Finance Act 1976

1

• (1) In the case of cars with an original market value of £6,000 or less, Table A applies to those having an internal combustion engine with one or more reciprocating pistons, and Table B applies to other cars.

• (2) A car's cylinder capacity is the cylinder capacity of its engine calculated as for the purposes of the Vehicles (Excise) Act 1971 or the Vehicles (Excise) Act (Northern Ireland) Act 1972.

Reduction for periods when car not available for use

2

• (1) If for any part of the relevant year the car was unavailable, the cash equivalent is to be reduced by an amount which bears to the full amount of the equivalent (ascertained under Part I of this Schedule) the same proportion as the number of days in the year on which the car was unavailable bears to 365.

• (2) The car is to be treated as having been unavailable on any day if—

• (a) it was not made available to the employee until after that day, or it had ceased before that day to be available to him; or

• (b) it was incapable of being used at all throughout a period of not less than 30 consecutive days of which that day was one.

Car used preponderantly for business purposes

3

• (1) The cash equivalent derived from Table A, B or C is to be reduced (or, where paragraph 2 applies, further reduced) by half if it is shown to the inspector's satisfaction that the employee was required by the nature of his employment to make, and made use of the car preponderantly for business travel, which means that such travel must have amounted to at least 25,000 miles in the relevant year.

• (2) In relation to a car which for part of the year was unavailable in the sense of paragraph 2 above, the figure of 25,000 miles above mentioned is proportionately reduced.

Reduction for employee paying for use of car

4

If in the relevant year the employee was required, as a condition of the car being available for his private use, to pay any amount of money (whether by way of deduction from his emoluments or otherwise) for that use, the cash equivalent—

• (a) is to be reduced (or, if already reduced under the foregoing paragraphs, further reduced) by the amount so paid by the employee in or in respect of the year, or

• (b) if that amount exceeds the equivalent shown in the applicable Table in Part I of this Schedule, is nil.

SCHEDULES 10–14.

PART I — Meaning of " Obtained by Reason of Employment "

1

• (1) The benefit of a loan is obtained by reason of a person's employment if it was made by his employer.

• (2) But this does not apply to a loan made by the employer, being an individual, and shown to have been made in the normal course of his domestic, family or personal relationships.

2

That benefit is so obtained if the loan was made by a company—

• (a) over which the employer had control,

• (b) by which the employer (being a company) was controlled, or

• (c) which was controlled by a person by whom the employer (being a company) was controlled.

3

That benefit is so obtained if—

• (a) the employer was or had control over, or was controlled by, a close company, and

• (b) the loan was made by a person having a material interest in the close company or, the close company being controlled by another company, in that other company.

4

In this Part of this Schedule—

• (a) references to a loan being made by any person include references to his assuming the rights and liabilities of the person who originally made the loan and to his arranging, guaranteeing or in any way facilitating the continuation of a loan already in existence;

• (b) " employer " includes a prospective employer ; and

• (c) " company ", except as part of the expression " close company ", includes a partnership.

PART II — Calculation of Cash Equivalent of Loan Benefit

General

5

• (1) The cash equivalent for any year of the benefit obtained from a loan is—

• (a) the amount of interest (calculated in accordance with paragraph 6 or 7 below) which would have been payable for that year had interest at the official rate been payable on the loan ; less

• (b) the amount of interest actually paid on the loan for that year.

• (2) Where an assessment for any year in respect of a loan has been made or determined on the footing that the whole or part of the interest payable on the loan for that year was not in fact paid, but it is subsequently paid, then, on a claim in that behalf, the cash equivalent for that year shall be recalculated so as to take that payment into account and the assessment shall be adjusted accordingly.

• (3) All the loans between the same lender and borrower for which a cash equivalent falls to be ascertained and which are outstanding at any time, as to any amount, in any year are to be treated for the purposes of this Schedule as a single loan.

Normal method of calculation (averaging)

6

In the absence of a requirement or election that paragraph 7 below should apply, the amount of interest at the official rate payable on a loan for any year (" the relevant year ") shall be ascertained as follows:

• (a) take half the aggregate of—

• (i) the maximum amount of the loan outstanding on 5th April preceding the relevant year or, if it was made in that year, on the date on which it was made, and

• (ii) the maximum amount of the loan outstanding on 5th April in the relevant year or, if the loan was discharged in that year, the date of discharge ;

• (b) multiply that figure by the number of whole months during which the loan was outstanding in that year, and divide by 12;

• (c) multiply the result by the official rate of interest in force during the period when the loan was outstanding in that year or, if the official rate changed during that period, the average rate during that period ascertained by reference to the number of days in the period and the number of days for which each rate was in force.

Election for alternative method of calculation

7

• (1) For any year of assessment ("the relevant year") the alternative method of calculation set out in this paragraph applies if—

• (a) the inspector so requires, by notice in writing given to the employee, for the purpose of any assessment to income tax (or the adjustment of any such assessment in consequence of an appeal); or

• (b) the employee so elects, by notice in writing given to the inspector within the time allowed by sub-paragraph (2) below.

• (2) An election by the employee must be made—

• (a) in a case where an assessment including the emoluments in question has been made on the basis of the normal method of calculation, within the time allowed for appealing against that assessment or such further time as the inspector may allow;

• (b) where no such assessment has been made, within 6 years after the end of the relevant year of assessment.

• (3) The alternative method of calculating the amount of interest at the official rate payable on a loan for the relevant year is as follows—

• (a) take each period in the relevant year during which the official rate of interest remains the same ;

• (b) for each such period take for each day in the period the maximum amount outstanding of the loan on that day, and add those amounts together ;

• (c) multiply that sum by the official rate in force during the period divided by 365; and

• (d) add together the resulting figures for each period in the relevant year.

PART III — Exceptions Where Interest Eligible for Relief

8

• (1) In this Part of this Schedule " eligible for relief", in relation to interest, means eligible for relief under section 75 of the Finance Act 1972.

• (2) In determining for the purposes of this Part of this Schedule whether interest is eligible for relief there shall be disregarded the restriction imposed by section 75(3) of the Finance Act 1972 (which provides, in relation to certain loans taken out before 27th March 1974, that the first £35 of interest paid in any year is not eligible for relief).

9

Section 66(1) does not apply to a loan in any year—

• (a) for which interest is paid on the loan and the whole of that interest is eligible for relief, or

• (b) for which no interest is paid on the loan but had interest been paid on it at the official rate the whole of that interest would have been eligible for relief.

10

Where for any year interest is paid on a loan and part of that interest is eligible for relief, the calculation of the cash equivalent under Part II of this Schedule is modified as follows:—

• (a) where paragraph 6 applies, the maximum amounts referred to in paragraph 6(a)(i) and (ii) shall be proportionately reduced by reference to the proportion which so much of the interest paid for that year as is not eligible for relief bears to the whole of the interest so paid ;

• (b) where paragraph 7 applies, the maximum amounts referred to in paragraph 7(3)(b) shall be proportionally reduced by reference to the proportion which so much of the interest paid on each such amount for the day in question as is not eligible for relief bears to the whole of the interest so paid ; and

• (c) the amount of interest eligible for relief shall be left out of account in ascertaining for the purposes of paragraph 5(1)(b) above the amount of interest paid for that year.

