Finance (No. 2) Act 1987

• (4) The Board shall not give a direction under this paragraph with respect to a 1986 accounting period of a dual resident investing company unless it appears to the Board that the sole or main benefit that might be expected to accrue from the early payment or, as the case may be, from the arrangements was that (apart from this paragraph) the company would, for that period, have an amount or, as the case may be, a larger amount available for surrender by way of group relief.

• (5) If this paragraph applies in relation to a 1986 accounting period of a dual resident investing company which is carrying on a trade then, for the purposes of the enactments relating to group relief and, where appropriate, any apportionment under paragraph 2 above,—

• (a) the loss (if any) of the company for that period shall be computed (as mentioned in section 259(1) of the Taxes Act) as if any payment falling within sub-paragraph (2)(b) above had not been made in that period; and

• (b) the loss (if any) of the company for its first post-1986 accounting period shall be computed as if any such payment were made in that period.

• (6) If this paragraph applies in relation to a 1986 accounting period of a dual resident investing company which is an investment company, then, for the purposes referred to in sub-paragraph (5) above,—

• (a) the amount which may be deducted as expenses of management for that period, as mentioned in section 259(3) of the Taxes Act, shall be computed as if any sum falling within sub-paragraph (3)(b) above had not been disbursed; and

• (b) the amount which may be so deducted as expenses of management for the first of the company’s post-1986 accounting periods shall be computed as if any such sum were disbursed in that period.

Early payment of charges on income.

6

• (1) If, in the case of a dual resident investing company, either of the following conditions is fulfilled,—

• (a) that any interest or other payment which is, or is treated as, a charge on income falls due in a post-1986 accounting period but is paid (or treated for the purposes of section 248 of the Taxes Act as paid) in a 1986 accounting period, or

• (b) that, on or after 5th December 1986, arrangements have been made such that any such interest or other payment which, but for the arrangements, would have fallen due in a post-1986 accounting period, fell due in a 1986 accounting period,

the interest or other payment shall, if the Board so direct, be treated for the purposes of the enactments relating to group relief and, where appropriate, paragraph 3 above as paid in the post-1986 accounting period referred to in paragraph (a) or, as the case may be, paragraph (b) above.

• (2) The Board shall not give a direction under this paragraph unless it appears to them that the sole or main benefit that might be expected to accrue from the early payment or, as the case may be, from the arrangements was that (apart from the direction) the interest or other payment would be attributed or apportioned to a 1986 accounting period rather than a post-1986 accounting period, so that, for the 1986 accounting period, the dual resident investing company would have an amount or, as the case may be, a larger amount available for surrender by way of group relief.

Appeals.

7

Notice of the giving of a direction under paragraph 5 or paragraph 6 above shall be given to the dual resident investing company concerned; and any company to which such a notice is given may, by giving notice of appeal in writing to the Board within sixty days of the date of the notice given to the company, appeal to the Special Commissioners against the direction on either or both of the following grounds,—

• (a) that the conditions applicable to the company under sub-paragraph (2) or sub-paragraph (3) of paragraph 5 above are not fulfilled or, as the case may be, that neither of the conditions in paragraph 6(1) above is fulfilled;

• (b) that the sole or main benefit that might be expected to accrue from the early payment or, as the case may be, the arrangements was not that stated in paragraph 5(4) or, as the case may be, paragraph 6(2) above.

General.

8

The preceding provisions of this Schedule have effect in priority to section 262 of the Taxes Act (companies joining or leaving group or consortium) and, accordingly, each of the component accounting periods resulting from the operation of Part I of this Schedule shall be regarded as true accounting periods for the purposes of that section.

SCHEDULE 5

PART I — General Rules

Interpretation.

1

In this Part of this Schedule—

• (a) a “straddling period” means an accounting period of a company which begins before and ends on or after the 1987 date;

• (b) “the principal section” means section 74 of this Act;

• (c) “the 1987 date” means 17th March 1987;

• (d) references to “section 85”, “section 93” and “section 95” are references to those sections of the Finance Act 1972.

Chargeable gains comprised in profits.

2

• (1) It shall be assumed for the purposes of this paragraph that the straddling period of the company consists of two separate accounting periods—

• (a) the first beginning at the beginning of the straddling period and ending immediately before the 1987 date; and

• (b) the second beginning on the 1987 date and ending at the end of the straddling period.

• (2) In this Part of this Schedule those two notional accounting periods are referred to as “component periods”.

• (3) A separate computation shall be made under section 265 of the Taxes Act (computation of company’s chargeable gains) for each of the component periods and, by virtue of subsection (3) of the principal section, only the amount (if any) computed for the first component period shall be reduced under section 93.

