Finance Act 2001 (c. 9)
(The document as of February, 2008)
-- Back --
Page 28
Pages:
P.1 |
P.2 |
P.3 |
P.4 |
P.5 |
P.6 |
P.7 |
P.8 |
P.9 |
P.10 |
P.11 |
P.12 |
P.13 |
P.14 |
P.15 |
P.16 |
P.17 |
P.18 |
P.19 |
P.20 |
P.21 |
P.22 |
P.23 |
P.24 |
P.25 |
P.26 |
P.27 |
P.28
General rule for determinations under this Schedule of "unrelievable portion" of loss
6 (1) The unrelievable portion of the allowable loss is so much of the intermediate unrelieved loss as cannot be relieved under paragraph 7 against relevant profits.
(2) In this Schedule--
"the intermediate unrelieved loss" is so much of the allowable loss as cannot be relieved under section 7 of the Oil Taxation Act 1975 against assessable profits accruing from the field to the loss-maker;
"relevant profits" means assessable profits--
(a)
accruing from the field to any participator in the field other than the loss-maker,
(b)
computed as if the amounts mentioned in section 2(8)(a) of that Act did not include expenditure unrelated to the field except where it has been allowed in pursuance of a claim or election for its allowance received by the Board before 29th November 1994, and
(c)
reduced (after being so computed) under section 7 of that Act.
(3) In sub-paragraph (2) "expenditure unrelated to the field" has the meaning given by section 6(9) of that Act.
Loss to be relieved against other participators' profits
7 (1) The intermediate unrelieved loss shall (but only for the purposes of determinations under this Schedule) be relieved against relevant profits accruing to a different owner.
(2) The provisions of paragraphs 8 to 10 apply for the purposes of relieving the intermediate unrelieved loss under this paragraph.
(3) In this paragraph and paragraph 8, a "different owner" means any participator in the field who--
(a) has the loss-maker's interest at any time (whether before or after the transfer) when the loss-maker does not have that interest, or
(b) has a part of the loss-maker's interest at any time (whether before or after the transfer) when the loss-maker does not have that part.
(4) In sub-paragraph (3) "the loss-maker's interest" means--
(a) if the loss-maker is the old participator or the new participator, the transferred interest;
(b) if the loss-maker is a subsequent new owner and at any time (whether before or after the transfer) has the whole of the transferred interest, that interest; and
(c) if the loss-maker is a subsequent new owner and paragraph (b) does not apply, the aggregate of each part of the transferred interest that at any time (whether before or after the transfer) is a part that the loss-maker has.
Extent to which losses to be relieved
8 (1) Where the interest in the field of a different owner is the transferred interest, the intermediate unrelieved loss is to be relieved against the whole of any relevant profits accruing to the different owner.
(2) Where the interest in the field of a different owner is part of the transferred interest, the corresponding part (but only that part) of the intermediate unrelieved loss is to be relieved against the whole of any relevant profits accruing to the different owner.
(3) Where--
(a) a different owner's interest in the field includes the transferred interest, but
(b) the transferred interest is only part of the different owner's interest in the field,
the intermediate unrelieved loss is to be relieved against the corresponding part (but no other part) of any relevant profits accruing to the different owner.
(4) Sub-paragraph (5) applies where--
(a) a different owner's interest in the field includes part only of the transferred interest ("the owned part of the transferred interest"), and
(b) the owned part of the transferred interest is only part of the different owner's interest in the field.
(5) Only the part of the intermediate unrelieved loss corresponding to the owned part of the transferred interest is to be relieved, and it is to be relieved against (but only against) the part of any relevant profits accruing to the different owner that corresponds to the part which the owned part of the transferred interest forms of the different owner's interest in the field.
Profits not to be utilised more than once
9 The intermediate unrelieved loss may not be relieved against relevant profits to the extent that those profits have already been utilised for the purposes of paragraph 7.
Relieving different losses against the same profits
10 (1) Where intermediate unrelieved losses accruing to each of two or more persons fall to be relieved under paragraph 7 against the same relevant profits, such a loss accruing to a person who last had the transferred interest (or part of it) at an earlier time shall be so relieved before one accruing to a person who last had the interest (or part) at a later time.
(2) Where--
(a) two or more persons each last had a part of the transferred interest at the same time, and
(b) intermediate unrelieved losses accruing to each of them fall to be relieved under paragraph 7 against the same relevant profits,
those losses shall be so relieved in such a manner as ensures that the same proportion of each is so relieved.