11

• (1) Where for any year no interest is paid on a loan but had interest been paid on it at the official rate part of that interest would have been eligible for relief, the calculation of the cash equivalent under Part II of this Schedule shall be modified as provided by paragraph 10(a) or (b) above with the substitution for the references to the amounts of interest paid or not eligible for relief of references to the amounts (ascertained in accordance with the following provisions of this paragraph) which would have been paid or would not have been eligible for relief.

• (2) For the purposes of paragraph 10(a) as applied by this paragraph, the whole amount of interest at the official rate which would have been paid for any year shall be taken to be the amount payable for that year calculated in accordance with paragraph 6 (disregarding paragraph 10); and the amount of that interest which would not have been eligible for relief shall be ascertained—

• (a) by finding that amount on the assumption that the amount referred to in paragraph 6(a)(i) was the amount outstanding for the whole year ;

• (b) by finding that amount on the assumption that the amount referred to in paragraph 6(a)(ii) was the amount outstanding for the whole year ; and

• (c) by adding together the resulting figures and dividing by 2.

• (3) For the purposes of paragraph 10(b) as applied by this paragraph, the amount of interest which would have been paid and the amount of it which would not have been eligible for relief shall be ascertained on the assumption that interest at the official rate was paid daily throughout the year on the maximum amount outstanding on each day.

SCHEDULE 9

Part I — Replacement of Section 15 of the Taxes Management Act 1970 (c. 9)

Taxes Management Act 1970 (c. 9)

1

For section 15 of the Taxes Management Act 1970 (return of employees’ emoluments, etc.) there shall be substituted the following section—

(15) (1) Every employer, when required to do so by notice from an inspector, shall, within the time limited by the notice, prepare and deliver to the inspector a return relating to persons who are or have been employed by him, containing the information required under the following provisions of this section. (2) An employer shall not be required to include in his return information relating to a year of assessment beginning more than six years before the year of assessment in which the notice is given. (3) A notice under subsection (1)— (a) shall specify the employees for whom a return is to be made and may, in particular, specify individuals (by name or otherwise) or all employees of an employer or all his employees who are in director’s or higher-paid employment; and (b) shall specify the years of assessment or other periods with respect to which the information is to be provided. (4) A notice under subsection (1) may require the return to state the name and place of residence of an employee to whom it relates. (5) A notice under subsection (1) may require the return to contain, in respect of an employee to whom it relates, particulars of the payments made to him in respect of his employment including— (a) payments to him in respect of expenses (including sums put at his disposal and paid away by him), (b) payments made on his behalf and not repaid, and (c) payments to him for services rendered in connection with a trade or business, whether the services were rendered in the course of his employment or not. (6) Where, for the purposes of his return, an employer apportions expenses incurred partly in or in connection with a particular matter and partly in or in connection with other matters— (a) the return shall contain a statement that the sum included in the return is the result of such an apportionment; and (b) if required to do so by notice from the inspector, he shall prepare and deliver to the inspector, within the time limited by the notice, a return containing full particulars as to the amount apportioned and the manner in which, and the grounds on which, the apportionment has been made. (7) A notice under subsection (1) may require the return— (a) to state in respect of an employee to whom it relates whether any benefits are or have been provided for him (or for any other person) by reason of his employment, such as may give rise to charges to tax under section 196 of the principal Act, section 36 or 37 of the Finance (No. 2) Act 1975 or sections 61 to 68 of the Finance Act 1976 (miscellaneous benefits in cash or in kind); and (b) if such benefits are or have been provided, to contain such particulars of those benefits as may be specified in the notice. (8) Where such benefits are provided the notice may, without prejudice to subsection (7)(b), require the return to contain the following particulars— (a) where the benefits are or have been provided by the employer, particulars of the cost of providing them; and (b) where the benefits are or have been provided otherwise than by the employer himself, the name and business address of any person who has (either by arrangement with the employer, or to his knowledge) provided them. (9) Where it appears to an inspector that a person has, in any year of assessment, been concerned in providing benefits to or in respect of employees of another, the insepctor may at anytime up to 6 years after the end of that year of assessment by notice require him to deliver to the inspector, within the time limited by the notice, such particulars of those benefits as may be specified in the notice (so far as known to him) and to include with those particulars the names and addresses (so far as known to him) of the employees concerned. (10) Where the employer is a body of persons, the secretary of the body or other officer (by whatever name called) performing the duties of secretary shall be treated as the employer for the purposes of this section. - Provided that, where the employer is a body corporate, that body corporate, as well as the secretary or other officer, shall be liable to a penalty for failure to comply with this section. (11) In this section— (a) “employee” means an office holder or employee whose emoluments fall to be assessed under Schedule E, and related expressions are to be construed accordingly; and (b) “director’s or higher-paid employment” has the same meaning as in Chapter II of Part III of the Finance Act 1976.

.

2

For the year 1976–77 the section substituted by paragraph 1 above has effect as if the provisions of sections 64 and 68 of, and Schedule 7 to, this Act were in operation for that year.

3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income and Corporation Taxes Act 1970 (c. 10)

4

The following provisions and passages in the Taxes Act are hereby repealed—

• (a) in section 195, subsection (2) ;

• (b) in section 196(1), the words "and section 15 of the Taxes Management Act 1970 " ;

• (c) section 200.

Finance Act 1974 (c. 30)

5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Savings

6

Nothing in this Part of this Act shall prejudice the validity of anything done before the passing of this Act for the purposes of section 15 of the Taxes Management Act 1970 or section 200 of the Taxes Act, including any notice given, return made or proceedings taken, and anything so done shall be complied with and proceeded with, and proceedings for failure to comply with those sections may be instituted or continued, as if this Part of this Act had not been passed.

PART II — OTHER AMENDMENTS

7

The amendments set out in this Part of this Schedule have effect for 1977–78 and subsequent years.

Capital Allowances Act 1968 (c. 3)

8

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9

In section 34 of that Act (notional sales), in subsection (3), for the words " Part VIII of the principal Act" there shall be substituted the words " Part III of the Finance Act 1976 ".

Taxes Management Act 1970 (c. 9)

10

• (1) In section 35(2) of the Taxes Management Act 1970, paragraph (a) shall be omitted.

• (2) Sub-paragraph (1) has effect in relation to income assessable for 1977-78 and subsequent years.

11

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income and Corporation Taxes Act 1970 (c. 10)

12–16

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13

In section 185 of that Act (accommodation occupied by holder of office or employment), in subsection (4) for the words " 198(1) below " there shall be substituted the words " Chapter II of Part III of the Finance Act 1976 ".

14

• (1) Sections 195 to 199 and 201 to 203 of that Act are hereby repealed.

• (2) Where there was in force under section 199 a notification that an inspector was satisfied that certain payments or other benefits provided by an employer would not result in additional tax liability under Chapter II of Part VIII of that Act, that notification shall, subject to the following provisions of this paragraph, continue in force as if made under section 70 of this Act in relation to tax liability under Chapter II of Part III of this Act.

