Finance Act 2000 (c. 17)

(The document as of February, 2008)

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(2) In subsection (4), in paragraph (a) (which requires that the consideration for the acquisition consists of or includes the issue of shares) after "the issue of" insert "non-redeemable".

(3) In subsection (4), after paragraph (b) add--

" In paragraph (a) above, "non-redeemable shares" means shares which are not redeemable shares. " .

(4) In section 76 of the [1986 c. 41.] Finance Act 1986 (acquisitions: further provisions about reliefs) in subsection (3)(a) (which requires that the consideration for the acquisition consists of or includes the issue of shares) for "shares" substitute "non-redeemable shares (within the meaning of section 75(4)(a) above)".

(5) This section has effect in relation to instruments executed after the day on which this Act is passed.

128 Surrender of leases

(1) Where a lease is or has been surrendered or, in Scotland, renounced at any time, a document evidencing the surrender or renunciation shall be treated for the purposes of stamp duty as if it were a deed executed at that time effecting the surrender or renunciation.

(2) Stamp duty shall be chargeable by virtue of subsection (1) on a document containing a statutory declaration, notwithstanding anything in rule 316(1) of the [S.R.&O. 1925/1093.] Land Registration Rules 1925 or any other provision of those Rules or of any other rules (whenever made) under section 144 of the [1925 c. 21.] Land Registration Act 1925.

(3) Stamp duty shall not be chargeable by virtue of subsection (1) on any lease or agreement for a lease or with respect to any letting if the lease or agreement--

(a) is made in consideration of the surrender or renunciation; and

(b) relates to the same subject matter as the lease surrendered or renounced.

(4) Stamp duty shall not be chargeable by virtue of subsection (1) on any document if a document falling within subsection (5) has been duly stamped.

(5) The documents that fall within this subsection are--

(a) a deed effecting the surrender or renunciation;

(b) an agreement which falls to be treated for the purposes of stamp duty as if it were such a deed;

(d) any lease or agreement falling within subsection (3).

(6) A land registrar shall regard a document which by virtue of subsection (4) is not chargeable to stamp duty by virtue of subsection (1) as not duly stamped unless--

(a) it is stamped as if it were a deed effecting the surrender or renunciation; or

(b) it appears by some stamp impressed on it that the full and proper duty chargeable on such a deed has been paid on another document; or

(c) it appears by some stamp impressed on it that a lease or agreement falling within subsection (3) has been duly stamped; or

(d) the land registrar is aware of a document falling within subsection (5) which has been duly stamped.

(7) The documents which evidence the surrender or renunciation of a lease shall be taken to include an application, in consequence of the surrender or renunciation of the lease, for--

(a) the making in a land register, or

(b) the removal from a land register,

of an entry relating to the lease.

(8) In this section--

"land register"--

(a) in relation to England and Wales, means the register kept under section 1 of the [1925 c. 21.] Land Registration Act 1925;

(b) in relation to Scotland, means the Land Register of Scotland or the General Register of Sasines;

(c) in relation to Northern Ireland, means the register maintained under section 10 of the [1970 c. 18 (N.I.)] Land Registration Act (Northern Ireland) 1970;

"land registrar"--

(a) in relation to England and Wales, means the Chief Land Registrar or any other officer of Her Majesty's Land Registry exercising functions of the Chief Land Registrar;

(b) in relation to Scotland, means the Keeper of the Registers of Scotland;

(c) in relation to Northern Ireland, means the Registrar of Titles or any other official of the Land Registry exercising functions of the Registrar of Titles.

(9) This section shall be construed as one with the [1891 c. 39.] Stamp Act 1891.

(10) This section applies to documents relating to the surrender or renunciation of a lease after the day on which this Act is passed.

129 Abolition of duty on instruments relating to intellectual property

(1) No stamp duty is chargeable on an instrument for the sale, transfer or other disposition of intellectual property.

(2) In subsection (1) "intellectual property" means--

(a) any patent, trade mark, registered design, copyright or design right,

(b) any plant breeders' rights and rights under section 7 of the [1997 c. 66.] Plant Varieties Act 1997,

(d) any rights under the law of a country or territory outside the United Kingdom that correspond or are similar to those within paragraph (a), (b) or (c).

