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Finance Act 1988

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Part I — Customs and Excise

Duties of excise: rates

Beer, wine, made-wine and cider

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(1) In section 36 of the Alcoholic Liquor Duties Act 1979 (excise duty on beer)—

(a) for “£25.80” and “£0.86” there shall be substituted “ £27.00 ” and “ £0.90 ” respectively; and

(b) for the words from “at the rate” onwards there shall be substituted the words “ at the rate of £0.90 per hectolitre for every degree by which the original gravity of the beer exceeds 1000 degrees ”.

(2) In sections 42(6) and 43(4) of that Act (rates of drawback), the words “but as respects” onwards shall cease to have effect.

(3) For the Table of rates of duty in Schedule 1 to that Act (wine and made-wine) there shall be substituted the Table in Part I of Schedule 1 to this Act.

(4) In section 62(1) of that Act (excise duty on cider) for “£15.80” there shall be substituted “ £17.33 ”.

(5) That Act shall have effect subject to the amendments set out in Part II of Schedule 1 to this Act (which relate to beverages of an alcoholic strength not exceeding 5.5 per cent.).

(6) In this section—

(a) subsections (1)(a), (3) and (4) (with Part I of Schedule 1 to this Act) shall be deemed to have come into force at 6 o’clock in the evening of 15th March 1988;

(b) subsections (1)(b) and (2) shall come into force on 1st October 1988; and

(c) subsection (5) (with Part II of Schedule 1 to this Act) shall come into force on such day as the Commissioners may by order made by statutory instrument appoint;

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

Approved investment funds.

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(1) For the Table in Schedule 1 to the Tobacco Products Duty Act 1979 there shall be substituted—


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.

(2) This section shall be deemed to have come into force on 18th March 1988.

Hydrocarbon oil

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(1) In section 6(1) of the Hydrocarbon Oil Duties Act 1979, for “£0.1938” (light oil) and “£0.1639” (heavy oil) there shall be substituted “ £0.2044 ” and “ £0.1729 ” respectively.

(2) In section 13A of that Act (rebate on unleaded petrol), for “£0.0096” there shall be substituted “ £0.0202 ”.

(3) This section shall be deemed to have come into force at 6 o’clock in the evening of 15th March 1988.

Cases stated in Northern Ireland.

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

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

(3) In Part I of Schedule 3 to each Act (annual rates of duty on tractors etc.)—

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

(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

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

(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Duties of excise: other provisions

Relief from excise duty on goods imported for testing etc

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(1) After section 11 of the Customs and Excise Duties (General Reliefs) Act 1979 there shall be inserted—

(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.

(2) In section 17 of that Act (statutory instruments containing orders or regulations: parliamentary procedure)—

(a) after “7” in subsection (3) and after “4” in subsection (4) there shall be inserted “ , 11A ”; and

(b) for “or 4” in subsection (5) there shall be substituted “ , 4 or 11A ”.

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

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(1) For section 8 of the Alcoholic Liquor Duties Act 1979 there shall be substituted—

(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.

(2) In section 22 of that Act (drawback on British compounds and spirits of wine), subsection (7) shall cease to have effect.

(4) In section 33 of that Act (restrictions on use of certain goods relieved from spirits duty)—

(a) in paragraph (c) of subsection (1), for the word “repayment” there shall be substituted the word “ remission ”;

(b) paragraph (d) of that subsection and the word “or” immediately preceding that paragraph shall cease to have effect; and

(c) in paragraph (b) of subsection (2), for the words “repaid or assumed to be repayable” there shall be substituted the word “ remitted ”.

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

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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

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(1) The Commissioners may, for the purpose of supplementing the information as to imported goods which may be made available to persons other than the Commissioners, disclose information to which this section applies to such persons as they think fit.

(2) Such information may be so disclosed on such terms and conditions (including terms and conditions as to the payment of fees or charges to the Commissioners and the making of the information available to other persons) as the Commissioners think fit.

(3) This section applies to information consisting of the names and addresses of persons declared as consignees in entries of imported goods, arranged by reference to such classifications of imported goods as the Commissioners think fit.

(4) This section shall be construed as if it were contained in the Customs and Excise Management Act 1979.

Approval and regulation of warehouses

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(1) In section 92(2) of the Customs and Excise Management Act 1979 (approval of warehouses), for paragraph (b) there shall be substituted—

(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,

(2) In section 93(2) of that Act (regulation of warehouses and warehoused goods), in paragraph (c) the words “(other than operations consisting of the mixing of spirits with wine or made-wine)” shall cease to have effect.

Power to search persons

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(1) In subsection (1) of section 164 of the Customs and Excise Management Act 1979 (power to search persons)—

(a) after the words “person to whom this section applies” there shall be inserted the words “ (referred to in this section as the suspect) ”; and

(b) for the words from “any officer” onwards there shall be substituted the words “ an officer may exercise the powers conferred by subsection (2) below and, if the suspect is not under arrest, may detain him for so long as may be necessary for the exercise of those powers and (where applicable) the exercise of the rights conferred by subsection (3) below ”.

(2) For subsections (2) and (3) of that section there shall be substituted—

(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.

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

(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

(1) In section 138(1) of the Customs and Excise Management Act 1979 (power to arrest within 3 years of commission of offence) for the words “3 years” there shall be substituted the words “ 20 years ”.

(3) This section has effect in relation to offences committed after the passing of this Act.

Punishment of offences

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(1) In the following enactments (which provide for the punishment on conviction on indictment of certain offences), namely—

(a) sections 50(4)(b), 53(9)(b), 63(6)(b), 68(3)(b), 100(4)(b), 159(7)(b) and 170(3)(b) of the Customs and Excise Management Act 1979;

(b) sections 10(7)(b), 13(5)(b) and 14(8)(b) of the Hydrocarbon Oil Duties Act 1979;

(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

(2) For subsection (2) of section 68A of the Customs and Excise Management Act 1979 there shall be substituted—

(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.

(3) For subsections (1) and (2) of section 136 of that Act there shall be substituted—

(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) ”.

(4) Paragraph 13 of Schedule 1 . . .to the Betting and Gaming Duties Act 1981 shall . . .be amended as follows—

(a) in sub-paragraph (3), in paragraph (a), the words from “or, with intent” to “material particular” shall cease to have effect;

(b) after that paragraph there shall be inserted-

(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

(c) in paragraph (ii) of that sub-paragraph, for the words “two years” there shall be substituted the words “ the maximum term ”; and

(d) after that sub-paragraph there shall be inserted—

(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.

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

(6) This section has effect in relation to offences committed after the passing of this Act.

Part II — Value Added Tax

Exemptions

Medical services and goods

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(1) In Schedule 6 to the Value Added Tax Act 1983 (exemptions), Group 7 (health and welfare) shall be amended as follows.

(2) For items 1, 1A and 2 there shall be substituted—

(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.

(3) In note (2), for the words “Paragraphs (a) to (f) of item 1 includes supplies” there shall be substituted the words “Paragraphs (a) to (d) of item 1 and paragraphs (a) and (b) of item 2 include supplies of services”.

(4) This section shall have effect in relation to supplies made on or after 1st September 1988.

Administration

Registration

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(1) Schedule 1 to the Value Added Tax Act 1983 (registration) shall be amended in accordance with subsections (2) to (7) below.

(2) In paragraphs 1(5) and 2(3) (capital assets of business to be disregarded), after the word “goods” there shall be inserted the words “or services”.

