Legalize
← Current text · History

Finance Act 1988

Current text a fecha 2003-04-06

Part I — Customs and Excise

Duties of excise: rates

Beer, wine, made-wine and cider

1

and different days may be appointed under paragraph (c) above for different provisions or different purposes.

Valuation of interests in land.

2
1. Cigarettes An amount equal to 21 per cent. of the retail price plus £31.74 per thousand cigarettes.
2. Cigars £48.79 per kilogram.
3. Hand-rolling tobacco £51.48 per kilogram.
4. Other smoking tobacco and chewing tobacco £24.95 per kilogram.

Hydrocarbon oil

3

Cases stated in Northern Ireland.

4

Duties of excise: other provisions

Relief from excise duty on goods imported for testing etc

5

(11A) (1) The Commissioners may by order provide that, in such cases and subject to such exceptions as may be specified in the order, goods imported into the United Kingdom for the sole or main purpose— (a) of being examined, analysed or tested; or (b) of being used to test other goods, shall be relieved from excise duty chargeable on importation; and any such relief may take the form either of an exemption from payment of duty or of a provision whereby the sum payable by way of duty is less than it otherwise would be. (2) An order under this section— (a) may make any relief for which it provides subject to conditions specified in or under the order, including conditions to be complied with after the importation of the goods to which the relief applies; (b) may contain such incidental and supplementary provisions as the Commissioners think necessary or expedient; and (c) may make different provision for different cases. (3) In this section, references to excise duty include any additions to such duty by virtue of section 1 of the Excise Duties (Surcharges or Rebates) Act 1979.

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

6

(8) (1) Where a person proposes to use spirits — (a) in the manufacture or preparation of any article recognised by the Commissioners as being an article used for medical purposes; or (b) for scientific purposes, the Commissioners may, if they think fit and subject to such conditions as they see fit to impose, authorise that person to receive, and permit the delivery from warehouse to that person of, spirits for that use without payment of the duty chargeable thereon. (2) If any person contravenes or fails to comply with any condition imposed under this section then, in addition to any other penalty he may have incurred, he shall be liable on summary conviction to a penalty of level 3 on the standard scale.

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

7

In Schedule 1 to the Alcoholic Liquor Duties Act 1979 (wine and made-wine), in paragraph 1(1) under the heading “Interpretation” (meaning of “sparkling”), for the words “1 bar in excess of atmospheric pressure” there shall be substituted the words “ 1.5 bars in excess of atmospheric pressure ”.

Management

Disclosure of information as to imports

8

Approval and regulation of warehouses

9

(b) of such other goods as the Commissioners may allow to be warehoused— (i) for exportation or for use as stores in cases where relief from or repayment of any customs duty or other payment is conditional on their exportation or use as stores; or (ii) for exportation or for use for a purpose referred to in a Community regulation in cases where payment of an export refund under such a regulation is conditional on their exportation or use for such a purpose,

Power to search persons

10

(2) The officer may require the suspect— (a) to permit such a search of any article which he has with him; and (b) subject to subsection (3) below, to submit to such searches of his person, whether rub-down, strip or intimate, as the officer may consider necessary or expedient; but no such requirement may be imposed under paragraph (b) above without the officer informing the suspect of the effect of subsection (3) below. (3) If the suspect is required to submit to a search of his person, he may require to be taken— (a) except in the case of a rub-down search, before a justice of the peace or a superior of the officer concerned; and (b) in the excepted case, before such a superior; and the justice or superior shall consider the grounds for suspicion and direct accordingly whether the suspect is to submit to the search. (3A) A rub-down or strip search shall not be carried out except by a person of the same sex as the suspect; and an intimate search shall not be carried out except by a suitably qualified person.

(5) In this section— - “intimate search” means any search which involves a physical examination (that is, an examination which is more than simply a visual examination) of a person’s body orifices; - “rub-down search” means any search which is neither an intimate search nor a strip search; - “strip search” means any search which is not an intimate search but which involves the removal of an article of clothing which— (a) is being worn (wholly or partly) on the trunk; and (b) is being so worn either next to the skin or next to an article of underwear; “suitably qualified person” means a registered medical practitioner or a registered nurse. (6) Notwithstanding anything in subsection (4) of section 48 of the Criminal Justice (Scotland) Act 1987 (detention and questioning by customs officers), detention of the suspect under subsection (1) above shall not prevent his subsequent detention under subsection (1) of that section.

Time limits for arrest and proceedings

11

Punishment of offences

12

for the words “2 years” or “two years” there shall be substituted the words “ 7 years ” or “ seven years ”, as appropriate.

(2) A person guilty of an offence under this section shall be liable— (a) on summary conviction, to a penalty of the prescribed sum or of three times the value of the goods, whichever is the greater, or to imprisonment for a term not exceeding 6 months, or to both; or (b) on conviction on indictment, to a penalty of any amount, or to imprisonment for a term not exceeding 7 years, or to both.

(1) If any person, with intent to defraud Her Majesty, obtains or attempts to obtain, or does anything whereby there might be obtained by any person, any amount by way of drawback, allowance, remission or repayment of, or any rebate from, any duty in respect of any goods which— (a) is not lawfully payable or allowable in respect thereof; or (b) is greater than the amount so payable or allowable, he shall be guilty of an offence under this subsection. (1A) If any person, without such intent as is mentioned in subsection (1) above, does any of the things there mentioned, he shall be guilty of an offence under this subsection. (2) A person guilty of an offence under subsection (1) above shall be liable— (a) on summary conviction, to a penalty of the prescribed sum or of three times the value of the goods, whichever is the greater, or to imprisonment for a term not exceeding 6 months, or to both; or (b) on conviction on indictment, to a penalty of any amount, or to imprisonment for a term not exceeding 7 years, or to both; and a person guilty of an offence under subsection (1A) above shall be liable on summary conviction to a penalty of level 3 on the standard scale or three times the amount which was or might have been improperly obtained or allowed, whichever is the greater.

and in subsection (3) of that section, after the words “subsection (1)” there shall be inserted the words “ or (1A) ”.

(aa) in that connection, with intent to deceive, produces or makes use of any book, account, record, return or other document which is false in a material particular, or

(4) In sub-paragraph (3) above, “the maximum term” means two years in the case of an offence under paragraph (a) and seven years in the case of an offence under paragraph (aa) or (b) of that sub-paragraph.

(2A) In sub-paragraph (2) above, “the maximum term” means seven years in the case of an offence under paragraph (a) or (c) and two years in the case of an offence under paragraph (b) of that sub-paragraph.

Part II — Value Added Tax

Exemptions

Medical services and goods

13

(1) The supply of services by a person registered or enrolled in any of the following— (a) the register of medical practitioners or the register of medical practitioners with limited registration; (b) either of the registers of ophthalmic opticians or the register of dispensing opticians kept under the Opticians Act 1958 or either of the lists kept under section 4 of that Act of bodies corporate carrying on business as ophthalmic opticians or as dispensing opticians; (c) any register kept under the Professions Supplementary to Medicine Act 1960; (d) the register of qualified nurses, midwives and health visitors kept under section 10 of the Nurses, Midwives and Health Visitors Act 1979; (e) the register of dispensers of hearing aids or the register of persons employing such dispensers maintained under section 2 of the Hearing Aid Council Act 1968. (2) The supply of any services or dental prostheses by— (a) a person registered in the dentists’ register; (b) a person enrolled in any roll of dental auxiliaries having effect under section 45 of the Dentists Act 1984; or (c) a dental technician.

Administration

Registration

14

(5) Where a person who is not liable to be registered satisfies the Commissioners that he— (a) makes taxable supplies; or (b) is carrying on a business and intends to make such supplies in the course or furtherance of that business, they shall, if he so requests, register him with effect from the day on which the request is made or from such earlier date as may be agreed between them and him. (5A) (1) Where a person who is not liable to be registered satisfies the Commissioners that he— (a) makes supplies within sub-paragraph (2) below; or (b) is carrying on a business and intends to make such supplies in the course or furtherance of that business, and (in either case) is within sub-paragraph (3) below, they shall, if he so requests, register him with effect from the day on which the request is made or from such earlier date as may be agreed between them and him. (2) A supply is within this sub-paragraph if— (a) it is made outside the United Kingdom but would be a taxable supply if made in the United Kingdom; or (b) section 35 of this Act provides that it is to be disregarded for the purposes of this Act, and it would otherwise be a taxable supply. (3) A person is within this sub-paragraph if— (a) he has a business establishment in the United Kingdom or his usual place of residence is in the United Kingdom; and (b) he does not make and does not intend to make taxable supplies. (4) For the purposes of this paragraph— (a) a person carrying on a business through a branch or agency in the United Kingdom shall be treated as having a business establishment in the United Kingdom; and (b) “usual place of residence”, in relation to a body corporate, means the place where it is legally constituted.

(7) A person registered under paragraph 3, 4 or 5 above who ceases to make or have the intention of making taxable supplies shall notify the Commissioners of that fact within thirty days of the day on which he does so. (7A) A person registered under paragraph 5A above who— (a) ceases to make or have the intention of making supplies within sub-paragraph (2) of that paragraph; or (b) makes or forms the intention of making taxable supplies, shall notify the Commissioners of that fact within thirty days of the day on which he does so.

(8A) (1) Where a registered person satisfies the Commissioners that he is not liable to be registered, they shall, if he so requests, cancel his registration with effect from the day on which the request is made or from such later date as may be agreed between them and him. (2) In this paragraph and paragraphs 9 and 10 below, any reference to a registered person includes a reference to a person registered before their coming into force. (9) (1) Where the Commissioners are satisfied that a registered person has ceased to be registrable, they may cancel his registration with effect from the day on which he so ceased or from such later date as may be agreed between them and him. (2) In this paragraph and paragraph 10 below, “registrable” means liable or entitled to be registered. (10) Where the Commissioners are satisfied that on the day on which a registered person was registered he was not registrable, they may cancel his registration with effect from that day.

(11) (1) Notwithstanding the preceding provisions of this Schedule, where a person who makes or intends to make taxable supplies satisfies the Commissioners that any such supply is zero-rated or would be zero-rated if he were a taxable person, they may, if he so requests and they think fit, exempt him from registration until it appears to them that the request should no longer be acted upon or is withdrawn. (2) Where there is a material change in the nature of the supplies made by a person exempted from registration under this paragraph, he shall notify the Commissioners of the change— (a) within thirty days of the date on which it occurred; or (b) if no particular day is identifiable as the day on which it occurred, within thirty days of the end of the quarter in which it occurred. (3) Where there is a material alteration in any quarter in the proportion of taxable supplies of such a person that are zero-rated, he shall notify the Commissioners of the alteration within thirty days of the end of the quarter. (12) The Treasury may by order substitute for any of the sums for the time being specified in this Schedule such greater sums as they think fit.

Assessment of tax due

15

(2) In any case where, for any prescribed accounting period, there has been paid or credited to any person— (a) as being a repayment or refund of tax, or (b) as being due to him under section 14(5) of this Act, an amount which ought not to have been so paid or credited, the Commissioners may assess that amount as being tax due from him for that period and notify it to him accordingly. (2A) An amount— (a) which has been paid to any person as being due to him under section 14(5) of this Act; and (b) which, by reason of the cancellation of that person’s registration under paragraph 9 or 10 of Schedule 1 to this Act, ought not to have been so paid, may be assessed under sub-paragraph (2) above notwithstanding that cancellation.

Civil penalties

Serious misdeclaration or neglect resulting in understatements or overclaims

16

(2) The circumstances referred to in subsection (1) above are that the tax for the period concerned which would have been lost if the inaccuracy had not been discovered— (a) equals or exceeds 30 per cent. of the true amount of tax for that period, or (b) equals or exceeds whichever is the greater of £10,000 and 5 per cent. of the true amount of tax for that period.

(5A) Where— (a) a return for any prescribed accounting period overstates or understates to any extent a person’s liability to tax or his entitlement to a payment under section 14(5) of the principal Act, and (b) that return is corrected, in such circumstances and in accordance with such conditions as may be prescribed, by a return for a later such period which understates or overstates, to the corresponding extent, that liability or entitlement, it shall be assumed for the purposes of subsection (5) above that the statement made by each of those returns is a correct statement for the accounting period to which it relates. (5B) This section shall have effect in relation to a body which is registered and to which section 20 of the principal Act applies as if— (a) any reference to a payment under section 14(5) of that Act included a reference to a refund under the said section 20, and (b) any reference to credit for input tax included a reference to tax chargeable on supplies or importations which were not for the purposes of any business carried on by the body.

Persistent misdeclaration resulting in understatements or overclaims

17

After section 14 of the Finance Act 1985 there shall be inserted—

(14A) (1) In any case where— (a) for a prescribed accounting period (including one beginning before the commencement of this section), a return has been made which understates a person’s liability to tax or overstates his entitlement to a payment under section 14(5) of the principal Act; and (b) the tax for that period which would have been lost if the inaccuracy had not been discovered equals or exceeds whichever is the greater of £100 and 1 per cent. of the true amount of tax for that period, the inaccuracy shall be regarded, subject to subsections (5) and (6) below, as material for the purposes of this section. (2) Subsection (3) below applies in any case where— (a) there is a material inaccuracy in respect of any two prescribed accounting periods; and (b) the last day of the later one of those periods falls on or before the second anniversary of the last day of the earlier one; and (c) after the coming into operation of this section, the Commissioners serve notice on the person concerned (in this section referred to as “a penalty liability notice”) specifying as a penalty period for the purposes of this section a period beginning on the date of the notice and ending on the second anniversary of that date. (3) If there is a material inaccuracy in respect of a prescribed accounting period ending within the penalty period specified in a penalty liability notice served on the person concerned, that person shall be liable to a penalty equal to 15 per cent. of the tax for that period which would have been lost if the inaccuracy had not been discovered. (4) Subsections (4) to (5B) of section 14 above shall apply for the purposes of this section as they apply for the purposes of that section. (5) An inaccuracy shall not be regarded as material for the purposes of this section if— (a) the person concerned satisfies the Commissioners or, on appeal, a value added tax tribunal that there is a reasonable excuse for the inaccuracy; or (b) at a time when he had no reason to believe that enquiries were being made by the Commissioners into his affairs, so far as they relate to tax, the person concerned furnished to the Commissioners full information with respect to the inaccuracy. (6) Where by reason of conduct falling within subsection (1) above— (a) a person is convicted of an offence (whether under the principal Act or otherwise); or (b) a person is assessed to a penalty under section 13 or 14 above, the inaccuracy concerned shall not be regarded as material for the purposes of this section. (7) In any case where subsection (5) or (6) above applies, any penalty liability notice the service of which depended upon the inaccuracy concerned shall be deemed not to have been served.

