Legalize / United Kingdom / Public General Act

Finance Act 1988

Type Public General Act

Publication 1988-07-29

Last updated 2024-02-22

State In force

Department Statute Law Database

Source legislation.gov.uk

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Reform history JSON API

(3) Subject to the following provisions of this section, “chargeable securities” means — (a) stocks, shares or loan capital, (b) interests in, or in dividends or other rights arising out of, stocks, shares or loan capital, (c) rights to allotments of or to subscribe for, or options to acquire, stocks, shares or loan capital, and (d) units under a unit trust scheme. (4) “Chargeable securities” does not include securities falling within paragraph (a), (b) or (c) of subsection (3) above which are issued or raised by a body corporate not incorporated in the United Kingdom unless — (a) they are registered in a register kept in the United Kingdom by or on behalf of the body corporate by which they are issued or raised, or (b) in the case of shares, they are paired with shares issued by a body corporate incorporated in the United Kingdom, or (c) in the case of securities falling within paragraph (b) or (c) of subsection (3) above, paragraph (a) or (b) above applies to the stocks, shares or loan capital to which they relate. (5) “Chargeable securities” does not include — (a) securities the transfer of which is exempt from all stamp duties, or (b) securities falling within paragraph (b) or (c) of subsection (3) above which relate to stocks, shares or loan capital the transfer of which is exempt from all stamp duties. (6) “Chargeable securities” does not include interests in depositary receipts for stocks or shares. (6A) For the purposes of subsection (4) above, shares issued by a body corporate which is not incorporated in the United Kingdom (“the foreign company”) are paired with shares issued by a body corporate which is so incorporated (“the UK company”) where — (a) the articles of association of the UK company and the equivalent instruments governing the foreign company each provide that no share in the company to which they relate may be transferred otherwise than as part of a unit comprising one share in that company and one share in the other, and (b) such units have been offered for sale to the public in the United Kingdom and, at the same time, an equal number of such units have been offered for sale to the public at a broadly equivalent price in the country in which the foreign company is incorporated.

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

(4) In subsection (10), for paragraph (a) there shall be substituted —

(a) paragraph (a) of subsection (4) above and the reference to that paragraph in paragraph (c) of that subsection shall be ignored, and

(5) After subsection (10) there shall be added —

(11) In interpreting “chargeable securities” in section 93 or 96 above in a case where — (a) newly subscribed shares, or (b) securities falling within paragraph (b) or (c) of subsection (3) above which relate to newly subscribed shares, are issued in pursuance of an arrangement such as is mentioned in that section (or an arrangement which would be such an arrangement if the securities issued were chargeable securities), paragraph (b) of subsection (4) above and the reference to that paragraph in paragraph (c) of that subsection shall be ignored. (12) In subsection (11) above, “newly subscribed shares” means shares issued wholly for new consideration in pursuance of an offer for sale to the public.

(6) This section applies in relation to —

(a) agreements to transfer chargeable securities (within the meaning of section 99 of the Finance Act 1986 as amended by this section) made on or after 9th December 1987; and

(b) the transfer, issue or appropriation of such securities, or the issue of securities such as are mentioned in subsection (11) of that section, on or after that date in pursuance of an arrangement such as is mentioned in that subsection (whenever the arrangement was made),

and shall be deemed to have come into force on that date.

Miscellaneous

Building societies: change of status

145

Schedule 12 to this Act (which makes provision in connection with the transfer of a building society’s business to a company in accordance with the Building Societies Act 1986) shall have effect.

Post-consolidation amendments

146

The enactments specified in Schedule 13 to this Act shall have effect subject to the amendments specified in that Schedule (being amendments to correct errors in the Taxes Act 1988 and in the amendments made by the Finance Act 1987 for the purposes of the consolidation effected by the Taxes Act 1988).

Interpretation etc

147

(1) In this Act “the Taxes Act 1970” means the Income and Corporation Taxes Act 1970 and “the Taxes Act 1988” means the Income and Corporation Taxes Act 1988.

(2) Part II of this Act shall be construed as one with the Value Added Tax Act 1983.

(3) Part III of this Act, so far as it relates to income tax, shall be construed as one with the Income Tax Acts, so far as it relates to corporation tax, shall be construed as one with the Corporation Tax Acts and, so far as it relates to capital gains tax, shall be construed as one with the Capital Gains Tax Act 1979.

Repeals

148

The enactments specified in Schedule 14 to this Act (which include unnecessary enactments) are hereby repealed to the extent specified in the third column of that Schedule, but subject to any provision at the end of any Part of that Schedule.

Short title

149

This Act may be cited as the Finance Act 1988.

SCHEDULE 1

Part I — Table of Rates of Duty on Wine and Made-Wine

Part II — Beverages of an Alcoholic Strength not Exceeding 5.5 per cent.

1

(1) In subsection (2) of section 1 of the Alcoholic Liquor Duties Act 1979 (definition of “spirits”), for the words “subsections (7) and (8)” there shall be substituted the words “subsections (7) to (9)”.

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

(3) In subsection (5) of that section (definition of “made-wine”), after the word “means” there shall be inserted the words “subject to subsection (10) below”.

(4) After subsection (8) of that section there shall be inserted—

(9) Any beverage of an alcoholic strength exceeding 1.2 per cent. but not exceeding 5.5 per cent. which is made with spirits and is not of a description specified in an order made by the Treasury by statutory instrument shall be deemed not to be spirits. (10) The Treasury may by order made by statutory instrument provide that any beverage of an alcoholic strength exceeding 1.2 per cent. but not exceeding 5.5 per cent. which is made with beer or cider and is of a description specified in the order shall be deemed to be beer or, as the case may be, cider, and not to be made-wine.

