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
2007-07-19
Finance (No. 2) Act 1997
2007-04-06
Finance (No. 2) Act 1997
Changes on 2007-04-06
@@ -321,25 +321,21 @@
##### 15
- (1) In section 353 of the Taxes Act 1988 (general provision for relief for interest payments), in subsection (1G) (amount of relief for interest on loans to buy land, etc.), for paragraph (a) there shall be substituted—
> (a) in relation to so much of any interest as is eligible for relief under this section by virtue of section 354, means 10 per cent; and
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) In section 369 of that Act (deduction at source of mortgage interest relief), in subsection (1A) (percentage of interest deductible), for paragraph (a) there shall be substituted—
> (a) in relation to so much of any payment of relevant loan interest as is not a payment in relation to which paragraph (b) below has effect, means 10 per cent; and
.
- (2) In section 369 of that Act (deduction at source of mortgage interest relief), in subsection (1A) (percentage of interest deductible), for paragraph (a) there shall be substituted—
> (a) in relation to so much of any payment of relevant loan interest as is not a payment in relation to which paragraph (b) below has effect, means 10 per cent; and
.
- (3) Subsection (1) above has effect in relation to any payment of interest (whenever falling due) made in the year 1998-99 or any subsequent year of assessment; and subsection (2) above has effect in relation to any payment of interest which becomes due in the year 1998-99 or any subsequent year of assessment.
#### Limit on relief for interest for 1998-99
##### 16
For the year 1998-99 the qualifying maximum defined in section 367(5) of the Taxes Act 1988 (limit on relief for interest on certain loans) shall be £30,000.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Withdrawal of relief on medical insurance premiums
@@ -584,19 +580,11 @@
- (1) In section 246A(9) of the Taxes Act 1988 (which provides that “*fixed-rate preference shares*” shall be construed in accordance with section 95(5)) for “section 95(5)” there shall be substituted “ paragraph 13(6) of Schedule 28B ”.
- (2) In Schedule 28B to the Taxes Act 1988 (venture capital trusts) paragraph 13 (general interpretation) shall be amended in accordance with subsections (3) and (4) below.
- (3) In sub-paragraph (5), paragraph (b) (which provides that “*fixed-rate preference shares*” has the same meaning as in section 95), and the word “and” immediately preceding that paragraph, shall be omitted.
- (4) After sub-paragraph (5) there shall be inserted—
> (6) In this paragraph “*fixed-rate preference shares*” means shares which—
> (a) were issued wholly for new consideration;
> (b) do not carry any right either to conversion into shares or securities of any other description or to the acquisition of any additional shares or securities; and
> (c) do not carry any right to dividends other than dividends which—
> (i) are of a fixed amount or at a fixed rate per cent. of the nominal value of the shares, and
> (ii) together with any sum paid on redemption, represent no more than a reasonable commercial return on the consideration for which the shares were issued;
> and in paragraph (a) above “*new consideration*” has the meaning given by section 254.
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) In Schedule 7 to the Finance Act 1997 (special treatment for certain distributions) paragraph 5 (fixed-rate preference shares) shall be amended in accordance with subsections (6) and (7) below.
@@ -707,33 +695,7 @@
##### 29
- (1) Where a qualifying distribution—
- (a) is made on or after 2nd July 1997 but before 6th April 1999 by a company resident in the United Kingdom, and
- (b) falls to be regarded by virtue of subsection (2) of section 469 of the Taxes Act 1988 (unit trusts other than authorised unit trusts) as income of the trustees of a unit trust scheme to which that section applies, and
- (c) is not a foreign income dividend and does not fall to be regarded by virtue of any provision of the Tax Acts apart from this section as a foreign income dividend arising to the trustees,
the trustees shall be treated for all purposes of the Tax Acts (apart from this section) as if the qualifying distribution were a foreign income dividend.
- (2) Subsection (1) above shall not apply—
- (a) if the unit trust scheme is a common investment fund established under section 42 of the Administration of Justice Act 1982; or
- (b) if, apart from section 469(2) of the Taxes Act 1988, the whole of the qualifying distribution would fall to be regarded as income of section 505 bodies.
