LegalizeFINANCE ACT, 1966
This is the act as published. Later amendments are not folded into the text below: each one is a separate act in this repository and an entry in this law's history.
21 amending acts · 2008-03-13, Finance Act 2008
Subject to the provisions of this Schedule, where, under section 4 of this Act, credit is to be allowed against income tax chargeable by reference to any profits, the amount of income tax so chargeable shall be reduced by the amount of the credit.
For any year of assessment, the amount of the credit to be allowed against income tax for corporation tax in respect of any profits shall not exceed the income tax chargeable by reference to those profits.
(a) Where in respect of any source of profits income tax is chargeable by assessment, the tax chargeable by the assessment for any year of assessment shall be regarded as chargeable by reference to the profits of the basis period for that year and the amount of corporation tax payable in respect of any profits by reference to which income tax is chargeable for any year of assessment shall be determined accordingly:
Provided that where the assessment for any year of assessment is reduced under section 5 of the Finance Act, 1942, the corporation tax payable in respect of the profits by reference to which income tax is chargeable thereby shall be taken to be the amount, if any, by which the aggregate amount of corporation tax payable in respect of the profits arising in that year of assessment and in the year preceding that year exceeds the amount of any corporation tax payable in respect of profits by reference to which income tax is chargeable for that preceding year.
- (b) In relation to any source of profits the basis period for a year of assessment shall, for the purposes of the foregoing subparagraph, be taken to be the period on the profits of which income tax falls to be finally computed in respect of that source or, where, by virtue of any Act, the profits of any other period are to be taken to be the profits of the said period, that other period.
(a) Subject to the provisions of this paragraph, where credit for corporation tax in respect of any profits falls to be allowed against corporation profits tax or income tax, no deduction for corporation tax (whether in respect of those or any other profits) shall be made in computing the amount of those profits for the purposes of income tax.
- (b) The amount of such a dividend as is mentioned in section 4 (3) of this Act shall, for the purposes of income tax, be treated as increased by the amount of corporation tax not chargeable directly in respect thereof which falls to be taken into account in computing the amount of the credit and, for the purpose of determining the said amount of corporation tax,
paragraph 6 of Part II of the Fifth Schedule to the Finance Act, 1949, shall have effect as if a reference to the said section 4 were substituted for the reference to the agreement set forth in Part I of that Schedule and a reference to income tax for the reference to corporation profits tax.
- (c) Notwithstanding anything in the preceding subparagraphs—
- (i) where any part of the corporation tax in respect of any profits (including any corporation tax which under subparagraph (b) of this paragraph, falls to be treated as increasing the amount of a dividend) cannot be allowed as a credit against either corporation profits tax or income tax, the amount of the profits shall be treated for the purposes of income tax as reduced by that part of the corporation tax, and
- (ii) where any part of the corporation tax in respect of any profits arising on or after the 1st day of April, 1966 (including any corporation tax which, under subparagraph (b) of this paragraph, falls to be treated as increasing the amount of a dividend) falls to be allowed as a credit against corporation profits tax, the amount of the profits shall be treated for the purposes of income tax as reduced by that part of the corporation tax.
(a) Where for any purpose of this Schedule it is necessary, in order to arrive at the amount of corporation tax payable in respect of the profits arising in any year of assessment or other period, to divide and apportion to specific periods the profits on which any assessment to corporation tax has been made, or to aggregate any such profits or any apportioned parts thereof, it shall be lawful to make such a division and apportionment or aggregation.
- (b) Any apportionment under this paragraph shall be made in proportion to the respective lengths of the periods.
The provisions of paragraphs 6, 12, 13 and 14 of the Second Schedule to the Finance Act, 1958, shall, with any necessary modifications, have effect in relation to the allowance of credit for corporation tax under section 4 of this Act as they have effect in relation to the allowance of credit for tax payable under the laws of a territory in regard to which arrangements are in force by virtue of section 44 of the said Finance Act, 1958.
