Finance Act 1995

• (6) On an appeal under sub-paragraph (4) above, section 50(6) to (8) of the Management Act (procedure on appeals) shall not apply but the Commissioners may—

• (a) if it appears to them that the matters stated in the notice under sub-paragraph (1) above are correct, confirm the notice; or

• (b) if it does not so appear to them, set aside or modify the notice accordingly.

Penalties not to apply in certain cases

13

• (1) Where a relevant return (as originally made) states—

• (a) that paragraph 1, 3 or 4 above applies in the case of a trade, profession or vocation carried on by any person; or

• (b) that paragraph 7 or 8 above applies in the case of any income derived by any person from the carrying on by him of a trade, profession or vocation,

sub-paragraph (2) of that paragraph shall have effect, in its application to any amounts stated in the return (as so made) to fall within sub-paragraph (1)(b) of that paragraph or, in the case of paragraph 4 or 8 above, to be amounts which would have fallen within sub-paragraph (1)(b) of the preceding paragraph, as if the words “1.25 times” were omitted.

• (2) Where a relevant return (as originally made) states—

• (a) that paragraph 6 above applies in the case of any income derived by any person from the carrying on by him of a trade, profession or vocation; or

• (b) that paragraph 9 or 10 above applies in the case of any income arising to any person from any source,

sub-paragraph (2) of that paragraph shall have effect, in its application to any amounts stated in the return (as so made) to fall within sub-paragraph (1)(b) of that paragraph, as if for the words “62.5 per cent.” there were substituted the words “ 50 per cent ”.

• (3) In this paragraph—

• “relevant return” means a return which, for the relevant year, is made under section 8, 8A or 12AA of the Management Act in respect of the trade, profession or vocation or, as the case may be, the source of the income;

• “the relevant year” means—in relation to paragraph 1, 6, 9 or 10 above, the year 1996–97;in relation to paragraph 3, 4, 7 or 8 above, the year 1997–98.

Part IV — Interpretation

Relevant changes for purposes of paragraphs 1, 3, 6 and 7

14

• (1) Any accounting change or change of business practice is a relevant change for the purposes of paragraphs 1, 3 and 7 above unless—

• (a) the change is made exclusively for bona fide commercial reasons; or

• (b) the obtaining of a tax advantage is not the main benefit that could reasonably be expected to arise from the making of the change.

• (2) In this paragraph “accounting change”—

• (a) does not include any change of accounting date which brings the end of the basis period for the year 1996-97 closer to 5th April 1997; but

• (b) subject to that, means any change of accounting date or other modification of an accounting policy or any substitution of one such policy for another.

• (3) In this paragraph “change of business practice” means any change in an established practice of trade, profession or vocation carried on by any person—

• (a) as to the timing of any of the following, namely—

• (i) the supply of goods or services, the invoicing of customers or clients and the collection of outstanding debts; and

• (ii) the obtaining of goods or services, the incurring of business expenses and the settlement of outstanding debts; or

• (b) as to the obtaining or making of payments in advance or payments on account.

Relevant transactions for purposes of paragraphs 1, 3, 6 and 7

15

Any self-cancelling transaction or transaction with a connected person is a relevant transaction for the purposes of paragraphs 1, 3 and 7 above unless—

• (a) the transaction is entered into exclusively for bona fide commercial reasons; or

• (b) the obtaining of a tax advantage is not the main benefit that could reasonably be expected to arise from the entering into of the transaction.

16

• (1) An agreement by which the person by whom a trade, profession or vocation is carried on agrees to sell or transfer trading stock or work in progress is a self-cancelling transaction for the purposes of paragraph 15 above if by the same or any collateral agreement that person—

• (a) agrees to buy back or re-acquire the trading stock or work in progress; or

• (b) acquires or grants an option, which is subsequently exercised, for him to buy back or re-acquire the trading stock or work in progress.

