Legalize / United Kingdom / Finance (No. 2) Act 1997 / History

Reform history

Finance (No. 2) Act 1997

20 versions · 1997-07-31

2016-09-15

Finance (No. 2) Act 1997

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2013-01-31

Finance (No. 2) Act 1997

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2011-12-30

Finance (No. 2) Act 1997

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2011-07-19

Finance (No. 2) Act 1997

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2010-04-01

Finance (No. 2) Act 1997

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2009-07-21

Finance (No. 2) Act 1997

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2009-04-01

Finance (No. 2) Act 1997

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2008-07-21

Finance (No. 2) Act 1997

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2007-07-19

Finance (No. 2) Act 1997

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2007-04-06

Finance (No. 2) Act 1997

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2007-03-29

Finance (No. 2) Act 1997

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2006-12-31

Finance (No. 2) Act 1997

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2006-07-19

Finance (No. 2) Act 1997

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Changes on 2006-07-19

@@ -1231,55 +1231,7 @@

##### 48

- (1) Subject to subsection (4) below, section 42 of the Finance (No. 2) Act 1992 shall have effect in relation to any expenditure to which this section applies as if the following subsection were substituted for subsections (4) and (5) (which for any period limit relief for film production and acquisition expenditure to a third, or a proportionately reduced fraction, of the relievable expenditure)—

> (4) The amount deducted for a relevant period under subsection (1) above shall not exceed so much of the total expenditure incurred by the claimant on the production or acquisition of the original master version of the film concerned, as has not already been deducted by virtue of section 40B or 41 above or this section or by virtue of any provision of Chapter 9 of Part 2 of ITTOIA 2005.

- (2) This section applies to so much of any expenditure falling within paragraphs (a) and (b) of section 42(1) of the Finance (No. 2) Act 1992 as is expenditure in relation to which each of the following conditions is satisfied, that is to say—

- (a) the expenditure is expenditure incurred on or after 2nd July 1997 and, if it is expenditure to which section 42(3) of that Act applies, before 1st October 2007;

- (aa) the first day of principal photography in relation to the film concerned is before 1st April 2006;

- (b) the film concerned is a film with a total production expenditure of £15 million or less; and

- (c) the film concerned is a film completed on or after 2nd July 1997 but before 1st January 2007.

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

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

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

- (6) In this section “total production expenditure” on a film, in relation to a claim for relief under section 42 of the Finance (No.2) Act 1992, means (subject to subsections (6A) and (7) below) the total of all expenditure incurred on the production of the original master version of the film, including expenditure incurred before 2nd July 1997 and whether or not incurred by the claimant.

- (6A) For the purposes of this section the expenditure incurred on the production of the original master version of a film shall be taken not to include any amount that at the time the film is completed—

- (a) has not been paid, and

- (b) is not the subject of an unconditional obligation to pay within four months after the date of completion.

- (7) For the purposes of this section where—

- (a) any part of the expenditure incurred by any person on the production of the original master version of a film is incurred under or by virtue of any transaction directly or indirectly between that person and a person connected with him, and

- (b) that part of that expenditure might have been expected to have been of a greater amount (“*the arm’s length amount*”) if the transaction had been between independent persons dealing at arm’s length,

that part of that expenditure shall be deemed, for the purpose of determining the amount of the total production expenditure on the film, to have been expenditure of an amount equal to the arm’s length amount.

- (7A) In this section—

- “film” has the meaning given by section 43 of the Finance (No. 2) Act 1992;

- “original master version” is to be construed in accordance with that section.

- (8) Subsection (3) of section 43 of the Finance (No. 2) Act 1992 (time of completion of a film) shall apply for the purposes of this section as it applies for the purposes of sections 41 and 42 of that Act, but with the omission of paragraph (b) (completion on incurring acquisition expenditure) and the word “or” immediately preceding it.

- (9) Subsections (1) to (5) of section 5 of the Capital Allowances Act 2001 (when capital expenditure is incurred) apply for determining when for the purposes of this section any expenditure is incurred as they apply for determining when for the purposes of that Act any capital expenditure is incurred, but as if, in subsection (6) of that section, “at an earlier time” were substituted for “in an earlier chargeable period”.

