LegalizeReform history
Finance (No. 2) Act 1997
20 versions
· 1997-07-31
2016-09-15
Finance (No. 2) Act 1997
2013-01-31
Finance (No. 2) Act 1997
2011-12-30
Finance (No. 2) Act 1997
2011-07-19
Finance (No. 2) Act 1997
2010-04-01
Finance (No. 2) Act 1997
2009-07-21
Finance (No. 2) Act 1997
2009-04-01
Finance (No. 2) Act 1997
2008-07-21
Finance (No. 2) Act 1997
Changes on 2008-07-21
@@ -604,27 +604,7 @@
##### 26
- (1) Section 732 of the Taxes Act 1988 (dealers in securities) shall be amended as follows.
- (2) After subsection (1) (dealers in securities: reduction for tax purposes of price paid by the appropriate amount in respect of interest) there shall be inserted—
> (1A) Subsection (1) above shall not apply if the interest receivable by the first buyer falls to be taken into account by virtue of section 95(1) in computing profits of his which are chargeable to tax in accordance with the provisions of this Act applicable to Case I or II of Schedule D.
- (3) Subsections (2) and (2A) (exceptions from subsection (1) for certain market makers, recognised clearing houses and members of recognised investment exchanges) shall cease to have effect.
- (4) In subsection (4) (exception from subsection (1) for overseas securities bought on a stock exchange outside the United Kingdom if conditions as to computation of profits and non-allowance of credit for foreign tax are satisfied) the words “on a stock exchange outside the United Kingdom” shall be omitted.
- (5) For the definition of “overseas securities” in subsection (4) there shall be substituted—
> In this subsection “overseas securities” means securities issued—
> (a) by a government or public or local authority of a territory outside the United Kingdom; or
> (b) by any other body of persons not resident in the United Kingdom.
- (6) Subsections (5) and (5A) (exceptions from subsection (1) for Eurobonds bought by dealers and for rights in a unit trust scheme where first buyer sells as manager) shall cease to have effect.
- (7) Subsections (6) and (7) (definitions for the purposes of subsections (2) and (2A)) shall cease to have effect.
- (8) This section has effect where, for the purposes of section 731(2) of the Taxes Act 1988, the interest receivable by the first buyer is paid on or after 2nd July 1997.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Payments to companies under section 687 of the Taxes Act 1988
@@ -2253,25 +2233,13 @@
##### 24
- (1) Section 4 of the Taxation of Chargeable Gains Act 1992 (rates of capital gains tax) shall be amended as follows.
- (2) In subsection (2) (case where income tax is chargeable at the higher rate on part of income of an individual) after “the higher rate”, where first occurring, there shall be inserted “ or the Schedule F upper rate ”.
- (3) In subsection (3) (case where income tax is not chargeable at the higher rate on income of an individual but his gains exceed the unused basic rate band) after “the higher rate”, where first occurring, there shall be inserted “ or the Schedule F upper rate ”.
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (6) This paragraph has effect for the year 1999-00 and subsequent years of assessment.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Section 6
##### 25
- (1) In section 6 of the Taxation of Chargeable Gains Act 1992 (other special cases) in subsection (3) (cases where income includes gains on policies of life insurance etc) in paragraph (b) after “as if no income were chargeable at the higher rate” there shall be inserted “ or the Schedule F upper rate ”.
- (2) This paragraph has effect for the year 1999-00 and subsequent years of assessment.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
## Part II — Insurance companies and Lloyd’s underwriters
@@ -2553,13 +2521,7 @@
##### 14
- (1) Section 731 of the Taxes Act 1988 (application and interpretation of sections 732 to 734) shall be amended as follows.
- (2) In subsection (9A) (application of references to interest in relation to a qualifying distribution other than a foreign income dividend) the words “other than a foreign income dividend” shall cease to have effect.
- (3) Subsections (9B) to (9D) (which make provision in relation to foreign income dividends) shall cease to have effect.