(3) Schedule 34 to this Act (which contains provisions supplementing this section) has effect.

(4) This section and Schedule 34 shall be construed as one with the [1891 c. 39.] Stamp Act 1891.

(5) This section applies to instruments executed on or after 28th March 2000.

(6) This section shall be deemed to have come into force on that date.

130 Transfers to registered social landlords etc

(1) No stamp duty shall be chargeable under Part I or II, or paragraph 16 of Part III, of Schedule 13 to the [1999 c. 16.] Finance Act 1999 on a conveyance or transfer of an estate or interest in land, or on a lease of land,--

(a) to a qualifying landlord controlled by its tenants;

(b) to a qualifying landlord by a qualifying transferor; or

(c) to a qualifying landlord purchasing the estate or interest, or the grant of the lease, with the assistance of a public subsidy.

(2) For the purposes of this section the cases where a qualifying landlord is controlled by its tenants are those cases where the majority of the board members of the qualifying landlord are tenants occupying properties owned or managed by the qualifying landlord.

(3) For the purposes of subsection (2) a "board member" means--

(a) in relation to a qualifying landlord which is a company, a director of the company;

(b) in relation to a qualifying landlord which is a body corporate whose affairs are managed by its members, a member;

(d) in relation to a qualifying landlord not falling within any of paragraphs (a) to (c), a member of the committee of management or other body to which is entrusted the direction of the affairs of the qualifying landlord.

(4) In subsection (3), "company" has the same meaning as in the [1985 c. 6.] Companies Act 1985 (see section 735(1) of that Act).

(5) In this section "qualifying landlord" means--

(a) in relation to England and Wales, any body registered as a social landlord in a register maintained under section 1(1) of the [1996 c. 52.] Housing Act 1996;

(b) in relation to Scotland--

(i) any housing association registered in the register maintained under section 3(1) of the [1985 c. 69.] Housing Associations Act 1985 by Scottish Homes; or

(ii) any body corporate whose objects correspond to those of a housing association and which, pursuant to a contract with Scottish Homes, is registered in a register kept for the purpose by Scottish Homes;

(c) in relation to Northern Ireland, any housing association registered in the register maintained under Article 14 of the [S.I. 1992/1725 (N.I. 15).] Housing (Northern Ireland) Order 1992.

(6) In this section "qualifying transferor" means any of the following--

(a) a qualifying landlord;

(b) a housing action trust established under Part III of the [1988 c. 50.] Housing Act 1988;

(d) the Common Council of the City of London;

(e) a council constituted under section 2 of the [1994 c. 39.] Local Government etc. (Scotland) Act 1994;

(f) Scottish Homes;

(g) the Department for Social Development in Northern Ireland;

(h) the Northern Ireland Housing Executive.

(7) In this section "public subsidy" means any grant or other financial assistance--

(a) made or given by way of a distribution pursuant to section 25 of the [1993 c. 39.] National Lottery etc. Act 1993 (application of money by distributing bodies);

(b) under section 18 of the [1996 c. 52.] Housing Act 1996 (social housing grants);

(c) under section 126 of the [1996 c. 53.] Housing Grants, Construction and Regeneration Act 1996 (financial assistance for regeneration and development);

(d) under section 2 of the [1988 c. 43.] Housing (Scotland) Act 1988 (general functions of Scottish Homes); or

(e) under Article 33 of the [S.I. 1992/1725 (N.I. 15).] Housing (Northern Ireland) Order 1992 (housing association grants).

(8) Where stamp duty would be chargeable on an instrument but for paragraph (c) of subsection (1), that subsection shall only have effect in relation to the instrument if the instrument is certified to the Board by the qualifying landlord concerned as being an instrument on which stamp duty is by virtue of that paragraph not chargeable.

(9) An instrument on which stamp duty is not chargeable by virtue only of this section shall not be taken to be duly stamped unless--

(a) it is stamped with the duty to which it would be liable but for this section; or

(b) it has, in accordance with section 12 of the [1891 c. 39.] Stamp Act 1891, been stamped with a particular stamp denoting that it is not chargeable with any duty.

(10) This section applies to instruments executed after the day on which this Act is passed.