(3) In paragraph 4(3) (registration with effect from beginning of period where taxable supplies for the first thirty days exceed specified amount), for “£21,300” there shall be substituted “£22,100”.

(4) For paragraph 5 there shall be substituted—

(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.

(5) For paragraph 7 and the heading preceding that paragraph there shall be substituted—

(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.

(6) For paragraphs 9 and 10 there shall be substituted—

(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.

(7) For paragraphs 11, 11A and 12 and the heading preceding paragraph 11 there shall be substituted—

(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.

(8) In consequence of the foregoing provisions of this section—

(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) in section 18(1)(c) of the Finance Act 1985, for the words “paragraph 11(1)(a)” there shall be substituted the words “paragraph 11(1)”.

Assessment of tax due

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(1) Paragraph 4 of Schedule 7 to the Value Added Tax Act 1983 (assessment of tax due) shall be amended as follows.

(2) For sub-paragraph (2) there shall be substituted—

(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.

(3) In sub-paragraph (5), for the words “(1) or (2)” there shall be substituted the words “(1), (2) or (2A)”.

(4) In sub-paragraph (9), for the words “(1), (2) or (6)” there shall be substituted the words “(1), (2), (2A) or (6)”.

Civil penalties

Serious misdeclaration or neglect resulting in understatements or overclaims

16

(1) Section 14 of the Finance Act 1985 (serious misdeclaration or neglect resulting in understatements or overclaims) shall be amended as follows.

(2) For subsections (2) and (3) there shall be substituted—

(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.

(3) In subsection (4) for the words “The references in subsections (1) to (3) above” there shall be substituted the words “Any reference in this section”.

(4) In subsection (5) for the words “subsections (2)(a) and (3) above” there shall be substituted the words “this section”.

(5) After that subsection there shall be inserted—

(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

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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

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(1) In subsection (1) of section 15 of the Finance Act 1985 (failures to notify and unauthorised issue of invoices)—

(a) in paragraph (a), after the words “paragraphs 3, 4 and 11(2)” there shall be inserted the words “and (3)”;

(b) in paragraph (b), for the words “an invoice” there shall be substituted the words “one or more invoices”; and

(2) In subsection (3) of that section—

(a) in paragraph (a), for the word “discovered” there shall be substituted the words “became fully aware of”;

(b) in paragraph (b), after the words “sub-paragraph (2)” there shall be inserted the words “or (3)” and for the word “discovered” there shall be substituted the words “became fully aware of”; and

(c) in paragraph (c), for the words “such an invoice as is” there shall be substituted the words “one or more such invoices as are” and for the words from “the amount” onwards there shall be substituted the words

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.

(3) After that subsection there shall be inserted—

(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.

(4) In section 18 of that Act—

(a) subsection (2) (which provides for tax to carry interest in certain cases of conduct falling within section 15(1)(a) of that Act) shall cease to have effect; and

(b) in subsection (3), for the words “If, in a case where subsection (2) does not apply” there shall be substituted the words “In any case where”.

(5) Where—

(a) a person is liable to a penalty for conduct falling within paragraph (a) of subsection (1) of section 15 of that Act; and

(b) any relevant tax by reference to which that penalty is to be assessed is payable for a period before 16th March 1988,

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.

(6) Subsections (1)(b) and (c), (2)(c) and (3) above shall be deemed to have come into force on 16th March 1988.

Breaches of regulatory provisions

19

(1) In subsection (1) of section 17 of the Finance Act 1985 (breaches of regulatory provisions)—

(a) after the words “paragraph 7” there shall be inserted the words “or 7A” and for the words “(notification of cessation of taxable supplies)” there shall be substituted the words “(notification of end of liability or entitlement to be registered etc.)”; and

(b) for the words from “to a daily penalty” to the end there shall be substituted the words “to a penalty equal to the prescribed rate multiplied by the number of days on which the failure continues (up to a maximum of 100) or, if it is greater, to a penalty of £50.”

(2) In subsection (3) of that section, for “£10”, “£20” and “£30” there shall be substituted “£5”, “£10” and “£15” respectively.

(3) In subsection (1) of section 21 of that Act (assessment of amounts due by way of penalty, interest or surcharge), after the words “the Commissioners may” there shall be inserted the words “subject to subsection (1A) below” and after that subsection there shall be inserted—

(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.

(4) Where—

(a) a person is liable to a penalty for any failure to comply with such a requirement as is referred to in subsection (1) of section 17 of that Act; and

(b) any of the days by reference to which that penalty is to be assessed fall before 16th March 1988,

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.

(5) Subsections (1)(b), (2) and (3) above shall be deemed to have come into force on 16th March 1988.

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

(1) In any case where

(a) an amount is due from the Commissioners to any person under the Value Added Tax Act 1983 or Chapter II of Part I of the Finance Act 1985; and

(b) that person is liable to pay a sum by way of tax, penalty, interest or surcharge,

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.

(2) Subsection (1) above shall not apply in the case of any such amount as is mentioned in paragraph (a) of that subsection where that amount became due to the person in question—

(a) at a time when that person’s estate was vested in any other person as that person’s trustee in bankruptcy;

(b) at a time when that person’s estate was vested in any other person as that person’s interim trustee or permanent trustee;

(c) at a time, other than a time before the appointment of a liquidator, when that person was being wound up, either voluntarily or by the court;

(d) at a time when an administration order was in force in relation to that person;

(e) at a time when there was an administrative receiver of that person;

(f) at a time when—

(i) a voluntary arrangement approved in accordance with Part I or VIII of the Insolvency Act 1986, or Part II or Chapter II of Part VIII of the Insolvency (Northern Ireland) Order 1989, or

(ii) a deed of arrangement registered in accordance with the Deeds of Arrangement Act 1914 or Chapter I of Part VIII of that Order of 1989,

was in force in relation to that person; or

(g) at a time when that person’s estate was vested in any other person as that person’s trustee under a trust deed.

(3) In subsection (2) above—

(a) “administration order” means an administration order under Part II of the Insolvency Act 1986 or an administration order within the meaning of Article 5(1) of the Insolvency (Northern Ireland) Order 1989;

(b) “administrative receiver” means an administrative receiver within the meaning of section 251 of that Act of 1986 or Article 5(1) of that Order of 1989; and

(c) “interim trustee”, “permanent trustee” and “trust deed” have the same meanings as in the Bankruptcy (Scotland) Act 1985.

Invoices provided by recipients of goods or services

22

Where—

(a) a taxable person (in this section referred to as “the recipient”) provides a document to himself which purports to be an invoice in respect of a taxable supply of goods or services to him by another taxable person; and

(b) that document understates the tax chargeable on the supply,

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

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

Higher and additional rates of income tax

24

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

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

(1) For the financial year 1988 the small companies rate shall be 25 per cent.

(2) For the financial year 1988 the fraction mentioned in section 13(2) of the Taxes Act 1988, and in section 95(2) of the Finance Act 1972, (marginal relief for small companies) shall be one fortieth.

Deduction rate for sub-contractors in construction industry

28

Life assurance premium relief

29

(1) In sections 266(5)(a) and 274(3)(a) of the Taxes Act 1988, and in paragraph 3(3)(a) of Schedule 14 to that Act, (rate of relief on premiums on life policies etc.) for the words “15 per cent.” wherever they occur there shall be substituted the words “ 12.5 per cent. ”.