(3) In this paragraph, references to an intermediate unrelieved loss accruing to a person are to the intermediate unrelieved loss in respect of an allowable loss accruing to the person.
Construction as one with Part 1 of the Oil Taxation Act 1975
11 This Schedule shall be construed as one with Part 1 of the Oil Taxation Act 1975 (c. 22).
Section 110.
SCHEDULE 33 Repeals
Part 1 Excise duties
(1) Hydrocarbon oils
| Short title and chapter | Extent of repeal |
|---|
| Hydrocarbon Oil Duties Act 1979 (c. 5) | In section 1-- |
| (a) in subsection (3A), the words "(other than higher octane unleaded petrol)"; |
| (b) subsection (3C). |
| Section 2(1A). |
| In section 2A(1), the words ""higher octane unleaded petrol;"". |
| In section 27(1), the definition of "higher octane unleaded petrol". |
| In Schedule 2A-- |
| (a) paragraph 2; |
| (b) in paragraph 3, the word ", 2"; |
| (c) paragraph 8(3); |
| (d) in paragraph 10(1), the words "Subject to sub-paragraph (2),"; |
| (e) paragraphs 10(2) and 11(2). |
| Finance Act 1996 (c. 8) | Section 4(4) and (5). |
| Finance Act 2000 (c. 17) | Section 5(2) and (4). |
| In Schedule 1, paragraphs 2, 3(4) and 4. |
These repeals shall be deemed to have come into force in accordance with section 2(5) of this Act.
(2) General betting duty
| Short title and chapter | Extent of repeal |
|---|
| Betting and Gaming Duties Act 1981 (c. 63) | In Schedule 1, paragraph 2(4)(b) and (c). |
These repeals have effect in accordance with section 6(2) of this Act.
(3) Vehicle excise duty
| Short title and chapter | Extent of repeal |
|---|
| Vehicle Excise and Registration Act 1994 (c. 22) | Section 19(3). |
| In Schedule 1-- |
| (a) in paragraph 2(1)(a), the words "or the motorcycle is an electrically propelled vehicle"; |
| (b) Part 4A; |
| (c) paragraph 5(5A); |
| (d) in paragraph 7(2), the words "IVA,"; |
| (e) in paragraph 16(1)(a), the words "IVA,". |
| Finance Act 1995 (c. 4) | In Schedule 4, paragraph 10. |
| Finance Act 1996 (c. 8) | Section 15(1) and (2). |
| Section 16(6) and (7). |
| In Schedule 2, paragraph 8. |
1 The repeals of--
(a) section 19(3) of the Vehicle Excise and Registration Act 1994, and
(b) paragraph 8 of Schedule 2 to the Finance Act 1996,
come into force on the passing of this Act.
2 The other repeals have effect in relation to licences issued on or after 1st April 2001 and shall be deemed to have come into force on 1st April 2001.
(4) Excise duty: payments by commissioners in case of error or delay
| Short title and chapter | Extent of repeal |
|---|
| Finance Act 1994 (c. 9) | In Schedule 6, paragraphs 9 and 10. |
| Finance Act 1997 (c. 16) | In Schedule 5-- |
| (a) in paragraph 14(3)(b), the word "or"; |
| (b) paragraph 15(2)(a); |
| (c) in paragraph 15(2)(b), the word "or". |
These repeals have effect in accordance with paragraph 21 of Schedule 3 to this Act.
Part 2 Income tax, corporation tax and capital gains tax
(1) Mileage allowances
| Short title and chapter | Extent of repeal |
|---|
| Income and Corporation Taxes Act 1988 (c. 1) | Sections 197B to 197F. |
| Section 578A(1)(c) and the word "or" immediately preceding it. |
| Finance Act 1990 (c. 29) | Section 23 and Schedule 4. |
| Capital Allowances Act 2001 (c. 2) | Section 80. |
These repeals have effect for the year 2002-03 and subsequent years of assessment.
(2) Employee share ownership plans
| Short title and chapter | Extent of repeal |
|---|
| Finance Act 2000 (c. 17) | In Schedule 8, paragraph 82(2). |
This repeal shall be deemed always to have had effect.
