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Finance Act 2002

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CONTENTS

Finance Act 2002

2002 CHAPTER 23

CONTENTS

Go to Preamble

Part 1

Excise duties

Tobacco products duty

1. Rates of tobacco products duty

Alcoholic liquor duties

2. Rates of duty on cider

3. Duty on beverages made with spirits to be at spirits rate

4. Reduced rates of duty on beer from small breweries

Hydrocarbon oil duties

5. Biodiesel

6. Regulating trade in rebated heavy oil etc

7. Fuel substitutes

Betting and gaming duties

8. Amusement machine licences: excepted machines

9. Amusement machine licence duty: rates

10. Rates of gaming duty

11. Gaming duty to be chargeable in respect of sic bo and three card poker

12. Pool betting duty etc

13. General betting duty: spread bets

14. General betting duty: overseas bet-brokers

Vehicle excise duty

15. Cars registered on or after 1st March 2001: rates of duty

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

17. Disclosure of information for vehicle excise duty exemptions

18. Motorcycles (and motorcycle trade licences): rates of duty

19. Registered vehicles etc

20. Calculating cylinder capacity of vehicles

General

21. Drawback of excise duty

Part 2

Value added tax

22. Disallowance of input tax where consideration not paid

23. Flat-rate scheme

24. Invoices

25. Relief from VAT on acquisition if importation would attract relief

Part 3

Income tax, corporation tax and capital gains tax

Chapter 1

Charge and rate bands

Income tax

26. Charge and rates for 2002-03

27. Indexed rate bands for 2002-03: PAYE deductions etc

28. Personal allowance for 2003-04 for those aged under 65

29. Personal allowances for 2003-04 for those aged 65 or over

Corporation tax

30. Charge and main rate for financial year 2003

31. Small companies' rate and fraction for financial year 2002

32. Corporation tax starting rate and fraction for financial year 2002

Chapter 2

Other provisions

Employment income and related matters

33. Employer-subsidised public transport bus services

34. Car fuel: calculation of cash equivalent of benefit

35. Statutory paternity pay and statutory adoption pay

36. Exemption of minor benefits: application to non-cash vouchers

37. Minor amendments to Schedule E charge

38. Provision of services through an intermediary: minor amendments

39. Employee share ownership plans: minor amendments

40. Treatment of deductions from payments to sub-contractors

41. Parliamentary visits to EU candidate countries: tax treatment of members' expenses

Chargeable gains

42. Reallocation within group of gain or loss accruing under section 179

43. Roll-over of degrouping charge on business assets

44. Exemptions for disposals by companies with substantial shareholding

45. Share exchanges and company reconstructions

46. Taper relief: holding period for business assets

47. Taper relief: minor amendments

48. Use of trading losses against chargeable gains

49. Election to forgo roll-over relief on transfer of business

50. Shares acquired on same day: election for alternative treatment

51. Deduction of personal losses from gains treated as accruing to settlors

52. Capital gains tax: variation of dispositions taking effect on death

New reliefs

53. Tax relief for expenditure on research and development

54. Tax relief for expenditure on vaccine research etc

55. Gifts of medical supplies and equipment

56. R&D tax relief for small and medium-sized enterprises: minor and consequential amendments

57. Community investment tax relief

58. Relief for community amateur sports clubs

Capital allowances and related matters

59. Cars with low carbon dioxide emissions

60. Expense of hiring cars with low carbon dioxide emissions

61. Plant or machinery for gas refuelling station: first-year allowances

62. Expenditure on green technologies: leasing

63. First-year allowances for expenditure wholly for a ring fence trade

Computation of profits

64. Adjustment on change of basis

65. Postponement of change to mark to market in certain cases

66. Election to continue postponement of mark to market

67. Mark to market: miscellaneous amendments

68. Expenditure involving crime

Financial instruments

69. Qualifying contracts for unallowable purposes

70. Forward premiums and discounts under currency contracts

Loan relationships

71. Accounting method where rate of interest etc is reset

72. Convertible securities etc: loan relationships

73. Convertible securities etc: issuing company not to be connected company

74. Convertible securities etc: debtor relationships

75. Asset-linked loan relationships

76. Asset-linked loan relationships involving guaranteed returns

77. Loan relationships ceasing to be within section 93 of the Finance Act 1996

