrastructure

        5. 69. Minor amendments

      4. Other relieving provisions

        1. 70. Relief for expenditure on remediation of contaminated land

        2. 71. Creative artists: relief for fluctuating profits

        3. 72. Expenditure on film production etc

        4. 73. Deductions for business gifts: yearly limit

      5. Pension funds

        1. 74. Payments to employers out of pension funds

      6. Limited liability partnerships

        1. 75. Limited liability partnerships: general

        2. 76. Limited liability partnerships: investment LLPs and property investment LLPs

      7. Chargeable gains

        1. 77. Notional transfers within a group

        2. 78. Taper relief: assets qualifying as business assets

        3. 79. De-grouping charge: transitional relief

        4. 80. Attribution of gains of non-resident companies

      8. International matters

        1. 81. Double taxation relief

        2. 82. Controlled foreign companies: acceptable distribution policy

      9. Miscellaneous

        1. 83. Life policies, life annuity contracts and capital redemption policies

        2. 84. Exclusion of deductions for deemed manufactured payments

        3. 85. Deduction of tax: payments between companies etc

        4. 86. Profits for purposes of small companies’ relief

        5. 87. Tax deductions and credits: end of provisional repayment regime

      10. General

        1. 88. Amendments to the machinery of self-assessment

        2. 89. Recovery proceedings: minor amendments

        3. 90. Repayment supplements: claim for relief involving two or more years

        4. 91. Power to revise excessive penalties

  5. Part 4 OTHER TAXES

    1. Stamp duty and stamp duty reserve tax

      1. 92. Stamp duty: exemption for land in disadvantaged areas

      2. 92A. Restriction of exemption in the case of residential property etc

      3. 92B. Meaning of “residential property”

      4. 93. SDRT: unit trust schemes and individual pension accounts

      5. 94. SDRT: open-ended investment companies and individual pension accounts

      6. 95. Exemptions in relation to ... share incentive plans

    2. Value added tax

      1. 96. VAT: children’s car seats

      2. 97. VAT: residential conversions and renovations

      3. 98. VAT: museums and galleries

      4. 99. VAT: re-enactment of reduced-rate provisions

      5. 100. VAT representatives

    3. Petroleum revenue tax

      1. 101. PRT: unrelievable field losses

      2. 102. PRT: allowable decommissioning expenditure

      3. 103. PRT: expenditure in certain gas-producing fields

    4. Landfill tax

      1. 104. Landfill tax: rate

    5. Climate change levy

      1. 105. Climate change levy

    6. Inheritance tax

      1. 106. Transfers within group etc

  6. Part 5 MISCELLANEOUS AND SUPPLEMENTARY PROVISIONS

    1. Miscellaneous

      1. 107. Interest on unpaid tax, etc.: foot-and-mouth disease

      2. 108. Trading funds

    2. Supplementary

      1. 109. Interpretation

      2. 110. Repeals and revocations

      3. 111. Short title

  7. SCHEDULES

    1. SCHEDULE 1

      GENERAL BETTING DUTY

      1. 1.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. 2.For section 9(3)(a) of that Act (protection of revenue) substitute—...

      3. 3.Paragraph 2(4)(b) and (c) of Schedule 1 to that Act...

    2. SCHEDULE 2

      RATES OF VEHICLE EXCISE DUTY ON GOODS VEHICLES

      1. 1.Part 8 of Schedule 1 to the Vehicle Excise and...

      2. 2.For the Table in paragraph 9(1) (rigid goods vehicles not...

      3. 3.In paragraph 9(3) (rigid goods vehicles not satisfying reduced pollution...

      4. 4.In paragraph 9A(3) (rigid goods vehicles satisfying reduced pollution requirements...

      5. 5.For the Table in paragraph 9B (rigid goods vehicles satisfying...

      6. 6.In paragraph 10(3) (trailer supplement for trailers exceeding 12,000 kilograms...

      7. 7.For the Table in paragraph 11(1) (tractive units not satisfying...

      8. 8.In paragraph 11(3) (tractive units not satisfying reduced pollution requirements...

      9. 9.In paragraph 11A(3) (tractive units satisfying reduced pollution requirements and...