• (4) If, in accordance with sub-paragraph (3) above,—

• (a) a positive amount is computed for the first component period, and

• (b) the amount computed for the second component period is nil,

any excess for the second component period of allowable losses over chargeable gains shall be treated for the purposes of this paragraph as an allowable loss of the first component period and the amount originally computed for that period shall be recalculated accordingly.

• (5) The amount which is to be included in respect of chargeable gains in the company’s total profits for the straddling period—

• (a) shall be the sum of the amounts computed as mentioned above for the two component periods; and

• (b) shall not itself be subject to any reduction under section 93.

• (6) The preceding provisions of this paragraph have effect in place of any provision of section 93 under which the amount to be included in respect of chargeable gains in the company’s total profits for the straddling period would fall to be apportioned between different parts of that period.

Advance corporation tax and liability of small companies.

3

• (1) This paragraph has effect to determine for the purposes of section 85 the income of the company charged to corporation tax for the straddling period and, accordingly (by virtue of subsection (8) of section 95), the income of the company for that period for the purposes of section 95.

• (2) For the straddling period, subsection (6) of section 85 (meaning of the income of the company charged to tax for any period) shall have effect as if—

• (a) the reference to the part of the profits attributable to chargeable gains were a reference only to the part of the profits attributable to chargeable gains of the first component period; and

• (b) the reference to the amount brought into the company’s profits for that period for the purposes of corporation tax in respect of chargeable gains were a reference to the amount computed for the first component period under paragraph 2(3) above.

• (3) As it applies to the straddling period, the reference in subsection (8) of section 95 to subsection (6) of section 85 shall be construed as a reference to that subsection as it has effect by virtue of sub-paragraph (2) above.

Other references to the income of a company charged to corporation tax.

4

For the straddling period, any reference in any enactment, other than sections 85 and 95, to subsection (6) of section 85 shall be construed as a reference to that subsection as it has effect by virtue of paragraph 3(2) above.

PART II — Special Cases

Interpretation.

5

In this Part of this Schedule “straddling period” has the meaning assigned to it by paragraph 1(a) above and sub-paragraphs (1) and (2) of paragraph 2 above apply for the purposes of this Part.

Life assurance companies.

6

• (1) Subject to the following provisions of this paragraph, where an accounting period of an insurance company carrying on life assurance business is a straddling period, section 26 of the Finance Act 1974 (life assurance gains etc.) shall apply separately in relation to each of the component periods and—

• (a) for the first component period, section 26 shall have effect without regard to subsections (2) and (3) of section 75 of this Act; and

• (b) for the second component period, section 26 shall have effect as amended by those subsections.

• (2) For the purposes of the separate application of section 26 in accordance with sub-paragraph (1) above, the relevant reliefs (within the meaning of that section) of the straddling period shall be apportioned to the two component periods on a time basis according to their lengths.

• (3) If, on a computation under section 26 in accordance with sub-paragraphs (1) and (2) above,—

• (a) the policy holders' share of the life assurance gains for one of the component periods exceeds the relevant reliefs apportioned to that period, and

• (b) the relevant reliefs apportioned to the other component period exceed the policy holders' share of the life assurance gains of that period,

the excess for the component period referred to in paragraph (a) above shall be treated for the purposes of this paragraph as reduced or, as the case may be, extinguished by deducting from that excess so much of the excess referred to in paragraph (b) above as does not exceed it.

• (4) Section 26 of the Finance Act 1974 shall not apply to the straddling period taken as a whole.

7

• (1) For a straddling period of an insurance company carrying on life assurance business, sub-paragraph (4) of paragraph 2 of Schedule 18 to the Finance Act 1972 shall have effect as if the amount of the reduction provided for by that sub-paragraph were increased by the policy holders' share of the life assurance gains of the second component period (determined under section 26 of the Finance Act 1974, as applied to that period by paragraph 6 above).

• (2) Sub-paragraph (1) above is without prejudice to the operation of paragraph 4 above in relation to the said sub-paragraph (4).

Companies carrying on oil extraction activities etc.

8

• (1) Subject to the following provisions of this paragraph, a separate computation shall be made under subsections (3) and (7) of section 79 of the Finance Act 1984 (gains on certain disposals related to oil fields) for each of the component periods.