• (3) Such a notification does not continue in force so far as it relates to benefits or facilities chargeable to tax under sections 64 to 68 of this Act.

• (4) The inspector may, if in his opinion there is reason to do so, by notice in writing served on the persons to whom the notification was given, revoke a notification continued in force by this paragraph, either from the date of its original making or as from such later date as may be specified in the notice; and then all such income tax becomes chargeable (whether under Chapter II of Part VII of the Taxes Act or Chapter II of Part III of this Act), and all such returns are to be made by that person and by the employees for whom the benefits or facilities are provided, as would have been chargeable or would have had to be made in the first instance if the notification had never been given or, as the case may be, it had ceased to have effect on the specified date.

15

In section 284(2) of the Taxes Act (close company distributions), for the proviso there shall be substituted—

Provided that this subsection shall not apply to expense incurred in or in connection with the provision— (a) for a person employed in director's or higher-paid employment (within Chapter II of Part III of the Finance Act 1976) of such benefits as are mentioned in any of sections 61 to 68 of that Act; or (b) for the spouse, children or dependants of a person employed by the company of any pension, annuity on that person's death or retirement.

.

16

In that section of that Act, for subsection (3) there shall be substituted the following subsection—

(3) The amount of the expense to be taken into account under subsection (2) above as a distribution shall be the same as would under Chapter II of Part III of the Finance Act 1976 be the cash equivalent of the resultant benefit to the participator.

.

SCHEDULE 10

Preliminary

1

In this Schedule "transfer of value" includes a distribution payment made and a capital distribution treated as made, and references to the amount transferred by a transfer of value and to a transferor shall be construed as including respectively the amount of such a payment or distribution and the trustees of the settlement concerned.

Nature of relief

2

• (1) Where the whole or part of the value transferred by a transfer of value is attributable to the value of any relevant business property and the transfer is made after 6th April 1976, the whole or that part of the value transferred shall be treated as reduced by 30 per cent., but subject to the following provisions of this Schedule.

• (2) For the purposes of this paragraph, the value transferred by a transfer of value shall be calculated as a value on which no tax is chargeable.

Relevant business property

3

• (1) Subject to the following provisions of this paragraph and to paragraphs 4, 5 and 8(3) below, in this Schedule " relevant business property " means, in relation to any transfer of value,—

• (a) property consisting of a business or interest in a business ;

• (b) shares in or securities of a company which (either by themselves or together with other such shares or securities owned by the transferor) gave the transferor control of the company immediately before the transfer; and

• (c) any land or building, machinery or plant which, immediately before the transfer, was used wholly or mainly for the purposes of a business carried on by a company of which the transferor then had control or by a partnership of which he then was a partner ;

and " business" includes a business carried on in the exercise of a profession or vocation, but does not include a business carried on otherwise than for gain.

• (2) Subject to sub-paragraph (3) below, a business or interest in a business, or shares in or securities of a company are not relevant business property, if the business or, as the case may be, the business carried on by the company, consists wholly or mainly of one or more of the following, that is to say, dealing in securities, stocks or shares, land or buildings or making or holding investments.

• (3) Sub-paragraph (2) above—

• (a) does not apply to any property if the business concerned is that of a jobber (as defined in section 477 of the Taxes Act) or discount house and is carried on in the United Kingdom, and

• (b) does not apply to shares in or securities of a company if the business of the company consists wholly or mainly in being a holding company of one or more companies whose business does not fall within that sub-paragraph.

• (4) Where any property would be relevant business property in relation to a transfer of value but a binding contract for its sale has been entered into at the time of the transfer, it is not relevant business property in relation to the transfer unless—

• (a) the property is a business or interest in a business and the sale is to a company which is to carry on the business and is made in consideration wholly or mainly of shares in or securities of that company ; or

• (b) the property is shares in or securities of a company and the sale is made for the purpose of reconstruction or amalgamation.

• (5) Shares in or securities of a company are not relevant business property in relation to a transfer of value if at the time of the transfer a winding-up order has been made in respect of the company or the company has passed a resolution for voluntary winding-up or is otherwise in process of liquidation, unless the business of the company is to continue to be carried on after a reconstruction or amalgamation and the reconstruction or amalgamation either is the purpose of the winding-up or liquidation or takes place not later than one year after the transfer of value.

• (6) Land, a building, machinery or plant owned by the transferor and used wholly or mainly for the purposes of a business carried on as mentioned in sub-paragraph (1)(c) above is not relevant business property in relation to a transfer of value, unless the transferor's interest in the business is or, as the case may be, shares or securities of the company carrying on the business immediately before the transfer are, relevant business property in relation to the transfer.

Minimum period of ownership

4

• (1) Property is not relevant business property in relation to a transfer of value unless—

• (a) it was owned by the transferor throughout the two years immediately preceding the transfer ; or

• (b) it replaced other property and it, the other property and any property directly or indirectly replaced by the other property were owned by the transferor for periods which together comprised at least two years falling within the five years immediately preceding the transfer of value ;

and, in the case of paragraph (b) above, any other property concerned was such that, had the transfer of value been made immediately before the property was replaced, that property would (apart from this paragraph) have been relevant business property in relation to the transfer.

• (2) Subject to sub-paragraph (3) below, in a case falling within sub-paragraph (1)(b) above relief under this Schedule shall not exceed what it would have been had the replacement or any one or more of the replacements not been made.

• (3) For the purposes of sub-paragraph (2) above changes resulting from the formation, alteration or dissolution of a partnership or from the acquisition of a business by a company controlled by the former owner of the business shall be disregarded.

• (4) For the purposes of this paragraph, where the transferor became entitled to any property on the death of another person—

• (a) he shall be deemed to have owned it from the date of the death ; and

• (b) if that other person was his spouse he shall also be deemed to have owned it for any period during which the spouse owned it.

5

• (1) Where—

• (a) the whole or part of the value transferred by a transfer of value (in this paragraph referred to as the earlier transfer) was eligible for relief under this Schedule (or would have been so eligible if such relief had been capable of being given in respect of transfers of value made at that time) ; and

• (b) the whole or part of the property which, in relation to the earlier transfer, was relevant business property became, through the earlier transfer, the property of the person or of the spouse of the person who is the transferor in relation to a subsequent transfer of value; and

• (c) that property or part, or any property directly or indirectly replacing it would (apart from paragraph 4 above) have been relevant business property in relation to the subsequent transfer of value ; and

• (d) either the earlier transfer was, or the subsequent transfer of value is, a transfer made on the death of the transferor ;

the property which would have been relevant business property but for paragraph 4 above shall be relevant business property notwithstanding that paragraph.

• (2) Where the property which, by virtue of sub-paragraph (1) above, is relevant business property replaced the property or part referred to in paragraph (c) of that sub-paragraph, relief under this Schedule shall not exceed what it would have been had the replacement or any one or more of the replacements not been made, but paragraph 4(3) above shall apply with the necessary modifications for the purposes of this sub-paragraph.

