Finance Act 1993

• (c) at the time the expenditure is incurred, the participator referred to in paragraph (a) above is or is connected with a participator in the non-taxable field referred to in paragraph (b) above,

the expenditure shall be disregarded in determining the assessable profit or allowable loss referred to in paragraph (a) above.

• (3) For the purposes of subsection (2) above, the relevant assumptions are—

• (a) that the non-taxable field is a taxable field; and

• (b) that the asset which gives rise to the expenditure (by virtue of its use, the provision of services or other business facilities in connection with its use or its disposal) is a qualifying asset in relation to the participator in question.

• (4) In section 12 of the 1983 Act (charge of receipts attributable to United Kingdom use of foreign field asset), in subsection (3) after the words “oil field”, in the first place where they occur, there shall be inserted “ which is a taxable field and ”.

• (5) After subsection (3) of section 12 of the 1983 Act there shall be inserted the following subsection—

(3A) No order may be made under subsection (2)(a) above on or after 1st July 1993.

• (6) In this section “disposal receipts”, “qualifying asset” and “tariff receipts” have the same meaning as in the 1983 Act; and section 1122 of the Corporation Tax Act 2010 (connected persons) applies for the purposes of subsection (2)(c) above.

Double taxation relief in relation to petroleum revenue tax

194

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

Interpretation of Part III and consequential amendments of assessments etc

195

• (1) In this Part—

• (a) “the principal Act” means the Oil Taxation Act 1975 ;

• (b) “the 1983 Act” means the Oil Taxation Act 1983 ;

• (c) “the Oil Taxation Acts” means Parts I and III of the principal Act, the 1983 Act and any other enactment relating to petroleum revenue tax; and

• (d) “taxable field” and “non-taxable field” shall be construed in accordance with section 185 above.

• (2) The Board may make all such amendments of assessments or determinations or of decisions on claims as may be necessary in consequence of the provisions of this Part.

• (3) This Part... shall be construed as one with Part I of the principal Act.

Part IV — Inheritance Tax

Rate bands: no indexation in 1993

196

The Table substituted by section 72(1) of the Finance (No.2) Act 1992 shall apply to chargeable transfers made in the year beginning 6th April 1993, and accordingly section 8(1) of the Inheritance Tax Act 1984 (indexation of rate bands)shall not apply to such transfers.

Rate bands: indexation for 1994 onwards

197

• (1) In section 8 of the Inheritance Tax Act 1984 (indexation of rate bands)—

• (a) in subsection (1) for “December in 1984” there shall be substituted “ September in 1993 ” and for “previous December” there shall be substituted “ previous September ”;

• (b) in subsection (3) for “December” there shall be substituted “ September ”;

• (c) in subsection (4) for “1985” there shall be substituted “ 1994 ”.

• (2) This section shall apply in relation to chargeable transfers made on or after 6th April 1994.

Fall in value relief: qualifying investments

198

• (1) In the Inheritance Tax Act 1984, in Part VI (valuation) in Chapter III (sale of shares etc. from deceased’s estate) there shall be inserted after section 186—

(186A) (1) Where any qualifying investments comprised in a person’s estate immediately before his death are— (a) cancelled within the period of twelve months immediately following the date of the death without being replaced by other shares or securities, and (b) held, immediately before cancellation, by the appropriate person, they shall be treated for the purposes of this Chapter as having been sold by the appropriate person for a nominal consideration (one pound) immediately before cancellation. (2) Where any qualifying investments are included in the calculation under section 179(1) above by virtue of this section, paragraph (b) of that subsection shall have effect, so far as relating to those investments, with the omission of the words from “or” to the end. (186B) (1) This section applies to any qualifying investments comprised in a person’s estate immediately before his death in respect of which quotation on a recognised stock exchange or dealing on the Unlisted Securities Market is suspended at the end of the period of twelve months immediately following the date of the death (“the relevant period”). (2) Where— (a) any qualifying investments to which this section applies are, at the end of the relevant period, held by the appropriate person, and (b) the value on death of those investments exceeds their value at the end of that period, they shall be treated for the purposes of this Chapter as having been sold by the appropriate person immediately before the end of that period for a price equal to their value at that time. (3) Where any qualifying investments are included in the calculation under section 179(1) above by virtue of this section, paragraph (b) of that subsection shall have effect, so far as relating to those investments, with the omission of the words from “or” to the end.