      10. 10.For the Table in paragraph 11B (tractive units satisfying reduced...

      11. 11.In paragraph 11C(2)(a) (certain tractive units not satisfying reduced pollution...

    3. SCHEDULE 3

      EXCISE DUTY: PAYMENTS BY COMMISSIONERS IN CASE OF ERROR OR DELAY

      1. Part 1 PAYMENTS

        1. 1.Duty paid in error

        2. 2.Error relating to rebate

        3. 3.Claims

      2. Part 2 INTEREST

        1. 4.Commissioners’ delay

        2. 5.(1) This paragraph applies if— (a) a person is entitled...

        3. 6.(1) In deciding the applicable period for the purposes of...

        4. 7.Commissioners’ error

        5. 8.(1) This paragraph applies if— (a) a person pays to...

        6. 9.(1) This paragraph applies if— (a) a person pays to...

        7. 10.(1) This paragraph applies if— (a) a person makes a...

        8. 11.(1) In deciding the applicable period for the purposes of...

        9. 12.Claims

        10. 13.Rate of interest

      3. Part 3 APPEALS

        1. 14.(1) This paragraph applies if— (a) a person (the appellant)...

      4. Part 4 GENERAL

        1. 15.Amendments

        2. 16.In section 16(9) of the Finance Act 1994 (c. 9)...

        3. 17.(1) Schedule 5 to the Finance Act 1994 (decisions subject...

        4. 18.(1) Section 197(2) of the Finance Act 1996 (c. 8)...

        5. 19.(1) Schedule 5 to the Finance Act 1997 (c. 16)...

        6. 20.In Schedule 6 to the Finance Act 1994 (c. 9),...

        7. 21.General

        8. 22.(1) A power to make an order or regulations under...

        9. 23.References in this Schedule to the Commissioners are to the...

    4. SCHEDULE 4

      AGGREGATES LEVY: REGISTRATION

      1. 1.Notification of registrability etc.

      2. 2.Form of registration

      3. 3.Notification of loss or prospective loss of registrability

      4. 4.Cancellation of registration

      5. 5.Correction of the register etc.

      6. 6.Supplemental regulations about notifications

      7. 7.Publication of information on the register

      8. 8. Interpretation of Schedule

    5. SCHEDULE 5

      AGGREGATES LEVY: RECOVERY AND INTEREST

      1. 1.Recovery of levy as debt due

      2. 2.Assessments of amounts of levy due

      3. 3.Supplementary assessments

      4. 4.Time limits for assessments

      5. 5.Penalty interest on unpaid levy

      6. 6.Interest on overdue levy paid before assessment

      7. 7.Penalty interest on levy where no return made

      8. 8.Ordinary and penalty interest on under-declared levy

      9. 9.Penalty interest on unpaid ordinary interest

      10. 10.Penalty interest

      11. 11.Supplemental provisions about interest

      12. 12.Assessments to interest

      13. 13.Further assessments to penalty interest

      14. 14.Recovery by distress

      15. 15.Walking possession agreements

      16. 16.Recovery by diligence

      17. 17.Preferential debts in England and Wales and Northern Ireland

      18. 18.Preferred debts in Scotland

      19. 19.Interpretation of Schedule etc.

    6. SCHEDULE 6

      AGGREGATES LEVY: EVASION, MISDECLARATION AND NEGLECT

      1. Part 1 CRIMINAL OFFENCES

        1. 1.Evasion

        2. 2.Misstatements

        3. 3.Conduct involving evasions or misstatements

        4. 4.Preparations for evasion

        5. 5.Criminal proceedings etc.

        6. 6.Arrest

      2. Part 2 CIVIL PENALTIES

        1. 7.Evasion

        2. 8.Liability of directors etc. for civil penalties

        3. 9.Misdeclaration or neglect

        4. 9A.Incorrect records etc evidencing claim for tax credit

      3. Part 3 INTERPRETATION OF SCHEDULE

        1. 10.(1) References in this Schedule to obtaining a tax credit...

