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.

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".