78. Guaranteed returns on transactions involving futures and options

Foreign exchange gains and losses, loan relationships and currency

79. Forex and exchange gains and losses from loan relationships etc

80. Corporation tax: currency

81. Transitional provision

Loan relationships and other money debts

82. Loan relationships: general amendments

Derivative contracts

83. Derivative contracts

Intangible fixed assets

84. Gains and losses from intangible fixed assets of company

Insurance

85. Gains of insurance company from venture capital investment partnership

86. Lloyd’s underwriters

87. Life policies etc: chargeable events

International matters

88. Extension of power to give effect to double taxation arrangements

89. Controlled foreign companies: territorial exclusions from s.748 exemptions

90. Controlled foreign companies and treaty non-resident companies

Supplementary charge in respect of ring fence trades

91. Supplementary charge in respect of ring fence trades

92. Assessment, recovery and postponement of supplementary charge

93. Supplementary charge: transitional provisions

Deduction of tax

94. Deduction of tax: payments to exempt bodies etc

95. Deduction of tax by persons dealing in financial instruments

96. Cross-border royalties

Charitable giving

97. Gifts of real property to charity

98. Gift aid: election to be treated as if gift made in previous tax year

Films

99. Restriction of relief to films genuinely intended for theatrical release

100. Exclusion of deferments from production expenditure

101. Restriction of relief for successive acquisitions of the same film

Miscellaneous

102. Distributions: reasonable commercial return for use of principal secured

103. References to accounting practice and periods of account

104. Discounted securities etc

105. Financial trading stock

106. Valuation of trading stock on transfer of trade

107. Banks etc in compulsory liquidation

108. Manufactured dividends and interest

109. Venture capital trusts

Part 4

Stamp duty and stamp duty reserve tax

Stamp duty

110. Land in disadvantaged areas

111. Withdrawal of group relief

112. Restriction of relief for company acquisitions

113. Withdrawal of relief for company acquisitions

114. Penalties for late stamping

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

116. Abolition of duty on instruments relating to goodwill

Stamp duty and stamp duty reserve tax

117. Power to extend exceptions relating to recognised exchanges

Part 5

Other taxes

Inheritance tax

118. IHT: rate bands

119. IHT: powers over, or exercisable in relation to, settled property or a settlement

120. IHT: variation of dispositions taking effect on death

Air passenger duty

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

Landfill tax

122. Landfill tax: rate

Climate change levy

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

124. Climate change levy: certification requirement

125. Climate change levy: exemption for renewable sources

126. Climate change levy: electricity produced from coal mine methane

127. Climate change levy: incorrect certificates

128. Climate change levy: invoices incorrectly showing levy due

Aggregates levy

129. Aggregates levy: transitional relief for Northern Ireland

130. Aggregates levy: amendments to provisions exempting spoil etc

131. Aggregates levy: crushing and cutting rock

132. Aggregates levy: miscellaneous amendments

133. Aggregates levy: amendments to provisions about civil penalties

Part 6

Miscellaneous and supplementary provisions

Recovery of taxes etc due in other member States

134. Recovery of taxes etc due in other member States

Mandatory e-filing

135. Mandatory e-filing

136. Use of electronic communications under other provisions

Lorry road-user charge

137. Lorry road-user charge

Registers of UK gilts

138. Authority of Bank of England to discharge functions in place of Bank of Ireland

139. Closure of UK gilts registers kept in Ireland

140. Administration of UK gilts

Supplementary

141. Repeals

142. Interpretation

143. Short title

Schedule 1: Beer from small breweries: reduced rate of duty

Schedule 2: Hydrocarbon oil duties: minor and consequential amendments relating to biodiesel

Schedule 3: Hydrocarbon oil duties: rebated heavy oil etc

Part 1: Regulating traders in rebated heavy oil

Part 2: Minor amendments relating to rebates

Schedule 4: Pool betting duty etc

Part 1: Amendments of the Betting and Gaming Duties Act 1981

Part 2: Minor amendments and transitional provisions

Schedule 5: Vehicle excise duty: registered vehicles etc

Schedule 6: Minor amendments to Schedule E charge

Schedule 7: Chargeable gains: roll-over of degrouping charge: modification of enactments