SECOND SCHEDULE Spirits (Rates of Ordinary Customs Duty)
| Description of Spirits | Preferential Rates | Preferential Rates | Preferential Rates | Full Rates | Full Rates | Full Rates |
| (1) | (2) | (2) | (2) | (3) | (3) | (3) |
| £ | s. | d. | £ | s. | d. | |
| For every gallon of Perfumed Spirits | 21 | 4 | 10 | 21 | 8 | 10 |
| For every gallon of liqueurs, cordials, mixtures and other preparations in bottle entered in such manner as to indicate that the strength is not to be tested | 17 | 18 | 5 | 18 | 1 | 9 |
| For every gallon computed at proof of spirits of any description not heretofore mentioned and mixtures and preparations containing spirits | 13 | 5 | 6 | 13 | 8 | 0 |
THIRD SCHEDULE Duties on Tobacco
Part I
Customs
| Unmanufactured:— | Unmanufactured:— | Unmanufactured:— | Unmanufactured:— | Unmanufactured:— | £ | s. | d. |
| If stripped or stemmed:— | If stripped or stemmed:— | If stripped or stemmed:— | If stripped or stemmed:— | ||||
| containing 10 per cent. or more by weight of moisture | containing 10 per cent. or more by weight of moisture | containing 10 per cent. or more by weight of moisture | containing 10 per cent. or more by weight of moisture | the lb. | 3 | 9 | 5 |
| containing less than 10 per cent. by weight of moisture | containing less than 10 per cent. by weight of moisture | containing less than 10 per cent. by weight of moisture | containing less than 10 per cent. by weight of moisture | ” | 3 | 17 | 1½ |
| if unstripped or unstemmed:— | if unstripped or unstemmed:— | if unstripped or unstemmed:— | if unstripped or unstemmed:— | ||||
| containing 10 per cent. by weight of moisture | containing 10 per cent. by weight of moisture | containing 10 per cent. by weight of moisture | containing 10 per cent. by weight of moisture | ” | 3 | 9 | 4½ |
| containing less than 10 per cent. by weight of moisture | containing less than 10 per cent. by weight of moisture | containing less than 10 per cent. by weight of moisture | containing less than 10 per cent. by weight of moisture | ” | 3 | 17 | 1 |
| Full | Full | Full | Preferential | Preferential | Preferential | ||
| Manufactured:— | Manufactured:— | £ | s. | d. | £ | s. | d. |
| cigars | the lb. | 4 | 6 | 10[image omitted] | 3 | 12 | 4½ |
| cigarettes | ” | 4 | 4 | 6[image omitted] | 3 | 10 | 5½ |
| Cavendish or Negrohead | ” | 4 | 6 | 3 | 3 | 11 | 10½ |
| Cavendish or Negrohead manufactured in bond | ” | 4 | 5 | 7[image omitted] | 3 | 11 | 4½ |
| other manufactured tobacco | ” | 4 | 4 | 3 | 3 | 10 | 2½ |
| snuff containing more than 13 per cent. by weight of moisture | ” | 4 | 3 | 10[image omitted] | 3 | 9 | 10½ |
| snuff not containing more than 13 per cent. by weight of moisture | ” | 4 | 6 | 3 | 3 | 11 | 10½ |
Part II
Customs
| Unmanufactured:— | Unmanufactured:— | Unmanufactured:— | Unmanufactured:— | Unmanufactured:— | £ | s. | d. |
| if stripped or stemmed:— | if stripped or stemmed:— | if stripped or stemmed:— | if stripped or stemmed:— | ||||
| containing 10 per cent. or more by weight of moisture | containing 10 per cent. or more by weight of moisture | containing 10 per cent. or more by weight of moisture | containing 10 per cent. or more by weight of moisture | the lb. | 3 | 12 | 10 |
| containing less than 10 per cent. by weight of moisture | containing less than 10 per cent. by weight of moisture | containing less than 10 per cent. by weight of moisture | containing less than 10 per cent. by weight of moisture | ” | 4 | 0 | 11 |
| if unstripped or unstemmed:— | if unstripped or unstemmed:— | if unstripped or unstemmed:— | if unstripped or unstemmed:— | ||||
| containing 10 per cent. or more by weight of moisture | containing 10 per cent. or more by weight of moisture | containing 10 per cent. or more by weight of moisture | containing 10 per cent. or more by weight of moisture | ” | 3 | 12 | 9½ |
