Finance Act 2003
Sections and provisions with full text and the judgments that cite each one.
Section 140 — Employee securities and options
Employee securities and options 140 Schedule 22 to this Act (which makes provision about securities, and options to acquire securities, acquired by reason of employment) has effect.
Section 141 — Corporation tax relief for employee share acquisitions
Corporation tax relief for employee share acquisitions 141 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 142 — Ending of relief for contributions to QUESTS
Ending of relief for contributions to QUESTS 142 1 Section 67 of the Finance Act 1989 (c. 26) (tax relief for contributions to trustees of qualifying employee share ownership trust) does not apply in…
Section 143 — Restriction of deductions for employee benefit contributions
Restriction of deductions for employee benefit contributions 143 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 144 — PAYE on notional payments: reimbursement period
PAYE on notional payments: reimbursement period 144 1 In section 222(1)(c) of the Income Tax (Earnings and Pensions) Act 2003 (period within which employee must reimburse employer for amount to be…
Section 144ZA — Application of market value rule in case of exercise of option
Application of market value rule in case of exercise of option 144ZA 1 This section applies where— a an option is exercised, so that by virtue of section 144(2) or (3) the grant or acquisition of the…
Section 145 — PAYE: regulations and notional payments
PAYE: regulations and notional payments 145 1 In the list in subsection (2) of section 684 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (PAYE regulations)— a for item 2 substitute— 1A…
Section 146 — Payroll giving: extension of 10% supplement to 5th April 2004
Payroll giving: extension of 10% supplement to 5th April 2004 146 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 147 — Sub-contractor deductions etc: interest on late payment or repayment
Sub-contractor deductions etc: interest on late payment or repayment 147 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 In the Social Security Contributions and Benefits Act 1992…
Section 148 — Meaning of “ permanent establishment ”
Meaning of “ permanent establishment ” 148 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 149 — Non-resident companies: basis of charge to corporation tax
Non-resident companies: basis of charge to corporation tax 149 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 .…
Section 149AA — Restricted and convertible employment-related securities
Restricted and convertible employment-related securities 149AA 1 Where an individual has acquired an asset consisting of employment-related securities which are— a restricted securities or a…
Section 150 — Non-resident companies: assessment, collection and recovery of corporation tax
Non-resident companies: assessment, collection and recovery of corporation tax 150 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 151 — Non-resident companies: extent of charge to income tax
Non-resident companies: extent of charge to income tax 151 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 152 — Non-resident companies: transactions carried out through broker, investment manager or Lloyd’s agent
Non-resident companies: transactions carried out through broker, investment manager or Lloyd’s agent 152 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 153 — General replacement of references to branch or agency of company
General replacement of references to branch or agency of company 153 1 In the following provisions (which relate only to companies) for “branch or agency” or “branches or agencies”, wherever…
Section 154 — Double taxation relief: profits attributable to overseas permanent establishment
Double taxation relief: profits attributable to overseas permanent establishment 154 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 155 — Consequential amendments
Consequential amendments 155 1 Schedule 27 to this Act provides for amendments consequential on the provisions of sections 148 to 153. 2 The amendments made by that Schedule have effect in relation…
Section 156 — Overseas life insurance companies
Overseas life insurance companies 156 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 157 — Life insurance policies and deferred annuity contracts
Life insurance policies and deferred annuity contracts 157 1 For section 210 of the Taxation of Chargeable Gains Act 1992 (c. 12) substitute— Life insurance and deferred annuities 210 1 This section…
Section 158 — Application of market value rule in case of exercise of option
Application of market value rule in case of exercise of option 158 1 In Chapter 3 of Part 4 of the Taxation of Chargeable Gains Act 1992 (c. 12) (miscellaneous provisions relating to options and…
Section 159 — Reporting limits and annual exempt amount
Reporting limits and annual exempt amount 159 1 The Taxation of Chargeable Gains Act 1992 (c. 12) is amended in accordance with Schedule 28 to this Act. 2 In that Schedule— Part 1 makes provision as…
Section 160 — Taper relief: assets qualifying as business assets
Taper relief: assets qualifying as business assets 160 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 161 — Earn-out rights to be treated as securities unless contrary election
Earn-out rights to be treated as securities unless contrary election 161 1 Section 138A of the Taxation of Chargeable Gains Act 1992 (c. 12) (use of earn-out rights for exchange of securities) is…