• (2) In sub-paragraph (1) above—

• “trading stock” has the same meaning as in section 100 of the Taxes Act 1988;

• “work in progress”, in relation to a profession or vocation, means—any services performed in the ordinary course of the profession or vocation, the performance of which is wholly or partly completed at the time of the sale or transfer and for which it would be reasonable to expect that a charge would have been made on their completion if the sale or transfer had not been effected; andany article produced, and any such material as is used, in the performance of any such services,

and references in that sub-paragraph to the sale or transfer of work in progress shall include references to the sale or transfer of any benefits and rights which accrue, or might reasonably be expected to accrue, from the carrying out of the work.

17

• (1) For the purposes of paragraph 15 above, any question whether the person by whom a trade, profession or vocation is carried on is connected with another person shall be determined in accordance with sub-paragraphs (2) to (5) below.

• (2) An individual carrying on a trade, profession or vocation is connected with another person if they are connected with each other within the meaning of section 993 of the Income Tax Act 2007 (but as if, in subsection (4) of that section, the words from “But this subsection” to the end were omitted).

• (3) Persons carrying on a trade or profession in partnership are connected with an individual if he controls the partnership.

• (4) Persons carrying on a trade or profession in partnership are connected with a company if the company controls the partnership or the same person controls both the company and the partnership.

• (5) Persons carrying on a trade or profession in partnership are connected with persons carrying on another trade or profession in partnership if the same person controls both partnerships.

• (6) In this paragraph—

• (a) “control” shall be construed—

• (i) in relation to a company, in accordance with sections 450 and 451 of the Corporation Tax Act 2010;

• (ii) in relation to a partnership, in accordance with section 995 of the Income Tax Act 2007; and

• (b) any reference to a person controlling a company or partnership is a reference to his doing so either alone or with one or more persons connected with him.

Relevant arrangements for purposes of paragraph 9

18

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

Relevant arrangements for purposes of paragraph 10

19

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

Relevant transactions for purposes of paragraph 10

20

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

General

21

• (1) In this Schedule “turnover”, in relation to a trade, profession or vocation, means the amounts derived from the provision of goods or services falling within its ordinary activities, after deduction of trade discounts and value added tax.

• (2) Obtaining a tax advantage shall not be regarded as a bona fide commercial reason for the purposes of this Schedule.

SCHEDULE 23

General imposition of obligations et ceteralaetc.

1

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

Discharge of obligations and liabilities

2

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

Obligations and liabilities requiring notice

3

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

Information requirements

4

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

Criminal offences and penalties Et ceteralaetc

5

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

Indemnities

6

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

Meaning of “independent agent”

7

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

SCHEDULE 24

Part I — Amendments of Finance Act 1993

Introduction

1

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

Trading gains and losses

2

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

Non-trading gains and losses

3

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

Assets and liabilities

4

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

Chargeable gains

5

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

6

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

Part II — Amendments of other provisions

Introduction

7

Paragraphs 8 to 12 below shall be deemed to have come into force on 23rd March 1995

Interest on overdue tax

8

In section 87A of the Taxes Management Act 1970 (interest on overdue tax) in subsection (4A) (claims under section 131(5) or (6) of the Finance Act 1993)—

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

(c) if the claim had not been made, there would be an amount or, as the case may be, an additional amount of corporation tax for the earlier period which would carry interest in accordance with this section,

, and

• (b) for the words from “then” to the end there shall be substituted “ then, for the purposes of the determination at any time of whether any interest is payable under this section or of the amount of interest so payable, the amount mentioned in paragraph (c) above shall be taken to be an amount of unpaid corporation tax for the earlier period 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 (1) above. ”

9

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

10

In section 91 of the Taxes Management Act 1970 (effect on interest of reliefs) in subsection (1B) (provisions to which section 91(1A) is subject) after the words “section 87A(4)” there shall be inserted “ , (4A), (4B), ”.