• (2) If, by virtue of paragraph (a) of subsection (7) of section 79 of the Finance Act 1984, a loss which accrues on a material disposal to a connected person is excluded from those which are taken into account in the computation under subsection (3) of that section for the second component period, then—

• (a) for the purposes of the application of section 62 of the Capital Gains Tax Act 1979, as modified by paragraph (b) of the said subsection (7), in relation to that loss, the first component period shall be treated as if it were subsequent to the second (so as to permit the loss to be set against an appropriate chargeable gain of the first component period); and

• (b) paragraph (c) of subsection (7) of the said section 79 shall apply accordingly in relation to the gains which are taken into account in the computation under subsection (3) of that section for the first component period.

• (3) If, on the initial computation in accordance with sub-paragraphs (1) and (2) above, there would be an aggregate gain for one of the component periods and an aggregate loss for the other, then, for the purposes of this paragraph, that aggregate loss shall be set against that aggregate gain so as to produce—

• (a) for one of the component periods neither an aggregate gain nor an aggregate loss; and

• (b) for the other component period either an aggregate gain or an aggregate loss (according as the original aggregate gain was greater or smaller than the original aggregate loss);

or, if the original aggregate gain was equal to the original aggregate loss, neither an aggregate gain nor an aggregate loss for either component period.

• (4) Section 93 of the Finance Act 1972 (corporation tax liability in respect of chargeable gains) shall not apply to either component period.

• (5) The amounts computed for the two component periods in accordance with sub-paragraphs (1) to (4) above shall themselves be aggregated to give an aggregate gain or aggregate loss for the straddling period as a whole and that aggregate gain or loss shall not itself be subject to any reduction under section 93 of the Finance Act 1972 except in accordance with sub-paragraph (7) below.

• (6) Subsections (4) and (5) of section 79 of the Finance Act 1984 shall apply in relation to the aggregate gain or aggregate loss of the straddling period as a whole (as determined under sub-paragraph (5) above) as if it were the aggregate gain or loss referred to in (and derived from) subsection (3) of that section.

• (7) If there is an aggregate gain of the straddling period as a whole, only so much (if any) of that gain as does not exceed the aggregate gain of the first component period shall be reduced under section 93 of the Finance Act 1972, and the reference in subsection (5) of section 79 of the Finance Act 1984 to reduction in accordance with the said section 93 shall be construed accordingly.

• (8) As respects the straddling period, for the purposes of—

• (a) section 16 of the Oil Taxation Act 1975 (restriction on setting advance corporation tax against income from oil extraction activities),

• (b) section 44 of the Finance Act 1987 (limited right to carry back surrendered advance corporation tax), and

• (c) section 45(4) of the Finance Act 1987 (surrender of advance corporation tax where oil extraction company etc. owned by a consortium),

any reference to income arising from oil extraction activities or from oil rights shall be taken to include a reference to the aggregate gain (if any) of the second component period, as determined under sub-paragraphs (1) to (4) above.

SCHEDULE 6

Companies’ capital gains

1

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

2

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

3

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

4

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

5

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

Relief for unremittable income

6

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

Charges on non-residents.

7

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

Lloyd’s underwriting agents

8

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

SCHEDULE 7

1

After section 54 of the Inheritance Tax Act 1984 (in this Schedule referred to as “the 1984 Act”) there shall be inserted the following sections—