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4

After subsection (4) of section 54 of that Act (wine: charge of excise duty) there shall be inserted—

(4A) A person who, on any premises, produces wine to which section 55A below applies by rendering it sparkling, need not on that account hold an excise licence under subsection (2) above in respect of those premises.

5

(1) After subsection (4) of section 55 of that Act (made-wine: charge of excise duty), there shall be inserted—

(4A) A person who, on any premises, produces made-wine to which section 55A below applies by rendering it sparkling, need not on that account hold an excise licence under subsection (2) above in respect of those premises.

(2) In subsection (5) of that section, for the words “render any made-wine sparkling” there shall be substituted the words “render sparkling any made-wine other than made-wine to which section 55A below applies”.

6

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7

In section 59 of that Act (rendering imported wine or made-wine sparkling in warehouse), for subsection (1) there shall be substituted—

(1) Wine or made-wine which— (a) is imported or is removed to the United Kingdom from the Isle of Man; and (b) is not wine or made-wine of a strength exceeding 1.2 per cent. but not exceeding 5.5 per cent., shall not be rendered sparkling, whether by aeration, fermentation or any other process, except in warehouse in accordance with warehousing regulations.

8

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9

Section 63 of that Act (repayment of duty on imported cider used in the production of other beverages etc.) shall be renumbered as subsection (1) of that section . . . .

10

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11

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12

At the end of subsection (1) of section 73 of that Act (penalty for misdescribing substances as beer), there shall be added the words “or that the substance is made with beer and is a made-wine to which section 55A above applies”.

13

In Schedule 1 to that Act, for the Table of rates of duty there shall be substituted—

Wine or made-wine of a strength not exceeding 2 per cent.	£ 10.24
Wine or made-wine of a strength exceeding 2 per cent. but not exceeding 3 per cent.	17.07
Wine or made-wine of a strength exceeding 3 per cent. but not exceeding 4 per cent.	23.89
Wine or made-wine of a strength exceeding 4 per cent. but not exceeding 5 per cent.	30.72
Wine or made-wine of a strength exceeding 5 per cent. but not exceeding 5.5 per cent.	37.55
Wine or made-wine of a strength exceeding 5.5 per cent. but not exceeding 15 per cent. and not being sparkling	102.40
Sparkling wine or sparkling made-wine of a strength exceeding 5.5 per cent. but not exceeding 15 per cent.	169.10
Wine or made-wine of a strength exceeding 15 per cent. but not exceeding 18 per cent.	176.60
Wine or made-wine of a strength exceeding 18 per cent. but not exceeding 22 per cent.	203.70
Wine or made-wine of a strength exceeding 22 per cent.	203.70plus £15.77 for every 1 per cent. or part of 1 per cent. in excess of 22 per cent.

SCHEDULE 2

Part I

Part II — Vehicles Carrying or Drawing Exceptional Loads

1

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5

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SCHEDULE 3

Part I — Amendments of the Taxes Act 1988

Introductory

1

The Taxes Act 1988 shall have effect subject to the following amendments.

Commencement of trade etc.

2

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Discontinuance of trade etc.

3

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Underpayments

4

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Additional relief in respect of children

5

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6

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Widow’s bereavement allowance

7

(1) The section set out in sub-paragraph (2) below shall have effect in substitution for section 262 (widow’s bereavement allowance) in relation to deaths occurring during the year 1989-90, and the section set out in sub-paragraph (3) below shall have effect in substitution for that section in relation to deaths occurring during the year 1990-91 or any subsequent year of assessment.

(2) The section first referred to in sub-paragraph (1) above is—

(262) Where a man dies in the year 1989-90 and for that year he is entitled to the higher (married person’s) relief under section 257(1), or would be so entitled but for an election under section 261 or 287, his widow shall be entitled— (a) for that year of assessment, to a deduction from her total income of an amount equal to the amount referred to in section 259(2), and (b) (unless she marries again before the beginning of it) for the year 1990-91, to a deduction from her total income of an amount equal to the amount specified in section 257A(1) for that year.

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

8

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Life assurance premiums

9

For the year 1990-91 and subsequent years of assessment section 266 (life assurance premiums) shall have effect with the substitution—

(a) in subsection (9), of the word “spouse” for the words “wife (but not the husband)”, and

(b) in subsection (11)(a), of the words “spouse, widow, widower or children or other dependants of any such employee or person,” for the word “wife” onwards.

Payments securing annuities

10

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Married couples living together

11

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Business expansion scheme

12

(1) For the year 1990-91 and subsequent years of assessment section 304 (business expansion scheme: husband and wife) shall have effect—

(a) with the omission of subsections (1) to (4), and

(b) with the substitution of the following subsections for subsections (5) and (6)—

(5) Subsection (1) of section 299 shall not apply to a disposal made by a married man to his wife or a married woman to her husband at a time when they are living together; but where shares issued to one of them have been transferred to the other by a transaction inter vivos that subsection shall apply on the disposal of the shares by the transferee to a third person and any assessment for withdrawing relief in respect of the shares shall be made on the transferee. (6) If any relief given for the year 1989-90 or any earlier year of assessment in respect of shares for which a married man or married woman has subscribed and which were issued while they were living together falls to be withdrawn in the year 1990-91 or any subsequent year of assessment by virtue of a disposal of those shares by the person who subscribed for them, any assessment for withdrawing that relief shall be made on the person making the disposal and shall be made by reference to the reduction of tax flowing from the amount of the relief regardless of any allocation of that relief under section 280 or of any allocation of the reduction under section 284 for the year of assessment for which the relief was given.