- (3) In this section—
- “*foreign income dividend*” shall be construed in accordance with Chapter VA of Part VI of the Taxes Act 1988;
- “*section 505 body*” means—
- (a) a charity, as defined in section 506(1) of the Taxes Act 1988;
- (b) a body mentioned in section 507 of that Act (heritage bodies); or
- (c) an Association of a description specified in section 508 of that Act (scientific research organisations).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Distributions, tax credits etc in and after 1999-00
@@ -791,119 +753,19 @@
##### 31
- (1) Section 1A of the Taxes Act 1988 (application of lower rate to income from savings and distributions) shall be amended in accordance with subsections (2) to (4) below.
- (2) In subsection (1) (certain savings and distribution income to be charged at the lower rate to the exclusion of basic rate) for “lower rate” there shall be substituted “ rate applicable in accordance with subsection (1A) below ”.
- (3) After subsection (1) there shall be inserted—
> (1A) The rate applicable in accordance with this subsection is—
> (a) in the case of income chargeable under Schedule F, the Schedule F ordinary rate;
> (b) in the case of equivalent foreign income falling within subsection (3)(b) below and chargeable under Case V of Schedule D, the Schedule F ordinary rate; and
> (c) in the case of any other income, the lower rate.
- (4) For subsection (5) (income to which section 1A applies to be treated as the highest part of a person’s income) there shall be substituted—
> (5) For the purposes of subsection (1)(b) above and any other provisions of the Income Tax Acts—
> (a) so much of any person’s income as comprises income to which this section applies shall be treated as the highest part of his income; and
> (b) so much of that part as consists of—
> (i) income chargeable under Schedule F (if any), and
> (ii) equivalent foreign income falling within subsection (3)(b) above and chargeable under Case V of Schedule D (if any),
> shall be treated as the highest part of that part.
- (5) After section 1A of the Taxes Act 1988 there shall be inserted—
> (1B)
> (1) In the case of so much of an individual’s income which consists of—
> (a) income chargeable under Schedule F (if any), and
> (b) equivalent foreign income falling within section 1A(3)(b) and chargeable under Case V of Schedule D (if any),
> as is income falling within section 1(2)(b), income tax shall, by virtue of this subsection, be charged at the Schedule F upper rate, instead of at the rate otherwise applicable to it in accordance with section 1(2)(b).
> (2) In relation to any year of assessment for which income tax is charged—
> (a) the Schedule F ordinary rate is 10 per cent., and
> (b) the Schedule F upper rate is 32.5 per cent.,
> or, in either case, such other rate as Parliament may determine.
- (6) This section has effect in relation to distributions made on or after 6th April 1999.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Trusts
##### 32
- (1) Section 686 of the Taxes Act 1988 (income arising to trustees which is to be chargeable at the rate applicable to trusts) shall be amended as follows.
- (2) In subsection (1) (income to which the section applies to be chargeable at the rate applicable to trusts instead of at the basic rate or, in accordance with section 1A, the lower rate)—
- (a) for “at the rate applicable to trusts” there shall be substituted “ at the rate applicable in accordance with subsection (1AA) below ”; and
- (b) after “at the lower rate” there shall be inserted “ or the Schedule F ordinary rate ”.
- (3) After subsection (1) there shall be inserted—
> (1AA) The rate applicable in accordance with this subsection is—
> (a) in the case of so much of any income to which this section applies as is Schedule F type income, the Schedule F trust rate; and
> (b) in the case of any other income to which this section applies, the rate applicable to trusts.
- (4) In subsection (1A) (the rate applicable to trusts etc) for the words from the beginning to “Parliament may determine” there shall be substituted—
> (1A) In relation to any year of assessment for which income tax is charged—
> (a) the Schedule F trust rate shall be 25 per cent., and
> (b) the rate applicable to trusts shall be 34 per cent.,
> or, in either case, such other rate as Parliament may determine.
