Finance Act 2002

45

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45HZA

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45KA

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The Finance Act 2002

Writing down at fixed rate: election for fixed-rate basis

Individuals

2 The repeals in the Finance Act 1988 have effect in accordance with section 5(8)(b) of this Act.

80A

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80B

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Shares acquired on same day: election for alternative treatment

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Lloyd’s underwriters

Supplementary charge: transitional provisions

Air passenger duty: extension of area to which EEA rates apply

Climate change levy: exemption for renewable sources

Abolition of duty on instruments relating to goodwill

Abolition of duty on instruments relating to goodwill

Aggregates levy: crushing and cutting rock

Climate change levy: incorrect certificates

IHT: variation of dispositions taking effect on death

Exclusion of bioblend from rebates on heavy oil

Climate change levy: exemption for renewable sources

Treatment of furnished holiday lettings

Aggregates levy: crushing and cutting rock

Aggregates levy: amendments to provisions about civil penalties

Treatment of furnished holiday lettings

Share exchanges

Duty charged before 31st March 2002

Anti-avoidance: change of accounting period

The following Schedule is inserted after Schedule 7AA to the Taxation of Chargeable Gains Act 1992 (c. 12)—

Introductory

Meaning of “loan relationship” etc: method of settlement

General commencement date

General scheme

Restriction on powers to provide for set-off

Deferred foreign exchange gains

The basic rule: sterling to be used

Group relief

Introductory

Other expressions

Investment trusts

Application of Chapter 2 of Part 7 of ITA 2007

Introductory

Investment trusts

Foreign tax on items giving rise to a non-trading credit

Change in ownership of investment company

Exchange gains and losses from loan relationships etc

Supplementary charge in respect of ring fence trades

Life assurance business

Special provisions for insurers: apportionments

Interest charged to capital

Contracts which cease to be derivative contracts

Contracts which cease to be derivative contracts

Definition of terms relating to derivative contracts

Basis of accounting for contracts falling within paragraph 6, 7 or 8

Contracts which cease to be derivative contracts

Interest

Exempt processes

Commercial exploitation

Commercial exploitation

Restriction on powers to provide for set-off

The register

Introduction

2 The repeals in the Finance Act 1988 have effect in accordance with section 5(8)(b) of this Act.

Drawback of excise duty

Drawback of excise duty

Disallowance of input tax where consideration not paid

Roll-over of degrouping charge on business assets

Taper relief: holding period for business assets

Exemptions for disposals by companies with substantial shareholding

Mark to market: miscellaneous amendments

Loan relationships: general amendments

Expenditure involving crime

Contracts for the sale of an estate or interest in land chargeable as conveyances

Aggregates levy: amendments to provisions exempting spoil etc

Administration of UK gilts

Introduction

Climate change levy: electricity produced from coal mine methane

Share options

Introduction

Administration of UK gilts

Share options

Overseas life insurance companies

Taxation of Chargeable Gains Act 1992

Calculation of adjustment

The following Schedule is inserted after Schedule 7AA to the Taxation of Chargeable Gains Act 1992 (c. 12)—

Intangible fixed assets: assets entirely excluded: financial assets

Miscellaneous amendments

Tonnage tax

Group relief

15A

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16A

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Anti-avoidance: change of accounting period

Group relief

Loan relationships for unallowable purposes

Corporate bodies

Meaning of “VCT-in-liquidation"

Meaning of “aggregate" etc

Meaning of “aggregate" etc

2 The repeals in the Finance Act 1988 have effect in accordance with section 5(8)(b) of this Act.

European cross-border merger

30C

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Cross-border transfer of business within European Community

30F

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Transparent entities

30G

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30H

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30I

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Contracts which become derivative contracts

31

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Restriction on powers to provide for set-off

Payments between group members in respect of reliefs

Transparent entities

85B

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85C

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85D

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2 The repeals in the Finance Act 1988 have effect in accordance with section 5(8)(b) of this Act.

The following Schedule is inserted after Schedule 7AA to the Taxation of Chargeable Gains Act 1992 (c. 12)—

Supplementary charge in respect of ring fence trades

Deferred foreign exchange gains

The Finance Act 2000

Writing down on accounting basis

Surrender of non-trading loss by way of group relief

1 The repeal in the Hydrocarbon Oil Duties Act 1979 has effect in accordance with section 5(8)(c) of this Act.

Climate change levy: electricity produced in combined heat and power station

Climate change levy: certification requirement

Contracts for the sale of an estate or interest in land chargeable as conveyances

Introduction

Amendment in the Excise Duties (Surcharges or Rebates) Act 1979

Duty charged before 31st March 2002

Closure of UK gilts registers kept in Ireland

Aggregates levy: amendments to provisions exempting spoil etc

Aggregates levy: amendments to provisions about civil penalties

Closure of UK gilts registers kept in Ireland

Repeals

Interpretation

The following Schedule is inserted after Schedule 7AA to the Taxation of Chargeable Gains Act 1992 (c. 12)—

Information etc

18A

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Responsibility for commercial exploitation

Tonnage tax

Amount of first-year allowances

Intangible fixed assets: assets entirely excluded: financial assets

Life assurance business

Interest charged to capital

Interpretation

Profits arising from derivative contracts

27A

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41A

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43

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95A

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1 The repeal in the Hydrocarbon Oil Duties Act 1979 has effect in accordance with section 5(8)(c) of this Act.

