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.

F1 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(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.”.

Textual Amendments

F1 Sch. 18 para. 3(2)-(5) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

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 ”.