Section 162 — Deferred unascertainable consideration: election for treatment of loss
Deferred unascertainable consideration: election for treatment of loss 162 1 After section 279 of the Taxation of Chargeable Gains Act 1992 insert— Deferred unascertainable consideration: election…
Section 163 — Transfers of value: attribution of gains to beneficiaries
Transfers of value: attribution of gains to beneficiaries 163 1 For section 85A of the Taxation of Chargeable Gains Act 1992 (c. 12) substitute— Transfers of value: attribution of gains to…
Section 164 — Avoidance affecting proceeds of balancing event
Avoidance affecting proceeds of balancing event 164 1 In Chapter 5 of Part 12 of the Capital Allowances Act 2001 (c. 2) (miscellaneous supplementary provisions), after section 570 insert—…
Section 165 — Extension of first-year allowances for ICT expenditure by small enterprises
Extension of first-year allowances for ICT expenditure by small enterprises 165 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 166 — Expenditure on software for sub-licensing
Expenditure on software for sub-licensing 166 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 167 — First-year allowances for expenditure on environmentally beneficial plant or machinery
First-year allowances for expenditure on environmentally beneficial plant or machinery 167 Schedule 30 to this Act (first-year allowances for expenditure on environmentally beneficial plant or…
Section 168 — Relief for research and development
Relief for research and development 168 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 169 — Tonnage tax: extension of capital allowance restrictions on lessors of ships
Tonnage tax: extension of capital allowance restrictions on lessors of ships 169 Schedule 32 to this Act (tonnage tax: restrictions on capital allowances for lessors of ships) has effect.
Section 170 — Insurance companies
Insurance companies 170 Schedule 33 to this Act (which makes provision about the taxation of insurance companies, including companies which have ceased to be insurance companies after a transfer of…
Section 171 — Policies of life insurance etc: miscellaneous amendments
Policies of life insurance etc: miscellaneous amendments 171 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 172 — Charges under life insurance policies for exceptional risk of disability
Charges under life insurance policies for exceptional risk of disability 172 1 In Schedule 15 to the Taxes Act 1988 (provisions for determining whether an insurance policy is a “qualifying policy”)—…
Section 173 — Gains on policies of life insurance etc: rate of tax
Gains on policies of life insurance etc: rate of tax 173 1 Schedule 35 to this Act (which makes provision for and in connection with charging certain gains on policies of life insurance etc at the…
Section 174 — Personal pension arrangements: limit on contributions
Personal pension arrangements: limit on contributions 174 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 175 — Payments to adopters
Payments to adopters 175 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 176 — Foster carers
Foster carers 176 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 177 — Currency contracts and currency options
Currency contracts and currency options 177 1 This section applies in any case where at any time on or after 30th September 2002— a a qualifying company becomes party to a qualifying contract which…
Section 178 — Loan relationships: amendments
Loan relationships: amendments 178 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 179 — Derivative contracts: transactions within groups
Derivative contracts: transactions within groups 179 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 180 — Contributions to urban regeneration companies
Contributions to urban regeneration companies 180 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 In section 828(4) of the Taxes Act 1988 (orders or regulations under specified…
Section 181 — Repos etc
Repos etc 181 Schedule 38 to this Act (which contains amendments relating to arrangements for the sale and repurchase of securities etc) has effect.
Section 182 — Relevant discounted securities: withdrawal of relief for costs and losses, etc
Relevant discounted securities: withdrawal of relief for costs and losses, etc 182 Schedule 39 to this Act (relevant discounted securities: withdrawal of relief for costs and losses, and extension of…
Section 183 — Court common investment funds
Court common investment funds 183 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 184 — Intangible fixed assets: tax avoidance arrangements and related parties
Intangible fixed assets: tax avoidance arrangements and related parties 184 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 185 — Gifts with reservation
Gifts with reservation 185 1 Section 102 of the Finance Act 1986 (c. 41) (gifts with reservation) is amended as follows. 2 In subsection (5) (section not to apply where disposal is an exempt transfer…
Section 186 — Authorised unit trusts, OEICs and common investment funds
Authorised unit trusts, OEICs and common investment funds 186 1 The Inheritance Tax Act 1984 (c. 51) is amended as follows. 2 In section 6 (excluded property), after subsection (1) insert— 1A A…
Section 187 — Rate of landfill tax
Rate of landfill tax 187 In section 42 of the Finance Act 1996 (c. 8) (amount of landfill tax), for the amount specified in subsection (1)(a), and the corresponding amount in subsection (2),…