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Finance Act 1984

Type Public General Act
Publication 1984-07-26
State In force
Department Statute Law Database
Source legislation.gov.uk
Reform history JSON API

Part I — Customs and Excise, Value Added Tax and Car Tax

CHAPTER I — Customs and Excise

Unpaid car tax and value added tax: distress and poinding.

1

Tobacco products

2

Hydrocarbon oil

3

Vehicles excise duty

4

Vehicles excise duty: recipients of mobility supplement

5

Gaming licence duty

6
Part of gross gaming yield Rate
The first £375,000 2½ per cent.
The next £1,875,000 12½ per cent.
The next £2,250,000 25 per cent.
The remainder 33⅓ per cent.

Gaming machine licence duty

7

Free zones

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The provisions set out in Part I of Schedule 4 to this Act (which provide for special areas, to be known as free zones, to be designated for customs and excise purposes) shall be inserted in the Customs and Excise Management Act 1979 after Part VIII as a new Part VIIIA, and that Act shall have effect with the amendments specified in Part II of that Schedule (which also relate to free zones).

Entry of goods on importation

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CHAPTER II — Value Added Tax

Zero-rating

10

Refund of tax to Government departments etc. in certain cases

11

Conditions imposed on discretionary registration

12

Certain zero-rated supplies and transactions

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CHAPTER III — Miscellaneous

Reliefs from duty and value added tax in respect of imported legacies

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(7) (1) The Commissioners may by order make provision for conferring reliefs from duty and value added tax in respect of goods imported into the United Kingdom by or for any person who has become entitled to them as legatee. (2) Any such relief may take the form either of an exemption from payment of duty and tax or of a provision whereby the sum payable by way of duty or tax is less than it would otherwise be. (3) The Commissioners may by order make provision supplementing any Community relief, in such manner as they think necessary or expedient. (4) An order under this section— (a) may make any relief for which it provides or any Community relief subject to conditions, including conditions which are to be complied with after the importation of the goods to which the relief applies; (b) may, in relation to any relief conferred by order made under this section, contain such incidental and supplementary provisions as the Commissioners think necessary or expedient; and (c) may make different provision for different cases. (5) In this section— “Community relief” means any relief which is conferred by an EU instrument and is of a kind, or of a kind similar to that, which could otherwise be conferred by order made under this section; “duty” means customs or excise duty chargeable on goods imported into the United Kingdom and, in the case of excise duty, includes any addition to the duty by virtue of section 1 of the Excise Duties (Surcharges or Rebates) Act 1979; “legatee” means any person taking under a testamentary disposition or donation mortis causa or on an intestacy; and “value added tax” means value added tax chargeable on the importation of goods.

Extension to certain Community reliefs of power to make supplementary provision

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(1A) The Commissioners may by order make provision supplementing any Community relief, in such manner as they think necessary or expedient.

“Community relief” means any relief which is conferred by an EU instrument and is of a kind, or of a kind similar to that, which could otherwise be conferred by order made under this section;.

Unpaid car tax and value added tax: distress and poinding

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PART II — INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX ETC.

CHAPTER I — General

Charge of income tax for 1984-85

17

Corporation tax for financial years 1983 to 1986: charge, rates and consequential provisions

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Financial year Rate of tax Reducing fraction
1983 50 per cent. Two-fifths
1984 45 per cent. One-third
1985 40 per cent. One-quarter
1986 35 per cent. One-seventh

(7) For the purposes of subsection (6) above, ' unrelieved income ' means income which has not been excluded from charge to tax by virtue of any provision and against which no relief has been allowed by deduction or set-off

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Rate of advance corporation tax for financial year 1984

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The rate of advance corporation tax for the financial year 1984 shall be three-sevenths.

Corporation tax: other rates and fractions

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Financial year Marginal relief fraction
1983 One-twentieth
1984 Three-eightieths
1985 One-fortieth
1986 One-eightieth.

Personal reliefs

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Relief for interest

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(1A) In this Schedule references to the qualifying maximum for any year of assessment are references to such sum as Parliament may determine for the purpose for that year.

(1A) Where Part I of Schedule 9 to the Finance Act 1972 continues to apply to a loan by virtue of sub-paragraph (1)(a) above, paragraph 5 above shall also continue to have effect in relation to the loan as if that Part applied to it by virtue of paragraph 4(1)(a) above.

Variation of terms of repayment of certain loans

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then subsection (4)(b) of that section (which determines the maximum amount of each combined payment where the qualifying borrower has given such a notice) shall have effect subject to the modifications in subsection (2) below.

(4A) For the purposes of subsection (4)(b) above, the effective date of a notice under subsection (2)(a) above is the date which, in accordance with regulations, is the due date for the first combined payment which, in consequence of that notice and the notice under subsection (2)(b) above, is a net payment for the purposes of subsection (3)(b) above.

Relief for interest: money borrowed for investment in employee-controlled company

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