(2) This section shall have effect on and after 6th April 1989.

Additional relief in respect of children

30

Non-residents' personal reliefs

31

(1) For the year 1990-91 and subsequent years of assessment section 278 of the Taxes Act 1988 (which with certain exceptions denies relief under Chapter I of Part VII to non-residents) shall have effect with the following amendments.

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

(3) After subsection (2) there shall be inserted—

(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.

(4) Subsections (3) to (7) shall be omitted.

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

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

Jointly held property

34

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

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

36

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

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

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

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

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

(5A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

(1) In Schedule 6 to the Taxes Act 1988 (taxation of directors and others in respect of cars) for Part I (tables of flat rate cash equivalents) there shall be substituted—

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

(2) This section shall have effect for the year 1988-89 and subsequent years of assessment.

Car parking facilities

46

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

Entertainment: non-cash vouchers

47

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

(2) In subsection (1) of section 36 of the Finance (No. 2) Act 1975 (vouchers other than cash vouchers), for the words “Subject to subsection (2) below” there shall be substituted the words “ Subject to the provisions of this section ”.

(3) The provision set out in subsection (1) above shall be inserted after subsection (3A) of that section as subsection (3B) with the substitution—

(a) for the reference to section 839 of the Taxes Act 1988 of a reference to section 533 of the Taxes Act 1970; and

(b) for any reference to a non-cash voucher of a reference to a voucher.

(4) The amendment made by subsection (1) above shall have effect for the year 1988-89 and subsequent years of assessment; and the amendments made by subsections (2) and (3) above shall have effect for the year 1987-88.

Entertainment: credit-tokens

48

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

(2) The provision set out in subsection (1) above shall be inserted after subsection (3) of section 36A of the Finance (No. 2) Act 1975 (credit-tokens) as subsection (3A) with the substitution for the reference to section 839 of the Taxes Act 1988 of a reference to section 533 of the Taxes Act 1970.

(3) The amendment made by subsection (1) above shall have effect for the year 1988-89 and subsequent years of assessment; and the amendment made by subsection (2) above shall have effect for the year 1987-88.

Entertainment of directors and higher-paid employees

49

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

(2) The provision set out in subsection (1) above shall be added at the end of section 62 of the Finance Act 1976 as subsection (9) with the substitution—

(a) for the reference to section 154 of the Taxes Act 1988 of a reference to section 61 of the 1976 Act; and

(b) for the reference to section 839 of the Taxes Act 1988 of a reference to section 533 of the Taxes Act 1970.

(3) The amendment made by subsection (1) above shall have effect for the year 1988-89 and subsequent years of assessment; and the amendment made by subsection (2) above shall have effect for the year 1987-88.

Business expansion scheme

Private rented housing

50

Restriction of relief

51

(1) The Taxes Act 1988 shall have effect, and be deemed always to have had effect, with the following amendments, namely—

(a) in section 289(12)(b), the substitution of the words “sections 290A, 293” for the words “ sections 293 ”; and

(b) the insertion after section 290 of the following section—

(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.

(2) Schedule 5 to the Finance Act 1983 shall be deemed always to have had effect as if—

(a) in paragraph 2(7), for the words “paragraphs 5” there had been substituted the words “ paragraphs 3A, 5 ”; and

(b) the provisions set out in subsection (1)(b) above had been inserted, with any necessary modifications, after paragraph 3 as paragraph 3A.

Valuation of interests in land

52

(1) In section 294 of the Taxes Act 1988 (companies with interests in land), after subsection (5) there shall be inserted—

(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.

(2) This section shall have effect in relation to valuations which fall to be made after the passing of this Act.

Approved investment funds

53

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

Pensions etc.

Personal pension schemes: commencement

54

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

Personal pension schemes: other amendments

55

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

Occupational pension schemes

56

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

Lump sum benefits paid otherwise than on retirement

57

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

Underwriters

Assessment and collection

58

(1) For subsection (2) of section 450 of the Taxes Act 1988 (underwriters) there shall be substituted—

(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) Section 39 of the Finance Act 1973 shall be renumbered as subsection (1) of that section and after that provision as so renumbered there shall be inserted—

(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.

(3) In Schedule 16 to that Act (underwriters)—

(a) the subsection (2) set out in subsection (1) above shall be inserted after paragraph 2 as paragraph 2A; and

(b) paragraph 16 (assessment on agent) shall cease to have effect.

(4) The provisions set out in Schedule 5 to this Act shall be inserted—

(a) after Schedule 19 to the Taxes Act 1988 as Schedule 19A; and

(b) after Schedule 16 to the Finance Act 1973 as Schedule 16A.

(5) Subsections (1) and (4)(a) above shall have effect for the year1988-89 and subsequent years of assessment; and subsections (2), (3) and (4)(b) above shall have effect for the years 1986-87 and 1987-88.

Reinsurance: general

59

(1) In subsection (4) of section 450 of the Taxes Act 1988 (underwriters), for paragraph (b) there shall be substituted—

(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;

(2) The amendment set out in subsection (1) above shall also be made in paragraph 4 of Schedule 16 to the Finance Act 1973 (underwriters).

(3) Subsection (1) above shall have effect for the year 1988-89 and subsequent years of assessment; and subsection (2) above shall have effect for the years 1985-86, 1986-87 and 1987-88.

Reinsurance to close

60

(1) For subsection (5) of section 450 of the Taxes Act 1988 (underwriters) there shall be substituted—

(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.

(2) The provisions set out in subsection (1) above, but renumbered as subsections (1) and (2) and with the substitution, in the provision renumbered as subsection (1), of the words “subsection (2)” for the words “subsection (5A)”, shall also be substituted for subsections (1) to (4) of section 70 of the Finance (No. 2) Act 1987 (underwriters); and in subsection (5) of that section, for the word “underwriter” there shall be substituted the word “ member ”.

(3) In this section—

(a) subsection (1) shall have effect in relation to premiums payable in connection with the closing of accounts of a member’s business for an underwriting year ending in the year 1988-89 or any subsequent year of assessment; and

(b) subsection (2) shall have effect in relation to premiums payable in connection with the closing of accounts of a member’s business for an underwriting year ending in the year 1985-86, 1986-87 or 1987-88.

Minor and consequential amendments

61

(1) In the Taxes Act 1988—

(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) in section 451, in subsection (1), for paragraph (a) there shall be substituted—

(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

(d) in section 452(8), for the words “Case I of Schedule D” there shall be substituted the words “ in accordance with section 450 ” and the words “the investments forming part of the premiums trust fund of the underwriter” shall cease to have effect.

(2) In Schedule 10 to the Taxes Act 1970, in paragraph 7(3), for the words “Case I of Schedule D” there shall be substituted the words “ in accordance with Schedule 16 to Finance Act 1973 ” and the words “the investments forming part of the premiums trust fund of the underwriter” shall cease to have effect.

(3) In section 87 of the Finance Act 1972, at the beginning of subsection (3) there shall be inserted the words “ Except as provided by Schedule 16 to Finance Act 1973 (underwriters) ”.

(4) In Schedule 16 to the Finance Act 1973—

(a) in sub-paragraph (1) of paragraph 17, for paragraph (a) there shall be substituted—

(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;

(b) after that sub-paragraph, there shall be inserted—

(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.

(5) Subsection (1) above shall have effect for the year 1988-89 and subsequent years of assessment; and subsections (2) to (4) above shall have effect for the years 1986-87 and 1987-88.