(54A) (1) If the circumstances fall within subsection (2) below, this section applies to any chargeable transfer made— (a) under section 52 above, on the coming to an end of an interest in possession in settled property during the life of the person beneficially entitled to it, or (b) on the death of a person beneficially entitled to an interest in possession in settled property; and in the following provisions of this section the interest in possession mentioned in paragraph (a) or paragraph (b) above is referred to as “the relevant interest”. (2) The circumstances referred to in subsection (1) above are— (a) that the whole or part of the value transferred by the transfer is attributable to property in which the relevant interest subsisted and which became settled property in which there subsisted an interest in possession (whether the relevant interest or any previous interest) on the making by the settlor of a potentially exempt transfer at any time on or after 17th March 1987 and within the period of seven years ending with the date of the chargeable transfer; and (b) that the settlor is alive at the time when the relevant interest comes to an end; and (c) that, on the coming to an end of the relevant interest, any of the property in which that interest subsisted becomes settled property in which no qualifying interest in possession (as defined in section 59 below) subsists, other than property to which section 71 below applies; and (d) that, within six months of the coming to an end of the relevant interest, any of the property in which that interest subsisted has neither— (i) become settled property in which a qualifying interest in possession subsists or to which section 71 below applies, nor (ii) become property to which an individual is beneficially entitled. (3) In the following provisions of this section “the special rate property”, in relation to a chargeable transfer to which this section applies, means the property in which the relevant interest subsisted or, in a case where— (a) any part of that property does not fall within subsection (2)(a) above, or (b) any part of that property does not become settled property of the kind mentioned in subsection (2)(c) above, so much of that property as appears to the Board or, on appeal, to the Special Commissioners to be just and reasonable. (4) Where this section applies to a chargeable transfer (in this section referred to as “the relevant transfer”), the tax chargeable on the value transferred by the transfer shall be whichever is the greater of the tax that would have been chargeable apart from this section and the tax determined in accordance with subsection (5) below. (5) The tax determined in accordance with this subsection is the aggregate of— (a) the tax that would be chargeable on a chargeable transfer of the description specified in subsection (6) below, and (b) so much (if any) of the tax that would, apart from this section, have been chargeable on the value transferred by the relevant transfer as is attributable to the value of property other than the special rate property. (6) The chargeable transfer postulated in subsection (5)(a) above is one— (a) the value transferred by which is equal to the value transferred by the relevant transfer or, where only part of that value is attributable to the special rate property, that part of that value; (b) which is made at the time of the relevant transfer by a transferor who has in the preceding seven years made chargeable transfers having an aggregate value equal to the aggregate of the values transferred by any chargeable transfers made by the settlor in the period of seven years ending with the date of the potentially exempt transfer; and (c) for which the applicable rate or rates are one-half of the rate or rates referred to in section 7(1) above. (7) This section has effect subject to section 54B below. (54B) (1) The death of the settlor, at any time after a chargeable transfer to which section 54A above applies, shall not increase the tax chargeable on the value transferred by the transfer unless, at the time of the transfer, the tax determined in accordance with subsection (5) of that section is greater than the tax that would be chargeable apart from that section. (2) The death of the person who was beneficially entitled to the relevant interest, at any time after a chargeable transfer to which section 54A above applies, shall not increase the tax chargeable on the value transferred by the transfer unless, at the time of the transfer, the tax that would be chargeable apart from that section is greater than the tax determined in accordance with subsection (5) of that section. (3) Where the tax chargeable on the value transferred by a chargeable transfer to which section 54A above applies falls to be determined in accordance with subsection (5) of that section, the amount referred to in paragraph (a) of that subsection shall be treated for the purposes of this Act as tax attributable to the value of the property in which the relevant interest subsisted. (4) Subsection (5) below shall apply if— (a) during the period of seven years preceding the date on which a chargeable transfer to which section 54A above applies (“the current transfer”) is made, there has been another chargeable transfer to which that section applied, and (b) the person who is for the purposes of the current transfer the settlor mentioned in subsection (2)(a) of that section is the settlor for the purposes of the other transfer (whether or not the settlements are the same); and in subsections (5) and (6) below the other transfer is referred to as the “previous transfer”. (5) Where this subsection applies, the appropriate amount in relation to the previous transfer (or, if there has been more than one previous transfer, the aggregate of the appropriate amounts in relation to each) shall, for the purposes of calculating the tax chargeable on the current transfer, be taken to be the value transferred by a chargeable transfer made by the settlor immediately before the potentially exempt transfer was made. (6) In subsection (5) above “the appropriate amount”, in relation to a previous transfer, means so much of the value transferred by the previous transfer as was attributable to the value of property which was the special rate property in relation to that transfer. (7) In this section— - “the relevant interest” has the meaning given by subsection (1) of section 54A above; and - “the special rate property” has the meaning given by subsection (3) of that section.

.

2

In section 56 of the 1984 Act (exclusion of certain exemptions) in subsection (5) after the word “disposition” there shall be inserted “for such consideration”.

3

• (1) Section 201 of the 1984 Act (liability for tax relating to settled property) shall be amended as follows.

• (2) In subsection (2) after the word “death” there shall be inserted “but is not a potentially exempt transfer”.

• (3) After subsection (3) there shall be inserted the following subsection—

(3A) Subsection (1)(d) above shall not apply in relation to the tax chargeable on the value transferred by a potentially exempt transfer which proves to be a chargeable transfer in a case where the settlement was made before 17th March 1987 if the trustees were resident in the United Kingdom when the settlement was made, but have not been resident there at any time between 16th March 1987 and the death of the transferor.

4

• (1) Section 216 of the 1984 Act (delivery of accounts) shall be amended as follows.

• (2) In subsection (1) after paragraph (bc) there shall be inserted the following paragraph—

(bd) is liable under section 201(1)(b), (c) or (d) above for tax on the value transferred by a potentially exempt transfer which is made under section 52 above and which proves to be a chargeable transfer, or would be so liable if tax were chargeable on that value, or

• (3) In subsection (6)(aa) of that section after the words “subsection (1)(bb)” there shall be inserted “or (bd)”.

