Finance Act 2000 - legislation

1 Finance Act 2000 CHAPTER 17 ARRANGEMENT OF SECTIONSPartIExcisedutiesAlcoholic liquor dutiesSection1. Rate of duty on Rates of duty on Rates of duty on wine and oil duties4. Rates of duty and rebate on hydrocarbon Ultra low sulphur Mixing of rebated light Power to amend definitions of types of hydrocarbon Penalties for misuse of rebated heavy Use of rebated heavy oil as Rebates, marking and Emulsions of water in gas products duty12. Rates of tobacco products Basis of calculation ofad valoremelement of duty on Fiscal marks on tobacco Management of excise duty on tobacco duty16. Rates of gaming machine licence duty17. Amusement machine licence passenger duty18. Rates of Changes in exemption from Act 2000 Vehicle excise dutySection20. Threshold for reduced general Increase in general Rates of duty for new cars and Enforcement provisions for graduated Rates of duty for goods of duties25.

2 Power to search Power to search Security for customs and excise Civil penalties for breach of excise duty Correction of Climate change ,CorporationTaxandCapitalGainsTaxChapter IChargeandratesIncome tax31. Charge and rates for Extension of starting rate to savings income of Deduction of income tax from foreign Children s tax tax35. Charge and main rate for financial year Small companies rate for financial year gains tax37. Application of starting rate to capital gains to charity38. Payroll deduction Gift aid payments by Gift aid payments by Covenanted payments to Millennium gift Gifts of shares and securities to charities Gifts to charity from certain Loans to Exemption for small trades Act 2000 Employee share ownershipSection47. Employee share ownership Relief for transfers to employee share ownership Phasing out of approved profit sharing Phasing out of relief for payments to trustees of profit Approved profit sharing scheme: other awards of Approved profit sharing schemes: restriction on type of Approved profit sharing schemes: loan Employee share ownership Shares transferred from employee share ownership Further provisions about share provisions about employment57.

3 Benefits in kind: deregulatory Education and Cars available for private Provision of services through schemes61. Occupational and personal pension incentives62. Enterprise management Corporate venturing Enterprise investment scheme: Venture capital trusts: Taper relief: taper for business Taper relief: assets qualifying as business and development68. Meaning of research and development .69. Tax relief for expenditure on research and allowances70. First year allowances for small or medium-sized First year allowances for ICT expenditure by small Expenditure of a small Repeal of notification Pool for certain leased assets and inexpensive Machinery and plant allowances for non-residents Production Sale and Meaning of fixture .79. Leased assets under the Affordable Warmth Fixtures and machinery and plant on hire-purchase Production sharing tax82. Tonnage Act 2000 Other relieving provisionsSection83.

4 Relief for interest on loans to buy Exemption of payments under New Deal Exemption of payments under Employment Zones Loan where return bears inverse relationship to Tax treatment of acquisition, disposal or revaluation of Contributions to local enterprise agencies, Waste disposal: entitlement of successor to gains tax: gifts and trusts90. Restriction of gifts Disposal of interest in settled property: deemed disposal ofunderlying Transfers of value by trustees linked with trustee Restriction on set-offof trust Attribution to trustees of gains of non-resident Disposal of interest in non-resident Payments by trustees to non-resident and group relief97. Group relief for non-resident companies Recovery of tax payable by non-resident Joint arrangements for Limit on amount of group relief in case of consortium Notional transfers within groups of Chargeable gains: non-resident companies and groups matters103.

5 Double taxation Controlled foreign Corporation tax: use of currencies other than Foreign exchange gains and losses: use of local General insurance Overseas life assurance Insurance business: apportionment Rent Payments under deduction of UK public revenue dividends: deduction of Tax treatment of expenditure on production or acquisition duty114. Rates: conveyance or transfer on Rates: duty on lease chargeable by reference to Act 2000 Section116. Rate of duty on seven year leases117. Power to vary stamp Land transferred etc for other Transfer of land to connected Exceptions from section Grant of lease to connected Marketable securities transferred etc for exempt Transfer of property between associated companies: Transfer of property between associated companies: Grant of leases etc between associated Future issues of Company acquisition reliefs: redeemable Surrender of Abolition of duty on instruments relating to intellectual Transfers to registered social landlords Relief for certain instruments executed before this Act has The Northern Ireland Assembly duty and Stamp duty reserve tax133.

6 Loan capital where return bears inverse relationship to Transfers between depositary receipt systems and added tax135. Supplies to which reduced rate Disposals of assets for which a VAT repayment is Gold: penalty for failure to comply with record-keepingrequirements tax138. Treatment of employee share ownership revenue tax139. Operating expenditure incurred while safeguard relief tax140. Disposals which are not Secondary for electronic communications143. Power to provide incentives to use electronic Act 2000 ComplianceSection144. Offence of fraudulent evasion of income tax145. Information about interest etc paid, credited or International exchange of information: International exchange of information: inheritance Use of minimum wage Orders for the delivery of Search warrants: miscellaneous relating to government finance151. Debt Management National Savings National savings Exchange Equalisation provisions155.

