Finance Act 1999

[^key-1766242bd4d5a3c9918f364c576acbeb]: Word in Sch. 13 para. 19(2)(b) omitted (22.4.2019) by virtue of The Stamp Duty (Method of Denoting Duty) Regulations 2019 (S.I. 2019/719), regs. 1, 4(a)(i)

[^key-7de68857426c6e0012c97c0f62643087]: Word in Sch. 15 para. 12A(3) omitted (22.4.2019) by virtue of The Stamp Duty (Method of Denoting Duty) Regulations 2019 (S.I. 2019/719), regs. 1, 4(a)(ii)

[^M_F_6381c2f1-2d45-4ccd-b06f-23304fe41834]: Word in Sch. 13 para. 1(3) substituted (with effect in accordance with s. 98(5) of the amending Act) by Finance Act 2008 (c. 9), s. 98(2)

[^M_F_1db9de0e-d3d0-4683-d11d-49d767da9a14]: Sch. 13 para. 1(3A) inserted (with effect in accordance with s. 98(5) of the amending Act) by Finance Act 2008 (c. 9), s. 98(3)

[^M_F_d4cf7999-fd5b-48a3-a87d-3bcf519170ff]: Words in Sch. 13 para. 6(1) substituted (with effect in accordance with s. 98(5) of the amending Act) by Finance Act 2008 (c. 9), s. 98(4)

[^M_F_6dea98e5-bc9d-47e5-b54b-6622b3100597]: Words in Sch. 19 para. 15(a) substituted (14.3.2012) by Charities Act 2011 (c. 25), s. 355, Sch. 7 para. 81(a) (with s. 20(2), Sch. 8)

[^M_F_2d226dfd-4b49-4cd2-a2e1-6f7a67246281]: Words in Sch. 19 para. 15(b) substituted (14.3.2012) by Charities Act 2011 (c. 25), s. 355, Sch. 7 para. 81(b) (with s. 20(2), Sch. 8)

[^key-8a2e47e95c64684f7c80624f50cecebf]: S. 132 modified (18.1.2020) by Parental Bereavement (Leave and Pay) Act 2018 (c. 24), s. 2(2), Sch. para. 33(1) (with Sch. para. 33(2)); S.I. 2020/45, reg. 2

[^key-ce6f0355f62bc03fe3d7597c6e2541c4]: S. 133 modified (18.1.2020) by Parental Bereavement (Leave and Pay) Act 2018 (c. 24), s. 2(2), Sch. para. 33(1) (with Sch. para. 33(2)); S.I. 2020/45, reg. 2

[^key-baa30d0dc42f55e76daf9716f2dd7aab]: Sch. 15 para. 11(b) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 9(2) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)

[^key-2267403ba23fe85ee32a5ada0b4a52a7]: S. 126 excluded (1.8.2021) by S.I. 1995/2518, regs. 133AB(h), 133L (as inserted by The Value Added Tax (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/715), regs. 1, 43, 47)

[^key-70ade218441ad5ffce8f7d6201f425b2]: S. 127 excluded (1.8.2021) by S.I. 1995/2518, regs. 133AB(h), 133L (as inserted by The Value Added Tax (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/715), regs. 1, 43, 47)

[^key-19b2029831ba5cf41058915655812c59]: S. 129 modified (1.8.2021) by S.I. 1995/2518, regs. 133AE(1), 133L (as inserted by The Value Added Tax (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/715), regs. 1, 43, 47)

[^key-924d4cd4996c034c39861b77fc80d12d]: Sch. 15 para. 1 and cross-heading omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(2)

[^key-9ae3b4d9a1eae94fe4d137590afea0b7]: Sch. 15 para. 21 cross-heading omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(7)

[^key-08c173c27184c8f7e0d0fd23fac91bfc]: Words in Sch. 15 para. 2 omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(3) (with Sch. 11 para. 28)

[^key-88978aed653a362ab50e5cda6540d7cd]: Words in Sch. 15 para. 4 omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(4)

[^key-6e5d54429196a2340a4b4ef6460dd2fd]: Sch. 15 para. 7 omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(5)

[^key-a080bfaee13e18ee881fd9fb4749a8c9]: Words in Sch. 15 para. 17(1) omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(6)(a)

[^key-c981d30cf828d8fcb3320dc475049d73]: Words in Sch. 15 para. 17(1) omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(6)(b)

[^key-3ef516835d3a9df37adf6af11b471c21]: Sch. 15 para. 21 omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(8)

[^key-6a9f0f3bbfdee2bd3eae00cb0b45c49b]: Sch. 15 para. 22 omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 19(9)