5

In section 265 of the 1984 Act (chargeable transfers affecting more than one property) after the words “subject to” there shall be inserted “section 54B(3) above and to”.

SCHEDULE 8

1

At the end of paragraph 1 (interpretation) there shall be added the following sub-paragraph—

(3) Where an amount of oil is required to be delivered to the Secretary of State pursuant to a notice served by him, any oil which is inadvertently delivered to him in excess of the amount required shall be treated for the purposes of sub-paragraph (2) above as delivered pursuant to the notice.

.

2

• (1) In paragraph 5 (content of nomination) in sub-paragraph (1)(b)—

• (a) for the words “except in the case of a proposed appropriation” there shall be substituted “in the case of a proposed sale”; and

• (b) for the word “delivered” there shall be substituted “sold”.

• (2) At the end of sub-paragraph (3) of paragraph 5 (penalty for fraudulent or negligent furnishing of information etc. in connection with a nomination) there shall be added the words “and the nomination shall not be effective”.

3

• (1) In paragraph 8 (revision of nominations) after sub-paragraph (2) there shall be inserted the following sub-paragraphs—

(2A) If a participator who has made a nomination of a proposed supply, proposed appropriation or a proposed transaction falling within paragraph 2(1)(d) above fails, in whole or in part, to supply, to appropriate or otherwise to complete the proposed transaction by the delivery or appropriation of oil forming part of his equity production for the proposed delivery month, then, in accordance with regulations made by the Board, he may amend or withdraw the nomination as mentioned in sub-paragraph (2B) below. (2B) The circumstances in which, in a case falling within sub-paragraph (2A) above, a participator may amend or withdraw a nomination are,— (a) in the case of a nomination of a proposed supply or proposed appropriation, if the participator is of the opinion that the failure referred to in that sub-paragraph was caused by circumstances over which neither he nor any person connected or associated with him had control; or (b) in the case of a nomination of a proposed transaction falling within paragraph 2(1)(d) above, in such circumstances as may be prescribed by regulations made by the Board; or (c) in any case where the nomination is of a proposed supply or proposed appropriation and the participator is either the field operator or the operator of a relevant system, if the participator is of the opinion that the failure referred to in sub-paragraph (2A) above was caused by action necessarily taken by him in the interests of safety or the prevention of pollution or in accordance with good oil field practice. (2C) In relation to such a nomination as is referred to in sub-paragraph (2B)(c) above,— (a) a participator is the field operator if, in relation to the field specified in the nomination, he is the person having the function of organising or supervising operations for searching or boring for or getting oil in pursuance of a licence; and (b) the expression “relevant system” is applicable only where the oil to which the nomination relates is blended oil and is a reference to any system by which blended oil (in relation to which the field specified in the nomination is one of the originating fields) is transported, treated or stored prior to its disposal or relevant appropriation; and (c) a participator in an oil field is an operator of a relevant system, as defined above, if he is the person charged, or principally charged, with the operation of the system; and expressions used in paragraph (b) above have the same meaning as in section 63 of this Act.

• (2) In sub-paragraph (3) of paragraph 8—

• (a) for the words “sub-paragraph (2)”, in the first place where they occur, there shall be substituted “the preceding provisions of this paragraph”;

• (b) in paragraph (a) after the word “above” there shall be inserted “or, where sub-paragraph (2B) above applies, that the failure was caused as mentioned in paragraph (a) or paragraph (c) of that sub-paragraph or that the circumstances prescribed for the purposes of paragraph (b) of that sub-paragraph exist”; and

• (c) in paragraph (b), for the words “if sub-paragraph (2)(a)” there shall be substituted “except where sub-paragraph (2)(b) or sub-paragraph (2B)(a)”.

• (3) In sub-paragraph (4) of paragraph 8 after the words “sub-paragraph (2)(b)” there shall be inserted “and sub-paragraph (2B)”.

• (4) In sub-paragraph (5) of paragraph 8 for the words “preceding provisions of this Schedule” there shall be substituted “provisions of this Schedule (other than this paragraph)”.

4

In paragraph 9 (effective volume for nominated transactions) for sub-paragraph (4) there shall be substituted the following sub-paragraphs—

(4) In relation to a proposed supply or proposed appropriation where the nominal volume is expressed as mentioned in paragraph 7(5) above and oil is in fact supplied or, as the case may be, relevantly appropriated as proposed in the nomination, the effective volume is whichever is the greater of— (a) the minimum nominal volume; and (b) so much of the total volume of oil supplied or relevantly appropriated as does not exceed the maximum nominal volume. (5) In relation to a proposed supply or proposed appropriation which does not fall within sub-paragraph (4) above, the effective volume is the nominal volume.