131 Relief for certain instruments executed before this Act has effect

(1) This section applies to an instrument of any of the following descriptions executed in the period beginning with 22nd March 2000 and ending with the day on which this Act is passed--

(a) an instrument transferring or vesting an estate or interest in land in such circumstances as are mentioned in section 119 (transfer of land to connected company), in a case specified in section 120 (excepted cases);

(b) a conveyance or transfer of an estate or interest in land, or a lease of land, to a qualifying landlord within the meaning of section 130 (transfers to registered social landlords, etc.) from a qualifying transferor within subsection (6)(c), (d), (e), (f) or (h) of that section.

(2) If the instrument is not stamped until after the day on which this Act is passed, the law in force at the time of its execution shall be deemed for stamp duty purposes to be that which would have applied if it had been executed after that day.

(3) If the Commissioners are satisfied that--

(a) the instrument was stamped on or before the day on which this Act is passed,

(b) stamp duty was chargeable in respect of it, and

they shall pay to such person as they consider appropriate an amount equal to the duty (and any interest or penalty) that would not have been payable if the law in force at the time of execution of the instrument had been that which would have applied had it been executed after that day.

(4) Any such payment must be claimed before 1st April 2001.

(5) Entitlement to a payment is subject to compliance with such conditions as the Commissioners may determine with respect to the production of the instrument, to its being stamped so as to indicate that it has been produced under this section or to other matters.

(6) For the purposes of section 10 of the [1866 c. 39.] Exchequer and Audit Departments Act 1866 (Commissioners to deduct repayments from gross revenues) any amount paid under this section shall be treated as a repayment.

(7) This section shall be construed as one with the [1891 c. 39.] Stamp Act 1891.

132 The Northern Ireland Assembly Commission

(1) Amend section 55 of the [1987 c. 16.] Finance Act 1987 (Crown exemption from stamp duty) as follows.

(2) In subsection (1) (which specifies the bodies relieved from stamp duty)--

(a) after "agreed to be made" insert "(a)";

(b) after "Minister of the Crown or" insert "(b)"; and

(3) In subsection (1), after "National Assembly for Wales," insert " or

(d) to the Northern Ireland Assembly Commission, " .

(4) Subsection (3) has effect in relation to instruments executed on or after 28th March 2000.

(5) This section shall be deemed to have come into force on 28th March 2000.

Stamp duty and Stamp duty reserve tax

133 Loan capital where return bears inverse relationship to results

(1) In section 79 of the [1986 c. 41.] Finance Act 1986 (loan capital), after subsection (7) insert--

" (7A) Subsection (4) above shall not be prevented from applying to an instrument by virtue of subsection (6)(b) above by reason only that the loan capital concerned carries a right to interest which--

(a) reduces in the event of the results of a business or part of a business improving, or the value of any property increasing, or

(b) increases in the event of the results of a business or part of a business deteriorating, or the value of any property diminishing. " .

(2) For the purposes of stamp duty, subsection (1) above has effect where the instrument is executed on or after 21st March 2000.

(3) For the purposes of stamp duty reserve tax, subsection (1) above has effect--

(a) in relation to the charge to tax under section 87 of the Finance Act 1986, where--

(i) the agreement to transfer is conditional and the condition is satisfied on or after 21st March 2000, or

(ii) the agreement is not conditional and is made on or after that date;

(b) in relation to the charge to tax under section 93(1) of that Act, where securities are transferred, issued or appropriated on or after 21st March 2000 (whenever the arrangement was made);

(c) in relation to the charge to tax under section 96(1) of that Act, where securities are transferred or issued on or after 21st March 2000 (whenever the arrangement was made);

(d) in relation to the charge to tax under section 93(10) of that Act, where securities are issued or transferred on sale, under terms there mentioned, on or after 21st March 2000;

(e) in relation to the charge to tax under section 96(8) of that Act, where securities are issued or transferred on sale, under terms there mentioned, on or after 21st March 2000.

134 Transfers between depositary receipt systems and clearance systems

(1) In Part III of the [1986 c. 41.] Finance Act 1986 (stamp duty), after section 72 insert--

" Transfers between depositary receipt system and clearance system

72A Transfers between depositary receipt system and clearance system

(1) Where an instrument transfers relevant securities of a company incorporated in the United Kingdom between a depositary receipt system and a clearance system--

(a) the provisions of section 67(2) to (5) or, as the case may be, section 70(2) to (5) above shall not apply, and

(b) the stamp duty chargeable on the instrument is £5.