[^key-454c9a8cb4b8455864b6af05814610d8]: Ss. 132, 133 modified (17.1.2025) by Neonatal Care (Leave and Pay) Act 2023 (c. 20), s. 3(3), Sch. para. 34; S.I. 2025/41, reg. 2

[^key-47ad35d8343324adba47e26c896b8c16]: Sch. 13 para. 25A(1A) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(e) (with reg. 63)

[^key-d98202d5b6eb012180ffb639f1597a21]: Word in Sch. 13 para. 25A(1) omitted (19.3.2025) by virtue of The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(a) (with reg. 63)

[^key-bccd88549569737815be321ad7e37f3a]: Word in Sch. 13 para. 25A(1)(a) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(b)(i) (with reg. 63)

[^key-981db5bc1abe2f1a8f566d8bc616d267]: Words in Sch. 13 para. 25A(1)(a) substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(b)(ii) (with reg. 63)

[^key-67b9b59e8bca2ac811b90f32d362495b]: Sch. 13 para. 25A(1)(b) substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(c) (with reg. 63)

[^key-13256b78d698297ad27e61b112de21f7]: Word in Sch. 13 para. 25A(1)(c) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(d)(i) (with reg. 63)

[^key-f49318716def47f00672d5ccf96fa9b9]: Words in Sch. 13 para. 25A(1)(c) substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(d)(ii) (with reg. 63)

[^key-90a766c6d0e55cb438f08ed66ddb47ac]: Sch. 13 para. 25A(2) omitted (19.3.2025) by virtue of The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 51(f) (with reg. 63)

PRT returns.

Business assets: roll-over relief.

Penalties.

Stamp duty and stamp duty reserve tax: unit trusts.

Rate of insurance premium tax.

Interest on repayments.

Interest on repayments.

Deferred gains: application of taper relief.

Definition of Government Stock.

Definition of Government Stock.

Definition of Government Stock.

Advance corporation tax: consequences of abolition.

Company tax returns, etc.

Group relief: consequences of reduction in surrenderable amount.

Penalties.

Rate of insurance premium tax.

Bearer instruments.

Rate of insurance premium tax.

Definition of Government Stock.

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

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—

Exclusion of charge in case of individual pension accounts

In section 257A—

Section 1.

Further provision about married couple’s allowance.

Abolition of existing relief in respect of children.

Phasing out of vocational training relief.

Further provision about married couple’s allowance.

Employees seconded to educational establishments.

Advance corporation tax: consequences of abolition.

Power to make regulations with respect to administration, etc.

Relief on distributions.

Release or writing off of debt: interest on tax overpaid.

Group relief: consequences of reduction in surrenderable amount.

Advance corporation tax: consequences of abolition.

Interest and penalties on late stamping.

Power to make regulations with respect to administration, etc.

Lending by Revenue Accounts to National Loans Fund.

Lending by Revenue Accounts to National Loans Fund.

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

A “sale and lease-back arrangement” means any such arrangement as is described in section 779(1) or (2) or section 780(1) of the Taxes Act 1988.

A “sale and lease-back arrangement” means any such arrangement as is described in section 779(1) or (2) or section 780(1) of the Taxes Act 1988.

Exclusion of charge in case of individual pension accounts

In section 4—

Section 69(5).

Goods for sale on board ships or aircraft.

Works of art, antiques, etc.

Preparations etc. of meat, yeast or egg.

Personal allowances for 1999-00 for those aged 65 or more.

Aggregation of money gifts for relief in poor countries.

Sale and lease-back: ring fence profits.

Sale and lease-back: ring fence profits.

Minor amendments of exceptions to general charge.

Sale and lease-back: ring fence profits.

PRT returns.

Power to make regulations with respect to administration, etc.

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

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

Exclusion of charge in case of individual pension accounts

In section 257A—

Section 1.

Exclusion of charge in case of individual pension accounts

In section 4—

Section 69(5).

Group relief: consequences of reduction in surrenderable amount.

Abolition of existing relief in respect of children.

Company tax returns, etc.

Interest on repayment of duty overpaid etc.

Bearer instruments.

Bearer instruments.

Minor amendments of exceptions to general charge.

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

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

A “sale and lease-back arrangement” means any such arrangement as is described in section 779(1) or (2) or section 780(1) of the Taxes Act 1988.

In section 4—

Section 69(5).

Corporation tax starting rate.

Abolition of widow’s bereavement allowance.

Release or writing off of debt: interest on tax overpaid.

Company restructuring and convertible securities.

Release or writing off of debt: interest on tax overpaid.

Power to exempt UK depositary interests in foreign securities.

Business assets: roll-over relief.

Lending by Revenue Accounts to National Loans Fund.

Gifts.

Power to make regulations with respect to administration, etc.