- (10) Section 839 of the Taxes Act 1988 (meaning of “*connected person*”) applies for the purposes of this section.

- (11) This section applies for the making of a deduction for any relevant period ending on or after 2nd July 1997.

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

## Part IV — Miscellaneous and supplemental

@@ -3242,25 +3194,25 @@

## 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.

#### Mortgage interest payments.

#### Withdrawal of relief on medical insurance premiums.

#### Limit on relief for interest for 1998-99.

#### Losses etc not to be set against surplus franked investment income.

@@ -3290,420 +3242,390 @@

#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

#### Statutory effect of resolutions etc.

#### Interpretation.

### The Taxes Management Act 1970

### Section 7

### Section 42 (pre-corporation tax self-assessment version)

### Section 42 (corporation tax self-assessment version)

### The Taxes Act 1988

### Section 231

### Section 232

### Section 233

### Sections 235 to 237

### Section 238

### Section 241

### Section 249

### Section 421

### Section 469

### Section 549

### Section 660C

### Section 687

### Section 689B

### Section 699

### Section 703

### Section 709

### Section 743

### Section 819

### Section 832

### Schedule 13

### The Taxation of Chargeable Gains Act 1992

### Section 4

### Section 6

### The Taxes Act 1988

### Section 231B

### Section 434

### Section 441A

### Schedule 19AC

### The Finance Act 1993

### Schedule 20

These repeals have effect in relation to distributions made on or after 2nd July 1997.

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 36 of, and Schedule 6 to, this Act.

## Editorial notes

[^c4155251]: [1984 c. 12](https://www.legislation.gov.uk/ukpga/1984/12).

[^c4155261]: [1986 c. 31](https://www.legislation.gov.uk/ukpga/1986/31).

[^c4155271]: [1986 c. 44](https://www.legislation.gov.uk/ukpga/1986/44).

[^c4155281]: [1989 c. 15](https://www.legislation.gov.uk/ukpga/1989/15).

[^c4155291]: [1989 c. 29](https://www.legislation.gov.uk/ukpga/1989/29).

[^c4155301]: [S.I. 1992/231 (N.I. 1)](https://www.legislation.gov.uk/nisi/1992/231).

[^c4155311]: [1993 c. 43](https://www.legislation.gov.uk/ukpga/1993/43).

[^c4155321]: [1986 c. 31](https://www.legislation.gov.uk/ukpga/1986/31).

[^c4155331]: [1997 c. 16](https://www.legislation.gov.uk/ukpga/1997/16).

[^c4155341]: [1985 c. 6](https://www.legislation.gov.uk/ukpga/1985/6).

[^c4155351]: [S.I. 1986/1032 (N.I. 6)](https://www.legislation.gov.uk/nisi/1986/1032).

[^c4155361]: [1985 c. 6](https://www.legislation.gov.uk/ukpga/1985/6).

[^c4155371]: [1989 c. 40](https://www.legislation.gov.uk/ukpga/1989/40).

[^c4155391]: S. 6 repealed (11.5.2001 with effect in accordance with [s. 99(7)](https://www.legislation.gov.uk/ukpga/2001/9/section/99/7) of the amending Act) by [2001 c. 9](https://www.legislation.gov.uk/ukpga/2001/9), [s. 110](https://www.legislation.gov.uk/ukpga/2001/9/section/110), [Sch. 33 Pt. 3(1)](https://www.legislation.gov.uk/ukpga/2001/9/schedule/33/part/3/1), note 2

[^c4155401]: [1979 c. 4](https://www.legislation.gov.uk/ukpga/1979/4).

[^c4155411]: For the commencement date and time of S. 11 see 11(5)

[^c4155421]: [1997 c. 16](https://www.legislation.gov.uk/ukpga/1997/16).

[^c4155431]: [1979 c. 5](https://www.legislation.gov.uk/ukpga/1979/5).

[^c4155441]: [1979 c. 7](https://www.legislation.gov.uk/ukpga/1979/7).

[^c4155451]: [1994 c. 22](https://www.legislation.gov.uk/ukpga/1994/22).