- (5) In subsection (1A), so as to make the words following “as Parliament may determine” into a separate paragraph, for the words “and, for the purposes of assessments” there shall be substituted—
> For the purposes of assessments
> .
- (6) In subsection (2AA) (income treated by s.689B as applied in defraying trustees’ expenses to be taxed at the rate that would apply apart from s.686, instead of the rate applicable to trusts) after “instead of the rate applicable to trusts” there shall be inserted “ or the Schedule F trust rate (as the case may be) ”.
- (7) Before subsection (6) there shall be inserted—
> (5A) In this section “*Schedule F type income*”, in relation to trustees, means—
> (a) income chargeable under Schedule F;
> (b) income to which section 1A applies by virtue of its being equivalent foreign income falling within subsection (3)(b) of that section and chargeable under Case V of Schedule D;
> (c) a qualifying distribution whose amount or value is determined in accordance with section 233(1A);
> (d) a non-qualifying distribution, within the meaning of section 233(1B);
> (e) income treated as arising to the trustees by virtue of section 249(6)(b);
> (f) income treated as received by the trustees by virtue of section 421(1)(a);
> (g) any amount which, by virtue of section 686A, is treated for the purposes of the Tax Acts as if it were income to which this section applies.
- (8) For the sidenote there shall be substituted “ Accumulation and discretionary trusts: special rates of tax. ”
- (9) After section 686 of the Taxes Act 1988 there shall be inserted—
> (686A)
> (1) This section applies where—
> (a) a qualifying distribution is made to trustees;
> (b) the trustees are not the trustees of a unit trust scheme; and
> (c) the qualifying distribution falls within subsection (2) below.
> (2) A qualifying distribution falls within this subsection if it is a payment made by a company—
> (a) on the redemption, repayment or purchase of its own shares; or
> (b) on the purchase of rights to acquire its own shares.
> (3) The relevant part of the distribution shall be treated for the purposes of the Tax Acts as if it were income to which section 686 applies.
> (4) In subsection (3) above the reference to the relevant part of the distribution is a reference to so much (if any) of the distribution as—
> (a) is not income falling within paragraph (a) of section 686(2);
> (b) does not fall to be treated for the purposes of the Income Tax Acts as income of a settlor;
> (c) is not income arising under a trust established for charitable purposes; and
> (d) is not income from investments, deposits or other property held for any such purposes as are mentioned in sub-paragraph (i) or (ii) of section 686(2)(c).
> (5) Subsection (6) of section 686 shall apply for the purposes of this section as it applies for the purposes of that section.
- (10) The amendment made by subsection (5) above has effect on and after 6th April 1999.
- (11) The other amendments made by this section have effect in relation to distributions made on or after 6th April 1999.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Estates of deceased persons in administration
##### 33
- (1) For section 698A of the Taxes Act 1988 (taxation at the lower rate of the income of beneficiaries) there shall be substituted—
> (698A)
> (1) Subject to subsection (3) below, in so far as any income of any person is treated under this Part as having borne income tax at the lower rate, section 1A shall have effect as if that income were income to which that section applies otherwise than by virtue of the income being income chargeable under Schedule F.
> (2) Subject to subsection (3) below, in so far as any income of any person is treated under this Part as having borne income tax at the Schedule F ordinary rate, that income shall be treated as if it were income chargeable under Schedule F.
> (3) Subsections (1) and (2) above shall not apply to income paid indirectly through a trustee and treated by virtue of section 698(3) as having borne income tax at the lower rate or the Schedule F ordinary rate; but, subject to section 686(1), section 1A shall have effect as if the payment made to the trustee were income of the trustee—
> (a) to which section 1A applies by virtue of the income being chargeable under Schedule F, in the case of income treated as having borne tax at the Schedule F ordinary rate; and
> (b) to which section 1A applies otherwise than by virtue of the income being chargeable under Schedule F, in any other case.
- (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (2) Section 699A of the Taxes Act 1988 (untaxed sums comprised in the income of the estate) shall be amended in accordance with subsections (3) to (6) below.
