Finance Act 1991

• (a) after the words “so far as relating to that machinery or plant there shall be inserted the words “or in respect of any additional VAT liability incurred by him in respect of any such expenditure ”; and

• (b) for the words “so much (if any) of the expenditure there shall be substituted the words “so much (if any) of the aggregate of the expenditure and any such additional VAT liability ”.

• (3) In subsection (3) of that section (assignment of benefit of such contracts)—

• (a) after the words “consideration for the assignment there shall be inserted the words “or in respect of any additional VAT liability incurred by him in respect of any such expenditure ”; and

• (b) for the words “so much (if any) of the assignee’s expenditure there shall be substituted the words “so much (if any) of the aggregate of the assignee’s expenditure and any such additional VAT liability ”.

• (4) In section 76 of that Act (extension of section 75) after subsection (2) (provision for open market value etc to be brought into account where there is no disposal value) there shall be inserted—

(2A) In any case where— (a) section 75(1) has effect with the modification specified in paragraph (a) of subsection (2) above, but (b) the open market value of the machinery or plant in question is determined for the purposes of those provisions inclusive of value added tax, section 75(1) as so modified shall have effect with the omission of the words “the aggregate of and “and any such additional VAT liability. (2B) For the purposes of paragraphs (b) and (c) of subsection (2) above— (a) any additional VAT liability incurred by the seller or, as the case may be, any person connected with him in respect of capital expenditure incurred on the provision of the machinery or plant shall be regarded as capital expenditure incurred on the provision of the machinery or plant, and (b) any additional VAT rebate made to the seller or, as the case may be, any person connected with him in respect of any such expenditure shall be regarded as reducing the amount of capital expenditure so incurred by him, to the extent that the liability or rebate in question would not, apart from this subsection, fall to be so regarded.

• (5) In subsection (4) of that section (application of subsections (2) and (3) in relation to section 75(2) and (3)) for the words “Subsections (2) and (3) there shall be substituted the words “Subsections (2), (2A), (2B) and (3) ”.

Part III — SCIENTIFIC RESEARCH

Deduction for additional VAT liability on capital expenditure

12

• (1) In section 137 of that Act (deductions for capital expenditure on scientific research) after subsection (1) there shall be inserted—

(1A) Where a person— (a) has incurred allowable scientific research expenditure of a capital nature as mentioned in paragraph (a) or (b) of subsection (1) above, and (b) incurs an additional VAT liability in respect of that expenditure at any time before the relevant event (as defined in section 138(1)) occurs in relation to the asset in question, that liability shall, subject to the following provisions of this section, be regarded for the purposes of this Act as expenditure of a capital nature incurred on the scientific research.

• (2) In subsection (3) of that section (relief where scientific building contains a dwelling to which not more than one quarter of the cost is referable) after the words “consists of a dwelling and there shall be inserted the words “,disregarding any additional VAT liability or rebate, ”.

Charge in respect of additional VAT rebate on capital expenditure

13

• (1) In section 138 of that Act, after subsection (2) (charge where asset ceases to belong to trader) there shall be inserted—

(2A) Where one or more additional VAT rebates have been made in respect of the expenditure at any time before the relevant event, the amount of the allowance and the amount of the expenditure shall each be treated for the purposes of subsection (2)(a) and (b) above as reduced by the aggregate amount of such of those rebates as fell, or fall, to be treated as trading receipts under subsection (3A) below.

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

(3A) In any case where— (a) a person carrying on a trade has incurred allowable scientific research expenditure of a capital nature as mentioned in paragraph (a) or (b) of section 137(1), and (b) an additional VAT rebate in respect of that expenditure is made to him at any time before the relevant event occurs in relation to the asset in question, then, unless that rebate falls to be brought into account for the purpose of making allowances and charges under Part I or Part II, an amount equal to the rebate shall be treated as a trading receipt of the trade accruing for the chargeable period related to the making of the rebate or, if the rebate is made on or after the date on which the trade is permanently discontinued, accruing immediately before the discontinuance.

• (3) At the end of that section there shall be added—

(8) For the purposes of subsections (2) and (3) above, any question arising whether the relevant event occurred in or after, or (as the case may be) before, the chargeable period for which an allowance is given in respect of the expenditure there mentioned shall be determined without reference to the making of any allowance by virtue of section 137(1A); but this subsection is without prejudice to any question as to the amount of the expenditure or of the allowance for the purposes of those subsections.