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

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

Company residence

66

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

Seafarers: foreign earnings

67

Priority share allocations for employees etc

68

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

Share options: loans

69

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

Charities: payroll deduction scheme

70

(1) In section 202(7) of the Taxes Act 1988 (which limits to £120 the deductions attracting relief) for “ £120” there shall be substituted “ £240 ”.

(2) This section shall have effect for the year 1988-89 and subsequent years of assessment.

Unit trusts: relief on certain payments

71

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

Entertainment of overseas customers

72

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

Consideration for certain restrictive undertakings

73

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

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

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

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

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—

(a) for the words from “section 138(1)(a)” to “value of the shares” in ... section 186(2)(b) (approved profit sharing schemes) of the Taxes Act 1988, and

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

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

104

Company migration

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

105

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

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

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

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

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

(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) This section and sections 106 and 107 below shall be deemed to have come into force on 15th March 1988.

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

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

(2) The repeal by the Finance (No. 2) Act 1987 of section 93 of the Finance Act 1972 shall be treated as not having extended to subsection (6) of that section (amendment of definition of “investment trust” in section 359 of the Taxes Act 1970).

(3) For section 266(4) of the M3Companies Act 1985 there shall be substituted—

(a) 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 M4Companies (Northern Ireland) Order 1986 there shall be substituted— (b) 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.

(4) ... subsection (2) above shall have effect for companies’ accounting periods ending on or before that date.

Amendments of Finance Act 1985 s.68

118

chapter V — Management

Assessment

Current year assessments

119

(1) Section 29 of the Taxes Management Act 1970 (assessment procedure) shall have effect subject to the following amendments.

(2) In subsection (1), after paragraph (b) there shall be added—

(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.

(3) After subsection (1) there shall be inserted—

(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

(1) For section 7 of the Taxes Management Act 1970 there shall be substituted—

(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.

(2) This section has effect with respect to notices required to be given for the year 1988-89 or any subsequent year of assessment.

Notice of liability to corporation tax

121

Notice of liability to capital gains tax

122

(1) Immediately before section 12 of the Taxes Management Act 1970 there shall be inserted—

(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.

(2) For subsection (1) of section 12 of that Act (information about chargeable gains) there shall be substituted—

(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.

(3) This section has effect with respect to notices required to be given for the year 1988-89 or any subsequent year of assessment.

Other returns and information

Three year time limit

123

(1) At the end of section 13 of the Taxes Management Act 1970 (returns by persons in receipt of taxable income belonging to others) there shall be added—

(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.

(2) In section 17(1) of that Act (interest paid or credited by banks etc. without deduction of income tax) after the words “during a year” there shall be inserted the words “ of assessment ”.

(3) In section 18 of that Act (particulars of interest paid without deduction of income tax) after subsection (3) there shall be inserted—

(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) At the end of section 19 of that Act (information for the purposes of Schedule A etc.) there shall be added—

(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.

(5) This section has effect with respect to notices given after the passing of this Act.

Returns of fees, commissions etc

124

(1) At the end of section 16 of the Taxes Management Act 1970 (fees, commissions etc.) there shall be added—

(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.

(2) This section has effect with respect to payments made in the year 1988-89 or any subsequent year of assessment.

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

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

Production of computer records etc

127

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

Interest and penalties

Interest on overdue or overpaid PAYE

128

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

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

129

(1) After section 97 of the Taxes Management Act 1970 there shall be inserted—

(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.

(2) Section 97A(a) of that Act has effect with respect to the year1988-89 or any subsequent year of assessment; and section 97A(b) has effect with respect to accounting periods ending after 31st March 1989.

Company migration

Provisions for securing payment by company of outstanding tax

130

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

Penalties for failure to comply with section 130

131

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

Liability of other persons for unpaid tax

132

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

Appeals etc.

Jurisdiction of General Commissioners

133

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

General Commissioners for Northern Ireland

134

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

Cases stated in Northern Ireland

135

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

Part IV — Miscellaneous and General

Inheritance tax

Reduction of rates

136

(1) For the Table in Schedule 1 to the Inheritance Tax Act 1984 there shall be substituted—

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

(2) Subsection (1) above shall apply to any chargeable transfer made on or after 15th March 1988, and section 8(1) of the Inheritance Tax Act 1984 (indexation of rate bands) shall not apply to chargeable transfers made in the year beginning 6th April 1988.

(3) Section 8(1A) of that Act shall cease to have effect.

Gifts to political parties

137

(1) In section 24(1) of the Inheritance Tax Act 1984 (exemption from tax for gifts to political parties) paragraph (b) (which limits the exemption to £100,000 in respect of gifts on or within one year of the death of the transferor) shall cease to have effect.

(2) This section shall have effect in relation to transfers of value made on or after 15th March 1988.

Petroleum revenue tax

Reduced oil allowance for certain Southern Basin and onshore fields

138

(1) For every relevant Southern Basin or onshore field, as defined in subsection (2) below, section 8 of the Oil Taxation Act 1975 (the oil allowance) shall have effect subject to the following modifications—

(a) in subsection (2) (the amount of the allowance for each chargeable period) for “250,000 metric tonnes” there shall be substituted “ 125,000 metric tonnes ”; and

(b) in subsection (6) (the total allowance for a field) for “5 million metric tonnes” there shall be substituted “ 25 million metric tonnes ”.

(2) Subject to subsection (3) below, for the purposes of this section a “relevant Southern Basin or onshore field” is any oil field other than one—

(a) which is a relevant new field for the purposes of section 36 of the Finance Act 1983 (increased oil allowance for certain new fields); or

(b) for any part of which consent for development was granted to the licensee by the Secretary of State before 1st April 1982; or

(c) for any part of which a programme of development was served on the licensee or approved by the Secretary of State before that date.

(3) In determining, in accordance with subsection (2) above, whether an oil field (in this subsection referred to as “the field in question”) is a relevant Southern Basin or onshore field, no account shall be taken of a consent for development granted before 1st April 1982 or a programme of development served on the licensee or approved by the Secretary of State before that date if—

(a) in whole or in part that consent or programme related to another oil field for which a determination under Schedule 1 to the Oil Taxation Act 1975 was made before the determination under that Schedule for the field in question; and

(b) on or after 1st April 1982, a consent for development is or was granted or a programme of development is or was served on the licensee or approved by the Secretary of State and that consent or programme relates, in whole or in part, to the field in question.

(4) Subsections (4) and (5) of section 36 of the Finance Act 1983 (which define “development” for the purposes of subsections (2) and (3) of that section) shall apply also for the purposes of subsections (2) and (3) of this section.

(5) This section shall have effect in relation to chargeable periods ending after 30th June 1988.

(6) This section shall be construed as one with Part I of the Oil Taxation Act 1975.

Assets generating tariff receipts: extension of allowable expenditure

139

(1) In Part I of Schedule 1 to the Oil Taxation Act 1983 (extensions of allowable expenditure for assets generating receipts) paragraph 3 (expenditure on enhancing the value of assets no longer in use for the principal field) shall be amended as follows—

(a) in sub-paragraph (1)(a) after the words “enhancing the value of” there shall be inserted “ or otherwise in connection with ”;

(b) in sub-paragraph (1)(d) for the words “the expenditure” there shall be substituted “ either the use of the asset ” and after the words “tariff receipts or” there shall be inserted “ the expenditure ”.

