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Finance Act 2001

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CONTENTS

Finance Act 2001

2001 CHAPTER 9

CONTENTS

Go to Preamble

Part 1

Excise duties

Hydrocarbon oil duties

1. Rates of duty on hydrocarbon oil

2. Rebate on unleaded petrol

3. Fuel-testing pilot projects

Tobacco products duty

4. Rates of tobacco products duty

Alcoholic liquor duties

5. Dilution etc. of cider

Betting and gaming duties

6. General betting duty

7. Rates of gaming duty

Vehicle excise duty

8. Threshold for reduced general rate

9. Rates of duty for goods vehicles

10. Rates of duty for vehicles used for exceptional loads

11. Rates of duty for recovery vehicles

12. Mobile pumping vehicles

13. Exemption of agricultural etc. vehicles

14. Surrender of vehicle licences

General

15. Payments by Commissioners in case of error or delay

Part 2

Aggregates Levy

Charging provisions

16. Charge to aggregates levy

17. Meanings of “aggregate” and “taxable aggregate”

18. Exempt processes

19. Commercial exploitation

20. Originating sites

21. Operators of sites

22. Responsibility for exploitation of aggregate

23. Weight of aggregate

Administration and enforcement

24. The register

25. Returns and payment of levy

26. Security for levy

27. Recovery and interest

28. Evasion, misdeclaration and neglect

29. Information and evidence

Credits and repayments

30. Credit for aggregates levy

31. Repayments of overpaid levy

32. Supplemental provisions about repayments etc

Non-resident taxpayers

33. Appointment of tax representatives

34. Effect of appointment of tax representatives

Other special cases

35. Groups of companies etc

36. Partnerships and other unincorporated bodies

37. Insolvency etc

38. Death and incapacity

39. Transfer of a business as a going concern

Review and appeal

40. Review of Commissioners' decisions

41. Appeals against reviewed decisions

42. Determinations on appeal

43. Adjustments of contracts

General provisions

44. Destination of receipts

45. Regulations and orders

46. Civil penalties

47. Service of notices etc

48. Interpretation of Part

Supplemental

49. Minor and consequential amendments

Part 3

Income tax, corporation tax and capital gains tax

Chapter 1

Charge and rates

Income tax

50. Charge and rates for 2001-02

51. Starting rate limit for 2001-02

52. Children’s tax credit: amount for 2001-02 and subsequent years

53. Children’s tax credit: baby rate

Corporation tax

54. Charge and main rate for financial year 2002

55. Small companies' rate and fraction for financial year 2001

56. Corporation tax starting rate and fraction for financial year 2001

Chapter 2

Other provisions

Employment

57. Mileage allowances: exemptions and relief

58. Mileage allowances: nil liability notices

59. Employees' vehicles: withdrawal of capital allowances

60. Exemption for works bus services: extension to minibuses

61. Employee share ownership plans

Enterprise incentives

62. Enterprise management incentives

63. Enterprise investment scheme

64. Venture capital

Capital allowances

65. Energy-saving plant and machinery

66. Fixtures provided in connection with energy management services

67. Conversion of parts of business premises into flats

68. Decommissioning of offshore oil infrastructure

69. Minor amendments

Other relieving provisions

70. Relief for expenditure on remediation of contaminated land

71. Creative artists: relief for fluctuating profits

72. Expenditure on film production etc

73. Deductions for business gifts: yearly limit

Pension funds

74. Payments to employers out of pension funds

Limited liability partnerships

75. Limited liability partnerships: general

76. Limited liability partnerships: investment LLPs and property investment LLPs

Chargeable gains

77. Notional transfers within a group

78. Taper relief: assets qualifying as business assets

79. De-grouping charge: transitional relief

80. Attribution of gains of non-resident companies

International matters

81. Double taxation relief

