Finance Act 2003

Sections and provisions with full text and the judgments that cite each one.

Section 92 — Payment by cheque

Payment by cheque 92 For the purposes of this Part where— a payment to the Inland Revenue is made by cheque, and b the cheque is paid on its first presentation to the banker on whom it is drawn, the…

Section 93 — Information powers

Information powers 93 1 Schedule 13 has effect with respect to the powers of the Inland Revenue to call for documents and information for the purposes of stamp duty land tax. 2 In that Schedule— . .…

Section 94 — Power to inspect premises

Power to inspect premises 94 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 95 — Offence of fraudulent evasion of tax

Offence of fraudulent evasion of tax 95 1 A person commits an offence if he is knowingly concerned in the fraudulent evasion of tax by him or any other person. 2 A person guilty of an offence under…

Section 96 — Penalty for assisting in preparation of incorrect return etc

Penalty for assisting in preparation of incorrect return etc 96 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 97 — Power to allow further time and reasonable excuse for failure

Power to allow further time and reasonable excuse for failure 97 1 For the purposes of this Part a person shall be deemed not to have failed to do anything required to be done within a limited time…

Section 98 — Admissibility of evidence not affected by offer of settlement etc

Admissibility of evidence not affected by offer of settlement etc 98 1 Statements made or documents produced by or on behalf of a person are not inadmissible in proceedings to which this section…

Section 99 — General provisions about penalties

General provisions about penalties 99 1 Schedule 14 has effect with respect to the determination of penalties under this Part and related appeals. 2 The Board may in their discretion mitigate a…

Section 100 — Companies

Companies 100 1 In this Part “ company ”, except as otherwise expressly provided, means any body corporate or unincorporated association, but does not include a partnership. 2 Everything to be done…

Section 101 — Unit trust schemes

Unit trust schemes 101 1 This Part (with the exception of the provision mentioned in subsection (7) below) applies in relation to a unit trust scheme as if— a the trustees were a company, and b the…

Section 102 — Open-ended investment companies

Open-ended investment companies 102 1 The Treasury may by regulations make such provision as they consider appropriate for securing that the provisions of this Part have effect in relation to— a…

Section 102A — Co-ownership ... contractual schemes

Co-ownership ... contractual schemes 102A 1 This section has effect for the purposes of this Part. 2 This Part, with the exception of Schedule 7 (see subsection (10)), applies in relation to a…

Section 103 — Joint purchasers

Joint purchasers 103 1 This section applies to a land transaction where there are two or more purchasers who are or will be jointly entitled to the interest acquired. 2 The general rules are that— a…

Section 104 — Partnerships

Partnerships 104 1 Schedule 15 has effect with respect to the application of this Part in relation to partnerships. 2 In that Schedule— Part 1 defines “partnership” and contains other general…

Section 105 — Trustees

Trustees 105 Schedule 16 has effect with respect to the application of this Part in relation to trustees.

Section 106 — Persons acting in a representative capacity etc

Persons acting in a representative capacity etc 106 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 The personal…

Section 107 — Crown application

Crown application 107 1 This Part binds the Crown, subject to the following provisions of this section. 2 A land transaction under which the purchaser is any of the following is exempt from charge:…

Section 108 — Linked transactions

Linked transactions 108 1 Transactions are “ linked ” for the purposes of this Part if they form part of a single scheme, arrangement or series of transactions between the same vendor and purchaser…

Section 109 — General power to vary this Part by regulations

General power to vary this Part by regulations 109 1 The Treasury may if they consider it expedient in the public interest make provision by regulations for the variation of this Part in its…

Section 110 — Approval of regulations under general power

Approval of regulations under general power 110 1 An instrument containing regulations under section 109 (general power to vary this Part by regulations) must be laid before the House of Commons…

Section 111 — Claim for repayment if regulations under general power not approved

Claim for repayment if regulations under general power not approved 111 1 Where regulations cease to have effect under section 110, a claim may be made to the Inland Revenue for repayment of any tax,…