5

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

6

In paragraph 12 (nominations of blended oil by a participator in two or more fields)—

• (a) for the words from the beginning to “this Act” there shall be substituted “(1) If a person is a participator in two or more oil fields which, in relation to any blended oil, are or are included among the originating fields, then, in accordance with regulations made by the Board, he may make a nomination, having effect with respect to all the originating fields in which he is a participator, of a proposed sale, supply or appropriation of the blended oil”; and

• (b) at the end there shall be added—

(2) In sub-paragraph (1) above “blended oil” and “the originating fields” have the same meaning as in section 63 of this Act.

SCHEDULE 9

Part I — Income Tax and Corporation Tax: General

Part II — Capital Gains

Part III — Inheritance Tax

Part IV — Stamp Duty Reserve Tax

Part V — Oil Taxation

Controlled foreign companies: acceptable distribution policy.

General rules.

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

Interpretation of Chapter V and consequential and supplementary provisions.

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

Stamp duty reserve tax.

Interpretation of Chapter V and consequential and supplementary provisions.

Oil taxation.

1

The repeals in sections 21 and 22 of the Finance Act 1970 have effect in relation to contributions made on or after 6th April 1987.

2

The repeal in section 65 of the Finance Act 1982 has effect in accordance with section 67(6) of this Act.

1

The repeals of section 84(2) to (4) of the Finance Act 1980, section 65 of the Finance Act 1984 and section 72(5) of the Finance Act 1985 come into force on the day appointed under section 81(8) of this Act.

2

The remaining repeals have effect with respect to accounting periods beginning on or after 17th March 1987.

These repeals have effect in relation to transfers of value made, and other events occuring, on or after 17th March 1987.

Editorial notes

[^c11887541]: The text of ss. 1–95, 101, Schs. 1, 6, 8, 9 Pts. I, II, V was taken from SIF group 63:1 (Income, Corporation and Capital Gains Taxes: Income and Corporation Taxes); ss. 66, 81, 104, Sch. 9 Pt. II from SIF group 63:2 (Income, Corporation and Capital Gains Taxes: Capital Gains Tax); ss. 96–98, 104, Schs. 7, 9 Pt. III from SIF group 65 (Inheritance Tax); ss. 102, 104(1) from SIF group 99:5 (Public Finance and Economic Controls: Fees); ss. 99, 100, 104, Sch. 9 Pt. IV from SIF group 114 (Stamp Duty).

[^c11887551]: 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.

[^c11887561]: Act partly in force at Royal Assent, partly retrospective, see individual sections.

[^c11887571]: Ss. 1–17 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

[^c11887581]: Ss. 18–57 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31; See Finance Act 1988 (c. 39, SIF 63:1, 2), s. 54 for changes to ss. 20(3), 54(1)(3), 55 and 56(1)(2) regarding commencement date of personal pension schemes.

[^c11887591]: Ss. 58–63 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31; See Finance Act 1988 (c. 39, SIF 63:1, 2), s. 65, Sch. 6 para. 3(6)—abolition of Schedule D election for commercial woodlands.

[^c11887661]: S. 64 repealed (6.4.1992 with effect as mentioned in s. 289(1), 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 201(3), Sch. 11 paras. 22, 26(2), 27)

[^c11887671]: Ss. 65–68 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

[^c11887681]: 1969 c. 32.

[^c11887691]: 1973 c. 50.

[^c11887701]: 1980 c. 44.

[^c11887711]: S.I. 1984/1159 (N.I. 9).

[^c11887721]: 1971 c. 78.

[^c11887731]: 1973 c. 65.

[^c11887741]: 1972 c. 52.

[^c11887751]: 1975 c. 70.

[^c11887761]: 1975 c. 69.

[^c11887771]: 1976 c. 75.

[^c11887781]: 1965 c. 46.

[^c11887791]: 1968 c. 51.

[^c11887801]: 1981 c. 64.

[^c11887811]: 1968 c. 16.

[^c11887821]: 1965 c. 13 (N.I.).