Interest on tax overpaid

11

In section 826 of the Taxes Act 1988 (interest on tax overpaid) in subsection (7C) (claims under section 131(5) or (6) of the Finance Act 1993)—

• (a) at the end of paragraph (c) there shall be inserted “ or of income tax in respect of a payment received by the company in that accounting period ”, and

• (b) for the words from “repayment of corporation tax” to “resulting from” there shall be substituted “ repayment referred to in paragraph (c) above, no account shall be taken of so much of the amount of the repayment as falls to be made as a result of ”.

12

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

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

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

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

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

SCHEDULE 25

Introduction

1

In this Schedule—

• (a) paragraph 2 contains an amendment designed to secure that in certain cases the chargeable profits of a company resident outside the United Kingdom are to be computed and expressed in the currency used in its accounts;

• (b) the other paragraphs contain amendments connected with that amendment.

The principal amendment

2

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

Connected amendments

3

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

4

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

5

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

6

• (1) Schedule 24 to the Taxes Act 1988 (assumptions for calculating chargeable profits etc.) shall be amended as mentioned in sub-paragraphs (2) to (5) below; and—

• (a) the amendment made by sub-paragraph (2) below shall be deemed always to have had effect, and

• (b) paragraph 1(4) of Schedule 16 to the Finance Act 1984 shall be deemed always to have had effect subject to the same amendment.

• (2) In paragraph 1 (general assumptions for calculating chargeable profits etc.) in sub-paragraph (4) (assumption for certain purposes that a direction has been given) before the words “it shall be assumed” there shall be inserted “ in determining the chargeable profits of the company for the accounting period mentioned in paragraph (a) above ”.

• (3) Paragraph 4A (computation of basic profits or losses of a trade) shall be deemed never to have been inserted.

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

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

7

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

SCHEDULE 26

Introductory

1

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

Main provisions

2

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

Supplementary provisions

3

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

Consequential amendments

4

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

Application of Schedule

5

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

SCHEDULE 27

...

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

Persons who are contractors and sub-contractors

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

Individual partners and liabilities for certain contraventions

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

Turnover test etc.

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

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

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

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

Commencement of paragraphs 3 to 7

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

Powers to make regulations

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

SCHEDULE 28

1

In the Taxes Management Act 1970 after section 115 there shall be inserted—

(115A) Schedule 3A to this Act (which makes provision with respect to the electronic lodgement of tax returns and documents required in connection with tax returns) shall have effect.