(2) Sub-paragraph (3) below applies where—

(a) an amount is subscribed for shares in the year 1990-91 by one of a married couple who are living together,

(b) the couple were married and living together throughout the year 1989-90, and

(c) the subscriber claims that relief in respect of the amount be given partly by way of deduction from total income for the year 1989-90 in accordance with section 289(6).

(3) Where this sub-paragraph applies—

(a) the deduction shall be made from the husband’s total income (references in Chapter II of Part VII to the relief to which an individual is entitled in respect of any shares being construed accordingly), and

(b) the limits in sections 289(7) and 290 shall apply jointly to the husband and wife for the year 1989-90 as respects the amount subscribed.

Qualifying maintenance payments

13

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Home loans

14

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Loans for shares in employee-controlled company

15

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Close company loans

16

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Trade unions and employers’ associations

17

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Retirement benefit schemes

18

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Partnership retirement annuities

19

For the year 1990-91 and subsequent years of assessment section 628(1) (partnership retirement annuities) shall have effect with the substitution of the words “a widow, widower or dependant of the former partner” for the words “ his widow or a dependant of his ”.

20

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Earned income

21

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Total income

22

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Part II — Other Provisions

Capital allowances

23

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24

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The transition

25

The operation of section 279(1) of the Taxes Act 1988 for a year of assessment earlier than the year 1990-91 in the case of a married woman shall not affect the question whether there is any income of hers chargeable to income tax for the year 1990-91 or any subsequent year of assessment or, if there is, what is to be taken to be its amount for income tax purposes.

Returns

26

Where a man is required under section 8 of the Taxes Management Act 1970 to deliver a return which is—

(a) so far as relates to certain sources of income, a return of income chargeable to income tax for the year 1990-91, and

(b) so far as relates to the remaining sources of income, a return of income chargeable to income tax for the year 1989-90,

the same particulars shall be included in the return as would have been required had section 279 of the Taxes Act 1988 not been repealed by this Act.

27

Where a man delivers a return such as is mentioned in paragraph 26 above, the reference in sections 93(2) and 95(2) of the Taxes Management Act 1970 (penalties) to tax charged on or payable by him shall include a reference to tax charged on or payable by his wife in respect of any income of hers.

28

Where a woman is liable to a penalty under section 93(1) or 95(1) of the Taxes Management Act 1970, section 93(2) or 95(2) shall apply as if the reference to tax charged on or payable by her included a reference to any tax which is charged on or payable by her husband by virtue of section 279 of the Taxes Act 1988.

Time limits for assessments

29

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Transfers of allowances

30

For the year 1990-91 and subsequent years of assessment the Taxes Management Act 1970 shall have effect with the insertion of the following section after section 37—

(37A) Where an assessment is made on any person for the purpose of making good a loss of tax wholly or partly attributable to fraud, wilful default or neglect, the fact that the person’s total income for any year of assessment is assessed as greater than it was previously taken to be shall not affect the validity of any deduction made from the total income of the person’s spouse by virtue of section 257B, 257D or 265 of the principal Act; and where any such deduction has been made in such a case, the total amount which the first-mentioned person is entitled to deduct from total income for the year in question shall be correspondingly reduced.

31

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Annual payments

32

Section 36 of this Act shall have effect in relation to a payment which is due from a husband to his wife or from a wife to her husband at a time after 5th April 1990 when they are living together, notwithstanding that the payment is made in pursuance of an obligation which is an existing obligation for the purposes of subsection (3) of that section.

Maintenance payments

33

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SCHEDULE 4

Part I — Modifications Made by Section 50

Preliminary

1

The modifications of Chapter III of Part VII of the Taxes Act 1988 (relief for investment in new corporate trades: the business expansion scheme) made by section 50 of this Act are as follows.

The relief

2

(1) In subsection (1) of section 289 (relief under the business expansion scheme), for paragraph (a) there shall be substituted—

(a) those shares are issued to him after the passing of the Finance Act 1988 and before the end of 1993 for the purpose of raising money for qualifying activities which are being carried on by the company or which it intends to carry on;

(2) In subsection (8) of that section, for paragraph (a) there shall be substituted—

(a) in a case falling within subsection (1)(a) unless and until the company has carried on the activities for four months;

(3) For subsection (9) of that section there shall be substituted—

(9) A claim for relief may be allowed under subsection (1)(a) at any time after the activities have been carried on by the company for four months, if the conditions for the relief are then satisfied.

(4) In subsection (12)(b) of that section, for the words from “either” onwards there shall be substituted the words “four years after that date”.

(5) Subsection (13) of that section shall be omitted.

Restriction of relief where amounts raised exceed permitted maximum

3

(1) In subsection (1) of section 290A (restriction of relief where amounts raised exceed permitted maximum), for “£500,000” there shall be substituted “£5 million”.

(2) In subsection (4) of that section, for the words “any trade or part of a trade” there shall be substituted the words “any qualifying activities” and for “£500,000”, in both places, there shall be substituted “£5 million”.

(3) Subsections (6) to (8), (10) and (11) of that section shall be omitted.

Individuals qualifying for relief

4

In section 291 (individuals qualifying for relief), after subsection (1) there shall be inserted—

(1A) An individual is connected with the company if— (a) he, or an associate of his, occupies or is a tenant of a dwelling-house in which the company holds an interest; and (b) the interest held by the company is superior to any interest in the dwelling-house held by the individual.

Parallel trades

5

Section 292 (parallel trades) shall be omitted.

