Finance Act 2003
Sections and provisions with full text and the judgments that cite each one.
Section 188 — Exemption for fuel used in recycling processes
Exemption for fuel used in recycling processes 188 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 189 — CHP exemption to be based on current efficiency
CHP exemption to be based on current efficiency 189 1 Schedule 6 to the Finance Act 2000 (c. 17) (climate change levy) is amended as follows. 2 In paragraph 15 (exemption for supplies to combined…
Section 190 — Supplies not known to be taxable when made, etc
Supplies not known to be taxable when made, etc 190 1 In Schedule 6 to the Finance Act 2000 (climate change levy), paragraph 24 (deemed supply: change of circumstances or intentions) is amended as…
Section 191 — Deemed supplies
Deemed supplies 191 1 Schedule 6 to the Finance Act 2000 (c. 17) (climate change levy) is amended as follows. 2 In paragraph 5(3) (levy chargeable on deemed supply of electricity) for “paragraph…
Section 192 — Amendments about registration, payment etc
Amendments about registration, payment etc 192 1 Schedule 6 to the Finance Act 2000 (c. 17) (climate change levy) is amended as follows. 2 In paragraph 41 (returns and payment of levy)— a for…
Section 193 — Electricity from renewable sources etc
Electricity from renewable sources etc 193 1 Schedule 6 to the Finance Act 2000 (c. 17) (climate change levy) is amended as follows. 2 In paragraph 20 (exemption under paragraph 19: averaging…
Section 194 — Higher rate of tax: divided companies
Higher rate of tax: divided companies 194 1 In Schedule 6A to the Finance Act 1994 (c. 9) (insurance premium tax: premiums liable to tax at higher rate), insert after paragraph 3— Insurance provided…
Section 195 — Companies acquiring their own shares
Companies acquiring their own shares 195 1 This section applies for the purposes of the Taxes Acts and the Inheritance Tax Act 1984 (c. 51) where a company acquires any of its own shares (whether by…
Section 196 — Companies in administration
Companies in administration 196 Schedule 41 to this Act (provisions relating to the treatment, for tax purposes, of companies in administration) has effect.
Section 197 — Exchange of information between tax authorities of member States
Exchange of information between tax authorities of member States 197 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 198 — Arrangements for mutual exchange of tax information
Arrangements for mutual exchange of tax information 198 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 199 — Savings income: Community obligations and international arrangements
Savings income: Community obligations and international arrangements 199 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 200 — Controlled foreign companies: exempt activities
Controlled foreign companies: exempt activities 200 1 Schedule 42 to this Act (which amends Part 2 of Schedule 25 to the Taxes Act 1988 (exempt activities)) shall have effect. 2 The amendments made…
Section 201 — Application of CFC provisions to Hong Kong and Macao companies
Application of CFC provisions to Hong Kong and Macao companies 201 1 In Part 2 (exempt activities) of Schedule 25 to the Taxes Act 1988 (cases where section 747(3) does not apply), in paragraph 5…
Section 202 — Deduction of tax from interest: recognised clearing houses etc
Deduction of tax from interest: recognised clearing houses etc 202 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 203 — Authorised unit trusts: interest distributions paid gross
Authorised unit trusts: interest distributions paid gross 203 1 Chapter 3 of Part 12 of the Taxes Act 1988 (unit trust schemes) is amended as follows. 2 In section 468L(4) (obligation to deduct tax…
Section 204 — Mandatory electronic payment
Mandatory electronic payment 204 1 The Commissioners for Her Majesty's Revenue and Customs may make regulations requiring a person to use electronic means in making specified payments under…
Section 205 — Use of electronic means of payment under other provisions
Use of electronic means of payment under other provisions 205 1 Any power to make subordinate legislation for or in connection with the making of payments conferred in relation to a taxation (or…
Section 206 — Admissibility of evidence not affected by offer of settlement etc
Admissibility of evidence not affected by offer of settlement etc 206 1 In section 105(1) of the Taxes Management Act 1970 (c. 9) (evidence in cases of fraudulent conduct), for paragraphs (a) and (b)…
Section 207 — Consequential claims etc
Consequential claims etc 207 1 In Part 4 of the Taxes Management Act 1970 (assessment and claims), after section 43B insert— Consequential claims etc 43C 1 Where— a a return is amended under section…
Section 208 — Ordinary accounts and investment accounts
Ordinary accounts and investment accounts 208 1 The National Savings Bank Act 1971 (c. 29) is amended as follows. 2 In section 3 (ordinary and investment deposits), after subsection (1) insert— 1A…
Section 209 — Abolition of accounting requirements relating to investment deposits
Abolition of accounting requirements relating to investment deposits 209 In section 120 of the Finance Act 1980 (c. 48) (investment deposits with National Savings Bank: accounting provisions etc),…
Section 210 — Life insurance and deferred annuities
Life insurance and deferred annuities 210 1 This section has effect in relation to any policy of insurance or contract for a deferred annuity on the life of any person. 2 A gain accruing on a…
Section 210A — Ring-fencing of losses
Ring-fencing of losses 210A 1 Section 8(1) has effect in relation to insurance companies subject to the provisions of this section. 2 Non-BLAGAB allowable losses accruing to an insurance company are…
Section 210B — Disposal and acquisition of section 440A securities
Disposal and acquisition of section 440A securities 210B 1 Subsections (2) to (4) below apply in a case where, within a period of 10 days, an insurance company disposes of a number of section 440A…
Section 211 — Definition of liabilities and assets of National Loans Fund
Definition of liabilities and assets of National Loans Fund 211 In section 19(4) of the National Loans Act 1968 (c. 13) (which defines as the liabilities of the National Loans Fund the nominal amount…
Section 211ZA — Transfers of business: transfer of unused losses
Transfers of business: transfer of unused losses 211ZA 1 This section applies where— a an insurance business transfer scheme has effect to transfer business consisting of or including basic life…
Section 212 — Accounts of Consolidated Fund and National Loans Fund
Accounts of Consolidated Fund and National Loans Fund 212 1 Section 21 of the National Loans Act 1968 (accounts of Consolidated Fund and National Loans Fund) is amended as follows. 2 In subsection…
Section 213 — Debt Management Account: abolition of borrowing cap
Debt Management Account: abolition of borrowing cap 213 In Schedule 5A to the National Loans Act 1968 (Debt Management Account), omit paragraph 8 (borrowings otherwise than from National Loans Fund…
Section 214 — Payments in error from or to National Loans Fund
Payments in error from or to National Loans Fund 214 In paragraph 11 of Schedule 5A to the National Loans Act 1968 (c. 13) (payments between National Loans Fund and Debt Management Account in respect…
Section 215 — Interpretation
Interpretation 215 In this Act “ the Taxes Act 1988 ” means the Income and Corporation Taxes Act 1988 (c. 1).