(2) This section shall have effect with respect to expenditure incurred on or after 15th March 1988.

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

(1) In section 97 of the Finance Act 1980 (shared ownership transactions) after paragraph (c) of subsection (3) there shall be inserted—

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

(2) In section 107 of the Finance Act 1981 (sales at a discount by local authorities etc.) after paragraph (f) of subsection (3) there shall be inserted—

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

Stamp duty: paired shares

143

(1) This section applies where —

(a) the articles of association of a company incorporated in the United Kingdom (“the UK company”) and the equivalent instruments governing a company which is not so incorporated (“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 are to be or have been offered for sale to the public in the United Kingdom and, at the same time, an equal number of such units are to be or, as the case may be, have been offered for sale to the public at a broadly equivalent price in the country in which the foreign company is incorporated (“the foreign country”).

(2) In relation to an instrument to which this subsection applies, no duty is chargeable under paragraph 1 of Schedule 15 to the Finance Act 1999 (bearer instruments: charge on issue); but this does not affect the other requirements of that Schedule.

(3) Subsection (2) above applies to any bearer instrument issued on or after 1st November 1987 which represents shares in the UK company, or a right to an allotment of or to subscribe for such shares, if the purpose of the issue is —

(a) to make such shares available for sale (as part of such units as are referred to in subsection (1) above) in pursuance of either of the offers referred to in subsection (1)(b) above or of any other offer for sale of such units to the public made at the same time and at a broadly equivalent price in a country other than the United Kingdom or the foreign country; or

(b) to give effect to an allotment of such shares (as part of such units) as fully or partly paid bonus shares.

(4) In relation to an instrument to which this subsection applies—

(a) the foreign company shall be treated for the purposes of Schedule 15 to the Finance Act 1999 (stamp duty on bearer instruments) as a UK company, and

(b) paragraph 17 of that Schedule (exemption for non-sterling instruments) shall not apply.

(5) Subsection (4) above applies to any bearer instrument issued on or after 9th December 1987 which represents shares in the foreign company, or a right to an allotment of or to subscribe for such shares, and is not issued for the purpose —

(a) of making shares in the foreign company available for sale (as part of such units as are referred to in subsection (1) above) in pursuance of either of the offers referred to in subsection (1)(b) above or of any other offer such as is mentioned in subsection (3)(a) above; or

(b) of giving effect to an allotment of such shares (as part of such units) as fully or partly paid bonus shares.

(6) In relation to any instrument which transfers such units as are referred to in subsection (1) above and is executed on or after the date of the passing of this Act, the foreign company shall be treated for the purposes of sections 67 and 68 (depositary receipts) and 70 and 71 (clearance services) of the Finance Act 1986 as a company incorporated in the United Kingdom.

(7) Section 3 of the Stamp Act 1891 (which requires every instrument written upon the same piece of material as another instrument to be separately stamped) shall not apply in relation to any bearer instrument issued on or after 9th December 1987 which represents shares in the UK company or the foreign company, or a right to an allotment of or to subscribe for such shares.

(8) This section shall be construed as one with the Stamp Act 1891.

(9) Subsections (2) and (3) above, together with subsection (1) above so far as relating to them, shall be deemed to have come into force on 1st November 1987, and subsections (4), (5) and (7) above, together with subsection (1) above so far as relating to them, shall be deemed to have come into force on 9th December 1987.

Stamp duty reserve tax: paired shares etc

144

(1) Section 99 of the Finance Act 1986 (stamp duty reserve tax: interpretation) shall be amended as follows.

(2) For subsections (3) to (6) there shall be substituted —

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

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

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

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

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

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

(6) This section applies in relation to —

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

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

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

Miscellaneous

Building societies: change of status

145

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

Post-consolidation amendments

146

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

Interpretation etc

147

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

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

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

Repeals

148

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

Short title

149

This Act may be cited as the Finance Act 1988.

SCHEDULE 1

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

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

1

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

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

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

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

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

2

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3

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4

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

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

5

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

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

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

6

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7

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

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

8

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9

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

10

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11

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12

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

13

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

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

SCHEDULE 2

Part I

Part II — Vehicles Carrying or Drawing Exceptional Loads

1

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2

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3

4

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5

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6

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SCHEDULE 3

Part I — Amendments of the Taxes Act 1988

Introductory

1

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

Commencement of trade etc.

2

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Discontinuance of trade etc.

3

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Underpayments

4

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Additional relief in respect of children

5

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6

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Widow’s bereavement allowance

7

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

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

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

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

Blind person’s allowance

8

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Life assurance premiums

9

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

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

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

Payments securing annuities

10

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Married couples living together

11

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Business expansion scheme

12

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

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

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

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

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

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

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

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

(3) Where this sub-paragraph applies—

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

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

Qualifying maintenance payments

13

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

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Loans for shares in employee-controlled company

15

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Close company loans

16

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Trade unions and employers’ associations

17

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Retirement benefit schemes

18

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Partnership retirement annuities

19

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

20

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Earned income

21

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Total income

22

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Part II — Other Provisions

Capital allowances

23

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24

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The transition

25

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

Returns

26

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

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

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

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

27

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

28

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

Time limits for assessments

29

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Transfers of allowances

30

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

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

Class 4 social security contributions

31

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Annual payments

32

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

Maintenance payments

33

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SCHEDULE 4

Part I — Modifications Made by Section 50

Preliminary

1

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

The relief

2

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

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

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

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

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

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

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

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

Restriction of relief where amounts raised exceed permitted maximum

3

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

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

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

Individuals qualifying for relief

4

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

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

Parallel trades

5

Section 292 (parallel trades) shall be omitted.

Qualifying companies

6

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

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

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

Companies with interests in land etc.

7

The following shall be omitted, namely—

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

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

Qualifying trades etc.

8

The following shall also be omitted, namely—

(a) section 297 (qualifying trades); and

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

Replacement capital

9

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

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

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

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

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

Claims

10

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

Subsidiaries

11

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

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

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

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

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

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

(a) it is a property managing subsidiary, and

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

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

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

12

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

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

Expensive dwelling-houses

13

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

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

(b) in any other case, £85,000.

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

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

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

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

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

(4) The assumptions as to title are—

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

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

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

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

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

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

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

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

Unfit and sub-standard dwelling-houses

14

Section 50 of this Act does not apply to—

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

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

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

Dwelling-houses already let etc.

15

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

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

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

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

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

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

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

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

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

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

(2) In this paragraph—

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

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

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

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

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

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

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

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

(i) was the absolute owner of it, or

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

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

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

Dwelling-houses already qualifying for relief

16

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

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

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

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

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

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

Dwelling-houses qualifying for capital allowances

17

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

Interpretation of certain expressions: Scotland

18

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

SCHEDULE 5

Preliminary

1

(1) In this Schedule—

“agent”, in relation to a syndicate and a year of assessment, means—

(a) the person who was acting as underwriting agent for that syndicate at the end of the corresponding underwriting year; or

(b) such other person as may be determined in accordance with regulations made by the Board by statutory instrument;

“closing year”, in relation to a year of assessment, means the year of assessment next but one following that year;

“inspector” includes any officer of the Board;

“profits” includes gains;

“syndicate” means a syndicate of underwriting members of Lloyd’s formed for an underwriting year;

“syndicate profit or loss”, in relation to a syndicate, means the aggregate amount of the profits or losses arising to all the members of the syndicate (taken together), and “syndicate profits” and “syndicate losses” shall be construed accordingly.