(2) A transfer between a depositary receipt system and a clearance system means a transfer--

(a) from (or to) a company that at the time of the transfer falls within section 67(6) above, and

(b) to (or from) a company that at that time falls within section 70(6) above.

(3) This section does not apply to a transfer from a clearance system (that is, from such a company as is mentioned in subsection (2)(b) above) if at the time of the transfer an election is in force under section 97A below in relation to the clearance services for the purposes of which the securities are held immediately before the transfer. " .

(2) In Part IV of the [1986 c. 41.] Finance Act 1986 (stamp duty reserve tax), after section 97A insert--

" 97B Transfer between depositary receipt system and clearance system

(1) There shall be no charge to tax under section 93 or 96 above where securities are transferred between a depositary receipt system and a clearance system.

(2) A transfer between a depositary receipt system and a clearance system means a transfer--

(a) from (or to) a company which at the time of the transfer falls within section 67(6) above, and

(b) to (or from) a company which at that time falls within section 70(6) above.

(3) This section does not apply to a transfer from a clearance system (that is, from such a company as is mentioned in subsection (2)(b) above) if at the time of the transfer an election is in force under section 97A above in relation to the clearance services for the purposes of which the securities are held immediately before the transfer. " .

(3) In sections 67(9), 70(9), 95(1) and 97(1) of the [1986 c. 41.] Finance Act 1986 (transfers between depositary receipt systems or between clearance systems), the words "and is resident in the United Kingdom" and "and is so resident" shall cease to have effect.

(4) In section 97A of that Act (clearance services: election for alternative system of charge), after subsection (12) add--

" (13) Nothing in section 70(9) or 97(1) above has effect to prevent a charge to stamp duty or stamp duty reserve tax arising--

(a) on a transfer to which subsection (5) above applies, or

(b) on a deemed transfer under subsection (11) above. " .

(5) The amendments in this section have effect as follows--

(a) subsection (1), and subsections (3) and (4) as they apply for stamp duty purposes, apply in relation to instruments executed after the day on which this Act is passed;

(b) subsection (2), and subsections (3) and (4) as they apply for the purposes of stamp duty reserve tax, apply where the securities are transferred after that day.

Part V Other taxes

Value added tax

135 Supplies to which reduced rate applies

(1) Schedule 35 to this Act (which amends Schedule A1 to the [1994 c. 23.] Value Added Tax Act 1994 for the purpose of extending the range of supplies to which the reduced rate of value added tax applies) has effect.

(2) The amendments made by that Schedule have effect in relation to supplies made on or after 1st April 2000.

(3) Subsection (2) does not apply to the amendment made by paragraph 8(5) of that Schedule.

That amendment has effect in relation to supplies made after the day on which this Act is passed.

136 Disposals of assets for which a VAT repayment is claimed

(1) In section 3(2) of the [1994 c. 23.] Value Added Tax Act 1994 (taxable persons and registration), for "Schedules 1 to 3" there shall be substituted "Schedules 1 to 3A".

(2) In section 67 of that Act (failure to notify)--

(a) in subsection (1)(a), for "or with paragraph 3 or 8(2) of Schedule 3" there shall be substituted ", with paragraph 3 or 8(2) of Schedule 3 or paragraph 3, 4 or 7(2) or (3) of Schedule 3A";

(b) in subsection (3)(a), for "or paragraph 3 of Schedule 3" there shall be substituted ", paragraph 3 of Schedule 3 or paragraph 3 or 4 of Schedule 3A"; and

(c) in subsection (3)(b), for "or with sub-paragraph (2) of paragraph 8 of Schedule 3" there shall be substituted ", with sub-paragraph (2) of paragraph 8 of Schedule 3 or with sub-paragraph (2) or (3) of paragraph 7 of Schedule 3A".

(3) In section 69(1)(a) of that Act (breaches of regulatory provisions), for "or paragraph 5 of Schedule 3" there shall be substituted ", paragraph 5 of Schedule 3 or paragraph 5 of Schedule 3A".

