Finance Bill 2002 index

Click on the links below to access the Explanatory Notes. This information will also be placed in the Vote Office and the Libraries of both Houses of Parliament. Members of the public will also be able to obtain hard copies of the Explanatory Notes from the Treasury Public Enquiry Unit 020 7270 4558.

Clauses 1-20

Internal Links
Clause 1: Rates of Tobacco Products Duty
Clause 2: Rates of Duty on Cider
Clause 3: Duty on Beverages made with Spirits to be at Spirits Rate
Clause 4: Reduced Rates of Duty on Beer from Small Breweries
Clause 5: Biodiesel
Clause 6: Regulating Trade in Rebated Heavy Oil
Clause 7: Fuel Substitutes
Clause 8: Amusement Machine Licence Duty: Excepted Machines
Clause 9: Amusement Machine Licence Duty: Rates of Duty
Clause 10: Rates of Gaming Duty
Clause 11: Gaming Duty: to be chargeable in respect of Sic Bo and Three Card Poker
Clause 12: Pool Betting Duty
Clause 13: General Betting Duty (spread bets)
Clause 14: General Betting Duty: Overseas bet-brokers
Clause 15: Cabs registered on or after 1 March 2001: Rates of Duty
Clause 16: Vans registered on or after 1 March 2001: Rates of Duty
Clause 17: Disclosure of information for Vehicle Excise Duty exemptions
Clause 18: Motorcycle (and motorcycle trade licences): Rates of Duty
Clause 19: Registered Vehicles etc
Clause 20: Calculating cylinder capacity of vehicles

Clauses 21-40

Internal Links
Clause 21: Drawback of Excise Duty
Clause 22: VAT: Disallowance on Input Tax where Consideration not paid
Clause 23: Flat Rate Scheme
Clause 24: Invoices
Clause 25: Relief from VAT on an acquisition if importation would attract relief
Clause 26: Charge and rates of Income Tax for 2002-03
Clause 27: Indexed rate bands for 2002-03: Paye deductions etc.
Clause 28:Personal allowance for 2003-04 for those aged under 65
Clause 29: Personal allowances for 2003-04 for those aged 65 or over
Clause 30: Corporation tax - charge and main rate for financial year 2003
Clause 31: Corporation tax - small companies' rate and fraction for financial year 2002
Clause 32: Corporation tax - starting rate and fraction for financial year 2002
Clause 33: Employer-subsidised public transport bus services internal
Clause 34: Car fuel: Calculation of cash equivalent of benefit internal
Clause 35: Statutory Paternity Pay and Statutory Adoption Pay internal
Clause 36: Exemption of minor benefits: Application to non-cash vouchers internal
Clause 37 and Schedule 6: Minor amendments to Schedule E charge internal
Clause 38: Provision of services through an intermediary: Minor amendments internal
Clause 39: Employee Share Ownership plans: Minor amendments internal
Clause 40: Treatment of deductions from payments to sub-contractors internal

Clauses 41-60

Internal Links
Clause 41: Reallocation within group of gain or loss accuring under section 179
Clause 42 and Schedule 7: Roll-over of degrouping charge on business assets
Clause 43 and Schedule 8: Exemptions for disposals by companies with substantial shareholding
Clause 44 and Schedule 9: Share Exchanges and company reconstructions
Clause 45: Taper Relief: Holding period for business assets
Clause 46 and Schedule 10: Taper Relief: Minor Amendments
Clause 47: Use of trading losses against chargeable gains
Clause 48: Election to forego roll-over relief on transfer of business
Clause 49: Shares acquired on same day: Election for alternative treatment
Clause 50 and Schedule 11: Deduction of personal losses from gains treated as accruing to settlors
Clause 51: Capital Gains Tax: Variation of dispositions taking effect on death
Clause 52 and Schedule 12: Tax Relief for expenditure on research and development
Clause 53 and Schedules 13 and 14: Tax Relief for expenditure on vaccine research etc.
Clause 54: Gifts of medical supplies and equipment
Clause 55 and Schedule 15: R&D Tax Relief for small and medium sized enterprises: Minor and consequential amendments
Clause 56 and Schedules 16 and 17: Community investment tax relief
Clause 57 and Schedule 18: Relief for Community amateur sports clubs
Clause 58 and Schedule 19: Cars with low carbon dioxide emissions
Clause 59: Expense of hiring cars with low carbon dioxide emissions
Clause 60 and Schedule 20: Plant or machinery for gas refuelling station: First-Year allowances