(2) References in this Schedule to profits or losses arising to a member of a syndicate are references to profits or losses which—

(a) arise to him in his capacity as such a member, whether from his underwriting business or from assets forming part of a premiums trust fund; and

(b) are chargeable or, as the case may be, allowable under Case I of Schedule D.

(3) 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.

Returns by agent

2

(1) An inspector may, at any time after the end of the closing year for a year of assessment, by notice in writing to the agent require him to deliver to the inspector, on or before the final day determined under sub-paragraph (2) below, a return of the syndicate profit or loss for the year of assessment—

(a) containing such information as may be required in pursuance of the notice; and

(b) accompanied by such accounts, statements and reports as may be so required; and

(c) in the case of a syndicate profit, containing a statement of the amount of tax which would be payable on that profit if the whole of it were charged to tax at the basic rate of income tax for that year.

(2) The final day for the delivery of any return required by a notice under sub-paragraph (1) above is whichever is the later of—

(a) the 1st September next following the end of the closing year for the year of assessment; and

(b) the end of the period of three months beginning on the day following that on which the notice was served.

(3) If the agent, having been required by a notice under sub-paragraph (1) above to deliver a return, fails to deliver the return on or before the final day for its delivery, he shall be liable to a penalty equal to the prescribed amount multiplied by the number of days on which the failure continues; and in this sub-paragraph “the prescribed amount” means £10 for each fifty members of the syndicate (counting any number of members left over as fifty).

(4) If the agent fraudulently or negligently delivers an incorrect return under sub-paragraph (1) above, he shall be liable to a penalty not exceeding the prescribed amount multiplied by the number of members of the syndicate; and in this sub-paragraph “the prescribed amount” means £500 in the case of fraud and £250 in the case of negligence.

(5) In relation to a return required by a notice under sub-paragraph (1) above—

(a) any reference in sub-paragraph (2) or (3) above to the delivery of the return is a reference to its delivery together with the accompanying documents referred to in sub-paragraph (1) above; and

(b) the reference in sub-paragraph (4) above to the return being incorrect includes a reference to any of those documents being incorrect.

Payments on account of tax

3

(1) In the case of a syndicate profit for a year of assessment, the agent shall, on or before the 1st January next following the end of the closing year for that year—

(a) pay to the collector, on account of the liabilities to tax of the members of the syndicate, the amount stated in his return for that year under paragraph 2(1)(c) above; and

(b) deliver to the inspector a return apportioning, between those members, the amount so paid.

(2) Where an amount is paid to the collector under sub-paragraph (1)(a) above for a year of assessment, the following provisions shall apply as between each member of the syndicate and the agent—

(a) where the member’s proportion of the amount so paid exceeds the amount deducted by the agent in accounting to the member for his share of the syndicate profit for that year, the amount of the excess shall be paid by the member to the agent; and

(b) where the amount so deducted exceeds that proportion, the amount of the excess shall be paid by the agent to the member.

(3) Where an amount is paid to the collector under sub-paragraph (1)(a) above for a year of assessment, the following provisions shall apply as respects the liability to tax for that year of each member of the syndicate—

(a) where the amount in which the member is charged to tax exceeds his proportion of the amount so paid, the amount of the excess shall be the amount of tax due and payable; and

(b) where that proportion exceeds the amount in which the member is so charged, the amount of the excess shall be treated as tax overpaid.

(4) Any amount which is payable under sub-paragraph (1)(a) above shall carry interest at the prescribed rate from the date when it becomes payable until payment, whether or not that date is a non-business day within the meaning of the Bills of Exchange Act 1882; and—

(a) section 89 of the Taxes Management Act 1970 (the prescribed rate of interest); and

(b) section 90 of that Act (disallowance of relief for interest on tax),

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

(1) If the inspector is satisfied that a return under paragraph 2(1) above affords correct and complete information concerning the syndicate profit or loss for a year of assessment, he shall determine that profit or loss accordingly.

(2) If for a year of assessment the inspector is dissatisfied with a return under paragraph 2(1) above, or there is no such return, the inspector shall determine the syndicate profit or loss for that year to the best of his judgment.

(3) If the inspector discovers that a determination under sub-paragraph (1) or (2) above—

(a) understates the syndicate profits for the year of assessment; or

(b) overstates the syndicate losses for that year,

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

(4) Notice of a determination under this paragraph shall be served on the agent and shall state the time within which any appeal against the determination may be made under paragraph 5 below.

(5) After notice of a determination under this paragraph has been served on the agent, the determination shall not be altered except in accordance with the express provisions of the Taxes Acts.

Appeals

5

(1) The agent may appeal against a determination under paragraph 4 above by a notice of appeal in writing given to the inspector within thirty days after the date of the notice of determination.

(2) An appeal under this paragraph shall be to the General Commissioners, except that the agent may elect (in accordance with section 46(1) of the Taxes Management Act 1970) to bring the appeal before the Special Commissioners instead of the General Commissioners; and subsections (5) to (5E) of section 31 of that Act shall apply for the purposes of an election under this sub-paragraph as they apply for the purposes of an election under subsection (4) of that section.

Modification of determinations pending appeal

6

(1) Where the agent appeals against a determination under paragraph 4 above, then, for the purpose of establishing, in the event of a member of the syndicate appealing against an assessment made on him, the amount of tax the payment of which should, pending the determination of that appeal, be postponed under section 55 of the Taxes Management Act 1970, that section shall apply to the first-mentioned appeal with the modifications specified in sub-paragraph (2) below.

(2) The modifications are as follows—

(a) any reference to the notice of assessment shall be construed as a reference to the notice of determination;

(b) any reference to the appellant believing that he is overcharged to tax by the assessment shall be construed as a reference to him believing that the determination overstates the syndicate profits, or understates the syndicate losses, for the year of assessment, and any reference to the appellant having grounds for so believing, or there being reasonable grounds for so believing, shall be construed accordingly;

(c) any reference to a determination of the amount of tax the payment of which should be postponed pending the determination of the appeal shall be construed as a reference to a direction that the determination shall, pending the determination of the appeal, have effect for the purpose stated in sub-paragraph (1) above as if the syndicate profits there stated were reduced, or the syndicate losses there stated were increased, by such amount as may be specified in the direction, and any reference to an amount of tax so determined, or to the amount of tax which should be so postponed, shall be construed accordingly; and

(d) subsections (2) and (9) and, in subsection (6), paragraphs (a) and (b) and the word “and” immediately preceding paragraph (a) shall be omitted.

Apportionments of syndicate profit or loss

7

(1) Where a determination of a syndicate profit or loss for a year of assessment is made, varied or modified (whether under the foregoing provisions of this Schedule or on appeal), the inspector may, by notice in writing to the agent, require him to make to the inspector, within the specified period, a return apportioning, between the members of the syndicate, the syndicate profit or loss as stated in the determination as so made, varied or modified.

(2) If the agent, having been required by a notice under sub-paragraph (1) above to deliver a return within the specified period, fails to deliver the return within that period, he shall be liable to a penalty equal to the prescribed amount multiplied by the number of days on which the failure continues; and in this sub-paragraph “the prescribed amount” means £5 for each fifty members of the syndicate (counting any number of members left over as fifty).

(3) In this paragraph “the specified period” means such period, not being less than thirty days and beginning with the day following the date of the notice under sub-paragraph (1) above, as may be specified in that notice.