Schedule 8: Chargeable gains: exemptions in case of substantial shareholding

Part 1: New Schedule 7AC to the Taxation of Chargeable Gains Act 1992

Part 2: Consequential amendments

Schedule 9: Chargeable gains: share exchanges and company reconstructions

Part 1: Provisions replacing sections 135 and 136 of the Taxation of Chargeable Gains Act 1992

Part 2: Consequential amendments

Part 3: Commencement

Schedule 10: Chargeable gains: taper relief: minor amendments

Schedule 11: Chargeable gains: deduction of personal losses from gains treated as accruing to settlors

Schedule 12: Tax relief for expenditure on research and development

Part 1: Entitlement to relief for R&D expenditure: large companies

Part 2: Entitlement to relief for R&D expenditure: work subcontracted to small or medium-sized enterprise

Part 3: The relief

Part 4: Special provision for giving relief to insurance companies

Part 5: Supplementary provisions

Part 6: General provisions

Schedule 13: Tax relief for expenditure on vaccine research etc

Part 1: Entitlement to relief

Part 2: Manner of giving effect to relief: small and medium-sized companies

Part 3: Manner of giving effect to relief: large companies

Part 4: Special provision for giving relief to insurance companies

Part 5: Supplementary provisions

Schedule 14: Tax credits under Schedule 13: consequential amendments

Schedule 15: R&D tax relief for small and medium-sized enterprises: minor and consequential amendments

Schedule 16: Community investment tax relief

Part 1: Introduction

Part 2: Accredited community development finance institutions

Part 3: Qualifying investments

Part 4: General conditions

Part 5: Form of relief

Part 6: Withdrawal of relief

Part 7: Restructuring of CDFI

Part 8: Supplementary and general

Schedule 17: Community investment tax relief: consequential amendments

Schedule 18: Relief for community amateur sports clubs

Part 1: Clubs entitled to be registered

Part 2: Exemptions for registered clubs

Part 3: Reliefs for donors

Part 4: Chargeable gains: property ceasing to be held for qualifying purposes

Part 5: Registration

Part 6: Interpretation

Schedule 19: Capital allowances: cars with low carbon dioxide emissions

Schedule 20: Capital allowances: plant or machinery for gas refuelling station

Schedule 21: First-year allowances for expenditure wholly for a ring fence trade

Part 1: Plant and machinery

Part 2: Mineral extraction allowances

Schedule 22: Computation of profits: adjustment on change of basis

Part 1: Introduction

Part 2: General rules

Part 3: Special rules for certain cases

Part 4: Supplementary provisions

Part 5: Commencement

Schedule 23: Exchange gains and losses from loan relationships etc

Part 1: Amendments of the Finance Act 1996

Part 2: Amendments of other legislation

Part 3: Transitional provisions etc

Schedule 24: Corporation tax: currency

Schedule 25: Loan relationships

Part 1: Amendments of the Finance Act 1996

Part 2: Amendments of other enactments

Part 3: Transitional provisions

Schedule 26: Derivative contracts

Part 1: Introduction

Part 2: Derivative contracts

Part 3: Method of taxation

Part 4: Accounting methods

Part 5: Special provision for bad debt etc

Part 6: Special computational provisions

Part 7: Collective investment schemes

Part 8: Insurance and mutual trading companies

Part 9: Miscellaneous

Part 10: Interpretation

Schedule 27: Derivative contracts: minor and consequential amendments

Schedule 28: Derivative contracts: transitional provisions etc

Schedule 29: Gains and losses of a company from intangible fixed assets

Part 1: Introduction

Part 2: Debits in respect of intangible fixed assets

Part 3: Credits in respect of intangible fixed assets

Part 4: Realisation of intangible fixed assets

Part 5: Calculation of tax written down value

Part 6: How credits and debits are given effect

Part 7: Roll-over relief in case of realisation and reinvestment

Part 8: Groups of companies

Part 9: Application of provisions to groups of companies

Part 10: Excluded assets

Part 11: Transfer of business or trade

Part 12: Transactions between related parties

Part 13: Supplementary provisions

Part 14: Commencement and transitional provisions

Part 15: Interpretation

Schedule 30: Gains and losses of a company from intangible fixed assets: consequential amendments