• (2) This section shall have effect in relation to deaths occurring on or after 16th March 1992.

Fall in value relief: interests in land

199

• (1) In the Inheritance Tax Act 1984, in Part VI, in Chapter IV (sale of land from deceased’s estate) after section 197 there shall be inserted—

(197A) (1) Where an interest in land— (a) is comprised in a person’s estate immediately before his death, and (b) is sold by the appropriate person in the fourth year immediately following the date of the death, otherwise than in circumstances in which section 197(1) above has effect, the interest shall be treated, for the purposes of section 191(1) above, as having been sold within the period of three years immediately following the date of the death. (2) Subsection (1) above shall not have effect in relation to an interest if its sale value would exceed its value on death. (3) In determining the period referred to in section 192(1) above, no account shall be taken of the sale of an interest in relation to which subsection (1) above has effect; and if the claim relates only to such interests, section 192 shall not apply in relation to the claim. (4) In applying section 196(1) above, no account shall be taken, for the purposes of paragraph (a) of that subsection, of an interest in relation to which subsection (1) above has effect.

• (2) This section shall have effect in relation to deaths occurring on or after 16th March 1990.

Appeals: questions as to value of land

200

• (1) In section 222 of the Inheritance Tax Act 1984 (appeals against determinations) for subsection (4) there shall be substituted the following subsections—

(4) An appeal on any question as to the value of land in the United Kingdom may be to the appropriate tribunal. (4A) If and so far as the question in dispute on any appeal under this section to the Special Commissioners or the High Court is a question as to the value of land in the United Kingdom, the question shall be determined on a reference to the appropriate tribunal. (4B) In this section “the appropriate tribunal” means— (a) where the land is in England or Wales, the Lands Tribunal; (b) where the land is in Scotland, the Lands Tribunal for Scotland; (c) where the land is in Northern Ireland, the Lands Tribunal for Northern Ireland.

• (2) In section 242 of that Act (recovery of tax) in subsection (3) for the words “subsection (4)” there shall be substituted the words “ subsections (4) to (4B) ”.

• (3) This section shall apply in relation to any appeal which—

• (a) is made on or after the day on which this Act is passed, or

• (b) is made, but has not begun to be heard, before that day.

Part V — Stamp Duty

Increase in stamp duty threshold

201

Rent to mortgage: England and Wales

202

• (1) Subsection (2) below applies where—

• (a) a person exercises the right to acquire on rent to mortgage terms under Part V of the Housing Act 1985, and

• (b) in pursuance of the exercise of that right a conveyance of the freehold is executed in his favour as regards the dwelling-house concerned.

• (2) For the purposes of the enactments relating to stamp duty chargeable under Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale), the consideration for the sale shall be taken to be equal to the price which, by virtue of section 126 of the Housing Act 1985, would be payable for the dwelling-house on a conveyance if the person were exercising the right to buy under Part V of that Act.

• (3) Subsection (4) below applies where—

• (a) a person exercises the right to acquire on rent to mortgage terms under Part V of the Housing Act 1985, and

• (b) in pursuance of the exercise of that right a lease is executed in his favour as regards the dwelling-house concerned.

• (4) In such a case—

• (a) the lease shall not be chargeable with stamp duty under Part II of Schedule 13 to the Finance Act 1999 (lease) but shall be chargeable with stamp duty under Part I of that Schedule (conveyance or transfer on sale) as if it were a conveyance on sale;

• (b) for the purposes of the enactments relating to stamp duty chargeable under Part I of that Schedule the consideration for the sale mentioned in paragraph (a) above shall be taken to be equal to the price which, by virtue of section 126 of the Housing Act 1985, would be payable for the dwelling-house on a grant if the person were exercising the right to buy under Part V of that Act.

• (5) This section shall apply where the conveyance or lease is executed after the day on which this Act is passed.

Rent to loan: Scotland

203

• (1) Subsection (2) below applies where—

• (a) a person exercises the right to purchase a house by way of the rent to loan scheme under Part III of the Housing (Scotland) Act 1987, and

• (b) in pursuance of the exercise of that right a heritable disposition of the house is executed in favour of him.

• (2) For the purposes of the enactments relating to stamp duty chargeable under Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale), the consideration for the sale shall be taken to be equal to the price which, by virtue of section 62 of the Housing (Scotland) Act 1987, would be payable for the house if the person were exercising the right to purchase under section 61 of that Act.

