Finance Act 1999

(b) stamp duty under Schedule 15 to the Finance Act 1999 was not chargeable on the issue of the instrument by virtue only of the exemption conferred by paragraph 17 of that Schedule (non-sterling bearer instruments); and

.

• (6) In subsection (3E) for paragraph (b) substitute—

(b) stamp duty under Schedule 15 to the Finance Act 1999 was not chargeable on the issue of the instrument— (i) by virtue only of the exemption conferred by section 79(2) above (bearer instruments relating to loan capital), or (ii) by virtue only of that provision and paragraph 17 of that Schedule (non-sterling bearer instruments);

.

7

• (1) In section 95 of the Finance Act 1986 (exceptions from charge to stamp duty reserve tax on entry into depositary receipt system), for subsection (2) substitute—

(2) There shall be no charge to tax under section 93 above in respect of a transfer, issue or appropriation of a UK bearer instrument, except in the case of— (a) an instrument within the exemption conferred by paragraph 16 of Schedule 15 to the Finance Act 1999 (renounceable letters of allotment etc. where rights are renounceable not later than six months after issue), or (b) an instrument within the exemption conferred by paragraph 17 of that Schedule (non-sterling instruments) which— (i) does not raise new capital, and (ii) is not issued in exchange for an instrument raising new capital.

.

• (2) There shall be no charge to tax under section 93 of that Act by virtue of paragraph (b) of subsection (2) of section 95 as substituted by sub-paragraph (1) above in the case of an instrument which gives effect to an agreement for a company merger or takeover entered into in writing by the companies involved before 30th January 1999.

8

• (1) In section 97 of the Finance Act 1986 (exceptions from charge to stamp duty reserve tax on entry into clearance system), for subsection (3) substitute—

(3) There shall be no charge to tax under section 96 above in respect of a transfer or issue of a UK bearer instrument, except in the case of— (a) an instrument within the exemption conferred by paragraph 16 of Schedule 15 to the Finance Act 1999 (renounceable letters of allotment etc. where rights are renounceable not later than six months after issue), or (b) an instrument within the exemption conferred by paragraph 17 of that Schedule (non-sterling instruments) which— (i) does not raise new capital, and (ii) is not issued in exchange for an instrument raising new capital.

.

• (2) There shall be no charge to tax under section 96 of that Act by virtue of paragraph (b) of subsection (3) of section 97 as substituted by sub-paragraph (1) above in the case of an instrument which gives effect to an agreement for a company merger or takeover entered into in writing by the companies involved before 30th January 1999.

9

In section 99 of the Finance Act 1986 (interpretation of Part IV), after subsection (1) insert—

(1A) “Bearer instrument” has the same meaning as in Schedule 15 to the Finance Act 1999. An instrument is a “UK bearer instrument” or “non-UK bearer instrument” according to whether it is issued by or on behalf of a UK company or a non-UK company within the meaning of that Schedule.

.

Finance Act 1987 (c. 16)

10

• (1) Section 50 of the Finance Act 1987 (warrants to purchase government stock etc.: exempt securities) is amended as follows.

• (2) In subsection (2) for “the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891” substitute “ Schedule 15 to the Finance Act 1999 (bearer instruments) ”.

• (3) In subsection (3)(b) for the words from “by virtue of section 30” to “1891” substitute “ exempt from stamp duty under paragraph 1 of Schedule 15 to the Finance Act 1999 (issue of bearer instrument) by virtue of paragraph 17 of that Schedule (certain non-sterling instruments) ”.

• (4) In subsection (3)(c) for the words from “by virtue of section 30” to “that heading” substitute “ exempt from stamp duty under that Schedule by virtue of paragraph 17 of that Schedule or section 79(2) of the Finance Act 1986 ”.

Finance Act 1988 (c. 39)

11

• (1) Section 143 of the Finance Act 1988 (paired shares) is amended as follows.

• (2) For subsection (2) substitute—

(2) In relation to an instrument to which this subsection applies, no duty is chargeable under paragraph 1 of Schedule 15 to the Finance Act 1999 (bearer instruments: charge on issue); but this does not affect the other requirements of that Schedule.

.

• (3) In subsection (3) for “This subsection applies” substitute “ Subsection (2) above applies ”.

• (4) For subsection (4) substitute—

(4) In relation to an instrument to which this subsection applies— (a) the foreign company shall be treated for the purposes of Schedule 15 to the Finance Act 1999 (stamp duty on bearer instruments) as a UK company, and (b) paragraph 17 of that Schedule (exemption for non-sterling instruments) shall not apply.

.

• (5) In subsection (5) for “This subsection applies” substitute “ Subsection (4) above applies ”.

Finance Act 1990 (c. 29)

12

For section 107 of the Finance Act 1990 (bearers: abolition of stamp duty) substitute—

(107) (1) Stamp duty shall not be chargeable under Schedule 15 to the Finance Act 1999 (bearer instruments). (2) Subsection (1) above applies in relation to the charge under paragraph 1 of that Schedule (charge on issue) where the instrument is issued on or after the abolition day. (3) Subsection (1) above applies in relation to the charge under paragraph 2 of that Schedule (charge on transfer of stock) where the stock constituted by or transferable by means of the instrument is transferred on or after the abolition day.

.

SCHEDULE 17

Part I — Amendments of penalties

Introduction

1

The amendments in this Part of this Schedule—

• (a) replace administrative fines by penalties;

• (b) amend provisions imposing a fine or penalty of a specified amount so as to impose a penalty not exceeding a specified amount;

• (c) increase or modernise in certain cases the maximum penalty.

Stamp Duties Management Act 1891 (c. 38)

2

• (1) The Stamp Duties Management Act 1891 is amended as follows.

• (2) In section 12A (lost or spoiled instruments), in subsection (2)(b) for “, fine or penalty” (twice) substitute “ or penalty ”.

• (3) In section 21 (penalty for frauds in relation to duties), for “a fine of fifty pounds” substitute “ a penalty not exceeding £3,000 ”.