Qualifying companies

6

(1) For subsection (2) of section 293 (qualifying companies) there shall be substituted—

(2) The company must, throughout the relevant period, be an unquoted company which is resident in the United Kingdom and not resident elsewhere, and be— (a) a company which exists wholly, or substantially wholly, for the purpose of carrying on activities which do not include, to any substantial extent, activities which are not qualifying activities; or (b) a company whose activities consist wholly of— (i) the holding of shares or securities of, or the making of loans to, one or more qualifying subsidiaries of the company; or (ii) both the holding of such shares or securities, or the making of such loans, and the carrying on of activities which do not include, to any substantial extent, activities which are not qualifying activities.

(2) Subsections (4) and (9) to (11) of that section shall be omitted.

Companies with interests in land etc.

7

The following shall be omitted, namely—

(a) section 294 (companies with interests in land);

(b) section 295 (valuation of interests in land for purposes of section 294(1)(b)); and

Qualifying trades etc.

8

The following shall also be omitted, namely—

(a) section 297 (qualifying trades); and

(b) section 298 (provisions supplementary to sections 293 and 297).

Replacement capital

9

(1) In subsection (1) of section 302 (replacement capital), for the words “carry on as its trade or as part of its trade a trade which was” there shall be substituted the words “carry on, as its activities or as part of its activities, activities which were” and for the words “of a trade” there shall be substituted the words “of activities”.

(2) In subsection (2) of that section, for the words “the trade”, in each place where they occur, there shall be substituted the words “the activities”.

(3) In subsection (4) of that section, for paragraph (a) there shall be substituted—

(a) the persons to whom activities belong and, where activities belong to two or more persons, their respective shares in those activities shall be determined in accordance with section 344(1)(a) and (b), (2) and (3) (those provisions having effect for this purpose with any necessary modifications);

(4) In subsection (5) of that section, the definition of “trade” shall be omitted.

Claims

10

In subsections (2) and (3) of section 306 (claims), for the words “the trade” there shall be substituted the words “the activities”.

Subsidiaries

11

(1) For subsection (1) of section 308 (application to subsidiaries) there shall be substituted—

(“) A qualifying company may, in the relevant period, have one or more subsidiaries if the subsidiary or, as the case may be, each subsidiary is a subsidiary to which subsection (1A) or (1B) below applies.

(1A) This subsection applies to a subsidiary if—

(a) it is a dormant subsidiary or exists wholly, or substantially wholly, for the purpose of carrying on activities which do not include, to any substantial extent, activities which are not qualifying activities, and

(b) the conditions mentioned in subsection (2) below are satisfied in respect of it and, except as provided by subsection (3) below, continue to be satisfied in respect of it until the end of the relevant period.

(1B) This subsection applies to a subsidiary if—

(a) it is a property managing subsidiary, and

(b) reading each reference in subsection (2) below to 90 per cent. as a reference to 51 per cent., the conditions in that subsection are satisfied in respect of it and, except as provided by subsection (3) below, continue to be satisfied in respect of it until the end of the relevant period.”

(2) In subsection (5) of that section, for paragraph (a) there shall be substituted—

(“) a subsidiary is a property managing subsidiary if it exists wholly, or substantially wholly, for the purpose of holding or managing (or holding and managing) a single block of flats and more than half of those flats are let by the qualifying company or any of its subsidiaries in the course of qualifying activities;”.

12

In subsection (2) of section 309 (further provisions as to subsidiaries), for the words “a qualifying trade which is” there shall be substituted the words “qualifying activities which are” and for the words “subsections (8), (9), (12)(b)(ii) and (13)” there shall be substituted the words “subsections (8) and (9)”.

Part II — Dwelling-Houses to Which Section 50 Does Not Apply

Expensive dwelling-houses

13

(1) Section 50 of this Act does not apply to a dwelling-house the market value of which exceeds—

(a) in the case of a dwelling-house in Greater London, £125,000;

(b) in any other case, £85,000.

(2) The market value of a dwelling-house at any date (“the valuation date”) shall be taken to be the price which, at the relevant date, it might reasonably have been expected to fetch on a sale in the open market—

(a) on the assumption that the dwelling-house was in the same state as at the valuation date;

(b) on the assumptions as to title mentioned in sub-paragraph (4) below;

and in this paragraph “the relevant date” means the date of the issue of the shares or, if later, the date when the company or any of its subsidiaries first acquired an interest in the dwelling-house (or the land which comprises the dwelling-house).

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(4) The assumptions as to title are—

(a) where the dwelling-house is in England and Wales or Northern Ireland and is a house, that the vendor was selling for an estate in fee simple with vacant possession and that the dwelling-house was to be conveyed with the same rights and subject to the same burdens as it would be if conveyed in pursuance of the right to buy legislation;

(b) where the dwelling-house is in England and Wales or Northern Ireland and is a flat, that the vendor was granting a lease with vacant possession for a term of 125 years at a rent of £10 per annum and that the grant was to be made with the same rights and subject to the same burdens as it would be if made in pursuance of that legislation; and

(c) where the dwelling-house is in Scotland, that it was available with vacant possession and with no heritable security constituted over any interest in it.

(5) In sub-paragraph (4) above “the right to buy legislation” means—

(a) in relation to a dwelling-house in England and Wales, Part V of the Housing Act 1985;

(b) in relation to a dwelling-house in Northern Ireland, Chapter I of Part II of the Housing (Northern Ireland) Order 1983;

and “flat” and “house” have the same meanings as in that legislation.

(6) The Treasury may by order amend sub-paragraph (1) above by substituting a different amount for any amount for the time being specified there.