(3) Enterprise incentives
| Short title and chapter | Extent of repeal |
|---|
| Income and Corporation Taxes Act 1988 (c. 1) | In section 289-- |
| (a) in subsection (1), the word "and" at the end of paragraph (ba); |
| (b) in subsection (2), paragraph (c) and the word "or" immediately preceding it; |
| (c) subsections (4) and (5). |
| In section 289A(7), paragraph (c) and the word "and" immediately preceding it. |
| Section 289A(9). |
| Section 291(6). |
| In section 293(2), the words "be an unquoted company and". |
| In section 293(3B)(b), the words "and oil exploration". |
| Section 297(2)(d) and (9). |
| In section 303-- |
| (a) subsections (3) to (7); |
| (b) in subsection (9A), the words "or, as the case may be, the receipt of value in question". |
| Section 303A(8). |
| In section 312(1), the definitions of-- |
| "appraisal licence"; |
| "the designated period"; |
| "development licence"; |
| "exploration licence"; |
| "modified appraisal licence", "modified development licence" and "modified exploration licence"; |
| "Northern Ireland licence" (and in relation to such a licence "the initial term", "the 30 year renewal term" and "the five year renewal term"); |
| "oil" and "oil extraction activities"; |
| "oil exploration"; and |
| "the 1984 Regulations" and the word "and" immediately preceding the definition of "the 1984 Regulations". |
| Section 312(7) and (8). |
| In section 576-- |
| (a) in subsection (4), the words from "at all times" to "and which"; |
| (b) in subsection (4B)(a), the words ", the words "an unquoted company and be" in subsection (2),". |
| In Schedule 15B, paragraph 1(7). |
| Taxation of Chargeable Gains Act 1992 (c. 12) | In Schedule 5B-- |
| (a) in paragraph 1(2), the word "and" at the end of paragraph (f); |
| (b) paragraph 13(4); |
| (c) paragraph 14A(7); |
| (d) in paragraph 19(1), the definition of "the designated period". |
| Finance Act 1994 (c. 9) | In Schedule 15, paragraphs 10(d), 17(b) and (c) and 21(a)(i). |
| Finance Act 1998 (c. 36) | In Schedule 13, paragraphs 6(1), 7(1), 15(2), 20(1)(a) and 30(1)(a). |
| Finance Act 2000 (c. 17) | In Schedule 17, paragraphs 2, 3(2), 4, 5(2) and (5), 6(2) and 7. |
1 The repeal of section 289A(9) of the Taxes Act 1988 has effect in accordance with paragraph 9(2) of Schedule 15 to this Act.
2 The repeals in the following provisions have effect in accordance with paragraph 40(3) of Schedule 15 to this Act--
sections 303 and 303A of the Taxes Act 1988;
paragraphs 13 and 14A of Schedule 5B to the Taxation of Chargeable Gains Act 1992 ("the 1992 Act");
paragraph 17 of Schedule 15 to the Finance Act 1994;
paragraph 15 of Schedule 13 to the Finance Act 1998; and
paragraphs 4 and 5, and paragraph 7 (so far as relating to paragraphs 13 and 14 of Schedule 5B to the 1992 Act), of Schedule 17 to the Finance Act 2000.
3 The repeals in section 576 of the Taxes Act 1988 have effect in accordance with paragraph 38(5) of Schedule 15 to this Act.
4 The repeal in Schedule 15B to the Taxes Act 1988 has effect in accordance with paragraph 3(2) of Schedule 16 to this Act.
5 The repeal in paragraph 21 of Schedule 15 to the Finance Act 1994 has effect in accordance with paragraph 22(2) of Schedule 15 to this Act.
6 The remaining repeals have effect in accordance with paragraph 40(2) of Schedule 15 to this Act.
(4) Capital allowances: energy-saving plant and machinery
| Short title and chapter | Extent of repeal |
|---|
| Capital Allowances Act 2001 (c. 2) | In section 39, the word "or" immediately preceding the words "section 45". |
| In section 46(1), the word "or" immediately preceding the words "section 45". |
These repeals have effect in accordance with section 65 of this Act.
(5) Capital allowances: offshore oil infrastructure
| Short title and chapter | Extent of repeal |
|---|
| Capital Allowances Act 2001 (c. 2) | In section 164(4)(a), the words ", of an amount equal to the net abandonment cost,". |
| In section 165(1)(b), the words "on the demolition of plant or machinery". |
1 The repeal in section 164 of the Capital Allowances Act 2001 has effect in accordance with paragraph 9(1), (5) and (8) of Schedule 20 to this Act.