2

After Schedule 3 to that Act there shall be inserted—

Schedule 3A (1) (1) Sub-paragraph (2) below applies where a person is— (a) required by a notice to which this Schedule applies, or (b) subject to any other requirement to which this Schedule applies, to deliver or make a return to an officer of the Board or to the Board. (2) The requirement to deliver or make the return shall be treated as fulfilled by the person subject to the requirement if— (a) information is transmitted electronically in response to that requirement; and (b) each of the conditions in Part III of this Schedule is met with respect to that transmission. (3) Sub-paragraphs (4) and (5) below apply where the requirement to deliver or make the return is fulfilled by virtue of sub-paragraph (2) above. (4) Any requirement— (a) under any provision of Part II of this Act that the return include a declaration by the person making the return to the effect that the return is to the best of his knowledge correct and complete, or (b) under or by virtue of any other provision of the Taxes Acts that the return be signed or include any description of declaration or certificate, shall not apply. (5) The time at which the requirement to deliver or make the return is fulfilled is the end of the day during which the last of the conditions in Part III of this Schedule to be met with respect to the transmission is met. (6) In sub-paragraph (2)(a) above “information” includes any self-assessment, partnership statement, particulars or claim. (2) (1) This Schedule applies to a notice requiring a return to be delivered or made if— (a) the notice is given under any provision of the Taxes Acts or of regulations made under the Taxes Acts; (b) the provision is specified for the purposes of this Schedule by an order made by the Treasury; and (c) the notice is given after the day appointed by the order in relation to notices under the provision so specified. (2) This Schedule applies to any other requirement to deliver or make a return if— (a) the requirement is imposed by any provision of the Taxes Acts or of regulations made under the Taxes Acts; (b) the provision is specified for the purposes of this Schedule by an order made by the Treasury; and (c) the requirement is required to be fulfilled within a period beginning after the day appointed by the order in relation to the specified provision. (3) The power to make an order under this paragraph shall be exercisable by statutory instrument which shall be subject to annulment in pursuance of a resolution of the House of Commons. (4) For the purposes of this Schedule, any reference to a requirement to deliver a return includes, in relation to regulations made under the principal Act, a reference to a requirement to render a return. (3) (1) This paragraph applies where— (a) a person is required by a notice to which this Schedule applies to deliver a return to an officer of the Board; (b) the notice also requires any document other than the return (“a supporting document”) to be delivered; (c) the provision under which the notice is given requires the supporting document to be delivered with the return; (d) the notice states that the supporting document may be transmitted electronically; and (e) the requirement to deliver the return is fulfilled by virtue of paragraph 1(2) of this Schedule. (2) The requirement to deliver the supporting document shall be treated as fulfilled by the person subject to the requirement if— (a) information is transmitted electronically in response to that requirement; and (b) each of the conditions in Part III of this Schedule is met with respect to that transmission. (3) If information is not transmitted electronically in response to the requirement to deliver the supporting document, that requirement shall have effect as a requirement to deliver the document on or before the day which is the last day for the delivery of the return. (4) For the purposes of sub-paragraph (1)(b) above the reference to a document includes in particular a reference to any accounts, statements or reports. (5) Where the requirement to deliver the supporting document is fulfilled by virtue of sub-paragraph (2) above, the time at which it is fulfilled is the end of the day during which the last of the conditions in Part III of this Schedule to be met with respect to the transmission is met. (4) (1) The first condition is that the transmission must be made by a person approved by the Board. (2) A person seeking approval under this paragraph shall be given notice of the grant or refusal of approval. (3) A person may be approved for the purpose of transmitting the information— (a) on behalf of another person or other persons; or (b) on his own behalf. (4) An approval under this paragraph may be withdrawn by notice with effect from such date as may be specified in the notice. (5) A notice refusing or withdrawing an approval shall state the grounds for the refusal or withdrawal. (6) A person who is refused approval or whose approval is withdrawn may appeal to the Special Commissioners against the refusal or withdrawal. (7) The appeal shall be made by notice given to the Board before the end of the period of 30 days beginning with the day on which notice of the refusal or withdrawal was given to the appellant. (8) The Special Commissioners shall not allow the appeal unless it appears to them that, having regard to all the circumstances, it is unreasonable for the approval to be refused or (as the case may be) withdrawn. (9) If the Special Commissioners allow an appeal by a person who has been refused approval, they shall specify the date from which the approval is to have effect. (5) (1) The second condition applies if the person who makes the transmission is notified by the Board of any requirements for the time being applicable to him as to the manner in which transmissions