Schedule 31: Gains of insurance company from venture capital investment partnership

Schedule 32: Lloyd’s underwriters

Schedule 33: Venture capital trusts

Part 1: Venture capital trusts: winding up

Part 2: Venture capital trusts: mergers

Part 3: Time allowed for VCT to invest money raised by further share issue

Part 4: Supplementary

Schedule 34: Stamp duty: withdrawal of group relief: supplementary provisions

Schedule 35: Stamp duty: withdrawal of relief for company acquisitions: supplementary provisions

Schedule 36: Stamp duty: contracts chargeable as conveyances: supplementary provisions

Part 1: Subsales

Part 2: Subsequent conveyance or transfer

Part 3: General supplementary provisions

Schedule 37: Stamp duty: abolition of duty on instruments relating to goodwill: supplementary provisions

Schedule 38: Aggregates levy amendments

Schedule 39: Recovery of taxes etc due in other member States

Schedule 40: Repeals

Part 1: Excise duties

Part 2: Value added tax

Part 3: Income tax, corporation tax and capital gains tax

Part 4: Other taxes

Part 5: Miscellaneous

 

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.

[24th July 2002]

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 to 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

Tobacco products duty

1 Rates of tobacco products duty

(1) For the Table of rates of duty in Schedule 1 to the Tobacco Products Duty Act 1979 (c. 7) substitute—

Table

1. Cigarettes                                                   An amount equal to 22 per cent of the

                                                                      retail price plus £94.24 per thousand

                                                                      cigarettes.

2. Cigars                                                         £137.26 per kilogram.

3. Hand-rolling tobacco                                     £98.66 per kilogram.

4. Other smoking tobacco and chewing tobacco £60.34 per kilogram.

(2) This section shall be deemed to have come into force at 6 o'clock in the evening of 17th April 2002.

Alcoholic liquor duties

2 Rates of duty on cider

(1) In section 62(1A) of the Alcoholic Liquor Duties Act 1979 (c. 4) (rates of duty on cider)—

(a) in paragraph (b) (rate of duty per hectolitre in the case of cider of a strength exceeding 7.5 per cent that is not sparkling cider), for “£39.21” substitute “£38.43”;

(b) in paragraph (c) (rate of duty per hectolitre in any other case), for “£26.13” substitute “£25.61”.

(2) This section shall be deemed to have come into force on 28th April 2002.

3 Duty on beverages made with spirits to be at spirits rate

(1) Omit section 1(9) of the Alcoholic Liquor Duties Act 1979 (under which alcoholic beverages of a strength between 1.2 and 5.5 per cent made with spirits are treated as not being spirits, unless of a description specified by Treasury order).

(2) This section shall be deemed to have come into force on 28th April 2002.

4 Reduced rates of duty on beer from small breweries

(1) Schedule 1 to this Act (which makes provision for the excise duty on beer to be charged at reduced rates on beer produced in small breweries) has effect.

(2) Subject to subsection (3), subsection (1) shall be deemed to have come into force on 1st June 2002.

(3) So far as relating to—

(a) the insertion by paragraph 2 of that Schedule of the new section 36H of the Alcoholic Liquor Duties Act 1979, and

(b) paragraph 3 of that Schedule,

subsection (1) comes into force on the day on which this Act is passed.

Hydrocarbon oil duties

5 Biodiesel

(1) The Hydrocarbon Oil Duties Act 1979 (c. 5) is amended as follows.

(2) After section 2 insert—

“2AA Biodiesel

(1) In this Act “biodiesel” means diesel quality liquid fuel—

(a) that is produced from biomass or waste cooking oil,

(b) the ester content of which is not less than 96.5% by weight, and

(c) the sulphur content of which does not exceed 0.005% by weight or is nil.