- (4) This paragraph has effect in relation to distributions made on or after 6th April 1999.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Section 802 of the Taxes Act 1988
@@ -2882,19 +2844,19 @@
## Part III — Statutory effect of resolutions etc
#### The companies benefitting from windfalls.
#### Charge to windfall tax.
#### Interpretation of Part I.
#### Rate of duty on spirits.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Rate of duty on beer.
#### Rates of duty on wine and made-wine.
#### Rates of hydrocarbon oil duties etc.
#### Rates of vehicle excise duty.
#### Rates of duty on cider.
#### Rates of tobacco products duty.
#### Payments where vehicle information transmitted electronically.
@@ -3184,12 +3146,6 @@
[^c4156801]: [Sch. 4 para. 23](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/23) repealed (31.7.1998 with effect as mentioned in Sch. 27 Pt. III(2) Note of the amending Act) by [1998 c. 36](https://www.legislation.gov.uk/ukpga/1998/36), [ss. 31](https://www.legislation.gov.uk/ukpga/1998/36/section/31), [165](https://www.legislation.gov.uk/ukpga/1998/36/section/165), [Sch. 3 para. 48](https://www.legislation.gov.uk/ukpga/1998/36/schedule/3/paragraph/48), [Sch. 27 Pt. III(2)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/27/part/III/2) Note
[^c4156821]: [1992 c. 12](https://www.legislation.gov.uk/ukpga/1992/12).
[^c4156831]: [Sch. 4 para. 24(4)(5)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/24/4/5) repealed (27.7.1999 with effect for the years 1999-2000 and subsequent years of assessment) by [1999 c. 16](https://www.legislation.gov.uk/ukpga/1999/16), [s. 139](https://www.legislation.gov.uk/ukpga/1999/16/section/139), [Sch. 20 Pt. III(1)](https://www.legislation.gov.uk/ukpga/1999/16/schedule/20/part/III/1) Note
[^c4156851]: [1992 c. 12](https://www.legislation.gov.uk/ukpga/1992/12).
[^c4156861]: [1993 c. 34](https://www.legislation.gov.uk/ukpga/1993/34).
[^c13262471]: [Sch. 4](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4) applied (with modifications) ( temp. from 6.4.1999 to 6.4.2004) by [S.I. 1998/1871](https://www.legislation.gov.uk/uksi/1998/1871), [reg. 4](https://www.legislation.gov.uk/uksi/1998/1871/regulation/4)
@@ -3290,6 +3246,14 @@
[^key-3e96a916e6d10b5f32749901b79cccc7]: [Sch. 3 para. 15](https://www.legislation.gov.uk/ukpga/1997/58/schedule/3/paragraph/15) repealed (19.7.2007) by [Finance Act 2007 (c. 11)](https://www.legislation.gov.uk/ukpga/2007/11), [Sch. 27 Pt. 2(8)](https://www.legislation.gov.uk/ukpga/2007/11/schedule/27/part/2/8)
[^key-684e7f7a4ec083354b01b5dec8240261]: [S. 26](https://www.legislation.gov.uk/ukpga/1997/58/section/26) omitted (21.7.2008) (with effect in accordance with s. 66(8) of the amending Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [s. 66(4)(i)(i)](https://www.legislation.gov.uk/ukpga/2008/9/section/66/4/i/i)
[^key-37fe3a187b740fab175e6263765ff700]: [Sch. 4 para. 24](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/24) omitted (21.7.2008) (with effect in accordance with Sch. 2 para. 22 of the amending Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 2 para. 21(b)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/2/paragraph/21/b)
[^key-00235ab7ff46b9c2dce6bd22f439b803]: [Sch. 4 para. 25](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/25) omitted (21.7.2008) (with effect in accordance with Sch. 2 para. 22 of the amending Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [Sch. 2 para. 21(b)](https://www.legislation.gov.uk/ukpga/2008/9/schedule/2/paragraph/21/b)
[^key-b6ff45b7d41ce4cd81c4de68f76fff4c]: [Sch. 6 para. 14](https://www.legislation.gov.uk/ukpga/1997/58/schedule/6/paragraph/14) omitted (21.7.2008) (with effect in accordance with s. 66(8) of the amending Act) by virtue of [Finance Act 2008 (c. 9)](https://www.legislation.gov.uk/ukpga/2008/9), [s. 66(4)(i)(ii)](https://www.legislation.gov.uk/ukpga/2008/9/section/66/4/i/ii)
[^key-96e1df48eadb29d19db370cfd0a93ff0]: [Sch. 3 para. 9](https://www.legislation.gov.uk/ukpga/1997/58/schedule/3/paragraph/9) repealed (31.1.2013) by [Statute Law (Repeals) Act 2013 (c. 2)](https://www.legislation.gov.uk/ukpga/2013/2), [s. 3(2)](https://www.legislation.gov.uk/ukpga/2013/2/section/3/2), [Sch. 1 Pt. 10](https://www.legislation.gov.uk/ukpga/2013/2/schedule/1/part/10) Group 1
These repeals have effect in accordance with section 15 of this Act.