Stamp Act 1891 (c. 39)

3

• (1) The Stamp Act 1891 is amended as follows.

• (2) In section 5 (failure to set out in instrument facts and circumstances affecting duty), for “a fine of ten pounds” substitute “ a penalty not exceeding £3,000 ”.

• (3) In section 9(1) (penalty for frauds in relation to instrument bearing adhesive stamp), for the words from “he shall” to the end substitute “ he is liable to a penalty not exceeding £3,000 ”.

• (4) In section 16 (rolls, books, etc. to be open to inspection), for “a fine of ten pounds” substitute “ a penalty not exceeding £300 ”.

• (5) In section 17 (penalty for enrolling, etc. instrument not duly stamped), for “a fine of ten pounds” substitute “ a penalty not exceeding £300 ”.

• (6) In section 83 (penalty on issuing etc. foreign etc. security not duly stamped), for “a fine of twenty pounds” substitute “ a penalty not exceeding £300 ”.

Finance Act 1946 (c. 64)

4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Finance (No. 2) Act (Northern Ireland) 1946 (c. 17 (N.I.))

5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Finance Act 1963 (c. 25)

6

In section 67(1) of the Finance Act 1963 (prohibition of circulation of blank transfers), for “fine” substitute “ penalty ” and for “£50” substitute “ £300 ”.

Finance Act (Northern Ireland) 1963 (c. 22 (N.I.))

7

In section 16(1) of the Finance Act (Northern Ireland) 1963 (prohibition of circulation of blank transfers), for “fine” substitute “ penalty ” and for “fifty pounds” substitute “ £300 ”.

Finance Act 1986 (c. 41)

8

In section 68(4) and (5) and section 71(4) and (5) of the Finance Act 1986 (depositary receipts and clearance services: failure to comply with requirements as to notification), for “fine” substitute “ penalty ”.

Part II — Determination of penalty, reviews and appeals

Introduction

9

• (1) This Part of this Schedule applies to penalties under the enactments relating to stamp duty, other than penalties under section 15B of the Stamp Act 1891 (penalty on late stamping).

• (2) Nothing in this Part of this Schedule affects criminal proceedings for an offence.

• (3) For the purposes of this Part “tribunal” means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal.

Determination of penalty by officer of Commissioners

10

• (1) An officer of the Commissioners authorised by the Commissioners for the purposes of this paragraph may make a determination—

• (a) imposing the penalty, and

• (b) setting it at such amount as in the officer’s opinion is correct or appropriate.

• (2) Notice of the determination must be served on the person liable to the penalty.

The notice must also state—

• (a) the date on which the notice is issued, and

• (b) the time within which an appeal against the determination may be made.

• (3) After notice of the determination has been served, the determination cannot be altered except—

• (a) in accordance with sub-paragraph (4),

• (b) by agreement in writing, or

• (c) on appeal.

• (4) If it is discovered by an officer of the Commissioners authorised by the Commissioners for the purposes of this paragraph that the amount of a penalty determined under this paragraph is or has become insufficient, the officer may make a determination in a further amount so that the penalty is set at the amount which in the officer’s opinion is correct or appropriate.

• (5) If a person liable to a penalty has died—

• (a) any determination which could have been made in relation to that person may be made in relation to his personal representatives, and

• (b) any penalty imposed on them is a debt due from and payable out of the person’s estate.

• (6) A penalty determined under this paragraph is due and payable at the end of the period of 30 days beginning with the date of the issue of the notice of determination.

11

• (1) An appeal may be made against a determination under paragraph 10.

• (2) Notice of appeal must be given in writing to the officer of the Commissioners by whom the determination was made within 30 days of the date of the notice of the determination.

• (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (4) The notice of appeal must specify the grounds of appeal.

• (4A) Sections 49A to 49I of the Taxes Management Act 1970 shall apply to appeals under this paragraph, subject to the modifications in sub-paragraphs (4B) to (4E).

• (4B) In the application of section 49C(4) for “contained in an agreement in writing under section 54(1) for the settlement of the matter” there is to be substituted “a written agreement under paragraph 10(3)(b) of Schedule 17 to the Finance Act 1999”.

• (4C) Section 49C(5) and (6) are not to apply.

• (4D) In the application of section 49F(2) for “an agreement in writing under section 54(1) for the settlement of the matter in question” there is to be substituted “a written agreement under paragraph 10(3)(b) of Schedule 17 to the Finance Act 1999”,

• (4E) Sections 49F(3) and (4) are not to apply.

• (4F) References to “the tribunal” are to be taken to be references to the “First-tier Tribunal.

• (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (6) On an appeal under this paragraph the First-tier Tribunal may—

• (a) if it appears ... that no penalty has been incurred, set the determination aside;

• (b) if the amount determined appears ... to be appropriate, confirm the determination;

• (c) if the amount determined appears ... to be excessive, reduce it to such other amount (including nil) as the First-tier Tribunal considers appropriate;

• (d) if the amount determined appears ... to be insufficient, increase it to such amount not exceeding the permitted maximum as the First-tier Tribunal considers appropriate.

12

• (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (2) In addition to any right of appeal on a point of law under section 11(2) of the Tribunals, Courts and Enforcement Act 2007, the person liable to the penalty may appeal to the Upper Tribunal against the amount of the penalty which had been determined under paragraph 11(6) above, but not against any decision which falls under section 11(5)(d) or (e) of that Act and was made in connection with the determination of the amount of the penalty.

• (2A) Section 11(3) and (4) of the Tribunals, Courts and Enforcement Act 2007 applies to the right of appeal under sub-paragraph (2) as it applies to the right of appeal under section 11(2) of that Act.

• (3) On an appeal under sub-paragraph (2) the Upper Tribunal has the same powers as are conferred on the First-tier Tribunal by paragraph 11(6) above.

Penalty proceedings before the court

13

• (1) Where in the opinion of the Commissioners the liability of a person for a penalty arises by reason of his fraud or the fraud of another person, proceedings for the penalty may be brought—

• (a) in the High Court, or

• (b) in Scotland, in the Court of Session sitting as the Court of Exchequer.

