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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.

Complete Text of Finance Bill (Parliamentary website)

Government Amendments and Government New Clauses

Clauses 1-20

• 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

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Clauses 21-40

• 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

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Clauses 41-60

• Clause 41: Reallocation within group of gain or loss accruing 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
  

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Clauses 61-80

• 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
  

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Clauses 81-100

• 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 (2.68MB) please note, this file will open in PDF format.
• 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: Assessment, 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

• 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

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Clauses 121-140

• 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

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Legislation index