Finance Act 2003
Encyclopedia
The Finance Act 2003 is an Act
of the Parliament of the United Kingdom
prescribing changes to Excise Duties, Value Added Tax
, Income Tax
, Corporation Tax, and Capital Gains Tax. It enacts the 2003 Budget speech made by Chancellor of the Exchequer
Gordon Brown
to the Parliament of the United Kingdom
.
In the UK, the Chancellor delivers an annual Budget speech outlining changes in spending, tax and duty. The respective year's Finance Act
is the mechanism to enact the changes.
The rules governing the various taxation methods are contained within the various taxation acts. (For instance Capital Gains Tax Legilation is contained within Taxation of Chargeable Gains Act 1992
.The Finance Act details amendments to be made to each one of these Acts.
from 1 December 2003. SDLT is not a stamp duty, but a form of self-assessed transfer tax
charged on "land transactions".
Act of Parliament
An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...
of the Parliament of the United Kingdom
Parliament of the United Kingdom
The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body in the United Kingdom, British Crown dependencies and British overseas territories, located in London...
prescribing changes to Excise Duties, Value Added Tax
Value added tax
A value added tax or value-added tax is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price. From that of the seller, it is a tax only on the "value added" to a product, material or service, from an accounting point of view, by this stage of its...
, Income Tax
Income tax
An income tax is a tax levied on the income of individuals or businesses . Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate...
, Corporation Tax, and Capital Gains Tax. It enacts the 2003 Budget speech made by Chancellor of the Exchequer
Chancellor of the Exchequer
The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the...
Gordon Brown
Gordon Brown
James Gordon Brown is a British Labour Party politician who was the Prime Minister of the United Kingdom and Leader of the Labour Party from 2007 until 2010. He previously served as Chancellor of the Exchequer in the Labour Government from 1997 to 2007...
to the Parliament of the United Kingdom
Parliament of the United Kingdom
The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body in the United Kingdom, British Crown dependencies and British overseas territories, located in London...
.
In the UK, the Chancellor delivers an annual Budget speech outlining changes in spending, tax and duty. The respective year's Finance Act
Finance Act
In the UK, the Chancellor of the Exchequer delivers an annual Budget speech on Budget Day, outlining changes in spending, as well as tax and duty. The changes to tax and duty are passed as law, and each year form the respective Finance Act...
is the mechanism to enact the changes.
The rules governing the various taxation methods are contained within the various taxation acts. (For instance Capital Gains Tax Legilation is contained within Taxation of Chargeable Gains Act 1992
Taxation of Chargeable Gains Act 1992
The Taxation of Chargeable Gains Act 1992 is an Act of Parliament which governs to levying of capital gains tax in the United Kingdom. Capital gains tax is a tax charged on the increase in the capital value of an asset between purchase and sale of that asset....
.The Finance Act details amendments to be made to each one of these Acts.
Stamp duty land tax
Stamp duty land tax (SDLT), a new tax on land transactions was introduced by the 2003 Act. SDLT largely replaced stamp dutyStamp duty in the United Kingdom
In the United Kingdom, stamp duty is a form of tax charged on instruments , and requires a physical stamp to be attached to or impressed upon the instrument in question. The more modern versions of the tax no longer require a physical stamp.The scope of stamp duty has been reduced dramatically in...
from 1 December 2003. SDLT is not a stamp duty, but a form of self-assessed transfer tax
Transfer tax
A transfer tax is a tax on the passing of title to property from one person to another.In a narrow legal sense, a transfer tax is essentially a transaction fee imposed on the transfer of title to property. This kind of tax is typically imposed where there is a legal requirement for registration of...
charged on "land transactions".