Unfit and sub-standard dwelling-houses

14

Section 50 of this Act does not apply to—

(a) a dwelling-house in England and Wales which is unfit for human habitation within the meaning of section 604 of the Housing Act 1985 or does not have all the standard amenities within the meaning of section 508 of that Act;

(b) a dwelling-house in Scotland which does not meet the tolerable standard described, for the purposes of the Housing (Scotland) Act 1987, by section 86 of that Act or does not have all the standard amenities described in the first column of Part I of Schedule 18 to that Act; or

(c) a dwelling-house in Northern Ireland which is unfit for human habitation within the meaning of Article 46 of the Housing (Northern Ireland) Order 1981 or does not have all the standard amenities within the meaning of Article 59 of the Housing (Northern Ireland) Order 1983.

Dwelling-houses already let etc.

15

(1) Subject to sub-paragraphs (1A) to (1C) below, section 50 of this Act does not apply to a dwelling-house if—

(a) before the relevant date, the company or any of its subsidiaries had entered into arrangements for letting the whole or any part of the dwelling-house;

(b) at that date, the whole or any part of the dwelling-house was let; or

(1A) Section 50 of this Act is not precluded from applying to a dwelling-house by sub-paragraph (1)(a) above if the arrangements there mentioned were for letting to a person who was an owner-occupier of the dwelling-house before the relevant date.

(1B) Section 50 of this Act is not precluded from applying to a dwelling-house by sub-paragraph (1)(b) above if the letting there mentioned was to a person—

(a) who was an owner-occupier of the dwelling-house before the date of the letting, and

(b) to whom the dwelling-house or part is let on a qualifying tenancy by the company or any of its subsidiaries after the relevant date.

(1C) Section 50 of this Act is not precluded from applying to a dwelling-house by sub-paragraph (1)(c) above if the letting there mentioned was to a person—

(a) who was an owner-occupier of the dwelling-house before the relevant date, and

(b) to whom the dwelling-house or part is let on a qualifying tenancy by the company or any of its subsidiaries after the letting mentioned in sub-paragraph (1)(c).

(2) In this paragraph—

“let” includes let under a licence and “letting” shall be construed accordingly;

“the relevant date” means the date when the company or any of its subsidiaries first acquired an interest in the dwelling-house (or the land which comprises the dwelling-house).

(3) For the purposes of this paragraph, a person shall be taken to have been an owner-occupier of a dwelling-house before the relevant date or, as the case may be, the date mentioned in sub-paragraph (1B)(a) above if—

(a) at any time before that date, he occupied the dwelling-house as his only or principal home and had a freehold interest in it, or

(b) for a period of at least two years ending on that date, he occupied the dwelling-house as his only or principal home and had an interest in it under a lease for a term of years certain not less than twenty-one of which remained unexpired at that date.

(4) In the application of sub-paragraph (3) above to a dwelling-house in Scotland—

(a) for paragraph (a) there shall be substituted—

(“) at any time before that date he occupied the dwelling-house and—

(i) was the absolute owner of it, or

(ii) was the owner of thedominium utile in it,”; and

(b) in paragraph (b) the word “certain” shall be omitted.

(5) In the application of sub-paragraph (3) above to a dwelling-house in Northern Ireland, any conveyance or assignment of an interest in it by way of mortgage shall be disregarded.

Dwelling-houses already qualifying for relief

16

(1) Section 50 of this Act does not apply to a dwelling-house if—

(a) a certificate has been issued under section 306(2) of the Taxes Act 1988 (as modified by paragraph 10 above) by some other company (“the other company”); and

(b) at any time after the issue of the shares to which that certificate related, the conditions mentioned in sub-paragraph (2) below were satisfied in relation to the dwelling-house (or a dwelling-house the whole or any part of which has been converted into or consists of the whole or any part of the dwelling-house).

(2) The conditions referred to in sub-paragraph (1) above are satisfied in relation to a dwelling-house at any time if, at that time—

(a) the dwelling-house is a dwelling-house to which section 50 of this Act applies in relation to the other company or any of its subsidiaries; and

(b) an interest in the dwelling-house is owned by that company or any such subsidiary.

Dwelling-houses qualifying for capital allowances

17

Section 50 of this Act does not apply to a dwelling-house in respect of which the company is entitled to capital allowances under paragraph 2 of Schedule 12 to the Finance Act 1982.

Interpretation of certain expressions: Scotland

18

In the application of the above provisions of this Part to Scotland, references to acquiring an interest shall be construed, if there is a contract to acquire the interest, as references to entering into that contract and for the purposes of paragraph 16(2)(b) above, a company or subsidiary shall be regarded as owning an interest during the period between its entering into such a contract as regards that interest and its acquiring the interest.

SCHEDULE 5

Preliminary

1

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

Returns by agent

2

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

Payments on account of tax

3

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

Determinations by inspector

4

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

Appeals

5

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

Modification of determinations pending appeal

6

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

Apportionments of syndicate profit or loss

7

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

Individual members: effect of determinations

8

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

Assessment of individual members: time limits

9

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

Supplemental: penalties

10

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

Supplemental: interest

11

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

SCHEDULE 6

Preliminary

1

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

Abolition of charge under Schedule B

2

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

Abolition of Schedule D election et ceteralaetc.

3

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

Transitional provisions

4

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

5

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

Consequential amendments

6

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

SCHEDULE 7

Cases where rule does not apply

1

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

2

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

Cases where rule does not apply until end of transitional period

3

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

4

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

Supplemental

5

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

SCHEDULE 8

Previous no gain/no loss disposals

1

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

2

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

Capital allowances

3

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

Part disposals

4

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

Assets derived from other assets

5

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

Group transactions

6

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

Close companies

7

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

Private residence relief

8

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

Replacement of business assets

9

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

Apportionment of pre-1965 gains and losses

10

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

Indexation allowance

11

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

Elections under section 96(5): excluded disposals

12

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

Elections under section 96(5): groups of companies

13

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

14

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

SCHEDULE 9

Reduction of deduction or gain

1

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

Charges rolled-over or held-over

2

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

Postponed charges

3

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

Previous no gain/no loss disposals

4

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

5

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

6

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

Assets derived from other assets

7

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

Claims

8

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

SCHEDULE 10

Charge on settlor with interest in settlement

1

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

2

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

3

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

4

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

Right of recovery

5

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

Meaning of “settlor” etc.