• (3) Where, under the earlier transfer, the amount of the value transferred which was attributable to the property or part referred to in sub-paragraph (1)(c) above was part only of its value, a like part only of the value which (apart from this sub-paragraph) would fall to be reduced under this Schedule by virtue of this paragraph shall be so reduced.

Value of business

6

For the purposes of this Schedule the value of a business or of an interest in a business shall be taken to be the value which would be its net value if determined under paragraph 14(2) of Schedule 4 to the Finance Act 1975.

Value of shares in or securities of certain companies

7

Where a company is a member of a group and the business of any other company which is a member of the group falls within paragraph 3(2) above, then, unless either—

• (a) that business also falls within paragraph 3(3) above, or

• (b) that business consists wholly or mainly in the holding of land or buildings wholly or mainly occupied by members of the group whose business either does not fall within paragraph 3(2) above or falls within both that paragraph and paragraph 3(3) above,

the value of shares in or securities of the company shall be taken for the purposes of this Schedule to be what it would be if that other company were not a member of the group.

Exclusion of value of excepted assets

8

• (1) In determining for the purposes of this Schedule what part of the value transferred by a transfer of value is attributable to the value of any relevant business property so much of the last-mentioned value as is attributable to any excepted assets within the meaning of sub-paragraph (2) below shall be left out of account.

• (2) An asset is an excepted asset in relation to any relevant business property if it was not either used wholly or mainly for the purposes of the business concerned throughout the whole or the last two years of the relevant period defined in sub-paragraph (5) below, or required at the time of the transfer for future use for those purposes ; but where the business concerned is carried on by a company which is a member of a group, the use of an asset for the purposes of a business carried on by another company which at the time of the use and immediately before the transfer was also a member of that group shall be treated as use for the purposes of the business concerned, unless that other company's membership of the group falls to be disregarded under paragraph 7 above.

• (3) Sub-paragraph (2) above does not apply in relation to an asset which is relevant business property by virtue only of paragraph 3(1)(c) above, but an asset is not relevant business property by virtue only of that paragraph unless either—

• (a) it was used as mentioned in that paragraph throughout the two years immediately preceding the transfer of value ; or

• (b) it replaced another asset so used and it and the other asset and any asset directly or indirectly replaced by that other asset were so used for periods which together comprised at least two years falling within the five years immediately preceding the transfer of value ;

but in a case where paragraph 5 above applies this condition shall be treated as satisfied if the asset (or it and the asset or assets replaced by it) was or were so used throughout the period between the earlier and the subsequent transfer mentioned in that paragraph (or throughout the part of that period during which it or they were owned by the transferor or the transferor's spouse).

• (4) Where part but not the whole of any land or building is used exclusively for the purposes of any business and the land or building would, but for this sub-paragraph, be an excepted asset, or, as the case may be, prevented by sub-paragraph (3) above from being relevant business property, the part so used and the remainder shall for the purposes of this paragraph be treated as separate assets, and the value of the part so used shall (if it would otherwise be less) be taken to be such proportion of the value of the whole as may be just.

• (5) For the purposes of this paragraph the relevant period, in relation to any asset, is the period immediately preceding the transfer of value during which the asset (or, if the relevant business property is an interest in a business, a corresponding interest in the asset) was owned by the transferor or, if the business concerned is that of a company, was owned by that company or any other company which immediately before the transfer of value was a member of the same group.

• (6) For the purposes of this paragraph an asset shall be deemed not to have been used wholly or mainly for the purposes of the business concerned at any time when it was used wholly or mainly for the personal benefit of the transferor or of a person connected with him.

Avoidance of double relief

9

So much of the value transferred by a transfer of value as is attributable to shares in or securities of a company which would not have been sufficient, without any other property, to give the transferor control of the company immediately before the transfer shall not be reduced under this Schedule, if the value of the shares or securities is taken, by virtue of paragraph 9A of Schedule 10 to the Finance Act 1975, to be less than the value previously determined.

10

Where any part of the value transferred by a transfer of value is reduced under Schedule 8 to the Finance Act 1975 by reference to the agricultural value of any property, or would be so reduced but for paragraph 1(2A) thereof, such part of the value transferred as is or would be so reduced under that Schedule shall not be reduced under this Schedule.

11

Where the value transferred by a transfer of value is reduced under paragraph 4 of Schedule 9 to the Finance Act 1975 by reference to the tax chargeable on the disposal of any trees or underwood, the value to be reduced under paragraph 2 above shall be the value as reduced under the said paragraph 4 (but subject to paragraph 2(2) above).

12

Where, under section 22(5) of the Finance Act 1975, any value is included in the value of a person's estate immediately before his death, the value so included shall not be reduced under this Schedule.

Meaning of " group ", " holding company ", " subsidiary " and " control"

13

• (1) For the purposes of this Schedule a company and all its subsidiaries are members of a group, and " holding company " and " subsidiary" have the same meanings as in section 154 of the Companies Act 1948.

• (2) Paragraph 13(7) of Schedule 4 to the Finance Act 1975 (control of company) applies for the purposes of this Schedule.

SCHEDULE 11

The Finance Act 1965

1

• (1) For sections 31 and 32 of the Finance Act 1965 there shall be substituted

(31) (1) A gain accruing on the disposal of an asset by way of gift shall not be a chargeable gain if the asset is property falling within sub-paragraph (2) of paragraph 13 of Schedule 6 to the Finance Act 1975 (gifts for public benefit) and the Treasury give a direction in relation to it under sub-paragraph (1) of that paragraph. (2) A gain shall not be a chargeable gain if it accrues on the disposal of an asset with respect to which a capital transfer tax undertaking or an undertaking under the following provisions of this section has been given and— (a) the disposal is by way of sale by private treaty to a body mentioned in paragraph 12 of the said Schedule 6 (museums, etc) or is to such a body otherwise than by sale ; or (b) the disposal is to the Board in pursuance of paragraph 17 of Schedule 4 to the said Act of 1975 or in accordance with directions given by the Treasury under section 50 or 51 of the Finance Act 1946 (acceptance of property in satisfaction of tax). (3) Subsection (4) below shall have effect in respect of the disposal of any asset which is property which has been or could be designated under section 77 of the Finance Act 1976, being— (a) a disposal by way of gift, including a gift in settlement ; or (b) a disposal of settled property by the trustee on an occasion when, under section 25(3) or (4) of this Act, the trustee is deemed to dispose of and immediately re-acquire settled property, if the requisite undertaking described in the said section 77 (maintenance, preservation and access) is given by such person as the Treasury think appropriate in the circumstances of the case. (4) The person making a disposal to which subsection (3) above applies and the person acquiring the asset on the disposal shall be treated for all the purposes of this Part of this Act as if the asset was acquired from the one making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss would accrue to the one making the disposal. (5) If— (a) there is a sale of the asset and capital transfer tax is chargeable under section 78 of the Finance Act 1976 (or would be chargeable if a capital transfer tax undertaking as well as an undertaking under this section had been given); or (b) the Treasury are satisfied that at any time during the period for which any such undertaking was given it has not been observed in a material respect, the person selling that asset or, as the case may be, the owner of the asset shall be treated for the purposes of this Part of this Act as having sold the asset for a consideration equal to its market value, and, in the case of a failure to comply with the undertaking, having immediately re-acquired it for a consideration equal to its market value. (6) The period for which an undertaking under this section is given shall be until the person beneficially entitled to the asset dies or it is disposed of, whether by sale or gift or otherwise ; and if the asset subject to the undertaking is disposed of— (a) otherwise than on sale ; and (b) without a further undertaking being given under this section, subsection (5) above shall apply as if the asset had been sold to an individual. References in this subsection to a disposal shall be construed without regard to any provision of this Part of this Act under which an asset is deemed to be disposed of. (7) Where under subsection (5) above a person is treated as having sold for a consideration equal to its market value any asset within section 77(1)(c), (d) or (e) of the Finance Act 1976, he shall also be treated as having sold and immediately re-acquired for a consideration equal to its market value any asset associated with it; but the Treasury may direct that the foregoing provisions of this subsection shall not have effect in any case in which it appears to them that the entity consisting of the asset and any assets associated with it has not been materially affected. For the purposes of this subsection two or more assets are associated with each other if one of them is a building falling within the said section 77(1)(c) and the other or others such land or objects as, in relation to that building, fall within the said section 77(1)(d) or (e). (8) If in pursuance of subsection (5) above a person is treated as having on any occasion sold an asset and capital transfer tax becomes chargeable on the same occasion, then, in determining the value of the asset for the purposes of that tax, an allowance shall be made for the capital gains tax chargeable on any chargeable gain accruing on that occasion. (9) In this section "capital transfer tax undertaking" means an undertaking under sections 76 to 81 of the Finance Act 1976 or section 31 or 34 of the Finance Act 1975.

• (2) This paragraph does not affect the continued operation of sections 31 and 32 of the said Act of 1965, in the form in which they were before 13th March 1975, in relation to estate duty in respect of deaths occurring before that date.

The Finance Act 1975

2

In section 26(2) of the Finance Act 1975 after the words "of this Act" (where they first occur) there shall be inserted the words " or section 78 of the Finance Act 1976 ".

3

In paragraphs 2(7), 12(4) and 19(1)(c) of Schedule 4 to that Act after the words " of this Act" there shall be inserted the words " or section 78 of the Finance Act 1976 ".

4

In paragraph 11(2) of Schedule 5 to that Act after the words " this Act" (in both places where they occur) there shall be inserted the words " or section 76 of the Finance Act 1976 ".

5

In paragraph 16 of Schedule 6 to that Act after the words " paragraphs 1 and 10 to 13 above " there shall be inserted the words " and sections 76 and 84 of the Finance Act 1976. "

The Finance (No. 2) Act 1975

6

Section 56 shall be omitted.

SCHEDULE 12

Interpretation

1

In this Schedule—

• " close company " has the same meaning as in section 39 of the Finance Act 1975 ;

• " interest in land " does not include any estate, interest or right by way of mortgage or other security ;

• " shares " includes securities ;

• " the principal section " means section 99 of this Act;

and expressions used in the principal section have the same meanings as in that section.

Shares—capital receipts

2

• (1) If the transferred property consists of shares and at any time before the relevant date the transferee or his spouse becomes entitled to a capital payment in respect of them, then for the purposes of the principal section the market value of the transferred property on the relevant date shall (except where apart from this paragraph it reflects a right to the payment) be taken to be increased by an amount equal to the payment.

• (2) If at any time before the relevant date the transferee or his spouse receives or becomes entitled to receive in respect of the transferred property a provisional allotment of shares and disposes of the rights, the amount of the consideration for the disposal shall be treated for the purposes of this paragraph as a capital payment in respect of the transferred property.

• (3) In this paragraph "capital payment" means any money or money's worth which does not constitute income for the purposes of income tax.

Payments of calls

3

If the transferred property consists of shares and at any time before the relevant date the transferee or his spouse becomes liable to make a payment in pursuance of a call in respect of them, then for the purposes of the principal section the market value of the transferred property on the relevant date shall (except where apart from this paragraph it reflects the liability) be taken to be reduced by an amount equal to the payment.

Reorganisation of share capital etc.

4

• (1) This paragraph has effect where the transferred property consists of shares in relation to which there occurs before the relevant date a transaction to which paragraph 4 of Schedule 7 to the Finance Act 1965 applies or would apply but for section 53 of this Act, that is to say—

• (a) a reorganisation, within the meaning of that paragraph, or reduction of the share capital of a company; or

• (b) the conversion of securities within the meaning of paragraph 5 of that Schedule ; or

• (c) the issue by a company of shares in exchange for shares in another company in such circumstances that paragraph 6 of that Schedule applies ; or

• (d) the issue by a company of shares under such an arrangement as is referred to in paragraph 7 of that Schedule ;

or any transaction relating to a unit trust scheme which corresponds to any of the transactions referred to in paragraphs (a) to (d) above and to which paragraph 4 of that Schedule applies by virtue of section 45(8) of the Finance Act 1965.

• (2) In the following provisions of this paragraph "the original shares " and " the new holding " shall be construed in accordance with the said paragraph 4.

• (3) Where this paragraph has effect the original shares and the new holding shall be treated as the same property for the purposes of the principal section and this Schedule.

• (4) Where this paragraph has effect and, as part of or in connection with the transaction concerned, the transferee or his spouse becomes liable to give any consideration for the new holding or any part of it, then for the purposes of the principal section the market value of the transferred property on the relevant date shall (except where apart from this paragraph it reflects the liability) be taken to be reduced by an amount equal to that consideration.

• (5) For the purposes of sub-paragraph (4) above, there shall not be treated as consideration given for the new holding or any part of it—

• (a) any surrender, cancellation or other alteration of any of the original shares or of the rights attached thereto, or

• (b) any consideration consisting of any application, in paying up the new holding or any part of it, of assets of the company concerned or of any dividend or other distribution declared out of those assets but not made.

Transfers of value etc. by close companies

5

• (1) This paragraph applies where the transferred property consists of shares in a close company and at any time after the chargeable transfer and before the relevant date there is a relevant transaction in relation to the shares ; and for this purpose " relevant transaction " means a transaction which is—

• (a) the making of a transfer of value by the company, or

• (b) an alteration in so much of the company's share or loan capital as does not consist of shares quoted on a recognised stock exchange or an alteration in any rights attaching to shares in or debentures of the company which are not so quoted,

but which does not give rise to an adjustment, under any of the preceding paragraphs of this Schedule, in the market value of the transferred property on the relevant date.

• (2) Subject to sub-paragraphs (3) and (4) below, where this paragraph applies the market value of the transferred property on the relevant date shall for the purposes of the principal section be taken to be increased by an amount equal to the difference between—

• (a) the market value of the transferred property at the time of the chargeable transfer, and

• (b) what that value would have been if the relevant transaction had occurred before rather than after that time.

• (3) Where the relevant transaction is the making by the company of a transfer of value by which the value of the estate of the person who made the chargeable transfer or, if his spouse is domiciled in the United Kingdom, his spouse is increased by any amount, the increase provided for by sub-paragraph (2) above shall be reduced by that amount'.

• (4) Where the market value of the transferred property at the time of the chargeable transfer is less than it would have been as mentioned in sub-paragraph (2) above, that sub-paragraph shall apply as if, instead of providing for an increase, it provided for the market value on the relevant date to be reduced to what it would have been if the relevant transaction had not occurred.

Interests in land

6

• (1) Where the transferred property is an interest in land in relation to which the conditions mentioned in sub-paragraph (2) below are not satisfied, then, subject to sub-paragraphs (3) and (4) below, the market value of the transferred property on the relevant date shall for the purposes of the principal section be taken to be increased by an amount equal to the difference between—

• (a) the market value of the interest at the time of the chargeable transfer, and

• (b) what that market value would have been if the circumstances prevailing on the relevant date and by reason of which the conditions are not satisfied had prevailed at the time of the chargeable transfer.

• (2) The conditions referred to in sub-paragraph (1) above are—

• (a) that the interest was the same in all respects and with the same incidents at the time of the chargeable transfer and on the relevant date, and

• (b) that the land in which the interest subsists was in the same state and with the same incidents at the time of the chargeable transfer and on the relevant date.

• (3) If after the date of the chargeable transfer but before the relevant date compensation becomes payable under any enactment to the transferee or his spouse—

• (a) because of the imposition of a restriction on the use or development of the land in which the interest subsists, or

• (b) because the value of the interest is reduced for any other reason,

the imposition of the restriction or the other cause of the reduction in value shall be ignored for the purposes of sub-paragraphs (1) and (2) above, but the market value of the interest on the relevant date shall be taken to be increased by an amount equal to the amount of the compensation.

• (4) Where the market value of the interest at the time of the chargeable transfer is less than it would have been as mentioned in sub-paragraph (1) above, that sub-paragraph shall apply as if, instead of providing for an increase, it provided for the market value on the relevant date to be reduced to what it would have been if the change in circumstances by reason of which the conditions mentioned in sub-paragraph (2) above are not satisfied had not occurred.

Leases

7

• (1) Where the transferred property is the interest of a lessee under a lease the duration of which at the time of the chargeable transfer does not exceed fifty years, then for the purposes of the principal section the market value of the interest on the relevant date shall be taken to be increased by an amount equal to the appropriate fraction of the market value of the interest at the time of the chargeable transfer.

• (2) In sub-paragraph (1) above, " the appropriate fraction" means the fraction—

$$P(1)−P(2)P(1)$ where P(1) is the percentage that would be derived from the Table in paragraph 1 of Schedule 8 to the Finance Act 1965 (capital gains: leases) for the duration of the lease at the time of the chargeable transfer, and P(2) is the percentage that would be so derived for the duration of the lease on the relevant date.$

Other property

8

• (1) Where the transferred property is neither shares nor an interest in land and the condition mentioned in sub-paragraph (2) below is not satisfied in relation to it, then, subject to sub-paragraph (3) and paragraph 9 below, the market value of the property on the relevant date shall for the purposes of the principal section be taken to be increased by an amount equal to the difference between—

• (a) the market value of the property at the time of the chargeable transfer, and

• (b) what that value would have been if the circumstances prevailing at the relevant date and by reason of which the condition is not satisfied had prevailed at the time of the chargeable transfer.

• (2) The condition referred to in sub-paragraph (1) above is that the transferred property was the same in all respects at the time of the chargeable transfer and on the relevant date.

• (3) Where the market value of the transferred property at the time of the chargeable transfer is less than it would have been as mentioned in sub-paragraph (1) above, that sub-paragraph shall apply as if, instead of providing for an increase, it provided for the market value on the relevant date to be reduced to what it would have been if the property had remained the same in all respects as it was at the time of the chargeable transfer.

9

Where the transferred property is neither shares nor an interest in land and during the period between the time of the chargeable transfer and the relevant date benefits in money or money's worth are derived from it which exceed a reasonable return on its market value at the time of the chargeable transfer, then—

• (a) any effect of the benefits on the transferred property shall be ignored for the purposes of paragraph 8 above ; but

• (b) the market value of the transferred property on the relevant date shall be taken for the purposes of the principal section to be increased by an amount equal to the said excess.

SCHEDULE 13

SCHEDULE 14

Interpretation

1

References in the following provisions of this Schedule to sections or Schedules are, except where otherwise indicated, references to sections of or Schedules to the Finance Act 1975.

Capital distributions

2

In section 51(1), after the definition of " the Board " there shall be inserted—

• " capital distribution " has the same meaning as in Schedule 5 to this Act, and includes a capital distribution treated as made by virtue of any provision of that Schedule ;

.

3

After subsection (2) of section 51 there shall be inserted—

(2A) Subsection (2) above shall not have effect in relation to capital distributions ; but, except where the context otherwise requires, references in this Part of this Act to chargeable transfers or to the values transferred by them shall be construed as including references to capital distributions or to the amounts on which tax is chargeable in respect of them.

4

In paragraph 2(1) of Schedule 4, after paragraph (b) there shall be inserted the words

or (c) is liable as trustee of a settlement for tax on a capital distribution, or would be so liable if tax were chargeable on it;

.

5

At the end of paragraph 6 of Schedule 4 there shall be added—

(6) References in this paragraph to transfers of value or to the values transferred by them shall be construed as including references to capital distributions or to the amounts on which tax is chargeable in respect of them.

6

• (1) Paragraph 16 of Schedule 4 shall be amended as follows.

• (2) In sub-paragraph (5), for the words " transfer of value " there shall be substituted the words " chargeable transfer ".

• (3) For sub-paragraph (6) there shall be substituted—

(6) The reference in sub-paragraph (5) above to any previous chargeable transfer made by the same transferor means, in relation to a chargeable transfer which is a capital distribution, any previous capital distribution made out of property comprised in the same settlement other than a capital distribution treated as made under paragraph 12 of Schedule 5 to this Act.

• (4) In sub-paragraph (7), after die word "day" there shall be inserted the words " and capital distributions made out of property comprised in the same settlement on the same day ".

7

At the end of paragraph 25 of Schedule 4 there shall be added—

(5) References in this paragraph to a transfer of value, or to the value transferred by a transfer of value, shall be construed as including references to a capital distribution or to the amount on which tax is chargeable in respect of a capital distribution.

8

• (1) In paragraph 12(3) of Schedule 5, for the words "next capital distribution " onwards there shall be substituted the words " next capital distribution made out of the property or, as the case may be, out of the part concerned, not being a capital distribution treated as made under that sub-paragraph. "

• (2) At the end of paragraph 13(1) of Schedule 5 there shall be added the words " not being a capital distribution treated as made under paragraph 12 above ".

9

At the end of paragraph 11 of Schedule 10, there shall be added—

(5) References in this paragraph to a transfer of value shall be construed as including references to a capital distribution.

Interests in possession in Scotland

10

In paragraph 1(9) of Schedule 5, for the word " Schedule " there shall be substituted the words " Part of this Act " and for the words from " actually " to " that interest" there shall be substituted the words " by virtue of which the person in right of that interest is entitled to the enjoyment of the property or would be so entitled if the property were capable of enjoyment ".

Charge on capital distributions

11

In paragraph 6(5) of Schedule 5, for the words " ; and in relation " onwards there shall be substituted the words " or, in the case of a capital distribution treated as made under sub-paragraph (2) above or paragraph 15(3) below, any tax which is payable out of the property whose value is taken as the amount of the capital distribution ; and in relation to a capital distribution treated as made under sub-paragraph (3) above or paragraph 12 or 24(2) below, sub-paragraph (4)(a) above shall have effect as if the words " less the tax payable on it" were omitted ".

Settlor etc. becoming entitled to interest in possession

12

• (1) Paragraph 6 of Schedule 5 shall have effect, and shall be deemed always to have had effect, as if after sub-paragraph (6) there were inserted—

(6A) Where the person referred to in sub-paragraph (2) above is the settlor, the settlor's spouse or, if the settlor has died less than two years before the time there referred to, the settlor's widow or widower, and is domiciled in the United Kingdom at that time, that sub-paragraph shall have effect as if the reference in it to a capital distribution were a reference to a distribution payment to the settlor or, as the case may be, the settlor's spouse, widow or widower

.

• (2) Paragraph 11(8) of Schedule 5 shall have effect, and shall be deemed always to have had effect, as if after the words " this sub-paragraph " in each place where they occur there were inserted the words " or paragraph 6(6A) above ".

Non-resident beneficiaries

13

The following provisions shall cease to have effect—

• (a) in section 22(3)(a), the words from "and resident" to " occurred " ;

• (b) in paragraph 4(6) of Schedule 5, the words from "and resident" to " end " ;

• (c) in paragraph 6(6) of Schedule 5, the words from " and resident " to the end ;

• (d) in paragraph 14(5) of Schedule 5, the words from "and resident" to the end.

Distribution payments made on same day

14

• (1) After paragraph 10 of Schedule 5 there shall be inserted—

(10A) Where a capital distribution is made on the same day and out of property comprised in the same settlement as a distribution payment that is not a capital distribution, the capital distribution shall for the purpose of paragraphs 7 to 9 above be treated as made before the distribution payment.

.

• (2) This paragraph has effect in relation to distribution payments made after 15th April 1976.

Settlements of excluded property

15

• (1) In determining for the purposes of any provision of Schedule 5 whether there has been a transfer of value which satisfies the conditions stated in sub-paragraph (2) of paragraph 11 of that Schedule or what is the relevant transfer within the meaning of that sub-paragraph in relation to any settlement, the fact that any property is excluded property shall be ignored.

• (2) This paragraph shall be deemed to have come into force on 16th April 1976.

Partially exempt transfers into settlement

16

In paragraph 11(2) of Schedule 5, after the words "where it was not a chargeable transfer" there shall be inserted the words " (or was a chargeable transfer of some only of the value transferred by it) ".

Periodic charge to tax

17

For paragraph 12(7) of Schedule 5 there shall be substituted—

(7) Paragraph 11 above shall apply for the interpretation of this paragraph as it applies for the interpretation of paragraphs 6 to 10, except that paragraph 11(4) shall be disregarded in determining in relation to any settled property whether the trustees are resident in the United Kingdom.

Superannuation schemes

18

Paragraph 16(1) of Schedule 5 shall have effect, and shall be deemed always to have had effect, as if after the words "that Act applies " there were inserted the words " to any scheme approved under section 226 or 226A of that Act ".

Protective trusts

19

• (1) In paragraph 18 of Schedule 5, for paragraph (a) of sub-paragraph (2) there shall be substituted—

(a) tax shall not be charged under paragraph 4(2) above on the coming to an end of the principal beneficiary's interest in the property if the property is then held on discretionary trusts to the like effect as those specified in paragraph (ii) of the said section 33(1)

.

• (2) This paragraph shall be deemed to have come into force on 16th April 1976.

Liability of settlor

20

Section 25(3)(d) (which imposes liability for tax on the settlor where the trustees are non-resident) shall not apply, and shall be deemed never to have applied, in relation to a settlement made before 11th December 1974 if—

• (a) the trustees were resident in the United Kingdom when the settlement was made, and

• (b) in the case of a chargeable transfer made after 10th December 1974, the trustees have not been resident in the United Kingdom at any time during the period between that date and the time of the transfer.

SCHEDULE 15

Part I — Customs and Excise

Part II — Value Added Tax

Part III — Income Tax, Corporation Tax and Capital Gains Tax

Part IV — Life Policies

Part V — Capital Transfer Tax

Part VI — Stamp Duty

Part VII — Miscellaneous

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Inter-American Development Bank.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULES 7, 8

Taxes Management Act 1970

Finance Act 1974

Taxes Management Act 1970

The repeal in Schedule 3 to the Finance Act 1972 takes effect on the day referred to in section 20(3) of this Act.

1

The repeals in the Capital Allowances Act 1968 have effect for any new chargeable period within the meaning of section 39 of this Act.

2

The repeal in section 67(1) of the Taxes Management Act 1970 comes into force on 1st September 1976.

3

The following repeals have effect for 1977–78 and subsequent years—

• (a) the repeal in section 35(2) of the Taxes Management Act 1970;

• (b) the repeal of sections 195 to 199 of the Taxes Act (except the repeals mentioned in paragraph 4(a) and (b) of Schedule 9 to this Act); and

• (c) the repeal of sections 201 to 203 of the Taxes Act.

4

In the case of the enactments mentioned in paragraphs 3, 4 and 14 of Schedule 9 to this Act, their repeal is subject as mentioned in paragraphs 6 and 14 of that Schedule.

5

In the case of the enactments mentioned in section 49(2)(a) to (c) of this Act, their repeal is subject as mentioned in section 49(7).

6

The repeal of section 68(2) of the Finance Act 1972 has effect as respects disposals after 15th April 1976.

7

The repeals in Schedule 12 to the Finance Act 1975 and of section 56 of the Finance (No. 2) Act 1975 come into force on 7th April 1976.

8

The repeal of section 24(2) of the Income and Corporation Taxes Act 1970 and section 32 of the Finance (No. 2) Act 1975 does not affect the operation of those provisions in relation to any allowance or benefit payable in respect of a period before the appointed day for the purposes of the Child Benefit Act 1975 and the Child Benefit (Northern Ireland) Order 1975.

9

The repeal of section 35 of the Finance (No. 2) Act 1975 has effect from 6th April 1976.

Editorial notes

[^c7222301]: EDITORIAL NOTE1984 (C) = Capital Transfer Tax Act 1984/Inheritance Tax Act 1984 (c.51, SIF 65)

[^c7222311]: The text of ss. 24–72, 129, 131(1)(2), 132(1)(2)(3)(c)(4)(5), Schs. 4–9, 11 and 15 Pts. III, IV, VII was taken from S.I.F. group 63:1 (Income, Corporation and Capital Gains Taxes: Income and Corporation Taxes), ss. 51–56, 129, 132(1)(2)(3)(c)(4)(5), Sch. 15 Pts. III, VII from SIF group 63:2 (Income, Corporation and Capital Gains Taxes: Capital Gains Tax), ss. 131, 132(1)(4)(5), Sch. 15 Pt. V from SIF group 65 (Inheritance Tax), ss. 126–128, 132(1)(4) from SIF group 114 (Stamp Duty) and ss. 11–14, 132(1)(4) from SIF group 107:2 (Road Traffic: Vehicle Excise Duty); provisions omitted from S.I.F. have been dealt with as referred to in other commentary.