Failures to notify and unauthorised issue of invoices

18

the amount which is, or the aggregate of the amounts which are— (i) shown on the invoice or invoices as tax, or (ii) to be taken as representing tax.

(3A) For the purposes of subsection (1) above the specified percentage is— (a) 10 per cent. where the relevant tax is given by paragraph (a) or (b) of subsection (3) above and the period referred to in that paragraph does not exceed nine months; (b) 20 per cent. where that tax is so given and the period so referred to exceeds nine months but does not exceed eighteen months; and (c) 30 per cent. in any other case.

that subsection shall apply without the amendment made by subsection (1)(c) above in relation to so much of the assessment as is to be made by reference to that tax.

Breaches of regulatory provisions

19

(1A) Where a person is liable to a penalty under section 17 above for any failure to comply with such a requirement as is referred to in subsection (1)(b) to (e) of that section, no assessment shall be made under this section of the amount due from him by way of such penalty unless, within the period of two years preceding the assessment, the Commissioners have issued him with a written warning of the consequences of a continuing failure to comply with that requirement.

subsection (3) of that section shall apply without the amendments made by subsection (2) above in relation to so much of the assessment as is to be made by reference to those days.

Miscellaneous

Repayment supplement

20

For section 20 of the Finance Act 1985 there shall be substituted—

(20) (1) In any case where— (a) a person is entitled to a payment under section 14(5) of the principal Act, or (b) a body which is registered and to which section 20 of that Act applies is entitled to a refund under that section, and the conditions mentioned in subsection (2) below are satisfied, the amount which, apart from this section, would be due by way of that payment or refund shall be increased by the addition of a supplement equal to 5 per cent. of that amount or £30, whichever is the greater. (2) The said conditions are— (a) that the requisite return or claim is received by the Commissioners not later than one month after the last day on which it is required to be furnished or made, and (b) that a written instruction directing the making of the payment or refund is not issued by the Commissioners within the period of thirty days beginning on the date of the receipt by the Commissioners of that return or claim, and (c) that the amount shown on that return or claim as due by way of payment or refund does not exceed the payment or refund which was in fact due by more than 5 per cent. of that payment or refund or £250, whichever is the greater. (3) Regulations may provide that, in computing the period of thirty days referred to in subsection (2)(b) above, there shall be left out of account periods determined in accordance with the regulations and referable to— (a) the raising and answering of any reasonable inquiry relating to the requisite return or claim, (b) the correction by the Commissioners of any errors or omissions in that return or claim, and (c) in the case of a payment, the following matters, namely— (i) any such continuing failure to submit returns as is referred to in section 14(7) of the principal Act, and (ii) compliance with any such condition as is referred to in paragraph 5(1) of Schedule 7 to that Act (production of documents or giving of security as a condition of payment). (4) Except for the purpose of determining the amount of the supplement— (a) a supplement paid to any person under subsection (1)(a) above shall be treated as an amount due to him by way of credit under section 14(5) of the principal Act, and (b) a supplement paid to any body under subsection (1)(b) above shall be treated as an amount due to it by way of refund under section 20 of that Act. (5) In this section “requisite return or claim” means— (a) in relation to a payment, the return for the prescribed accounting period concerned which is required to be furnished in accordance with regulations under the principal Act, and (b) in relation to a refund, the claim for that refund which is required to be made in accordance with the Commissioners’ determination under section 20 of that Act. (6) Subsection (1)(a) above shall have effect with respect to any prescribed accounting period ending, and subsection (1)(b) above shall have effect with respect to any claim made, on or after such day as the Treasury may by order made by statutory instrument appoint. (7) If the Treasury by order made by statutory instrument so direct, any period specified in the order shall be disregarded for the purpose of calculating the period of thirty days referred to in subsection (2)(b) above.

Set-off of credits

21

the amount referred to in paragraph (a) above shall be set against the sum referred to in paragraph (b) above and, accordingly, to the extent of the set-off, the obligations of the Commissioners and the person concerned shall be discharged.

was in force in relation to that person; or

Invoices provided by recipients of goods or services

22

Where—

the Commissioners may, by notice served on the recipient and on the supplier, elect that the amount of tax understated by the document shall be regarded for all purposes as tax due from the recipient and not from the supplier.

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

Chapter I — General

Tax rates and personal reliefs

Charge and basic rate of income tax for 1988-89

23

Income tax shall be charged for the year 1988-89, and the basic rate of tax shall be 25 per cent.

Higher and additional rates of income tax

24

(b) in respect of so much of an individual’s total income as exceeds £19,300, at such higher rate as Parliament may determine

and section 1(4) (indexation) shall not apply for the year 1988-89.

(2A) The rate at which tax is charged under this section shall be equivalent to the higher rate of income tax for the year of assessment during which the charge arises, reduced by the sum of the basic and additional rates for that year.

Personal reliefs

25

Charge and rate of corporation tax for financial year 1988

26

Corporation tax shall be charged for the financial year 1988 at the rate of 35 per cent.

Corporation tax: small companies

27

Deduction rate for sub-contractors in construction industry

28

Life assurance premium relief

29

Additional relief in respect of children

30

Non-residents' personal reliefs

31

(2A) Notwithstanding subsection (2) above, no relief shall be given under section 257D in a case where the husband is not resident in the United Kingdom.

Married couples

Abolition of aggregation of income

32

Section 279 of the Taxes Act 1988 (which treats the income of a woman living with her husband as his income for income tax purposes) shall not have effect for the year 1990-91 or any subsequent year of assessment.

Personal allowance and married couple’s allowance

33

The Taxes Act 1988 shall have effect for the year 1990-91 and subsequent years of assessment with the substitution of the following sections for section 257—

(257) (1) The claimant shall be entitled to a deduction from his total income of £2,605. (2) If the claimant proves that he is at any time within the year of assessment of the age of 65 or upwards, he shall be entitled to a deduction from his total income of £3,180 (instead of the deduction provided for by subsection (1) above). (3) If the claimant proves that he is at any time within the year of assessment of the age of 80 or upwards, he shall be entitled to a deduction from his total income of £3,310 (instead of the deduction provided for by subsection (1) or (2) above). (4) For the purposes of subsections (2) and (3) above a person who would have been of or over a specified age within the year of assessment if he had not died in the course of it shall be treated as having been of that age within that year. (5) In relation to a claimant whose total income for the year of assessment exceeds £10,600, subsections (2) and (3) above shall apply as if the amounts specified in them were reduced by two-thirds of the excess (but not so as to reduce those amounts below that specified in subsection (1) above). (257A) (1) If the claimant proves that for the whole or any part of the year of assessment he is a married man whose wife is living with him, he shall be entitled to a deduction from his total income of £1,490. (2) If the claimant proves that for the whole or any part of the year of assessment he is a married man whose wife is living with him, and that either of them is at any time within that year of the age of 65 or upwards, he shall be entitled to a deduction from his total income of £1,855 (instead of the deduction provided for by subsection (1) above). (3) If the claimant proves that for the whole or any part of the year of assessment he is a married man whose wife is living with him, and that either of them is at any time within that year of the age of 80 or upwards, he shall be entitled to a deduction from his total income of £1,895 (instead of the deduction provided for by subsection (1) or (2) above). (4) For the purposes of subsections (2) and (3) above a person who would have been of or over a specified age within the year of assessment if he had not died in the course of it shall be treated as having been of that age within that year. (5) In relation to a claimant whose total income for the year of assessment exceeds £10,600, subsections (2) and (3) above shall apply as if the amounts specified in them were reduced by— (a) two-thirds of the excess, less (b) any reduction made in his allowance under section 257 by virtue of subsection (5) of that section, (but not so as to reduce the amounts so specified below the amount specified in subsection (1) above). (6) A man shall not be entitled by virtue of this section to more than one deduction for any year of assessment; and in relation to a claim by a man who becomes married in the year of assessment and has not previously in the year been entitled to relief under this section, this section shall have effect as if the amounts specified in subsections (1) to (3) above were reduced by one twelfth for each month of the year ending before the date of the marriage. In this subsection “month” means a month beginning with the 6th day of a month of the calendar year. (257B) (1) Where — (a) a man is entitled to relief under section 257A, but (b) the amount which he is entitled to deduct from his total income by virtue of that section exceeds what is left of his total income after all other deductions have been made from it, his wife shall be entitled to a deduction from her total income of an amount equal to the excess. (2) In determining for the purposes of subsection (1)(b) above the amount that is left of a person’s total income for a year of assessment after other deductions have been made from it, there shall be disregarded any deduction made— (a) on account of any payments of relevant loan interest which become due in that year and to which section 369 applies, or (b) under section 289. (3) This section shall not apply for a year of assessment unless the claimant’s husband has given to the inspector written notice that it is to apply; and any such notice— (a) shall be given not later than six years after the end of the year of assessment to which it relates, (b) shall be in such form as the Board may determine, and (c) shall be irrevocable. (257C) (1) If the retail prices index for the month of December preceding a year of assessment is higher than it was for the previous December, then, unless Parliament otherwise determines, sections 257 and 257A shall apply for that year as if for each amount specified in them as they applied for the previous year (whether by virtue of this section or otherwise) there were substituted an amount arrived at by increasing the amount for the previous year by the same percentage as the percentage increase in the retail prices index, and— (a) if in the case of an amount specified in sections 257(5) and 257A(5) the result is not a multiple of £100, rounding it up to the nearest amount which is such a multiple; (b) if in the case of any other amount the increase is not a multiple of £10, rounding the increase up to the nearest amount which is such a multiple. (2) Subsection (1) above shall not require any change to be made in the amounts deductible or repayable under section 203 between the beginning of a year of assessment and 5th May in that year. (3) The Treasury shall in each year of assessment make an order specifying the amounts which by virtue of subsection (1) above will be treated as specified for the following year of assessment in sections 257 and 257A. (4) This section shall have effect in relation to reliefs for the year 1990-91 (as well as for later years); and for that purpose it shall be assumed that sections 257 and 257A applied for the year 1989-90 as they apply, apart from this section, for the year 1990-91. (257D) (1) Where— (a) a husband and wife are living together for the whole or any part of the year 1990-91 and section 279 (but not section 287) applied in relation to them for the whole or any part of the year 1989-90, and (b) the deductions which the husband was entitled to make from his total income for the year 1989-90 under this Chapter exceed the aggregate mentioned in subsection (2) below, the wife shall be entitled to a deduction from her total income for the year 1990-91 of an amount equal to the excess. (2) The aggregate referred to in subsection (1) above is the aggregate of— (a) the husband’s total income for the year 1990-91, and (b) the deductions which the wife is entitled to make from her total income for that year under this Chapter (apart from this section). (3) Where— (a) a husband and wife are living together for the whole or any part of the year 1990-91 and for part of the year 1989-90 but section 279 did not apply in relation to them for any part of the year 1989-90, and (b) the deductions which the husband was entitled to make from his total income for the year 1989-90 under this Chapter, apart from section 257(6), exceed his total income for the year 1990-91, then, subject to subsection (4) below, the wife shall be entitled to a deduction from her total income for the year 1990-91 of an amount equal to the excess. (4) If the deductions which the wife is entitled to make from her total income for the year 1990-91 under this Chapter (apart from this section) exceed the lesser of— (a) her total income for the year 1989-90, and (b) the deductions which she was entitled to make from her total income for that year under this Chapter, apart from section 259, section 262 and section 280, the deduction provided for by subsection (3) above shall be reduced by an amount equal to the excess. (5) Where— (a) a husband and wife are living together for the whole or any part of the year 1991-92 or any subsequent year of assessment (“the year in question”), and (b) they were also living together throughout the immediately preceding year of assessment and the wife made a deduction from her total income for that year under this section, and (c) the deductions which the wife is entitled to make from her total income under this Chapter (apart from this section) are either no greater for the year in question than for the immediately preceding year, or greater by a margin which does not exceed the deduction referred to in paragraph (b) above, and (d) the deductions which the husband is entitled to make from his total income for the year in question under this Chapter, apart from section 257A and section 265, exceed his total income for that year, the wife shall be entitled to a deduction from her total income for that year. (6) The amount of that deduction shall be equal to— (a) the deduction referred to in subsection (5)(b) above, reduced where applicable by an amount equal to the margin referred to in subsection (5)(c), or (b) the excess referred to in subsection (5)(d), whichever is less. (7) In determining for the purposes of subsection (5)(b) above whether the wife made a deduction from her total income for the immediately preceding year of assessment under this section, and the amount of any such deduction, it shall be assumed that a deduction under this section is made after all other deductions (except any deduction under section 289). (8) In determining for the purposes of this section a person’s total income for a year of assessment there shall be disregarded any deduction made— (a) on account of any payments of relevant loan interest which become due in that year and to which section 369 applies, or (b) under this Chapter or under section 289; and in determining for the purposes of subsection (1)(b) above the deductions which a man was entitled to make under this Chapter for the year 1989-90, any application under section 283 shall be disregarded. (9) This section shall not apply for a year of assessment unless the claimant’s husband has given to the inspector written notice that it is to apply; and any such notice— (a) shall be given not later than six years after the end of the year of assessment to which it relates, (b) shall be in such form as the Board may determine, and (c) shall be irrevocable. (10) A notice given under subsection (9) above in relation to a year of assessment shall have effect also as a notice under section 257B(3) (and, where it is relevant, under section 265(5)). (257E) (1) This section shall apply in relation to a claimant for any year of assessment for the whole or any part of which he has his wife living with him if he proves— (a) that for the year 1989-90 he was entitled to relief by virtue of section 257(2)(a) of this Act (as it had effect for that year) and that his entitlement was due to her age and not to his (he being under the age of 65 throughout that year), or (b) that for the year 1989-90 he was entitled to relief by virtue of section 257(3)(a) of this Act (as it had effect for that year) and that his entitlement was due to her age and not to his (he being under the age of 80 throughout that year), and, in either case, that the amount of that relief exceeded the aggregate amount of any relief to which he would be entitled for the year 1990-91 under sections 257 and 257A (apart from this section). (2) Where this section applies, section 257 shall have effect— (a) in a case within subsection (1)(a) above, as if for the amount specified in subsection (1) of that section there were substituted £3,180, and (b) in a case within subsection (1)(b) above, as if for the amounts specified in subsections (1) and (2) of that section there were substituted £3,310. (3) Section 257(5) shall have effect in relation to section 257(1) as modified by this section as it has effect in relation to section 257(2) and (3); and in all cases the reference in section 257(5) to the amount specified in section 257(1) is a reference to the amount specified apart from this section. (4) The references in section 257C to the amounts specified in section 257 are references to the amounts specified apart from this section. (5) In determining for the purposes of this section the amount of any reliefs to which a person was entitled for the year 1989-90, any application under section 283 shall be disregarded. (257F) If the claimant proves— (a) that he and his wife ceased to live together before 6th April 1990 but that ever since they ceased to live together they have continued to be married to one another and she has been wholly maintained by him, and (b) that he is not entitled to make any deduction in respect of the sums paid for her maintenance in computing for income tax purposes the amount of his income for the year to which the claim relates, and (c) that he was entitled to a deduction for the year 1989-90 by virtue of section 257(1)(a) of this Act (as it had effect for that year) and, if the claim relates to a year later than 1990-91, that he has been entitled by virtue of this section to a deduction under section 257A for each intervening year, sections 257A and 257E (but not section 257B or section 257D) shall have effect for the year to which the claim relates as if his wife were living with him.