Part IV — SUPPLEMENTARY PROVISIONS

General provisions about additional VAT liabilities and rebates

14

In section 159 of that Act, in subsection (2) (time when capital expenditure is incurred) after the words “capital expenditure there shall be inserted the words “(other than that constituted by an additional VAT liability) ” and after that section there shall be inserted—

(159A) (1) Subject to subsections (3) and (4) below, any additional VAT liability or rebate arising is to be regarded for the purposes of this Act as incurred or made on the last day of the relevant VAT interval. (2) For the purposes of subsection (1) above “the relevant VAT interval, in relation to an additional VAT liability or rebate, means that one of the periods of which, under the VAT capital items legislation, the VAT period of adjustment applicable to the asset in question consists, in which occurred the increase or decrease in use which gave rise to the liability or rebate. (3) An additional VAT liability or rebate shall, for the purpose only of determining the chargeable period— (a) for which an allowance or charge under this Act may be made in respect of that liability or rebate, or (b) in which the amount of that liability or rebate is to be brought into account in connection with the making of such allowances or charges, be regarded as incurred or made at a time determined in accordance with subsection (4) below and, except for that purpose, any such liability or rebate shall not be treated as incurred or made otherwise than on the day on which it is to be regarded as incurred or made by virtue of subsection (1) above. (4) For the purpose of determining the chargeable period referred to in subsection (3) above— (a) where a return for the purposes of value added tax is made to the Commissioners of Customs and Excise in which the liability or rebate is accounted for, the liability or rebate shall be regarded as incurred or made in the chargeable period or its basis period which includes the last day of the period to which that return relates; but (b) if, before any such return is made, those Commissioners assess the liability or rebate as due or repayable, then, notwithstanding paragraph (a) above, the liability or rebate shall be regarded as incurred or made on the day on which that assessment is made; and (c) if the additional VAT liability or rebate has not been accounted for on a return for the purposes of value added tax to those Commissioners, or assessed by them for those purposes, before the trade in question has been permanently discontinued or treated by any provision of the Tax Acts as permanently discontinued, then, notwithstanding paragraphs (a) and (b) above, the liability or rebate shall be regarded as incurred or made on the last day of the chargeable period related to the discontinuance. (5) Where, disregarding any additional VAT liability or rebate, any allowance or charge falling to be made under this Act in respect of any capital expenditure falls, under any provision of this Act, to be determined by reference to— (a) a proportion only of that expenditure, or (b) a proportion only of what that allowance or charge would have been apart from that provision, then, to the extent that so much of any allowance or charge as falls to be so made in respect of any additional VAT liability or rebate in respect of that expenditure would not (apart from this subsection) fall to be determined by reference to that proportion of the liability or rebate or, as the case may be, of what that portion of the allowance or charge would otherwise have been, it shall be so determined. (6) In this Act— - “additional VAT liability, in relation to any capital expenditure (or any expenditure of a capital nature), means an amount which a person becomes liable to pay by way of adjustment under any VAT capital items legislation in respect of input tax on an asset on the construction or provision of which the expenditure in question was incurred in whole or in part; - “additional VAT rebate, in relation to any capital expenditure (or any expenditure of a capital nature), means an amount which a person becomes entitled to deduct by way of adjustment under any VAT capital items legislation in respect of input tax on an asset on the construction or provision of which the expenditure in question was incurred in whole or in part; - “VAT capital items legislation means any provisions of any Act or instrument (whenever passed or made) which provide, in relation to value added tax— (a) for the proportion of input tax on an asset of a specified description which may be deducted by a person from his output tax to be adjusted from time to time in consequence of any increase or decrease in the extent to which the asset is used by him for the making of taxable supplies, or taxable supplies of a specified class or description, over a specified period (a “VAT period of adjustment) applicable to the asset, or (b) otherwise for the purpose of giving effect to Article 20(2) to (4) of the Sixth Directive of the Council of the European Communities on Value Added Tax, dated 17th May 1977, and for this purpose “taxable supply has the same meaning as it has in the Value Added Tax Act 1983 by virtue of section 2(2) of that Act; “VAT period of adjustment has the meaning given in the definition of VAT capital items legislation. (7) In this section— (a) “input tax and “output tax have the meaning given by section 14 of the Value Added Tax Act 1983; and (b) in the application of subsection (4)(c) above for the purposes of Part II, the reference to the trade in question shall be construed in accordance with section 27 as that section would apply if this section were included in that Part.

