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Finance Act 2003

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Change 1

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As published

SCHEDULE 18 Stamp duty land tax: consequential amendments

Section 123 Provisional Collection of Taxes Act 1968 1 In section 1(1) of the Provisional Collection of Taxes Act 1968 (c. 2), after “stamp duty reserve tax,” insert “ stamp duty land tax, ”. Inheritance Tax Act 1984 2 In section 190(4) of the Inheritance Tax Act 1984 (c. 51) (sale of land from deceased’s estate: determination of price), after “stamp duty” insert “ or stamp duty land tax ”. Income and Corporation Taxes Act 1988 3 (1) The Income and Corporation Taxes Act 1988 (c. 1) is amended as follows. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) In section 827 (penalties and interest not allowed as deductions for tax purposes), after subsection (1F) insert— (1G) Where a person is liable to make a payment by way of— (a) any penalty under Part 4 of the Finance Act 2003 (stamp duty land tax), or (b) interest under any provision of that Part, the payment shall not be allowed as a deduction in computing any income, profits or losses for any tax purposes. . Finance Act 1989 4 In section 178(2) of the Finance Act 1989 (c. 26) (power of Treasury to set rates of interest: enactments to which the section applies), after paragraph (s) add— (t) sections 87, 88 and 89 of the Finance Act 2003. . Taxation of Chargeable Gains Act 1992 5 In section 38(2) of the Taxation of Chargeable Gains Act 1992 (c. 12) (incidental costs of acquisition or disposal), after “stamp duty” insert “ or stamp duty land tax ”. Income Tax (Earnings and Pensions) Act 2003 6 In section 277 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (removal benefits and expenses: acquisition of property), in subsection (3)(e) after “stamp duty” insert “ or stamp duty land tax ”.

Your change, as a redline

SCHEDULE 18 Stamp duty land tax: consequential amendments

Section 123 Provisional Collection of Taxes Act 1968 1 In section 1(1) of the Provisional Collection of Taxes Act 1968 (c. 2), after “stamp duty reserve tax,” insert “ stamp duty land tax, ”. Inheritance Tax Act 1984 2 In section 190(4) of the Inheritance Tax Act 1984 (c. 51) (sale of land from deceased’s estate: determination of price), after “stamp duty” insert “ or stamp duty land tax ”. Income and Corporation Taxes Act 1988 3 (1) The Income and Corporation Taxes Act 1988 (c. 1) is amended as follows. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) In section 827 (penalties and interest not allowed as deductions for tax purposes), after subsection (1F) insert— (1G) Where a person is liable to make a payment by way of— (a) any penalty under Part 4 of the Finance Act 2003 (stamp duty land tax), or (b) interest under any provision of that Part, the payment shall not be allowed as a deduction in computing any income, profits or losses for any tax purposes. . Finance Act 1989 4 In section 178(2) of the Finance Act 1989 (c. 26) (power of Treasury to set rates of interest: enactments to which the section applies), after paragraph (s) add— (t) sections 87, 88 and 89 of the Finance Act 2003. . Taxation of Chargeable Gains Act 1992 5 In section 38(2) of the Taxation of Chargeable Gains Act 1992 (c. 12) (incidental costs of acquisition or disposal), after “stamp duty” insert “ or stamp duty land tax ”. Income Tax (Earnings and Pensions) Act 2003 6 In section 277 of the Income Tax (Earnings and Pensions) Act 2003 (c. 1) (removal benefits and expenses: acquisition of property), in subsection (3)(e) after “stamp duty” insert “ or stamp duty land tax ”.

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