@@ -973,7 +835,7 @@
- (3) For the purposes of this section each of the following is a section 505 body—
- (a) any charity (as defined in section 506(1) of the Taxes Act 1988);
- (a) any charitable company (as defined in section 506(1) of the Taxes Act 1988);
- (b) each of the bodies mentioned in section 507 of that Act (heritage bodies);
@@ -1015,61 +877,29 @@
- (1) The Taxes Act 1988 shall be amended as follows.
- (2) In section 50 (Treasury direction for payment of public revenue dividends without deduction of tax), before subsection (1) there shall be inserted the following subsection—
> (A1) The interest on registered gilt-edged securities (whenever issued and whatever the terms on which they were issued) shall be paid without deduction of income tax.
- (3) In that section—
- (a) in subsection (1), after “following securities” there shall be inserted “ in so far as they are not gilt-edged securities ”;
- (b) in subsection (2), after “by virtue of” there shall be inserted “ subsection (A1) above or of ”;
- (c) in subsection (3), for “to which subsection (1) above applied” there shall be substituted “ the interest on which is to be paid without deduction of income tax ”; and
- (d) in subsections (4) and (5), for the words “two months”, in each place where they occur, there shall be substituted “ one month ”.
- (4) In subsection (7) of that section, after “requires” there shall be inserted the following definition—
> “*gilt-edged securities*” means any securities which—
> (a) are gilt-edged securities for the purposes of the 1992 Act; or
> (b) will be such securities on the making of any order under paragraph 1 of Schedule 9 to that Act the making of which is anticipated in the prospectus under which they were issued,
.
- (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (5) Section 51A (interest on gilt-edged securities held under authorised arrangements to be paid without deduction of tax) shall cease to have effect.
- (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (7) In section 722A(5), and in paragraph 3A(2)(a) of Schedule 23A, (which define “gilt-edged securities” by reference to section 51A of the Taxes Act 1988), for “51A” there shall be substituted, in each case, “ 50 ”.
- (8) Subject to subsections (9) to (13) below, this section has effect in relation to payments of interest falling due on or after 6th April 1998.
- (9) Subsection (3)(d) above has effect in relation to applications made and notices given at any time on or after the day on which this Act is passed.
- (10) Where—
- (a) any person holds any gilt-edged securities in relation to which a direction was given under section 50(1) of the Taxes Act 1988 at any time before 6th April 1998, and
- (b) that person at any time before that date made an application under section 50(2) of that Act with respect to those securities,
that application (unless withdrawn) shall have effect in relation to any interest on those securities to which section 50(A1) of that Act applies as it previously had effect in relation to any interest on those securities to which that direction applied.
- (11) Section 50 of the Taxes Act 1988 shall have effect in relation to any gilt-edged securities issued before 6th April 1998 which—
- (a) are securities the interest on which, if paid immediately before that date, would have fallen to be paid after deduction of income tax, and
- (b) are registered within the meaning of section 50 of that Act but are not securities in relation to which any direction under section 50 of that Act was given before that date,
as if the appropriate person had so made an application under section 50(2) of that Act as to enable that application to take effect in relation to payments of interest made on or after that date.
- (12) In subsection (11) above “*the appropriate person*” means—
- (a) in the case of securities transferred before 6th April 1998 but after the time when the balance was struck for a dividend on them falling due on or after that date, the person who held the securities at the time when the balance was so struck;
- (b) in any other case, the person holding the securities in question immediately before 6th April 1998.
- (13) Section 50(5) of the Taxes Act 1988 shall have effect in relation to an application treated as made by virtue of subsection (11) above as if a notice withdrawing that application was capable of being given at any time on or after the passing of this Act.
- (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (8) ... this section has effect in relation to payments of interest falling due on or after 6th April 1998.
- (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (12) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Paying and collecting agents
@@ -2349,18 +2179,7 @@
##### 12
- (1) Section 469 of the Taxes Act 1988 (unit trusts other than authorised unit trusts) shall be amended as follows.
- (2) In subsection (2) (income of the trustees to which section 1A applies to be chargeable at the basic rate instead of the lower rate) for “lower rate” there shall be substituted “ rate applicable in accordance with subsection (1A) of that section ”.
