Finance Act 2003
Sections and provisions with full text and the judgments that cite each one.
Section 1 — Rates of tobacco products duty
Rates of tobacco products duty 1 1 For the Table of rates of duty in Schedule 1 to the Tobacco Products Duty Act 1979 (c. 7) substitute— Table 1. Cigarettes An amount equal to 22 per cent of the…
Section 1A
1A Provision— a for deductions to be made, if and to the extent that the payee does not object, with a view to securing that income tax payable in respect of any income of a payee for a tax year…
Section 2 — Rate of duty on beer
Rate of duty on beer 2 1 In section 36(1AA)(a) of the Alcoholic Liquor Duties Act 1979 (c. 4) (rate of duty on beer), for “£11.89” substitute “ £12.22 ” . 2 This section shall be deemed to have come…
Section 3 — Rates of duty on wine and made-wine
Rates of duty on wine and made-wine 3 1 For Part 1 of the Table of rates of duty in Schedule 1 to the Alcoholic Liquor Duties Act 1979 (rates of duty on wine and made-wine) substitute— Part 1 Wine…
Section 3A — Insurance provided by divided company
Insurance provided by divided company 3A 1 A premium under a taxable insurance contract relating to a motor car or motor cycle also falls within paragraph 2 above if— a the insurance to be provided…
Section 4 — Rates of hydrocarbon oil duties
Rates of hydrocarbon oil duties 4 1 In section 6(1A) of the Hydrocarbon Oil Duties Act 1979 (c. 5) (rates of duty)— a in paragraph (a) (ultra low sulphur petrol) for “£0.4582” substitute “ £0.4710 ”…
Section 4A
4A Provision authorising the recovery from the payee rather than the payer of any amount that the Inland Revenue considers should have been deducted by the payer.
Section 5 — Rebates on hydrocarbon oil duties
Rebates on hydrocarbon oil duties 5 1 In section 11(1) of the Hydrocarbon Oil Duties Act 1979 (rebate on heavy oil)— a in paragraph (a) (fuel oil) for “£0.0274” substitute “ £0.0382 ” , b in…
Section 5AA — Relief for losses
Relief for losses 5AA 1 This section applies where the amount of a person’s net stake receipts for an accounting period in respect of a class of bets (calculated in accordance with section 5(1)) is a…
Section 5AB — Betting exchanges
Betting exchanges 5AB 1 This section applies where— a one person makes a bet with another person using facilities provided by a third person in the course of a business, and b that business is one…
Section 6 — General betting duty and pool betting duty: relief for losses
General betting duty and pool betting duty: relief for losses 6 1 Part 1 of the Betting and Gaming Duties Act 1981 (c. 63) (betting duties) is amended as follows. 2 In section 5 (net stake receipts)…
Section 7 — General betting duty: betting exchanges
General betting duty: betting exchanges 7 1 Part 1 of the Betting and Gaming Duties Act 1981 (c. 63) (betting duties) is amended as follows. 2 After section 5AA (inserted by section 6 above) insert—…
Section 7A
7A Provision for excluding payments of such description as may be specified from the operation of the regulations in such circumstances as may be specified.
Section 7ZA — Relief for losses
Relief for losses 7ZA 1 This section applies where the amount of a person’s net pool betting receipts for an accounting period is a negative amount. 2 That amount shall be carried forward to the…
Section 8 — General betting duty: restriction of exemption for on-course bets
General betting duty: restriction of exemption for on-course bets 8 1 In section 12(4) of the Betting and Gaming Duties Act 1981 (general betting duty: supplementary provisions), in the definition of…
Section 9 — Bingo duty
Bingo duty 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 9A — Investment account terms and conditions
Investment account terms and conditions 9A 1 Any provision which may be made in relation to investment deposits by regulations under section 2 of this Act may, in the case of deposits in investment…
Section 10 — Amusement machines not operated by coins or tokens
Amusement machines not operated by coins or tokens 10 1 In section 21 of the Betting and Gaming Duties Act 1981 (amusement machine licences), for subsections (3B) to (3D) (meaning of “fifty-penny…
Section 10B — Non-resident company with United Kingdom permanent establishment
Non-resident company with United Kingdom permanent establishment 10B 1 Subject to any exceptions provided by this Act, the chargeable profits for the purposes of corporation tax of a company not…
Section 11 — Amusement machines: use of currencies other than sterling
Amusement machines: use of currencies other than sterling 11 1 In section 26 of the Betting and Gaming Duties Act 1981 (c. 63) (interpretation etc ), omit the definition of “coin” in subsection (2).…
Section 12 — Responsibility for unlicensed amusement machines
Responsibility for unlicensed amusement machines 12 1 In section 24(5) of the Betting and Gaming Duties Act 1981 (c. 63) (penalty for unlicensed amusement machines), for paragraph (c) (liability of…
Section 12A — Election by property-investment partnership to disapply paragraph 10
Election by property-investment partnership to disapply paragraph 10 12A 1 Paragraph 10 does not apply to a transfer of a chargeable interest to a property-investment partnership if the purchaser in…
Section 13 — Rates of gaming duty
Rates of gaming duty 13 1 For the Table in section 11(2) of the Finance Act 1997 (c. 16) (rates of gaming duty) substitute— Table Part of gross gaming yield Rate The first £502,500 2.5 per cent. The…
Section 14 — Vehicle excise duty: rates
Vehicle excise duty: rates 14 1 In paragraph 1 of Schedule 1 to the Vehicle Excise and Registration Act 1994 (c. 22) (the general rate)— a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .…