@@ -3316,14 +3280,24 @@
#### Carry-back of trading losses.
#### Statutory effect of resolutions etc.
#### Statutory effect of resolutions etc.
#### Stamp duty on conveyance or transfer on sale.
#### Interpretation.
#### Statutory effect of resolutions etc.
These repeals have effect in accordance with section 15 of this Act.
These repeals have effect for the year 1997-98 and subsequent years of assessment except in relation to the cases in which the relief that has been or may be given under section 54 of the Finance Act 1989 in respect of any payment is unaffected by the provisions of section 17(1) of this Act.
These repeals have effect in relation to distributions made on or after 2nd July 1997.
These repeals have effect in accordance with section 36 of, and Schedule 6 to, this Act.
#### Stamp duty on conveyance or transfer on sale.
#### Interpretation.
These repeals have effect in accordance with section 15 of this Act.
These repeals have effect for the year 1997-98 and subsequent years of assessment except in relation to the cases in which the relief that has been or may be given under section 54 of the Finance Act 1989 in respect of any payment is unaffected by the provisions of section 17(1) of this Act.
@@ -3332,86 +3306,82 @@
These repeals have effect in accordance with section 36 of, and Schedule 6 to, this Act.
#### Charge to windfall tax.
#### Rates of tobacco products duty.
#### Payments where vehicle information transmitted electronically.
#### Limit on relief for interest for 1998-99.
#### Losses etc not to be set against surplus franked investment income.
#### Estates in administration: distributions to which s.233(1) applies.
#### Limit on relief for interest for 1998-99.
#### Losses etc not to be set against surplus franked investment income.
#### Repeal of s.95(5) of the Taxes Act 1988: consequential amendments.
#### Purchase and sale of securities.
#### Rates of tax applicable to Schedule F income etc.
#### Purchase and sale of securities.
#### Estates of deceased persons in administration.
#### Tax credits and taxation of distributions: miscellaneous provisions.
#### Foreign income dividends.
#### Paying and collecting agents.
#### Stamp duty on conveyance or transfer on sale.
These repeals have effect in accordance with section 15 of this Act.
These repeals have effect for the year 1997-98 and subsequent years of assessment except in relation to the cases in which the relief that has been or may be given under section 54 of the Finance Act 1989 in respect of any payment is unaffected by the provisions of section 17(1) of this Act.
These repeals have effect in relation to distributions made on or after 2nd July 1997.
These repeals have effect in accordance with section 20 of this Act (and, accordingly, the repeal of subsection (7B) of section 826 of the Income and Corporation Taxes Act 1988 has effect only where the earlier period mentioned in that subsection begins on or after 2nd July 1997).
These repeals have effect in accordance with section 36 of, and Schedule 6 to, this Act.
#### Charge to windfall tax.
#### Rates of tobacco products duty.
#### Payments where vehicle information transmitted electronically.
#### Limit on relief for interest for 1998-99.
#### Losses etc not to be set against surplus franked investment income.
#### Estates in administration: distributions to which s.233(1) applies.
#### Withdrawal of relief on medical insurance premiums.
#### Losses etc not to be set against surplus franked investment income.
#### Lloyd’s underwriters.
#### Insurance companies and friendly societies.
#### Repeal of s.95(5) of the Taxes Act 1988: consequential amendments.
#### Purchase and sale of securities.
#### Rates of tax applicable to Schedule F income etc.
#### Payments to companies under section 687 of the Taxes Act 1988.
#### Estates of deceased persons in administration.
#### Tax credits and taxation of distributions: miscellaneous provisions.
#### Foreign income dividends.
#### Paying and collecting agents.
#### Stamp duty on conveyance or transfer on sale.
#### Carry-back of trading losses.
#### Restrictions on group relief.
These repeals have effect for the year 1997-98 and subsequent years of assessment except in relation to the cases in which the relief that has been or may be given under section 54 of the Finance Act 1989 in respect of any payment is unaffected by the provisions of section 17(1) of this Act.