[^c4155461]: [1994 c. 22](https://www.legislation.gov.uk/ukpga/1994/22).

[^c13266611]: S. 15 repealed (27.7.1999 with effect as mentioned in [s. 38(3)(4)](https://www.legislation.gov.uk/ukpga/1999/16/section/38/3/4) of the amending Act) 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(7)](https://www.legislation.gov.uk/ukpga/1999/16/schedule/20/part/III/7) Note 4

[^c4155491]: [1989 c. 26](https://www.legislation.gov.uk/ukpga/1989/26).

[^c4155501]: [1989 c. 26](https://www.legislation.gov.uk/ukpga/1989/26).

[^c4155511]: [1997 c. 16](https://www.legislation.gov.uk/ukpga/1997/16).

[^c4155521]: S. 19 repealed (with effect in relation to distributions made on or after 6.4.1999) by [1997 c. 58](https://www.legislation.gov.uk/ukpga/1997/58), [s. 52](https://www.legislation.gov.uk/ukpga/1997/58/section/52), [Sch. 8 Pt. II(9)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/8/part/II/9) Note 3 (with s. 3(3))

[^c4155531]: [1993 c. 34](https://www.legislation.gov.uk/ukpga/1993/34).

[^c4155541]: [1994 c. 9](https://www.legislation.gov.uk/ukpga/1994/9).

[^c4155551]: [1997 c. 16](https://www.legislation.gov.uk/ukpga/1997/16).

[^c4155561]: [1997 c. 16](https://www.legislation.gov.uk/ukpga/1997/16).

[^c4155571]: [1997 c. 16](https://www.legislation.gov.uk/ukpga/1997/16).

[^c4155581]: [1982 c. 53](https://www.legislation.gov.uk/ukpga/1982/53).

[^c4155591]: S. 30 modified (31.7.1998 with effect as mentioned in [s. 76(1)](https://www.legislation.gov.uk/ukpga/1998/36/section/76/1) of the amending Act) by [1998 c. 36](https://www.legislation.gov.uk/ukpga/1998/36), [s. 76(1)(2)](https://www.legislation.gov.uk/ukpga/1998/36/section/76/1/2)

[^c4155601]: S. 30(4) excluded (*temp.* from 6.4.1999 to 6.4.2004) by [S.I. 1998/1871](https://www.legislation.gov.uk/uksi/1998/1871), [reg. 4(1)](https://www.legislation.gov.uk/uksi/1998/1871/regulation/4/1)

[^c4155611]: S. 30(4) restricted (31.7.1998) by [1998 c. 36](https://www.legislation.gov.uk/ukpga/1998/36), [s. 90(1)](https://www.legislation.gov.uk/ukpga/1998/36/section/90/1)

[^c4155621]: S. 30(4): Power to modify conferred (31.7.1998) by [1988 c. 1](https://www.legislation.gov.uk/ukpga/1988/1), [s. 33B](https://www.legislation.gov.uk/ukpga/1988/1/section/33B) (as inserted (31.7.1998) by [1998 c. 36](https://www.legislation.gov.uk/ukpga/1998/36), [s. 77(1)](https://www.legislation.gov.uk/ukpga/1998/36/section/77/1))

[^c4155631]: [1970 c. 9](https://www.legislation.gov.uk/ukpga/1970/9).

[^c4155641]: 1997 c .16.

[^c4155681]: S. 37(6) repealed (31.7.1998 with effect as mentioned in Sch. 27 Pt. III(3) Note of the amending Act) by [1998 c. 36](https://www.legislation.gov.uk/ukpga/1998/36), [ss. 37(3)](https://www.legislation.gov.uk/ukpga/1998/36/section/37/3), [165](https://www.legislation.gov.uk/ukpga/1998/36/section/165), [Sch. 27 Pt. III(3)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/27/part/III/3) Note; [S.I. 1999/619](https://www.legislation.gov.uk/uksi/1999/619), [art. 2](https://www.legislation.gov.uk/uksi/1999/619/article/2)