7 Short :Schedule 1 Mixing of rebated light 2 Amusement machine licence 3 Vehicle excise duty on new cars and 4 Vehicle excise duty: enforcement provisions forgraduated 5 Rates of vehicle excise duty on goods 6 Climate change I The II Taxable III Time of IV Payment and rate of V VI Credits and VII Recovery and VIII Evasion, misdeclaration and IX Civil X Non-residents, groups and other special XI Review and XII Information and XIII Miscellaneous and XIV 7 Climate change levy: consequential 8 Employee share ownership I II General III Eligibility of IV Free V Partnership VI Matching VII Reinvestment of cash VIII Types of share that may be IX The X Income Act 2000 Part XI Capital gains XII Corporation tax XIII Supplementary 9 New Schedule 7C to the Taxation of ChargeableGains Act 10 Benefits in kind: deregulatory 11 Cars available for private 12 Provision of services through an I Application of this II The deemed Schedule E III Supplementary 13 Occupational and personal pension I Amendments of the Taxes Act II Transitional 14 Enterprise management I II General III Qualifying IV Eligible V Requirements as to terms of option VI Income VII Capital gains VIII Company IX Supplementary 15 The corporate venturing I Investment relief: II The investing III The issuing IV General V Investment VI Withdrawal of investment VII Relief for losses on disposals of VIII Deferral IX Company X Advance XI Supplementary and 16 Corporate venturing scheme: 17 Enterprise investment scheme: I Reduction of applicable II Qualifying III Other 18 Venture capital trusts: I Reduction of applicable II Qualifying 19 Meaning of research and development.

8 Part I The new II Consequential 20 Tax relief for expenditure on research I Entitlement to II Manner of giving effect to III Supplementary 21 R&D tax credits: consequential 22 Tonnage I II Tonnage tax Act 2000 Part III Qualifying companies and IV The training V Other VI Relevant shipping VII The ring fence: general VIII Chargeable gains and allowable losses on tonnagetax IX The ring fence: capital allowances: X The ring fence: capital allowances: ship XI Special rules for offshore XII Groups, mergers and related XIII Application of provisions to XIV Withdrawal of relief etc. on company leavingtonnage XV Supplementary 23 Tax treatment of amounts relating to acquisitionetc. of certain 24 New Schedule 4A to the Taxation of ChargeableGains Act 25 New Schedule 4B to the Taxation of ChargeableGains Act 26 Transfers of value: attribution of gains I New Schedule 4C to the Taxation of ChargeableGains Act II Consequential 27 Group relief in case of non-resident I Amendments of Chapter IV of Part X of theTaxes Act II Consequential 28 Recovery of tax payable by 29 Chargeable gains: non-resident companies andgroups I Application of Taxation of Chargeable GainsAct II Minor and consequential III Transitional 30 Double taxation 31 Controlled foreign 32 Stamp duty on seven year leases: 33 Power to vary stamp 34 Abolition of stamp duty on instruments relatingto intellectual property: 35 Value added tax: charge at reduced 36 New Schedule 3A to the Value Added Tax 37 Landfill tax.

9 New Part VIII of Schedule 5 to theFinance Act 38 Regulations for providing incentives forelectronic 39 New Schedule 1AA to the Taxes ManagementAct 40 Act 2000 Part I Excise II Income tax, corporation tax and capital gains III Stamp duty and stamp duty reserve IV Value Added V Information Act 20002000 CHAPTER 17An Act to grant certain duties, to alter other duties, and to amendthe law relating to the National Debt and the Public Revenue,and to make further provision in connection with Finance .[28th July 2000 ]Most Gracious Sovereign,WE, Your Majesty s most dutiful and loyal subjects, theCommons of the United Kingdom in Parliament assembled,towards raising the necessary supplies to defray Your Majesty spublic expenses, and making an addition to the public revenue, havefreely and voluntarily resolved to give and grant unto Your Majesty theseveral duties hereinafter mentioned; and do therefore most humblybeseech Your Majesty that it may be enacted, and be it enacted by theQueen s most Excellent Majesty, by and with the advice and consent ofthe Lords Spiritual and Temporal, and Commons, in this presentParliament assembled, and by the authority of the same, as follows: PartIExcisedutiesAlcoholic liquor duties1.

10 (1) In section 36(1) of the Alcoholic Liquor Duties Act 1979 (rateRate of duty duty on beer), for substitute .1979 c. 4.(2) This section shall be deemed to have come into force on 1st (1) In section 62(1A) of the Alcoholic Liquor Duties Act 1979 Rates of duty oncider.(rates of duty on cider) (a) in paragraph (a) (rate of duty per hectolitre in the case ofsparkling cider of a strength exceeding per cent.), for substitute ;(b) in paragraph (b) (rate of duty per hectolitre in the case of ciderof a strength exceeding per cent. which is not sparklingcider), for substitute ; Act 2000 PartI(c) in paragraph (c) (rate of duty per hectolitre in any other case), for substitute .(2) This section shall be deemed to have come into force on 1st (1) For Part I of the Table of rates of duty in Schedule 1 to theRates of duty onwine and made-Alcoholic Liquor Duties Act 1979 (wine and made-wine) substitute c.