Jointly held property

34

The Taxes Act 1988 shall have effect for the year 1990-91 and subsequent years of assessment with the insertion of the following sections after section 282—

(282A) (1) Subject to the following provisions of this section, income arising from property held in the names of a husband and his wife shall for the purposes of income tax be regarded as income to which they are beneficially entitled in equal shares. (2) Subsection (1) above shall not apply to income to which neither the husband nor the wife is beneficially entitled. (3) Subsection (1) above shall not apply to income— (a) to which either the husband or the wife is beneficially entitled to the exclusion of the other, or (b) to which they are beneficially entitled in unequal shares, if a declaration relating to it has effect under section 282B. (4) Subsection (1) above shall not apply to— (a) earned income, or (b) income which is not earned income but to which section 111 applies. (5) Subsection (1) above shall not apply to income to which the husband or the wife is beneficially entitled if or to the extent that it is treated by virtue of any other provision of the Income Tax Acts as the income of the other of them or of a third party. (6) References in this section to a husband and his wife are references to a husband and wife living together. (282B) (1) The declaration referred to in section 282A (3) is a declaration by both the husband and the wife of their beneficial interests in— (a) the income to which the declaration relates, and (b) the property from which that income arises. (2) Subject to the following subsections, a declaration shall have effect under this section in relation to income arising on or after the date of the declaration; but a declaration made before 6th June 1990 shall also have effect in relation to income arising before that date. (3) A declaration shall not have effect under this section unless notice of it is given to the inspector, in such form and manner as the Board may prescribe, within the period of 60 days beginning with the date of the declaration. (4) A declaration shall not have effect under this section in relation to income from property if the beneficial interests of the husband and the wife in the property itself do not correspond to their beneficial interests in the income. (5) A declaration having effect under this section shall continue to have effect unless and until the beneficial interests of the husband and wife in either the income to which it relates, or the property from which the income arises, cease to accord with the declaration.

Minor and consequential provisions

35

Schedule 3 to this Act (which makes provision consequential on sections 32 and 33 above and other minor amendments relating to the treatment for income tax purposes of husbands, wives, widowers and widows) shall have effect.

Annual payments

Annual payments

36

(347A) (1) A payment to which this section applies shall not be a charge on the income of the person liable to make it, and accordingly— (a) his income shall be computed without any deduction being made on account of the payment, and (b) the payment shall not form part of the income of the person to whom it is made or of any other person. (2) This section applies to any annual payment made by an individual which would otherwise be within the charge to tax under Case III of Schedule D except— (a) a payment of interest; (b) a covenanted payment to charity (within the meaning given by section 660(3)); (c) a payment made for bona fide commercial reasons in connection with the individual’s trade, profession or vocation; and (d) a payment to which section 125(1) applies. (3) This section applies to a payment made by personal representatives (within the meaning given in section 701(4)) where— (a) the deceased would have been liable to make the payment if he had not died, and (b) this section would have applied to the payment if he had made it. (4) A maintenance payment arising outside the United Kingdom shall not be within the charge to tax under Case V of Schedule D if, because of this section, it would not have been within the charge to tax under Case III had it arisen in the United Kingdom; and for this purpose “maintenance payment” means a periodical payment (not being an instalment of a lump sum) which satisfies the conditions set out in paragraphs (a) and (b) of section 347B(5). (5) No deduction shall be made under section 65(1)(b) on account of an annuity or other annual payment which would not have been within the charge to tax under Case III of Schedule D if it had arisen in the United Kingdom. (6) References in subsection (2) above to an individual include references to a Scottish partnership in which at least one partner is an individual. (347B) (1) In this section “qualifying maintenance payment” means a periodical payment which— (a) is made under an order made by a court in the United Kingdom, or under a written agreement the proper law of which is the law of a part of the United Kingdom, (b) is made by one of the parties to a marriage (including a marriage which has been dissolved or annulled) either— (i) to or for the benefit of the other party and for the maintenance of the other party, or (ii) to the other party for the maintenance by the other party of any child of the family, (c) is due at a time when— (i) the two parties are not a married couple living together, and (ii) the party to whom or for whose benefit the payment is made has not remarried, and (d) is not a payment in respect of which relief from tax is available to the person making the payment under any provision of the Income Tax Acts other than this section. (2) Notwithstanding section 347A(1)(a) but subject to subsections (3) and (4) below, a person making a claim for the purpose shall be entitled, in computing his total income for a year of assessment, to deduct an amount equal to the aggregate amount of any qualifying maintenance payments made by him which fall due in that year. (3) The amount which may be deducted under this section by a person in computing his total income for a year of assessment shall not exceed the amount of the difference between the higher (married person’s) relief and the lower (single person’s) relief under subsection (1) of section 257 as it applies for the year to a person not falling within subsection (2) or (3) of that section. (4) Where qualifying maintenance payments falling due in a year of assessment are made by a person who also makes other maintenance payments attracting relief for that year, subsection (3) above shall apply as if the limit imposed by it were reduced by an amount equal to the aggregate amount of those other payments. (5) The reference in subsection (4) above to other maintenance payments attracting relief for a year is a reference to periodical payments which— (a) are made under an order made by a court (whether in the United Kingdom or elsewhere) or under a written or oral agreement, and (b) are made by a person— (i) as one of the parties to a marriage (including a marriage which has been dissolved or annulled) to or for the benefit of the other party to the marriage and for the maintenance of the other party, or (ii) to any person under 21 years of age for his own benefit, maintenance or education, or (iii) to any person for the benefit, maintenance or education of a person under 21 years of age, and in respect of which the person making them is entitled otherwise than under this section to make a deduction in computing his income for the year. (6) The reference in subsection (1) above to a married couple living together shall be construed in accordance with section 282(1), but section 282(2) shall not apply for the purposes of this section. (7) In this section— - “child of the family”, in relation to the parties to a marriage, means a person under 21 years of age— (a) who is a child of both those parties, or (b) who (not being a person who has been boarded out with them by a public authority or voluntary organisation) has been treated by both of them as a child of their family; “periodical payment” does not include an instalment of a lump sum.

(51A) (1) A payment to which this section applies shall not be a charge on the income of the person liable to make it, and accordingly— (a) his income shall be computed without any deduction being made on account of the payment, and (b) the payment shall not form part of the income of the person to whom it is made or of any other person. (2) This section applies to any annual payment made by an individual which would otherwise be within the charge to tax under Case III of Schedule D except— (a) a payment of interest; (b) a covenanted payment to charity (within the meaning given by section 434(2) below); (c) a payment made for bona fide commercial reasons in connection with the individual’s trade, profession or vocation; and (d) a payment to which section 48(1) of the Finance Act 1977 applies. (3) This section applies to a payment made by personal representatives (within the meaning given in section 432(4) below) where— (a) the deceased would have been liable to make the payment if he had not died, and (b) this section would have applied to the payment if he had made it. (4) A maintenance payment arising outside the United Kingdom shall not be within the charge to tax under Case V of Schedule D if, because of this section, it would not have been within the charge to tax under Case III had it arisen in the United Kingdom; and for this purpose “maintenance payment” means a periodical payment (not being an instalment of a lump sum) which satisfies the conditions set out in paragraphs (a) and (b) of section 51B(5) below. (5) No deduction shall be made under section 122(1)(b) below on account of an annuity or other annual payment which would not have been within the charge to tax under Case III of Schedule D if it had arisen in the United Kingdom. (6) References in subsection (2) above to an individual include references to a Scottish partnership in which at least one partner is an individual. (51B) (1) In this section “qualifying maintenance payment” means a periodical payment which— (a) is made under an order made by a court in the United Kingdom, or under a written agreement the proper law of which is the law of a part of the United Kingdom, (b) is made by one of the parties to a marriage (including a marriage which has been dissolved or annulled) either— (i) to or for the benefit of the other party and for the maintenance of the other party, or (ii) to the other party for the maintenance by the other party of any child of the family, (c) is due at a time when— (i) the two parties are not a married couple living together, and (ii) the party to whom or for whose benefit the payment is made has not remarried, and (d) is not a payment in respect of which relief from tax is available to the person making the payment under any provision of the Income Tax Acts other than this section. (2) Notwithstanding section 51A(1)(a) above but subject to subsections (3) and (4) below, a person making a claim for the purpose shall be entitled, in computing his total income for the year 1987-88, to deduct an amount equal to the aggregate amount of any qualifying maintenance payments made by him which fall due in that year. (3) The amount which may be deducted under this section by a person in computing his total income for the year 1987-88 shall not exceed £1,370. (4) Where qualifying maintenance payments falling due in the year 1987-88 are made by a person who also makes other maintenance payments attracting relief for that year, subsection (3) above shall apply as if the limit imposed by it were reduced by an amount equal to the aggregate amount of those other payments. (5) The reference in subsection (4) above to other maintenance payments attracting relief for the year 1987-88 is a reference to periodical payments which— (a) are made under an order made by a court (whether in the United Kingdom or elsewhere) or under a written or oral agreement, and (b) are made by a person— (i) as one of the parties to a marriage (including a marriage which has been dissolved or annulled) to or for the benefit of the other party to the marriage and for the maintenance of the other party, or (ii) to any person under 21 years of age for his own benefit, maintenance or education, or (iii) to any person for the benefit, maintenance or education of a person under 21 years of age, and in respect of which the person making them is entitled otherwise than under this section to make a deduction in computing his income for the year. (6) The reference in subsection (1) above to a married couple living together shall be construed in accordance with section 42(1) above, but section 42(2) above shall not apply for the purposes of this section. (7) In this section— - “child of the family”, in relation to the parties to a marriage, means a person under 21 years of age— (a) who is a child of both those parties, or (b) who (not being a person who has been boarded out with them by a public authority or voluntary organisation) has been treated by both of them as a child of their family; “periodical payment” does not include an instalment of a lump sum.

but subject to subsection (5) below.

Maintenance payments under existing obligations: 1988-89

37

Maintenance payments under existing obligations: 1989-90 onwards

38

Maintenance payments under existing obligations: election for new rules

39

Provisions supplementary to sections 37 to 39

40

Relief for interest

Qualifying maximum for loans

41

For the year 1988-89 the qualifying maximum defined in section 367(5) of the Taxes Act 1988 (limit on relief for interest on certain loans) shall be £30,000.

