The Finance Act 2003 (c 14) is an Act of the

Parliament of the United Kingdom The Parliament of the United Kingdom of Great Britain and Northern Ireland is the supreme legislative body of the United Kingdom, and may also legislate for the Crown Dependencies and the British Overseas Territories. It meets at the Palace ...

prescribing changes to Excise Duties,

Value Added Tax A value-added tax (VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared wi ...

Income Tax An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Tax ...

, Corporation Tax, and Capital Gains Tax. It enacts the 2003 Budget speech made by

Chancellor of the Exchequer The chancellor of the exchequer, often abbreviated to chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and the head of HM Treasury, His Majesty's Treasury. As one of the four Great Offices of State, t ...

Gordon Brown James Gordon Brown (born 20 February 1951) is a British politician who served as Prime Minister of the United Kingdom and Leader of the Labour Party (UK), Leader of the Labour Party from 2007 to 2010. Previously, he was Chancellor of the Ex ...

to the

. 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 legislation is contained within Taxation of Chargeable Gains Act 1992. 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 duty from 1 December 2003. SDLT is not a stamp duty, but a form of self-assessed transfer tax charged on "land transactions".

References

*Charles Barcroft. The Finance Act 2003. (New Law Guides). LexisNexis UK. 2003
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*Alan Melville. Taxation: Finance Act 2003. Ninth Edition. Pearson Education. 2004
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*"Finance Act 2003". Current Law Statutes 2003. Sweet & Maxwell. London. W Green. Edinburgh. 2003
Volume 1
Chapter 14. *"Finance Act 2003". Halsbury's Statutes of England and Wales. Fourth Edition. 2010 Reissue. LexisNexis
Volume 45
Page 1121 et seq. *Halsbury's Laws of England. Fourth Edition. 2007 Reissue. LexisNexis Butterworths
Volume 12(3)
Paragraphs 1210 to 1212 and 1216. Pages 91, 92, 95, 99, 142, 264, 490, 493, 495 and 532. *R S Nock. Stamp Duty Land Tax: The New Law. (New Law Series). Jordans. 2004
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{{Authority control United Kingdom Acts of Parliament 2003 2003 in economic history Tax legislation in the United Kingdom