(4) In section 73(3)(b) of that Act (failure to make returns etc.), for "or paragraph 6(2) or (3) of Schedule 3" there shall be substituted ", paragraph 6(2) or (3) of Schedule 3 or paragraph 6(1) or (2) of Schedule 3A".

(5) In section 74(1)(c) of that Act (interest on VAT recovered or recoverable by assessment), for "under paragraph 8 of Schedule 3" there shall be substituted ", under paragraph 8 of Schedule 3 or under paragraph 7 of Schedule 3A".

(6) In the following provisions of that Act--

(a) paragraph 1(4)(a) and (5) of Schedule 1 (registration in respect of taxable supplies); and

(b) paragraph 1(4) of Schedule 2 (registration in respect of supplies from other member States),

for "or paragraph 6(3) of Schedule 3" there shall be substituted ", paragraph 6(3) of Schedule 3 or paragraph 6(2) of Schedule 3A".

(7) In paragraph 1(3) of Schedule 3 to that Act (registration in respect of acquisitions from other member States), for "or paragraph 6(2) of Schedule 2" there shall be substituted ", paragraph 6(2) of Schedule 2 or paragraph 6(2) of Schedule 3A".

(8) After Schedule 3 to that Act there shall be inserted the Schedule 3A set out in Schedule 36 to this Act.

(9) In paragraph 5(5) of Schedule 4 to that Act (matters to be treated as a supply of goods or services), for the words from "under sections 25 and 26" to the end there shall be substituted--

" (a) under sections 25 and 26, to credit for the whole or any part of the VAT on the supply, acquisition or importation of those goods or of anything comprised in them; or

(b) under a scheme embodied in regulations made under section 39, to a repayment of VAT on the supply or importation of those goods or of anything comprised in them. " .

(10) Subsections (1) to (7) and (9) above have effect in relation to supplies made on or after 21st March 2000; and subsection (8) above and Schedule 36 to this Act have effect in relation to relevant supplies (within the meaning of Schedule 3A to that Act) made on or after that date.

137 Gold: penalty for failure to comply with record-keeping requirements etc

(1) Part IV of the [1994 c. 23.] Value Added Tax Act 1994 (administration, collection and enforcement) is amended as follows.

(2) After section 69 (breaches of regulatory provisions) insert--

" 69A Breach of record-keeping requirements etc. in relation to transactions in gold

(1) This section applies where a person fails to comply with a requirement of regulations under section 13(5)(a) or (b) of the [1999 c. 16.] Finance Act 1999 (gold: duties to keep records or provide information).

Where this section applies, the provisions of section 69 do not apply.

(2) A person who fails to comply with any such requirement is liable to a penalty not exceeding 17.5% of the value of the transactions to which the failure relates.

(3) For the purposes of assessing the amount of any such penalty, the value of the transactions to which the failure relates shall be determined by the Commissioners to the best of their judgement and notified by them to the person liable.

(4) No assessment of a penalty under this section shall be made more than 2 years after evidence of facts sufficient in the opinion of the Commissioners to justify the making of the assessment comes to their knowledge.

(5) The reference in subsection (4) above to facts sufficient to justify the making of the assessment is to facts sufficient--

(a) to indicate that there had been a failure to comply with any such requirement as is referred to in subsection (1) above, and

(b) to determine the value of the transactions to which the failure relates.

(6) A failure by any person to comply with any such requirement as is mentioned in subsection (1) above shall not give rise to a liability to a penalty under this section if the person concerned satisfies the Commissioners or, on appeal, a tribunal, that there is a reasonable excuse for the failure.

(7) Where by reason of conduct falling within subsection (1) above a person--

(a) is assessed to a penalty under section 60, or

(b) is convicted of an offence (whether under this Act or otherwise),

that conduct shall not also give rise to a penalty under this section. " .

(3) In section 70(1) of that Act (mitigation of penalties), for "or 67" substitute ", 67 or 69A".

(4) In section 76(1) of that Act (assessment of amount due by way of penalty etc.), for "to 69" (in both places) substitute "to 69A".

(5) In section 83 of that Act (appeals), in paragraph (n) for "59 to 69" substitute "59 to 69A".