(2) In subsection (1)—

(a) “diesel quality” means capable of being used for the same purposes as heavy oil;

(b) “liquid” does not include any substance that is gaseous at a temperature of 15°C and under a pressure of 1013.25 millibars;

(c) “biomass” means vegetable and animal substances constituting the biodegradable fraction of—

(i) products, wastes and residues from agriculture, forestry and related activities, or

(ii) industrial and municipal waste.”.

(3) In section 2A (power to amend definitions), after subsection (1) insert—

“(1A) The Treasury may by order made by statutory instrument amend the definition for the purposes of this Act of “biodiesel”.”.

(4) After section 6 (excise duty on hydrocarbon oil) insert—

“6AA Excise duty on biodiesel

(1) A duty of excise shall be charged on the setting aside for a chargeable use by any person, or (where it has not already been charged under this section) on the chargeable use by any person, of biodiesel.

(2) In subsection (1) “chargeable use” means use—

(a) as fuel for any engine, motor or other machinery, or

(b) as an additive or extender in any substance so used.

(3) The rate of duty under this section shall be £0.2582 a litre.

6AB Excise duty on blends of biodiesel and heavy oils

(1) A duty of excise shall be charged on bioblend—

(a) imported into the United Kingdom, or

(b) produced in the United Kingdom and delivered for home use from a refinery or from other premises used for the production of hydrocarbon oil or from any bonded storage for hydrocarbon oil, not being bioblend chargeable with duty under paragraph (a) above.

This is subject to subsection (6) below.

(2) In this Act “bioblend” means any mixture that is produced by mixing—

(a) biodiesel, and

(b) heavy oil not charged with the excise duty on hydrocarbon oil.

(3) The rate at which the duty shall be charged on any bioblend shall be a composite rate representing—

(a) in respect of the proportion of the bioblend that is hydrocarbon oil, the rate that would be applicable to the bioblend if it consisted entirely of heavy oil of the description that went into producing the bioblend, and

(b) in respect of the proportion of the bioblend that is biodiesel, the rate that would be applicable to the bioblend if it consisted entirely of biodiesel.

(4) The references in subsection (3) above to the proportions of—

(a) hydrocarbon oil, and

(b) biodiesel,

are to the proportions by volume to the nearest 0.001%.

(5) If the Commissioners are not satisfied as to the proportion of biodiesel in any bioblend, the rate of duty chargeable shall be the rate that would be applicable to the bioblend if it consisted entirely of heavy oil of the description that went into producing the bioblend.

(6) Where imported bioblend is removed to a refinery, the duty chargeable under subsection (1) above shall, instead of being charged at the time of the importation of the bioblend, be charged on the delivery of any goods from the refinery for home use and shall be the same as that which would be payable on the importation of like goods.

6AC Application to biodiesel and bioblend of provisions relating to hydrocarbon oil

(1) The Commissioners may by regulations provide for—

(a) references in this Act, or specified references in this Act, to hydrocarbon oil to be construed as including references to—

(i) biodiesel;

(ii) bioblend;

(b) references in this Act, or specified references in this Act, to duty on hydrocarbon oil to be construed as including references to duty under—

(i) section 6AA above;

(ii) section 6AB above;

(c) biodiesel, or bioblend, to be treated for the purposes of such of the following provisions of this Act as may be specified as if it fell within a specified description of hydrocarbon oil.

(2) Where the effect of provision made under subsection (1) above is to extend any power to make regulations, provision made in exercise of the power as extended may be contained in the same statutory instrument as the provision extending the power.

(3) In this section “specified” means specified by regulations under this section.

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

(5) Paragraph (b) of subsection (1) above shall not be taken as prejudicing the generality of paragraph (a) of that subsection.”.

(5) Schedule 2 to this Act contains minor and consquential amendments of the Hydrocarbon Oil Duties Act 1979 (c. 5).

(6) Subsection (4), and subsection (5) so far as relating to paragraphs 2 and 4(1) of that Schedule, have effect in relation to biodiesel that—

(a) is set aside for chargeable use (as defined in the section 6AA inserted by subsection (4)) after such date as the Commissioners of Customs and Excise may by order made by statutory instrument appoint, or

(b) not having been so set aside, is the subject of such chargeable use after that date,

and has not been set aside for chargeable use under section 6A of that Act (fuel substitutes) on or before that date..