Home loans: restriction of relief

42

Home improvement loans

43

Loans for residence of dependent relative etc

44

Benefits in kind

Car benefits

45

Tables of Flat Rate Cash Equivalents

Cylinder capacity of car in cubic centimetres Age of car at end of relevant year of assessment Age of car at end of relevant year of assessment
Under 4 years 4 years or more
1400 or less £1,050 £700
More than 1400 but not more than 2000 £1,400 £940
More than 2000 £2,200 £1,450
Original market value of car Age of car at end of relevant year of assessment Age of car at end of relevant year of assessment
--- --- ---
Under 4 years 4 years or more
Less than £6,000 £1,050 £700
£6,000 or more but less than £8,500 £1,400 £940
£8,500 or more but not more than £19,250 £2,200 £1,450
Original market value of car Age of car at end of relevant year of assessment Age of car at end of relevant year of assessment
--- --- ---
Under 4 years 4 years or more
More than £19,250 but not more than £29,000 £2,900 £1,940
More than £29,000 £4,600 £3,060

Car parking facilities

46

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

Entertainment: non-cash vouchers

47

Entertainment: credit-tokens

48

Entertainment of directors and higher-paid employees

49

Business expansion scheme

Private rented housing

50

Restriction of relief

51

(290A) (1) Where— (a) a company raises any amount through the issue of eligible shares after 15th March 1988; and (b) the aggregate of that amount and of all other amounts (if any) so raised within the period mentioned in subsection (2) below exceeds £500,000, the relief shall not be given in respect of the excess. (2) The period referred to in subsection (1) above is— (a) the period of 6 months ending with the date of the issue of the shares; or (b) the period beginning with the preceding 6th April and ending with the date of that issue, whichever is the longer. (3) In determining the aggregate mentioned in subsection (1) above, no account shall be taken of any amount— (a) which is subscribed by a person other than an individual who qualifies for relief; or (b) as respects which relief is precluded by section 290 or this section. (4) Where— (a) at any time within the relevant period, the company in question or any of its subsidiaries carries on any trade or part of a trade in partnership, or as a party to a joint venture, with one or more other persons; and (b) that other person, or at least one of those other persons, is a company, the reference to £500,000 in subsection (1) above shall have effect as if it were a reference to— $$£500,000 1+A,$where A is the total number of companies (apart from the company in question or any of its subsidiaries) which, during the relevant period, are members of any such partnership or parties to any such joint venture.$ (5) Where this section precludes the giving of relief on claims in respect of shares issued to two or more individuals, the available relief shall be divided between them in proportion to the amounts which have been respectively subscribed by them for the shares to which their claims relate and which would, apart from this section, be eligible for relief. (6) Where— (a) in the case of a company falling within subsection (2)(a) of section 293, the qualifying trade or each of the qualifying trades is a trade to which subsection (7) below applies; (b) in the case of a company falling within subsection (2)(b)(i) of that section, the subsidiary or each of the subsidiaries is a dormant subsidiary or exists wholly, or substantially wholly, for the purpose of carrying on one or more qualifying trades which or each of which is a trade to which subsection (7) below applies; or (c) in the case of a company falling within subsection (2)(b)(ii) of that section, the requirements mentioned in each of paragraphs (a) and (b) above are satisfied, subsections (1) and (4) above shall have effect as if for the amount there specified there were substituted £5 million. (7) This subsection applies to a trade if it consists, wholly or substantially wholly, of operating or letting ships, other than oil rigs or pleasure craft, and— (a) every ship operated or let by the company carrying on the trade is beneficially owned by the company; (b) every ship beneficially owned by the company is registered in the United Kingdom; (c) throughout the relevant period the company is solely responsible for arranging the marketing of the services of its ships; and (d) the conditions mentioned in section 297(7) are satisfied in relation to every letting by the company. (8) Where— (a) any of the requirements mentioned in paragraphs (a) to (c) of subsection (7) above are not satisfied in relation to any ships; or (b) any of the conditions referred to in paragraph (d) of that subsection are not satisfied in relation to any lettings, the trade shall not thereby be precluded from being a trade to which that subsection applies if the operation or letting of those ships, or, as the case may be, those lettings do not amount to a substantial part of the trade. (9) The Treasury may by order amend any of the foregoing provisions of this section by substituting a different amount for the amount for the time being specified there. (10) Where— (a) the issue of the eligible shares is made in pursuance of a prospectus published, or an offer in writing made, before 15th March 1988; (b) the shares are issued after that date and before 6th April 1988; and (c) subsection (6) above does not apply, subsections (1) and (4) above shall have effect as if for the amount there specified there were substituted £1 million. (11) In this section— - “let” means let on charter and “letting” shall be construed accordingly; - “oil rig” and “pleasure craft” have the same meanings as in section 297; - “prospectus” has the meaning given by section 744 of the Companies Act 1985 or Article 2(3) of the Companies (Northern Ireland) Order 1986.

Valuation of interests in land

52

(5A) For the purposes of this section, the value of an interest in any building or other land shall be adjusted by deducting the market value of any machinery or plant which is so installed or otherwise fixed in or to the building or other land as to become, in law, part of it.

Approved investment funds

53

(2A) Subsection (2B) below applies where an individual claims relief in respect of eligible shares in a company and— (a) the shares have been issued to the managers of an approved fund as nominee for the individual; (b) the fund has closed, that is to say, no further investments in the fund are to be accepted; and (c) the amounts which the managers have, as nominee for the individual, subscribed for eligible shares issued within six months after the closing of the fund represent not less than 90 per cent. of his investment in the fund; and in this section “the managers of an approved fund” means the person or persons having the management of an investment fund approved for the purposes of this section by the Board. (2B) In any case where this subsection applies, subsections (5) to (7) of section 289 and subsections (1) to (3) and (6) of section 304 shall have effect as if— (a) any reference to the year of assessment or other period in which the shares are issued were a reference to the year of assessment or other period in which the fund closes; and (b) any reference to the time of the issue of the shares, or the time of the subscription for the shares, were a reference to the time of the closing of the fund. (3) Section 290(1) shall not apply where the amount is subscribed as nominee for an individual by the managers of an approved fund.

Pensions etc.

Personal pension schemes: commencement

54

Personal pension schemes: other amendments

55

(7) The Board shall not approve a personal pension scheme which permits the acceptance of minimum contributions paid as mentioned in subsection (6)(c) above in respect of an individual’s service as director of a company, if his emoluments as such are within section 644(5). (8) A personal pension scheme which permits the acceptance of minimum contributions paid as mentioned in subsection (6)(c) above in respect of an individual’s service in an office or employment to which section 645 applies may be approved by the Board only if— (a) the scheme does not permit the acceptance of contributions from the individual or from the person who is his employer in relation to that office or employment; or (b) at the time when the minimum contributions are paid the individual is not serving in an office or employment to which section 645 applies.

(c) is not income arising under a trust established for charitable purposes only or income from investments, deposits or other property held— (i) for the purposes of a fund or scheme established for the sole purpose of providing relevant benefits within the meaning of section 612; or (ii) for the purposes of a personal pension scheme (within the meaning of section 630) which makes provision only for benefits such as are mentioned in section 633; and

Occupational pension schemes

56

In Schedule 23 to the Taxes Act 1988 (which alters the rules of schemes approved before 23rd July 1987) the following sub-paragraphs shall be substituted for sub-paragraph (2) of paragraph 1—

(2) The Board may by regulations provide that, in circumstances prescribed in the regulations, this Schedule or any provision of it shall not apply or shall apply with such modifications as may be so prescribed. (2A) Regulations under sub-paragraph (2) above— (a) may include provision authorising the Board to direct that this Schedule or any provision of it shall not apply in any particular case where in the opinion of the Board the facts are such that its application would not be appropriate; (b) may take effect (and may authorise any direction given under them to take effect) as from 17th March 1987 or any later date; (c) may make such supplementary provision as appears to the Board to be necessary or expedient.

Lump sum benefits paid otherwise than on retirement

57

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

Underwriters

Assessment and collection

58

(2) The aggregate for any year of assessment of— (a) the profits or gains arising to a member from his underwriting business; and (b) the profits or gains arising to him from assets forming part of a premiums trust fund, shall be chargeable to tax under Case I of Schedule D; but nothing in this subsection shall affect the manner in which the amount of those profits or gains is to be computed. (2A) Schedule 19A shall have effect with respect to the assessment and collection of tax charged under Case I of Schedule D in accordance with this section.

(2) Schedule 16A to this Act shall have effect with respect to the assessment and collection of tax charged under Case I of Schedule D in accordance with Schedule 16 to this Act.

Reinsurance: general

59

(b) any insurance money payable to him under that insurance in respect of a loss shall be taken into account as a trading receipt in computing those profits or gains for the year of assessment which corresponds to the underwriting year in which the loss arose;

Reinsurance to close

60

(5) Subsection (5A) below applies where— (a) in accordance with the rules or practice of Lloyd’s and in consideration of the payment of a premium, one member agrees with another to meet liabilities arising from the latter’s business for an underwriting year so that the accounts of the business for that year may be closed; and (b) the member by whom the premium is payable is a continuing member, that is, a member not only of the syndicate as a member of which he is liable to pay the premium (“the reinsured syndicate”) but also of the syndicate as a member of which the other member is entitled to receive it (“the reinsurer syndicate”). (5A) In any case where this subsection applies— (a) in computing for the purposes of income tax the profits or gains of the continuing member’s business as a member of the reinsured syndicate, the amount of the premium shall be deductible as an expense of his only to the extent that it is shown not to exceed a fair and reasonable assessment of the value of the liabilities in respect of which it is payable; and (b) in computing for those purposes the profits or gains of his business as a member of the reinsurer syndicate, those profits or gains shall be reduced by an amount equal to any part of a premium which, by virtue of paragraph (a) above, is not deductible as an expense of his as a member of the reinsured syndicate; and the assessment referred to above shall be taken to be fair and reasonable only if it is arrived at with a view to producing the result that a profit does not accrue to the member to whom the premium is payable but that he does not suffer a loss.

Minor and consequential amendments

61

(a) for the assessment and collection of tax charged in accordance with section 450 (so far as not provided for by Schedule 19A); (aa) for making, in the event of any changes in the rules or practice of Lloyd’s, such amendments of that Schedule as appear to the Board to be expedient having regard to those changes;

(1A) Regulations under subsection (1) above may make provision with respect to the year of assessment next but one preceding the year of assessment in which they are made.

; and

(a) for the assessment and collection of tax charged in accordance with the preceding provisions of this Schedule (so far as not provided for by Schedule 16A to this Act); (aa) for making, in the event of any changes in the rules or practice of Lloyd’s, such amendments of that Schedule as appear to the Board to be expedient having regard to those changes;

(1A) Regulations under this paragraph may make provision with respect to the year of assessment next but one preceding the year of assessment in which they are made.

Oil licences

Disposals of oil licences relating to undeveloped areas

62

Allowance of certain drilling expenditure etc. in determining chargeable gains

63

Interpretation of sections 62 and 63

64

Miscellaneous

Commercial woodlands

65

Schedule 6 to this Act (which abolishes the charge to tax under Schedule B and makes other provision with respect to the occupation of commercial woodlands) shall have effect.

Company residence

66

shall be regarded as continuing to be resident in the United Kingdom if it was so regarded for those purposes immediately before it ceased to carry on business or, as the case may be, before any of its activities came under the control of a person exercising functions which, in the United Kingdom, would be exercisable by a liquidator.

Seafarers: foreign earnings

67

Priority share allocations for employees etc

68

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

Share options: loans

69

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

Charities: payroll deduction scheme

70

Unit trusts: relief on certain payments

71

Section 469 of the Taxes Act 1988 (taxation of unauthorised and certain other unit trusts) shall have effect, and shall be deemed always to have had effect, with the insertion of the following subsections after subsection (5)—

(5A) Subsection (5B) below applies where for any year of assessment— (a) the trustees are (or, apart from this subsection, would be) chargeable under section 350 with tax on payments treated as made by them under subsection (3) above, and (b) there is an uncredited surplus in the case of the scheme. (5B) Where this subsection applies, the amount on which the trustees would otherwise be so chargeable shall be reduced— (a) if the surplus is greater than that amount, to nil, or (b) if it is not, by an amount equal to the surplus. (5C) For the purposes of subsections (5A) and (5B) above whether there is an uncredited surplus for a year of assessment in the case of a scheme (and, if so, its amount) shall be ascertained by— (a) determining, for each earlier year of assessment in which the income on which the trustees were chargeable to tax by virtue of subsection (2) above exceeded the amount treated by subsection (3) above as annual payments received by the unit holders, the amount of the excess, (b) aggregating the amounts determined in the case of the scheme under paragraph (a) above, and (c) deducting from that aggregate the total of any reductions made in the case of the scheme under subsection (5B) above for earlier years of assessment. (5D) The references in subsection (5C)(a) above to subsections (2) and (3) above include references to subsections (2) and (3) of section 354A of the 1970 Act.

Entertainment of overseas customers

72

Consideration for certain restrictive undertakings

73

Payments on termination of office or employment etc

74

Premiums for leases etc

75

Sections 39(3) and 780(5) of, and Schedule 2 to, the Taxes Act 1988 (top-slicing relief where premiums for leases etc. chargeable to income tax) shall not have effect for the year 1988-89 or any subsequent year of assessment.

Foreign dividends etc., quoted Eurobonds and recognised clearing systems

76

chapter II — Unapproved Employee Share Schemes

Preliminary

Scope of Chapter

77

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

Charges to tax

Charge where restrictions removed etc

78

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

Charge for shares in dependent subsidiaries

79

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

Charge on special benefits

80

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

Miscellaneous

Changes in interest

81

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

Company reorganisations etc

82

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

Connected persons etc

83

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

Capital gains tax

84

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

Information

85

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

Supplementary

Meaning of “dependent subsidiary”

86

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

Other interpretation provisions

87

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

Transitional provisions

88

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

Consequential amendments

89

In relation to acquisitions of shares or interests in shares on or after 26th October 1987—

there shall be substituted the words “ section 78 or 79 of the Finance Act 1988 in respect of the shares ”.

chapter III — Capital Allowances

Buildings or structures sold by exempt bodies

90

Sales without change of control

91

Successions to trades between connected persons

92

Safety at sports grounds

93

Quarantine premises

94

Dwelling-houses let on assured tenancies

95

chapter IV — Capital Gains

Re-basing to 1982

Assets held on 31st March 1982

96

Deferred charges on gains before 31st March 1982

97

Unification of rates of tax on income and capital gains

Rates of capital gains tax

98

Husband and wife

99

Accumulation and discretionary settlements

100

Underwriters

101

Other special cases

102

Commencement of sections 98 to 102

103

Married couples

Married couples

104

Company migration

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

105

Deemed disposal of assets on company ceasing to be liable to U.K. tax

106

Postponement of charge on deemed disposal

107

Miscellaneous

Annual exempt amount for 1988-89

108

Gains arising from certain settled property

109

Retirement relief

110

Dependent relative’s residence

111

Roll-over relief

112

Indexation: building societies etc

113

Indexation: groups and associated companies

114

Transfers within a group

115

Personal equity plans

116

Definition of “investment trust”

117

(aa) that the company is resident in the United Kingdom; and

(c) that the shares making up the company’s ordinary share capital (or, if there are such shares of more than one class, those of each class) are quoted on the Stock Exchange; and

; and

(1A) For the purposes of paragraph (b) of subsection (1) above and the other provisions of this section having effect in relation to that paragraph— (a) holdings in companies which are members of a group (whether or not including the investing company) and are not excluded from that paragraph shall be treated as holdings in a single company; and (b) where the investing company is a member of a group, money owed to it by another member of the group shall be treated as a security of the latter held by the investing company and accordingly as, or as part of, the holding of the investing company in the company owing the money; and for the purposes of this subsection “group” means a company and all companies which are its 51 per cent. subsidiaries.

