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Finance Act 2003
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Changes over time for: Section 122
Changes to legislation:
Finance Act 2003, Section 122 is up to date with all changes known to be in force on or before 16 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Section 122:
- s. 122 words inserted by S.I. 2003/2760 Sch. para. 11(4) (This amendment not applied to legislation.gov.uk. The affecting S.I. is revoked and superseded by S.I. 2003/2816)
- s. 122 Table words substituted by S.I. 2003/2760 Sch. para. 8(8) (This amendment not applied to legislation.gov.uk. The affecting S.I. is revoked and superseded by S.I. 2003/2816)
- specified provision(s) savings for amendments by 2018 anaw 1, s. 6, Sch. 6 by S.I. 2019/110 reg. 5
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 57(3) inserted by 2011 c. 11 Sch. 22 para. 4
- s. 87(3)(a)(ia) inserted by S.I. 2003/2760 Sch. para. 3(4)(a) (This amendment not applied to legislation.gov.uk. The affecting S.I. is revoked and superseded by S.I. 2003/2816)
- Sch. 12 para. 3(2)(aa) inserted by 2007 asp 3 Sch. 5 para. 32 (This effect was superseded by the repeal of Sch. 12 para. 3 by Finance Act 2008 (c. 9), s. 129(4), Sch. 43 para. 16)
- Sch. 12 para. 1A inserted by 2007 c. 15 Sch. 13 para. 147(2) (The amending provision was repealed before coming into force.)
- Sch. 12 para. 1A omitted by 2008 c. 9 Sch. 43 para. 9 (The amending provision was repealed before coming into force.)
- Sch. 17A para. 10(1)(f)(fa) substituted for Sch. 17A para. 10(1)(f) by 2024 c. 22 Sch. 9 para. 12(b)
122Index of defined expressionsU.K.
In this Part the expressions listed below are defined or otherwise explained by the provisions indicated—
| acquisition relief | Schedule 7, paragraph 8(1) |
| F1. . . | F1. . . |
| bare trust | Schedule 16, paragraph 1(2) |
| the Board (in relation to the Inland Revenue) | section 42(3) |
| chargeable consideration | section 50 and Schedule 4 |
| chargeable interest | section 48(1) |
| chargeable transaction | section 49 |
| charities relief | Schedule 8, paragraph 1(1) |
| closure notice | Schedule 10, paragraph 23(1) (in relation to a land transaction return); F2... |
| [F3COACS seeding relief | Schedule 7A, paragraph 10(1)] |
| [F3co-ownership authorised contractual scheme | section 102A] |
| company | section 100 (except as otherwise expressly provided) |
| F4. . . | F4. . . |
| contingent (in relation to consideration) | section 51(3) |
| delivery (in relation to a land transaction return) | Schedule 10, paragraph 2(2) |
| discovery assessment | Schedule 10, paragraph 28(1) |
| effective date (in relation to a land transaction) | section 119 |
| employee | section 121 |
| exempt interest | section 48(2) to (5) |
| filing date (in relation to a land transaction return) | Schedule 10, paragraph 2(1) |
| implementation date | Schedule 19, paragraph 2(2) |
| the Inland Revenue | section 113 |
| jointly entitled | section 121 |
| land | section 121 |
| land transaction | section 43(1) |
| land transaction return | section 76(1) |
| lease (and related expressions) | [F5Schedule 17A] |
| linked transactions | section 108 |
| main subject-matter (in relation to a land transaction) | section 43(6) |
| major interest (in relation to land) | section 117 |
| market value | section 118 |
| [F6non-resident transaction] | [F6Schedule 9A, paragraph 2] |
| notice of enquiry | Schedule 10, paragraph 12(1) (in relation to a land transaction return); F7... |
| notifiable (in relation to a land transaction) | section 77 [F8(see too sections 71A(7) and 72A(7))] [F9and paragraph 30 of Schedule 15] |
| [F3operator (in relation to a co-ownership authorised contractual scheme) | section 102A ] |
| [F3PAIF seeding relief | Schedule 7A, paragraph 1(1)] |
| partnership (and related expressions) | Schedule 15, paragraphs 1 to 4 |
| purchaser | section 43(4) |
| F10. . . | F10. . . |
| reconstruction relief | Schedule 7, paragraph 7(1) |
| F11. . . | F11. . . |
