Finance Act 2003
Sections and provisions with full text and the judgments that cite each one.
Section 33A — Offer of review
Offer of review 33A 1 HMRC must offer a person (P) a review of a decision that has been notified to P if an appeal lies under section 33 in respect of the decision. 2 The offer of the review must be…
Section 33B — Review by HMRC
Review by HMRC 33B 1 HMRC must review a decision if— a they have offered a review of the decision under section 33A, and b P notifies HMRC accepting the offer within 30 days from the date of the…
Section 33C — Extensions of time
Extensions of time 33C 1 If under section 33A, HMRC have offered P a review of a decision, HMRC may within the relevant period notify P that the relevant period is extended. 2 If notice is given the…
Section 33D — Review out of time
Review out of time 33D 1 This section applies if— a HMRC have offered a review of a decision under section 33A, and b P does not accept the offer within the time allowed under section 33B(1)(b) or…
Section 33E — Nature of review etc
Nature of review etc 33E 1 This section applies if HMRC are required to undertake a review under section 33B or 33D. 2 The nature and extent of the review are to be such as appear appropriate to HMRC…
Section 33F — Bringing of appeals
Bringing of appeals 33F 1 An appeal under section 33 is to be made to the appeal tribunal before— a the end of the period of 30 days beginning with the date of the document notifying the decision to…
Section 34 — Time limit and right to further review
Time limit and right to further review 34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 35 — Powers of Commissioners on a review
Powers of Commissioners on a review 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 36 — Appeals to a tribunal
Appeals to a tribunal 36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 37 — Appeal tribunals
Appeal tribunals 37 Section 85 of the Value Added Tax Act 1994 (settling appeals by agreement) has effect as if the reference to section 83 of that Act included a reference to section 33 above.
Section 38 — Admissibility of certain statements and documents
Admissibility of certain statements and documents 38 1 Statements made or documents produced by or on behalf of a person are not inadmissible in— a any criminal proceedings against that person in…
Section 39 — Service of notices
Service of notices 39 Any notice to be given to any person for the purposes of this Part may be given by sending it by post in a letter addressed to that person or his representative at the last or…
Section 40 — Penalties not to be deducted for income tax or corporation tax purposes
Penalties not to be deducted for income tax or corporation tax purposes 40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 41 — Regulations and orders
Regulations and orders 41 1 Any power conferred on the Treasury by this Part to make regulations or an order includes power— a to make different provision for different cases, and b to make…
Section 42 — The tax
The tax 42 1 A tax (to be known as “ stamp duty land tax ”) shall be charged in accordance with this Part on land transactions. 2 The tax is chargeable— a whether or not there is any instrument…
Section 43 — Land transactions
Land transactions 43 1 In this Part a “ land transaction ” means any acquisition of a chargeable interest. As to the meaning of “chargeable interest” see section 48. 2 Except as otherwise provided,…
Section 43C — Consequential claims etc
Consequential claims etc 43C 1 Where— a a return is amended under section 28A(2)(b), 28B(2)(b) or 28B(4), and b the amendment is made for the purpose of making good to the Crown any loss of tax…
Section 44 — Contract and conveyance
Contract and conveyance 44 1 This section applies where a contract for a land transaction is entered into under which the transaction is to be completed by a conveyance. 2 A person is not regarded as…
Section 44A — Contract providing for conveyance to third party
Contract providing for conveyance to third party 44A 1 This section applies where a contract is entered into under which a chargeable interest is to be conveyed by one party to the contract (A) at…
Section 45 — Transactions entered into before completion of contract
Transactions entered into before completion of contract 45 Schedule 2A contains— a provision about the application of section 44 (contract and conveyance) in certain cases where an assignment of…
Section 45A — Contract providing for conveyance to third party: effect of transfer of rights
Contract providing for conveyance to third party: effect of transfer of rights 45A 1 This section applies where— a a contract (“the original contract”) is entered into under which a chargeable…
Section 46 — Options and rights of pre-emption
Options and rights of pre-emption 46 1 The acquisition of— a an option binding the grantor to enter into a land transaction, or b a right of pre-emption preventing the grantor from entering into, or…
Section 47 — Exchanges
Exchanges 47 1 Where a land transaction is entered into by the purchaser (alone or jointly) wholly or partly in consideration of another land transaction being entered into by him (alone or jointly)…
Section 48 — Chargeable interests
Chargeable interests 48 1 In this Part “ chargeable interest ” means— a an estate, interest, right or power in or over land in England ... or Northern Ireland , or b the benefit of an obligation,…
Section 48A — Interests, transactions and consideration where land in England and Wales
Interests, transactions and consideration where land in England and Wales 48A 1 This section sets out how this Part applies to a transaction which is the acquisition of— a an estate, interest, right…
Section 49 — Chargeable transactions
Chargeable transactions 49 1 A land transaction is a chargeable transaction if it is not a transaction that is exempt from charge. 2 Schedule 3 provides for certain transactions to be exempt from…
Section 50 — Chargeable consideration
Chargeable consideration 50 1 Schedule 4 makes provision as to the chargeable consideration for a transaction. 2 The Treasury may by regulations amend or repeal the provisions of this Part relating…
Section 51 — Contingent, uncertain or unascertained consideration
Contingent, uncertain or unascertained consideration 51 1 Where the whole or part of the chargeable consideration for a transaction is contingent, the amount or value of the consideration shall be…
Section 51B — Face-value vouchers
Face-value vouchers 51B Schedule 10A shall have effect with respect to face-value vouchers.