• (2) Proceedings under this paragraph in England and Wales shall be brought—

• (a) by and in the name of the Commissioners as an authorised department for the purposes of the Crown Proceedings Act 1947, or

• (b) in the name of the Attorney General.

Any such proceedings shall be deemed to be civil proceedings by the Crown within the meaning of Part II of the Crown Proceedings Act 1947.

• (3) Proceedings under this paragraph in Scotland shall be brought in the name of the Advocate General for Scotland.

• (4) Proceedings under this paragraph in Northern Ireland shall be brought—

• (a) by and in the name of the Commissioners as an authorised department for the purposes of the Crown Proceedings Act 1947 as for the time being in force in Northern Ireland, or

• (b) in the name of the Attorney General for Northern Ireland.

Any such proceedings shall be deemed to be civil proceedings within the meaning of Part II of the Crown Proceedings Act 1947 as for the time being in force in Northern Ireland.

• (5) If in proceedings under this paragraph the court does not find that fraud is proved but considers that the person concerned is nevertheless liable to a penalty, the court may determine a penalty notwithstanding that, but for the opinion of the Commissioners as to fraud, the penalty would not have been a matter for the court.

• (6) Paragraph 10 above (determination of penalty by officer of Commissioners) does not apply where proceedings are brought under this paragraph.

Supplementary provisions

14

• (1) The Commissioners may in their discretion mitigate any penalty, or stay or compound any proceedings for the recovery of a penalty.

• (2) They may also, after judgment, further mitigate or entirely remit the penalty.

15

A penalty may be determined under paragraph 10, or proceedings for a penalty brought under paragraph 13, at any time within six years after the date on which the penalty was incurred.

Part III — Power to apply provisions as to collection and recovery etc

16

• (1) The Treasury may make regulations applying in relation to penalties to which Part II of this Schedule applies such provisions of the Taxes Management Act 1970 as they think fit.

• (2) The regulations may apply the provisions of that Act with such modifications as the Treasury think fit.

• (3) Regulations under this paragraph shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the House of Commons.

17

Without prejudice to the generality of the power conferred by paragraph 16, regulations under that paragraph may apply—

• (a) any of the provisions of Part VI of the Taxes Management Act 1970 (collection and recovery), and

• (b) such of the provisions of Part XI of that Act (miscellaneous and supplemental provisions) as appear to the Treasury to be appropriate.

18

Sections 21, 22 and 35 of the Inland Revenue Regulation Act 1890 (proceedings for fines, etc.) do not apply in relation to penalties to which Part II of this Schedule applies.

SCHEDULE 18

Part I — Minor amendments

Introduction

1

The provisions of this Part of this Schedule have effect for the purposes of the enactments relating to stamp duty.

Payment by cheque

2

• (1) Where—

• (a) any payment to the Commissioners is made by cheque, and

• (b) the cheque is paid on its first presentation to the banker on whom it is drawn,

the payment is treated as made on the day on which the cheque was first received by the Commissioners.

• (2) Sub-paragraph (1) applies where the cheque was first received by the Commissioners on or after 1st October 1999.

Admissibility of evidence not affected by offer of settlement, etc.

3

• (1) Statements made or documents produced by or on behalf of a person are not inadmissible in any such proceedings as are mentioned in sub-paragraph (2) by reason only that it has been drawn to that person’s attention—

• (a) that where serious stamp duty fraud has been committed the Board may accept a money settlement and that the Board will accept such a settlement, and will not pursue a criminal prosecution, if he makes a full confession of all stamp duty irregularities, or

• (b) that the extent to which he is helpful and volunteers information is a factor that will be taken into account in determining the amount of any penalty,

and that he was or may have been induced thereby to make the statements or produce the documents.

• (2) The proceedings mentioned in sub-paragraph (1) are—

• (a) any criminal proceedings against the person in question for any form of fraudulent conduct in connection with or in relation to stamp duty, and

• (b) any proceedings against that person for the recovery of any stamp duty or interest on unpaid stamp duty due from him, and

• (c) any proceedings for a penalty, or on appeal against the determination of a penalty, in connection with or in relation to stamp duty.

References to duration of lease

4

In relation to Scotland, the expression “term”, where referring to the duration of a lease, means “period”.

Part II — Obsolete provisions

5

• (1) Section 13 of the Stamp Duties Management Act 1891 (certain offences in relation to dies and stamps provided by the Commissioners to be felonies) is amended as follows.

• (2) For the sidenote substitute “Offences in relation to dies and stamps.”.

• (3) Make the existing provision subsection (1) and at the beginning, for “Every person who” substitute “ A person commits an offence who ”.

• (4) Omit the words from “shall be guilty of felony” to the end.

• (5) After subsection (1) insert—

(2) A person guilty of an offence under this section is liable— (a) on summary conviction, to imprisonment for a term not exceeding six months or a fine not exceeding the statutory maximum, or both; (b) on conviction on indictment, to imprisonment for a term not exceeding ten years or a fine, or both.

.

• (6) This paragraph has effect in relation to things done or omitted on or after 1st October 1999.

6

• (1) The following provisions of the Stamp Duties Management Act 1891 shall cease to have effect—

• in section 2 (recovery of money received for duty), subsections (2) and (3);

• section 3 (power to grant licences to deal in stamps);

• section 4 (penalty for unauthorised dealing in stamps etc.);

• section 5 (provisions as to determination of a licence);

• section 6 (penalty for hawking stamps);

• section 8 (discount on sale of stamps);

• section 9(2) and (3) (cases in which allowance may be made for spoiled adhesive stamps);

• in section 11 (how allowance to be made), the words from “deducting therefrom” to the end;

• section 12 (repurchase of stamps by Commissioners);

• section 17 (proceedings for detection of stamps stolen or fraudulently obtained);

• section 18 (licensed person in possession of forged stamps to be presumed guilty);

• section 19 (mode of proceeding when stamps are seized);

• section 20 (defacement of adhesive stamps);

• section 25 (mode of granting licences).