Individual members: effect of determinations

8

(1) A determination of a syndicate profit or loss for a year of assessment (whether as originally made or as varied or modified) shall, for the purpose of determining the liability to tax of each member of the syndicate, be conclusive against that member that the syndicate profit or loss for that year is as there stated.

(2) Where a determination of a syndicate profit or loss for a year of assessment is varied or modified at any time after the issue of a notice of assessment assessing any member of the syndicate to tax—

(a) section 31 of the Taxes Management Act 1970 (right of appeal) and section 55 of that Act (postponement of tax) shall have effect, in relation to that member, as if any reference to the date of the notice of assessment, or the date of the issue of the notice of assessment, were a reference to the date of the variation or modification; and

(b) in the case of a variation, an assessment which gives effect to the determination as varied shall not be out of time if it is made within one year of the date of the variation.

(3) Sub-paragraph (2)(b) above shall not apply in the case of a variation under paragraph 4(3) above which is made later than six years after the end of the closing year.

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

(1) If it appears to an inspector or the Board that the agent is liable to a penalty under paragraph 2(3) or 7(2) above, the amount appearing to be due may be assessed by the inspector or the Board as if it were tax for the year of assessment in which the failure to make the return occurred; and, subject to the provisions of this paragraph, the provisions of the Taxes Management Act 1970 relating to the assessment and collection of tax shall apply accordingly.

(2) An amount assessed by way of penalty under paragraph 2(3) or 7(2) above shall be due at the end of the period of thirty days beginning with the date of the issue of the notice of assessment.

(3) On an appeal against an assessment of an amount by way of penalty under sub-paragraph (3) of paragraph 2 or sub-paragraph (2) of paragraph 7 above, subsections (6) to (8) of section 50 of that Act shall not apply but the Commissioners—

(a) may confirm the amount of the assessment or, if it appears to them that the amount assessed is greater or smaller than the penalty provided for under that sub-paragraph, may reduce it or increase it to such an amount as is appropriate having regard to the provisions of that sub-paragraph; and

(b) if it appears to them that no penalty has been incurred, may set the assessment aside.

(4) Where an amount has been assessed by way of penalty under sub-paragraph (3) of paragraph 2 or sub-paragraph (2) of paragraph 7 above and either no appeal has been brought against that assessment or the amount assessed has been confirmed or varied on appeal—

(a) a certificate of an inspector or other officer of the Board that an amount is due by way of penalty under that sub-paragraph; and

(b) a certificate of a collector that payment of that amount has not been made to him or, to the best of his knowledge and belief, to any other collector, or to a person acting on his behalf or on behalf of another collector,

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.

(5) Section 100 of the Taxes Management Act 1970 (procedure for recovery of penalties) shall not apply to a penalty under paragraph 2(3) or 7(2) above.

Supplemental: interest

11

(1) Interest charged under paragraph 3(4) above shall be treated for the purposes of the enactments mentioned in section 69 of the Taxes Management Act 1970 (interest on tax) as if it were tax charged and due and payable under an assessment.

(2) References to section 86 of that Act in sections 70(2) and 92 of that Act (evidence, and remission of interest in certain cases) shall include a reference to paragraph 3(4) above.

SCHEDULE 6

Preliminary

1

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

Abolition of charge under Schedule B

2

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

Abolition of Schedule D election et ceteralaetc.

3

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

Transitional provisions

4

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

5

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

Consequential amendments

6

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

SCHEDULE 7

Cases where rule does not apply

1

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

2

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

Cases where rule does not apply until end of transitional period

3

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

4

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

Supplemental

5

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

SCHEDULE 8

Previous no gain/no loss disposals

1

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

2

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

Capital allowances

3

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

Part disposals

4

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

Assets derived from other assets

5

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

Group transactions

6

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

Close companies

7

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

Private residence relief

8

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

Replacement of business assets

9

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

Apportionment of pre-1965 gains and losses

10

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

Indexation allowance

11

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

Elections under section 96(5): excluded disposals

12

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

Elections under section 96(5): groups of companies

13

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

14

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

SCHEDULE 9

Reduction of deduction or gain

1

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

Charges rolled-over or held-over

2

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

Postponed charges

3

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

Previous no gain/no loss disposals

4

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

5

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

6

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

Assets derived from other assets

7

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

Claims

8

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

SCHEDULE 10

Charge on settlor with interest in settlement

1

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

2

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

3

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

4

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

Right of recovery

5

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

Meaning of “settlor” etc.

6

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

Information

7

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

Shares in non–resident companies

8

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

Maintenance funds for historic buildings

9

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

Commencement

10

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

SCHEDULE 11

Debts

1

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

2

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

3

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

Linked companies

4

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

Supplementary

5

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

6

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

Commencement

7

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

SCHEDULE 12

Introductory

1

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

Gilt-edged securities and other financial trading stock

2

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

Capital allowances

3

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

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

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

Capital gains: assets acquired from society, etc.

4

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

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

5

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

Distributions

6

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

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

(b) the payment or crediting of a dividend for the purposes of Chapter 2 of Part 15 of the Income Tax Act 2007 (deduction of income tax at source: deposit-takers and building societies) .

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

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

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

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

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

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

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

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

Certified SAYE savings arrangements

7

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

Stamp duty

8

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

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

SCHEDULE 13

Part I — Amendments of the Taxes Act 1988

1

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

2

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

3

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

4

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

5

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

6

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

7

In section 824—

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

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

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

(c) in subsection (2) for the words “Subsection (1)” there shall be substituted the words “ Subsections (1) and (1A) ” and for the words “it applies to a repayment falling within that subsection” there shall be substituted the words “ they apply to a repayment falling within subsection (1) ”,

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

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

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

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

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

8

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

9

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

10

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

11

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

12

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

13

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

14

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

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

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

shall be omitted.

15

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

Part II — Amendments of Other Enactments

The Capital Gains Tax Act 1979 (c. 14)

16

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

17

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

18

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

The Finance Act 1980 (c. 48)

19

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

20

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

The Finance Act 1981 (c. 35)

21

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

The Finance Act 1984 (c. 43)

22

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

The Finance Act 1986 (c. 41)

23

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

The Finance Act 1987 (c. 16)

24

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

Commencement

25

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

SCHEDULE 14

Part I — Customs and Excise

Part II — Vehicles Excise Duty

Part III — Value Added Tax

Part IV — Income and Corporation Tax: General

Part V — Commercial Woodlands

Part 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.

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

Other payments and licences etc.

Entertainment: non-cash vouchers.

Entertainment of directors and higher-paid employees.

Approved investment funds.

Minor and consequential amendments.

Approved investment funds.

Lump sum benefits paid otherwise than on retirement.

Minor and consequential amendments.

Commercial woodlands.

Entertainment of overseas customers.

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

Interest on overdue or overpaid PAYE.

Building societies: change of status.

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

Production of computer records etc.

Assets generating tariff receipts: extension of allowable expenditure.

2A

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

The Capital Gains Tax Act 1979 (c.14)

The Finance Act 1980 (c.48)

The Finance Act 1981 (c.35)

The Finance Act 1984 (c.43)

[^c13525921]: General amendments to Tax Acts, Income Tax Acts, and/or Corporation Tax Acts made by legislation after 1.2.1991 are noted against Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) but not against each Act

[^c13525931]: 1979 c. 4.