Section 112 — Power to amend certain provisions before implementation

Power to amend certain provisions before implementation 112 1 The Treasury may by regulations amend the following provisions of this Part— a Schedule 5 (amount of tax chargeable: rent); b subsection…

Section 113 — Functions conferred on “the Inland Revenue”

Functions conferred on “the Inland Revenue” 113 1 References in this Part to “ the Inland Revenue ” are to any officer of the Board, except as otherwise provided. 2 Any power of the Inland Revenue to…

Section 114 — Orders and regulations made by the Treasury or the Inland Revenue

Orders and regulations made by the Treasury or the Inland Revenue 114 1 Except as otherwise provided, any power of the Treasury or the Inland Revenue to make an order or regulations under this Part,…

Section 115 — General and Special Commissioners, appeals and other proceedings

General and Special Commissioners, appeals and other proceedings 115 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 116 — Meaning of “residential property”

Meaning of “residential property” 116 1 In this Part “ residential property ” means— a a building that is used or suitable for use as a dwelling, or is in the process of being constructed or adapted…

Section 117 — Meaning of “major interest” in land

Meaning of “major interest” in land 117 1 References in this Part to a “ major interest ” in land shall be construed as follows. 2 In relation to land in England ... , the references are to— a an…

Section 118 — Meaning of “market value”

Meaning of “market value” 118 1 For the purposes of this Part “ market value ” shall be determined as for the purposes of the Taxation of Chargeable Gains Act 1992 (c. 12) (see sections 272 to 274 of…

Section 119 — Meaning of “ effective date ” of a transaction

Meaning of “ effective date ” of a transaction 119 1 Except as otherwise provided, the effective date of a land transaction for the purposes of this Part is a the date of completion, or b such…

Section 119A — Increase in expenditure by reference to tax charged in relation to employment-related securities

Increase in expenditure by reference to tax charged in relation to employment-related securities 119A 1 This section applies to a disposal of an asset consisting of employment-related securities if…

Section 120 — Further provisions relating to leases

Further provisions relating to leases 120 Schedule 17A contains further provisions relating to leases.

Section 121 — Minor definitions

Minor definitions 121 In this Part— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . “ employee ” includes an…

Section 122 — Index of defined expressions

Index of defined expressions 122 In this Part the expressions listed below are defined or otherwise explained by the provisions indicated— acquisition relief Schedule 7, paragraph 8(1) . . . . . .…

Section 123 — Consequential amendments

Consequential amendments 123 1 Schedule 18 contains certain amendments consequential on the provisions of this Part. 2 The Treasury may by regulations make such other amendments and repeals as appear…

Section 124 — Commencement and transitional provisions

Commencement and transitional provisions 124 Schedule 19 makes provision for and in connection with the coming into force of the provisions of this Part.

Section 125 — Abolition of stamp duty except on instruments relating to stock or marketable securities

Abolition of stamp duty except on instruments relating to stock or marketable securities 125 1 Stamp duty is chargeable under Schedule 13 of the Finance Act 1999 (c. 16) only on instruments relating…

Section 126 — Circumstances in which group relief withdrawn

Circumstances in which group relief withdrawn 126 1 Section 111 of the Finance Act 2002 (c. 23) (stamp duty: withdrawal of group relief) is amended as follows. 2 In subsection (1)(b) (circumstances…

Section 127 — Circumstances in which relief for company acquisitions withdrawn

Circumstances in which relief for company acquisitions withdrawn 127 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 128 — Exemption of certain leases granted by registered social landlords

Exemption of certain leases granted by registered social landlords 128 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 129 — Relief for certain leases granted before section 128 has effect

Relief for certain leases granted before section 128 has effect 129 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Section 130 — Registered social landlords: treatment of certain leases granted between 1st January 1990 and 27 March 2000

Registered social landlords: treatment of certain leases granted between 1st January 1990 and 27 March 2000 130 1 This section applies to a lease in relation to which the following conditions are…