- (3) After subsection (2) there shall be inserted—
> (2A) Section 231(1) shall not apply where the recipient of the distribution there mentioned is the trustees of the scheme.
> (2B) Section 233(1) shall not apply where the person there mentioned is the trustees of the scheme.
- (4) In subsection (9) (sections 686 and 687 not to apply) after “686” there shall be inserted “ , 686A ”.
- (5) This paragraph has effect in relation to distributions made on or after 6th April 1999.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Section 549
@@ -2378,31 +2197,7 @@
##### 15
- (1) In section 687 of the Taxes Act 1988 (payments under discretionary trusts) subsection (3) (amounts which may be set against the amount assessable on trustees) shall be amended as follows.
- (2) For paragraphs (a) and (aa) there shall be substituted—
> (a) the amount of any tax on income arising to the trustees which (not being income the tax on which falls within paragraphs (a1) to (bc) below) is charged in pursuance of section 686 at the rate applicable to trusts or the Schedule F trust rate;
> (a1) the amount of tax at a rate equal to the difference between the Schedule F ordinary rate and the Schedule F trust rate on any income of the trustees chargeable under Schedule F;
> (a2) the amount of tax which, by virtue of section 233(1A), is charged, at a rate equal to the difference between the Schedule F ordinary rate and the Schedule F trust rate, on the amount or value of the whole or any part of any qualifying distribution included in the income arising to the trustees;
> (aa) the amount of tax which, by virtue of section 233(1B), is charged, at a rate equal to the difference between the Schedule F ordinary rate and the Schedule F trust rate, on the amount or value of the whole or any part of any non-qualifying distribution included in the income arising to the trustees;
.
- (3) For paragraph (b) there shall be substituted—
> (b) the amount of tax at a rate equal to the difference between the Schedule F ordinary rate and the Schedule F trust rate on any sum treated, under section 249(6), as income of the trustees;
.
- (4) After paragraph (b) there shall be inserted—
> (bb) the amount of tax at a rate equal to the difference between the Schedule F ordinary rate and the Schedule F trust rate on any sum treated under section 421(1)(a) as income of the trustees;
> (bc) the amount of tax at a rate equal to the difference between the Schedule F ordinary rate and the Schedule F trust rate on any sum treated under section 686A as income of the trustees;
.
- (5) This paragraph has effect for the year 1999-00 and subsequent years of assessment.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Section 689B
@@ -2457,26 +2252,7 @@
##### 20
- (1) Section 743 of the Taxes Act 1988 (provisions supplemental to section 739 etc) shall be amended as follows.
- (2) In subsection (1) (subject to an exception for income which has borne tax by deduction at the basic rate or the lower rate, income chargeable under s.739 to be charged under Case VI of Schedule D)—
- (a) for “or the lower rate” there shall be substituted “ , the lower rate or the Schedule F ordinary rate ”; and
- (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- (3) After subsection (1) there shall be inserted—
> (1A) Income falls within this subsection if it is—
> (a) income chargeable under Schedule F;
> (b) income to which section 1A applies by virtue of its being equivalent foreign income falling within subsection (3)(b) of that section and chargeable under Case V of Schedule D;
> (c) a distribution in relation to which section 233(1) applies;
> (d) a qualifying distribution whose amount or value is determined in accordance with section 233(1A);
> (e) a non-qualifying distribution, within the meaning of section 233(1B);
> (f) income treated as arising by virtue of section 249;
> (g) income treated as received by virtue of section 421(1)(a).
- (4) This paragraph has effect for the year 1999-00 and subsequent years of assessment.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Section 819
@@ -2494,21 +2270,7 @@
##### 22
- (1) In section 832 of the Taxes Act 1988 (interpretation of the Tax Acts) the following definitions shall be inserted in subsection (1) at the appropriate places—
> 1. “*the Schedule F ordinary rate*” shall be construed in accordance with section 1B(2);
;
> (b) “*the Schedule F trust rate*” shall be construed in accordance with section 686(1A);
;
> (c) “*the Schedule F upper rate*” shall be construed in accordance with section 1B(2);
.