are to be made by him or as to the manner in which any description of transmission is to be made by him. (2) The second condition is that the transmission must comply with the requirements so notified. (3) The requirements referred to include in particular requirements as to— (a) the hardware or type of hardware, or (b) the software or type of software, to be used to make transmissions or a description of transmissions. (6) The third condition is that the transmission must signify, in a manner approved by the Board, that before the transmission was made a hard copy of the information proposed to be transmitted was made and authenticated in accordance with Part IV of this Schedule. (7) (1) The fourth condition is that the information transmitted must be accepted for electronic lodgement. (2) For the purposes of this Schedule, information is accepted for electronic lodgement if it is accepted under a procedure selected by the Board for the purposes of this Schedule. (3) The selected procedure may in particular consist of or include the use of specially designed software. (8) (1) A hard copy is made in accordance with this Part of this Schedule if it is made under arrangements designed to ensure that the information contained in the hard copy is the information in fact transmitted. (2) A hard copy is authenticated in accordance with this Part of this Schedule if— (a) where the transmission is made in response to a requirement imposed by a notice under Part II of this Act to deliver a return, the hard copy is endorsed with a declaration by the relevant person that the hard copy is to the best of his knowledge correct and complete; and (b) in any other case, if the hard copy is signed by the relevant person. (3) In sub-paragraph (2) above “the relevant person” means— (a) where the transmission is made as mentioned in sub-paragraph (2)(a) above, the person who, but for paragraph 1(4)(a) of this Schedule, would have been required to make the declaration there mentioned; (b) in any other case, the person subject to the requirement to deliver or make the return or, in the case of a document other than a return, deliver the document. (9) In this Part of this Schedule “hard copy”, in relation to information held electronically, means a printed out version of that information. (10) (1) Sub-paragraphs (2) to (5) below apply where information transmitted in response to a requirement to deliver or make a return is accepted for electronic lodgement. (2) An officer of the Board shall have all the powers that he would have had if the information accepted had been contained in a return delivered by post. (3) The Board shall have all the powers that they would have had if the information accepted had been contained in a return delivered by post. (4) Where the information is transmitted in response to a notice given under any provision of Part II of this Act, any power which, if the information had been contained in a return delivered by post, a person would have had under this Act to amend the return— (a) by delivering a document, or (b) by notifying amendments, to an officer of the Board, shall have effect as if the power enabled that person to deliver a statement of amended information to the officer. (5) Any right that a person would have had, if the information transmitted had been contained in a return delivered by post, to claim that tax charged under an assessment was excessive by reason of some mistake or error in the return shall have effect as far as the claimant is concerned as if the information transmitted had been contained in a return delivered by post. (6) Where information transmitted in response to a requirement to deliver a document other than a return is accepted for electronic lodgement, an officer of the Board shall have all the powers that he would have had if the information had been contained in a document delivered by post. (7) This paragraph is subject to paragraph 11 of this Schedule. (11) (1) Sub-paragraphs (2) to (4) below apply where— (a) a person is required by a notice to which this Schedule applies, or subject to any other requirement to which this Schedule applies, to deliver or make a return; and (b) that requirement is fulfilled by virtue of paragraph 1(2) of this Schedule. (2) A hard copy shown to have been made and authenticated in accordance with Part IV of this Schedule for the purposes of the transmission in question shall be treated for the purposes of any proceedings as if it were a return delivered or made in response to the requirement. (3) Sub-paragraph (4) below applies if no hard copy is shown to have been made and authenticated in accordance with Part IV of this Schedule for the purposes of the transmission in question. (4) A hard copy certified by an officer of the Board to be a true copy of the information transmitted shall be treated for the purposes of any proceedings in relation to which the certificate is given as if it— (a) were a return delivered or made in response to the requirement in question, and (b) contained any declaration or signature which would have appeared on a hard copy made and authenticated in accordance with Part IV of this Schedule for the purposes of the transmission. (5) Where— (a) a person is required by a notice to which this Schedule applies to deliver any document other than a return, and (b) that requirement is fulfilled by virtue of paragraph 3(2) of this Schedule, sub-paragraphs (2) to (4) above shall apply as if any reference to a return delivered in response to the requirement were a reference to a document delivered in response to the requirement. (6) In this paragraph— - “hard copy” has the same meaning as in Part IV of this Schedule; and - “proceedings” includes proceedings before the General or Special Commissioners or any tribunal having jurisdiction by virtue of any provision of the Taxes Acts.