[^c4155691]: Words in s. 37(11) substituted (28.7.2000 with effect as mentioned in [s. 111(6)(a)](https://www.legislation.gov.uk/ukpga/2000/17/section/111/6/a) of the amending Act) by [2000 c. 17](https://www.legislation.gov.uk/ukpga/2000/17), [s. 111(5)](https://www.legislation.gov.uk/ukpga/2000/17/section/111/5)

[^c13262161]: S. 38 repealed (28.7.2000 with effect as mentioned in Sch. 40 Pt. II(17) Note of the amending Act) by [2000 c. 17](https://www.legislation.gov.uk/ukpga/2000/17), [s. 156](https://www.legislation.gov.uk/ukpga/2000/17/section/156), [Sch. 40 Pt. II(17)](https://www.legislation.gov.uk/ukpga/2000/17/schedule/40/part/II/17)

[^c4155711]: [1996 c. 8](https://www.legislation.gov.uk/ukpga/1996/8).

[^c4155731]: [1996 c. 8](https://www.legislation.gov.uk/ukpga/1996/8).

[^c4155741]: [1996 c. 8](https://www.legislation.gov.uk/ukpga/1996/8).

[^c4155751]: [1993 c. 34](https://www.legislation.gov.uk/ukpga/1993/34).

[^c4155801]: S. 42 repealed (22.3.2001 with effect as mentioned in [s. 579(1)](https://www.legislation.gov.uk/ukpga/2001/2/section/579/1) of the amending Act) by [2001 c. 2](https://www.legislation.gov.uk/ukpga/2001/2), [s. 580](https://www.legislation.gov.uk/ukpga/2001/2/section/580), [Sch. 4](https://www.legislation.gov.uk/ukpga/2001/2/schedule/4)

[^c4155881]: S. 43 repealed (22.3.2001 with effect as mentioned in [s. 579(1)](https://www.legislation.gov.uk/ukpga/2001/2/section/579/1) of the amending Act) by [2001 c. 2](https://www.legislation.gov.uk/ukpga/2001/2), [s. 580](https://www.legislation.gov.uk/ukpga/2001/2/section/580), [Sch. 4](https://www.legislation.gov.uk/ukpga/2001/2/schedule/4)

[^c4155901]: S. 44 repealed (22.3.2001 with effect as mentioned in [s. 579(1)](https://www.legislation.gov.uk/ukpga/2001/2/section/579/1) of the amending Act) by [2001 c. 2](https://www.legislation.gov.uk/ukpga/2001/2), [s. 580](https://www.legislation.gov.uk/ukpga/2001/2/section/580), [Sch. 4](https://www.legislation.gov.uk/ukpga/2001/2/schedule/4)

[^c4155921]: S. 45 repealed (22.3.2001 with effect as mentioned in [s. 579(1)](https://www.legislation.gov.uk/ukpga/2001/2/section/579/1) of the amending Act) by [2001 c. 2](https://www.legislation.gov.uk/ukpga/2001/2), [s. 580](https://www.legislation.gov.uk/ukpga/2001/2/section/580), [Sch. 4](https://www.legislation.gov.uk/ukpga/2001/2/schedule/4)

[^c4155931]: S. 46 repealed (22.3.2001 with effect as mentioned in [s. 579(1)](https://www.legislation.gov.uk/ukpga/2001/2/section/579/1) of the amending Act) by [2001 c. 2](https://www.legislation.gov.uk/ukpga/2001/2), [s. 580](https://www.legislation.gov.uk/ukpga/2001/2/section/580), [Sch. 4](https://www.legislation.gov.uk/ukpga/2001/2/schedule/4)

[^c4155981]: S. 47 repealed (22.3.2001 with effect as mentioned in [s. 579(1)](https://www.legislation.gov.uk/ukpga/2001/2/section/579/1) of the amending Act) by [2001 c. 2](https://www.legislation.gov.uk/ukpga/2001/2), [s. 580](https://www.legislation.gov.uk/ukpga/2001/2/section/580), [Sch. 4](https://www.legislation.gov.uk/ukpga/2001/2/schedule/4)

[^c13262171]: S. 49 repealed (27.7.1999 with effect as mentioned in [Sch. 20 Pt. V(2)](https://www.legislation.gov.uk/ukpga/1999/16/schedule/20/part/V/2) of the amending Act) 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. V(5)](https://www.legislation.gov.uk/ukpga/1999/16/schedule/20/part/V/5), Notes 1, 2

[^c4156271]: [1963 c. 25](https://www.legislation.gov.uk/ukpga/1963/25).