- (2) This paragraph has effect for the year 1999-00 and subsequent years of assessment.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
### Schedule 13
@@ -3151,19 +2913,19 @@
## Part III — Statutory effect of resolutions etc
#### Charge to windfall tax.
#### Interpretation of Part I.
#### . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
#### Rate of duty on beer.
#### Rates of duty on wine and made-wine.
#### 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.
@@ -3345,8 +3107,6 @@
[^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)
@@ -3361,8 +3121,6 @@
[^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).
@@ -3507,8 +3265,6 @@
[^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))
@@ -3527,15 +3283,43 @@
[^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-654f053ac8a3f56abd40c7a0a5f62f98]: [Sch. 3 para. 13](https://www.legislation.gov.uk/ukpga/1997/58/schedule/3/paragraph/13) repealed (31.12.2006) (with effect in accordance with reg. 1 of the amending S.I.) by [The Overseas Life Insurance Companies Regulations 2006 (S.I. 2006/3271)](https://www.legislation.gov.uk/uksi/2006/3271), [reg. 1](https://www.legislation.gov.uk/uksi/2006/3271/regulation/1), [Sch. Pt. 1](https://www.legislation.gov.uk/uksi/2006/3271/schedule/part/1)
[^key-1e69648770c7e559894c4165365da8e9]: Act applied in part (with modifications) (29.3.2007) by [The Corporation Tax (Taxation of Films) (Transitional Provisions) Regulations 2007 (S.I. 2007/1050)](https://www.legislation.gov.uk/uksi/2007/1050), [regs. 1(1)](https://www.legislation.gov.uk/uksi/2007/1050/regulation/1/1), [3-12](https://www.legislation.gov.uk/uksi/2007/1050/regulation/3) (as amended by 2009 c. 4, Sch. 2 para. 131)
[^key-f3b55db3cd1371315ce9be6423543012]: [S. 15(1)](https://www.legislation.gov.uk/ukpga/1997/58/section/15/1) repealed (6.4.2007) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 1034(1)](https://www.legislation.gov.uk/ukpga/2007/3/section/1034/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^key-56f4d63dbd698ba3beb748cd93d55c09]: [S. 16](https://www.legislation.gov.uk/ukpga/1997/58/section/16) repealed (6.4.2007) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 1034(1)](https://www.legislation.gov.uk/ukpga/2007/3/section/1034/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^key-1288f96f1fe17b8ec0083ec2c2c4804e]: [S. 25(2)](https://www.legislation.gov.uk/ukpga/1997/58/section/25/2)[(3)](https://www.legislation.gov.uk/ukpga/1997/58/section/25/3)[(4)](https://www.legislation.gov.uk/ukpga/1997/58/section/25/4) repealed (6.4.2007) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 1034(1)](https://www.legislation.gov.uk/ukpga/2007/3/section/1034/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^key-20331a037f7e61c72f0b928085af6d03]: [S. 29](https://www.legislation.gov.uk/ukpga/1997/58/section/29) repealed (6.4.2007) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 1034(1)](https://www.legislation.gov.uk/ukpga/2007/3/section/1034/1), [Sch. 1 para. 378](https://www.legislation.gov.uk/ukpga/2007/3/schedule/1/paragraph/378), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^key-c08eb3a5c0a61a6fc2c649d18f8b723b]: [S. 31](https://www.legislation.gov.uk/ukpga/1997/58/section/31) repealed (6.4.2007) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 1034(1)](https://www.legislation.gov.uk/ukpga/2007/3/section/1034/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^key-3ea322eea7efbf632cb87ab374624cc7]: [S. 32](https://www.legislation.gov.uk/ukpga/1997/58/section/32) repealed (6.4.2007) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 1034(1)](https://www.legislation.gov.uk/ukpga/2007/3/section/1034/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^key-438a759e796df8b89f16f53f16e9fe42]: [S. 33(1)](https://www.legislation.gov.uk/ukpga/1997/58/section/33/1) repealed (6.4.2007) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 1034(1)](https://www.legislation.gov.uk/ukpga/2007/3/section/1034/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^key-e6deb63f51958f8ca08607a4166a32be]: Words in [s. 35(3)(a)](https://www.legislation.gov.uk/ukpga/1997/58/section/35/3/a) substituted (6.4.2007) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 1034(1)](https://www.legislation.gov.uk/ukpga/2007/3/section/1034/1), [Sch. 