    7. SCHEDULE 7

      AGGREGATES LEVY: INFORMATION AND EVIDENCE ETC

      1. 1.Provision of information

      2. 2.Records

      3. 3.Evidence of records that are required to be preserved

      4. 4.Production of documents

      5. 5.Powers in relation to documents produced

      6. 6.Entry and inspection

      7. 7.Entry and search

      8. 8.Order for access to recorded information etc.

      9. 9.Removal of documents etc.

      10. 10.Enforcement of paragraph 9

      11. 11.Power to take samples

      12. 12.Evidence by certificate

      13. 13.Inducements to provide information

      14. 14.Disclosure of information

      15. 15.Interpretation of Schedule

    8. SCHEDULE 8

      AGGREGATES LEVY: REPAYMENTS AND CREDITS

      1. 1.Reimbursement arrangements

      2. 2.Interest payable by the Commissioners

      3. 3.Assessment for excessive repayment

      4. 4.Assessment for overpayments of interest

      5. 5.Assessments under paragraphs 3 and 4

      6. 6.Interest on amounts assessed

      7. 7.Assessments to interest under paragraph 6

      8. 8.Supplementary assessments

      9. 9.Set-off of or against amounts due under this Part of this Act

      10. 10.Set-off of or against other taxes and duties

      11. 11.Restriction on powers to provide for set-off

      12. 12.Supplemental provisions of Schedule

    9. SCHEDULE 9

      AGGREGATES LEVY: GROUP TREATMENT

      1. 1.Eligibility for group treatment

      2. 2.Application for group treatment

      3. 3.Modification of group treatment

      4. 4.Termination of group treatment

      5. 5.Applications relating to group treatment

      6. 6.Notifications relating to group treatment

      7. 7.Supplemental regulations about applications and notifications

      8. 8.Interpretation of Schedule

    10. SCHEDULE 10

      AGGREGATES LEVY: ASSESSMENT OF CIVIL PENALTIES AND INTEREST ON THEM

      1. 1.Preliminary

      2. 2.Assessments to penalties etc.

      3. 3.Further assessments to daily penalties

      4. 4.Time limits on penalty assessments

      5. 5.Penalty interest on unpaid penalties

      6. 6.Supplemental provisions about interest

      7. 7.Assessments to penalty interest on unpaid penalties

      8. 8.Further assessments to interest on penalties

    11. SCHEDULE 11

      CHILDREN’S TAX CREDIT: BABY RATE: SUPPLEMENTARY

      1. 1.Introduction

      2. 2.Child living with married or unmarried couple

      3. 3.Election that credit should go to lower-earning partner

      4. 4.Child living with more than one adult: other cases

      5. 5.Combined cases

      6. 6.Change of circumstances

    12. SCHEDULE 12

      MILEAGE ALLOWANCES

      1. Part 1 NEW SCHEDULE 12AA TO THE TAXES ACT 1988

        1. . . . . . . . . . ....

      2. Part 2 CONSEQUENTIAL AMENDMENTS

        1. 1.The Taxes Act 1988

        2. 2.In section 163(4)(b) of that Act (expenses connected with living...

        3. 3.In section 167(2)(b) of that Act (employment to which Chapter...

        4. 4.(1) Section 168 of that Act (Chapter 2 of Part...

        5. 5.In section 192(5) of that Act (relief for foreign emoluments),...

        6. 6.In section 198 of that Act (general relief for necessary...

        7. 7.In section 200A(1)(b) (incidental overnight expenses), for “195, 198 or...

        8. 8.For section 200C(2) (cap on travelling and subsistence expenditure exempt...

        9. 9.For section 200F(2) (cap on travelling and subsistence expenditure exempt...

        10. 10.In section 332 of that Act (expenditure of ministers of...

        11. 11.In section 578A(1) of that Act (deductions for expenditure on...

        12. 12.For section 589(6) (cap on travelling expenses exempt under section...

        13. 13.For section 589B(4) (cap on travelling expenses exempt under section...

        14. 14.In section 646(2)(b) (meaning of “net relevant earnings”), after “section”...

        15. 15.In paragraph 1A of Schedule 12 (foreign earnings), after “195(7),”...