(4) Subsections (1A) to (3) of section 842 of the Income and Corporation Taxes Act 1988 apply for the purposes of subsection (2)(b) above as for those of subsection (1)(b) of that section.

;and for Article 274(4) of the Companies (Northern Ireland) Order 1986 there shall be substituted—

(4) Subsections (1A) to (3) of section 842 of the Income and Corporation Taxes Act 1988 apply for the purposes of paragraph (2)(b) as for those of subsection (1)(b) of that section.

Amendments of Finance Act 1985 s.68

118

chapter V — Management

Assessment

Current year assessments

119

(c) where income tax is charged for a year of assessment in respect of income arising in that year, the inspector may make an assessment during that year to the best of his judgment, by reference to actual income or estimated income (whether from any particular source or generally) or partly by reference to one and partly by reference to the other.

(1A) Where an assessment is made by virtue of subsection (1)(c) above, any necessary adjustments shall be made after the end of the year (whether by way of assessment, repayment of tax or otherwise) to secure that tax is charged in respect of income actually arising in the year.

Returns of income and gains

Notice of liability to income tax

120

(7) (1) Every person who is chargeable to income tax for any year of assessment and has neither— (a) delivered a return of his profits or gains or his total income for that year, nor (b) received a notice under section 8 of this Act requiring such a return, shall, subject to subsections (2) to (5) below, within twelve months from the end of that year, give notice to the inspector that he is so chargeable, specifying each separate source of income. (2) A source of income is excluded for the purposes of subsection (1) above in relation to any year of assessment if— (a) all payments of, or on account of, income from it during that year, and (b) all income from it for that year which does not consist of payments, have or has been taken into account in the making of deductions or repayments of tax under section 203 of the principal Act. (3) A source of income is excluded for the purposes of subsection (1) above in relation to any person and any year of assessment if all income from it for that year has been assessed or has been taken into account— (a) in determining that person’s liability to tax, or (b) in the making of deductions or repayments of tax under section 203 of the principal Act. (4) A source of income is excluded for the purposes of subsection (1) above in relation to any person and any year of assessment if all income from it for that year is— (a) income from which income tax has been deducted; (b) income from or on which income tax is treated as having been deducted or paid (not being income consisting of a payment to which section 559 of the principal Act applies); or (c) income chargeable under Schedule F, and that person is not for that year liable to tax at a rate other than basic rate. (5) A person shall not be required to give notice under subsection (1) above in respect of a year of assessment if and to the extent that his total income for that year consists of income from sources— (a) which are excluded under subsections (2) to (4) above, or (b) in respect of income from which he could not become liable to tax under assessments made more than twelve months after the end of that year. (6) If any person, for any year of assessment, fails to comply with subsection (1) above as respects any source of income, he shall be liable to a penalty not exceeding the amount of the tax for which he is liable, in respect of income from that source for that year, under assessments made more than twelve months after the end of that year. (7) In the case of a partner, the reference in subsection (6) above to the tax for which he is liable in respect of income from any source does not include a reference to tax assessable in the name of the partnership on so much of the income from that source as falls to be included in the total income of any other person.

Notice of liability to corporation tax

121

Notice of liability to capital gains tax

122

(11A) (1) Every person who is chargeable to capital gains tax for any year of assessment and has neither— (a) delivered a return of his chargeable gains for that year, nor (b) received a notice under section 8 of this Act requiring such a return, shall, within twelve months from the end of that year, give notice to the inspector that he is so chargeable; but a person all of whose chargeable gains for a year of assessment have been assessed shall not be required to give notice under this subsection in respect of that year. (2) If any person, for any year of assessment, fails to comply with subsection (1) above, he shall be liable to a penalty not exceeding the amount of the tax for which he is liable, in respect of his chargeable gains for that year, under assessments made more than twelve months after the end of that year. (3) In this section references to a person’s chargeable gains for a year of assessment include, if section 45(1) of the Capital Gains Tax Act 1979 applies in relation to him and his wife in that year, her chargeable gains for that year.

(1) Section 8 of this Act shall apply in relation to capital gains tax as it applies in relation to income tax, and subject to any necessary modifications.

Other returns and information

Three year time limit

123

(3) A notice under this section shall not require information as to any money, value, profits or gains received in a year of assessment ending more than three years before the date of the giving of the notice.

(3A) A notice under this section shall not require information with respect to interest paid in a year of assessment ending more than three years before the date of the giving of the notice.

(4) A notice under this section shall not require information with respect to— (a) the terms applying to the lease, occupation or use of the land, or (b) consideration given, or (c) payments arising, in a year of assessment ending more than three years before the date of the giving of the notice.

Returns of fees, commissions etc

124

(8) In subsection (2) above references to a body of persons include references to any department of the Crown, any public or local authority and any other public body.

Other payments and licences etc

125

After section 18 of the Taxes Management Act 1970 there shall be inserted—

(18A) (1) Any person by whom any payment out of public funds is made by way of grant or subsidy shall, on being so required by a notice given to him by an inspector, furnish to the inspector, within the time limited by the notice— (a) the name and address of the person to whom the payment has been made or on whose behalf the payment has been received, and (b) the amount of the payment so made or received, and any person who receives any such payment on behalf of another person shall on being so required furnish to the inspector the name and address of the person on whose behalf the payment has been received, and its amount. (2) Any person by whom licences or approvals are issued or a register is maintained shall, on being so required by a notice given to him by an inspector, furnish to the inspector, within the time limited by the notice— (a) the name and address of any person who is or has been the holder of a licence or approval issued by the first-mentioned person, or to whom an entry in that register relates or related; and (b) particulars of the licence or entry. (3) The persons to whom this section applies include any department of the Crown, any public or local authority and any other public body. (4) A notice is not to be given under this section unless (in the inspector’s reasonable opinion) the information required is or may be relevant to any tax liability to which a person is or may be subject, or the amount of any such liability. (5) A notice under this section shall not require information with respect to a payment which was made, or to a licence, approval or entry which ceased to subsist— (a) before 6th April 1988; or (b) in a year of assessment ending more than three years before the date of the giving of the notice. (6) For the purposes of this section a payment is a payment out of public funds if it is provided directly or indirectly by the Crown, by any Government, public or local authority whether in the United Kingdom or elsewhere or by any Community institution.

Production of accounts, books etc.

Production of documents relating to a person’s tax liability

126

(8A) If, on an application made by an inspector and authorised by order of the Board, a Special Commissioner gives his consent, the inspector may give such a notice as is mentioned in subsection (3) above but without naming the taxpayer to whom the notice relates; but such a consent shall not be given unless the Special Commissioner is satisfied— (a) that the notice relates to a taxpayer whose identity is not known to the inspector or to a class of taxpayers whose individual identities are not so known; (b) that there are reasonable grounds for believing that the taxpayer or any of the class of taxpayers to whom the notice relates may have failed or may fail to comply with any provision of the Taxes Acts; (c) that any such failure is likely to have led or to lead to serious prejudice to the proper assessment or collection of tax; and (d) that the information which is likely to be contained in the documents to which the notice relates is not readily available from another source. (8B) A person to whom there is given a notice under subsection (8A) above may, by notice in writing given to the inspector within thirty days after the date of the notice under that subsection, object to that notice on the ground that it would be onerous for him to comply with it; and if the matter is not resolved by agreement, it shall be referred to the Special Commissioners, who may confirm, vary or cancel that notice.

Production of computer records etc

127

shall have effect as if any reference in that provision to a document were a reference to anything in which information of any description is recorded and any reference to a copy of a document were a reference to anything onto which information recorded in the document has been copied, by whatever means and whether directly or indirectly.

to afford him such reasonable assistance as he may require for the purposes of paragraph (a) above.

shall be liable to a penalty not exceeding £500.

Interest and penalties

Interest on overdue or overpaid PAYE

128

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

Two or more tax-geared penalties in respect of same tax

129

(97A) Where two or more penalties— (a) are incurred by any person and fall to be determined by reference to any income tax or capital gains tax with which he is chargeable for a year of assessment; or (b) are incurred by any company and fall to be determined by reference to any corporation tax with which it is chargeable for an accounting period, each penalty after the first shall be so reduced that the aggregate amount of the penalties, so far as determined by reference to any particular part of the tax, does not exceed whichever is or, but for this section, would be the greater or greatest of them, so far as so determined.

Company migration

Provisions for securing payment by company of outstanding tax

130

Penalties for failure to comply with section 130

131

that person shall be liable to a penalty not exceeding the amount of tax which is or will be payable by the migrating company in respect of periods beginning before that time and which has not been paid at that time.

and any reference to a person having control of a company shall be construed in accordance with section 416 of that Act.

Liability of other persons for unpaid tax

132

Appeals etc.

Jurisdiction of General Commissioners

133

(2) Where— (a) the parties to any proceedings under the Taxes Acts which are to be heard by any General Commissioners have agreed, whether before or after the institution of the proceedings, that the proceedings shall be brought before the General Commissioners for a division specified in the agreement; and (b) in the case of an agreement made before the time of the institution of the proceedings, neither party has determined that agreement by a notice served on the other party before that time, the proceedings shall be brought before the General Commissioners for the division so specified, notwithstanding the said rules and any direction under subsection (1A) above.

General Commissioners for Northern Ireland

134

they shall be transferred to the General Commissioners; and subsection (3) of section 58 of the Taxes Management Act 1970 shall apply for the purposes of this subsection as for those of that section (the reference to proceedings in Great Britain being construed accordingly).

but subsections (5A) to (5E) of section 31 of that Act shall apply in relation to an election under paragraph (a) of this subsection in respect of an appeal against an assessment or the decision of an inspector on a claim as they apply in relation to an election under subsection (4) of that section.

Cases stated in Northern Ireland

135

(3) For the purposes of this section— (a) “proceedings in Northern Ireland” means proceedings as respects which the place given by the rules in Schedule 3 to this Act is in Northern Ireland; (b) proceedings under section 102, 113(5), 260(3), 281(4), 343(10) or 783(9) of the principal Act (or the corresponding enactments repealed by that Act), section 11 of or paragraph 22 of Schedule 7 to the Income and Corporation Taxes Act 1970 or section 81 of the Capital Allowances Act 1968 (proceedings to which more than one taxpayer is a party) shall be proceedings in Northern Ireland if the place given by the rules in Schedule 3 to this Act in relation to each of the parties concerned in the proceedings is in Northern Ireland, and sections 21 and 22 of the Interpretation Act (Northern Ireland) 1954 shall apply as if references in those provisions to any enactment included a reference to this section.

Part IV — Miscellaneous and General

Inheritance tax

Reduction of rates

136
Portion of value Portion of value Rate of tax
Lower limit Upper limit Per cent.
£ £
0 110,000 Nil
110,000 40

Gifts to political parties

137

Petroleum revenue tax

Reduced oil allowance for certain Southern Basin and onshore fields

138

Assets generating tariff receipts: extension of allowable expenditure

139

Stamp duty and stamp duty reserve tax

Abolition of stamp duty under the heading “Unit Trust Instrument”

140

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

141

Stamp duty: housing action trusts

142

(cc) a housing action trust established under Part III of the Housing Act 1988;

(ff) a housing action trust established under Part III of the Housing Act 1988;

Stamp duty: paired shares

143

Stamp duty reserve tax: paired shares etc

144

(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.

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

.

(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.

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

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

(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.

2

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

3

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

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

(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.

6

After section 55 of that Act there shall be inserted—

(55A) (1) This section applies to wine and made-wine of a strength exceeding 1.2 per cent. but not exceeding 5.5 per cent. (2) The Commissioners may by regulations provide that, except in such cases and subject to such conditions as may be specified by or under the regulations, no wine or made-wine to which this section applies may be fortified at any time— (a) after it leaves the entered or approved premises on which it was produced, or (b) in the case of wine or made-wine produced outside the United Kingdom, after it is imported into the United Kingdom, and before it is sold by retail or otherwise supplied for consumption. (3) Any person who contravenes or fails to comply with any regulation under this section (including any conditions imposed by or under any such regulation) shall be liable on summary conviction to a penalty of level 3 on the standard scale, and the wine or made-wine and all vessels, utensils and materials for fortifying wine or made-wine found in his possession shall be liable to forfeiture.

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

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

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

At the end of subsection (1) of section 71 of that Act (penalty for misdescribing liquor as spirits), there shall be added the words “or that the liquor is made with spirits and is a made-wine to which section 55A above applies”.

11

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

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

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

2

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

3
4

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

5

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

6

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

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

In section 62 (special basis for early years following commencement of trade etc.) the following subsection shall be inserted after subsection (2)—

(2A) Where— (a) the second year of assessment is the year 1989-90, (b) the person charged, or liable to be charged, for that year is a married man, and (c) the person charged, or liable to be charged, for the year 1990-91 is his wife, subsection (2) above shall have effect as if it conferred the right to give notice on her and not on him.

Discontinuance of trade etc.

3

In section 63 (special basis on discontinuance of trade etc.)—

Underpayments

4

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

Additional relief in respect of children

5

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

6

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

Widow’s bereavement allowance

7

(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.

