Finance Act 2003, Part 4

amended 6 times (opens in a new tab)

s.103 Joint purchasers Regulated

Manage Stamp Duty Land Tax (SDLT) obligations for joint property purchasesAny Person
Submit single SDLT return for joint land purchaseAny Person

s.104 Partnerships

s.106 Persons acting in a representative capacity etc

amended 8 times (opens in a new tab)

s.107 Crown application

s.108 Linked transactions

amended 5 times (opens in a new tab)

s.109 General power to vary this Part by regulations

amended 6 times (opens in a new tab)

s.110 Approval of regulations under general power

s.111 Claim for repayment if regulations under general power not approved

s.112 Power to amend certain provisions before implementation

s.113 Functions conferred on “the Inland Revenue”

s.114 Orders and regulations made by the Treasury or the Inland Revenue

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

s.116 Meaning of “residential property”

s.117 Meaning of “major interest” in land

s.118 Meaning of “market value”

amended 7 times (opens in a new tab)

s.119 Meaning of “ effective date ” of a transaction

s.120 Further provisions relating to leases

amended 10 times (opens in a new tab)

s.121 Minor definitions

s.122 Index of defined expressions

amended 26 times (opens in a new tab)

91 other sections in this Part — procedural and definitional

s.042 The tax

s.043 Land transactions

s.044 Contract and conveyance

s.044 Contract providing for conveyance to third party

s.045 Transactions entered into before completion of contract

s.045 Contract providing for conveyance to third party: effect of transfer of rights

s.046 Options and rights of pre-emption

s.047 Exchanges

s.048 Chargeable interests

s.048 Interests, transactions and consideration where land in England and Wales

s.049 Chargeable transactions

s.050 Chargeable consideration

s.051 Contingent, uncertain or unascertained consideration

s.052 Annuities etc: chargeable consideration limited to twelve years' payments

s.053 Deemed market value where transaction involves connected company

s.054 Exceptions from deemed market value rule

s.055 Amount of tax chargeable: general

s.055 Amount of tax chargeable: higher rate for certain transactions

s.056 Amount of tax chargeable: rent

s.057 Disadvantaged areas relief

s.057 Sale and leaseback arrangements

s.057 First-time buyers

s.058 Relief for certain acquisitions of residential property

s.058 Relief for new zero-carbon homes

s.058 Relief for new zero-carbon homes: supplemental

s.058 Transfers involving multiple dwellings

s.060 Compulsory purchase facilitating development

s.061 Compliance with planning obligations

s.061 Relief for special tax sites

s.062 Group relief and reconstruction or acquisition relief

s.063 Demutualisation of insurance company

s.064 Demutualisation of building society

s.064 Initial transfer of assets to trustees of unit trust scheme

s.065 Incorporation of limited liability partnership

s.065 Seeding relief

s.066 Transfers involving public bodies

s.066 Resolution of financial institutions

s.067 Transfer in consequence of reorganisation of parliamentary constituencies

s.067 Acquisitions by certain health service bodies

s.068 Charities relief

s.069 Acquisition by bodies established for national purposes

s.070 Right to buy transactions, shared ownership leases etc

s.071 Certain acquisitions by registered providers of social housing etc

s.071 Alternative property finance: land sold to financial institution and leased to person

s.072 Alternative property finance in Scotland: land sold to financial institution and leased to person

s.072 Alternative property finance in Scotland: land sold to financial institution and person in common

s.073 Alternative property finance: land sold to financial institution and re-sold to person

s.073 Sections 71A to 73: relationship with Schedule 7

s.073 Section 71A : arrangements to transfer control of financial institution

s.073 Exempt interests

s.073 Meaning of “financial institution”

s.073 Alternative finance investment bonds

s.073 Sections 71A to 73: first-time buyers

s.074 Exercise of collective rights by tenants of flats

s.075 Crofting community right to buy

s.075 Anti-avoidance

s.075 Anti-avoidance: incidental transactions

s.075 Anti-avoidance: supplemental

s.075 Increased rates for non-resident transactions

s.077 Notifiable transactions

s.077 Exceptions for certain acquisitions of major interests in land

s.078 Returns, enquiries, assessments and related matters

s.078 Disclosure of information contained in land transaction returns

s.079 Registration of land transactions etc

s.080 Adjustment where contingency ceases or consideration is ascertained

s.081 Further return where relief withdrawn

s.081 Return or further return in consequence of later linked transaction

s.081 Declaration by person authorised to act on behalf of individual

s.081 Alternative finance arrangements: return where relief withdrawn

s.082 Loss or destruction of, or damage to, return etc

s.082 Claims not included in returns

s.083 Formal requirements as to assessments, penalty determinations etc

s.084 Delivery and service of documents

s.085 Liability for tax

s.087 Interest on unpaid tax

s.087 Interest on unpaid tax: cases involving Reserved Investor Fund (Contractual Schemes)

s.089 Interest on repayment of tax overpaid etc

s.090 Application to defer payment in case of contingent or uncertain consideration

