Finance Act 2003
Sections and provisions with full text and the judgments that cite each one.
Section 65 — Incorporation of limited liability partnership
Incorporation of limited liability partnership 65 1 A transaction by which a chargeable interest is transferred by a person (“ the transferor ”) to a limited liability partnership in connection with…
Section 65A — Seeding relief
Seeding relief 65A 1 Schedule 7A provides for relief from stamp duty land tax. 2 In that Schedule— a Part 1 makes provision for relief for property authorised investment funds (PAIF seeding relief),…
Section 66 — Transfers involving public bodies
Transfers involving public bodies 66 1 A land transaction entered into on, or in consequence of, or in connection with, a reorganisation effected by or under a statutory provision is exempt from…
Section 66A — Resolution of financial institutions
Resolution of financial institutions 66A 1 A land transaction is exempt from charge if it is effected by— a an instrument listed in subsection (2), or b an instrument made under an instrument listed…
Section 67 — Transfer in consequence of reorganisation of parliamentary constituencies
Transfer in consequence of reorganisation of parliamentary constituencies 67 1 Where— a an Order in Council is made under the Parliamentary Constituencies Act 1986 (c. 56) (orders specifying new…
Section 67A — Acquisitions by certain health service bodies
Acquisitions by certain health service bodies 67A 1 A land transaction is exempt from charge if the purchaser is any of the following— a NHS England ; b an integrated care board established under…
Section 68 — Charities relief
Charities relief 68 1 Schedule 8 provides for relief from stamp duty land tax for acquisitions by charities. 2 Any relief under that Schedule must be claimed in a land transaction return or an…
Section 69 — Acquisition by bodies established for national purposes
Acquisition by bodies established for national purposes 69 A land transaction is exempt from charge if the purchaser is any of the following— a the Historic Buildings and Monuments Commission for…
Section 70 — Right to buy transactions, shared ownership leases etc
Right to buy transactions, shared ownership leases etc 70 Schedule 9 makes provision for relief in the case of right to buy transactions, shared ownership leases and certain related transactions.
Section 71 — Certain acquisitions by registered providers of social housing etc
Certain acquisitions by registered providers of social housing etc 71 A1 A land transaction under which the purchaser is a profit-making registered provider of social housing is exempt from charge if…
Section 71A — Alternative property finance: land sold to financial institution and leased to person
Alternative property finance: land sold to financial institution and leased to person 71A 1 This section applies where arrangements are entered into between a person and a financial institution under…
Section 72 — Alternative property finance in Scotland: land sold to financial institution and leased to person
Alternative property finance in Scotland: land sold to financial institution and leased to person 72 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 72A — Alternative property finance in Scotland: land sold to financial institution and person in common
Alternative property finance in Scotland: land sold to financial institution and person in common 72A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 73 — Alternative property finance: land sold to financial institution and re-sold to person
Alternative property finance: land sold to financial institution and re-sold to person 73 1 This section applies where arrangements are entered into between a person and a financial institution under…
Section 73A — Sections 71A to 73: relationship with Schedule 7
Sections 71A to 73: relationship with Schedule 7 73A Sections 71A to 73 do not apply to arrangements in which the first transaction is exempt from charge by virtue of Schedule 7.
Section 73BA — Meaning of “financial institution”
Meaning of “financial institution” 73BA 1 In sections 71A to 73B “ financial institution ” has the meaning given by section 564B of the Income Tax Act 2007. 2 For this purpose section 564B(1) applies…
Section 73CA — Sections 71A to 73: first-time buyers
Sections 71A to 73: first-time buyers 73CA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 73AB — Section 71A : arrangements to transfer control of financial institution
Section 71A : arrangements to transfer control of financial institution 73AB 1 Section 71A ... does not apply to alternative finance arrangements if those arrangements, or any connected arrangements,…
Section 73B — Exempt interests
Exempt interests 73B 1 An interest held by a financial institution as a result of the first transaction within the meaning of section 71A(1)(a) ... is an exempt interest for the purposes of stamp…
Section 73C — Alternative finance investment bonds
Alternative finance investment bonds 73C Schedule 61 to the Finance Act 2009 makes provision for relief from charge in the case of arrangements to which section 564G of the Income Tax Act 2007 or…
Section 74 — Exercise of collective rights by tenants of flats
Exercise of collective rights by tenants of flats 74 1 This section applies where a chargeable transaction is entered into by a person or persons nominated or appointed by qualifying tenants of flats…
Section 75 — Crofting community right to buy
Crofting community right to buy 75 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 75A — Anti-avoidance
Anti-avoidance 75A 1 This section applies where— a one person (V) disposes of a chargeable interest and another person (P) acquires either it or a chargeable interest deriving from it, b a number of…
Section 75ZA — Increased rates for non-resident transactions
Increased rates for non-resident transactions 75ZA 1 In its application for the purpose of determining the amount of tax chargeable in respect of a chargeable transaction that is a non-resident…
Section 75B — Anti-avoidance: incidental transactions
Anti-avoidance: incidental transactions 75B 1 In calculating the chargeable consideration on the notional transaction for the purposes of section 75A(5), consideration for a transaction shall be…
Section 75C — Anti-avoidance: supplemental