Capped SME expenditure

10C

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Roll-over of degrouping charge on business assets

Transitional provision

Derivative contracts

Controlled foreign companies: territorial exclusions from s.748 exemptions

Controlled foreign companies: territorial exclusions from s.748 exemptions

Deduction of tax by persons dealing in financial instruments

Climate change levy: electricity produced in combined heat and power station

Air passenger duty: extension of area to which EEA rates apply

Climate change levy: invoices incorrectly showing levy due

Aggregates levy: amendments to provisions exempting spoil etc

Interpretation

Aggregates levy: crushing and cutting rock

Administration of UK gilts

Aggregates levy: amendments to provisions about civil penalties

Interpretation

Administration of UK gilts

Administration of UK gilts

Introduction

The following Schedule is inserted after Schedule 7AA to the Taxation of Chargeable Gains Act 1992 (c. 12)—

Taxation of Chargeable Gains Act 1992

Meaning of “related transaction”

Non-trading deficit on loan relationships

Investment trusts

1 The repeal in the Hydrocarbon Oil Duties Act 1979 has effect in accordance with section 5(8)(c) of this Act.

Vans registered on or after 1st March 2001: rates of duty

Flat-rate scheme

Invoices

Charge and rates for 2002-03

Roll-over of degrouping charge on business assets

Exemptions for disposals by companies with substantial shareholding

Taper relief: holding period for business assets

Mark to market: miscellaneous amendments

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Life policies etc: chargeable events

Supplementary charge: transitional provisions

Valuation of trading stock on transfer of trade

Climate change levy: electricity produced from coal mine methane

IHT: variation of dispositions taking effect on death

Introduction

Exclusion of bioblend from rebates on heavy oil

Recovery of taxes etc due in other member States

Closure of UK gilts registers kept in Ireland

Recovery of taxes etc due in other member States

The following Schedule is inserted after Schedule 7AA to the Taxation of Chargeable Gains Act 1992 (c. 12)—

Anti-avoidance: change of accounting period

Change in ownership of investment company

1 The repeal in the Hydrocarbon Oil Duties Act 1979 has effect in accordance with section 5(8)(c) of this Act.

Climate change levy: electricity produced in combined heat and power station

Aggregates levy: amendments to provisions about civil penalties

The following Schedule is inserted after Schedule 7AA to the Taxation of Chargeable Gains Act 1992 (c. 12)—

Tonnage tax

Exempt processes

Building society shares: incidental costs of issuing qualifying shares

2 The repeals in the Finance Act 1988 have effect in accordance with section 5(8)(b) of this Act.

2 The repeals in the Finance Act 1988 have effect in accordance with section 5(8)(b) of this Act.

Deduction of tax by persons dealing in financial instruments

Restriction of relief for company acquisitions

Penalties for late stamping

Aggregates levy: crushing and cutting rock

Aggregates levy: crushing and cutting rock

Aggregates levy: miscellaneous amendments

Climate change levy: electricity produced in combined heat and power station

Recovery of taxes etc due in other member States

Closure of UK gilts registers kept in Ireland

Aggregates levy: miscellaneous amendments

The following Schedule is inserted after Schedule 7AA to the Taxation of Chargeable Gains Act 1992 (c. 12)—

Anti-avoidance: change of accounting period

Corporate bodies

1 The repeal in the Hydrocarbon Oil Duties Act 1979 has effect in accordance with section 5(8)(c) of this Act.

Tax relief for expenditure on research and development

Restriction of relief for company acquisitions

Administration of UK gilts

Repeals

Taxation of Chargeable Gains Act 1992

The following Schedule is inserted after Schedule 7AA to the Taxation of Chargeable Gains Act 1992 (c. 12)—

Non-trading deficit carried forward from last old accounting period

Interpretation

Meaning of “related transaction”

1 The repeal in the Hydrocarbon Oil Duties Act 1979 has effect in accordance with section 5(8)(c) of this Act.

Climate change levy: invoices incorrectly showing levy due

Aggregates levy: miscellaneous amendments

Recovery of taxes etc due in other member States

Repeals

The following Schedule is inserted after Schedule 7AA to the Taxation of Chargeable Gains Act 1992 (c. 12)—

Scheme of reconstruction involving issue of securities

Taxation of Chargeable Gains Act 1992

1 The repeal in the Hydrocarbon Oil Duties Act 1979 has effect in accordance with section 5(8)(c) of this Act.

Climate change levy: invoices incorrectly showing levy due

Aggregates levy: amendments to provisions about civil penalties

Repeals

The following Schedule is inserted after Schedule 7AA to the Taxation of Chargeable Gains Act 1992 (c. 12)—

1 The repeal in the Hydrocarbon Oil Duties Act 1979 has effect in accordance with section 5(8)(c) of this Act.

2 The repeals in the Finance Act 1988 have effect in accordance with section 5(8)(b) of this Act.