• (3) This section shall apply where the disposition is executed after the day on which this Act is passed.

Method of denoting stamp duty

204

• (1) The Treasury may make regulations as to the method by which stamp duty is to be denoted.

• (2) In particular, regulations under this section may—

• (a) provide for duty to be denoted by impressed stamps or adhesive stamps or by a record printed or made by a machine or implement or by such other method as may be prescribed;

• (b) provide for one method only to be used, whether generally or in prescribed cases;

• (c) provide for alternative methods to be available, whether generally or in prescribed cases;

• (d) make different provision for different cases;

and cases may be designated by reference to the type of instrument concerned, the geographical area involved, or such other factors as the Treasury think fit.

• (3) Regulations under this section may provide that where stamp duty is denoted by a method which (in the case of the instrument concerned) is required or permitted by the law in force at the time it is stamped, for the purposes of section 14(4) of the Stamp Act 1891 (instruments not to be given in evidence etc. unless stamped in accordance with the law in force at the time of . . . execution) the method shall be treated as being in accordance with the law in force at the time when the instrument was . . . executed.

• (4) Regulations under this section may include such supplementary, incidental, consequential or transitional provisions as appear to the Treasury to be necessary or expedient.

• (5) Regulations under this section may make provision in such way as the Treasury think fit, and in particular may amend or repeal or modify the effect of any provision of any Act.

• (6) In this section “prescribed” means prescribed by regulations under this section.

• (7) The power to make regulations under this section shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.

Part VI — Miscellaneous and General

Statutory effect of resolutions etc.

The 1968 Act

205

• (1) The Provisional Collection of Taxes Act 1968 shall be amended as follows.

• (2) In section 1(1) (taxes to which section 1 applies)—

• (a) after “income tax,” there shall be inserted “ corporation tax (including advance corporation tax) ”;

• (b) the words “car tax” shall be omitted.

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

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

• (5) In section 1(4) (resolution to cease to have statutory effect unless Bill read a second time within twenty-five sitting days) for “twenty-five” there shall be substituted “ thirty ”.

• (6) In section 5 (resolution giving provisional effect to motions)—

• (a) in subsection (1), paragraph (c) and the word “or” immediately preceding it shall be omitted;

• (b) in subsection (2) for “, sections 8(5) and 822 of the 1988 Act” there shall be substituted “ and section 822 of the Income and Corporation Taxes Act 1988 ”.

• (7) This section shall apply in relation to resolutions passed after the day on which this Act is passed.

Corporation tax

206

• (1) In section 8 of the Taxes Act 1988 (general scheme of corporation tax) subsections (4) to (6) (assessments where tax not charged for year etc.) shall be omitted.

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

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

Stamp duty

207

• (1) In section 50(2) of the Finance Act 1973 (period of temporary statutory effect of resolution affecting stamp duties)—

• (a) in paragraph (a) (period by reference to twenty-fifth day of Commons sitting) for “twenty-fifth” there shall be substituted “ thirtieth ”;

• (b) in paragraph (d) (period by reference to five months beginning with day resolution takes effect) for “five” there shall be substituted “ six ”.

• (2) This section shall apply in relation to resolutions passed after the day on which this Act is passed.

Miscellaneous

Residence: available accommodation

208

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

• (2) In section 9 of the Taxation of Chargeable Gains Act 1992 (residence, including temporary residence) the following subsection shall be inserted after subsection (3)—

(4) The question whether for the purposes of subsection (3) above an individual is in the United Kingdom for some temporary purpose only and not with any view or intent to establish his residence there shall be decided without regard to any living accommodation available in the United Kingdom for his use.

• (3) In consequence of subsection (1) above, in section 267(4) of the Inheritance Tax Act 1984 (residence in United Kingdom determined as for purposes of income tax) the words “but without regard to any dwelling-house available in the United Kingdom for his use” shall be omitted.

• (4) Subsections (1) and (2) above shall have effect for the year 1993-94 and subsequent years of assessment.

• (5) Subsection (3) above shall have effect where the year of assessment concerned is 1993-94 or a subsequent year of assessment.

Gas levy

209

Trading funds

210

Schedule 22 to this Act (which contains provisions about trading funds) shall have effect.

National Debt Commissioners: securities

211

General

Interpretation

212

In this Act “the Taxes Act 1988” means the Income and Corporation Taxes Act 1988 , and “ITA 2007” means the Income Tax Act 2007.