• (2) This paragraph comes into force on 1st October 1999.

SCHEDULE 19

Part I — Abolition of stamp duty on transfers etc. of units in unit trusts

1

• (1) No stamp duty is chargeable on a transfer or other instrument relating to a unit under a unit trust scheme.

• (2) Sub-paragraph (1) does not affect any charge to stamp duty—

• (a) on a conveyance or transfer on sale of property other than units under a unit trust scheme in relation to which such units form the whole or part of the consideration, or

• (b) under Schedule 15 to this Act (bearer instruments).

• (3) This paragraph has effect in relation to instruments executed on or after 6th February 2000.

Part II — Stamp duty reserve tax on dealings with units in unit trusts

Charge to tax

2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Rate of tax

3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proportionate reduction of tax by reference to units issued

4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proportionate reduction of tax by reference to assets held

5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Exclusion of charge in certain cases of change of ownership

6

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Exclusion of charge in case of in specie redemption

7

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interpretation

8

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transitional provision

9

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part III — Minor and consequential amendments

Finance Act 1986 (c. 41)

10

In section 88(1) of the Finance Act 1986 (instruments exempt from stamp duty disregarded for the purpose of repayment etc. of stamp duty reserve tax), after paragraph (b) insert—

, or (c) Part I of Schedule 19 to the Finance Act 1999 (transfers etc. of units in unit trusts),

.

11

• (1) Section 90 of the Finance Act 1986 (exceptions from general charge to stamp duty reserve tax) is amended as follows.

• (2) In subsection (1) (transfer of unit to managers of unit trust scheme) for “to the managers” substitute “ to or from the managers ”.

• (3) After that subsection insert—

(1A) Section 87 above shall not apply as regards an agreement to transfer a unit under a unit trust scheme if an instrument executed at the same time as the agreement and giving effect to the agreement would be exempt from stamp duty (if stamp duty were otherwise chargeable) by virtue of— (a) section 42 of the Finance Act 1930 or section 11 of the Finance Act (Northern Ireland) 1954 (transfers between associated companies), or (b) regulations under section 87(2) of the Finance Act 1985 (power to exempt instruments from stamp duty of fixed amount).

.

• (4) After the subsection inserted by sub-paragraph (3) insert—

(1B) Section 87 above shall not apply as regards an agreement to transfer trust property to the unit holder on the surrender to the managers of a unit under a unit trust scheme. The reference here to the surrender of a unit has the same meaning as in Part II of Schedule 19 to the Finance Act 1999.

.

• (5) The amendments in sub-paragraphs (2) and (3) apply where the relevant day for the purposes of section 87 of the Finance Act 1986 falls on or after 6th February 2000.

• (6) The amendment in sub-paragraph (4) applies where the surrender (within the meaning of Part II of Schedule 19 to the Finance Act 1999) occurs on or after 6th February 2000.

12

• (1) Section 99 of the Finance Act 1986 (general interpretation provisions) is amended as follows.

• (2) In subsection (5) (securities excepted from being chargeable securities), in paragraph (a), after “securities” insert “ falling within paragraph (a), (b) or (c) of subsection (3) above ”.

• (3) After that subsection insert—

(5A) “Chargeable securities” does not include a unit under a unit trust scheme if— (a) all the trustees under the scheme are resident outside the United Kingdom and the unit is not registered in a register kept in the United Kingdom by or on behalf of the trustees under the scheme; or (b) under the terms of the scheme the trust property can only be invested in exempt investments. (5B) For the purposes of subsection (5A)(b)— (a) an investment other than an interest under a collective investment scheme is an exempt investment if, and only if— (i) it is not an investment on the transfer of whichad valorem stamp duty would be chargeable, and (ii) it is not a chargeable security; (b) an interest under a collective investment scheme is an exempt investment if, and only if, the scheme is an authorised unit trust scheme or an open-ended investment company and under the terms of the scheme the property subject to the scheme— (i) cannot be invested in such a way that income can arise to the trustees or the company that will be chargeable to tax in their hands otherwise than under Case III of Schedule D, and (ii) can only be invested in exempt investments; (c) a derivative is an exempt investment if, and only if, it relates wholly to one or more exempt investments; and (d) funds held for the purposes of the day to day management of the unit trust scheme are not regarded as investments. In this subsection “authorised unit trust scheme”, “collective investment scheme” and “open-ended investment company” have the same meaning as in the Financial Services Act 1986.

.

• (4) For subsection (9) (meaning of “unit” and “unit trust scheme”) substitute—

(9) “Unit trust scheme” and related expressions have the meanings given by Part IV of Schedule 19 to the Finance Act 1999.

.

Finance Act 1995 (c. 4)

13

• (1) Section 152 of the Finance Act 1995 (power to apply tax legislation to open-ended investment companies) is amended as follows.

• (2) In subsection (2)(b) for “Part IV of the Finance Act 1986 (stamp duty reserve tax)” substitute “ stamp duty reserve tax ”.

• (3) In subsection (3)(c)—

• (a) for “Part IV of the Finance Act 1986” substitute “ the enactments relating to stamp duty or stamp duty reserve tax ”, and

• (b) for “the enactments relating to stamp duty” substitute “ those enactments ”.

• (4) In subsection (6) at the appropriate place insert—

“the enactments relating to stamp duty reserve tax” means Part IV of the Finance Act 1986 and any enactment which amends or is required to be construed as one with that Part;

.

Part IV — General definitions

Meaning of “unit trust scheme” and related expressions

14

• (1) The following definitions apply for the purposes of the enactments relating to stamp duty and the enactments relating to stamp duty reserve tax.

• (2) “Unit trust scheme” has the meaning given by section 237(1) of the Financial Services and Markets Act 2000, subject to paragraphs 15 to 18.