Clauses 61-80

Internal Links
Clause 61: Expenditure on green technologies: Leasing
Clause 62 and Schedule 21: First year allowances for expenditure wholly for a ring fence trade
Clause 63 and Schedule 22: Computation of profits: Adjustment on change of basis
Clause 64: Postponement of change to mark to market in certain cases
Clause 65: Election to continue postponement of mark to market
Clause 66: Mark to Market: Miscellaneous amendments
Clause 67: Expenditure involving crime
Clause 68: Qualifying contracts for unallowable purposes
Clause 69: Forward premiums and discounts under currency contracts
Clause 70: Accounting method where rate of interest is reset
Clause 71: Convertible securities etc: Loan relationships
Clause 72: Convertible securities etc: Issuing company not to be connected company
Clause 73: Convertible securities etc: Debtor relationships
Clause 74: Asset-linked loan relationships
Clause 75 and 77: Asset-linked loan relationships involving guaranteed returns & guaranteed returns on transactions involving futures and options
Clause 76: Loan Relationships ceasing to be within section 93 of the Finance Act 1996
Clause 78 and Schedule 23: Forex and exchange gains and losses from loan relationships etc
Clause 79 and Schedule 24: Corporation Tax: Currency
Clause 80: Transitional Provision

Clauses 81-100

Internal Links
Clause 81 and Schedule 25: Loan Relationships: General amendments
Clause 82 and Schedules 26,27 &28: Derivative contracts
Clause 83 and Schedules 29-30: Gains and losses from intangible fixed assets of company
Clause 84 and Schedule 31: Gains of insurance company from venture capital investment partnership
Clause 85: Lloyd's Underwriters
Clause 86: Life policies etc.: Chargeable events
Clause 87: Extension of power to give effect to double taxation arrangements
Clause 88: Controlled foreign companies: Territorial exclusions from S.748 exemptions
Clause 89: Controlled foreign companies and treaty non-resident companies
Clause 90: Supplementary charge in respect of ring fence trades
Clause 91: Assesment, recovery and postponement of supplementary charge
Clause 92: Supplementary charge: Transitional provisions
Clause 93: Deduction of tax: Payments to exempt bodies etc.
Clause 94: Deduction of tax by persons dealing in financial instruments
Clause 95: Cross-border royalties
Clause 96: Gifts of real property to charity
Clause 97: Gift aid: Election to be treated as if gift made in previous tax year
Clause 98: Films: Restriction of relief to films genuinely intended for theatrical release
Clause 99: Films: Exclusion of deferments from production expenditure
Clause 100: Distributions: Reasonable commercial return for use of principal secured

Clauses 101-120

Internal Links
Clause 101: References to accounting practice and periods of account
Clause 102: Discounted securities etc
Clause 103: Financial trading stock
Clause 104: Valuation of trading stock on transfer of trade
Clause 105: Banks etc. in compulsory liquidation
Clause 106: Manufactured dividends and interest
Clause 107 and Schedule 33: Venture capital trusts
Clause 108: Land in disadvantaged areas
Clause 109 and Schedule 34: Withdrawal of group relief
Clause 110: Restriction of relief for company acquisitions
Clause 111 and Schedule 35: Withdrawal of relief for company acquisitions
Clause 112: Penalties for late stamping
Clause 113: Contracts for the sale of an estate or interest in land chargeable as conveyances
Clause 114 and Schedule 36: Abolition of stamp duty on instruments relating to goodwill
Clause 115: IHT: Rate bands
Clause 116: IHT: Powers over, or exercisable in relation to, settled property or a settlement
Clause 117: IHT: Variation of dispositions taking effect on death
Clause 118: Air passenger duty: Extension of area to which EEA rates apply
Clause 119: Landfill tax: Rate
Clause 120: Climate change levy: Electricity produced in combined heat and power station

Clauses 121-140

Internal Links
Clause 121: Climate change levy: Certification requirement
Clause 122: Climate change levy: Exemption for renewable sources
Clause 123: Climate change levy: Electricity produced from coal mine methane
Clause 124: Climate change levy: Incorrect certificates
Clause 125: Climate change levy: Invoices incorrectly showing levy due
Clause 126: Aggregates levy: Transitional relief for Northern Ireland
Clause 127: Aggregates levy: Amendments to provisions exempting spoil etc.
Clause 128: Aggregates levy: Crushing and cutting rock
Clause 129: Aggregates levy: Miscellaneous amendments
Clause 130: Aggregates levy: Amendments to provisions about civil penalties
Clause 131: Recovery of taxes etc. due in other EU member states
Clause 132: Mandatory E-filing
Clause 133: Use of electronic communicators under other provisions
Clause 134: Lorry road-user charge
Clause 135: Authority of Bank of England to discharge functions in place of Bank of Ireland
Clause 136: Closure of UK gilts registers kept in Ireland
Clause 137: Administration of UK gilts
Clauses 138, 139 and 140: Supplementary clauses

Legislation index