| residential property | section 116 |
| [F12Revenue certificate | section 79(3)(a)] |
| Revenue determination | Schedule 10, paragraph 25(1) |
| self-assessment | section 76(3)(a) |
| F13. . . | F13. . . |
| settlement | Schedule 16, paragraph 1(1) [F14(except as otherwise expressly provided)] |
| F15. . . | F15. . . |
| statutory provision | section 121 |
| subject-matter (in relation to a land transaction) | section 43(6) |
| substantial performance (in relation to a contract) | section 44(5) to (7) |
| F16. . . | F16. . . |
| tax | section 121 |
| [F17tribunal | section 121] |
| uncertain (in relation to consideration) | section 51(3) |
| unit holder | section 101(4) |
| unit trust scheme | section 101(4) |
| vendor | section 43(4) [F18(see too [F19section 45A(9) and paragraphs 8, 10 and 11 of Schedule 2A])] |
Textual Amendments
F1Words in s. 122 omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 23(a) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F2Words in s. 122 omitted (with effect in accordance with s. 94(5) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 30 para. 5(2)
F3Words in s. 122 inserted (with effect in accordance with Sch. 16 para. 15 of the amending Act) by Finance Act 2016 (c. 24), Sch. 16 para. 11
F4Words in s. 122 omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 23(b) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F5Words in s. 122 substituted (with effect in accordance with Sch. 39 para. 26 of the amending Act) by Finance Act 2004 (c. 12), Sch. 39 para. 22(7) (which amending provision re-enacts, subject to certain changes, a corresponding amendment made by the now revoked Stamp Duty and Stamp Duty Land Tax (Variation of the Finance Act 2003) (No. 2) Regulations 2003 (S.I. 2003/2816), see Sch. 39 para. 14)
F6Words in s. 122 inserted (with effect in accordance with Sch. 16 para. 6 of the amending Act) by Finance Act 2021 (c. 26), Sch. 16 para. 4
F7Words in s. 122 omitted (with effect in accordance with s. 94(5) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 30 para. 5(3)
F8Words in s. 122 inserted (with effect in accordance with Sch. 8 para. 7 of the amending Act) by Finance Act 2005 (c. 7), Sch. 8 para. 6
F9Words in s. 122 inserted (with effect in accordance with s. 94(5) of the amending Act) by Finance Act 2008 (c. 9), Sch. 30 para. 5(4)
F10Words in s. 122 omitted (with effect in accordance with s. 2(2) of the amending Act) by virtue of Stamp Duty Land Tax Act 2015 (c. 1), Sch. para. 12 (with s. 2(3)-(6))
F11Words in s. 122 omitted (with effect in accordance with s. 9(12) of the amending Act) by virtue of Finance (No. 2) Act 2024 (c. 12), s. 9(11)
F12Words in s. 122 inserted (with effect in accordance with Sch. 39 para. 26 of the amending Act) by Finance Act 2004 (c. 12), Sch. 39 para. 25(4) (which amending provision re-enacts, subject to certain changes, a corresponding amendment made by the now revoked Stamp Duty and Stamp Duty Land Tax (Variation of the Finance Act 2003) (No. 2) Regulations 2003 (S.I. 2003/2816), see Sch. 39 para. 14)
F13Words in s. 122 omitted (with effect in accordance with s. 94(5) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 30 para. 5(5)
F14Words in s. 122 inserted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2013 (c. 29), Sch. 40 para. 7
F15Words in s. 122 omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 23(c) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F16Words in s. 122 omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 23(d) (with s. 29(5)(6)); S.I. 2015/637, art. 2
F17Words in s. 122 inserted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 372
F18Words in s. 122 inserted (with effect in accordance with Sch. 39 para. 13(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 39 para. 5(6)
F19Words in s. 122 substituted (with effect in accordance with Sch. 39 para. 11 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 39 para. 8
Commencement Information
I1Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)
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