        16. 16.Finance Act 2000 (c. 17)

    13. SCHEDULE 13

      EMPLOYEE SHARE OWNERSHIP PLANS: AMENDMENTS

      1. 1.Introductory

      2. 2.The employment requirement

      3. 3.Meaning of “salary”

      4. 4.No charge to tax on award of shares, etc.

      5. 5.Charge on disposal of beneficial interest during holding period

      6. 6.Charge on distributions in respect of unappropriated shares

      7. 7.Dividend shares ceasing to be subject to plan: tax credit

      8. 8.Gains accruing to trustees

    14. SCHEDULE 14

      ENTERPRISE MANAGEMENT INCENTIVES: AMENDMENTS

      1. 1.Introductory

      2. 2.Period of notice

      3. 3.In paragraph 4 (notice of enquiry), in sub-paragraph (4) for...

      4. 4.General requirements to be met by option

      5. 5.Purpose of granting option

      6. 6.Value of options in respect of a company’s shares

      7. 7.Income tax: option to acquire shares at less than market value

      8. 8.Income tax: option to acquire shares at nil cost

      9. 9.Disqualifying events: alteration of share capital

      10. 10.(1) Paragraph 49 (disqualifying events: alterations of share capital) is...

      11. 11.Income tax charge arising on disqualifying event

      12. 12.Qualifying requirements for replacement option

      13. 13.Commencement

    15. SCHEDULE 15

      ENTERPRISE INVESTMENT SCHEME: AMENDMENTS

      1. Part 1 INCOME TAX RELIEF

        1. 1.Introductory

        2. 2.Oil activities

        3. 3.. . . . . . . . . ....

        4. 4.. . . . . . . . . ....

        5. 5.. . . . . . . . . ....

        6. 6.Requirement as to the money raised

        7. 7.. . . . . . . . . ....

        8. 8.. . . . . . . . . ....

        9. 9.Repayment supplements

        10. 10.Designated period

        11. 11.. . . . . . . . . ....

        12. 12.Unquoted company requirement

        13. 13.. . . . . . . . . ....

        14. 14.Royalties and licence fees

        15. 15.Value received by individual etc.

        16. 16.. . . . . . . . . ....

        17. 17.. . . . . . . . . ....

        18. 18.. . . . . . . . . ....

        19. 19.Repayment of share capital

        20. 20.. . . . . . . . . ....

        21. 21.. . . . . . . . . ....

        22. 22.Claims

        23. 23.Information

        24. 24.Interpretation

      2. Part 2 POSTPONEMENT OF CHARGEABLE GAIN ON REINVESTMENT

        1. 25.Introductory

        2. 26.Requirement as to the money raised

        3. 27.(1) In paragraph 1A (failure of conditions of application), in...

        4. 28.In paragraph 16 (information), after sub-paragraph (4) insert—

        5. 29.Designated period

        6. 30.Value received by investor

        7. 31.After paragraph 13 insert— Provision supplemental to paragraph 13 (1) For the purposes of paragraph 13 above, the value...

        8. 32.Value received by persons other than the investor

        9. 33.Certain receipts to be disregarded

        10. 34.In paragraph 14A (certain receipts to be disregarded for purposes...

        11. 35.Information

        12. 36.Trustees: anti-avoidance

        13. 37.Interpretation

      3. Part 3 MISCELLANEOUS AND GENERAL

        1. 38.Loss relief

        2. 39.Penalties in connection with returns etc.

        3. 40.Commencement

    16. SCHEDULE 16

      VENTURE CAPITAL

      1. Part 1 VENTURE CAPITAL TRUSTS

        1. 1.Meaning of “qualifying holdings”

        2. 2.. . . . . . . . . ....

        3. 3.Income tax relief: repayment supplements

      2. Part 2 CORPORATE VENTURING SCHEME

        1. 4.Introductory

        2. 5.Money raised by issue of shares

        3. 6.Receipt of replacement value

        4. 7.(1) In paragraph 55 (provision supplementary to paragraph 54), after...