Blind person’s allowance

8

For the year 1990-91 and subsequent years of assessment the following section shall be substituted for section 265—

(265) (1) If the claimant proves that he is a registered blind person for the whole or any part of the year of assessment, he shall be entitled to a deduction of £540 from his total income. (2) Where— (a) a person entitled to relief under subsection (1) above is a married man whose wife is living with him for the whole or any part of the year of assessment, but (b) the amount which he is entitled to deduct from his total income by virtue of that subsection exceeds what is left of his total income after all other deductions have been made from it, his wife shall be entitled to a deduction from her total income of an amount equal to the excess. (3) In determining for the purposes of subsection (2)(b) above the amount that is left of a person’s total income for a year of assessment after other deductions have been made from it, there shall be disregarded any deduction made— (a) on account of any payments of relevant loan interest which become due in that year and to which section 369 applies, or (b) under section 257A or section 289. (4) Subsections (2) and (3) above shall have effect where a wife is entitled to relief under subsection (1) above as they have effect where the husband is entitled to that relief, but with the appropriate modifications (and in particular the omission from subsection (3) of the reference to section 257A). (5) Subsections (2) to (4) above shall not apply for a year of assessment unless the person entitled to relief under subsection (1) has given to the inspector written notice that they are to apply; and any such notice— (a) shall be given not later than six years after the end of the year of assessment to which it relates, (b) shall be in such form as the Board may determine, and (c) shall be irrevocable. (6) A notice given under subsection (5) above in relation to a year of assesment by a husband shall have effect also as a notice under section 257B(3). (7) In this section “registered blind person” means a person registered as a blind person in a register compiled under section 29 of the National Assistance Act 1948 or, in the case of a person ordinarily resident in Scotland or Northern Ireland, a person who is a blind person within the meaning of section 64(1) of that Act.

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—

Payments securing annuities

10

For the year 1990-91 and subsequent years of assessment the following section shall be substituted for section 273 (payments securing annuities)—

(273) Subject to sections 274, 617(3) and 619(6), if the claimant is, under any Act of Parliament or under any terms and conditions of employment, liable to the payment of any sum, or to the deduction from any salary or stipend of any sum, for the purpose of securing a deferred annuity to a widow or widower of the claimant or provision for the claimant’s children after the claimant dies, the claimant shall be entitled to a deduction from the amount of income tax on which he or she is chargeable equal to income tax at the basic rate on the amount of the sum which he or she has paid or which has been deducted from his or her salary or stipend.

Married couples living together

11

For the year 1990-91 and subsequent years of assessment the following section shall be substituted for section 282 (construction of references to married women living with their husbands)—

(282) A husband and wife shall be treated for income tax purposes as living together unless— (a) they are separated under an order of a court of competent jurisdiction, or by deed of separation, or (b) they are in fact separated in such circumstances that the separation is likely to be permanent.

Business expansion scheme

12

(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.

Qualifying maintenance payments

13

For the year 1990-91 and subsequent years of assessment section 347B(3) (qualifying maintenance payments) shall have effect with the substitution of the words “specified in section 257A(1) for the year” for the words “of the difference between” onwards.

Home loans

14

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

Loans for shares in employee-controlled company

15

(6) Where an individual owns beneficially more than 10 per cent. of the issued ordinary share capital of, or voting power in, a company, the excess shall be treated for the purposes of subsection (5) above as being owned by an individual who is not a full-time employee of the company.

Close company loans

16

Trade unions and employers’ associations

17

Retirement benefit schemes

18

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

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

Earned income

21

For the year 1990-91 and subsequent years of assessment section 833(4)(a) (meaning of “earned income”) shall have effect with the substitution of the word “spouse” for the word “ husband ”, in both places where it occurs.

Total income

22

For the year 1990-91 and subsequent years of assessment section 835(5) (meaning of “total income”) shall have effect with the insertion of “ , 257A(5) ” after “257(5)”.

Part II — Other Provisions

Capital allowances

23

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

24

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

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—

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

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

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.

Class 4 social security contributions

31

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

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

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

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

(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;

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

(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.

Restriction of relief where amounts raised exceed permitted maximum

3

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

(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.

Companies with interests in land etc.

7

The following shall be omitted, namely—

Qualifying trades etc.

8

The following shall also be omitted, namely—

Replacement capital

9

(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);

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
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

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).

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

Unfit and sub-standard dwelling-houses

14

Section 50 of this Act does not apply to—

Dwelling-houses already let etc.

15

Dwelling-houses already qualifying for relief

16

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

shall apply for the purposes of this sub-paragraph as they apply for the purposes of any provision of Part IX of that Act.

Determinations by inspector

4

he may, by a determination under this sub-paragraph, vary the first-mentioned determination accordingly.

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

For the purposes of sections 36, 37, 40 and 41 of the Taxes Management Act 1970 (extension of time in cases of fraud, wilful default or neglect), anything done or omitted to be done by the agent shall be deemed to have been done or omitted to be done by each member of the syndicate.

Supplemental: penalties

10

shall be sufficient evidence that the amount mentioned in the certificates is unpaid and is due to the Crown; and any document purporting to be such a certificate as is mentioned in this sub-paragraph shall be deemed to be such a certificate unless the contrary is proved.

Supplemental: interest

11

SCHEDULE 6

Preliminary

1

In this Schedule “commercial woodlands” means woodlands in the United Kingdom which are managed on a commercial basis and with a view to the realisation of profits.

Abolition of charge under Schedule B

2

Abolition of Schedule D election etc.

3

shall not be so eligible,

if the relevant business consists of the occupation of commercial woodlands.

to such extent as may be just and reasonable having regard to all the circumstances of the case and, in particular, to the proportion which that part of that business bears to the whole.

and for the purposes of this paragraph two or more businesses carried on by a company, . . . or partnership shall be regarded as a single business.

Transitional provisions

4

may elect to be assessed and charged to tax in respect of them under Schedule D; and the reference in this sub-paragraph to a disposition includes a reference to a disposition as varied under section 142 of the Inheritance Tax Act 1984.

and in this sub-paragraph and sub-paragraph (3) below “arrangements” does not include arrangements which are not evidenced by an instrument or other document made before that date.

and for the purposes of paragraph (b) above an application shall be treated as made when it was received by the Forestry Commissioners or, in Northern Ireland, by the Department of Agriculture.

5

then, for the purpose of calculating any capital allowances which fall to be made in taxing his occupation of those woodlands, the interval shall be deemed to form part of that basis period.

Consequential amendments

6

(aa) to any profits or gains arising from a person’s occupation of any woodlands which are managed on a commercial basis and with a view to the realisation of profits, or

(a) to any profits or gains arising from a person’s occupation of any woodlands which are managed on a commercial basis and with a view to the realisation of profits, or

(4) Subsection (3) above shall not apply in relation to the occupation of land which comprises woodlands or is being prepared for use for forestry purposes.

but the amendment made by this sub-paragraph shall not apply in relation to land which is being prepared for use for forestry purposes if the requirements of paragraph 4(3) above are satisfied with respect to it.

SCHEDULE 7

Cases where rule does not apply

1

section 66(1) of this Act shall apply in relation to the company after that time or after the end of the transitional period, whichever is the later.

2

Cases where rule does not apply until end of transitional period

3

section 66(1) of this Act shall not apply until after the end of the transitional period.

4

section 66(1) of this Act shall not apply until after the end of the transitional period.

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

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

Shares

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

Capital gains: assets acquired from society, etc.

4

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

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

5

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

Distributions

6

Contractual savings schemes

7

The following provisions, namely—

shall have effect in relation to any terminal bonus, or interest or other sum, payable after the transfer under a savings scheme which immediately before the transfer was a certified contractual savings scheme (within the meaning of section 326) in relation to the society notwithstanding that it ceased to be such a scheme 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

In section 591(5) and (6) after the word “made” there shall be inserted the words “ by the Board ”.

7

In section 824—

(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,

(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.

(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;

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

In paragraph 4(3)(b) of Schedule 27 for “416” there shall be substituted “ 75 ”.

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 —

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 VI — Unapproved Employee Share Schemes

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.

Hydrocarbon oil.

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.

Approval and regulation of warehouses.

Time limits for arrest and proceedings.

Punishment of offences.

Registration.

Corporation tax: small companies.

Non-residents’ personal reliefs.

Personal allowance and married couple’s allowance.

Entertainment: non-cash vouchers.

Entertainment of directors and higher-paid employees.

Approved investment funds.

Personal pension schemes: other amendments.

Lump sum benefits paid otherwise than on retirement.

Reinsurance: general.

Personal pension schemes: other amendments.

Occupational pension schemes.

Minor and consequential amendments.

Assessment and collection.

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

Unit trusts: relief on certain payments.

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

Interest on overdue or overpaid PAYE.

Assets generating tariff receipts: extension of allowable expenditure.

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)

The Finance Act 1986 (c.41)

The Finance Act 1987 (c.16)

1

The repeal in section 1 of the Alcoholic Liquor Duties Act 1979 comes into force on the day appointed under section 1(6) of this Act.

2

The repeals in sections 42 and 43 of that Act have effect from 1st October 1988.

3

The repeals in the Betting and Gaming Duties Act 1981 have effect in relation to offences committed after the passing of this Act.

1

The repeals in section 482 of the Income and Corporation Taxes Act 1970 and sections 765 and 767 of the Income and Corporation Taxes Act 1988 have effect from 15th March 1988 but subject to section 105(6) of this Act.

2

The repeals in Schedule 10 to the Income and Corporation Taxes Act 1970 and the Finance Act 1973 have effect for the years 1986-87 and 1987-88.

3

The repeal in the Finance Act 1980 has effect from 16th March 1988.

4

The repeals in section 278 of the Income and Corporation Taxes Act 1988 have effect for the year 1990-91 and subsequent years of assessment.

5

The repeal of section 351(1) to (7) of that Act and the repeals in sections 348 and 349 have effect in relation to payments made on or after 6th April 1989; and the repeal of section 351(8) has effect in relation to orders and variations made on or after that date.

6

The repeals in sections 355, 357 and 358 of that Act have effect in accordance with section 44 of this Act.

7

The repeals in section 577 of that Act have effect in accordance with section 72 of this Act.

8

The repeals in Schedule 11 to that Act have effect in relation to payments to which section 74 of this Act applies.

9

The remaining repeals have effect for the year 1988-89 and subsequent years of assessment.

1

The repeals in the Taxes Management Act 1970, the repeals in sections 1, 67, 108, 109, 226(9)(c), 351(1)(a) and 530(1)(c) of the Income and Corporation Taxes Act 1970, the repeals of Part IV and section 360(1)(b) of that Act, the repeal in the Finance Act 1972, the repeal in the Finance Act 1984, the repeals in sections 1, 15, 18, 512(1)(a), 623(2)(c) and 833(4)(c) of the Income and Corporation Taxes Act 1988 and the repeal of sections 16 and 505(1)(b) of that Act have effect from 6th April 1988.

2

The repeals of section 111 of the Income and Corporation Taxes Act 1970 and section 54 of the Income and Corporation Taxes Act 1988 have effect from 15th March 1988.

3

The remaining repeals have effect from 6th April 1993.

1

The repeals in the Income and Corporation Taxes Act 1988 have effect for companies’ accounting periods ending after 5th April 1988.

2

The remaining repeals have effect in relation to disposals made on or after 6th April 1988.

1

The repeals in section 361 of the Income and Corporation Taxes Act 1988 have effect in accordance with paragraph 15 of Schedule 3 to this Act.

2

The repeals in sections 382 and 574 of that Act have effect in relation to relief given for the year 1990-91 or a subsequent year of assessment.

3

The repeal in section 420(2) of that Act has effect in accordance with paragraph 16 of Schedule 3 to this Act.

4

The repeal in section 525 of that Act has effect in relation to tax paid or borne or payable or falling to be paid or borne for the year 1990-91 or a subsequent year of assessment.

5

The repeals in sections 527 and 535 of that Act have effect in relation to tax payable for the year 1990-91 or a subsequent year of assessment.

6

The remaining repeals have effect for the year 1990-91 and subsequent years of assessment.

Editorial notes

[^c13525911]: Act partly in force at Royal Assent, partly retrospective, see individual sections; all provisions so far as unrepealed wholly in force at 1.2.1991. Some provisions came in to force at specific times of the day

[^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.

[^c13526381]: 1983 c. 53.

[^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.

[^c13526421]: 1983 c. 53.

[^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

[^c13526641]: s. 24(4) repealed (19.3.1997 with effect in relation to the year 1997-98 and subsequent years of assessment) by 1997 c. 16, s. 113, Sch. 18 Pt. VI(1) note

[^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)

[^c13526691]: S. 36(5A) inserted (6.4.1993) by Finance (No. 2) Act 1992 (c. 48), s. 62(2)(6); S.I. 1992/2642, art.2.

[^c13526871]: 1989–90 onwards.

[^c13526881]: Words in s. 38(2) 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

[^c13526891]: S. 38(3)-(6)(8) 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

[^c13526951]: S. 38(8A) inserted (6.4.1993) by Finance (No. 2) Act 1992 (c. 48), s. 62(3)(6); S.I. 1992/2642, art. 2.

[^c13526961]: Words in s. 38(9) inserted (16.7.1992 with effect for the year 1992-93 and subsequent years of assessment) by Finance (No. 2) Act 1992 (c. 48), s. 60.

[^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

[^c13527221]: S. 40(1): Definition of “child of the family” 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

[^c13527231]: S. 40(2) 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

[^c13527241]: S. 40(3) repealed(for 1990-91 and subsequent years of assessment) by Finance Act 1988 (c. 39, SIF 63:2), s. 148, Sch. 14 Pt. VIII, Note 6.

[^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.

[^c13527471]: 1987 c. 51.

[^c13527491]: 1973 c. 51.

[^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)

[^c13527801]: S. 66 excluded (27.7.1999) by 1999 c. 20, s. 20, Sch. 3 para. 3(1)(2) (with s. 15)

[^c13527811]: 1970 c. 9.