Anti-avoidance: supplemental 75C 1 A transfer of shares or securities shall be ignored for the purposes of section 75A if but for this subsection it would be the first of a series of scheme…
Section 76 — Duty to deliver land transaction return
Duty to deliver land transaction return 76 1 In the case of every notifiable transaction the purchaser must deliver a return (a “ land transaction return ”) to the Inland Revenue before the end of…
Section 77 — Notifiable transactions
Notifiable transactions 77 1 A land transaction is notifiable if it is— a an acquisition of a major interest in land that does not fall within one or more of the exceptions in section 77A, b an…
Section 77A — Joint and several liability of traders in supply chain where tax unpaid
Joint and several liability of traders in supply chain where tax unpaid 77A 1 This section applies to goods of any of the following descriptions— a telephones and any other equipment, including parts…
Section 78 — Returns, enquiries, assessments and related matters
Returns, enquiries, assessments and related matters 78 1 Schedule 10 has effect with respect to land transaction returns, assessments and related matters. 2 In that Schedule— Part 1 contains general…
Section 78A — Disclosure of information contained in land transaction returns
Disclosure of information contained in land transaction returns 78A 1 Relevant information contained in land transaction returns delivered under section 76 (whether before or after the commencement…
Section 79 — Registration of land transactions etc
Registration of land transactions etc 79 1 A land transaction to which this section applies, or (as the case may be) a document effecting or evidencing a land transaction to which this section…
Section 80 — Adjustment where contingency ceases or consideration is ascertained
Adjustment where contingency ceases or consideration is ascertained 80 1 Where section 51 (contingent, uncertain or unascertained consideration) applies in relation to a transaction and— a in the…
Section 81 — Further return where relief withdrawn
Further return where relief withdrawn 81 1 Where relief is withdrawn to any extent under— za paragraph 11 of Schedule 6A (relief for certain acquisitions of residential property), a Part 1 of…
Section 81A — Return or further return in consequence of later linked transaction
Return or further return in consequence of later linked transaction 81A 1 Where the effect of a transaction (“the later transaction”) that is linked to an earlier transaction is that the earlier…
Section 81ZA — Alternative finance arrangements: return where relief withdrawn
Alternative finance arrangements: return where relief withdrawn 81ZA 1 Where relief given in respect of a transaction entered into under alternative finance arrangements is withdrawn to any extent…
Section 81B — Declaration by person authorised to act on behalf of individual
Declaration by person authorised to act on behalf of individual 81B 1 This section applies to the declaration mentioned in paragraph 1(1)(c) of Schedule 10 ... (declaration that return ... is correct…
Section 82 — Loss or destruction of, or damage to, return etc
Loss or destruction of, or damage to, return etc 82 1 This section applies where— a a return delivered to the Inland Revenue, or b any other document relating to tax made by or provided to the Inland…
Section 82A — Claims not included in returns
Claims not included in returns 82A Schedule 11A has effect with respect to claims not included in returns.
Section 83 — Formal requirements as to assessments, penalty determinations etc
Formal requirements as to assessments, penalty determinations etc 83 1 An assessment, determination, notice or other document required to be used in assessing, charging, collecting and levying tax or…
Section 84 — Delivery and service of documents
Delivery and service of documents 84 1 A notice or other document to be served under this Part on a person may be delivered to him or left at his usual or last known place of abode. 2 A notice or…
Section 85 — Liability for tax
Liability for tax 85 1 The purchaser is liable to pay the tax in respect of a chargeable transaction. 2 As to the liability of purchasers acting jointly see— section 103(2)(c) (joint purchasers);…
Section 85A — Transfers of value: attribution of gains to beneficiaries and treatment of losses
Transfers of value: attribution of gains to beneficiaries and treatment of losses 85A 1 Schedule 4C to this Act has effect with respect to the attribution of gains to beneficiaries where there has…
Section 86 — Payment of tax
Payment of tax 86 1 Tax payable in respect of a land transaction must be paid not later than the filing date for the land transaction return relating to the transaction. 2 Tax payable as a result of…
Section 87 — Interest on unpaid tax
Interest on unpaid tax 87 1 Interest is payable on the amount of any unpaid tax from the end of the period of 30 days after the relevant date until the tax is paid. 1A But where the relevant date is…
Section 87A — Interest on unpaid tax: cases involving Reserved Investor Fund (Contractual Schemes)
Interest on unpaid tax: cases involving Reserved Investor Fund (Contractual Schemes) 87A 1 This section makes provision about the meaning of “ relevant date ” for the purposes of section 87 in the…
Section 88 — Interest on penalties
Interest on penalties 88 A penalty under this Part shall carry interest at the rate applicable under section 178 of the Finance Act 1989 from the date it is determined until payment.
Section 89 — Interest on repayment of tax overpaid etc
Interest on repayment of tax overpaid etc 89 1 A repayment by the Inland Revenue to which this section applies shall be made with interest at the rate applicable under section 178 of the Finance Act…
Section 90 — Application to defer payment in case of contingent or uncertain consideration
Application to defer payment in case of contingent or uncertain consideration 90 1 The purchaser may apply to the Inland Revenue to defer payment of tax in a case where the amount payable depends on…
Section 91 — Collection and recovery of tax etc
Collection and recovery of tax etc 91 1 The provisions of Schedule 12 have effect with respect to the collection and recovery of tax. In that Schedule— Part 1 contains general provisions, and Part 2…