• (3) In relation to a unit trust scheme—

• “trust instrument” means the trust deed or other instrument (whether under seal or not) creating or recording the trusts on which the property in question is held;

• “trust property” means the property subject to the trusts of the trust instrument;

• “unit” means a right or interest (whether described as a unit, as a sub-unit or otherwise) of a beneficiary under the trust instrument;

• “unit holder” means a person entitled to a share of the trust property; and

• “certificate to bearer”, in relation to a unit, means a document by the delivery of which the unit can be transferred.

Schemes not treated as unit trust schemes

15

References in the enactments relating to stamp duty and the enactments relating to stamp duty reserve tax to a unit trust scheme do not include—

• (a) a common investment scheme under section 22 of the Charities Act 1960, section 25 of the Charities Act (Northern Ireland) 1964 , section 24 of the Charities Act 1993 or section 96 of the Charities Act 2011,

• (b) a common deposit scheme under section 22A of the Charities Act 1960 , section 25 of the Charities Act 1993 or section 100 of the Charities Act 2011, or

• (c) a unit trust scheme the units in which are under the terms of the trust instrument required to be held only by charitable companies or trustees of charitable trusts.

16

References in the enactments relating to stamp duty and the enactments relating to stamp duty reserve tax to a unit trust scheme do not include common investment arrangements made by trustees of exempt approved schemes (within the meaning of section 592(1) of the Taxes Act 1988) solely for the purposes of the schemes.

17

• (1) The Treasury may by regulations provide that any scheme of a description specified in the regulations shall be treated as not being a unit trust scheme for the purposes of the enactments relating to stamp duty and the enactments relating to stamp duty reserve tax.

• (2) Regulations under this paragraph—

• (a) may contain such supplementary and transitional provisions as appear to the Treasury to be necessary or expedient, and

• (b) shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the House of Commons.

• (3) This paragraph replaces section 57(1A) and (1B) of the Finance Act 1946 and section 28(1A) and (1B) of the Finance (No.2) Act (Northern Ireland) 1946.

• (4) Any regulations having effect under those provisions for the purposes of Part VII of the Finance Act 1946 or Part III of the Finance (No.2) Act (Northern Ireland) 1946 which are in force immediately before the commencement of this Schedule shall have effect as if made under this paragraph.

Treatment of umbrella schemes

18

• (1) For the purposes of the enactments relating to stamp duty and the enactments relating to stamp duty reserve tax each of the parts of an umbrella scheme is regarded as a unit trust scheme and the scheme as a whole is not so regarded.

• (2) An “umbrella scheme” means a unit trust scheme—

• (a) which provides arrangements for separate pooling of the contributions of participants and of the profits or income out of which payments are to be made to them, and

• (b) under which the participants are entitled to exchange rights in one pool for rights in another;

and a “part of an umbrella scheme” means such of the arrangements as relate to a separate pool.

• (3) In relation to a part of an umbrella scheme—

• (a) any reference to the trust property has effect as a reference to such of the trust property as under the arrangements forms part of the separate pool to which the part of the umbrella scheme relates, and

• (b) any reference to a unit holder has effect as a reference to a person for the time being having rights in that separate pool.

References to stock in stamp duty enactments include units under unit trust scheme

19

In the enactments relating to stamp duty—

• (a) any reference to stock includes a unit under a unit trust scheme, and

• (b) any reference to a stock certificate to bearer includes a certificate to bearer in relation to a unit under a unit trust scheme.

SCHEDULE 20

Part I — Excise duties

Part II — Value added tax

Part III — Income tax, corporation tax and capital gains tax

Part IV — Oil taxation

Part V — Stamp duty and stamp duty reserve tax

Part VI — Interest on customs duty etc

Part VII — Electronic communications

Rate of duty on sparkling cider.

Rates of duty and rebate on hydrocarbon oil.

Increased rebate on higher octane unleaded petrol.

Drawback of duty on exportation.

Rates of gaming duty.

Rates of duty for goods vehicles.

Works of art, antiques, etc.

Assignment of debts.

Penalties for incorrect certificates.

Groups of companies.

Repayments attracting repayment supplement.

Corporation tax starting rate.

Repayments attracting repayment supplement.

Income of unmarried child of settlor.

Group relief: consequences of reduction in surrenderable amount.

Interest and penalties on late stamping.

General amendment of charging provisions.

Group relief: consequences of reduction in surrenderable amount.

Rate of insurance premium tax.

PRT returns.

Penalties.

Interest and penalties on late stamping.

General amendment of charging provisions.

Interest on repayment of duty overpaid etc.

Rate of insurance premium tax.

Interest on unpaid customs debts.

PRT returns.

Company tax returns, etc.

Business assets: roll-over relief.

Penalties.

PRT returns.

Business assets: roll-over relief.

Penalties.

Interest and penalties on late stamping.

General amendment of charging provisions.

Power to exempt UK depositary interests in foreign securities.

General amendment of charging provisions.

Interest on unpaid customs debts.

Rate of insurance premium tax.

Interest on unpaid customs debts.

Stamp duty and stamp duty reserve tax: unit trusts.

Interest on repayments.

Interest on repayment of duty overpaid etc.

Bearer instruments.

Minor amendments of exceptions to general charge.

Stamp duty and stamp duty reserve tax: unit trusts.

Rate of insurance premium tax.

Interest on repayments.

Definition of Government Stock.

The Schedule inserted after Schedule 13A to the Taxes Act 1988 is as follows—

and in the closing words for “Funds” (twice) substitute “ funds ”.

After Schedule 5B to the Taxation of Chargeable Gains Act 1992 (EIS re-investment) insert—

Stamp Act 1891 (c.39)

Finance Act 1994 (c.9)

Finance Act 1930 (c.28)

Finance Act (Northern Ireland) 1954 (c.23 (N.I.))