[^c4156281]: [1963 c. 22 (N.I.)](https://www.legislation.gov.uk/apni/1963/22).

[^c4156291]: [1958 c. 56](https://www.legislation.gov.uk/ukpga/1958/56).

[^c4156301]: [1963 c. 22 (N.I.)](https://www.legislation.gov.uk/apni/1963/22).

[^c4156311]: [1958 c. 56](https://www.legislation.gov.uk/ukpga/1958/56).

[^c4156321]: [1958 c. 14 (N.I.)](https://www.legislation.gov.uk/apni/1958/14).

[^c4156361]: [1968 c. 2](https://www.legislation.gov.uk/ukpga/1968/2).

[^c4156371]: S. 50(2) 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), [s. 165](https://www.legislation.gov.uk/ukpga/1998/36/section/165), [Sch. 3](https://www.legislation.gov.uk/ukpga/1998/36/schedule/3), [Sch. 27 Pt. III(2)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/27/part/III/2) Note

[^c4156381]: [1998 c.1](https://www.legislation.gov.uk/ukpga/1998/1).

[^c4156421]: [1985 c. 6](https://www.legislation.gov.uk/ukpga/1985/6).

[^c4156431]: [1985 c. 6](https://www.legislation.gov.uk/ukpga/1985/6).

[^c4156441]: [1989 c. 40](https://www.legislation.gov.uk/ukpga/1989/40).

[^c4156451]: [S.I. 1986/1032 (N.I. 6)](https://www.legislation.gov.uk/nisi/1986/1032).

[^c4156461]: [1985 c. 6](https://www.legislation.gov.uk/ukpga/1985/6).

[^c4156471]: [1989 c. 40](https://www.legislation.gov.uk/ukpga/1989/40).

[^c4156481]: [S.I. 1986/1032 (N.I. 6)](https://www.legislation.gov.uk/nisi/1986/1032).

[^c4156491]: [S.I. 1994/1811](https://www.legislation.gov.uk/uksi/1994/1811).

[^c4156501]: [1954 c. 33 (N.I.)](https://www.legislation.gov.uk/apni/1954/33).

[^c4156511]: [1989 c. 26](https://www.legislation.gov.uk/ukpga/1989/26).

[^c4156521]: [1985 c. 6](https://www.legislation.gov.uk/ukpga/1985/6).

[^c4156531]: [S.I. 1986/1032 (N.I. 6)](https://www.legislation.gov.uk/nisi/1986/1032).

[^c4156541]: [1970 c. 9](https://www.legislation.gov.uk/ukpga/1970/9).

[^c4156561]: [1989 c. 26](https://www.legislation.gov.uk/ukpga/1989/26).

[^c4156571]: [Sch. 3 para. 3(3)(4)(6)(7)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/3/paragraph/3/3/4/6/7) repealed (31.7.1998 with effect as mentioned in [Sch. 27 Pt. III(2)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/27/part/III/2) of the amending Act) by [1998 c. 36](https://www.legislation.gov.uk/ukpga/1998/36), [s. 165](https://www.legislation.gov.uk/ukpga/1998/36/section/165), [Sch. 3](https://www.legislation.gov.uk/ukpga/1998/36/schedule/3), [Sch. 27 Pt. III(2)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/27/part/III/2) Note

[^c4156621]: [Sch. 3 para. 10](https://www.legislation.gov.uk/ukpga/1997/58/schedule/3/paragraph/10) repealed (11.5.2001 with effect in accordance with [s. 87](https://www.legislation.gov.uk/ukpga/2001/9/section/87) of the amending Act) by [2001 c. 9](https://www.legislation.gov.uk/ukpga/2001/9), [s. 110](https://www.legislation.gov.uk/ukpga/2001/9/section/110), [Sch. 33 Pt. 2(12)](https://www.legislation.gov.uk/ukpga/2001/9/schedule/33/part/2/12)