Repeals

213

The enactments specified in Schedule 23 to this Act (which include provisions which are already spent) are hereby repealed to the extent specified in the third column of that Schedule, but subject to any provision of that Schedule.

Short title

214

This Act may be cited as the Finance Act 1993.

SCHEDULE 1

Part I — Wine or made-wine of a strength not exceeding 22 per cent.

Part II — Wine or made-wine of a strength exceeding 22 per cent.

SCHEDULE 2

Misdeclaration penalty under section 14 of the 1985 Act

1

• (1) In subsection (2) of section 14 of the 1985 Act (penalty for misdeclaration or neglect imposed where the tax lost equals or exceeds certain amounts), for paragraphs (a) and (b) there shall be substituted “ equals or exceeds whichever is the lesser of £1,000,000 and 30 per cent. of the relevant amount for that period. ”

• (2) After subsection (4) of that section there shall be inserted the following subsections—

(4A) In this section “the relevant amount”, in relation to a prescribed accounting period, means— (a) for the purposes of a case falling within subsection (1)(a) above, the gross amount of tax for that period; and (b) for the purposes of a case falling within subsection (1)(b) above, the true amount of tax for that period. (4B) In this section “the gross amount of tax”, in relation to a prescribed accounting period, means the aggregate of the following amounts, that is to say- (a) the amount of credit for input tax which (subject to subsection (5A) below) should have been stated on the return for that period, and (b) the amount of output tax which (subject to that subsection) should have been so stated. (4C) In relation to any return which, in accordance with prescribed requirements, includes a single amount as the aggregate for the prescribed accounting period to which the return relates of— (a) the amount representing credit for input tax, and (b) any other amounts representing refunds or repayments of tax to which there is an entitlement, references in this section to the amount of credit for input tax shall have effect (so far as they would not so have effect by virtue of subsection (5B) below) as references to the amount of that aggregate.

• (3) In subsection (5A) of that section (account to be taken of corrections), for “subsection (5) above that the statement made by each of those returns is a correct statement” there shall be substituted “ subsections (4B) and (5) above that the statements made by each of those returns (so far as they are not inaccurate in any other respect) are correct statements ”.

• (4) This paragraph shall have effect in relation to any prescribed accounting period beginning on or after such day as the Treasury may by order made by statutory instrument appoint, but an order under this sub-paragraph may appoint different days for the purposes of different provisions of this paragraph or for different purposes.

Misdeclaration penalty under section 14A of the 1985 Act

2

• (1) In subsection (1)(b) of section 14A of the 1985 Act (misdeclaration resulting in understatements or overclaims), for the words from “whichever” to “period” there shall be substituted “ whichever is the lesser of £500,000 and 10 per cent. of the gross amount of tax for that period ”.

• (2) For subsections (2) and (3) of that section (liability for penalty where there are misdeclarations on three or more occasions) there shall be substituted the following subsections—

(2) Subsection (3) below applies in any case where— (a) there is a material inaccuracy in respect of any prescribed accounting period; (b) the Commissioners serve notice on the person concerned (in this section referred to as a “penalty liability notice”) specifying a penalty period for the purposes of this section; (c) that notice is served before the end of five consecutive prescribed accounting periods beginning with the period in respect of which there was the material inaccuracy; and (d) the period specified in the penalty liability notice as the penalty period is the period of eight consecutive prescribed accounting periods beginning with that in which the date of the notice falls. (3) If, where a penalty liability notice has been served on any person, there is a material inaccuracy in respect of any of the prescribed accounting periods falling within the penalty period specified in the notice, that person shall be liable, except in relation to the first of those periods in respect of which there is a material inaccuracy, to a penalty equal to 15 per cent. of the tax for the prescribed accounting period in question which would have been lost if the inaccuracy had not been discovered.

• (3) In subsection (4) of that section, for “subsections (4) to (5B)” there shall be substituted “ subsections (4), (4B), (5A) and (5B) ”.

• (4) In subsection (6) of that section (material inaccuracies not to be material in cases to which other sections apply), at the end there shall be inserted “ except, in the case of an inaccuracy by reason of which a person is assessed to a penalty under section 14 above, for the purposes of subsection (2)(a) above. ”

• (5) Subject to sub-paragraph (6) below, this paragraph shall have effect in relation to any prescribed accounting period beginning on or after such day as the Treasury may by order made by statutory instrument appoint.