Finance Act 1970 (c.24)

Finance Act 1980 (c.48)

Finance Act 1982 (c.39)

Finance Act 1985 (c.54)

Finance Act 1986 (c.41)

Finance Act 1987 (c.16)

Finance Act 1989 (c.26)

National Health Service and Community Care Act 1990 (c.19)

Finance Act 1991 (c.31)

Finance Act 1993 (c.34)

Finance Act 1994 (c.9)

Finance Act 1995 (c.4)

Finance Act 1963 (c.25)

Finance Act 1976 (c.40)

Finance Act 1984 (c.43)

Finance Act 1986 (c.41)

Finance Act 1987 (c.16)

Finance Act 1988 (c.39)

Finance Act 1990 (c.29)

Stamp Duties Management Act 1891 (c.38)

Stamp Act 1891 (c.39)

Finance Act 1946 (c.64)

Finance (No. 2) Act (Northern Ireland) 1946 (c.17 (N.I.))

Finance Act 1963 (c.25)

Finance Act (Northern Ireland) 1963 (c.22 (N.I.))

Finance Act 1986 (c.41)

Exclusion of charge in case of individual pension accounts

6A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Finance Act 1986 (c.41)

Finance Act 1995 (c.4)

In section 257A—

Section 1.

Editorial notes

[^c1126204]: 1979 c.4.

[^c1126205]: 1979 c.5

[^c1126206]: 1979 c.5.

[^c1126207]: 1979 c.7

[^c1126208]: 1981 c.63

[^c1126209]: 1997 c.16

[^c1126210]: 1944 c.22

[^c1126211]: 1979 c.2.

[^c1126212]: 1979 c.3.

[^c1126213]: S.11 partly in force; s.11(1)(2)(4) in force at Royal Assent, see s.11(4)

[^c1126214]: 1992 c.48.

[^c1126215]: 1994 c.23.

[^c1126216]: 1994 c.23.

[^c1126217]: 1994 c.23.

[^c1126219]: S. 15(4) ceased to have effect (1.12.1999) by S.I. 1999/3029, reg. 5

[^c1126220]: S.I 1995/2518.

[^c1126221]: 1994 c.23.

[^c1126222]: 1994 c.23.

[^c1126223]: S. 20(2) power fully exercised (12.10.1999): 1.12.1999 appointed by S.I. 1999/2769, art. 2

[^c1126225]: S. 21 repealed (1.4.2001) by 2000 c. 20, ss. 21(4), 29(2), Sch. 2; S.I. 2000/3349, art. 3 (subject to transitional provisions in arts. 4, 5)

[^c1126235]: 1988 c.39.

[^c1126238]: S. 47 repealed (28.7.2000 with effect as mentioned in Sch. 40 Pt. II(3) Note of the amending Act) by 2000 c. 17, s. 156, Sch. 40 Pt. II(3)

[^c1126250]: 1998 c.36.

[^c1126260]: 1991 c.31

[^c1126261]: S. 59(3)(b) power fully exercised: 1.9.2000 appointed by S.I. 2000/2004, art. 2

[^c1126265]: 1997 c.58.

[^c1126268]: 1992 c.12.

[^c1126269]: 1998 c.36.

[^c1126270]: 1996 c.8.

[^c1126271]: 1993 c.34.

[^c1126272]: 1992 c.12.

[^c1126275]: 1992 c.12.

[^c1126276]: 1995 c.4.

[^c1126277]: 1992 c.12.

[^c1126278]: 1992 c.12.

[^c1126280]: S. 77 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

[^c1126283]: S. 78 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

[^c1126289]: 1996 c.8.

[^c1126290]: 1996 c.8.

[^c1126291]: 1992 c.12.

[^c1126293]: 1993 c.34.

[^c1126294]: S. 81(13) inserted (24.7.2002 coming into force in accordance with s. 67(4)(b)) by 2002 c. 23, s. 67(3)(4)(b)

[^c1126295]: 1992 c.12.

[^c1126296]: 1993 c.34.

[^c1126297]: 1992 c.12.

[^c1126298]: 1993 c.34.

[^c1126301]: 1970 c.9.

[^c1126303]: 1998 c.36.

[^c1126304]: 1970 c.9.

[^c1126305]: 1990 c.29.

[^c1126306]: 1998 c.36.

[^c1126307]: 1975 c.22.

[^c1126308]: 1983 c.56.

[^c1126309]: 1983 c.56.

[^c1126310]: 1980 c.48.

[^c1126311]: 1975 c.22.

[^c1126312]: 1983 c.56.

[^c1126313]: 1975 c.22.

[^c1126315]: 1982 c.39.

[^c1126316]: 1983 c.56.

[^c1126318]: 1994 c.9.

[^c1126319]: 1975 c.22.

[^c1126320]: 1987 c.16.

[^c1126321]: 1992 c.12.

[^c1126322]: 1986 c.41.

[^c1126323]: 1984 c.51.

[^c1126324]: 1986 c.41.

[^c1126326]: 1984 c.51.

[^c1126327]: 1984 c.51.

[^c1126328]: 1984 c.51.

[^c1126329]: 1891 c.39.

[^c1126330]: 1989 c.26.

[^c1126331]: 1989 c.26.

[^c1126332]: S. 110 applied (28.7.2000) by 2000 c. 17, s. 117, Sch. 33 para. 5(2) (with Sch. 33 para. 9(2))

[^c1126333]: 1891 c.38.

[^c1126334]: 1989 c.26.

[^c1126337]: S. 111 repealed (with effect as mentioned in Sch. 20 Pt. V(2), Notes 1, 2) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2), Notes 1,2

[^c1126338]: 1963 c.25.

[^c1126339]: 1963 c.22(N.I.).

[^c1126340]: 1891 c.39(N.I.).

[^c1126342]: 1986 c.41.

[^c1126346]: 1986 c.41.

[^c1126349]: 1986 c.41.

[^c1126350]: 1989 c.40.

[^c1126351]: 1996 c.8.

[^c1126357]: 1970 c.9.

[^c1126360]: S. 122 modified (6.2.2000) by S.I. 1997/1156, reg. 4(1)-(5) (as inserted (6.2.2000) by S.I. 1999/3261, reg. 5)

[^c1126361]: 1946 c.64.

[^c1126362]: 1946 c.17(N.I.).

[^c1126363]: 1891 c.39.

[^c1126364]: 1986 c.41.

