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Finance Act 1999

Current text a fecha 2012-07-17

Part I — Excise duties

Alcoholic liquor duties

Rate of duty on sparkling cider

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Hydrocarbon oil duties

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Bearer instruments.

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Rate of insurance premium tax.

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Tobacco products duty

Rates of tobacco products duty

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1. Cigarettes An amount equal to 22 per cent. of the retail price plus £82.59 per thousand cigarettes.
2. Cigars £122.06 per kilogram.
3. Hand-rolling tobacco £87.74 per kilogram.
4. Other smoking tobacco and chewing tobacco £53.66 per kilogram.

Betting and gaming duties

Lending by Revenue Accounts to National Loans Fund.

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Rates of gaming duty

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Part of gross gaming yield Rate
The first £462,500 2½ per cent.
The next £1,027,500 12½ per cent.
The next £1,027,500 20 per cent.
The next £1,798,500 30 per cent.
The remainder 40 per cent.

Vehicle excise duty

The general rate of vehicle excise duty

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(2A) In the case of a vehicle having an engine with a cylinder capacity not exceeding 1,100 cubic centimetres, the general rate is £100.

Rates of duty for goods vehicles

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Schedule 1 to this Act (which makes provision for new rates of vehicle excise duty for goods vehicles etc.) shall have effect.

Goods shipped etc. as stores

Goods for sale on board ships or aircraft

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(4) Goods for use in a ship or aircraft as merchandise for sale to persons carried in the ship or aircraft shall be treated for the purposes of the customs and excise Acts as stores if, and only if— (a) the goods are to be sold by retail either— (i) in the course of a relevant journey, or (ii) for consumption on board; and (b) the goods are not treated as exported by virtue of regulations under section 12 of the Customs and Excise Duties (General Reliefs) Act 1979 (goods for use in naval ships or establishments). (4A) For the purposes of subsection (4) above a relevant journey is any journey beginning in the United Kingdom and having an immediate destination outside the member States. (4B) In relation to goods treated as stores by virtue of subsection (4) above, any reference in the customs and excise Acts to the consumption of stores shall be construed as referring to the sale of the goods as mentioned in paragraph (a) of that subsection.

Drawback of duty on shipment

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; and (b) conferring an entitlement to drawback of duty, in prescribed cases, on the shipment as stores, or warehousing in an excise warehouse for use as stores, of goods chargeable with duty

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Part II — Value added tax

Exclusion of charge in case of individual pension accounts

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(5) The goods that fall within this subsection are— (a) any work of art; (b) any antique, not falling within paragraph (a) above or (c) below, that is more than one hundred years old; (c) any collection or collector’s piece that is of zoological, botanical, mineralogical, anatomical, historical, archaeological, palaeontological, ethnographic, numismatic or philatelic interest. (6) In this section “work of art” means, subject to subsections (6A) and (6B) below— (a) any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand; (b) any original engraving, lithograph or other print which— (i) was produced from one or more plates executed by hand by an individual who executed them without using any mechanical or photomechanical process; and (ii) either is the only one produced from the plate or plates or is comprised in a limited edition; (c) any original sculpture or statuary, in any material; (d) any sculpture cast which— (i) was produced by or under the supervision of the individual who made the mould or became entitled to it by succession on the death of that individual; and (ii) either is the only cast produced from the mould or is comprised in a limited edition; (e) any tapestry or other hanging which— (i) was made by hand from an original design; and (ii) either is the only one made from the design or is comprised in a limited edition; (f) any ceramic executed by an individual and signed by him; (g) any enamel on copper which— (i) was executed by hand; (ii) is signed either by the person who executed it or by someone on behalf of the studio where it was executed; (iii) either is the only one made from the design in question or is comprised in a limited edition; and (iv) is not comprised in an article of jewellery or an article of a kind produced by goldsmiths or silversmiths; (h) any mounted or unmounted photograph which— (i) was printed by or under the supervision of the photographer; (ii) is signed by him; and (iii) either is the only print made from the exposure in question or is comprised in a limited edition; (6A) The following do not fall within subsection (5) above by virtue of subsection (6)(a) above, that is to say— (a) any technical drawing, map or plan; (b) any picture comprised in a manufactured article that has been hand-decorated; or (c) anything in the nature of scenery, including a backcloth. (6B) An item comprised in a limited edition shall be taken to be so comprised for the purposes of subsection (6)(d) to (h) above only if— (a) in the case of sculpture casts— (i) the edition is limited so that the number produced from the same mould does not exceed eight; or (ii) the edition comprises a limited edition of nine or more casts made before 1st January 1989 which the Commissioners have directed should be treated, in the exceptional circumstances of the case, as a limited edition for the purposes of subsection (6)(d) above; (b) in the case of tapestries and hangings, the edition is limited so that the number produced from the same design does not exceed eight; (c) in the case of enamels on copper— (i) the edition is limited so that the number produced from the same design does not exceed eight; and (ii) each of the enamels in the edition is numbered and is signed as mentioned in subsection (6)(g)(ii) above; (d) in the case of photographs— (i) the edition is limited so that the number produced from the same exposure does not exceed thirty; and (ii) each of the prints in the edition is numbered and is signed as mentioned in subsection (6)(h)(ii) above. (6C) For the purposes of this section a collector’s piece is of philatelic interest if— (a) it is a postage or revenue stamp, a postmark, a first-day cover or an item of pre-stamped stationery; and (b) it is franked or (if unfranked) it is not legal tender and is not intended for use as such. (6D) Subsection (4) above does not apply in the case of any goods imported from outside the member States if— (a) the whole of the VAT chargeable on their importation falls to be relieved by virtue of an order under section 37(1); or (b) they were exported from the United Kingdom during the period of twelve months ending with the date of their importation.