[^c4156631]: [Sch. 3 para. 11](https://www.legislation.gov.uk/ukpga/1997/58/schedule/3/paragraph/11) repealed (11.5.2001 with effect in accordance with [s. 87](https://www.legislation.gov.uk/ukpga/2001/9/section/87) of the amending Act) by [2001 c. 9](https://www.legislation.gov.uk/ukpga/2001/9), [s. 110](https://www.legislation.gov.uk/ukpga/2001/9/section/110), [Sch. 33 Pt. 2(12)](https://www.legislation.gov.uk/ukpga/2001/9/schedule/33/part/2/12)

[^c4156641]: [Sch. 3 para. 12](https://www.legislation.gov.uk/ukpga/1997/58/schedule/3/paragraph/12) repealed (11.5.2001 with effect as mentioned in the note to [Sch. 33 Pt. 2(12)](https://www.legislation.gov.uk/ukpga/2001/9/schedule/33/part/2/12) of the amending Act) by [2001 c. 9](https://www.legislation.gov.uk/ukpga/2001/9), [s. 110](https://www.legislation.gov.uk/ukpga/2001/9/section/110), [Sch. 33 Pt. 2(12)](https://www.legislation.gov.uk/ukpga/2001/9/schedule/33/part/2/12)

[^c4156681]: [Sch. 3 para. 13(13)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/3/paragraph/13/13) repealed (11.5.2001 with effect as mentioned in [s. 87](https://www.legislation.gov.uk/ukpga/2001/9/section/87) of the amending Act) by [2001 c. 9](https://www.legislation.gov.uk/ukpga/2001/9), [s. 110](https://www.legislation.gov.uk/ukpga/2001/9/section/110), [Sch. 33 Pt. 2(12)](https://www.legislation.gov.uk/ukpga/2001/9/schedule/33/part/2/12)

[^c4156691]: [1989 c. 26](https://www.legislation.gov.uk/ukpga/1989/26).

[^c4156701]: [1992 c. 48](https://www.legislation.gov.uk/ukpga/1992/48).

[^c4156711]: [1970 c. 9](https://www.legislation.gov.uk/ukpga/1970/9).

[^c4156731]: [1994 c. 9](https://www.legislation.gov.uk/ukpga/1994/9).

[^c4156721]: [Sch. 4 para. 2](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/2) modified (31.7.1998) by [1998 c. 36](https://www.legislation.gov.uk/ukpga/1998/36), [s. 90(2)(b)](https://www.legislation.gov.uk/ukpga/1998/36/section/90/2/b)

[^c4156751]: [Sch. 4 para. 3](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/3) repealed (31.7.1998 with effect as mentioned in Sch. 27 Pt. III(28)) by [1998 c. 36](https://www.legislation.gov.uk/ukpga/1998/36), [ss. 117](https://www.legislation.gov.uk/ukpga/1998/36/section/117), [165](https://www.legislation.gov.uk/ukpga/1998/36/section/165), [Sch. 27 Pt. III(28)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/27/part/III/28) Note

[^c4156761]: [Sch. 4 para. 3](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/3) modified (31.7.1998) by [1998 c. 36](https://www.legislation.gov.uk/ukpga/1998/36), [s. 90(2)(a)](https://www.legislation.gov.uk/ukpga/1998/36/section/90/2/a)

[^c4156771]: [Sch. 4 para. 8](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/8) 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. 45](https://www.legislation.gov.uk/ukpga/1998/36/schedule/3/paragraph/45), [Sch. 27 Pt. III(2)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/27/part/III/2) Note

[^c4156781]: [Sch. 4 para. 9](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/9) 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. 46](https://www.legislation.gov.uk/ukpga/1998/36/schedule/3/paragraph/46), [Sch. 27 Pt. III(2)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/27/part/III/2) NOte

[^c4156791]: [Sch. 4 para. 18](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/18) 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. 47](https://www.legislation.gov.uk/ukpga/1998/36/schedule/3/paragraph/47), [Sch. 27 Pt. III(2)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/27/part/III/2) Note

[^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)

[^c4156871]: [1989 c. 26](https://www.legislation.gov.uk/ukpga/1989/26).