SCHEDULE 15

The Taxes Management Act 1970 (c. 9)

1

• (1) In section 86 of the Taxes Management Act 1970 (interest on overdue tax) after subsection (2) there shall be inserted—

(2A) In any case where— (a) on a claim under section 393A(1) of the principal Act, the whole or any part of a loss incurred in an accounting period (the “later period) is set off for the purposes of corporation tax against profits of a preceding accounting period (the “earlier period), (b) the earlier period does not fall wholly within the period of twelve months immediately preceding the later period, and (c) if the claim had not been made, an amount of corporation tax assessed for the earlier period would carry interest in accordance with this section, then, in determining the amount of interest payable under this section on corporation tax unpaid for the earlier period, no account shall be taken of any reduction in the amount of that tax which results from the claim, except so far as concerns interest for any time after the day following the expiry of the period of nine months from the end of the later period.

• (2) The subsection (2A) inserted by sub-paragraph (1) above shall be omitted where the accounting period referred to in that subsection as the earlier period ends after the appointed day for the purposes of section 86 of the Finance (No.2) Act 1987 so far as relating to the omission of section 86(2)(d) of the Taxes Management Act 1970.

2

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

The Income and Corporation Taxes Act 1988 (c. 1)

3

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

4

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

5

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

6

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

7

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

8

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

9

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

10

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

11

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

12

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

13

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14

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15

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16

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17

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18

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

19

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

20

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

21

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

22

In section 825 of that Act, in subsection (4) (restrictions on repayment supplement) after paragraph (b) there shall be added the words

and (c) a repayment of corporation tax or income tax falling to be made as a result of a claim under section 393A(1) to have the whole or any part of a loss incurred in an accounting period set off against profits of an earlier accounting period ( “the earlier period)— (i) shall, in a case where the earlier period falls wholly within the period of twelve months immediately preceding the accounting period in which the loss was incurred, be treated as a repayment of tax paid for the earlier period; and (ii) in any other case, shall be treated as a repayment of tax paid for the accounting period in which the loss is incurred; and (d) a payment of the whole or part of a tax credit falling to be made as a result of a claim under section 242, to the extent that a surplus of franked investment income for an accounting period (the “earlier period) is treated as there mentioned for the purpose of setting a loss incurred in a later accounting period against total profits under section 393A(1)— (i) shall, in a case where the earlier period falls wholly within the period of twelve months immediately preceding the accounting period in which the loss is incurred, be treated as a payment in respect of franked investment income received in the earlier period; and (ii) in any other case, shall be treated as a payment in respect of franked investment income received in the accounting period in which the loss is incurred.

23

In section 826 of that Act (interest on tax overpaid) after subsection (7) there shall be inserted—

(7A) In any case where— (a) a company carrying on a trade incurs a loss in the trade in an accounting period ( “the later period), (b) as a result of a claim under section 393A(1), the whole or any part of that loss is set off for the purposes of corporation tax against profits (of whatever description) of an earlier accounting period ( “the earlier period) which does not fall wholly within the period of twelve months immediately preceding the later period, and (c) a repayment falls to be made of corporation tax paid for the earlier period or of income tax in respect of a payment received by the company in that accounting period, then, in determining the amount of interest (if any) payable under this section on the repayment referred to in paragraph (c) above, no account shall be taken of any increase in the amount of that repayment as a result of the claim under section 393A(1), except so far as concerns interest for any time after the date on which any corporation tax for the later period became (or, as the case may be, would have become) due and payable, as mentioned in subsection (2) above. (7B) In any case where— (a) a company carrying on a trade incurs a loss in the trade in an accounting period ( “the later period), (b) as a result of a claim under section 242, the whole or any part of a surplus of franked investment income for an earlier accounting period (the “earlier period) which does not fall wholly within the period of twelve months immediately preceding the later period is treated as there mentioned for the purpose of setting the loss against total profits under section 393A(1), and (c) a payment falls to be made of the whole or part of a tax credit comprised in franked investment income received by the company in the earlier period, then, in determining the amount of interest (if any) payable under this section on the payment referred to in paragraph (c) above, no account shall be taken of any increase in the amount of that payment as a result of the claim under section 242 (to the extent that that section relates to section 393A(1)), except so far as concerns interest for any time after the date on which any corporation tax for the later period became (or, as the case may be, would have become) due and payable, as mentioned in subsection (2) above.

24

In section 843 of that Act (commencement) in subsection (4) (exceptions in the case of certain provisions which include section 394) “394” shall be omitted.

25

In Schedule 5 to that Act (treatment of farm animals etc for purposes of Case I of Schedule D) in paragraph 2(3)(a) (election for herd basis to be valid only if made not later than two years after end of the first chargeable period in which relief under section 393(2) given etc) after “393(2)” there shall be inserted “or 393A(1) ”.