Inheritance tax

138 Treatment of employee share ownership trusts

(1) The [1984 c. 51.] Inheritance Tax Act 1984 is amended as follows.

(2) In section 13 (dispositions by close companies for benefit of employees), in subsection (4), after paragraph (b) insert " ; or

(c) if the trusts are those of an employee share ownership plan approved under Schedule 8 to the Finance Act 2000, of any power to appropriate shares to, or acquire shares on behalf of, individuals under the plan. " .

(3) In section 72 (property leaving employee trusts and newspaper trusts)--

(a) in subsection (2) after "subsection (4)" insert ", (4A)", and

(b) after subsection (4) insert--

" (4A) If the trusts are those of an employee share ownership plan approved under Schedule 8 to the Finance Act 2000, tax shall not be chargeable under this section by virtue of subsection (3)(b) above on an appropriation of shares to, or acquisition of shares on behalf of, an individual under the plan. " .

(4) In section 86 (trusts for benefit of employees), in subsection (3), after paragraph (b) insert " ; or

(c) the trusts on which the settled property is held are those of an employee share ownership plan approved under Schedule 8 to the Finance Act 2000. " .

Petroleum revenue tax

139 Operating expenditure incurred while safeguard relief applies

(1) After section 9 of the [1975 c. 22.] Oil Taxation Act 1975 insert--

" 9A Operating expenditure incurred while section 9 applies

(1) Subsections (2) and (3) below apply where--

(a) operating expenditure is incurred by a participator in an oil field during a chargeable period to which section 9(1) of this Act applies ("the relevant chargeable period");

(b) a claim for the allowance of the expenditure is made under Schedule 5 or 6 for the claim period which coincides with the relevant chargeable period ("the relevant claim period"); and

(2) The Board shall not allow the expenditure except to such extent (if any) as they consider necessary to secure that the participator's overall liability to tax is no greater than it would have been if the claim had been allowed before the Board had made an assessment to tax or a determination on or in relation to the participator in respect of the field for the relevant chargeable period.

(3) Any amounts of oil allowance which, if the claim had been allowed before the Board had made an assessment to tax or a determination on or in relation to the participator in respect of the field for the relevant chargeable period, would not have been utilised by him in that period, or any subsequent chargeable period, shall be disregarded for the purposes of section 8(6) of this Act.

(4) Where--

(a) the participator transfers the whole or part of his interest in the oil field to another person; and

(b) Parts II and III of Schedule 17 to the [1980 c. 48.] Finance Act 1980 apply to the transfer,

subsections (2) and (3) above shall have effect as if references to the participator included references to that other person.

(5) In this section--

"acquisition", in relation to an asset, includes acquisition of an interest in the asset;
"capital expenditure" means expenditure on the acquisition or construction of an asset which is to be used for any of the following purposes--
(a)
for ascertaining the extent or characteristics of any oil-bearing area wholly or partly included in the field, or what the reserves of oil of any such oil-bearing area are;
(b)
for winning oil from the field;
(c)
for transporting oil won from the field, whether to a place in the United Kingdom or to a place in another country; or
(d)
for the initial treatment or initial storage of oil won from the field;
"operating expenditure" means any expenditure other than capital expenditure.

(6) Where a claim period is a period of twelve months, this section shall have effect as if--

(a) that period were two separate claim periods of six months each;

(b) any claim for that period under Schedule 5 or 6 were two separate claims, one for each of those separate periods; and

(c) the operating expenditure to which that claim relates were apportioned between those separate periods and those separate claims in such manner as may be just and reasonable. " .

(2) This section has effect in relation to expenditure incurred on or after 21st March 2000.

Landfill tax

140 Rate

(1) In section 42 of the [1996 c. 8.] Finance Act 1996 (amount of landfill tax), in subsections (1)(a) and (2) for "£10" substitute "£11".

(2) This section has effect in relation to taxable disposals made, or treated as made, on or after 1st April 2000.

141 Disposals which are not taxable

(1) In section 62 of the [1996 c. 8.] Finance Act 1996 (regulations about taxable disposals) amend subsection (7) (limit on power to make regulations providing that a disposal is not taxable) as follows.

(2) For paragraph (a) substitute--

" (a) the material comprised in the disposal is held temporarily pending one or more of the following--

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