2 The repeal in section 165 of that Act shall be deemed always to have had effect.
(6) Creative artists: relief for fluctuating profits
| Short title and chapter | Extent of repeal |
|---|
| Taxes Management Act 1970 (c. 9) | In Schedule 1B, paragraph 6. |
| Income and Corporation Taxes Act 1988 (c. 1) | Sections 534, 535, 537A and 538. |
| Finance Act 1996 (c. 8) | Section 128(5) to (10). |
These repeals have effect in accordance with section 71(3) of this Act.
(7) Capital gains tax: taper relief: business assets
| Short title and chapter | Extent of repeal |
|---|
| Taxation of Chargeable Gains Act 1992 (c. 12) | In Schedule A1, paragraph 23(8). |
This repeal has effect in accordance with section 78 of this Act.
(8) Double taxation relief
| Short title and chapter | Extent of repeal |
|---|
| Income and Corporation Taxes Act 1988 (c. 1) | In section 811(2), the word "and" immediately preceding paragraph (b). |
This repeal has effect in accordance with paragraph 6(3) of Schedule 27 to this Act.
(9) Life policies, life annuity contracts and capital redemption policies
| Short title and chapter | Extent of repeal |
|---|
| Income and Corporation Taxes Act 1988 (c. 1) | Section 541(4). |
This repeal has effect in accordance with section 83(2) of this Act.
(10) Dividends paid to group members
| Short title and chapter | Extent of repeal |
|---|
| Income and Corporation Taxes Act 1988 (c. 1) | In section 6(4), the words ", 247". |
| In section 231(1), the words ", 247". |
| Sections 247 and 248. |
| In Schedule 24, paragraph 6. |
| Finance Act 1989 (c. 26) | Section 99. |
| Finance Act 1996 (c. 8) | In Schedule 14, paragraph 13. |
| Finance Act 1998 (c. 36) | In Schedule 3, paragraph 19(3) and (4)(a). |
These repeals apply in relation to payments made after the day on which this Act is passed.
(11) Small companies' relief
| Short title and chapter | Extent of repeal |
|---|
| Income and Corporation Taxes Act 1988 (c. 1) | In section 13(7)(a), the words "resident in the United Kingdom". |
This repeal applies for the purposes of accounting periods ending on or after 1st April 2001.
(12) Ending of provisional repayment regime
| Short title and chapter | Extent of repeal |
|---|
| Income and Corporation Taxes Act 1988 (c. 1) | Section 438A. |
| Schedule 19AB. |
| In Schedule 19AC, paragraph 15. |
| Finance Act 1991 (c. 31) | Section 49. |
| Schedule 8. |
| Finance Act 1993 (c. 34) | Section 121. |
| Finance Act 1995 (c. 4) | In Schedule 8, paragraph 12(1)(b). |
| Finance Act 1996 (c. 8) | Section 169. |
| Schedule 34. |
| Finance (No. 2) Act 1997 (c. 58) | In Schedule 3, paragraphs 10 to 12 and 13(13). |
| Finance Act 1998 (c. 36) | Section 37(2). |
| Section 90(3). |
| Section 91. |
| In Schedule 18, in paragraph 9(3), paragraph (b) and the word "and" preceding it. |
| In Schedule 19, paragraph 51. |
With the exception of the repeals of paragraph 12(2) of Schedule 3 to the Finance (No. 2) Act 1997 and section 90(3) of the Finance Act 1998 (which come into force on the passing of this Act), these repeals have effect in accordance with section 87 of this Act.
(13) Amendments to machinery of self-assessment
| Short title and chapter | Extent of repeal |
|---|
| Taxes Management Act 1970 (c. 9) | In section 9-- |
| (a) in subsection (3), the words following the paragraphs; |
| (b) subsections (4) to (6). |
| In section 12AB-- |
| (a) subsections (2) to (4); |
| (b) in subsection (5), the definition of "filing date". |
| In section 12B(1)-- |
| (a) in paragraph (b)(i), the words "or any amendment of the return" and "treated as"; |
| (b) in paragraph (b)(ii), the words "or any amendment of the return". |
| In section 30(5)(b), the words ", or an amendment of such a return,". |
| In section 50-- |
| (a) in subsection (6)(a), the words from "by reason of" to "Finance Act 1998"; |
| (b) in subsection (6)(b), the words from "by reason of" to "this Act"; |
| (c) in subsection (7)(a), the words from "which has been amended" to the end of the paragraph; |
| (d) in subsection (7)(b), the words from "which has been amended" to "this Act". |
| In Schedule 1A, in paragraph 2A(2)(a), the words "treated as". |
| Finance Act 1984 (c. 43) | In Schedule 22, paragraph 3(1). |
| Finance Act 1990 (c. 29) | Section 104(2)(b). |
| Finance Act 1994 (c. 9) | Sections 180, 186, 188 and 189. |
| In Schedule 19, paragraph 7. |
| Finance Act 1996 (c. 8) | In section 123, subsections (6) and (7). |
| In Schedule 19-- |
| (a) in paragraph 2, the words "9A(1)," and "12AC(1), 19A(1), 28A(1) and 28B(1)"; |
| (b) paragraphs 4, 5, 6, 9 and 10(1). |
| In Schedule 22, paragraphs 3 and 4. |
| In Schedule 24, paragraph 5. |
| Finance Act 1998 (c. 36) | In Schedule 19, paragraphs 4, 5, 8, 10, 14(2), 16(3), 24, 25, 26 and 27(2) and (3). |
These repeals have effect in accordance with section 88 of, and Schedule 29 to, this Act.