Section 15 — Disclosure for exemptions: Northern Ireland
Disclosure for exemptions: Northern Ireland 15 In section 22ZA of the Vehicle Excise and Registration Act 1994 (c. 22) (nil licences for vehicles for disabled persons: disclosure of information) in…
Section 15A — Exception for tractive units from charge at higher rate
Exception for tractive units from charge at higher rate 15A 1 Where— a a vehicle licence has been taken out for a tractive unit, and b the licence was taken out at a rate of vehicle excise duty…
Section 16 — Duty at higher rate: exception for tractive units
Duty at higher rate: exception for tractive units 16 1 After section 15 of the Vehicle Excise and Registration Act 1994 insert— Exception for tractive units from charge at higher rate 15A 1 Where— a…
Section 17 — Requirement of evidence or security
Requirement of evidence or security 17 1 The Value Added Tax Act 1994 (c. 23) is amended as follows. 2 In section 24(6)(a) (regulations about input tax etc: requirement of documentary evidence) after…
Section 18 — Joint and several liability for unpaid VAT of another trader
Joint and several liability for unpaid VAT of another trader 18 1 In Part 4 of the Value Added Tax Act 1994 (c. 23) (administration, collection and enforcement), after section 77 insert— Liability…
Section 19 — Face-value vouchers
Face-value vouchers 19 Schedule 1 to this Act (VAT: face-value vouchers) has effect.
Section 20 — Supplies arising from prior grant of fee simple
Supplies arising from prior grant of fee simple 20 1 In section 96 of the Value Added Tax Act 1994 (c. 23) (interpretative provisions), after subsection (10A) (time for determining status of supplies…
Section 21 — Business gifts
Business gifts 21 1 In Schedule 4 to the Value Added Tax Act 1994 (matters to be treated as supply of goods or services), paragraph 5 (business gifts etc) is amended as follows. 2 In sub-paragraph…
Section 22 — Non-business use of business property
Non-business use of business property 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 22A — Introduction
Introduction 22A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 22B — Meaning of “convertible shares”
Meaning of “convertible shares” 22B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 22C — Amount of relief in case of convertible shares
Amount of relief in case of convertible shares 22C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 22D — Timing of relief in case of convertible shares
Timing of relief in case of convertible shares 22D . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 23 — Supply of electronic services in member States: special accounting scheme
Supply of electronic services in member States: special accounting scheme 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 24 — Introductory
Introductory 24 1 This Part makes provision for and in connection with the imposition of liability to a penalty where a person— a engages in any conduct for the purpose of evading any relevant tax or…
Section 25 — Penalty for evasion
Penalty for evasion 25 1 In any case where— a a person engages in any conduct for the purpose of evading any relevant tax or duty, and b his conduct involves dishonesty (whether or not such as to…
Section 26 — Penalty for contravention of relevant rule
Penalty for contravention of relevant rule 26 1 If, in the case of any relevant tax or duty, a person of a prescribed description engages in any conduct by which he contravenes— a a prescribed…
Section 26A — Amounts in currencies other than sterling
Amounts in currencies other than sterling 26A 1 Any reference in this Part of this Act to a amount in sterling, in the context of— a the cost of playing a game, or b the amount of the prize for a…
Section 27 — Exceptions from section 26
Exceptions from section 26 27 1 A person is not liable to a penalty under section 26 if he satisfies— a the Commissioners, or b on appeal, an appeal tribunal, that there is a reasonable excuse for…
Section 27A
27A 1 This paragraph applies where in calculating the sum of the lower proportions in relation to a transaction (in accordance with paragraph 12)— a a company (“the connected company”) would have…
Section 28 — Liability of directors etc where body corporate liable to penalty for evasion
Liability of directors etc where body corporate liable to penalty for evasion 28 1 Where it appears to the Commissioners— a that a body corporate is liable to a penalty under section 25, and b that…
Section 29 — Reduction of penalty under section 25 or 26
Reduction of penalty under section 25 or 26 29 1 Where a person is liable to a penalty under section 25 or 26— a the Commissioners (whether originally or on review) or, on appeal, an appeal tribunal…
Section 30 — Demands for penalties
Demands for penalties 30 1 Where a person is liable to a penalty under this Part, the Commissioners may give to that person or his representative a notice in writing (a “ demand notice ”) demanding…
Section 31 — Time limits for demands for penalties
Time limits for demands for penalties 31 1 A demand notice may not be given— a in the case of a penalty under section 25, more than 20 years after the conduct giving rise to the liability to the…
Section 32 — No prosecution after demand notice for penalty under section 26
No prosecution after demand notice for penalty under section 26 32 1 Where a demand notice is given demanding payment of an amount due by way of penalty under section 26 in respect of any conduct of…
Section 33 — Right to appeal against certain decisions
Right to appeal against certain decisions 33 1 If, in the case of any relevant tax or duty, HMRC give a person or his representative a notice informing him— a that they have decided that the person…