26

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

27

• (1) In Schedule 30 to that Act (transitional provisions and savings) in paragraph 2 (duration of leases) in sub-paragraph (2)(a) (section 38 deemed to have effect as from passing of Finance Act 1963 in respect of relief under section 385 or 393) after “393” there shall be inserted the words “or 393A(1) ”.

• (2) In paragraph 3 of that Schedule (duration of leases) in sub-paragraph (1)(b) (sections 24 and 38 to have effect subject to modifications except to extent that section 38 relates to relief under section 385 or 393) after “393” there shall be inserted the words “or 393A(1) ”.

The Capital Allowances Act 1990 (c. 1)

28

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

SCHEDULE 16

Conditions for the charge

1

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

The charge

2

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

Construction of paragraph 1(1)(e)

3

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

Test whether settlor has interest

4

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

Exceptions to charge

5

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

6

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

7

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

Right of recovery

8

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

Meaning of “settlor”

9

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

Meaning of “originating”

10

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

Qualifying settlements, and commencement

11

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

Information

12

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13

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14

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15

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16

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17

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SCHEDULE 17

Introduction

1

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

Qualifying amounts

2

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

Matching capital payments

3

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

Increased tax: the main rule

4

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

More than one qualifying amount

5

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

Payment partly ignored

6

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

Parts of amounts matched

7

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

Transfers between settlements

8

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

Matching after transfer

9

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

SCHEDULE 18

Computation rules

1

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

Dual-resident settlements

2

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

3

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

Payments by and to companies

4

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

Beneficiaries

5

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

Other amendments

6

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

SCHEDULE 19

Part I — BETTING AND GAMING DUTIES

Part II — BEER DUTY

Part III — VEHICLES EXCISE DUTY: GENRAL

Part IV — VEHICLE EXCISE DUTY: NORTHERN IRELAND

Part V — INCOME TAX AND CORPORATION TAX

Part VI — CAPITAL GAINS

Part VII — STAMP DUTY

Part VIII — TRADING FUNDS

Spirits, beer, wine, made-wine and cider.

Hydrocarbon oil.

Pool betting duty.

Beer duty.

Beer duty.

Part II — INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX

CHAPTER I — GENERAL

Income tax rates and allowances

Savings-related share option schemes.

Corporation tax rates

Rate of corporation tax for 1990.

Interest

Costs of establishing employee share ownership trusts: relief.

Benefits in kind

Vocational training

Investor protection schemes.

Retirement benefits schemes

Deduction of trading losses.

Assimilation of basic life assurance business and general annuity business.

Definition of “normal commercial loan”.

Profit-related pay, share schemes etc.

Deduction of trading losses.

Interest on certain debentures.

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

Profit sharing schemes.

Profit sharing schemes.

Costs of establishing share option or profit sharing schemes: relief.

Foreign earnings

Certificates of non-liability to tax.

Allowance of certain expenditure relating to abandonment, decommissioning assets, etc.

Insurance companies and friendly societies

Investor protection schemes.

Assimilation of basic life assurance business and general annuity business.

Building societies

Securities

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

Capital allowances

Oil industry

Restriction of expenditure relief by reference to payments under abandonment guarantees.

Interest on certain debentures.

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

Miscellaneous

National savings: date of issue of repayment warrants etc.

Deduction of trading losses.

Reimbursement by defaulter in respect of certain abandonment expenditure.

Audit powers in relation to non-residents.

Investment exchanges and clearing houses: stamp duty.

Stamp duty abolished in certain cases.

Trading funds.

Interest on certain debentures.

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

CHAPTER II — CAPITAL GAINS

Settlements

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

Private residence

Miscellaneous

Part III — OIL TAXATION

Abandonment guarantees.

Allowance of expenditure of participator meeting defaulter’s field abandonment expenditure.

Reimbursement by defaulter in respect of certain abandonment expenditure.

PRT: proceedings for penalties.

Part IV — STAMP DUTY AND STAMP DUTY RESERVE TAX

Stamp duty abolished in certain cases.

Certification of instruments for stamp duty purposes.

Northern Ireland bank notes: duty abolished.

National savings: date of issue of repayment warrants etc.

National savings: date of issue of repayment warrants etc.

The Alcoholic Liquor Duties Act 1979 (c.4)

The Bankruptcy (Scotland) Act 1985 (c.66)

The Insolvency Act 1986 (c.45)

21A

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

22A

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

. . .