[^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

[^c13528101]: s. 73(2) applied (31.7.1998 with effect as mentioned in s. 38 of 1998 c. 36) by 1988 c. 1, s. 21A (as substituted by 1998 c. 36, s. 138(1), Sch. 5 Pt. I paras. 4, 73, 76)

[^c13528111]: S. 73(2) modified (31.7.1998) by 1998 c. 36, s. 46(3), Sch. 7 para. 2

[^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)

[^c13528541]: S. 101 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)

[^c13528591]: S. 102 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)

[^c13528601]: S. 103 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)

[^c13528621]: S. 104 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)

[^c13528651]: S. 105(1)-(5) 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)

[^c13528711]: S. 106 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)

[^c13528721]: S. 107 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)

[^c13528741]: S. 108 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)

[^c13528751]: S. 109 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)

[^c13528771]: S. 110 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)

[^c13528791]: S. 111 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)

[^c13528801]: S. 112 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), 101(1), 201(3), 290, Sch. 11 paras. 22, 26(2), 27)

[^c13528841]: S. 113 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)

[^c13528851]: S. 114 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)

[^c13528861]: S. 115 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)

[^c13528871]: S. 116 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)

[^c13528881]: 1987 c. 51.

[^c13528891]: 1972 c. 41.

[^c13528901]: 1985 c. 6.

[^c13528911]: S.I. 1986/1032 (N.I. 6).

[^c13528931]: S. 118 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)

[^c13528941]: 1970 c. 9.

[^c13528961]: S. 121 repealed (31.7.1998 with effect as mentioned in s. 117 of the repealing Act) by 1998 c. 36, s. 165, Sch. 27 Pt. III(28), note

[^c13528971]: 1970 c. 9.

[^c13528981]: 1970 c. 9.

[^c13528991]: S. 126(1) repealed(with respect to notices given, or warrants issued on or after 27.07.1989) by Finance Act 1989 (c. 26, SIF 63:1), s. 187(1), Sch. 17 Pt. VIII Note 2.

[^c13529001]: Words in s. 126(4)(b) repealed(with respect to notices given, or warrants issued on or after 27.07.1989) by Finance Act 1989 (c. 26, SIF 63:1), s. 187(1), Sch. 17 Pt. VIII Note 2.

[^c13529011]: 1971 c. 29.

[^c13529071]: Words in s. 127(1) substituted (31.1.1997) by 1995 c. 38, s. 15(1), Sch. 1 para. 13(2) (with ss. 1(3), 6(4)(5), 14); S.I. 1996/3217, art. 2

[^c13529081]: Words in s. 127(3) substituted (31.1.1997) by 1995 c. 38, s. 15(1), Sch. 1 para. 13(3) (with ss. 1(3), 6(4)(5), 14); S.I. 1996/3217, art. 2

[^c13529091]: S. 127(5) repealed (31.1.1997) by 1995 c. 38, s. 15, Sch. 1 para. 13(4), Sch. 2 (with ss. 1(3), 6(4)(5), 14); S.I. 1996/3217, art. 2

[^c13529101]: 1970 c. 9.

[^c13529111]: S. 130(1)-(6) excluded (3.5.1994 with application as mentioned in s. 249(5) of the amending Act) by 1994 c. 9, ss. 249, 250(1)

[^c13529171]: 1973 c. 51.

[^c13529181]: S. 131(1)-(5) excluded (3.5.1994 with application as mentioned in s. 249 of the amending Act) by 1994 c. 9, ss. 249, 250(1)

[^c13529241]: Words in s. 132(6) substituted (6.3.1992 with effect as mentioned in s. 289 of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 16(6) (with ss. 60, 101(1), 171, 201(3))

[^c13529251]: Words in s. 132(6) repealed (28.7.2000 with effect in relation to cases in which the migrating company ceases to be resident in the United Kingdom on or after 1.4.2000) by 2000 c. 17, ss. 102, 156, Sch. 29 Pt. II para. 15(1)(2), Sch. 40 Pt. II(12), Note 1

[^c13529271]: S. 133(1) repealed (29.4.1996 with effect as mentioned in Sch. 41 Pt. V(12) of the repealing Act) by 1996 c. 8, s. 205, Sch. 41 Pt. V(12), note

[^c13529321]: S. 134 wholly in force at 03.04.1989 see s. 134(4) and S.I. 1989/473, art. 2.

[^c13529331]: 1970 c. 9.

[^c13529341]: S. 134(3) 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

[^c13529351]: S. 134(4) power fully exercised: 03.04.1989 appointed by S.I. 1989/473, art. 2.

[^c13529361]: 1970 c. 9.

[^c13529391]: S. 135 wholly in force at 03.04.1989 see s. 134(4) and S.I. 1989/473, art. 2.

[^c13529401]: S. 135(1) repealed (1.9.1994) by S.I. 1994/1813, reg. 2(2), Sch. 2 Pt. I

[^c13529411]: 1984 c. 51.

[^c13529421]: 1984 c. 51.

[^c13529431]: 1975 c. 22.

[^c13529441]: 1983 c. 28.

[^c13529451]: 1975 c. 22.

[^c13529461]: 1983 c. 28.

[^c13529471]: 1975 c. 22.

[^c13529481]: The text of s. 139 is in the form in which it was originally enacted; it was notreproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

[^c13529491]: 1983 c. 56.

[^c13529551]: S. 140 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(2) notes 1, 2 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2)

[^c13529611]: S. 141 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(2) notes 1, 2 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2)

[^c13529621]: 1980 c. 48.

[^c13529631]: 1981 c. 35.

[^c22516351]: S. 143 modified (26.7.1990) by Finance Act 1990 (c. 29) s. 112

[^c22516831]: S. 143(2) substituted (with application in accordance with s. 113(4) of the amending Act) by Finance Act 1999 (c. 16) s. 113(3), {Sch. 16 para. 11(2)}

[^c22516851]: Words in s. 143(3) substituted (with application in accordance with s. 113(4) of the amending Act) by Finance Act 1999 (c. 16) s. 113(3),{Sch. 16 para. 11(3)}

[^c22516871]: S. 143(4) substituted (with application in accordance with s. 113(4) of the amending Act) by Finance Act 1999 (c. 16) s. 113(3),{Sch. 16 para. 11(4)}

[^c22516891]: Words in s. 143(5) substituted (with application in accordance with s. 113(4) of the amending Act) by Finance Act 1999 (c. 16) s. 113(3),{Sch. 16 para. 11(5)}

[^c22516911]: S. 144(3) repealed (with effect as mentioned in Sch. 20 Pt. V(5) notes 1, 2 of the amending Act) by Finance Act 1999 (c. 16), s. 139, Sch. 20 Pt. V(5)

[^c13529661]: 1986 c. 53.

[^c13529671]: 1987 c. 16.

[^c13529681]: 1970 c. 10.

[^c13529691]: 1988 c. 1.

[^c13529701]: 1983 c. 55.

[^c13529711]: 1979 c. 14.

[^c13529731]: 1979 c. 4.

[^c13529741]: Sch. 1 Pt. II para. 1(2) repealed (1.6.1993) by Finance Act 1991 (c. 31, SIF 40:1), ss. 7, 123, Sch. 19 Pt. II; S.I. 1993/1152, art. 3, Sch. 1 Pt. 2

[^c13529761]: Sch. 1 para. 2 repealed (1.5.1995) by 1995 c. 4, s. 162, Sch. 29 Pt. I(2)

[^c13529771]: Sch. 1 Pt. II para. 3 repealed (1.6.1993) by Finance Act 1991 (c. 31, SIF 40:1), ss. 7, 123, Sch. 19 Pt. II; S.I. 1993/1152, art. 3, Sch. 1 Pt. 2

[^c13529781]: Sch. 1 Pt. II para. 8 repealed (1.5.1995 with effect as mentioned in Sch. 29 Pt. I(1) of the repealing Act) by 1995 c. 4, s. 162, Sch. 29, Pt. I, note

[^c13529791]: Words in Sch. 1 Pt. II para. 9 repealed (1.5.1995 with effect as mentioned in Sch. 29 Pt. I(1) of the repealing Act) by 1995 c. 4, s. 162, Sch. 29, Pt. I(1), note

[^c13529801]: Sch. 1 Pt. II para. 11 repealed (1.6.1993) by Finance Act 1991 (c. 31, SIF 40:1), ss. 7, 123, Sch. 19 Pt. II; S.I. 1993/1152, art. 3, Sch. 1 Pt. 2

[^c13529811]: Sch. 2 Pt. I repealed (1.9.1994) by 1994 c. 22, ss. 65, 66(1), Sch. 5 Pt. I (with s. 57(4)

[^c13529841]: SCh. 2 Pt. II para. 1 repealed (1.9.1994) by 1994 c. 22, ss. 65, 66(1), Sch. 5 Pt. I (with s. 57(4))

[^c13529851]: SCh. 2 Pt. II para. 2 repealed (1.9.1994) by 1994 c. 22, ss. 65, 66(1), Sch. 5 Pt. I (with s. 57(4))

[^c13529861]: Sch. 2 Pt. II para. 3 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)

[^c13529871]: Sch. 2 Pt. II para. 4 repealed (1.9.1994) by 1994 c. 22, ss. 65, 66(1), Sch. 5 Pt. I (with s. 57(4))

[^c13529881]: Sch. 2 Pt. II para. 5 repealed (1.9.1994) by 1994 c. 9, ss. 65, 66(1), Sch. 5 Pt. I (with s. 57(4))

[^c13529901]: Sch. 2 para. 6 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.

[^c13529911]: Sch. 3 para. 5 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

[^c13529921]: Sch. 3 para. 6 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

[^c13529931]: Sch. 3 para. 7(3) repealed (27.7.1999 with effect for the year 2001-02 and subsequent years of assessment) by 1999 c. 16, s. 139, Sch. 20 Pt. III(5), note 2

[^c13529941]: Sch. 3 para. 14 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)

[^c13529951]: Sch. 3 para. 20 repealed (1.5.1995 wih effect for the year 1995-96 and subsequent years of assessment) by 1995 c. 4, s. 162, Sch. 29 Pt. VIII(8), note

[^c13529961]: Sch. 3 para. 23 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4), Sch. 2 (with ss. 82 and 164(5))

[^c13529971]: Sch. 3 para. 24 repealed by Capital Allowances Act 1990 (c.1, SIF 63:1), s. 164(4), Sch. 2 (with ss. 82 and 164(5))

[^c13529981]: 1970 c. 9.

[^c13529991]: Sch. 3 para. 29 repealed(with respect to notices given, or warrants issued on or after 27.07.1989) by Finance Act 1989 (c. 26, SIF 63:1), s. 187(1), Sch. 17 Pt. VIII.

[^c13530021]: Sch. 3 para. 31 repealed in part (1.7.1992) by Social Security (Consequential Provisions) Act 1992 (c. 6), ss. 3, 7(2), Sch.1 and wholly repealed (1.7.1992) by Social Security (Consequential Provisions) (Northern Ireland) Act 1992 (c. 9), ss. 3, 7(2), Sch. 1 (subject as mentioned in Local Government Finance Act 1992 (c. 14), s. 118(5)(7) (with S. 118(1)(2)(4)).

[^c13530031]: SCh. 3 para. 33 repealed (3.5.1994 with effect as mentioned in s. 77(7) of the repealing Act) by 1994 c. 9, s. 258, Sch. 26 Pt. V(1), note

[^c13530041]: Sch. 4 repealed (3.5.1994 with effect as mentioned in Sch. 26 Pt. V(17) of the repealing Act) by 1994 c. 9, s. 258, Sch. 26 Pt. V(17), note

[^c13530181]: 1882 c. 61.

[^c13530191]: 1970 c. 9.

[^c13530201]: 1970 c. 9.

[^c13530211]: 1970 c. 9.

[^c15952041]: Sch. 6 para. 3(3)(a) repealed (with effect as mentioned in s. 82(2) of the repealing Act) by Finance Act 2002 (c. 23), ss. 82, 141, Sch. 25 Pt. 2 para. 59(2)(a), Sch. 40 Pt. 3(12)

[^c13530231]: 1972 c. 41.

[^c15952081]: Sch. 6 para. 3(4)(a) repealed (with effect as mentioned in s. 82(2) of the repealing Act) by Finance Act 2002 (c. 23), ss. 82, 141, Sch. 25 Pt. 2 para. 59(2)(a), Sch. 40 Pt. 3(12)

[^c13530241]: 1972 c. 41.

[^c15952091]: Sch. 6 para. 3(5)(a) repealed (with effect as mentioned in s. 82(2) of the repealing Act) by Finance Act 2002 (c. 23), ss. 82, 141, Sch. 25 Pt. 2 para. 59(2)(a), Sch. 40 Pt. 3(12)

[^c15952101]: Sch. 6 para. 3(5)(b) repealed (with effect as mentioned in s. 82(2) of the repealing Act) by Finance Act 2002 (c. 23), ss. 82, 141, Sch. 25 Pt. 2 para. 59(2)(a), Sch. 40 Pt. 3(12)

[^c15952111]: Word in Sch. 6 para. 3(5) repealed (with effect as mentioned in s. 82(2) of the repealing Act) by Finance Act 2002 (c. 23), ss. 82, 141, Sch. 25 Pt. 2 para. 59(2)(b), Sch. 40 Pt. 3(12)

[^c15952121]: Sch. 6 para. 3(6) repealed (with effect as mentioned in s. 82(2) of the repealing Act) by Finance Act 2002 (c. 23), ss. 82, 141, Sch. 25 Pt. 2 para. 59(2)(c), Sch. 40 Pt. 3(12)

[^c13530261]: Sch. 6 para. 4 repealed (06.04.1993) by Finance Act 1988 (c. 39, SIF 63:1), s. 148, Sch. 14 Pt. V Note 3

[^c13530271]: 1984 c. 51.

[^c13530281]: 1979 c. 21.

[^c13530291]: 1953 c. 2 (N.I.).