[^c4156881]: [1993 c. 34](https://www.legislation.gov.uk/ukpga/1993/34).

[^c4156891]: [1997 c. 16](https://www.legislation.gov.uk/ukpga/1997/16).

[^c4156911]: [1992 c. 12](https://www.legislation.gov.uk/ukpga/1992/12).

[^c4156901]: [Sch. 7 para. 3](https://www.legislation.gov.uk/ukpga/1997/58/schedule/7/paragraph/3) repealed (31.7.1998 with effect as mentioned in Sch. 27 Pt. III(4) Note of the amending Act) by [1998 c. 36](https://www.legislation.gov.uk/ukpga/1998/36), [ss. 38(2)(3)](https://www.legislation.gov.uk/ukpga/1998/36/section/38/2/3), [165](https://www.legislation.gov.uk/ukpga/1998/36/section/165), [Sch. 27 Pt. III(4)](https://www.legislation.gov.uk/ukpga/1998/36/schedule/27/part/III/4) Note

[^c13262481]: [Sch. 7](https://www.legislation.gov.uk/ukpga/1997/58/schedule/7) amended ( retrospective to 31.7.1997) by [1998 c. 36](https://www.legislation.gov.uk/ukpga/1998/36), [s. 81(5)](https://www.legislation.gov.uk/ukpga/1998/36/section/81/5)

[^c13262491]: [Sch. 8](https://www.legislation.gov.uk/ukpga/1997/58/schedule/8) restricted (31.7.1998 with effect as mentioned in [s. 76(1)](https://www.legislation.gov.uk/ukpga/1998/36/section/76/1) of the amending Act) by [1998 c. 36](https://www.legislation.gov.uk/ukpga/1998/36), [s. 76(5)](https://www.legislation.gov.uk/ukpga/1998/36/section/76/5) [Sch. 8](https://www.legislation.gov.uk/ukpga/1997/58/schedule/8) restricted (31.7.1998) by [1998 c. 36](https://www.legislation.gov.uk/ukpga/1998/36), [s. 90(4)](https://www.legislation.gov.uk/ukpga/1998/36/section/90/4)

[^key-d0cc3b38907acb02fc3309146cb2b979]: S. 24(3)(e) repealed (10.7.2003) (with effect in accordance with the Note to [Sch. 43 Pt. 3(6)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/43/part/3/6) to the amending Act) by [Finance Act 2003 (c. 14)](https://www.legislation.gov.uk/ukpga/2003/14), [Sch. 43 Pt. 3(6)](https://www.legislation.gov.uk/ukpga/2003/14/schedule/43/part/3/6)

[^key-6f0789b13f6df87b83d37234dfc8c9f9]: [Sch. 3 para. 1](https://www.legislation.gov.uk/ukpga/1997/58/schedule/3/paragraph/1) repealed (22.7.2004) (with effect in accordance with s. 42 of the amending Act) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [Sch. 42 Pt. 2(3)](https://www.legislation.gov.uk/ukpga/2004/12/schedule/42/part/2/3)

[^key-92de3236ed83dbf31cb3c265004cd592]: [Sch. 6 para. 2](https://www.legislation.gov.uk/ukpga/1997/58/schedule/6/paragraph/2) repealed (22.7.2004) (with effect in accordance with s. 42 of the amending Act) by [Finance Act 2004 (c. 12)](https://www.legislation.gov.uk/ukpga/2004/12), [Sch. 42 Pt. 2(3)](https://www.legislation.gov.uk/ukpga/2004/12/schedule/42/part/2/3)