1 para. 379](https://www.legislation.gov.uk/ukpga/2007/3/schedule/1/paragraph/379) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^key-7b06a5010e253b1689703cc0daaedf44]: [S. 37(2)-(4)](https://www.legislation.gov.uk/ukpga/1997/58/section/37/2) repealed (6.4.2007) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 1034(1)](https://www.legislation.gov.uk/ukpga/2007/3/section/1034/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^key-1a09279e27b7a30c1db1b86f6b691502]: [S. 37(7)](https://www.legislation.gov.uk/ukpga/1997/58/section/37/7) repealed (6.4.2007) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 1034(1)](https://www.legislation.gov.uk/ukpga/2007/3/section/1034/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^key-5d0e2395fca874440c4a1f113939aac8]: Words in [s. 37(8)](https://www.legislation.gov.uk/ukpga/1997/58/section/37/8) repealed (6.4.2007) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 1034(1)](https://www.legislation.gov.uk/ukpga/2007/3/section/1034/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^key-f8e6f64268134653125c7c2b4e695498]: [S. 37(9)-(13)](https://www.legislation.gov.uk/ukpga/1997/58/section/37/9) repealed (6.4.2007) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 1034(1)](https://www.legislation.gov.uk/ukpga/2007/3/section/1034/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^key-c1ffdbfcb423c3a95ba07238cf4aecc8]: [Sch. 4 para. 12](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/12) repealed (6.4.2007) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 1034(1)](https://www.legislation.gov.uk/ukpga/2007/3/section/1034/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^key-55a30cc6f32234c7b1db85ea2b4cb4cd]: [Sch. 4 para. 15](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/15) repealed (6.4.2007) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 1034(1)](https://www.legislation.gov.uk/ukpga/2007/3/section/1034/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^key-39aec8f3e489f670b6d6f531cf4ec2a9]: [Sch. 4 para. 20](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/20) repealed (6.4.2007) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 1034(1)](https://www.legislation.gov.uk/ukpga/2007/3/section/1034/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^key-2b0869d55a26c0813efe095a263a4a91]: [Sch. 4 para. 22](https://www.legislation.gov.uk/ukpga/1997/58/schedule/4/paragraph/22) repealed (6.4.2007) by [Income Tax Act 2007 (c. 3)](https://www.legislation.gov.uk/ukpga/2007/3), [s. 1034(1)](https://www.legislation.gov.uk/ukpga/2007/3/section/1034/1), [Sch. 3 Pt. 1](https://www.legislation.gov.uk/ukpga/2007/3/schedule/3/part/1) (with [Sch. 2](https://www.legislation.gov.uk/ukpga/2007/3/schedule/2))
[^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
@@ -3555,7 +3339,7 @@
#### Estates of deceased persons in administration.
#### Transitional relief for charities etc.
#### Carry-back of loan relationship deficits.
#### Interest to be paid gross.
@@ -3563,70 +3347,96 @@
#### Carry-back of trading losses.
#### Statutory effect of resolutions etc.
#### Statutory effect of resolutions etc.
#### 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.
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 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.
#### 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 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.
#### Insurance companies and friendly societies.
#### Repeal of s.95(5) of the Taxes Act 1988: consequential amendments.
#### Rates of tax applicable to Schedule F income etc.
#### Tax credits and taxation of distributions: miscellaneous provisions.
#### Foreign income dividends.
#### Carry-back of trading losses.
#### Restrictions on group relief.
#### Statutory effect of resolutions etc.
#### 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.
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.
#### 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 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.
#### 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.
#### 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 loan relationship deficits.
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.
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