        5. 8.Value received by other persons

        6. 9.Insignificant repayments disregarded

    17. SCHEDULE 17

      CAPITAL ALLOWANCES: ENERGY-SAVING PLANT AND MACHINERY

      1. 1.In section 39 of the Capital Allowances Act 2001 (c....

      2. 2.After section 45 of that Act insert— Expenditure on energy-saving...

      3. 3.In section 46(1) of that Act (cases in which expenditure...

      4. 4.In section 52(3) of that Act (amount of first-year allowances),...

      5. 5.In the second column of the Table in section 98...

      6. 6.(1) For the purposes of section 45A(2) of the Capital...

    18. SCHEDULE 18

      CAPITAL ALLOWANCES: FIXTURES PROVIDED IN CONNECTION WITH ENERGY MANAGEMENT SERVICES

      1. 1.In section 172(3) of the Capital Allowances Act 2001 (c....

      2. 2.After section 175 of that Act insert— Meaning of “energy...

      3. 3.In section 176(4) of that Act (treatment of fixture where...

      4. 4.After section 180 of that Act insert— Energy services providers...

      5. 5.In section 181(4) of that Act (purchaser of land giving...

      6. 6.After section 182 of that Act insert— Purchaser of land...

      7. 7.(1) Section 188 of that Act (cessation of ownership when...

      8. 8.After section 192 of that Act insert— Cessation of ownership...

      9. 9.After section 195 of that Act insert— Acquisition of ownership...

      10. 10.(1) Section 196 of that Act (disposal values in relation...

      11. 11.In section 203(2)(b) of that Act (reasons for amendment of...

    19. SCHEDULE 19

      CAPITAL ALLOWANCES: CONVERSION OF PARTS OF BUSINESS PREMISES INTO FLATS

      1. Part 1 NEW PART 4A OF THE CAPITAL ALLOWANCES ACT 2001

      2. Part 2 CONSEQUENTIAL AMENDMENTS

        1. 1.In section 1(2) of the Capital Allowances Act 2001 (c....

        2. 2.In section 2(3) of that Act (provisions about giving effect...

        3. 3.In section 537(1) of that Act (general conditions for making...

        4. 4.In section 542(1) of that Act (effect of transfers of...

        5. 5.In section 567(1) of that Act (Parts of Act for...

        6. 6.In section 570(1) of that Act (elections under section 569:...

        7. 7.In section 573(1) of that Act (transfers treated as sales),...

        8. 8.(1) Part 2 of Schedule 1 to that Act (list...

    20. SCHEDULE 20

      CAPITAL ALLOWANCES: OFFSHORE OIL INFRASTRUCTURE

      1. Part 1 CHARGEABLE PERIODS ENDING BEFORE 1ST OR 6TH APRIL 2001

        1. 1.Writing-down allowances: infrastructure from UK or non-UK oil fields

        2. 2.Ring fence trades: special allowance for pre-cessation abandonment expenditure

        3. 3.Ring fence trades: allowances for post-cessation expenditure

        4. 4.Commencement of Part 1

      2. Part 2 CHARGEABLE PERIODS ENDING ON OR AFTER 1ST OR 6TH APRIL 2001

        1. 5.Writing-down allowances: infrastructure from UK or non-UK oil fields

        2. 6.Ring fence trades: meaning of “abandonment expenditure”

        3. 7.Ring fence trades: special allowance for pre-cessation expenditure

        4. 8.Ring fence trades: allowances for post-cessation expenditure

        5. 9.Commencement of Part 2

    21. SCHEDULE 21

      CAPITAL ALLOWANCES: MINOR AMENDMENTS

      1. 1.Thermal insulation of industrial buildings

      2. 2.Fixtures: purchasers of land and incoming lessees

      3. 3.Meaning of “sale and finance leaseback”

      4. 4.Effect of partnership changes

      5. 5.Enterprise zones

      6. 6.Highway concessions

    22. SCHEDULE 22

      REMEDIATION OF CONTAMINATED LAND

      1. Part 1 DEDUCTION FOR CAPITAL EXPENDITURE

        1. 1.Deduction for capital expenditure

        2. 2.Qualifying land remediation expenditure

        3. 3.Land in a contaminated state

        4. 4.Relevant land remediation

        5. 5.Employee costs

        6. 6.Expenditure on materials

        7. 7.Expenditure incurred because of contamination

        8. 8.Subsidised expenditure

        9. 9.Qualifying expenditure on sub-contracted land remediation

        10. 10.Treatment of expenditure where company and sub-contractor are connected persons