(7) Subsection (4), and subsection (5) so far as relating to paragraph 2 of that Schedule, have effect in relation to bioblend that—

(a) is imported into the United Kingdom after the date appointed under subsection (6)(a), or

(b) not having been so imported—

(i) is produced in the United Kingdom and delivered for home use after that date, and

(ii) has not been set aside for chargeable use under section 6A of that Act (fuel substitutes) on or before that date.

(8) Subsection (5)—

(a) so far as relating to paragraph 3 of that Schedule, comes into force on the day after the date appointed under subsection (6)(a),

(b) so far as relating to paragraph 5 of that Schedule, applies to mixtures produced after the date appointed under subsection (6)(a), and

(c) so far as relating to paragraph 7 of that Schedule, comes into force on such day as the Commissioners of Customs and Excise may by order made by statutory instrument appoint.

6 Regulating trade in rebated heavy oil etc

(1) Schedule 3 to this Act has effect.

(2) In that Schedule—

Part 1 makes provision for regulating trade in certain heavy oil on which rebate of excise duty has been allowed, and

Part 2 amends provisions of the Hydrocarbon Oil Duties Act 1979 relating to rebates.

(3) Subject to subsection (4), subsection (1) so far as relating to paragraph 1 of that Schedule shall not come into force until such day as the Commissioners of Customs and Excise may appoint by order made by statutory instrument.

(4) For the purpose of the exercise of any power to make regulations, subsection (1) so far as relating to that paragraph comes into force on the day on which this Act is passed.

7 Fuel substitutes

(1) In section 6A of the Hydrocarbon Oil Duties Act 1979 (c. 5) (fuel substitutes)—

(a) in subsection (5) (power to provide that fuel substitute to be treated as if it were a description of hydrocarbon oil), for the words from “the description of such one or more of the following” to the end substitute “such description of hydrocarbon oil as may be so specified”;

(b) in subsection (6)(a) (power to be exercised so that fuel substitute charged with duty and otherwise treated as if it were description of hydrocarbon oil to which it is most closely equivalent), for “the substance falling within the descriptions specified in subsection (5) above” substitute “hydrocarbon oil of the description”.

(2) In section 10 of the Finance Act 1993 (c. 34) (mineral oil fuel substitutes)—

(a) in subsection (2) (power to provide that mineral oil fuel substitute to be treated as if it were a particular description of hydrocarbon oil), for the words from “the description of such one or more of the following” to the end substitute “such description of hydrocarbon oil as may be so specified”;

(b) in subsection (3) (power to be exercised so that mineral oil fuel substitute treated as if it were description of hydrocarbon oil to which it is most closely equivalent), for “the substance falling within the descriptions specified in subsection (2) above” substitute “hydrocarbon oil of the description”.

Betting and gaming duties

8 Amusement machine licences: excepted machines

(1) Section 21 of the Betting and Gaming Duties Act 1981 (c. 63) (amusement machine licences) is amended as follows.

(2) In subsection (3A) (excepted machines), for paragraphs (c) and (d) (certain thirty-five penny machines and video machines) substitute—

“(c) a fifty-penny machine that is not a gaming machine.”.

(3) For subsection (3B) substitute—

“(3B) For the purposes of this section an amusement machine is a fifty-penny machine if, and only if—

(a) where it is a machine on which a game can be played solo, the price for a solo game does not exceed 50p; and

(b) where it is a machine on which a game can be played by more than one person at a time, the price to participate in such a game does not exceed 50p.”.

(4) In subsection (3C) (definition of the price for a solo game), for “35p”, in both places where it occurs, substitute “50p”.

(5) In section 25 of that Act (definition of different types of machine), in subsections (4) and (6) (treatment of machines capable of being played by more than one person at a time), for “an excepted video machine falling within section 21(3A)(d) above” substitute “a fifty-penny machine within section 21(3B) above”.

(6) This section has effect in relation to the provision of an amusement machine at any time on or after 1st May 2002.

 
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