Section 216 — Repeals
Repeals 216 1 The enactments mentioned in Schedule 43 to this Act (which include provisions that are spent or of no practical utility) are repealed to the extent specified. 2 The repeals specified in…
Section 217 — Short title
Short title 217 This Act may be cited as the Finance Act 2003.
Section 279A — Deferred unascertainable consideration: election for treatment of loss
Deferred unascertainable consideration: election for treatment of loss 279A 1 Where— a a person (“ the taxpayer ”) makes a disposal of a right to which this section applies (see subsection (2)…
Section 279B — Provisions supplementary to section 279A
Provisions supplementary to section 279A 279B 1 For the purposes of section 279A(1)(c) a person is within the charge to capital gains tax in any year if— a he is chargeable to capital gains tax in…
Section 279C — Effect of election under section 279A
Effect of election under section 279A 279C 1 This section applies where an election is made under section 279A by the taxpayer for the relevant loss to be treated as accruing in an earlier year in…
Section 279D — Elections under section 279A
Elections under section 279A 279D 1 An election under section 279A is irrevocable. 2 Any election under that section must be made by giving a notice in accordance with this section. 3 The notice must…
Section 316A — Homeworker’s additional household expenses
Homeworker’s additional household expenses 316A 1 This section applies where an employer makes a payment to an employee in respect of reasonable additional household expenses which the employee…
Section 417 — Scope of Part 7
Scope of Part 7 417 1 This Part contains special rules about cases where securities, interests in securities or securities options are acquired in connection with an employment. 2 The rules are…
Section 418 — Other related provisions
Other related provisions 418 1 In Part 3— Chapter 1 (earnings), and Chapter 10 (taxable benefits: residual liability to charge), may also have effect in relation to securities and interests in…
Section 419 — Negative amounts treated as nil
Negative amounts treated as nil 419 If the result given by any formula under any provision of this Part would otherwise be a negative amount, the result is to be taken to be nil instead.
Section 420 — Meaning of “securities” etc
Meaning of “securities” etc 420 1 Subject to subsections (5) and (6), for the purposes of this Chapter and Chapters 2 to 5 the following are “ securities ”— a shares in any body corporate (wherever…
Section 421 — Meaning of “market value” etc
Meaning of “market value” etc 421 1 In this Chapter and Chapters 2 to 5 “ market value ” has the same meaning as it has for the purposes of TCGA 1992 by virtue of Part 8 of that Act. 2 Where…
Section 421A — Meaning of “ consideration ”
Meaning of “ consideration ” 421A 1 This section applies for determining for the purposes of Chapters 2 to 5 the amount of the consideration given for anything. 2 If any consideration is given partly…
Section 421B — Application of Chapters 2 to 4
Application of Chapters 2 to 4 421B 1 Subject as follows (and to any provision contained in Chapters 2 to 4) those Chapters apply to securities, or an interest in securities, acquired by a person…
Section 421C — Associated persons
Associated persons 421C 1 For the purposes of this Chapter and Chapters 2 to 4 the following are “ associated persons ” in relation to employment-related securities— a the person who acquired the…
Section 421D — Replacement and additional securities and changes in interests
Replacement and additional securities and changes in interests 421D 1 Subsections (2) and (3) apply where an associated person is entitled to employment-related securities (the “ original securities…
Section 421E — Exclusions: residence etc
Exclusions: residence etc 421E 1 Chapters 2, 3 and 4 do not apply in relation to employment-related securities if, at the time of the acquisition, the earnings from the employment were not (or would…
Section 421F — Exclusions: public offers
Exclusions: public offers 421F 1 Chapters 2 to 4 do not apply in relation to employment-related securities that are shares acquired under the terms of an offer to the public or an interest in shares…
Section 421G — Exclusions: approved plan or scheme securities
Exclusions: approved plan or scheme securities 421G Chapters 2 to 4 do not apply to— a shares awarded or acquired under an approved share incentive plan (within the meaning of Chapter 6 of this…