82. Controlled foreign companies: acceptable distribution policy

Miscellaneous

83. Life policies, life annuity contracts and capital redemption policies

84. Exclusion of deductions for deemed manufactured payments

85. Deduction of tax: payments between companies etc

86. Profits for purposes of small companies' relief

87. Tax deductions and credits: end of provisional repayment regime

General

88. Amendments to the machinery of self-assessment

89. Recovery proceedings: minor amendments

90. Repayment supplements: claim for relief involving two or more years

91. Power to revise excessive penalties

Part 4

Other taxes

Stamp duty and stamp duty reserve tax

92. Stamp duty: exemption for land in disadvantaged areas

93. SDRT: unit trust schemes and individual pension accounts

94. SDRT: open-ended investment companies and individual pension accounts

95. Exemptions in relation to employee share ownership plans

Value added tax

96. VAT: children’s car seats

97. VAT: residential conversions and renovations

98. VAT: museums and galleries

99. VAT: re-enactment of reduced-rate provisions

100. VAT representatives

Petroleum revenue tax

101. PRT: unrelievable field losses

102. PRT: allowable decommissioning expenditure

103. PRT: expenditure in certain gas-producing fields

Landfill tax

104. Landfill tax: rate

Climate change levy

105. Climate change levy

Inheritance tax

106. Transfers within group etc

Part 5

Miscellaneous and supplementary provisions

Miscellaneous

107. Interest on unpaid tax, etc.: foot-and-mouth disease

108. Trading funds

Supplementary

109. Interpretation

110. Repeals and revocations

111. Short title

Schedule 1: General betting duty

Schedule 2: Rates of vehicle excise duty on goods vehicles

Schedule 3: Excise duty: payments by Commissioners in case of error or delay

Part 1: Payments

Part 2: Interest

Part 3: Appeals

Part 4: General

Schedule 4: Aggregates levy: registration

Schedule 5: Aggregates levy: recovery and interest

Schedule 6: Aggregates levy: evasion, misdeclaration and neglect

Part 1: Criminal offences

Part 2: Civil penalties

Part 3: Interpretation of Schedule

Schedule 7: Aggregates levy: information and evidence etc

Schedule 8: Aggregates levy: repayments and credits

Schedule 9: Aggregates levy: group treatment

Schedule 10: Aggregates levy: assessment of civil penalties and interest on them

Schedule 11: Children’s tax credit: baby rate: supplementary

Schedule 12: Mileage allowances

Part 1: New Schedule 12AA to the Taxes Act 1988

Part 2: Consequential amendments

Schedule 13: Employee share ownership plans: amendments

Schedule 14: Enterprise management incentives: amendments

Schedule 15: Enterprise investment scheme: amendments

Part 1: Income tax relief

Part 2: Postponement of chargeable gain on reinvestment

Part 3: Miscellaneous and general

Schedule 16: Venture capital

Part 1: Venture capital trusts

Part 2: Corporate venturing scheme

Schedule 17: Capital allowances: energy-saving plant and machinery

Schedule 18: Capital allowances: fixtures provided in connection with energy management services

Schedule 19: Capital allowances: conversion of parts of business premises into flats

Part 1: New Part 4A of the Capital Allowances Act 2001

Part 2: Consequential amendments

Schedule 20: Capital allowances: offshore oil infrastructure

Part 1: Chargeable periods ending before 1st or 6th April 2001

Part 2: Chargeable periods ending on or after 1st or 6th April 2001

Schedule 21: Capital allowances: minor amendments

Schedule 22: Remediation of contaminated land

Part 1: Deduction for capital expenditure

Part 2: Entitlement to land remediation relief

Part 3: Manner of giving effect to relief

Part 4: Special provision for life assurance business

Part 5: Supplementary provisions

Schedule 23: Land remediation: consequential amendments

Schedule 24: Creative artists: relief for fluctuating profits

Part 1: New Schedule 4A to the Taxes Act 1988

Part 2: Consequential amendments

Schedule 25: Limited liability partnerships: investment LLPs and property investment LLPs