        11. 11.Treatment of sub-contractor payment in other cases

      2. Part 2 ENTITLEMENT TO LAND REMEDIATION RELIEF

        1. 12.Entitlement to relief

      3. Part 3 MANNER OF GIVING EFFECT TO RELIEF

        1. 13.Deduction in computing profits of Schedule A business or trade

        2. 14.Entitlement to land remediation tax credit

        3. 15.Amount of land remediation tax credit

        4. 16.Payment in respect of land remediation tax credit

        5. 17.Restriction on losses carried forward

        6. 18.Tax credit not income

        7. 19.Certain qualifying land remediation expenditure excluded for purposes of capital gains

      4. Part 4 SPECIAL PROVISION FOR LIFE ASSURANCE BUSINESS

        1. 20.Limitation on relief

        2. 21.Provision in respect of “I minus E” basis

        3. 22.Entitlement to relief: “I minus E” basis

        4. 23.Giving effect to relief: enhanced expenses payable

        5. 24.Entitlement to life assurance company tax credit

        6. 25.Amount of life assurance company tax credit

        7. 26.Payment in respect of life assurance company tax credit, etc

        8. 27.Restriction on carrying forward expenses payable

        9. 28.Certain qualifying expenditure excluded for purposes of capital gains

      5. Part 5 SUPPLEMENTARY PROVISIONS

        1. 29.Artificially inflated claims for deduction, relief or tax credit

        2. 30.Funding of tax credits

        3. 31.Interpretation

        4. 32.Transitional provisions

    23. SCHEDULE 23

      LAND REMEDIATION: CONSEQUENTIAL AMENDMENTS

      1. 1.Computation under Schedule A

      2. 2.Computation of profits of insurance companies

      3. 3.Interest

      4. 4.Claim must be made in tax return

      5. 5.Recovery of excessive tax credit

      6. 6.Claims relating to remediation of contaminated land

    24. SCHEDULE 24

      CREATIVE ARTISTS: RELIEF FOR FLUCTUATING PROFITS

      1. Part 1 NEW SCHEDULE 4A TO THE TAXES ACT 1988

        1. . . . . . . . . . ....

      2. Part 2 CONSEQUENTIAL AMENDMENTS

        1. 2.(1) In section 46C(3) of the Taxes Management Act 1970...

        2. 3.(1) In Schedule 1B to that Act (claims for relief...

        3. 4.. . . . . . . . . ....

    25. SCHEDULE 25

      LIMITED LIABILITY PARTNERSHIPS: INVESTMENT LLPS AND PROPERTY INVESTMETN LLPS

      1. 1.Meaning of “investment LLP” and “property investment LLP”

      2. 2.Pension funds, &c.: exclusion of exemptions from tax in case of income from property investment LLPs

      3. 3.Pension funds, &c.: exclusion of exemption from trusts rate in case of income from property investment LLPs

      4. 4.Pension funds, &c.: exclusion of exemptions in case of gains from property investment LLPs

      5. 5.Insurance companies: treatment of income or gains arising from property investment LLP

      6. 6.Insurance companies: double taxation relief

      7. 7.Insurance companies: capital allowances

      8. 8.Friendly societies: exclusion of exemptions from tax

      9. 9.Exclusion of relief on loans to buy into investment LLP

    26. SCHEDULE 26

      CAPITAL GAINS TAX: TAPER RELIEF: BUSINESS ASSETS

      1. 1.Introductory

      2. 2.Conditions for assets other than shares to qualify as business assets

      3. 3.Companies which are qualifying companies

      4. 4.Meaning of “material interest”