SCHEDULE 29

Part I — Alcoholic Liquor

Part II — Road Fuel Gas

Part III — Betting and Gaming etc.

Part IV — Air Passenger Duty

Part V — Vehicle Excise and Registration

Part VI — Value Added Tax

Part VII — Insurance Premium Tax

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

Part IX — Petroleum Revenue Tax

Part X — Stamp Duty

Part XI — Inheritance Tax: Agricultural Property

Part XII — Ports Levy

Low-strength wine, made-wine and cider.

Spirits, beer and cider: rates.

Denatured alcohol.

Rates of duty: further provisions.

Rates of duty.

Rates of duty.

Increased rates on 30th November 1994.

Increased rates on 30th November 1994.

Groups of companies.

Margin schemes.

Set-off of credits.

Transactions treated as supplies for purposes of zero-rating etc.

Penalties for failure to notify etc.

Appeals: payment of amounts shown in returns.

Duties of insurers in relation to life policies etc.

Application of ss.63 to 66 to debts held by associates of banks.

Duties of insurers in relation to life policies etc.

Cars: accessories for the disabled.

Enterprise investment scheme: TCGA amendments.

Records for purposes of returns.

Transfer of life insurance business.

Returns and self-assessments.

Enterprise investment scheme: TCGA amendments.

Interest on overdue tax.

Interest payments deemed to be distributions.

Interest payments deemed to be distributions.

Settlements: liability of settlor.

Treatment of partnerships.

Part-time workers: miscellaneous provisions.

Post-employment deductions.

Open-ended investment companies.

Northern Ireland transfer: associated bodies.

Persons not treated as UK representatives.

Records for purposes of returns.

Return of employees’ emoluments etc.

Procedure for making claims etc.

Loss relief: general.

Assessments in respect of income taken into account under PAYE.

Sub-contractors in the construction industry.

Surcharges on unpaid tax.

Interest on overdue tax.

Charities, etc.: lotteries.

Profit-related pay.

Part-time workers: miscellaneous provisions.

Basis of apportionment for Cases I, II and VI of Schedule D.

Prevention of exploitation of transitional provisions.

Sub-contractors in the construction industry.

Transfer of interests in fields: restriction of transferred losses.

Controlled foreign companies.

Change in ownership of investment company: deductions.

Part-time workers: miscellaneous provisions.

Incapacity benefit.

Restriction of unrelievable field losses.

Transfer of interests in fields: restriction of transferred losses.

Transfer: associated bodies.

Restriction of unrelievable field losses.

Transfer of interests in fields: restriction of transferred losses.

Northern Ireland transfer: associated bodies.

Proceedings for tax in sheriff court.

Lease or tack: associated bodies.

Proceedings for tax in sheriff court.

Certificates of tax deposit.

Taxes Management Act 1970 (c.9)

Finance Act 1989 (c.26)

Finance Act 1990 (c.29)

Taxation of Chargeable Gains Act 1992 (c.12)

This repeal has effect in accordance with section 45(5) of this Act.

This repeal has effect where the acquisition of, or of the interest in, the new assets is on or after 29th November 1994.

1.The following repeals have effect in accordance with paragraph 55 of Schedule 8 to this Act—

These repeals come into force in accordance with section 42(3) to (5) of this Act.

These repeals come into force, in accordance with section 55(1) to (5) of this Act, on 5th May 1996.

These repeals have effect for the year 1995-96 and subsequent years of assessment.

1.The following repeals have effect in accordance with paragraph 55 of Schedule 8 to this Act—

This repeal comes into force in accordance with section 86 of this Act.

These repeals come into force in accordance with section 87(7) and (8) of this Act.

1.The repeal of section 114(3) has effect in accordance with section 218(1) of the Finance Act 1994.

1.The repeal of section 43 of the Taxes Act 1988 comes into force in accordance with section 40(3) of this Act.

This repeal has effect in accordance with section 88(4) and (5) of this Act.

1.The repeal of section 11A of the Taxes Management Act 1970 has effect in accordance with section 115(13) of this Act.

1.The repeal of section 114(3) has effect in accordance with section 218(1) of the Finance Act 1994.

1.The repeal of section 43 of the Taxes Act 1988 comes into force in accordance with section 40(3) of this Act.

1.The repeal of sections 559(3) and 561(4) and (5) of the Taxes Act 1988, and the repeal in section 561(1) of that Act, have effect in relation to payments made to a person in any case where that person’s certificate under section 561 of that Act is one issued or renewed with respect to a period beginning on or after the appointed day.

Editorial notes