(14) Recovery proceedings: minor amendments
| Short title and chapter | Extent of repeal |
|---|
| Taxes Management Act 1970 (c. 9) | In section 66(1), the words "under any assessment". |
| In section 67(1), the words "under any assessment". |
| Finance (No.2) Act 1987 (c. 51) | Section 86(1). |
| Finance Act 1994 (c. 9) | In Schedule 19, paragraph 20. |
| Finance Act 1998 (c. 36) | In Schedule 4, paragraph 3(2). |
| In Schedule 19, paragraph 31. |
1 The repeals in the Taxes Management Act 1970 have effect in relation to proceedings begun after the passing of this Act.
2 The other repeals have effect in relation to--
(a) proceedings begun (or a counterclaim made) after the passing of this Act, and
(b) a set-off first claimed after the passing of this Act.
Part 3 Other taxes
(1) Value added tax: reduced rate
| Short title and chapter or title and number | Extent of repeal or revocation |
|---|
| Value Added Tax Act 1994 (c. 23) | Section 2(1A) to (1C). |
| Section 97(4)(aa). |
| Schedule A1. |
| Finance Act 1995 (c. 4) | Section 21. |
| Finance (No. 2) Act 1997 (c. 58) | Section 6. |
| Value Added Tax (Reduced Rate) Order 1998 (S.I. 1998/ 1375) | The whole Order. |
| Finance Act 2000 (c. 17) | Section 135. |
| In Schedule 6, paragraph 9(4). |
| Schedule 35. |
| Value Added Tax (Reduced Rate) Order 2000 (S.I. 2000/ 2954) | The whole Order. |
1 The repeals of--
(a) sections 2(1C) and 97(4)(aa) of the Value Added Tax Act 1994, and
(b) paragraph 9(4) of Schedule 6 to the Finance Act 2000,
come into force on 1st November 2001.
2 The other repeals and revocations have effect in accordance with section 99(7) of this Act.
(2) Petroleum revenue tax
| Short title and chapter | Extent of repeal |
|---|
| Finance Act 1991 (c. 31) | Section 103(7)(b) and (c). |
| Finance Act 1995 (c. 4) | Section 146(1) and (2). |
1 The repeals in the Finance Act 1991 have effect in accordance with section 103(2) of this Act.
2 The repeals in the Finance Act 1995 have effect in accordance with section 101(5) of this Act.
(3) Landfill tax And climate change levy
| Short title and chapter | Extent of repeal |
|---|
| Finance Act 1998 (c. 36) | Section 148(2) to (4). |
| Finance Act 2000 (c. 17) | In Schedule 6-- |
| (a) in paragraph 14(2)(a), the word "and"; |
| (b) in paragraph 15(2)(b), the words "by that person"; |
| (c) paragraph 141. |
The repeal in paragraph 15(2)(b) of Schedule 6 to the Finance Act 2000 has effect in accordance with section 105(7) of this Act.
Amended by correction slip on 01 July 2001
Pages:
P.1 |
P.2 |
P.3 |
P.4 |
P.5 |
P.6 |
P.7 |
P.8 |
P.9 |
P.10 |
P.11 |
P.12 |
P.13 |
P.14 |
P.15 |
P.16 |
P.17 |
P.18 |
P.19 |
P.20 |
P.21 |
P.22 |
P.23 |
P.24 |
P.25 |
P.26 |
P.27 |
P.28
-- Back --