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

[^c13525951]: 1979 c. 7.

[^c13525961]: 1979 c. 5.

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

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

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

[^c13526161]: S. 4(5) repealed (1. 10. 1991) by Finance Act 1991 (c. 31, SIF 107:2), ss. 10, 123, Sch. 19 Pt. IV; S.I. 1991/2021, art. 2.

[^c13526211]: 1979 c. 3.

[^c13526221]: 1979 c. 4.

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

[^c13526241]: 1979 c. 4.

[^c13526251]: 1979 c. 2.

[^c13526261]: 1979 c. 2.

[^c13526271]: 1979 c. 2.

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

[^c13526351]: 1979 c. 2.

[^c13526361]: 1979 c. 5.

[^c13526371]: 1981 c. 63.

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

[^c13526401]: 1981 c. 63.

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

[^c13526651]: 1972 c. 41.

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

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

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

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

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

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

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

[^c13527321]: 1975 c. 45.

[^c13527331]: 1975 c. 45.

[^c13527341]: 1976 c. 40.

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

[^c13527461]: 1983 c. 28.

[^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)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

[^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.

[^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.

[^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.

[^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)

[^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)

[^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.

[^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-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-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)

[^key-b917ca5355470a2b113f484bf7506e4a]: S. 12(1)(d) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 5

[^key-c099084a6694a45da0b0bf95b94648a4]: S. 12(5) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 5

[^key-03fae6f6121a8d5216b45ee11fdd4cac]: Sch. 12 para. 7 and crossheading substituted (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 404 (with Sch. 2)

[^key-79a6c432e9fb1429fae34c1e37a96884]: S. 61(1)(a) repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)

[^key-7eb74c00274ef02cca29014666688060]: Sch. 3 para. 2 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)

[^key-5a728a63226907b512daaa09b7f4b7ea]: Sch. 3 para. 3 repealed (6.4.2005) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)

[^key-31ef3de58283f4ae5e85bf99d566fb21]: S. 66A inserted (with effect in accordance with s. 60(3) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), s. 60(1)

[^key-78c362f87ef2ebe81345a827f91e231b]: S. 31(2) omitted (5.12.2005) by virtue of The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 60(2)

[^key-10c979c44e839dd9ec482580c114241a]: Ss. 54-56 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)

[^key-c43ef6b1ac88501205d94074595782db]: Sch. 13 para. 6 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)

[^key-ae809123d39e4bf41815cc6f48ee30db]: Sch. 3 para. 18 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)

[^key-c2de4ee2ed089a1abd0b150470e1acc8]: Sch. 1 para. 10 repealed (19.7.2006) by Finance Act 2006 (c. 25), Sch. 26 Pt. 1(1)

[^key-d31a568cf242a9d51a591e620646fe8c]: Sch. 1 para. 6 repealed (19.7.2006) by Finance Act 2006 (c. 25), Sch. 26 Pt. 1(1)

[^key-6bdb8fa1a376de8357e63c7f368f75c7]: Ss. 23-25 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-9158aef5e4406567e6f43ddb42c2fd58]: S. 34 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-ff88b67b5fb10ae5b1dcaa9ce305b452]: S. 36(2)-(6) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-4d1bb6706c83613ea0c4e85bc759f82d]: S. 37 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-42511ced39a31c54c34e26db4fc18eac]: S. 38 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-6d570d756757e4217029e40020beb334]: S. 40 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-7cc96ed91a745b771bf74f6ea056722e]: S. 53 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 2 (with Sch. 2)

[^key-b9ded5039a7cf42a71c493a8fd6199e8]: S. 71 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-2bf5c227636171a6ac6a0a3a8d0d97e2]: Sch. 3 para. 11 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-dfc56fa2f28b4bda9e6a4ed314dfbb52]: Sch. 3 para. 15 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-bc44417225bf432ab22dfab4383efc47]: Sch. 3 para. 22 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-a2d441295c2757e52f7e07a299e0b08c]: Words in Sch. 12 para. 6(1)(b) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 277 (with Sch. 2)

[^key-4f425f228cec59ea31bb6b4e37030a49]: S. 36(1) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(3)

[^key-2b336f1b409b1f340cf4c1629072abfa]: S. 127 omitted (21.7.2008) by virtue of Finance Act 2008 (c. 9), s. 114(8)(b)

[^key-b17f6a939aa0b4b82c20f548a427c246]: Sch. 6 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 335, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[^key-5e1118ead81e586b0c87cd8625a493b6]: Sch. 7 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 336, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[^key-40e1c85dce86788fc1aefc1220cc011f]: Ss. 133-135 omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 165

[^key-1503397e65ce8ac0dcdf4a0b2ae07d3b]: S. 126 omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 92(a) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 12)

[^key-831b5b973b521fbd6a3014454a34b427]: S. 65 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 331, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[^key-a41dd24e0db37258eb49704a078bf1e5]: S. 66 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 332, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[^key-6ce014ebc14089cddf904b014831264b]: S. 66A repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 333, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[^key-9b81f5e16043709206eb1747ba4f51d2]: S. 72 repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[^key-dcbc3aaff7c406bbdbff7153d90cbe49]: S. 73(2)-(4) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 334, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[^key-ba92d7bfb1ccc2d6a4c4fab5fcf26c59]: Sch. 12 para. 3(1) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 337(a), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[^key-9b1c9cd5b025aad583905c4ca4295025]: Words in Sch. 12 para. 3(2) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 337(b) (with Sch. 2 Pts. 1, 2)

[^M_F_34a897e6-9bfb-4ab9-a92b-1afbb4b90cca]: S. 134(1) repealed (1.4.2009) by Tribunals, Courts and Enforcement Act 2007 (c. 15), s. 148, Sch. 23 Pt. 1; S.I. 2008/2696, art. 6(c)

[^key-b41d7d2ea67c95406b087d3275de8a78]: S. 105(6) omitted (with effect in accordance with Sch. 17 para. 13 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 17 para. 3(a)

[^key-f4bc2412bbcd94821511284d71ccad36]: S. 33 omitted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 6(b)

[^key-c52f02e2495621e5040583e4a64f2dac]: Sch. 3 para. 10 omitted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 6(b)

[^key-4a189f6e328bf477233d464f662b9e68]: Sch. 3 para. 8 omitted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 6(b)

[^key-a10ab1aa3c2866377925aab0aa965787]: Sch. 13 para. 12 repealed (with effect in accordance with art. 1(2)(3) Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), reg. 1(1), Sch. 2

[^key-17eac3a2f4072c1ce93df53ce055a918]: Ss. 130-132 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 7 para. 56, Sch. 10 Pt. 12 (with Sch. 9 paras. 1-9, 22)

[^key-6f6cb65289dde81fdc197b463b5f3e7d]: S. 117(1) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-ab172b8f65f46da68c82fb2e6da92a2f]: Words in s. 117(4) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-4da621f84f504d0605c4f1eb398f25f7]: Sch. 3 para. 17 repealed (1.4.2010) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-fed0c50af28df7c309a643c496ad53d9]: Sch. 3 para. 21 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 13 (with Sch. 9 paras. 1-9, 22)

[^M_F_ee9ec187-56fb-4077-c63c-d2363921614a]: S. 117(3) repealed (6.4.2008 for specified purposes) by Companies Act 2006 (c. 46), s. 1300(2), Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pts. 1, 2 (with arts. 7 12)