• (6) No penalty liability notice shall be served on or after the day appointed under sub-paragraph (5) above by reference to any material inaccuracy in respect of a prescribed accounting period beginning before that day, and the penalty period specified in any penalty liability notice served before that day shall be deemed to end with the day before that day.

Mitigation of penalties

3

• (1) After section 15 of the 1985 Act there shall be inserted the following section—

(15A) (1) Where a person is liable to a penalty under any of sections 13, 14, 14A and 15 above, the Commissioners or, on appeal, a value added tax tribunal may reduce the penalty to such amount (including nil) as they think proper. (2) In the case of a penalty reduced by the Commissioners under subsection (1) above, a value added tax tribunal, on an appeal relating to the penalty, may cancel the whole or any part of the reduction made by the Commissioners. (3) None of the matters specified in subsection (4) below shall be matters which the Commissioners or any value added tax tribunal shall be entitled to take into account in exercising their powers under this section. (4) Those matters are— (a) the insufficiency of the funds available to any person for paying any tax due or for paying the amount of the penalty; (b) the fact that there has, in the case in question or in that case taken with any other cases, been no or no significant loss of tax; (c) the fact that the person liable to the penalty or a person acting on his behalf has acted in good faith.

• (2) Subsection (4) of section 13 of the 1985 Act (mitigation of penalty under section 13) shall cease to have effect; and—

• (a) in subsection (1) of that section, for “subsections (4) and (7)” there shall be substituted “ subsection (7) ”;

• (b) in paragraph (b) of subsection (5) of that section, for the words from “have power” to the end of that paragraph there shall be substituted “ have power under section 15A below to reduce a penalty under this section, ”; and

• (c) in section 40(1A) of the Value Added Tax Act 1983 (tribunal not to modify penalties under the 1985 Act), for “section 13(4)” there shall be substituted “ section 15A ”.

• (3) This paragraph shall have effect in relation to any penalty under section 13, 14, 14A or 15 of the 1985 Act, other than one to which any person was assessed before the day on which this Act is passed.

Interest on tax etc. recovered or recoverable by assessment

4

• (1) In subsections (1) and (3) of section 18 of the 1985 Act (interest on tax etc. recovered or recoverable by assessment), after the word “shall”, in each subsection, there shall be inserted “ (subject to subsection (3A) below) ”.

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

(3A) Where (apart from this subsection)— (a) the period before the assessment in question for which any amount would carry interest under subsection (1) above; or (b) the period for which any amount would carry interest under subsection (3) above, would exceed three years, the part of that period for which that amount shall carry interest under that subsection shall be confined to the last three years of that period.

• (3) This paragraph shall apply in relation to interest on amounts assessed or, as the case may be, paid on or after such day as the Treasury may by order made by statutory instrument appoint.

Default surcharge

5

• (1) In section 19 of the 1985 Act, in subsection (2) (surcharge liability notice if default for two accounting periods)—

• (a) in paragraph (a) for “any two prescribed accounting periods” there shall be substituted “ a prescribed accounting period ”,

• (b) paragraph (b) shall be omitted, and

• (c) in paragraph (c) for “later period referred to in paragraph (b)” there shall be substituted “ period referred to in paragraph (a) ”.

• (2) In subsection (3) of that section for “defaults in respect of two prescribed accounting periods and the second of those periods” there shall be substituted “ a default in respect of a prescribed accounting period and that period ”.

• (3) This paragraph shall apply in relation to any case where a person is in default for the purposes of section 19 of the 1985 Act and is so in default because of a failure of the Commissioners of Customs and Excise to receive a return, or an amount of tax, on or before a day falling on or after 1st October 1993; and in the case of sub-paragraph (2) above it is immaterial when the existing surcharge period began.

6

• (1) For subsection (4) of section 19 of the 1985 Act (amount of surcharge) there shall be substituted the following subsection—

(4) Subject to subsections (6) to (9) below, if a taxable person on whom a surcharge liability notice has been served— (a) is in default in respect of a prescribed accounting period ending within the surcharge period specified in (or extended by) that notice, and (b) has outstanding tax for that prescribed accounting period, he shall be liable to a surcharge equal to whichever is the greater of the following, namely, the specified percentage of his outstanding tax for that prescribed accounting period and £30.