      5. 5.Interpretation of Schedule A1

      6. 6.Qualifying shareholdings in joint venture companies

      7. 7.Joint enterprise companies: relevant connection

    27. SCHEDULE 27

      DOUBLE TAXATION RELIEF

      1. 1.Computation of income subject to foreign tax

      2. 2.Restriction of relief for underlying tax

      3. 3.Credit for underlying tax: UK company related through overseas company

      4. 4.Dividends that give rise to eligible unrelieved foreign tax

      5. 5.The amounts that are eligible unrelieved foreign tax

      6. 6.Underlying tax excluded from claim not to be allowed under section 811

      7. 7.Relief for non-resident persons with branches or agencies in the UK

    28. SCHEDULE 28

      LIFE POLICIES, LIFE ANNUITIES AND CAPITAL REDEMPTION POLICIES

      1. Part 1 ASSIGNMENT OR SURRENDER OF PART OF THE RIGHTS

        1. 1.Introductory

        2. 2.Interpretation

        3. 3.Life policies: chargeable events

        4. 4.Life policies: computation of gain

        5. 5.Life annuity contracts: chargeable events

        6. 6.Life annuity contracts: computation of gain

        7. 7.Capital redemption policies: chargeable events

        8. 8.The value of a part or share assigned

        9. 9.Assignments etc involving co-ownership

        10. 10.Charging tax in respect of certain section 546 excesses

        11. 11.Method of charging gain to tax

        12. 12.Method of charging gain to tax: multiple interests

        13. 13.Corresponding deficiency relief

        14. 14.Relief where gain charged at higher rate

        15. 15.Right of individual to recover tax from trustees

        16. 16.Right of company to recover tax from trustees

        17. 17.Non-resident policies and off-shore capital redemption policies

      2. Part 2 PROVISION OF INFORMATION BY INSURERS

        1. 18.Information: duty of insurers

        2. 19.Duties of overseas insurers’ tax representatives

        3. 20.Penalties

    29. SCHEDULE 29

      AMENDMENTS TO MACHINERY OF SELF-ASSESSMENT

      1. Part 1 AMENDMENT OR CORRECTION OF RETURN

        1. 1.Assessment by Revenue treated as included in return

        2. 2.Power to amend or correct personal or trustee return

        3. 3.Power to amend or correct partnership return

      2. Part 2 ENQUIRIES INTO RETURNS

        1. 4.Enquiry into personal or trustee return

        2. 5.Enquiry into partnership return

      3. Part 3 REFERRAL OF QESTIONS DURING ENQUIRY

        1. 6.Enquiry into personal, trustee or partnership return

        2. 7.Enquiry into company tax return

      4. Part 4 PROCEDURE ON COMPLETION OF ENQUIRY

        1. 8.Procedure on completion of enquiry into personal or trustee return

        2. 9.Procedure on completion of enquiry into partnership return

        3. 10.Procedure on completion of enquiry into claims, &c. not included in returns

      5. Part 5 MINOR AND CONSEQUENTIAL AMENDMENTS

        1. 11.Appeals

        2. 12.(1) Schedule 1A to the Taxes Management Act 1970 (c....

        3. 13.(1) Part 11 of Schedule 18 to the Finance Act...

        4. 14.Due date for payment after amendment or correction of return

        5. 15.After Schedule 3 to the Taxes Management Act 1970 insert—...

        6. 16.(1) Paragraphs 14 and 15 above apply where the relevant...

        7. 17.Effect of return on recovery proceedings

        8. 18.Other amendments of the Taxes Management Act 1970

        9. 19.In section 12AB(1) of the Taxes Management Act 1970 (partnership...

        10. 20.(1) Section 12B of the Taxes Management Act 1970 (preservation...

        11. 21.(1) Section 19A of the Taxes Management Act 1970 (c....

        12. 22.In section 29(7)(a)(ii) of the Taxes Management Act 1970 (assessment...

        13. 23.(1) Section 30 of the Taxes Management Act 1970 (recovery...

        14. 24.(1) Section 30B of the Taxes Management Act 1970 (amendment...

        15. 25.(1) Section 33A of the Taxes Management Act 1970 (c....

        16. 26.In section 42(6)(a) of the Taxes Management Act 1970 (procedure...

        17. 27.(1) Section 46B(2) of the Taxes Management Act 1970 (questions...