s.091 Collection and recovery of tax etc

s.092 Payment by cheque

s.093 Information powers

s.094 Power to inspect premises

s.096 Penalty for assisting in preparation of incorrect return etc

s.097 Power to allow further time and reasonable excuse for failure

s.098 Admissibility of evidence not affected by offer of settlement etc

s.102 Open-ended investment companies

s.102 Co-ownership ... contractual schemes

s.105 Trustees

s.123 Consequential amendments

s.124 Commencement and transitional provisions

Part 5

Stamp duty

5 of 6 sections shown

s.125 Abolition of stamp duty except on instruments relating to stock or marketable securities

amended 10 times (opens in a new tab)

s.127 Circumstances in which relief for company acquisitions withdrawn

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

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

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

1 other section in this Part — procedural and definitional

s.126 Circumstances in which group relief withdrawn

Part 6

Income tax and corporation tax: charge and rate bands

3 of 5 sections shown

s.131 Charge and rates for 2003-04

s.132 Indexed rate bands for 2003-04: PAYE deductions etc

s.134 Small companies' rate and fraction for financial year 2003

2 other sections in this Part — procedural and definitional

s.133 Charge and main rate for financial year 2004

s.135 Corporation tax starting rate and fraction for financial year 2003

Part 7

Income tax, corporation tax and capital gains tax: general

28 of 49 sections shown

s.138 Taxable benefits: lower threshold for cars with a CO 2 emissions figure

s.141 Corporation tax relief for employee share acquisitions

s.143 Restriction of deductions for employee benefit contributions

s.146 Payroll giving: extension of 10% supplement to 5th April 2004

s.147 Sub-contractor deductions etc: interest on late payment or repayment

amended 7 times (opens in a new tab)

s.148 Meaning of “ permanent establishment ”

s.149 Non-resident companies: basis of charge to corporation tax

s.150 Non-resident companies: assessment, collection and recovery of corporation tax

s.151 Non-resident companies: extent of charge to income tax

amended 5 times (opens in a new tab)

s.152 Non-resident companies: transactions carried out through broker, investment manager or Lloyd’s agent

s.153 General replacement of references to branch or agency of company

amended 16 times (opens in a new tab)

s.154 Double taxation relief: profits attributable to overseas permanent establishment

s.156 Overseas life insurance companies

s.160 Taper relief: assets qualifying as business assets

s.163 Transfers of value: attribution of gains to beneficiaries

s.165 Extension of first-year allowances for ICT expenditure by small enterprises

s.166 Expenditure on software for sub-licensing

s.168 Relief for research and development

s.171 Policies of life insurance etc: miscellaneous amendments

s.174 Personal pension arrangements: limit on contributions

s.175 Payments to adopters

s.176 Foster carers

s.177 Currency contracts and currency options

s.178 Loan relationships: amendments

s.179 Derivative contracts: transactions within groups

s.180 Contributions to urban regeneration companies

s.183 Court common investment funds

s.184 Intangible fixed assets: tax avoidance arrangements and related parties

21 other sections in this Part — procedural and definitional

s.136 Provision of services through intermediary

s.137 Exemption where homeworker’s additional expenses met by employer

s.139 Approved share plans and schemes

s.140 Employee securities and options

s.142 Ending of relief for contributions to QUESTS

s.144 PAYE on notional payments: reimbursement period

s.145 PAYE: regulations and notional payments

s.155 Consequential amendments

s.157 Life insurance policies and deferred annuity contracts

s.158 Application of market value rule in case of exercise of option

s.159 Reporting limits and annual exempt amount

s.161 Earn-out rights to be treated as securities unless contrary election

s.162 Deferred unascertainable consideration: election for treatment of loss

s.164 Avoidance affecting proceeds of balancing event

s.167 First-year allowances for expenditure on environmentally beneficial plant or machinery

s.169 Tonnage tax: extension of capital allowance restrictions on lessors of ships

s.170 Insurance companies

s.172 Charges under life insurance policies for exceptional risk of disability

s.173 Gains on policies of life insurance etc: rate of tax

s.181 Repos etc

s.182 Relevant discounted securities: withdrawal of relief for costs and losses, etc

Part 8

Other taxes

5 of 10 sections shown

s.188 Exemption for fuel used in recycling processes

s.189 CHP exemption to be based on current efficiency

s.190 Supplies not known to be taxable when made, etc

s.192 Amendments about registration, payment etc

s.193 Electricity from renewable sources etc

5 other sections in this Part — procedural and definitional

s.185 Gifts with reservation

s.186 Authorised unit trusts, OEICs and common investment funds

s.187 Rate of landfill tax

s.191 Deemed supplies

s.194 Higher rate of tax: divided companies

Part 9

Miscellaneous and supplementary provisions

9 of 23 sections shown

s.195 Companies acquiring their own shares

s.197 Exchange of information between tax authorities of member States

s.198 Arrangements for mutual exchange of tax information

s.199 Savings income: Community obligations and international arrangements

s.202 Deduction of tax from interest: recognised clearing houses etc

amended 9 times (opens in a new tab)

s.204 Mandatory electronic payment

s.205 Use of electronic means of payment under other provisions

s.207 Consequential claims etc

s.212 Accounts of Consolidated Fund and National Loans Fund