| containing less than 10 per cent. by weight of moisture | containing less than 10 per cent. by weight of moisture | containing less than 10 per cent. by weight of moisture | containing less than 10 per cent. by weight of moisture | ” | 4 | 0 | 10½ |
| Full | Full | Full | Preferential | Preferential | Preferential | ||
| Manufactured:— | Manufactured:— | £ | s. | d. | £ | s. | d. |
| cigars | the lb. | 4 | 10 | 11[image omitted] | 3 | 15 | 9½ |
| cigarettes | ” | 4 | 8 | 7[image omitted] | 3 | 13 | 10½ |
| Cavendish or Negrohead | ” | 4 | 10 | 4[image omitted] | 3 | 15 | 3½ |
| Cavendish or Negrohead manufactured in bond | ” | 4 | 9 | 9 | 3 | 14 | 9½ |
| other manufactured tobacco | ” | 4 | 8 | 4[image omitted] | 3 | 13 | 7½ |
| snuff containing more than 13 per cent. by weight of moisture | ” | 4 | 7 | 11[image omitted] | 3 | 13 | 3½ |
| snuff containing more than 13 per cent. by weight of moisture | ” | 4 | 10 | 4[image omitted] | 3 | 15 | 3½ |
Part III
Customs
| Full | Full | Full | Preferential | Preferential | Preferential | ||
| Manufactured:— | Manufactured:— | £ | s. | d. | £ | s. | d. |
| cigars | the lb. | 4 | 8 | 2 [image omitted] | 3 | 15 | 9½ |
| cigarettes | ” | 4 | 5 | 11[image omitted] | 3 | 13 | 10½ |
| Cavendish or Negrohead | ” | 4 | 7 | 8 | 3 | 15 | 3½ |
| Cavendish or Negrohead manufactured in bond | ” | 4 | 7 | 1[image omitted] | 3 | 14 | 9½ |
| other manufactured tobacco:— | |||||||
| hard pressed tobacco | ” | 4 | 3 | 3[image omitted] | 3 | 11 | 3 |
| other pipe tobacco | ” | 4 | 5 | 3 | 3 | 13 | 2[image omitted] |
| other manufactured tobacco | ” | 4 | 5 | 8[image omitted] | 3 | 13 | 7½ |
| snuff containing more than 13 per cent. by weight of moisture | ” | 4 | 5 | 3½ | 3 | 13 | 3½ |
| snuff not containing more than 13 per cent. by weight of moisture | ” | 4 | 7 | 8 | 3 | 15 | 3½ |
Part IV
Excise
| Unmanufactured:— | Unmanufactured:— | £ | s. | d. |
| containing 10 per cent. or more by weight of moisture | the lb. | 3 | 8 | 3½ |
| containing less than 10 per cent. by weight of moisture | ” | 3 | 15 | 10½ |
| Manufactured:— | ||||
| Cavendish or Negrohead manufactured in bond | ” | 3 | 10 | 3½ |
Part V
Excise
| Unmanufactured:— | Unmanufactured:— | £ | s. | d. |
| containing 10 per cent. or more by weight of moisture | the lb. | 3 | 11 | 8½ |
| containing less than 10 per cent. by weight of moisture | ” | 3 | 19 | 8 |
| Manufactured:— | ||||
| Cavendish or Negrohead manufactured in bond | ” | 3 | 13 | 8½ |
FOURTH SCHEDULE Rates of Excise Duty on Irish Wine
| Description of wine | Rate of Duty | Rate of Duty | Rate of Duty | Rate of Duty |
| IRISH WINE— | s. | d. | ||
| Not exceeding 25° of proof spirit | 0 | 8½ | the | gallon |
| Exceeding 25° but not exceeding 30° of proof spirit | 1 | 0 | ” | ” |
| Exceeding 30° of proof spirit | 2 | 0 | ” | ” |
FIFTH SCHEDULE Rates of Firearm Certificate Duty
| £ | s. | d. | |
| 1. For a firearm certificate for a pistol, including an air pistol, or revolver | 0 | 10 | 0 |
| 2. For a firearm certificate for a rifle, including a miniature rifle | 1 | 10 | 0 |
| 3. For a firearm certificate for an airgun, including an air rifle | 1 | 0 | 0 |
| 4. For a firearm certificate for a prohibited weapon | 0 | 10 | 0 |
| 5. For a firearm certificate for a shot-gun to which the provisions of section 12 of the Firearms Act, 1964, apply | 0 | 15 | 0 |
| 6. For any other firearm certificate— | |||
| For one such certificate | 3 | 5 | 0 |
| Where two or more such certificates are granted to the same person (not necessarily at the same time) and expire on the same date— | |||
| For the first such certificate | 3 | 5 | 0 |
| For the second and every subsequent such certificate | 0 | 15 | 0 |
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