[^c13530301]: Sch. 6 para. 4(4) modified (28.3.1992 but with effect for the year of assessment 1989-90 only) by S.I. 1992/511, regs. 1(1), 9, Sch.2

[^c13530311]: Sch. 6 para. 4(4) applied with modifications (23.3.1993) by S.I. 1993/415, reg. 9, Sch.2 Sch. 6 para. 4(4) expressed to be modified (5.4.1994 but with effect for the year of assessment 1991-92 only) by S.I. 1994/728, regs. 1(1), 9, Sch. 2 Sch. 6 para. 4(4) expressed to be applied with modifications (9.3.1995 with effect as mentioned in regs. 14(2), 15(2) of the amending S.I) by S.I. 1995/352, regs. 14, 15, Sch.

[^c13530321]: Sch. 6 para. 5(1) repealed (06.04.1993) by Finance Act 1988 (c. 39, SIF 63:1), s. 148, Sch. 14 Pt. V Note 3.

[^c13530331]: 1968 c. 3.

[^c13530361]: Sch. 6 para. 6(1) repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4), Sch. 2 (with ss. 82 and 164(5)).

[^c13530371]: Sch. 6 para. 6(5) 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)

[^c13530221]: Sch. 6 applied (31.7.1998) by 1988 c. 1, s. 21B (as substituted (31.7.1998) by 1998 c. 36, s. 38(1), Sch. 5 Pt. I paras. 4, 73)

[^c13530381]: 1952 c. 10.

[^c13530391]: 1951 c. 43.

[^c13530601]: Sch. 8 para. 1 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) subject to the amendments to Sch. 8 para. 1 (16. 7. 1992 and 19. 3. 1993 as to the amendment to para. 1(3)(a)) by Finance (No. 2) Act 1992 (c. 48), ss. 49(7)(10), 56, 77, Sch. 9 para. 20(2)(b); S.I. 1993/236, art.2, Sch. 17 paras. 5(8), 7

[^c13530621]: Sch. 8 para. 2 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)

[^c13530641]: Sch. 8 para. 3 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)

[^c13530651]: Sch. 8 para. 4 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)

[^c13530661]: Sch. 8 para. 5 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)

[^c13530671]: Sch. 8 para. 6 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)

[^c13530681]: Sch. 8 para. 7 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)

[^c13530701]: Sch. 8 para. 8 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)

[^c13530711]: Sch. 8 para. 9 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)

[^c13530721]: Sch. 8 para. 10 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)

[^c13530741]: Sch. 8 para. 11 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)

[^c13530821]: Sch. 8 para. 12 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)

[^c13530841]: Sch. 8 para. 13 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)

[^c13530851]: Sch. 8 para. 14 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)

[^c13530411]: Sch. 8 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) subject to the amendments to Sch. 8 para. 1 (16.7.1992 and 19. 2.1993 as to the amendment to Sch. 8 para. 1(3)(a)) by Finance (No. 2) Act 1992 (c. 48), ss. 49(7)(10), 56, 77, Sch. 9 para. 20(2)(b); S.I. 1993/236, art.2, Sch. 17 paras. 5(8), 7

[^c13530891]: Sch. 9 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)

[^c13530961]: Sch. 9 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)

[^c13530981]: Sch. 9 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)

[^c13531101]: Sch. 9 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)

[^c13531111]: Sch. 9 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)

[^c13531121]: Sch. 9 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)

[^c13531131]: Sch. 9 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)

[^c13531151]: Sch. 9 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)

[^c13531171]: Sch. 9 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. 201(3), 290, Sch. 11 paras. 22, 26(2), 27)

[^c13530871]: Sch. 9 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)

[^c13531201]: Sch. 10 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)

[^c13531211]: Sch. 10 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)

[^c13531221]: Sch. 10 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)

[^c13531231]: Sch. 10 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)

[^c13531271]: Sch. 10 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)

[^c13531281]: Sch. 10 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)

[^c13531301]: Sch. 10 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)

[^c13531321]: Sch. 10 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)

[^c13531331]: Sch. 10 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)

[^c13531341]: Sch. 10 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)

[^c13531191]: Sch. 10 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)

[^c13531371]: Sch. 11 para. 1 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)

[^c13531381]: Sch. 10 para. 2 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)

[^c13531401]: Sch. 11 para. 3 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)

[^c13531421]: Sch. 11 para. 4 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)

[^c13531451]: Sch. 11 para. 5 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) subject to the partial repeal and amendment of Sch. 11 para. 5 (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), ss. 49(8)(a)-(c)(11), 82, Sch. 18 Pt. VII (6).

[^c13531491]: Sch. 11 para. 6 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)

[^c13531501]: Sch. 11 para. 7 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)

[^c13531351]: Sch. 11 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. 201(3), 290, Sch. 11 paras. 22, 26(2), 27) subject to the partial repeal and amendment of Sch. 11 para. 5 (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), ss. 49(8)(a)-(c)(11), 82, Sch. 18 Pt. VII (6)

[^c15952441]: Word in Sch. 12 para. 1 substituted (24.7.2002) by Finance Act 2002 (c. 23), s. 105(02)(a)

[^c13531511]: 1986 c. 53.

[^c15952461]: Sch. 12 para. 2 repealed (24.7.2002) by Finance Act 2002 (c. 23), ss. 105(2)(b), 141, Sch. 40 Pt. 3(18)

[^c13531581]: Words in Sch. 12 para. 3(1) substituted (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 578, Sch. 2 para. 69

[^c13531591]: Sch. 12 para. 4 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)

[^c13531611]: Sch. 12 para. 5 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)

[^c13531671]: Words in Sch. 12 para. 6(1)(b) substituted (25.07.1991)(where qualifying benefits are conferred on or after 06.04.1991) by Finance Act 1991 (c. 31, SIF 63:1), s. 79(1)(2)

[^c13531681]: Words in Sch. 12 para. 6(2) substituted (6.3.1992 with effect as mentioned in s. 289 of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 16(7) (with ss. 60, 101(1), 171, 201(3))

[^c13531691]: 1986 c. 53.

[^c13531701]: Sch. 12 para. 7(b) 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)

[^c13531711]: 1986 c. 53.

[^c13531721]: Sch. 13 para. 4 repealed (19.3.1997 with effect as mentioned in Sch. 18 Pt. VI(3) of the repealing Act) by 1997 c. 16, s. 113, Sch. 18 Pt. VI(3), notes 1-3

[^c13531731]: Sch. 13 para. 7(b) and (f) repealed by Finance Act 1989 (c. 26, SIF 63:1), ss. 187(1), 178(7), Sch. 17 Pt. X.

[^c13531751]: Sch. 13 para. 8 repealed by Finance Act 1989 (c. 26, SIF 63:1), ss. 187(1), 178(7), Sch. 17 Pt. X.

[^c13531761]: 1970 c. 9.

[^c13531771]: 1980 c. 48.

[^c13531781]: 1985 c. 54.

[^c13531791]: Sch. 13 para. 16 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. 201(3), 290, Sch. 11 paras. 22, 26(2), 27)

[^c13531801]: Sch. 13 para. 17 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. 201(3), 290, Sch. 11 paras. 22, 26(2), 27)

[^c13531811]: Sch. 13 para. 18 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. 201(3), 290, Sch. 11 paras. 22, 26(2), 27)

[^c13531841]: Sch. 13 para. 21 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(5) note 1 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(5)

[^c13531851]: 1975 c. 45.

[^c13531861]: Sch. 13 para. 23 repealed by Finance Act 1990 (c. 29, SIF 114), ss. 110, 132, Sch. 19 Pt. VII and Sch. 13 para. 23 expressed to be repealed (19.3.1997 with effect in accordance with s. 104 of the repealing Act) by 1997 c. 16, s. 113, Sch. 18 Pt. VII, note 10

[^c13531871]: 1975 c. 45

[^c13526441]: 1983 c. 55.

[^c13526481]: 1983 c. 55.

[^c13526491]: S. 14(8)(a) repealed (1.12.1992 in so far as affected by S.I. 1992/2979 and 1.1.1993 otherwise) by Finance (No. 2) Act 1992 (c. 48), ss. 14(3), 82, Sch. 18 Pt. V; S.I. 1992/2979, art. 4, Sch. Pt.II and S.I. 1992/3261, art.3, Sch.

[^c13526501]: 1985 c. 54.

[^c13526511]: 1985 c. 54.

[^c13526521]: 1985 c. 54.

[^c13526531]: 1985 c. 54.

[^c13526541]: 1985 c. 54.

[^c13526551]: 1985 c. 54.

[^c13526591]: S. 21 restricted (19.8.1992) by S.I. 1992/1844, reg. 7(4).

[^c13526601]: S. 21 renumbered as s. 21(1) (3.5.1994 with effect on 10.5.1994 in relation to amounts mentioned in (1)(a) of this section) by 1994 c. 9, s. 47(1); S.I. 1994/1253, art. 2

[^c13526611]: 1983 c. 55.

[^c13526621]: 1985 c. 54.

[^c13526631]: S. 21(2)(3) inserted (3.5.1994 with effect on 10.5.1994 in relation to amounts mentioned in (1)(a) of this section) by 1994 c. 9, s. 47(1); S.I. 1994/1253, art. 2

[^c13530051]: Sch. 4 para. 11 as set out above substituted for para. 11 as originally enacted (retrospectively and to be taken always to have had effect) by Finance (No. 2) Act 1992 (c. 48), s.39 (enacted 16.7.1992).

[^c13530061]: Sch. 4 para. 13(2)(a) substituted(for valuation on or after 20.03.1990) by Finance Act 1990 (c. 29, SIF 63:1), s. 73(1)(a), and (2).

[^c13530071]: Sch. 4 para. 13(3) repealed(for valuation on or after 20.03.1990) by Finance Act 1990 (c. 29, SIF 63:1), ss. 73(1)(b), (2), 132, Sch. 19 Pt. IV, Note 13.

[^c13530081]: 1985 c. 68.

[^c13530091]: S.I. 1983/1118 (N.I. 15).

[^c13530101]: 1985 c. 68.

[^c13530111]: 1987 c. 26.

[^c13530121]: S.I. 1981/156 (N.I. 3).

[^c13530131]: S.I. 1983/1118 (N.I. 15).

[^c13530141]: Words in Sch. 4 para. 15(1) substituted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 40(2)(5).

[^c13530151]: Sch. 4 para. 15(1A)-(1C) inserted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 40(3)(5)

[^c13530161]: Sch. 4 para. 15(3)-(5) added (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 40(4)(5)

[^c13530171]: 1982 c. 39.

[^key-32ed988292eb440e759424c73dfc69d7]: Words in s. 36(5A) substituted (3.3.2003 for specified purposes) by Child Support, Pensions and Social Security Act 2000 (c. 19), s. 86(1)(a)(2), Sch. 3 para. 9 (with s. 83(6)); S.I. 2003/192, art. 3, Sch.

[^M_F_106ef4cb-eb6d-40bc-d673-83ced49878f4]: Words in s. 36(5A) substituted (N.I.) (3.3.2003 for specified purposes) by virtue of Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c. 4), s. 68(1)(2), Sch. 3 para. 9 (with s. 66(6)); S.R. 2003/53, art. 3, Sch.

[^key-8c4f6170db446178e753bae4af34702e]: Words in s. 38(8A) substituted (3.3.2003 for specified purposes) by Child Support, Pensions and Social Security Act 2000 (c. 19), s. 86(1)(a)(2), Sch. 3 para. 9 (with s. 83(6)); S.I. 2003/192, art. 3, Sch.

[^M_F_8d233390-8834-4b7f-da79-4cd81efdf669]: Words in s. 38(8A) substituted (N.I.) (3.3.2003 for specified purposes) by virtue of Child Support, Pensions and Social Security Act (Northern Ireland) 2000 (c. 4), s. 68(1)(2), Sch. 3 para. 9 (with s. 66(6)); S.R. 2003/53, art. 3, Sch.

[^key-0de71634d2f60cf10e6ad75820151756]: Ss. 77-88 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-3d049ea59061bf484000787cae435e4d]: S. 128 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-a2ef3f48ba7a29205a161849d0f29be7]: S. 46 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-3d9c5377e174b404f1792571be03e6e4]: S. 47(1) repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-ef2ce0d34dce27d76d43aac9cfe1a284]: S. 48(1) repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-5415f116c61031141401c016b614d12f]: S. 49(1) repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-97981d1de02d5a2772079ef8530d3951]: S. 57 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-296e581197802a5e9d966246918d2e28]: S. 68 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-6905f4f6f2c3e8913a7e6e3161c37819]: S. 69 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-fb461190934c7813d360d0e311ef59bd]: S. 73(1) repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-621b26c229d6122b283e34ef71be3d19]: Words in s. 73(2) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 155(2) (with Sch. 7)

[^key-21fe95577959af6da2a65843743a83a6]: Words in s. 73(3) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 155(3) (with Sch. 7)

[^key-f6b20133fbf5e7993871808a2e71fa6f]: Words in s. 89(a) repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-887c1612fe9e21a826f7cbbc56e38814]: S. 89(b) repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-18d2b7fb70d0f2350a614df2f3fd5a30]: Sch. 3 para. 4 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-ea1b4ddfef2cb49d2695accbab15043c]: Sch. 13 para. 3 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

Registration.

Personal reliefs.

Corporation tax: small companies.

Non-residents’ personal reliefs.

Personal allowance and married couple’s allowance.

Entertainment: credit-tokens.

Entertainment: credit-tokens.

Valuation of interests in land.

Minor and consequential amendments.

Unit trusts: relief on certain payments.

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

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

Other interpretation provisions.

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

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

Returns of fees, commissions etc.

Assets generating tariff receipts: extension of allowable expenditure.

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

Stamp duty reserve tax: paired shares etc

Scope of Chapter.

Returns of fees, commissions etc.

Production of computer records etc.

Cases stated in Northern Ireland.

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

Stamp duty reserve tax: paired shares etc