Schedule 26: Capital gains tax: taper relief: business assets

Schedule 27: Double taxation relief

Schedule 28: Life policies, life annuities and capital redemption policies

Part 1: Assignment or surrender of part of the rights

Part 2: Provision of information by insurers etc

Schedule 29: Amendments to machinery of self-assessment

Part 1: Amendment or correction of return

Part 2: Enquiries into returns

Part 3: Referral of questions during enquiry

Part 4: Procedure on completion of enquiry

Part 5: Minor and consequential amendments

Schedule 30: Stamp duty: land in disadvantaged areas

Schedule 31: Value added tax: re-enactment of reduced rate provisions

Part 1: New Schedule 7A to the Value Added Tax Act 1994

Part 2: Consequential amendments

Schedule 32: Petroleum revenue tax: unrelievable field losses

Schedule 33: Repeals

Part 1: Excise duties

Part 2: Income tax, corporation tax and capital gains tax

Part 3: Other taxes

 

An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.

[11th May 2001]

Most Gracious Sovereign,

We, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Part 1

Excise duties

Hydrocarbon oil duties

1 Rates of duty on hydrocarbon oil

(1) In section 6(1A) of the Hydrocarbon Oil Duties Act 1979 (c. 5) (rates of duty on hydrocarbon oil)—

(a) in paragraph (a) (ultra-low sulphur petrol), for “£0.4782” substitute “£0.4582”; and

(b) in paragraph (c) (ultra-low sulphur diesel), for “£0.4882” substitute “£0.4582”.

(2) That subsection shall have effect until midnight on 14th June 2001 as if for paragraph (b) (other light oil) there were substituted—

“(ba) £0.5268 in the case of unleaded petrol other than ultra low sulphur petrol;

(bb) £0.5468 in the case of light oil not within paragraph (a) or (ba) above;”.

After that, paragraph (b) shall have effect as it did before.

(3) In section 8(3) of the Hydrocarbon Oil Duties Act 1979 (c. 5) (rate of duty on road fuel gas) for “£0.1500” substitute “£0.0900”.

(4) This section shall be deemed to have come into force at 6 o'clock in the evening of 7th March 2001.

2 Rebate on unleaded petrol

(1) For section 13A of the Hydrocarbon Oil Duties Act 1979 (under which different rates of rebate are specified for higher octane and other unleaded petrol) substitute—

“13A Rebate on unleaded petrol

(1) On unleaded petrol, other than ultra low sulphur petrol, charged with the excise duty on hydrocarbon oil and delivered for home use there shall be allowed at the time of delivery a rebate of duty at the rate of £0.0586 a litre.

(2) Rebate is not allowed under this section in a case where a rebate is allowed under section 14 below.”.

(2) In paragraph 1(1) of Schedule 2A to that Act (converting unleaded petrol into leaded petrol)—

(a) for paragraphs (a) and (b) substitute—

“(ab) adding lead to unleaded petrol in respect of which a rebate has been allowed under section 13A;”; and

(b) in paragraph (c)—

(i) for “paragraph (a)” substitute “paragraph (aa)”, and

(ii) for “paragraph (b)” substitute “paragraph (ab)”.

(3) For paragraph 2A of that Schedule (mixing different kinds of unleaded petrol) substitute—

“2A (1) A mixture which is unleaded petrol is produced in contravention of this paragraph if the mixture is produced by mixing—

(a) petrol on which duty has been paid at the rate specified in section 6(1A)(a), and

(b) petrol in respect of which a rebate has been allowed under section 13A,

and the mixture produced is unleaded petrol that is not ultra low sulphur petrol.

(2) This paragraph is subject to any direction given under paragraph 3.”.

(4) In paragraph 8 of that Schedule (rate of duty on mixtures of light oil), for sub-paragraph (3A) substitute—

“(3A) In the case of a mixture produced in contravention of paragraph 2A above, the rate is that produced by deducting from the rate in force under section 6(1A)(b) at the time the mixture is produced the rebate which at that time is in force under section 13A.”.