Rate of insurance premium tax.

Lending by Revenue Accounts to National Loans Fund.

Interest on repayments.

Definition of Government Stock.

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

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—

Exclusion of charge in case of individual pension accounts

In section 257A—

Section 1.

Company restructuring and convertible securities.

Penalties.

Stamp duty and stamp duty reserve tax: unit trusts.

Interest on repayments.

Definition of Government Stock.

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

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

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

Substitute instruments

12A

• (1) Stamp duty is not chargeable on a substitute instrument.

• (2) A substitute instrument is a bearer instrument given in substitution for a like instrument stamped ad valorem (whether under this Schedule or otherwise) (“the original instrument”).

• (3) The substitute instrument shall not be treated as duly stamped unless it appears by some stamp ... on it that the full and proper duty has been paid on the original instrument.

Exclusion of charge in case of individual pension accounts

In section 257A—

Section 1.

Company tax returns, etc.

Power to exempt UK depositary interests in foreign securities.

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

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

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

11A

• (1) This paragraph applies in a case where—

• (a) notice of appeal may be given to HMRC, but

• (b) no notice is given before the relevant time limit.

• (2) Notice may be given after the relevant time limit if—

• (a) HMRC agree, or

• (b) where HMRC do not agree, the tribunal gives permission.

• (3) If the following conditions are met, HMRC shall agree to notice being given after the relevant time limit.

• (4) Condition A is that the appellant has made a request in writing to HMRC to agree to the notice being given.

• (5) Condition B is that HMRC are satisfied that there was reasonable excuse for not giving the notice before the relevant time limit.

• (6) Condition C is that HMRC are satisfied that the request under sub-paragraph (4) was made without unreasonable delay after the reasonable excuse ceased.

• (7) If a request of the kind referred to in sub-paragraph (4) is made, HMRC must notify the appellant whether or not HMRC agree to the appellant giving notice of appeal after the relevant time limit.

• (8) In this paragraph “relevant time limit”, in relation to notice of appeal, means the time before which the notice is to be given (but for this paragraph).

Exclusion of charge in case of individual pension accounts

In section 4—

Section 69(5).

Provision and support of bus services.

Group relief: consequences of reduction in surrenderable amount.

Pipe-line elections.

Pipe-line elections.

PRT returns.

Penalties.

Penalties.

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

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

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

Exclusion of charge in case of individual pension accounts

In section 257A—

Section 1.

Release or writing off of debt: interest on tax overpaid.

Advance corporation tax: consequences of abolition.

Excluded oil.

PRT returns.

Gifts.

Interest on repayment of duty overpaid etc.

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

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

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

Exclusion of charge in case of individual pension accounts

In section 257A—

Section 1.

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

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

Exclusion of charge in case of individual pension accounts

In section 257A—

Section 1.

Treatment of transfer fees under existing contracts.

Court common investment funds.

Release or writing off of debt: interest on tax overpaid.

Advance corporation tax: consequences of abolition.

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

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

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

Exclusion of charge in case of individual pension accounts

In section 257A—

Section 1.

Exclusion of charge in case of individual pension accounts

In section 4—

Section 69(5).

25A

• (1) Subject to sub-paragraph (3), stamp duty is not chargeable under this Schedule ... —

• (a) on the transfer of stock, marketable securities or an interest in a partnership to a depositary under a co-ownership contractual scheme, to be held as part of the property subject to the scheme, in exchange for the issue of units in the scheme (and for no other consideration);

• (b) in relation to a co-ownership contractual umbrella scheme, on transfers between sub-schemes;

• (c) on the transfer of units in a co-ownership contractual scheme.

• (1A) In sub-paragraph (1) and this sub-paragraph—

• “authorised contractual scheme” has the meaning given in section 237(3) of the Financial Services and Markets Act 2000;

• “co-ownership contractual scheme” means—an authorised contractual scheme, ora Reserved Investor Fund (Contractual Scheme);

• “co-ownership contractual umbrella scheme” means a co-ownership contractual scheme—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, andunder which the participants are entitled to exchange rights in one pool for rights in another;

• “depositary” has the meaning given in section 237(2) of the Financial Services and Markets Act 2000;

• “Reserved Investor Fund (Contractual Scheme)” has the meaning given by section 20 of the Finance (No.2) Act 2024;

• “sub-scheme”, in relation to a contractual umbrella scheme, means such of the arrangements as relate to a separate pool;

• “units” has the meaning given in section 237(2) of the Financial Services and Markets Act 2000.

• (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (3) This paragraph shall not apply where the transfer forms part of arrangements of which the main purpose, or one of the main purposes, is the avoidance of stamp duty or stamp duty reserve tax.