[^c11887831]: Ss. 70, 71, 74–77 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31; See Finance Act 1988 (c. 39, SIF 63:1, 2), s. 60 for amendments to s. 70 for years 1985–86 to 1987–88

[^c11887841]: S. 72 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4)(5), Sch. 2

[^c11887871]: S. 73 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 201(3), Sch. 11 paras. 22, 26(2), 27)

[^c11887881]: Ss. 70, 71, 74–77 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31; See Finance Act 1988 (c. 39, SIF 63:1, 2), s. 60 for amendments to s. 70 for years 1985–86 to 1987–88

[^c11887891]: S. 78 repealed by Finance Act 1989 (c. 26) ss. 140(6), 187(1), Sch. 17 Pt VII for cases determined in relation to disposals on or after 14.3.1989.

[^c11887911]: S. 79 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 201(3), Sch. 11 paras. 22, 26(2), 27)

[^c11887971]: S. 80 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 201(3), Sch. 11 paras. 22, 26(2), 27)

[^c11888041]: S. 81 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 201(3), Sch. 11 paras. 22, 26(2), 27)

[^c11888141]: S. 82 repealed (31.7.1998) by 1998 c. 36, s. 165, Sch. 27 Pt. III Group 28

[^c11888191]: S. 83 repealed (31.7.1998) by 1998 c. 36, s. 165, Sch. 27 Pt. III Group 28

[^c11888201]: S. 84(1)–(3) repealed by Finance Act 1989, s. 187, Sch. 17 Pt. VIII

[^c11888211]: Taxes Management Act 1970 (c. 9, SIF 63:1), s. 70(5) repealed by Finance Act 1989, s. 187, Sch. 17 Pt. VIII

[^c11888221]: S. 84(5)–(8) repealed by Finance Act 1989, s. 187, Sch. 17 Pt. VIII

[^c11888341]: The appointed day for the purposes of s. 85 is 30.9.1993, see S.I. 1992/3066, art. 2(2)(a)

[^c11888351]: Finance Act 1989, s. 179(1)(b) and S.I. 1989/1298. Previously “prescribed rate”. And see S.I. 1989/1297 for regulations made, and interest rate set, under Finance Act 1989, s. 178

[^c11888361]: Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 29 para. 10(4)(a). Previously “243(4)”

[^c11888371]: 1882 c. 61.

[^c11888381]: Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 29 para. 10(4)(b). Previously “266(2), section 267(3C), section 277(1) or section 278(5) of the Taxes Act”.

[^c11888391]: Finance Act 1990, s. 96(12)

[^c11888401]: 1979 c. 14.

[^c11888411]: S. 85: words in s. 87A(4) of Taxes Management Act 1970 (c. 9) inserted (27.7.1993) by 1993 c. 34, s. 120, Sch. 14, para. 4 (1)

[^c11888421]: Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 29 para. 10(4)(c)(d). Previously “85 of the Finance Act 1972” and “85” respectively.

[^c11888441]: Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 29 para. 10(4)(d). Previously “subsection (2) of section 102 of the Finance Act 1972”

[^c11888451]: Finance Act 1989, s. 179(1)(b), S.I. 1989/1298. Previously “prescribed rate”. And see S.I. 1989/1297 for regulations made and interest rate set under Finance Act 1989, s. 178

[^c11888461]: S. 85: s. 87A(6) of Taxes Management Act 1970 (c. 9) substituted (27.7.1993) by 1993 c. 34, s. 120, Sch. 14, para. 4(2)

[^c11888501]: The appointed day for the purposes of s. 86 is 30.9.1993, see S.I. 1992/3066, art. 2(2)(a)

[^c11888511]: S. 86(1) repealed (11.5.2001 with effect as mentioned in Sch. 33 Pt. 2(14) note 2 of the amending Act) by 2001 c. 9, s. 110, Sch. 33 Pt. 2(14)

[^c11888531]: Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 29 para. 10(6). Previously “90 of the Finance (No. 2) Act 1987”.

[^c11888541]: S. 87 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

[^c11888651]: S. 88 repealed (31.7.1998) by 1998 c. 36, s. 165, Sch. 27 Pt. III Group 28

[^c11888661]: S. 89 repealed by Finance Act 1989 (c. 26) s. 187(1), Sch. 17, Pt X

[^c11888671]: S. 90 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

[^c11888681]: The appointed day for the purposes of s. 91 is 30.9.1993, see S.I. 1992/3066, art. 2(2)(a)

[^c11888691]: Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 29 para. 10(8)(a)(b) from the day appointed under Finance (No. 2) Act 1987 (c. 51 SIF 63:1), ss. 91, 95

[^c11888741]: Ss. 92, 93 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

[^c11888751]: 1970 c. 9.

[^c11888761]: Other provisions coming into force subsequent upon the making of an order:–Finance Act 1990, s. 91(2)(3)(5)–(7)—amendment of Taxes Management Act 1970 (c. 9, SIF 63:1), s. 11 (corporation tax returns).

