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

Parliament of the United Kingdom The Parliament of the United Kingdom is the Parliamentary sovereignty in the United Kingdom, supreme Legislature, legislative body of the United Kingdom, the Crown Dependencies and the British Overseas Territories. It meets at the Palace of We ...

prescribing changes to

Excise Duties file:Lincoln Beer Stamp 1871.JPG, upright=1.2, 1871 U.S. Revenue stamp for 1/6 barrel of beer. Brewers would receive the stamp sheets, cut them into individual stamps, cancel them, and paste them over the Bunghole, bung of the beer barrel so when ...

Value Added Tax A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. It is levied on the price of a product or service at each stage of production, distribution, or sale to the en ...

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 A corporate tax, also called corporation tax or company tax, is a direct tax imposed on the income or capital of corporations or analogous legal entities. Many countries impose such taxes at the national level, and a similar tax may be imposed at ...

, and

Capital Gains Tax A capital gains tax (CGT) is the tax on profits realized on the sale of a non-inventory asset. The most common capital gains are realized from the sale of stocks, bonds, precious metals, real estate, and property. Not all countries impose a c ...

. It enacts the 2003 Budget speech made by Chancellor of the Exchequer

Gordon Brown James Gordon Brown (born 20 February 1951) is a British former 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. He previously served as Chance ...

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 A Finance Act is the headline fiscal (budgetary) legislation enacted by the UK Parliament, containing multiple provisions as to taxes, duties, exemptions and reliefs at least once per year, and in particular setting out the principal tax rates f ...

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 Taxation of Chargeable Gains Act 1992c 12 is an Act of Parliament which governs the levying of capital gains tax in the United Kingdom. This is a tax on the increase in the value of an asset between the date of purchase and the date of sale of ...

. The Finance Act details amendments to be made to each one of these Acts.

Stamp duty land tax

Stamp duty land tax Stamp duty in the United Kingdom is a form of tax charged on legal instruments (written documents), and historically required a physical stamp to be attached to or impressed upon the document in question. The more modern versions of the tax no ...

(SDLT), a new tax on land transactions was introduced by the 2003 Act. SDLT largely replaced

stamp duty Stamp duty is a tax that is levied on single property purchases or documents (including, historically, the majority of legal documents such as cheques, receipts, military commissions, marriage licences and land transactions). A physical rev ...

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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{{UK legislation United Kingdom Acts of Parliament 2003 2003 in economics Tax legislation in the United Kingdom