[^c1126365]: 1986 c.41.

[^c1126366]: 1990 c.29.

[^c1126373]: 1996 c.8.

[^c1126375]: S. 126 excluded (1.4.2000) by S.I. 1995/2518, reg. 118(g) (as inserted (1.4.2000) by S.I. 2000/634, reg. 3(2))

[^c1126376]: 1996 c.8.

[^c1126377]: S. 126(8)(a) power fully exercised: 1.4.2000 appointed by S.I. 2000/632, art. 2

[^c1126381]: S. 127 excluded (1.4.2000) by S.I. 1995/2518, reg. 118(g) (as inserted (1.4.2000) by S.I. 2000/634, reg. 3(2))

[^c1126382]: Words in s. 127(1)(b) substituted (retrospectively) by 2000 c. 17, s. 29

[^c1126383]: S. 127(3) substituted (1.4.2000) by SI. 2000/633, art. 2

[^c1126384]: 1882 c. 61; section 92 was amended by sections 3(1) and (3) and 4(4) of the Banking and Financial Dealings Act 1971 (c. 80).

[^c1126385]: 1996 c.8.

[^c1126386]: S. 127(11) power fully exercised: 1.4.2000 appointed by S.I. 2000/632, art. 2

[^c1126387]: S. 129 modified (1.4.2000) by S.I. 1995/2518, reg. 121(3) (as substituted (1.4.2000) by S.I. 2000/634, reg. 6)

[^c1126388]: S. 129(6) power fully exercised: 1.4.2000 appointed by S.I. 2000/632, art. 2

[^c1126389]: 1994 c.9.

[^c1126390]: 1996 c.8.

[^c1126391]: S. 132 modified (24.11.2002) by 2002 c. 22, s. 53, Sch. 7 para 53; S.I. 2002/2866, art. 2(1), Sch. 1 Pt. 1

[^c1126393]: 1978 c.30.

[^c1126394]: S. 133 modified (24.11.2002) by 2002 c. 22, s. 53, Sch. 7 para. 53; S.I. 2002/2866, art. 2(1), Sch. 1 Pt. 1

[^c1126395]: S. 133 partly in force: s. 133(1)(2)(4)(5) in force at Royal Assent, s. 133(3) not in force, see s. 133(4)

[^c1126396]: 1970 c.9.

[^c1126397]: 1968 c.13.

[^c1126398]: 1971 c.29.

[^c1126400]: 1971 c.80.

[^c1126401]: 1942 c.21.

[^c1126402]: 1968 c.13.

[^c1126403]: 1971 c.29.

[^c1126405]: 1994 c.22.

[^c1126406]: 1994 c.22.

[^c1126407]: 1994 c.22.

[^c1126408]: 1994 c.23.

[^c1126409]: 1985 c.6.

[^c1126410]: 1994 c.23.

[^c1126411]: 1994 c.23.

[^c1126413]: 1992 c.12.

[^c1126436]: 1998 c.46.

[^c1126443]: 1992 c.12.

[^c1126445]: Sch. 10 applied (with modifications) (10.5.2000) by S.I. 2000/1085, regs. 3-8 Sch. 10 applied (S.) (28.1.2002) by S.I. 1995/365, Pt. W para. W14(2) (as inserted (28.1.2002) by S.S.I. 2001/465, reg. 3, Sch. 1)

[^c1126449]: Sch. 11 para. 4 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

[^c1126450]: Sch. 11 para. 5 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

[^c1126451]: Sch. 11 para. 6 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

[^c1126452]: Sch. 11 para. 7 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

[^c1126453]: Sch. 11 para. 8 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

[^c1126457]: Sch. 13 para. 4: figure in fourth entry substituted (retrospective to 28.3.2000 and with effect as mentioned in s. 114(2)(3) of the amending Act) by 2000 c. 17, s. 114(1)(b)(2)-(4)

[^c1126458]: Sch. 13 para. 4: figure in third entry entry substituted (retrospective to 28.3.2000 and with effect as mentioned in s. 114(2)(3) of the amending Act) by 2000 c. 17, s. 114(1)(a)(2)-(4)

[^c1126462]: Sch. 13 para. 6 modified (retrospective to 28.3.2000 and with effect as mentioned in s. 129(5) and Sch. 34 para. 4(3) of the amending Act) by 2000 c. 17, s. 129(3)(5), Sch. 34 para. 4(1)(3) (with s. 129(4)) Sch. 13 para. 6 modified (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92, Sch. 30 para. 3(1); S.I. 2001/3748, art. 2 Sch. 13 para. 6 modified (retrospective to 24.7.2002 with application as mentioned in Sch. 37 para. 3(3) of the amending act) by 2002 c. 23, s. 116(2)(4)(5), Sch. 37, para. 3

[^c1126463]: Sch. 13 para. 6(1) restricted (27.7.1999 with effect as mentioned in s. 112(6) of 1999 c. 16) by 1991 c. 31, s. 113(1) (as inserted (27.7.1999 with effect as mentioned in s. 112(6) of the amending Act) by 1999 c. 16, ss. 112(4), 122, Sch. 14 para. 27)

[^c1126464]: Sch. 13 Pt. I paras. 7-9 modified (28.11.2001) by S.I. 2001/3746, art. 7(1)(a)

[^c1126469]: Sch. 13 Pt. I paras. 7-9 modified (28.11.2001) by S.I. 2001/3746, art. 7(1)(a)

[^c1126470]: Sch. 13 Pt. I paras. 7-9 modified (28.11.2001) by S.I. 2001/3746, art. 7(1)(a)

[^c1126454]: Sch. 13 Pt. I excluded (28.7.2000 with effect as mentioned in s. 130(10) of the amending Act) by 2000 c. 17, s. 130(1)(10)