6

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

Information

7

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

Shares in non–resident companies

8

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

Maintenance funds for historic buildings

9

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

Commencement

10

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

SCHEDULE 11

Debts

1

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

2

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

3

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

Linked companies

4

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

Supplementary

5

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

6

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

Commencement

7

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

SCHEDULE 12

Introductory

1

Paragraphs 3 to 7 below apply where there is a transfer of the whole of a building society’s business to a company (“the successor company”) in accordance with section 97 and the other applicable provisions of the Building Societies Act 1986.

Gilt-edged securities and other financial trading stock

2

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

Capital allowances

3

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

(2) There shall be made to or on the successor company in accordance with the Capital Allowances Act 2001 all such allowances and charges as would, if the society had continued to carry on the trade, have fallen to be made to or on it, and the amount of any such allowance or charge shall be computed as if the successor company had been carrying on the trade since the society began to do so and as if everything done to or by the society had been done to or by the successor company.

(3) No transfer of assets from the society to the successor company effected by section 97 of the Building Societies Act 1986 shall be treated as giving rise to any such allowance or charge.

Capital gains: assets acquired from society, etc.

4

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

Capital gains: shares, and rights to shares, in successor company

5

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

Distributions

6

(1) Where, in connection with the transfer, qualifying benefits are conferred by the society or the successor company on members of the society, the conferring of those benefits shall not be regarded as ...—

(a) the making of a distribution, within the meaning of the Corporation Tax Acts; ...

(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) Sub-paragraph (1) above does not preclude any qualifying benefit (and, in particular, any qualifying benefit which in the hands of the recipient would, apart from that sub-paragraph, constitute income for the purposes of income tax) from being a capital distribution for the purposes of section [122 of the Taxation of Chargeable Gains Act 1992], and in that section “distribution” shall be construed accordingly.

(3) In this paragraph “qualifying benefits” means—

(a) any such rights as are mentioned in paragraph 5(1)(a), (b) or (c) above, and any property obtained by the exercise of those rights;

(b) any shares issued or disposed of as mentioned in paragraph 5(2) above;

(c) any shares issued or disposed of, or to which a member becomes entitled, as mentioned in paragraph 5(3) or (4) above, and any interest in the settled property constituted by those shares;

(d) any payment in lieu of a qualifying benefit falling within paragraphs (a) to (c) above;

(e) any distribution made in pursuance of section 100(2)(b) of the Building Societies Act 1986.

(4) “Member” has the same meaning in this paragraph as in paragraph 5 above.

Certified SAYE savings arrangements

7

Section 702 of the Income Tax (Trading and Other Income) Act 2005 (interest under certified SAYE savings arrangements to be exempt from income tax) shall have effect in relation to any interest (or bonus) payable after the transfer under a savings arrangement which immediately before the transfer was a certified SAYE savings arrangement (within the meaning of section 703(1) of that Act) in relation to the society despite the fact that it ceased to be such an arrangement by reason of the transfer.

Stamp duty

8

Section 109 of the Building Societies Act 1986 (exemption from stamp duty) shall be renumbered as subsection (1) of that section and after that provision as so renumbered there shall be inserted—

(2) No transfer effected by subsection (6) or (7) of section 97 shall give rise to any liability to stamp duty.

SCHEDULE 13

Part I — Amendments of the Taxes Act 1988

1

The Taxes Act 1988 shall have effect, and shall be deemed always to have had effect, subject to the amendments specified in paragraphs 2 to 14 of this Schedule.

2

In section 61(4) after the word “where” there shall be inserted the words “ there is a change in the persons engaged in carrying on a trade, profession or vocation in partnership and ”.

3

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

4

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

5

In section 533(4) after “1949” there shall be inserted the words “ , sections 55 to 59 of the Patents Act 1977 ”.

6

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

7

In section 824—

(a) in subsection (1) the following paragraphs shall be substituted for paragraphs (a) and (b)—

(a) in the case of income tax or surtax paid by or on behalf of an individual for a year of assessment for which he was resident in the United Kingdom, a repayment of the tax of not less than £25 is made by the Board or an inspector after the end of the 12 months following that year of assessment; or (b) in the case of the special charge under Part IV of the Finance Act 1968, a repayment of the charge of not less than £25 is made by the Board or an inspector,

(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d) the following subsection shall be inserted after that subsection—

(2A) Subsection (1) above shall apply to a repayment made in consequence of a claim under section 228 of the Income Tax Act 1952 (relief in respect of income accumulated under trusts) as if the repayment were of income tax paid by the claimant for the year of assessment in which the contingency mentioned in that section happened.

(e) in subsection (3) the following paragraph shall be inserted after paragraph (a)—

(aa) if the repayment is of the special charge, the relevant time, as regards so much of the charge as was paid before the end of the year 1969-70, is the end of that year, and, as regards so much of the charge as was paid in any later year of assessment, is the end of the year of assessment in which it was paid;

(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8

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

9

In paragraph 2 of Schedule 10 after sub-paragraph (c) there shall be inserted the word “ or ”.

10

In paragraph 17(2)(a) of Schedule 15 after the words “but the old policy was” there shall be inserted the word “ not ”.