Section 52 — Annuities etc: chargeable consideration limited to twelve years' payments
Annuities etc: chargeable consideration limited to twelve years' payments 52 1 This section applies to so much of the chargeable consideration for a land transaction as consists of an annuity…
Section 53 — Deemed market value where transaction involves connected company
Deemed market value where transaction involves connected company 53 1 This section applies where the purchaser is a company and— a the vendor is connected with the purchaser, or b some or all of the…
Section 54 — Exceptions from deemed market value rule
Exceptions from deemed market value rule 54 1 Section 53 (chargeable consideration: transaction with connected company) does not apply in the following cases. In the following provisions “ the…
Section 55 — Amount of tax chargeable: general
Amount of tax chargeable: general 55 1 The amount of tax chargeable in respect of a chargeable transaction to which this section applies is determined in accordance with subsections (1B) . and (1C)…
Section 55A — Amount of tax chargeable: higher rate for certain transactions
Amount of tax chargeable: higher rate for certain transactions 55A Schedule 4A provides for the calculation of the tax chargeable in respect of certain transactions involving higher threshold…
Section 56 — Amount of tax chargeable: rent
Amount of tax chargeable: rent 56 Schedule 5 provides for the calculation of the tax chargeable where the chargeable consideration for a transaction consists of or includes rent.
Section 57 — Disadvantaged areas relief
Disadvantaged areas relief 57 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 57A — Sale and leaseback arrangements
Sale and leaseback arrangements 57A 1 The leaseback element of a sale and leaseback arrangement is exempt from charge if the qualifying conditions specified below are met. 2 A “ sale and leaseback…
Section 57AA — First-time buyers
First-time buyers 57AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 57B — First-time buyers
First-time buyers 57B 1 Schedule 6ZA provides relief for first-time buyers. 2 Any relief under that Schedule must be claimed in a land transaction return or an amendment of such a return.
Section 58A — Relief for certain acquisitions of residential property
Relief for certain acquisitions of residential property 58A Schedule 6A provides for relief in the case of certain acquisitions of residential property.
Section 58B — Relief for new zero-carbon homes
Relief for new zero-carbon homes 58B 1 The Treasury may make regulations granting relief on the first acquisition of a dwelling which is a “zero-carbon home”. 2 For the purposes of this section— a a…
Section 58C — Relief for new zero-carbon homes: supplemental
Relief for new zero-carbon homes: supplemental 58C 1 Regulations under section 58B— a shall include provision about the method of claiming relief (including documents or information to be provided),…
Section 58D — Transfers involving multiple dwellings
Transfers involving multiple dwellings 58D 1 Schedule 6B provides for relief in the case of transfers involving multiple dwellings. 2 Any relief under that Schedule must be claimed in a land…
Section 60 — Compulsory purchase facilitating development
Compulsory purchase facilitating development 60 1 A compulsory purchase facilitating development is exempt from charge. 2 In this section “ compulsory purchase facilitating development ” means— a in…
Section 61 — Compliance with planning obligations
Compliance with planning obligations 61 1 A land transaction that is entered into in order to comply with a planning obligation or a modification of a planning obligation is exempt from charge if— a…
Section 61A — Relief for special tax sites
Relief for special tax sites 61A 1 Schedule 6C provides for relief in the case of transactions relating to land in a special tax site . 2 In that Schedule— a Part 1 contains definitions, b Part 2…
Section 62 — Group relief and reconstruction or acquisition relief
Group relief and reconstruction or acquisition relief 62 1 Schedule 7 provides for relief from stamp duty land tax. 2 In that Schedule— Part 1 makes provision for group relief, Part 2 makes provision…
Section 63 — Demutualisation of insurance company
Demutualisation of insurance company 63 1 A land transaction is exempt from charge if it is entered into for the purposes of or in connection with a qualifying transfer of the whole or part of the…
Section 64 — Demutualisation of building society
Demutualisation of building society 64 A land transaction effected by section 97(6) or (7) of the Building Societies Act 1986 (c. 53) (transfer of building society’s business to a commercial company)…
Section 64A — Initial transfer of assets to trustees of unit trust scheme
Initial transfer of assets to trustees of unit trust scheme 64A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .