Finance Act 1980

• (ii) any licence debit or credit that would have fallen to be taken into account as there mentioned for a later chargeable period if the old participator were still a participator,

were an amount to be included in the sum referred to in paragraph (a) or, as the case may be, paragraph (b) of that subsection.

• (2) Sub-paragraph (1) above does not affect the amount of any loss transferred under paragraph 7 above.

• (3) Notwithstanding anything in section 34 of the Taxes Management Act 1970 (ordinary time limit for assessments) any further assessment or determination or amendment of an assessment or determination required in consequence of sub-paragraph (1) above may be made at any time not later than six years after the end of the later chargeable period referred to in sub-paragraph (1)(a) or (b)(ii) above.

Payments on account and advance payments

13

• (1) For the purpose of computing under the Schedule to the Petroleum Revenue Tax Act 1980 (computation of payment on account) whether any, and if so what, amount of tax is payable under that Act by the old participator and the new participator for the transfer period or any later chargeable period—

• (a) it shall be assumed that any application or proposal made in relation to the transfer under paragraph 4 or 5(1) above and in respect of which the Board have not notified their decision will be accepted by the Board; and

• (b) the computation under that Schedule shall be made as if paragraph 6 above applied in relation to expenditure which under paragraph 2(4) of that Schedule is treated as having been allowed under Schedule 5 or 6 as well as to expenditure which has been so allowed.

• (2) Where at the end of the transfer period the old participator has no interest in the field he shall not be liable under section 105 of this Act to pay any amount as an advance payment of tax in respect of the field for any subsequent chargeable period in which he has no such interest.

• (3) The old participator shall not be entitled to interest under subsection (7) of that section by reason of any such excess as is there mentioned for the transfer period or either of the next two chargeable periods if he and the new participator are connected within the meaning of section 1122 of the Corporation Tax Act 2010.

Losses of new participator

14

• (1) Where the Board have determined under Schedule 2 that an allowable loss has accrued to the new participator from the field in the transfer period or a later chargeable period, then, if—

• (a) the loss has been computed by reference to an amount taken into account by virtue of paragraph 6 above; and

• (b) the old participator has no interest in the field at the end of the transfer period,

the old and new participators may jointly elect that the loss shall be surrendered to the old participator to the extent that it does not exceed whichever is the lesser of the amount referred to in paragraph (a) above and the total assessable profits as reduced under section 7 that accrued to the old participator from the field in chargeable periods up to and including the chargeable period after the transfer period.

• (2) Where any amount of a loss is surrendered under this paragraph it shall be treated—

• (a) in relation to the old participator, as an allowable loss accruing to him in the chargeable period next but one after the transfer period; and

• (b) in relation to the new participator, as if it has been relieved against assessable profits accruing to him from the field in chargeable periods before that in which it accrued.

Terminal losses

15

• (1) This paragraph applies in any case where—

• (a) such an allowable loss as falls to be relieved under section 7(3) accrues to the new participator from the field in a chargeable period ending after 17th March 2004, but

• (b) some or all of the loss cannot be relieved under section 7(3) against assessable profits accruing to him from the field.

• (2) So much of the loss as cannot be so relieved (“the remaining loss”) shall be regarded as an allowable unrelievable field loss in relation to the new participator (“the loss-maker”) only to the extent that—

• (a) so much of it as cannot be relieved in accordance with sub-paragraphs (3) to (6) below,

exceeds

• (b) the aggregate of any relevant previous participators' expenditure unrelated to the field (see sub-paragraphs (10) and (11) below).

• (3) The remaining loss shall be treated as an allowable loss which falls to be relieved under section 7(3) against so much of any assessable profits accruing to the old participator from the field as is attributable to his represented interest (see sub-paragraphs (9) and (12) below).

• (4) Where a person is the new participator in relation to two or more old participators—

• (a) the remaining loss shall be apportioned between those old participators in such manner as is just and reasonable having regard to the interests respectively transferred by them to the new participator,

• (b) sub-paragraph (3) above shall have effect separately in relation to each of them (and the part of the remaining loss apportioned to him).

• (5) Any relief by virtue of sub-paragraph (3) above shall be given against the assessable profits accruing to the old participator in an earlier chargeable period only to the extent to which it cannot be given against the assessable profits accruing to him in a later chargeable period.

• (6) If—

• (a) the old participator acquired some or all of his interest in the field by a previous transfer in relation to which he was the new participator,

• (b) Parts 2 and 3 of this Schedule applied in relation to that previous transfer, and

• (c) some or all of the part of the remaining loss treated as an allowable loss of his cannot be relieved in accordance with sub-paragraph (3) above,

sub-paragraphs (3) to (5) above shall apply in relation to so much of that part of the remaining loss as cannot be so relieved as they apply in relation to the remaining loss, but construing the references in those sub-paragraphs to the new participator and the old participator by reference to that previous transfer and the parties to it, and then applying this sub-paragraph accordingly (and so on).

• (7) But where—

• (a) the person who is the old participator in relation to a transfer made before 17th March 2004 (“ the later transfer ”) is also the new participator in relation to a previous transfer, and

• (b) Parts 2 and 3 of this Schedule applied in relation to both of those transfers,

sub-paragraph (3) above shall not apply by virtue of sub-paragraph (6) above in relation to so much of the assessable profits of the person who is the old participator in relation to that previous transfer as is attributable to so much of his interest as constitutes the whole or part of his represented interest by virtue of the later transfer.

• (8) Where losses accruing to each of two or more participators fall to be relieved by virtue of sub-paragraph (3) above against the same assessable profits, a loss accruing to the person who last had an interest representing the whole or part of the transferred interest at an earlier time shall be so relieved before one accruing to a person who last had such an interest at a later time.

In this sub-paragraph “ the transferred interest ” means the interest transferred by the person against whose assessable profits the losses fall to be relieved.

• (9) In determining for the purposes of this paragraph the assessable profits of a participator that are attributable to his represented interest, the assessable profits shall be apportioned between—

• (a) the represented interest, and

• (b) the remainder of the participator’s interest,

using such method as is just and reasonable, having regard to the respective sizes of those interests.

• (9A) This paragraph is subject to paragraph 6 of Schedule 20B to the Finance Act 1993.

• (10) For the purposes of this paragraph “ relevant previous participators' expenditure unrelated to the field ” means so much of each relevant previous participator’s allowed expenditure unrelated to the field as is referable to his represented interest, other than excepted old expenditure.

• (11) For the purposes of sub-paragraph (10) above—

• “ allowed expenditure unrelated to the field ”, in relation to a participator, is expenditure unrelated to the field which is allowed on a claim or election made by the participator;

• “ excepted old expenditure ”is expenditure which has been allowed in pursuance of a claim or election for its allowance received by the Board before 17th March 2004;

• “ relevant previous participator ” means a participator against any of whose assessable profits relief is given in accordance with sub-paragraphs (3) to (6) above;

• and sub-paragraph (9) above shall apply in relation to allowed expenditure unrelated to the field as it applies in relation to assessable profits.

• (12) In this paragraph—

• “ expenditure unrelated to the field ” has the meaning given by section 6(9);

• “ the loss-maker ” shall be construed in accordance with sub-paragraph (2) above;

• “ previous owner ” means a person from whom the loss-maker directly or indirectly derives his title to the whole or any part of his interest;

• “ represented interest ”, in the case of a previous owner, means so much of the interest which that previous owner transferred, by a transfer to which Parts 2 and 3 of this Schedule apply, as is represented in the loss-maker’s interest by virtue only of— that transfer, orthat transfer and one or more subsequent transfers to which those Parts apply,making, for the purposes of paragraph (b) above, such apportionments as are just and reasonable, having regard to the interests transferred by each of the transferors.

Abortive exploration expenditure

16

• (1) Subject to sub-paragraph (2) below, there shall be allowed under section 5 in the case of the new participator, in connection with any field in which an interest is transferred to him by the old participator, any expenditure incurred—

• (a) by the old participator; or

• (b) if the old participator is a company, by a company which is within the meaning of that section associated with the old participator in respect of the expenditure,

if no claim in respect of it has been made under Schedule 7 by the old participator or any such company and the expenditure would be allowable under that section in the case of the new participator if he had himself incurred it.

• (2) Sub-paragraph (1) above—

• (a) does not apply so long as the old participator or, if the old participator is a company, any company associated with the old participator has an interest in a licence; and

• (b) applies to the new participator only if the transfer to him was the last transfer made by the old participator.

• (3) For the purposes of sub-paragraph (2) above a company is associated with the old participator if—

• (a) one is a 51 per cent. subsidiary of the other and the other is not a 51 per cent. subsidiary of any company; or

• (b) each of them is a 51 per cent. subsidiary of a third company which is not itself a 51 per cent. subsidiary of any company;

and Chapter 3 of Part 24 of the Corporation Tax Act 2010 (subsidiaries) shall apply for the purposes of this sub-paragraph.

• (4) This paragraph is without prejudice to the application of section 5 in cases where the old participator is a company and the new participator is within the meaning of that section a company associated with the old participator in respect of the expenditure in question.

Oil allowance

17

If the transfer period is one of the first three chargeable periods of the field section 8 shall not apply to the old participator for that period or any earlier period.

Limit on tax payable in transfer year

18

• (1) For the purposes of section 9 in its application to the transfer period, the accumulated capital expenditure at the end of that period of the old participator and the new participator respectively shall be treated as equal to the aggregate of—

• (a) the pre-transfer fraction of what (apart from this paragraph) would be the amount of his accumulated capital expenditure for the purposes of that section at the end of that period if any transfer from or to him under paragraph 6 or 8 above were disregarded; and

• (b) the post-transfer fraction of what (apart from this paragraph) would be that amount having regard to any transfer from or to him in that period under those paragraphs.

• (2) For the purposes of this paragraph the pre-transfer and post-transfer fractions are respectively the fractions of the period (reckoned in days) which elapse before and begin with the date of the transfer; and if there are two or more transfers in the period those fractions shall be determined—

• (a) for a participator who is the old participator as respects any of the transfers, by reference to the first transfer as respects which he is the old participator;

• (b) for a participator who is the new participator as respects any of the transfers, by reference to the last transfer as respects which he is the new participator;

• (c) for a participator who is the old participator as respects one or more of the transfers and the new participator as respects another or others, by reference to whichever results in the smallest amount of accumulated capital expenditure under this paragraph.

Disposal of long-term assets

19

• (1) Neither paragraph 4 of Schedule 4 nor section 7 of the Oil Taxation Act 1983 shall apply to the disposal of an asset used in connection with an oil field if the disposal is by the old participator (or a person connected with him) to the new participator (or a person connected with him) and the disposal is in pursuance of the transfer by the old participator to the new participator of an interest in the field.

• (2) Section 839 of the Taxes Act 1988 (connected persons) shall apply for the purposes of this paragraph.

Transfers of oil

20

Where in pursuance of the transfer of the whole or part of his interest in the field the old participator transfers his right to any oil already won from the field to the new participator, that oil—

• (a) shall not be taken into account under section 2(5) in computing the old participator’s assessable profit or allowable loss in the transfer period; but

• (b) shall be taken into account under section 2(5) in computing the new participator’s assessable profit or allowable loss as if it were included in his share of the oil won from the field.

Retention of share of oil

21

Where the old participator retains a share of the oil won from the field in pursuance of an agreement between him and the new participator under which the latter undertakes to be responsible for carrying out the old participator’s obligations in connection with the field so far as they relate to that share—

• (a) that share shall be taken to belong to the new participator; and

• (b) any oil comprised in that share shall be treated as oil acquired by the old participator under an agreement to which paragraph 6 of Schedule 3 applies.

SCHEDULE 18

Part I

Exemption from provisions applying to company distributions

1–8

Relevant distributions

2

• (1) The following distributions fall within this paragraph—

• (a) a distribution consisting of the transfer to all or any of its members by a company (“the distributing company ”) of shares in one or more companies which are its 75 per cent, subsidiaries;

• (b) a distribution consisting of the transfer by a company (“the distributing company”) to one or more other companies (“the transferee company or companies”) of—

• (i) a trade or trades; or

• (ii) shares in one or more companies which are 75 per cent, subsidiaries of the distributing company, and the issue of shares by the transferee company or companies to all or any of the members of the distributing company.

• (2) References in this Schedule to a relevant company are to the distributing company, to each subsidiary whose shares are transferred as mentioned in sub-paragraph (1)(a) or (b)(ii) above and to each transferee company mentioned in sub-paragraph (1)(b) above.

Conditions

3

Each relevant company must be resident in the United Kingdom at the time of the distribution.

4

The distributing company must at the time of the distribution be either a trading company or a member of a trading group and each subsidiary whose shares are transferred as mentioned in paragraph 2(1)(a) or (b)(ii) above must at that time be either a trading company or the holding company of a trading group.

5

• (1) in a case within paragraph 2(1)(a) above—

• (a) the shares must not be redeemable, must constitute the whole or substantially the whole of the distributing company's holding of the ordinary share capital of the subsidiary and must confer the whole or substantially the whole of the distributing company's voting rights in the subsidiary; and

• (b) subject to sub-paragraph (2) and paragraph 8(b) below, the distributing company must after the distribution be either a trading company or the holding company of a trading group.

• (2) Sub-paragraph (1)(b) above does not apply if the transfer relates to two or more 75 per cent, subsidiaries of the distributing company and that company is dissolved without there having been after the distribution any net assets of the company available for distribution in a winding up or otherwise.

6

• (1) In a case within paragraph 2(1)(b) above—

• (a) if a trade is transferred the distributing company must either not retain any interest or retain only a minor interest in that trade ;

• (b) if shares in a subsidiary are transferred those shares must constitute the whole or substantially the whole of the distributing company's holding of the ordinary share capital of the subsidiary and must confer the whole or substantially the whole of the distributing company's voting rights in the subsidiary;

• (c) the only or main activity of the transferee company or each transferee company after the distribution must be the carrying on of the trade or the holding of the shares transferred to it;

• (d) the shares issued by the transferee company or each transferee company must not be redeemable, must constitute the whole or substantially the whole of its issued ordinary share capital and must confer the whole or substantially the whole of the voting rights in that company ; and

• (e) subject to sub-paragraph (2) and paragraph 8(b) below, the distributing company must after the distribution be either a trading company or the holding company of a trading group.

• (2) Sub-paragraph (1)(e) above does not apply if there are two or more transferee companies each of which has a trade or shares in a separate 75 per cent, subsidiary of the distributing company transferred to it and the distributing company is dissolved without there having been after the distribution any net assets of the company available for distribution in a winding up or otherwise.

7

• (1) The distribution must be made wholly or mainly for the purpose of benefiting some or all of the trading activities which before the distribution are carried on by a single company or group and after the distribution will be carried on by two or more companies or groups.

• (2) The distribution must not form part of a scheme or arrangements the main purpose or one of the main purposes of which is—

• (a) the avoidance of tax ; or

• (b) without prejudice to paragraph (a) above, the making of a chargeable payment as defined in paragraph 13 below or what would be such a payment if any of the companies mentioned in that paragraph were an unquoted company; or

• (c) the acquisition by any person or persons other than members of the distributing company of control of that company, of any other relevant company or of any company which belongs to the same group as any such company; or

• (d) the cessation of a trade or its sale after the distribution.

8

Where the distributing company is a 75 per cent, subsidiary of another company—

• (a) the group (or, if more than one, the largest group) to which the distributing company belongs at the time of the distribution must be a trading group ;

• (b) paragraphs 5(1)(b) and 6(1)(e) above shall not apply; and

• (c) the distribution must be followed by one or more other distributions falling within paragraph 2(1)(a) or (b)(ii) above which satisfy the conditions of this Part of this Schedule and result in members of the holding company of the group (or, if more than one, the largest group) to which the distributing company belonged at the time of the distribution becoming members of—

• (i) the transferee company or each transferee company to which a trade was transferred by the distributing company ; or

• (ii) the subsidiary or each subsidiary whose shares were transferred by the distributing company; or

• (iii) a company (other than that holding company) of which the company or companies mentioned in subparagraph (i) or (ii) above are 75 per cent, subsidiaries.

Part II — Relief From Tax in Respect of Capital Gains

9

Where a company makes an exempt distribution which falls within Section 213(3)(a) of the Taxes Act 1988

• (a) the distribution shall not be a capital distribution for the purposes of section 72 of the Capital Gains Tax Act 1979 (disposal on receipt of capital distribution); and

• (b) sections 77 to 81 of that Act shall, with the necessary modifications, apply as if that company and the subsidiary whose shares are transferred were the same company and the distribution were a reorganisation of its share capital.

10

Subject to paragraph 15 below, neither section 278 nor section 279 of the Taxes Act (charge of tax where company ceases to be a member of a group) shall apply in a case where a company ceases to be a member of a group by reason only of an exempt distribution.

Part III — Relief From Development Land Tax

11

Subject to paragraph 16 below, section 21 of the Development Land Tax Act 1976 (chargeable disposal where company ceases to be a member of a group) shall not apply where a company ceases to be a member of a group by reason only of an exempt distribution.

Part IV

12

• (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part V — Prevention of Tax Avoidance

Chargeable payments

13

Tax on chargeable payments

14

If within five years after the making of an exempt distribution there is a chargeable payment—

• (a) the amount or value of the payment shall be treated as income chargeable to tax under Case VI of Schedule D ; and

• (b) unless the payment is a transfer of money's worth, section 53 of the Taxes Act (deduction of income tax at source) shall apply to the payment as if it were an annual sum payable otherwise than out of profits or gains charged to income tax ;

• (c) the payment shall be regarded as a distribution for the purposes of sections 248(2) and 251(2) of the Taxes Act (disallowance of deductions) and paragraphs 5(6) and 10(1) of Schedule 16 to the Finance Act 1972 (close companies); and

• (d) the payment shall not (if it otherwise would be) be treated as a repayment of capital for the purposes of section 234 or 235 of the Taxes Act.

Re-instatement of charge in respect of capital gains

15

Paragraph 10 above does not apply if within five years after the making of the exempt distribution there is chargeable payment; and the time for making an assessment under section 278 or 279 of the Taxes Act by virtue of this paragraph shall not expire before the end of three years after the making of the chargeable payment.

Re-instatement of development land tax charge

16

Paragraph 11 above does not apply if within five years after the making of the exempt distribution there is a chargeable payment; and the time for making an assessment under section 21 of the Development Land Tax Act 1976 by virtue of this paragraph shall not expire before the end of three years after the making of the chargeable payment.

Part VI

Clearance procedure

17–22

18

• (1) Any application under paragraph 17 above shall be in writing and shall contain particulars of the relevant transactions and the Board may, within thirty days of the receipt of the application or of any further particulars previously required under this sub-paragraph, by notice require the applicant to furnish further particulars for the purpose of enabling the Board to make their decision ; and if any such notice is not complied with within thirty days or such longer period as the Board may allow, the Board need not proceed further on the application.

• (2) The Board shall notify their decision to the applicant within thirty days of receiving the application or, if they give a notice under sub-paragraph (1) above, within thirty days of the notice being complied with.

• (3) If the Board notify the applicant that they are not satisfied as mentioned in paragraph 17 above or do not notify their decision to the applicant within the time required by sub-paragraph (2) above, the applicant may within thirty days of the notification or of that time require the Board to transmit the application, together with any notice given and further particulars furnished under subparagraph (1) above, to the Special Commissioners ; and in that event any notification by the Special Commissioners shall have effect for the purposes of paragraph 17 above as if it were a notification by the Board.

• (4) If any particulars furnished under this paragraph do not fully and accurately disclose all facts and circumstances material for the decision of the Board or the Special Commissioners, any resulting notification that the Board or Commissioners are satisfied as mentioned in paragraph 17 above shall be void.

Returns

19

Where a company makes an exempt distribution it shall within thirty days after the distribution make a return to the inspector giving particulars of the distribution and of the circumstances by reason of which it is exempt

20

• (1) Where within five years after the making of an exempt distribution a person makes a chargeable payment which consists of a transfer of money's worth, he shall within thirty days after the transfer make a return to the inspector giving particulars—

• (a) of the transaction effecting the transfer;

• (b) of the name and address of the recipient or each recipient and the value of what is transferred to him or each of them; and

• (c) if the transfer is accompanied by a chargeable payment consisting of a payment of money, of that payment.

• (2) Subject to sub-paragraph (3) below, where within five years after the making of an exempt distribution a person makes a payment or a transfer of money's worth which would be a chargeable payment but for the fact that it is made for bona fide commercial reasons and does not form part of any such scheme or arrangements as are mentioned in paragraph 13(1) above, the person making the payment or transfer shall within thirty days after the payment or transfer make a return to the inspector giving particulars—

• (a) in the case of a transfer, of the transaction by which it is effected;

• (b) of the name and address of the recipient or each recipient and the amount of the payment made, or the value of what is transferred, to him or each of them; and

• (c) of the circumstances by reason of which the payment or transfer is not a chargeable payment.

• (3) Sub-paragraph (2) above does not apply where the payment or transfer is one in relation to which a notification under paragraph 17(3) above has effect.

Power to obtain information

21

Where a distribution falling within paragraph 2 above has been made and the inspector has reason to believe that it may form part of any such scheme or arrangements as are mentioned in sub-paragraph (2) of paragraph 7 above, he may by a notice in writing require any relevant company or any person controlling any such company to furnish him within such time, not being less than thirty days, as may be specified in the notice with—

• (a) a declaration in writing stating whether or not, according to information which the company or that person has or can reasonably obtain, any such scheme or arrangements exist or have existed;

• (b) such other information as the inspector may reasonably require for the purposes of that sub-paragraph and the company or that person has or can reasonably obtain.

22

• (1) If the inspector has reason to believe that a person has not delivered an account or made a return which he is required to deliver or make by virtue of paragraph 14(b) or 20 above in respect of any payment or transfer, the inspector may by notice in writing require that person to furnish him within such time, not being less than thirty days, as may be specified in the notice with such information relating to the payment or transfer as the inspector may reasonably require for the purposes of Part V of this Schedule.

• (2) If the inspector has reason to believe that a payment or transfer has been made within five years after the making of an exempt distribution and that the payment or transfer is a chargeable payment by reason of the existence of any such scheme or arrangements as are mentioned in paragraph 13(2) above, he may by notice in writing require the person making the payment or transfer or, if that person is a company, any person controlling it to furnish him within such time, not being less than thirty days, as may be specified in the notice with—

• (a) a declaration in writing stating whether or not, according to information which that person has, or can reasonably obtain, any such scheme or arrangements exist or have existed;

• (b) such other information as the inspector may reasonably require for the purposes of Part V of this Schedule and that person has or can reasonably obtain.

• (3) Any recipient of a chargeable payment and any person on whose behalf such a payment is received shall, if so required by the inspector, state whether the payment received by him or on his behalf is received on behalf of any person other than himself and, if so, the name and address of that person.

Part VII — Interpretation

23

• (1) In this Schedule—

• “chargeable payment” has the meaning given in Section 214(2) of the Taxes Act 1988;

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “exempt distribution” means a distribution which is exempt by virtue of Section 213(2) of that Act;

• “group”, , means a company which has one or more 75 per cent. subsidiaries together with that or those subsidiaries ;

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• “shares” includes stock;

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (2) In determining for the purposes of paragraphs 2 to 6 above whether a company whose shares are transferred by the distributing company is a 75 per cent. subsidiary of the distributing company there shall be disregarded any share capital of the first-mentioned company which is owned indirectly by the distributing company.

• (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (4) Section 533 of the Taxes Act (meaning of connected persons) applies for the purposes of this Schedule.

• (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 19

Payments to National Loans Fund

1

• (1) There shall be paid into the National Loans Fund by the Director of Savings an amount equal to the sums which at the end of 1980 are held by him in respect of investment deposits or are so held to his account otherwise than by the National Debt Commissioners (hereinafter referred to as “the Commissioners”).

• (2) There shall be paid in to that Fund by the Commissioners an amount equal to the sums which at the end of 1980 are held by them or to their account and were paid to them under section 22 of the National Savings Bank Act 1971 or received by them in respect of the investments held by them under that section at the end of that year (hereinafter referred to as “the residual investments”).

• (3) The amounts referred to in this paragraph shall be determined by agreement between the Director of Savings, the Commissioners and the Treasury and certified by the Comptroller and Auditor General.

Liability to National Loans Fund

2

• (1) The Commissioners shall on 1st January 1981 assume a liability to the National Loans Fund of an amount equal to the excess of—

• (a) the sums charged on the Fund on that date by virtue of section 120 of this Act, over

• (b) the aggregate of the amounts required to be paid into the Fund under paragraph 1 above.

• (2) The amount of the liability shall be determined by agreement between the Director of Savings, the Commissioners and the Treasury and certified by the Comptroller and Auditor General.

Discharge of liability

3

• (1) The Commissioners shall discharge their liability under paragraph 2 above—

• (a) by paying into the Fund any interest on the residual investment which is received by them after the end of 1980 in respect of periods before the end of that year ;

• (b) by paying into the Fund from time to time in accordance with directions given by the Treasury any sums received by them on the redemption of any of those investments ;

• (c) by selling any of those invstments at such time and in such manner as the Treasury may direct and paying the proceeds into the Fund.

• (2) If all the residual investments have been redeemed or sold but the liability has not been fully discharged under sub-paragraph (1) above, the sum required for discharging the balance shall be issued to the Commissioners out of the Consolidated Fund and paid by them into the National Loans Fund.

• (3) If any of the residual investments remain after the liability has been fully discharged any interest received by the Commissioners in respect of those investments shall be paid into the Consolidated Fund and the Treasury may direct that any sums received on the redemption of the investments shall be paid into that Fund or that any of the investments shall be sold in such a manner as the Treasury may specify and the proceeds paid into that Fund.

Interest on residual investments

4

Subject to paragraph 3(3) above, the Commissioners shall pay into the National Loans Fund any interest on the residual investment received by them in respect of periods after the end of 1980.

Re-investment

5

• (1) Subject to paragraphs 3 and 4 above, the Commissioners may, if the Treasury so direct, re-invest any sums received by them in respect of the residual investments (whether on redemption or as proceeds of sale) and this Schedule shall apply to the resulting investments as if they were included in the residual investments.

• (2) Any sums to be re-invested shall be re-invested, in accordance with any directions given by the Treasury, ina ny such manner for the time being specified in Part II of Schedule 1 to the Trustee Investments Act 1961 as the Treasury may by order specify.

• (3) A draft of any statutory instrument containing an order under this paragraph shall be liad before Parliament.

• (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

• (5) Any order in force under the said section 22(1) at the end of 1980 shall have effect as if made under this paragraph and the provisions amended by sub-paragraph (4) above.

Expenses

6

The expenses of the Commissioenrs in connection with the residual investments (as agreed between them and the Treasury) shall be deducted in accordance with directions given by the Treasury from the sums payable by the Commissioners under paragraphs 3 and 4 above.

Accounts

7

• (1) The Commissioners shall keep an account of all sums received and paid by them after the end of 1980 in respect of the residual investments and of the re-investments made by them after the end of that year and shall furnish to the Treasury such information relating to the investment as the Treasury may require.

• (2) The Commissioners shall prepare, as respects each year ending with 31st December, a statement of the account referred to in sub-paragraph (1) above and that statement shall, before the end of May next following the expiration of that year, be transmitted to the Comptroller and Auditor General who shall examine, certify and report on it and lay copies of it, together with copies of his report, before Parliament.

SCHEDULE 20

Part I — Gaming Licence Duty

Part II — Gaming Machine Licence Duty

Part III — Other Excise Duties

Part IV — Value Added Tax

Part V — Abolition of Lower Rate

Part VI — Child Tax Allowances

Section A

Section B

Part VII — Retirement Annuities

Part VIII — Close Companies

Part IX — Income Tax and Corporation Tax: Miscellaneous

Part X — Capital Gains

Part XI — Capital Transfer Tax

Part XII — Stamp Duty

Part XIII — Petroleum Revenue Tax

Part XIV — Development Land Tax

Part XV — National Savings Bank

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

Shared ownership transactions.

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

Interest on unpaid tax.

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

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

Advance payments of tax.

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

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

Enforcement

SCHEDULE 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULES 8–11

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

Exploration and appraisal expenditure

16A

In relation to exploration and appraisal expenditure to which section 5A applies, paragraph 16 above has effect as if any reference therein to section 5 were a reference to section 5A.

Research expenditure

16B

In relation to research expenditure to which section 5B applies, paragraph 16 above has effect as if any reference therein to section 5 were a reference to section 5B.

The repeal of paragraph 4 of Schedule 2 to the Betting and Gaming Duties Act 1972 does not affect licences for periods beginning before 1st October 1980 and the other repeals do not affect licences for periods beginning before 1st October 1981.

1

The repeal in the Finance (No. 2) Act 1975 has effect from 29th September 1980.

2

The repeals in the Finance Act 1977 do not affect licences taken out before 27th March 1980.

1

The repeal of section 414(1)(b) of the Income and Corporation Taxes Act 1970 applies in relation to interest for periods after 20th November 1979.

2

The repeal in the Finance Act 1974 has effect in relation to interest paid after 26th March 1980.

3

The repeal of section 46(3)(a) of the Finance (No. 2) Act 1975 does not affect interest on tax charged by assessments notice of which was issued before the passing of this Act.

4

The repeal of section 51 of the Finance (No. 2) Act 1975 has effect in relation to income or gains which are applicable and applied for provident benefits on or after 1st June 1980.

5

The repeals in the Finance Act 1976 and the Finance Act 1977 have effect for the year 1981–82 and subsequent years of assessment.

1

The repeal of paragraph 8 of Schedule 2 to the Development Land Tax Act 1976 does not affect realised development value accruing on a disposal before 26th March 1980.

2

The other repeals do not affect any disposal before 6th August 1980.

Editorial notes

[^c10381251]: EDITORIAL NOTE1980 (P) = Petroleum Revenue Tax Act 1980 (c.1, SIF 63:1)

[^c10381261]: The text of ss. 1–3, 9, 10, 17(1)(3), 122(1), Schs. 1, 2 was taken from S.I.F. Group 40:1 (Customs and Excise: Customs and Excise Duties); ss. 4, 5, 122(1), Schs. 3, 4 from Group 107:2 (Road Traffic: Vehicle Excise Duty); ss. 6–8, 122(1), Schs. 5, 6 from Group 12:2 (Betting, Gaming and Lotteries: Betting and Gaming Duties); ss. 17, 18–76, 104–109, 117–119, 121, 122(1)(2)(3)(a)(4), Schs. 7–13, 17, 18, 20 from Group 63:1 (Income, Corporation and Capital Gains Taxes: Income and Corporation Taxes); ss. 61, 62, 77–84, 122(1)(2)(3)(a) from Group 63:2 (Income, Corporation and Capital Gains Taxes: Capital Gains Tax); ss. 95–103, 122(1) from Group 114 (Stamp Duty); ss. 120, 122(1), Sch. 19 from Group 110 (Savings Banks); provisions omitted from S.I.F. have been dealt with as referred to in other commentary.

[^c10381271]: Act partly in force at Royal Assent, partly retrospective; all provisions so far as unrepealed wholly in force at 1.2.1991. Some provisions came into force at specific times of day, see individual sections.

[^c10381281]: 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

[^c10381291]: Ss. 1, 2 repealed by Finance Act 1981 (c. 35, SIF 40:1), s. 139(6), Sch. 19 Pt. III

[^c10381301]: The text of s. 3 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

[^c10381381]: The text of ss. 4, 5, 7(1) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991

[^c10381391]: S. 4(1)(4)-(7) repealed (1.9.1994) by 1994 c. 22, ss. 65, 66(1), Sch. 5 Pt. 1 (with s. 57(4))

[^c10381401]: Ss. 4(2)(3), 5(2)(3) repealed by Finance Act 1981 (c. 35, SIF 40:1), s. 139(6), Sch. 19 Pt. III

[^c10381491]: S. 5 repealed(1.10.1991) by Finance Act 1991 (c. 31, SIF 107:2), ss. 10, 123, Sch.19 Pt.IV; S.I. 1991/2021, art.2.

[^c10381501]: Ss. 6, 7(1) repealed (E.W.S.) (with saving) by Betting and Gaming Duties Act 1981 (c. 63, SIF 12:2), s. 34(1)(2), Sch. 6 para. 3, Sch. 7

[^c10381571]: S. 8 repealed by Finance Act 1981 (c. 35, SIF 40:1), s. 139(6), Sch. 19 Pt. III

[^c10381581]: S. 9 repealed by Finance Act 1983 (c. 28, SIF 40:1), s. 48(5), Sch. 10 Pt. I

[^c10381591]: The text of s. 10 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

[^c10381601]: 1979 c. 8.

[^c10381611]: Ss. 11–16 repealed by Value Added Tax Act 1983 (c. 55), s. 50(2), Sch. 11

[^c10381751]: Ss. 18–56 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s.844 and Sch. 31. See 1987 edition for these provisions. And see Finance Act 1988 (c. 39, SIF 63:1, 2) s.89 for amendment to s.47(1)(b) (savings related share option schemes) from 26 October 1987.

[^c10381761]: S. 57(1)(2)(b) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31.

[^c10381771]: 1970 c.31 (N.I.)

[^c10381781]: 1974 c.46.

[^c10381791]: S. 57(2)(a) repealed by Finance Act 1985 (c. 54), s. 98(6) and Sch. 27 Part V with respect to policies issued in respect of insurances made on or after 19 March 1985 or made before that date and varied on or after it.

[^c10381811]: S. 57(3)(4) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

[^c10381821]: S. 58 repealed by Finance Act 1984 (c. 43), s. 128(6) and Sch. 23 Part V

[^c10381831]: Ss. 59, 60 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31.

[^c10381931]: S. 62 repealed by Finance Act 1989 (c. 26), s. 187 and Sch.17 Part VIII from a day to be appointed— see Finance Act 1989 (c. 26), s. 158

[^c10381941]: S. 63 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31.

[^c10381951]: Ss. 64–69 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4) and Sch. 2.

[^c10381961]: S. 70(1)(2) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31.

[^c10381971]: S. 70(3) repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4) and Sch. 2.

[^c10381981]: S. 70(4)–(6) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31.

[^c10381991]: Ss. 71–76 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4) and Sch. 2.

[^c10382031]: S. 77 repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 101(1), 201(3), Sch. 11 paras. 22, 26(2), 27).

[^c10382051]: S. 78 repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 101(1), 201(3), Sch. 11 paras. 22, 26(2), 27).

[^c10382171]: S. 79 repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 101(1), 201(3), Sch. 11 paras. 22, 26(2), 27).

[^c10382211]: S. 80 repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 101(1), 201(3), Sch. 11 paras. 22, 26(2), 27).

[^c10382261]: S. 81 repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 101(1), 201(3), Sch. 11 paras. 22, 26(2), 27).

[^c10382271]: S. 82 repealed by Finance Act 1984 (c. 43), s. 128(6) and Sch. 23 Part VIII for disposals on or after 6 April 1984 and expressed to be repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 101(1), 201(3), Sch. 11 paras. 22, 26(2), 27).

[^c10382291]: S. 83 repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 101(1), 201(3), Sch. 11 paras. 22, 26(2), 27).

[^c10382331]: S. 84 repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 101(1), 201(3), Sch. 11 paras. 22, 26(2), 27).

[^c10382341]: Ss. 85–87 repealed by Capital Transfer Tax Act 1984 (c. 51), ss. 274, 277, Schs. 7, 9

[^c10382351]: S. 88(1)–(6) repealed by Finance Act 1982 (c. 39), s. 157, Sch. 22 Pt. VII Note 3

[^c10382361]: S. 88(7) repealed by Income and Corporation Taxes Act 1988 (c. 1), s. 844, Sch. 31

[^c10382371]: Ss. 89–91 repealed by Finance Act 1982 (c. 39), s. 157, Sch. 22 Pt. VII Note 3

[^c10382381]: Ss. 92, 93 repealed by Capital Transfer Tax Act 1984 (c. 51), ss. 274, 277, Schs. 7, 9

[^c10382391]: S. 94 excluded (E.W.) by S.I. 1981/880; (S.) by S.I. 1981/881; (N.I.) by S.I. 1981/1441

[^c10382401]: S. 94 amended by Supreme Court Act 1981 (c. 54), s. 152(1), Sch. 5

[^c10382411]: S. 94(1)–(6)(8)(9) repealed by Capital Transfer Tax Act 1984 (c. 51), ss. 274, 277, Schs. 7, 9

[^c10382421]: 1877 c. 13.

[^c10382491]: S. 95 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(2) Notes 1, 2 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2)

[^c10382501]: S. 96 repealed by Finance Act 1986 (c. 41, SIF 114), s. 114, Sch. 23 Pt. IX(2)

[^c10382761]: S. 97 extended by Finance Act 1987 (c. 16, SIF 114), s. 54(2)–(4)

[^c10382901]: Words substituted by Capital Transfer Tax Act 1984 (c. 51, SIF 65), s. 276, Sch. 8 para. 19

[^c10382911]: 1891 c. 39.

[^c10382921]: S. 99 repealed by Finance Act 1985 (c. 54, SIF 114), s. 98(6), Sch. 27 Pt. IX(2)

[^c10382931]: S. 100 repealed by Finance Act 1986 (c. 41, SIF 114), s. 114, Sch. 23 Pt. IX(4)

[^c10382941]: S. 101 repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI and expressed to be repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(5) Note 1 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(5)

[^c10382951]: 1891 c. 39.

[^c10382961]: The text of s. 103 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

[^c10382981]: S. 105 repealed by Finance Act 1982 (c. 39), ss. 139(6), 157(6) and Sch. 22 Part IX in relation to chargeable periods ending after 30 June 1983. See s. 139(6) and Sch. 19 para. 11 of that Act regarding APRT in relation to chargeable periods ending after 31 December 1982.

[^c10382991]: See Finance Act 1982 (c. 39), s. 135(3)(c)—s. 105 not to apply to additional returns made under Oil Taxation Act 1975 (c. 22), Sch. 2 para. 2 by virtue of s. 135(3)(a) in relation to further determinations made after 31 December 1981.

[^c10383001]: Finance Act 1989 (c. 26), s. 180(2)(b) and (7)— deemed always to have had effect.

[^c10383011]: 1968 c. 13.

[^c10383021]: See—Oil Taxation Act 1983 (c. 56), s. 12(3)—sector treated as a foreign field for purposes of charge of receipts attributable to U.K. use of foreign field asset.

[^c10383031]: See also Finance Act 1982 (c. 39), s. 139(7)—inclusion of Part VI Ch. II (APRT) of that Act for purposes of s. 107.

[^c10383041]: Agreements have been made with Norway as follows:(iii) Agreement relating to the Exploitation of the Murchison Field Reservoir and the Offtake of Petroleum therefrom signed 16 October 1979 (Cmnd. 7814).

[^c10383051]: See Oil Taxation Act 1983 (c. 56), s. 7(3)—repayments received or receivable after 30 June 1982 to be regarded as consideration in computing chargeable receipts from disposals under s. 7 of that Act.

[^c10383061]: S. 107(5) repealed by Oil Taxation Act 1983 (c. 56), s. 15(6) and Sch. 6

[^c10383071]: Words repealed by Oil Taxation Act 1983 (c. 56), s. 15(6) and Sch. 6

[^c10383091]: See Finance Act 1981 (c. 35), s. 121—power to make regulations having retrospective effect.

[^c10383101]: See—Finance Act 1982 (c. 39), s. 139(7)—inclusion of Part VI Ch. II (APRT) for purposes of s. 108.

[^c10383111]: Part of the text of s. 109(2)(4)–(7) 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

[^c10383161]: Finance Act 1988 (c. 39, SIF 63:1, 2), Sch. 13 paras. 20, 25

[^c10383171]: S. 109(11) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31.

[^c10383181]: Ss. 110–116 repealed by Finance Act 1985 (c. 54), s. 98(6), Sch. 27 Pt. X, Note 2

[^c10383191]: S. 117 repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 101(1), 201(3), Sch. 11 paras. 22, 26(2), 27).

[^c10383201]: See also Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 339(9)—donations by companies.

[^c10383211]: Ss. 118(1)(2), 119, 121 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31.

[^c10383221]: S. 118(3) substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 29 para. 32

[^c10383231]: The text of s. 118(3) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991

[^c10383241]: S. 118(4) repealed by Finance Act 1985 (c. 54), s. 98(6) and Sch.27 Part X in relation to disposals taking place on or after 19 March 1985.

[^c10383251]: 1976 c. 24.

[^c10383261]: S. 118(5) repealed by Capital Transfer Tax Act 1984 (c. 51, SIF 65), s. 277 and Sch. 9 with effect from 1 January 1985. See now Sch. 3 of that Act.

[^c10383271]: Ss. 118(1)(2), 119, 121 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31.

[^c10383301]: The text of s. 120 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

[^c10383311]: S. 120(4) amended (31.7.1998) by 1998 c. 36, s. 162(2)

[^c10383341]: 1971 c. 29.

[^c10383351]: Ss. 118(1)(2), 119, 121 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31.

[^c10383361]: Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32

[^c10383371]: S. 122(3)(b) repealed by Capital Transfer Tax Act 1984 (c. 51), ss. 274, 277, Schs. 7, 9

[^c10383381]: Schs. 1, 2 repealed by Finance Act 1981 (c. 35, SIF 40:1), s. 139(6), Sch. 19 Pt. III

[^c10383391]: Schs. 3, 4 repealed by Finance Act 1981 (c. 35, SIF 40:1), s. 139(6), Sch. 19 Pt. III Note 3

[^c10383411]: 1972 c. 25.

[^c10383421]: 1968 c. 65.

[^c10383431]: 1968 c. 65.

[^c10383441]: 1970 c. 24.

[^c10383451]: 1966 c. 18.

[^c10383401]: Sch. 5 repealed (E.W.S.) (with saving) by Betting and Gaming Duties Act 1981 (c. 63, SIF 12:2), s. 34(1)(2), Sch. 6 para. 3, Sch. 7

[^c10403101]: Sch. 6 Pt. I repealed by Betting and Gaming Duties Act 1981 (c. 63), s. 34(2), Sch. 7 and Sch. 6 Pt. II repealed by Finance Act 1985 (c. 54), s. 98, Sch. 27 Pt. II

[^c10383491]: Sch. 7 repealed by Finance Act 1981 (c. 35), s. 139 and Sch. 19 Part VII in relation to any period of account ending on or after 14 November 1980. see Finance Act 1981 (c. 35), s. 35 and Sch. 10 para.4 in relation to relief deferred to a period ending on or including 14 November 1980.

[^c10383501]: Schedules 8–11 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31.

[^c10383511]: Schedules 12, 13 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4) and Sch. 2.