[^c1126455]: Sch. 13 Pt. I modified (retrospective to 28.3.2000 and with effect as mentioned in s. 118(10)(11) of the amending Act) by 2000 c. 17, s. 118 (with s. 118(9)) Sch. 13 Pt. I modified (retrospective to 28.3.2000 and with effect as mentioned in s. 119(11)(12) of the amending Act) by 2000 c. 17, s. 119 (with s. 120) Sch. 13 Pt. I modified (retrospective to 28.3.2000 and with effect as mentioned in s. 122(8)(9) of the amending Act) by 2000 c. 17, s. 122 Sch. 13 Pt. I amended (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92, Sch. 30 para. 1(1); S.I. 2001/3748, art. 2 Sch. 13 Pt. I excluded (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92(1); S.I. 2001/3748, art. 2

[^c1126473]: Sch. 13 para. 11 table: figure in para. 1 substituted (retrospective to 28.3.2000 and with effect as mentioned in s. 115(2) of the amending Act) by 2000 c. 17, s. 115(1)(a)(2)(3)

[^c1126474]: Sch. 13 para. 12(3) table: words in para. 1 substituted (retrospective to 28.3.2000 and with effect as mentioned in s. 116(2) of the amending Act) by 2000 c. 17, s. 116

[^c1126475]: Sch. 13 para. 12(3) table: figure in para. 1(a)(b) substituted (retrospective to 28.3.2000 and with effect as mentioned in s. 115(2) of the amending Act) by 2000 c. 17, s. 115(1)(b)(2)(3)

[^c1126477]: Sch. 13 Pt. II para. 14 modified (28.11.2001) by S.I. 2001/3746, art. 7(1)(b)

[^c1126478]: Sch. 13 Pt. II para. 15 modified (28.11.2001) by S.I. 2001/3746, art. 7(1)(b)

[^c1126471]: Sch. 13 Pt. II excluded (28.7.2000 with effect as mentioned in s. 130(10) of the amending Act) by 2000 c. 17, s. 130(1)(10)

[^c1126472]: Sch. 13 Pt. II modified (retrospective to 28.3.2000 and with effect as mentioned in s. 121(10)(11) of the amending Act) by 2000 c. 17, s. 121(2)(10)-(12) Sch. 13 Pt. II amended (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92, Sch. 30 para. 1(1); S.I. 2001/3748, art. 2 Sch. 13 Pt. II excluded (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92(1); S.I. 2001/3748, art. 2

[^c1126481]: 1891 c.39.

[^c1126482]: 1942 c.21.

[^c1126487]: 1971 c.68.

[^c1126488]: 1971 c.27(N.I.).

[^c1126489]: 1989 c.26.

[^c1126490]: 1891 c.39.

[^c1126491]: 1978 c.30.

[^c1126507]: 1971 c.68.

[^c1126508]: 1971 c.27(N.I).

[^c1126509]: 1989 c.26.

[^c1126510]: 1989 c.26.

[^c1126511]: 1891 c.39.

[^c1126503]: Sch. 15 modified (27.7.1999 with effect as mentioned in s. 113(4) of 1999 c. 16) by 1988 c. 39, s. 143(4)(a) (as inserted (27.7.1999 with effect as mentioned in s. 113(4) of the amending Act) by 1999 c. 16, s. 113(3), Sch. 16 para. 11)

[^c1126512]: 1891 c.39.

[^c1126513]: 1978 c.30.

[^c1126524]: Sch. 17 para. 4 repealed (with effect as mentioned in Sch. 20 Pt. V(5), Notes 1, 2) by 1999 c. 16, s. 139, Sch. 20 Pt. V(5), Notes

[^c1126525]: Sch. 17 para. 5 repealed (with effect as mentioned in Sch. 20 Pt. V(5), Notes 1, 2) by 1999 c. 16, ss. 123(3)(4), 139, Sch. 20 Pt. V(5)

[^c1126529]: 1891 c.39.

[^c1126531]: 1947 c.44.

[^c1126532]: 1970 c.9.

[^c1126533]: 1970 c.9.

[^c1126534]: 1890 c.21.

[^c1126535]: 1891 c.38.

[^c1126552]: Sch. 19 para. 14 modified (6.2.2000) by S.I. 1997/1156, reg. 4A(3) (as inserted (6.2.2000) by S.I. 1999/3261,reg. 5)

[^c1126553]: Words in Sch. 19 Pt. IV para. 14(2) substituted (1.12.2001 with effect as mentioned in art. 104(2) of the amending S.I.) by S.I. 2001/3629, art. 104(1)

[^c1126557]: 1960 c.58.

[^c1126558]: 1964 c.33(N.I.).

[^c1126565]: Sch. 19 para. 17 modified (6.2.2000) by S.I. 1997/1156, reg. 4A(4) (as inserted (6.2.2000) by S.I. 1999/3261,reg. 5)

[^c1126566]: 1946 c.64.

[^c1126567]: 1946 c.17(N.I.).

[^c1126573]: Sch. 20 Pt. V in force at Royal Assent except for repeals in (4) which come into force on 1.10.1999

[^key-19ca392e4f52b2c81316459819e04156]: S. 30 repealed (6.4.2003) by Tax Credits Act 2002 (c. 21), s. 61, Sch. 6; S.I. 2003/962, art. 2(3)(e), Sch. 1

[^key-d848eeefa53e88cd4bd52bcf925c6a83]: Sch. 3 repealed (6.4.2003) by Tax Credits Act 2002 (c. 21), s. 61, Sch. 6; S.I. 2003/962, art. 2(3)(e), Sch. 1

[^key-46e5b1908ea6e88ed2d4e805d89b8e86]: Ss. 42-45 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-1394ce4a78b4082e3f0a7df640daab09]: Ss. 48-51 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-89707b857d783486cf7651be97b6c288]: Sch. 5 paras. 1-3 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-eb9e411448ef25b2a84b1717dbbb8aa7]: Sch. 13 restricted (10.7.2003) by Finance Act 2003 (c. 14), s. 125(1) (with s. 125(8))

[^key-2b25e83ad11b83acab4124bd732c73a0]: Sch. 18 para. 3 heading substituted (with effect in accordance with s. 206(5) of the amending Act) by Finance Act 2003 (c. 14), s. 206(4)