11

In paragraph 18(2) of that Schedule for “1 to 9” there shall be substituted “ 1, 2, 3(5) to (11), 4 to 9 ”.

12

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

13

In paragraph 8 of Schedule 29 for the words “added after paragraph (f)” there shall be substituted the words “ substituted for paragraph (g) ”.

14

In the Table in paragraph 32 of that Schedule the amendments of —

(a) section 55(1)(g) of the Taxes Management Act 1970,

(b) section 108(9)(b) of the Finance Act 1980, and

shall be omitted.

15

The repeals made in section 47 of the Finance (No. 2) Act 1975 shall be treated as never having had effect.

Part II — Amendments of Other Enactments

The Capital Gains Tax Act 1979 (c. 14)

16

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

17

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

18

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

The Finance Act 1980 (c. 48)

19

In section 101 of the Finance Act 1980 for the words “60 above” there shall be substituted the words “468(5) of the Taxes Act 1988”.

20

In section 109(8)(b) of that Act for the words “Part II of that Act” there shall be substituted the words “ Chapter V of Part XII of the Taxes Act 1988 ”.

The Finance Act 1981 (c. 35)

21

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

The Finance Act 1984 (c. 43)

22

In section 80(5)(b) of the Finance Act 1984 for the words “13 of the Oil Taxation Act 1975” there shall be substituted the words “ 492 of the Taxes Act 1988 ”.

The Finance Act 1986 (c. 41)

23

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

The Finance Act 1987 (c. 16)

24

The repeals made by the Finance Act 1987 in section 47 of the Finance (No. 2) Act 1975 shall be treated as never having had effect.

Commencement

25

The amendments made by paragraphs 16 to 23 of this Schedule shall be treated for the purposes of their commencement as if they had been made by the Taxes Act 1988.

SCHEDULE 14

Part I — Customs and Excise

Part II — Vehicles Excise Duty

Part III — Value Added Tax

Part IV — Income and Corporation Tax: General

Part V — Commercial Woodlands

Part VII — Capital Gains: General

Part VIII — Married Couples

Part IX — Tax Appeals etc. in Northern Ireland

Part X — Inheritance Tax

Part XI — Stamp Duty

Beer, wine, made-wine and cider.

Tobacco products.

Vehicles excise duty.

Relief from excise duty on goods imported for testing etc.

Remission of duty in respect of spirits used for medical or scientific purposes.

Meaning of “sparkling” in relation to wine and made-wine.

Disclosure of information as to imports.

Time limits for arrest and proceedings.

Punishment of offences.

Registration.

Deemed disposal of assets on company ceasing to be resident in U.K.

Other payments and licences etc.

Entertainment: non-cash vouchers.

Assets generating tariff receipts: extension of allowable expenditure.

Approved investment funds.

Minor and consequential amendments.

Approved investment funds.

Lump sum benefits paid otherwise than on retirement.

Minor and consequential amendments.

Commercial woodlands.

Entertainment of overseas customers.

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

Interest on overdue or overpaid PAYE.

Building societies: change of status.

Abolition of stamp duty on documents relating to transactions of capital companies.

Production of computer records etc.

Assets generating tariff receipts: extension of allowable expenditure.

2A

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

The Capital Gains Tax Act 1979 (c.14)

The Finance Act 1980 (c.48)

The Finance Act 1981 (c.35)

The Finance Act 1984 (c.43)

[^c13525921]: 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

[^c13525931]: 1979 c. 4.

[^c13525941]: Power of appointment conferred by s. 1(6) fully exercised: 1.10.1988 appointed by S.I. 1988/1634, art. 2

[^c13525951]: 1979 c. 7.

[^c13525961]: 1979 c. 5.

[^c13526091]: S. 4(1)(3)(b)-(d)(4)(6)-(9) repealed (1.9.1994) by 1994 c. 22, ss. 65, 66(1), Sch. 5 Pt. I (with s. 57(4))

[^c13526101]: S. 4(2) repealed ( the repeal having effect in relation to licences taken out after 16th March 1993) (27. 7. 93) by 1993 c. 34, s. 213, Sch. 23 Pt. I (6)

[^c13526111]: S. 4(3)(a) repealed by Finance Act 1989 (c. 26, SIF 107:2), s. 187(1), Sch. 17 Pt. II (in relation to licences taken out after 14.3.1989)

[^c13526161]: S. 4(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.

[^c13526211]: 1979 c. 3.

[^c13526221]: 1979 c. 4.

[^c13526231]: S. 6(3) repealed by Finance Act 1990 (c. 29, SIF 40:1), s. 132, Sch. 19 Pt. I

[^c13526241]: 1979 c. 4.

[^c13526251]: 1979 c. 2.

[^c13526261]: 1979 c. 2.

[^c13526271]: 1979 c. 2.

[^c13526281]: S. 11(2) repealed by Finance Act 1989 (c. 26, SIF 40:1), s. 187(1), Sch. 17 Pt. I

[^c13526351]: 1979 c. 2.

[^c13526361]: 1979 c. 5.

[^c13526371]: 1981 c. 63.

[^c13526391]: Words in s. 12(4) repealed (19.3.1997 with effect on 1.10.1997 as mentioned in note 2 of SCh. 18 Pt. II of the repealing Act) by 1997 c. 16, s. 113, Sch. 18 Pt. II note 2

[^c13526401]: 1981 c. 63.

[^c13526431]: Pt. II (ss. 13-22) repealed (1.9.1994 with effect as mentioned in s. 101(1)) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15

[^c13526651]: 1972 c. 41.