• (2) In subsection (5) of that section (specified percentages for default surcharge)—

• (a) for “subsection (4)(a) above” there shall be substituted “ subsection (4) above ”, and

• (b) after “surcharge period” there shall be inserted “ and for which he has outstanding tax ”.

• (3) After subsection (5) of that section there shall be inserted the following subsection—

(5A) For the purposes of subsections (4) and (5) above a person has outstanding tax for a prescribed accounting period if some or all of the tax for which he is liable in respect of that period has not been paid by the last day on which he is required (as mentioned in subsection (1) above) to make a return for that period; and the reference in subsection (4) above to a person’s outstanding tax for a prescribed accounting period is to so much of the tax for which he is so liable as has not been paid by that day.

• (4) This paragraph shall apply in relation to any case where a person—

• (a) is in default for the purposes of section 19 of the 1985 Act in respect of a prescribed accounting period ending within a surcharge period, and

• (b) is so in default because of a failure of the Commissioners of Customs and Excise to receive a return, or an amount of tax, on or before a day falling on or after 30th September 1993.

7

• (1) In subsection (5) of section 19 of the 1985 Act (specified percentages for default surcharge)—

• (a) at the end of paragraph (b) there shall be inserted “ and ”, and

• (b) for paragraphs (c) and (d) there shall be substituted the following paragraph—

(c) in relation to each such period after the second, the specified percentage is 15 per cent.

• (2) Sub-paragraph (1) above shall apply in relation to any liability to a surcharge arising on or after 1st April 1993.

• (3) In section 19(5) of the 1985 Act (as amended by sub-paragraph (1) above), for paragraphs (a) to (c) there shall be substituted the following paragraphs—

(a) in relation to the first such prescribed accounting period, the specified percentage is 2 per cent.; (b) in relation to the second such period, the specified percentage is 5 per cent.; (c) in relation to the third such period, the specified percentage is 10 per cent.; (d) in relation to each such period after the third, the specified percentage is 15 per cent.

• (4) Sub-paragraph (3) above shall apply in relation to any liability to a surcharge arising on or after 1st October 1993.

Meaning of “the 1985 Act”

8

In this Schedule “the 1985 Act” means the Finance Act 1985.

SCHEDULE 3

Introductory

1

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

Car benefits

2

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

3

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

4

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

5

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

Car fuel benefits

6

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

General

7

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

SCHEDULE 4

1

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

2

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

3

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

4

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

5

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

6

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

7

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

8

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

SCHEDULE 5

1

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

2

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

SCHEDULE 6

The Taxes Act 1988

1

In each of sections 167(2A), . . ., . . . and 819(2) of the Taxes Act 1988 (definitions of excess liability), and in the definition of “excess liability” in paragraph 19(1) of Schedule 7 to that Act, for “were charged at the basic rate” there shall be substituted “ by virtue of section 1(2)(aa) were charged at the basic rate, or (so far as applicable in accordance with section 207A) the lower rate, ”.

2

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

3

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

4

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

5

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

6

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

7

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

8

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

9

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

10

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

11

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

12

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

13

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

14

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

15

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

16

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

17

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

18

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

19

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

The Finance Act 1989 (c. 26)

20

In each of sections 68(2)(c) and 71(4)(c) of the Finance Act 1989 . . . (which contain references to a rate equal to the sum of the basic rate and the additional rate), for the words from “a rate” to “additional rate” there shall be substituted “ the rate applicable to trusts ”.

The Finance Act 1990 (c. 29)

21

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

The Taxation of Chargeable Gains Act 1992 (c. 12)

22

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

23

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

24

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

Commencement

25

• (1) This Schedule, except the provisions to which sub-paragraphs (2) to (5) below apply, shall have effect for the year 1993-94 and subsequent years of assessment.

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

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

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

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

SCHEDULE 7

Part I — Retirement relief etc.

Extension of references to “family company”

1

• (1) In sections 157 and 163 to 165 of the Taxation of Chargeable Gains Act 1992 and in paragraph 12(2) of Schedule 6 and paragraph 7(1) of Schedule 7 to that Act (which contain provisions relating to retirement relief and provisions which apply the definition of “family company” in Schedule 6 for other purposes), for the words “family company”, wherever they occur, there shall be substituted “ personal company ”.

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

Extension of references to full-time working directors etc.

2

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

Part II — Roll-over relief on re-investment

3

After Chapter I of Part V of that Act there shall be inserted the following Chapter—