(5) This section shall be deemed to have come into force at 6 o'clock in the evening of 7th March 2001.

3 Fuel-testing pilot projects

(1) In the Hydrocarbon Oil Duties Act 1979 (c. 5), after section 20AA insert—

“20AB Power to allow reliefs for fuel testing etc

(1) The Commissioners may by regulations make provision allowing reliefs as regards excise duty charged in respect of experimental fuel where—

(a) the fuel is, or is to be, used for the purposes of a fuel-testing project that is approved by the Commissioners,

(b) the project is approved for the purposes of the development of the fuel (see subsection (8)(a) below), and

(c) the use takes place, or is to take place, during the period that, for the purposes of the project, is the relief period for the fuel (see subsection (8)(b) below).

(2) In this section “experimental fuel” means a substance of a description specified in regulations made by the Commissioners.

(3) For each experimental fuel, the Commissioners shall by regulations make provision specifying—

(a) the beginning and end of the period that is the experimental period for that fuel; and

(b) the form that (subject to any directions under subsection (9)(a) below) is to be taken by relief under this section as regards excise duty chargeable on that fuel.

(4) A form of relief specified under subsection (3)(b) above must be an authorised form; and for the purposes of this section “an authorised form” is—

(a) a repayment, or

(b) a rebate (or extra rebate).

(5) Relief under this section shall be allowed—

(a) to the extent specified in, or determined in accordance with, regulations under subsection (1) above, and

(b) subject to—

(i) such conditions as the Commissioners may impose, and

(ii) any directions under subsection (9)(b) below.

(6) The conditions that may be imposed under subsection (5)(b)(i) above include, in particular, conditions in connection with—

(a) the collection, keeping, compilation or analysis, or

(b) the supply to the Commissioners or other persons,

of data, or information, relating to the production, use or performance of an experimental fuel.

(7) Subsections (8) and (9) below apply where the Commissioners have approved a fuel-testing project.

(8) The Commissioners shall give directions specifying—

(a) each experimental fuel for the purposes of whose development the project is approved;

(b) for each fuel specified under paragraph (a) above, the beginning and end of the period that, for the purposes of the project, is (in accordance with subsection (10) below) the relief period for the fuel; and

(c) any conditions imposed under subsection (5)(b)(i) above that apply to the allowance under this section of relief as regards excise duty chargeable in respect of an experimental fuel used, or to be used, for the purposes of the project.

(9) The Commissioners may give directions—

(a) providing for relief as regards excise duty chargeable in respect of an experimental fuel used, or to be used, for the purposes of the project to take an authorised form different to the form specified under subsection (3)(b) above;

(b) as to administration in connection with allowing reliefs under this section as regards excise duty chargeable in respect of an experimental fuel used, or to be used, for the purposes of the project.

(10) For the purposes of subsection (8)(b) above—

(a) the beginning of the relief period for a fuel may not be earlier than the beginning of the experimental period for that fuel; and

(b) the end of the relief period for a fuel may not be later than the end of the experimental period for that fuel.

(11) In this section—

“excise duty” means—

(a)excise duty chargeable by virtue of this Act, or

(b)any addition to such duty by virtue of section 1 of the Excise Duties (Surcharges or Rebates) Act 1979 (c. 8);

“fuel-testing project” means a pilot project connected with the technological development of environment-friendly fuels.

(12) Regulations under this section may make different provision for different cases.”.

(2) In section 24(1) of the Hydrocarbon Oil Duties Act 1979 (c. 5) (regulations for the purposes of provisions providing for rebates etc.), after “section 19A” insert “, section 20AB”.

(3) In section 27(1) of the Hydrocarbon Oil Duties Act 1979 (interpretation), in the definition of “rebate”, for “or 14” substitute “, 14 or 20AB”.

(4) In section 12B(1)(h) of the Finance Act 1994 (c. 9) (excise duty reliefs that may be recovered under section 12A when wrongly given), after “allowed to a person by virtue of section 20AA” insert “or 20AB”.

 
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