[^c11888771]: 1984 c. 51.

[^c11888781]: 1986 c. 41.

[^c11888791]: 1984 c. 51.

[^c11888801]: 1975 c. 7.

[^c11888811]: 1980 c. 17.

[^c11888821]: 1896 c. 28.

[^c22189091]: 1987 c. 16.

[^c22189101]: 1967 c. 20 (N. I.).

[^c22191511]: 1986 c. 41.

[^c11888891]: 1987 c. 16.

[^c11888901]: S. 101(2)(b) and preceding “and” repealed (27.7.1999 with effect in relation to any chargeable period ending on or after 30.6.1999) by 1999 c. 16, s. 139, Sch. 20 Pt. IV, Note

[^c11888911]: 1983 c. 56.

[^c11888921]: 1975 c. 22.

[^c11888931]: S. 102: s. 102 power exercised (22. 03. 1991) by S.I.1991/811

[^c11888941]: S. 102: for exercises of this power before 01. 02. 1991 see Index to Government Orders.

[^c11888951]: S. 102(3)(4) modified (30.6.1999) by 1999 c. 12, ss. 6(2), 9(2)

[^c11888961]: S. 102(4): s. 102(4) power exercised (08.05.1991) by S.I.1991/1142

[^c11888981]: 1975 c. 26.

[^c11888991]: 1978 c. 30.

[^c11889001]: 1974 c. 28.

[^c11889011]: 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.

[^c11889021]: 1979 c. 2.

[^c11889031]: 1979 c. 2.

[^c11889041]: 1983 c. 55.

[^c11889051]: 1970 c. 10.

[^c11889061]: 1979 c. 14.

[^c11889071]: Schedules 1–5 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

[^c11889081]: Sch. 6 para. 1 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

[^c11889091]: Sch. 6 para. 2 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 201(3), Sch. 11 paras. 22, 26(2), 27)

[^c11889101]: Sch. 6 para. 3 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

[^c11889131]: Sch. 6 para. 4 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 201(3), Sch. 11 paras. 22, 26(2), 27)

[^c11889161]: Sch. 6 para. 5 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 201(3), Sch. 11 paras. 22, 26(2), 27)

[^c11889171]: Sch. 6 para. 6, 8 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

[^c11889191]: Sch. 6 para. 7 repealed (1.5.1995 with effect as mentioned in Sch. 29 Pt. VIII Group 16 of the repealing Act) by s. 162, Sch. 29 Pt. VIII Group 16

[^c11889201]: Sch. 6 para. 6, 8 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

[^c11889211]: 1984 c. 51.

[^c11889221]: 1987 c. 16.

[^key-330a67dea6be16a72bcee9c47b488d4a]: S. 98 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)

[^key-0fad297ac1e6b757f3290e8d4ce40f84]: S. 101(6) repealed (with effect in accordance with Sch. 26 Pt. 5(1) Note 2 of the commencing Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 5(1)

[^key-256d5a5e5f789f24b2fc032d83f3c513]: Words in s. 101(5) repealed (with effect in accordance with Sch. 26 Pt. 5(1) Note 2 of the commencing Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 5(1)

[^key-d62d33068db80bde74b9c6d4f3a9c8ef]: Sch. 8 para. 5 repealed (with effect in accordance with Sch. 18 para. 11(3) of the commencing Act) by Finance Act 2006 (c. 25), Sch. 18 para. 11(2), Sch. 26 Pt. 5(1)

[^key-6436e36c62d61f249317af3529caf387]: S. 86(3)(b) repealed (with effect in accordance with s. 381(1) of the commencing Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 12 (with Sch. 9 paras. 1-9, 22)

[^key-b7d4375760689a7ea9fe215e9e50ec15]: S. 96(2)(c) omitted (with effect in accordance with s. 53(10) of the amending Act) by virtue of Finance Act 2010 (c. 13), s. 53(9)

[^key-e631434a31695d3002b15d8f7dc7c427]: Word in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 6 (with art. 3(2)(3), 4(2), 6(4)(5))

Interest on tax overpaid.

Stamp duty reserve tax.

Oil taxation.

Government fees and charges.

Short title, interpretation, construction and repeals.

These repeals have effect in relation to transfers of value made, and other events occuring, on or after 17th March 1987.

Personal pension schemes.

Stamp duty reserve tax.

Consumption in port of goods transhipped for use as stores etc.

Short title, interpretation, construction and repeals.

This repeal has effect in accordance with section 100(2) of this Act.