After Part VIIIA of the Customs and Excise Management Act 1979 there shall be inserted—

After Schedule 19AA to the Taxes Act 1988 there shall be inserted—

These repeals have effect in accordance with section 7 of this Act.

1

The repeals in section 4 of each of the Vehicles (Excise) Act 1971 ( “the 1971 Act) and the Vehicles (Excise) Act (Northern Ireland) 1972 ( “the 1972 Act) are deemed to have come into force on 20th March 1991.

2

The repeals of section 7(4) of each of the 1971 Act and the 1972 Act come into force on 1st October 1991.

3

The repeals of section 38(4) of, and Schedule 6 to, the 1971 Act, section 35(4) of, and Schedule 7 to, the 1972 Act and sections 5(6) and 6(7) of the Finance Act 1982, so far as relating to the application of those provisions for the purpose of section 4(1)(g) of either the 1971 Act or the 1972 Act, are deemed to have come into force on 20th March 1991.

4

The repeal in Schedule 2 to the Finance Act 1985, and the repeals mentioned in note 3 above so far as relating to the application of the repealed provisions for the purpose of any provision of the 1971 Act or the 1972 Act other than section 4(1)(g), have effect in relation to licences taken out after 20th March 1991.

These repeals have effect in accordance with section 10 of this Act.

1

The repeal of section 78(4) of the Taxes Management Act 1970 and the repeal in Schedule 29 to the Income and Corporation Taxes Act 1988 have effect in accordance with section 81 of this Act.

2

The repeal in section 86 of the Taxes Management Act 1970 has effect in accordance with paragraph 1(2) of Schedule 15 to this Act.

3

The repeals in sections 76, 432A, 436, 437, 446, 447, 448 and 474 of, and Schedule 28 to, the Income and Corporation Taxes Act 1988 and in Schedules 6 and 7 to the Finance Act 1990 have effect for accounting periods beginning on or after 1st January 1992.

4

The following repeals have effect in relation to losses incurred in accounting periods ending on or after 1st April 1991—

• (a) the repeals in sections 114, 243, 343, 393, 518 and 843 of, the repeals in Schedules 5 and 30 to, and the repeal of section 394 of, the Income and Corporation Taxes Act 1988;

• (b) the repeal in Schedule 1 to the Capital Allowances Act 1990;

• (c) the repeal of section 61 of, and the repeal in Schedule 14 to, the Finance Act 1990.

5

The repeals of section 339A of the Income and Corporation Taxes Act 1988 and section 27(1) and (3) of the Finance Act 1990 have effect in relation to accounting periods beginning on or after 19th March 1991.

6

The following repeals have effect for the year 1991-92 and subsequent years of assessment—

• (a) the repeals of sections 354(3) and 726 of the Income and Corporation Taxes Act 1988;

• (b) the repeals in sections 367(1) and 737(2) of, and in Schedule 7 to, that Act;

• (c) the repeal of section 63 of the Finance Act 1989.

7

The repeals in section 465 of, and Schedule 15 to, the Income and Corporation Taxes Act 1988 apply in relation to policies issued in pursuance of contracts made on or after the day on which this Act is passed.

8

The repeal of section 590(5) and (6) of the Income and Corporation Taxes Act 1988 has effect in accordance with section 36 of this Act.

9

The repeals of sections 737(4) and 738(2) of the Income and Corporation Taxes Act 1988 have effect in accordance with section 58 of this Act.

10

The repeal of section 62(2) of the Finance Act 1989 has effect in accordance with section 40 of this Act.

11

The repeals in sections 2(1), 3(3) and 26(1) of the Capital Allowances Act 1990 have effect in relation to any chargeable period or its basis period ending on or after 6th April 1990.

12

The repeal of section 25(2)(h) of the Finance Act 1990 has effect in relation to gifts made on or after 19th March 1991.

1

The repeals in sections 342 and 342A of the Income and Corporation Taxes Act 1970 and Schedule 17 to the Housing Act 1988 are deemed to have come into force on 1st December 1988.

2

The repeals of section 80(2) of the Finance Act 1980 and section 63(3) of the Finance Act 1984 have effect in relation to disposals on or after 19th March 1991.

3

The repeal in section 64 of the Finance Act 1984 has effect in accordance with section 98 of this Act.

4

The remaining repeals (other than the repeal in Schedule 9 to the Finance Act 1988) have effect in accordance with section 92 of this Act.

These repeals have effect in accordance with section 115 of this Act.

Editorial notes