[^key-3aa504bb87e3ec0b5fed407e65ad9b55]: S. 22(5) repealed (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-7b6073990c3b6f18b875358fd5d79ef0]: S. 24(10) repealed (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-2b059a750e843bd9966d710a0052f57d]: S. 30(2)(a) repealed (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-85402a9c3d2652264761a722e08ce6e5]: S. 30(5)(a) repealed (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-f978685f35c2de34c06f60268f0dc08b]: S. 30(6) repealed (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-37f0379321d004a43380473bc36c33d4]: Words in s. 30(9) inserted (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 1 para. 496(a)](https://www.legislation.gov.uk/ukpga/2005/5/schedule/1/paragraph/496/a) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-bfff500bca8bd27c70bbffe7007b4945]: Words in s. 30(10)(a) substituted (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 1 para. 496(b)](https://www.legislation.gov.uk/ukpga/2005/5/schedule/1/paragraph/496/b) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-7fbee7b6f37f685af80cf80e59014d04]: Words in s. 37(7) substituted (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 1 para. 497](https://www.legislation.gov.uk/ukpga/2005/5/schedule/1/paragraph/497) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-4229c444ca99c2e081bfea85f54f76b7]: [Sch. 4 para. 4](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/4) repealed (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-ea2d553dbbb872621243958b3460270f]: [Sch. 4 para. 5](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/5) repealed (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-377693e8cf6ef62b70c287ed542d6d5c]: [Sch. 4 para. 6](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/6) repealed (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-cc4ca35a151a737a678519eb6549b2b9]: [Sch. 4 para. 10](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/10) repealed (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-fc19c574995708a9039e17edc02b6f0a]: Sch. 4 para. 11(1)(b) and preceding word repealed (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-3488cf3952721762a22266a3b818b1dd]: [Sch. 4 para. 13](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/13) repealed (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-4e0811c551703a8bd2e633782c78be73]: [Sch. 4 para. 14](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/14) repealed (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-7f7d47798731b92dd814533b065fd65e]: [Sch. 4 para. 16(3)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/16/3) repealed (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-9e475462dacf9ba84c796662c572b15f]: [Sch. 4 para. 17](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/17) repealed (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-198ff9d9c775b38304a6a6e2cb86245a]: [Sch. 4 para. 20(2)(b)](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/20/2/b) repealed (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-fff401c1bcb213080ac6743d8389bd80]: [Sch. 4 para. 27](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/27) repealed (6.4.2005) by [Income Tax (Trading and Other Income) Act 2005 (c. 5)](https://www.legislation.gov.uk/ukpga/2005/5), [s. 883(1)](https://www.legislation.gov.uk/ukpga/2005/5/section/883/1), [Sch. 3](https://www.legislation.gov.uk/ukpga/2005/5/schedule/3) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2005/5/schedule/2))

[^key-dce940efdfe5662a6e689d6ff9ea6072]: S. 48 repealed (19.7.2006) (with effect in accordance with Sch. 26 Pt. 3(4) Note 1 of the amending Act) by [Finance Act 2006 (c. 25)](https://www.legislation.gov.uk/ukpga/2006/25), [Sch. 26 Pt. 3(4)](https://www.legislation.gov.uk/ukpga/2006/25/schedule/26/part/3/4)

[^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.

#### 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.

#### Trusts.

#### Estates of deceased persons in administration.

#### Tax credits and taxation of distributions: miscellaneous provisions.

#### Foreign income dividends.

#### Paying and collecting agents.

#### Carry-back of trading losses.

#### Carry-back of loan relationship deficits.

#### Restrictions on group relief.

#### Stamp duty on conveyance or transfer on sale.

#### Interpretation.

### The Taxes Management Act 1970

### Section 7

### Section 42 (pre-corporation tax self-assessment version)

### Section 42 (corporation tax self-assessment version)

### The Taxes Act 1988

### Section 231

### Section 232

### Section 233

### Sections 235 to 237

### Section 238

### Section 241

### Section 249

### Section 421

### Section 469

### Section 549

### Section 660C

### Section 687

### Section 689B

### Section 699

### Section 703

### Section 709

### Section 743

### Section 819

### Section 832

### Schedule 13

### The Taxation of Chargeable Gains Act 1992

### Section 4

### Section 6

### The Taxes Act 1988

### Section 231B

### Section 434

### Section 441A

### Schedule 19AC

### The Finance Act 1993

### Schedule 20

These repeals have effect in accordance with section 15 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.

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).