[^c7222321]: General amendments etc. to Tax Acts (or Income Tax Acts or Corporation Tax Acts as the case may be) made by Taxes Management Act 1970 (c. 9, SIF 63:1), s. 41A(7) (as added by Finance Act 1990 (c. 29, SIF 63:1), s. 95(1)(2)), British Telecommunications Act 1981 (c. 38, SIF 96), s. 82(2)(7); Telecommunications Act 1984 (c. 12, SIF 96), s. 72(3); Finance Act 1984 (c. 43, SIF 63:1), ss. 82(6), 85(2), 89(1)(7), 96(1)(7), 98(7), Sch. 9 para. 3(2)(9), Sch. 16 paras. 6, 12 and Finance Act 1985 (c. 54, SIF 63:1), ss. 72(1), 74(5), Sch. 23 para. 15(4), S.I. 1987/530, regs. 11(2), 13(1), 14, Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss. 4, 6, 7, 9, 32, 34, 78, 134, 135, 141, 142, 185, 191, 193, 194, 195, 200, 203, 209, 212, 213, 219, 247, 253, 272, 287, 314, 315, 317, 318, 325, 326, 327, 345, 350, 351, 368, 375, 381, 397, 414, 432, 440, 442, 446, 458, 460, 461, 463, 463(2)(3) (as added by Finance Act 1990 (c. 29, SIF 63:1), s. 50(2) ), 468, 474, 475, 486, 490, 491, 503, 511, 518, 524, 532, 544, 550, 556, 558, 569, 572, 582, 595, 601, 613, 617, 619, 621, 639, 656, 660, 663, 676, 689, 691, 694, 700, 701, 714, 716, 739, 743, 754, 763, 776, 780, 781, 782, 787, 789, 811, 828, 829, 832, 833, 834, 835, 837, 838, 839, 840, 841, 842, Sch. 2 para. 5, Sch. 4 para. 5, Sch. 13 para. 10, Sch. 16 para. 10, Sch. 21 para. 6, Sch. 26 para. 1, Sch. 27 para. 20, Finance Act 1988 (c. 39, SIF 63:1), ss. 66, 127(1)(6), Sch. 12 para. 6, Capital Allowances Act 1990 (c. 1, SIF 63:1), ss. 28(1), 68(8), 74, 82, 83(5), 148(5), 163(4), 164(2), S.I. 1990/627 and Finance Act 1990 (c. 29, SIF 63:1), s. 25(10)

[^c7222331]: Act partly in force at Royal Assent, partly retrospective, partly prospective, see individual sections; all provisions so far as unrepealed wholly in force by 1.2.1991.

[^c7222341]: General amendments to Tax Acts, Income Tax Acts, and/or Corporation Tax Acts made by legislation after 1.2.1991 are noted against Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) but not against each Act

[^c7222351]: S. 1 repealed by Finance Act 1977 (c. 36), s. 59(5), Sch. 9 Pt. I

[^c7222361]: Ss. 2, 3 repealed by Alcoholic Liquor Duties Act 1979 (c. 4), s. 92(2), Sch. 4 Pt. I

[^c7222371]: Ss. 4, 5, 6(1)–(5), 7 repealed by Tobacco Products Duty Act 1979 (c. 7), s. 11(1), Sch. 2

[^c7222381]: Ss. 4, 5, 6(1)–(5), 7 repealed by Tobacco Products Duty Act 1979 (c. 7), s. 11(1), Sch. 2

[^c7222391]: S. 6(6) repealed by Excise Duties (Surcharges or Rebates) Act 1979 (c. 8), s. 4(3), Sch. 2

[^c7222401]: Ss. 4, 5, 6(1)–(5), 7 repealed by Tobacco Products Duty Act 1979 (c. 7), s. 11(1), Sch. 2

[^c7222411]: S. 8 repealed with savings by Finance Act 1977 (c. 36), ss. 1(6), 59(5), Sch. 9 Pt. II

[^c7222421]: Ss. 9, 10 repealed by Hydrocarbon Oil Duties Act 1979 (c. 5), s. 28(2), Sch. 7

[^c7222541]: S. 11(1)-(4) repealed (1.9.1994) by ss. 65, 66(1), Sch. 5 Pt. I (with s. 57(4))

[^c7222551]: S. 11(5) repealed (3.5.1994 with effect as mentioned in Sch. 3 of the repealing Act) by 1994 c. 9, s. 258, Sch. 26 Pt. I(3)

[^c7222611]: S. 12 repealed (1.9.1994) by 1994 c. 22, s. 65, Sch. 5 Pt. I (with s. 57(4))

[^c7222621]: S. 13 repealed by Finance Act 1978 (c. 42), Sch. 13 Pt. I

[^c7222631]: S. 14 repealed by Finance Act 1989 (c. 26, SIF 107:2), s. 187(1), Sch. 17 Pt. II (in relation to licences taken out after 14.3.1989)

[^c7222641]: S. 15 repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I

[^c7222651]: S. 16 repealed by Finance Act 1977 (c. 36), s. 59(5), Sch. 9 Pt. I

[^c7222661]: S. 17 repealed by Finance (No. 2) Act 1979 (c. 47), s. 25(5), Sch. 5 Pt. I

[^c7222671]: Ss. 18, 20 repealed by Finance Act 1977 (c. 36), s. 59(5), Sch. 9 Pt. III

[^c7222681]: Ss. 19, 21, 22 repealed by Value Added Tax Act 1983 (c. 55), s. 50(2), Sch. 11

[^c7222691]: Ss. 18, 20 repealed by Finance Act 1977 (c. 36), s. 59(5), Sch. 9 Pt. III

[^c7222701]: Ss. 19, 21, 22 repealed by Value Added Tax Act 1983 (c. 55), s. 50(2), Sch. 11

[^c7222711]: The text of s. 23 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991. This provision has been amended by Finance Act 1977 (c. 36), s. 14(2), Sch. 6 para. 25

[^c7222721]: Ss. 24–38, 44–50, 60–72(12) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

[^c7222731]: Ss. 39–42 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), ss. 82, 164(4)(5), Sch. 2

[^c7222741]: S. 43 repealed by 1979 (No. 2) s. 24 and Sch. 5 Part II for 1979–80 et seq.

[^c7222751]: Ss. 24–38, 44–50, 60–72(12) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

[^c7222761]: S. 51 repealed by Finance Act 1978 (c. 42, SIF 63:2), s. 80(5), Sch. 13 Part IV (by Sch. 13 Pt. IV note 1 it is provided that the repeal has effect for the year 1977–78 and subsequent years of assessment)

[^c7222771]: Ss. 52, 53, 55, 56 repealed by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), ss. 157, 158, Sch. 8 for 1979–80 et seq.