        18. 28.(1) Section 46C of the Taxes Management Act 1970 (jurisdiction...

        19. 29.(1) Section 46D(2) of the Taxes Management Act 1970 (c....

        20. 30.(1) Section 50 of the Taxes Management Act 1970 (procedure...

        21. 31.(1) Section 55 of the Taxes Management Act 1970 (recovery...

        22. 32.In section 95A(1)(a) of the Taxes Management Act 1970 (c....

        23. 33.(1) Section 118(1) of the Taxes Management Act 1970 (interpretation)...

        24. 34.(1) Schedule 1A to the Taxes Management Act 1970 (claims...

        25. 35.Consequential amendments of other enactments

        26. 36.(1) Schedule 19 to the Finance Act 1993 (c. 34)...

        27. 37.(1) In Schedule 22 to the Finance Act 1995 (c....

        28. 38.(1) . . . . . . . . ....

        29. 39.In section 12(5) of the Social Security Contributions (Transfer of...

        30. 40.In Article 11(5) of the Social Security Contributions (Transfer of...

    30. SCHEDULE 30

      1. 1.

    31. SCHEDULE 31

      VALUE ADDED TAX: RE-ENACTMENT OF REDUCED RATE PROVISIONS

      1. Part 1 NEW SCHEDULE 7A TO THE VALUE ADDED TAX ACT 1994

        1. 1.The Schedule inserted after Schedule 7 to the Value Added...

      2. Part 2 CONSEQUENTIAL AMENDMENTS

        1. 2.Value Added Tax Act 1994 (c.23)

        2. 3.In section 62(1)(a)(i) of the Value Added Tax Act 1994...

        3. 4.(1) Section 88 of the Value Added Tax Act 1994...

        4. 5.In section 96(9) of the Value Added Tax Act 1994...

        5. 6.(1) Section 97(4) of the Value Added Tax Act 1994...

        6. 7.Finance Act 2000 (c.17)

    32. SCHEDULE 32

      PETROLEUM REVENUE TAX: UNRELIEVABLE FIELD LOSSES

      1. 1.Schedule applies where there has been a transfer to which Parts 2 and 3 of Schedule 17 to the Finance Act 1980 do not apply

      2. 2.Meaning of “excluded transfer”

      3. 3.Meaning of “subsequent new owner”

      4. 4.Transfers of interests in oil fields: interpretation

      5. 5.Schedule applies in place of section 6(1C) of the Oil Taxation Act 1975

      6. 6.General rule for determinations under this Schedule of “unrelievable portion” of loss

      7. 7.Loss to be relieved against other participators’ profits

      8. 8.Extent to which losses to be relieved

      9. 9.Profits not to be utilised more than once

      10. 10.Relieving different losses against the same profits

      11. 11.Construction as one with Part 1 of the Oil Taxation Act 1975

    33. SCHEDULE 33

      REPEALS

      1. Part 1 EXCISE DUTIES

        1. 1.The repeals of— (a) section 19(3) of the Vehicle Excise...

        2. 2.The other repeals have effect in relation to licences issued...

      2. Part 2 INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX

        1. 1.The repeal of section 289A(9) of the Taxes Act 1988...

        2. 2.The repeals in the following provisions have effect in accordance...

        3. 3.The repeals in section 576 of the Taxes Act 1988...

        4. 4.The repeal in Schedule 15B to the Taxes Act 1988...

        5. 5.The repeal in paragraph 21 of Schedule 15 to the...

        6. 6.The remaining repeals have effect in accordance with paragraph 40(2)...

        7. 1.The repeal in section 164 of the Capital Allowances Act...

        8. 2.The repeal in section 165 of that Act shall be...

        9. 1.The repeals in the Taxes Management Act 1970 have effect...

        10. 2.The other repeals have effect in relation to—

      3. Part 3 OTHER TAXES

        1. 1.The repeals of— (a) sections 2(1C) and 97(4)(aa) of the...

        2. 2.The other repeals and revocations have effect in accordance with...

        3. 1.The repeals in the Finance Act 1991 have effect in...

        4. 2.The repeals in the Finance Act 1995 have effect in...

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