[^c13526661]: S. 28 repealed (6.8.1999 with effect as mentioned in Sch. 29 Pt. VIII(21) notes 4, 5 of the amending Act) by 1995 c. 4, s. 162, Sch. 20 Pt. VIII(21); S.I. 1999/2156, art. 2(b)

[^c13526671]: S. 30 repealed (27.7.1999 with effect for the year 2000-01 and subsequent years of assessment) by 1999 c. 16, s. 139, Sch. 20 Pt. III(4), note

[^c13526681]: S. 36(3) excluded (27.7.1999 with effect in relation to any payment falling due on or after 6.4.2000) by 1999 c. 16, s. 36(7)(8)

[^c13527201]: S. 39 repealed (27.7.1999 with effect in relation to any payment falling due on or after 6.4.2000) by 1999 c. 16, s. 139, Sch. 20 Pt. III(6), note

[^c13527261]: S. 42 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. III(7) note 4 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. III(7)

[^c13527271]: S. 43 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. III(7) note 4 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. III(7)

[^c13527291]: S. 44 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. III(7) note 4 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. III(7)

[^c13527321]: 1975 c. 45.

[^c13527331]: 1975 c. 45.

[^c13527341]: 1976 c. 40.

[^c13527451]: S. 50 repealed (3.5.1994 with effect on 1.1.1994 as mentioned in Sch. 26 Pt. V(17) of the repealing Act) by 1994 c. 9, s. 258, Sch. 26 Pt. V(17), note

[^c13527461]: 1983 c. 28.

[^c13527501]: 1987 c. 51.

[^c13527511]: 1973 c. 51.

[^c13527521]: 1972 c. 41.

[^c13527531]: 1973 c. 51.

[^c13527591]: S. 62 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), ss. 289, 290, Sch.12 (with ss. 101(1), 201(3), 290, Sch. 11 paras. 22, 26(2), 27)

[^c13527731]: S. 63 repealed (6.3.1992 with effect as mentioned in s. 289 of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 12 (with ss. 101(1), 201(3), 290, Sch. 11 paras. 22, 26(2), 27)

[^c13527791]: S. 64 repealed (6.3.1992 with effect as mentioned in s. 289 of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 12 (with ss. 101(1), 201(3), 290, Sch. 11 paras. 22, 26(2), 27)

[^c13527821]: S. 67 repealed (31.7.1998 with effect as mentioned in Sch. 27 Pt. III(11) of the repealing Act) by 1998 c. 36, s. 165, Sch. 27 Pt. III(11) note

[^c13528121]: S. 74 repealed (31.7.1998 with effect on 6.4.1998 as mentioned in s. 58(4) of the repealing Act) by 1998 c. 36, s. 165, Sch. 27 Pt. III(9) note

[^c13528131]: S. 76 repealed (29.4.1996 with effect as mentioned in Sch. 41 Pt. V(2) of the repealing Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(2) notes, Pt. V(19)

[^c13528141]: Pt. III Ch. II (ss. 77-89) applied (6.3.1992 with effect as mentioned in s. 289 of the applying Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 120(1), 289, (with ss. 60, 101(1), 171, 201(3))

[^c13528371]: S. 90 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4)(5), Sch. 2.

[^c13528381]: S. 91 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4)(5), Sch. 2.

[^c13528391]: S. 92 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4)(5), Sch. 2.

[^c13528401]: S. 93 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4)(5), Sch. 2.

[^c13528411]: S. 94 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4)(5), Sch. 2.

[^c13528421]: S. 95 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4)(5), Sch. 2.

[^c13528461]: S. 96 repealed (6.3.1992 with effect as mentioned in s. 289 of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 12 (with ss. 101(1), 201(3), 290, Sch. 11 paras. 22, 26(2), 27)

[^c13528481]: S. 97 repealed (6.3.1992 with effect as mentioned in s. 289 of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with ss. 101(1), 201(3), 290, Sch. 11 paras. 22, 26(2), 27)

[^c13528491]: S. 98 repealed (6.3.1992 with effect as mentioned in s. 289 of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with ss. 101(1), 201(3), 290, Sch. 11 paras. 22, 26(2), 27)

[^c13528511]: S. 99 repealed (6.3.1992 with effect as mentioned in s. 289 of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with ss. 101(1), 201(3), 290, Sch. 11 paras. 22, 26(2), 27)

[^c13528521]: S. 100 repealed (6.3.1992 with effect as mentioned in s. 289 of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with ss. 101(1), 201(3), 290, Sch. 11 paras. 22, 26(2), 27)

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Finance Act 1988

Miscellaneous

Building societies: change of status

145

Post-consolidation amendments

146

Interpretation etc

147

Repeals

148

Short title

149

SCHEDULE 1

Part I — Table of Rates of Duty on Wine and Made-Wine

Part II — Beverages of an Alcoholic Strength not Exceeding 5.5 per cent.

1

2

3

4

5

6

7

8

9

10

11

12

13

SCHEDULE 2

Part I

Part II — Vehicles Carrying or Drawing Exceptional Loads

1

2

3

4

5

6

SCHEDULE 3

Part I — Amendments of the Taxes Act 1988

Introductory

1

Commencement of trade etc.

2

Discontinuance of trade etc.

3

Underpayments

4

Additional relief in respect of children

5

6

Widow’s bereavement allowance

7

Blind person’s allowance

8

Life assurance premiums

9

Payments securing annuities

10

Married couples living together

11

Business expansion scheme

12

Qualifying maintenance payments

13

Home loans

14

Loans for shares in employee-controlled company

15

Close company loans

16

Trade unions and employers’ associations

17

Retirement benefit schemes

18

Partnership retirement annuities

19

20

Earned income

21

Total income