These repeals have effect for the year 1997-98 and subsequent years of assessment except in relation to the cases in which the relief that has been or may be given under section 54 of the Finance Act 1989 in respect of any payment is unaffected by the provisions of section 17(1) of this Act.
These repeals have effect in accordance with section 20 of this Act (and, accordingly, the repeal of subsection (7B) of section 826 of the Income and Corporation Taxes Act 1988 has effect only where the earlier period mentioned in that subsection begins on or after 2nd July 1997).
These repeals have effect in accordance with section 36 of, and Schedule 6 to, this Act.
These repeals have effect in accordance with section 36 of, and Schedule 6 to, this Act.
These repeals have effect in accordance with section 20 of this Act (and, accordingly, the repeal of subsection (7B) of section 826 of the Income and Corporation Taxes Act 1988 has effect only where the earlier period mentioned in that subsection begins on or after 2nd July 1997).
These repeals have effect in accordance with section 36 of, and Schedule 6 to, this Act.
These repeals have effect in accordance with section 15 of this Act.
These repeals have effect for the year 1997-98 and subsequent years of assessment except in relation to the cases in which the relief that has been or may be given under section 54 of the Finance Act 1989 in respect of any payment is unaffected by the provisions of section 17(1) of this Act.
These repeals have effect in accordance with section 20 of this Act (and, accordingly, the repeal of subsection (7B) of section 826 of the Income and Corporation Taxes Act 1988 has effect only where the earlier period mentioned in that subsection begins on or after 2nd July 1997).
These repeals have effect in accordance with section 36 of, and Schedule 6 to, this Act.
#### Estates in administration: distributions to which s.233(1) applies.
#### Lloyd’s underwriters.
#### Taxation of dealers in respect of distributions etc.
#### Repeal of s.95(5) of the Taxes Act 1988: consequential amendments.
#### Trusts.
#### Transitional relief for charities etc.
#### Interest to be paid gross.
#### Carry-back of trading losses.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
These repeals have effect for the year 1997-98 and subsequent years of assessment except in relation to the cases in which the relief that has been or may be given under section 54 of the Finance Act 1989 in respect of any payment is unaffected by the provisions of section 17(1) of this Act.
These repeals have effect for the year 1997-98 and subsequent years of assessment except in relation to the cases in which the relief that has been or may be given under section 54 of the Finance Act 1989 in respect of any payment is unaffected by the provisions of section 17(1) of this Act.
These repeals have effect in accordance with section 20 of this Act (and, accordingly, the repeal of subsection (7B) of section 826 of the Income and Corporation Taxes Act 1988 has effect only where the earlier period mentioned in that subsection begins on or after 2nd July 1997).
These repeals have effect in accordance with section 36 of, and Schedule 6 to, this Act.
These repeals have effect in accordance with section 15 of this Act.
These repeals have effect in accordance with section 20 of this Act (and, accordingly, the repeal of subsection (7B) of section 826 of the Income and Corporation Taxes Act 1988 has effect only where the earlier period mentioned in that subsection begins on or after 2nd July 1997).
These repeals have effect in accordance with section 36 of, and Schedule 6 to, this Act.
2007-07-19
Finance (No. 2) Act 1997
2007-04-06
Finance (No. 2) Act 1997
2007-03-29
Finance (No. 2) Act 1997
2006-12-31
Finance (No. 2) Act 1997
2006-07-19
Finance (No. 2) Act 1997
2005-04-07
Finance (No. 2) Act 1997
2005-04-06
Finance (No. 2) Act 1997
2004-12-02
Finance (No. 2) Act 1997
2004-07-22
Finance (No. 2) Act 1997
2003-07-10
Finance (No. 2) Act 1997
2002-07-24
Finance (No. 2) Act 1997
1997-07-31
Finance (No. 2) Act 1997
original version
Text at this date