Gold

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may provide that input tax is allowable, as being attributable to the supplies, only in relation to specified matters.

Preparations etc. of meat, yeast or egg

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Schedule 8 to the Value Added Tax Act 1994 (zero-rating) shall have effect, and be deemed always to have had effect, as if in Group 1 (food), in Note (6) (which provides that certain items which override the exceptions listed in that Group relate only to item 4 of the excepted items (non-alcoholic beverages)) for “Items 4 to 6” there were substituted “ Items 4 to 7 ”.

Assignment of debts

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(3) In subsection (2) above “the outstanding amount” means— (a) if at the time of the claim no part of the consideration written off in the claimant’s accounts as a bad debt has been received, an amount equal to the amount of the consideration so written off; (b) if at that time any part of the consideration so written off has been received, an amount by which that part is exceeded by the amount of the consideration written off; and in this subsection “received” means received either by the claimant or by a person to whom has been assigned a right to receive the whole or any part of the consideration written off.

Groups of companies

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Schedule 2 to this Act (which makes changes to provisions about the treatment of bodies corporate as members of a group) shall have effect.

Penalties for incorrect certificates

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(1) Subject to subsections (3) and (4) below, where— (a) a person to whom one or more supplies are, or are to be, made— (i) gives to the supplier a certificate that the supply or supplies fall, or will fall, wholly or partly within paragraph 1 of Schedule A1, Group 5 or 6 of Schedule 8 or Group 1 of Schedule 9, or (ii) gives to the supplier a certificate for the purposes of section 18B(2)(d) or 18C(1)(c), and (b) the certificate is incorrect, the person giving the certificate shall be liable to a penalty. (1A) Subject to subsections (3) and (4) below, where— (a) a person who makes, or is to make, an acquisition of goods from another member State prepares a certificate for the purposes of section 18B(1)(d), and (b) the certificate is incorrect, the person preparing the certificate shall be liable to a penalty. (2) The amount of the penalty shall be equal to— (a) in a case where the penalty is imposed by virtue of subsection (1) above, the difference between— (i) the amount of the VAT which would have been chargeable on the supply or supplies if the certificate had been correct; and (ii) the amount of VAT actually chargeable; (b) in a case where it is imposed by virtue of subsection (1A) above, the amount of VAT actually chargeable on the acquisition.

EC sales statements: time limits for assessments to penalties

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(2) Subject to subsection (5) below, an assessment under section 76 of an amount due by way of any penalty, interest or surcharge referred to in subsection (3) of that section may be made at any time before the expiry of the period of 2 years beginning with the time when the amount of VAT due for the prescribed accounting period concerned has been finally determined. (2A) Subject to subsection (5) below, an assessment under section 76 of a penalty under section 65 or 66 may be made at any time before the expiry of the period of 2 years beginning with the time when facts sufficient in the opinion of the Commissioners to indicate, as the case may be— (a) that the statement in question contained a material inaccuracy, or (b) that there had been a default within the meaning of section 66(1), came to the Commissioners’ knowledge.

Period before repayment supplement payable

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(2A) The relevant period in relation to a return or claim is the period of 30 days beginning with the later of— (a) the day after the last day of the prescribed accounting period to which the return or claim relates, and (b) the date of the receipt by the Commissioners of the return or claim.

Meaning of “business”

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Accounting for VAT by Government departments

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

Income tax rates and charge etc.

Starting rate

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Charge and rates for 1999-00

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Personal allowances for 1999-00 for those aged 65 or more

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Operative date of indexation for PAYE

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Rates of capital gains tax

Rates of capital gains tax

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Corporation tax charge and rates

Charge and main rate for financial year 2000

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Corporation tax shall be charged for the financial year 2000 at the rate of 30 per cent.

Corporation tax starting rate

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Rate and fraction for corporation tax starting rate

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For the financial year 2000—

Income tax reductions

Children’s tax credit

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Restriction of MCA to those reaching 65 before 2000-01

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Further provision about married couple’s allowance

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Abolition of existing relief in respect of children

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Abolition of widow’s bereavement allowance

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Order of income tax reductions etc

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Maintenance payments

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Relief for interest payments

Limit on relief for interest

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For the year 1999-00 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 for interest on loans to buy land etc

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Withdrawal of relief for interest on new annuity loans

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(aa) that the loan was made before 9th March 1999;

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(1AA) Where— (a) a loan made on or after 9th March 1999 was made in pursuance of an offer made by the lender before that date, and (b) the offer was either in writing or evidenced by a note or memorandum made by the lender before that date, the loan shall be deemed for the purposes of subsection (1)(aa) above to have been made before that date.

Annuity loans: residence requirements and re-mortgages

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(1AB) Subject to subsection (1AC) below, the conditions in paragraphs (aa) and (a) of subsection (1) above shall be treated as satisfied in relation to a loan (“the new loan”) if— (a) the new loan was made on or after the day on which the Finance Act 1999 was passed; (b) the new loan was made as part of a scheme (“the scheme”) under which the whole or any part of the proceeds of the loan was used to defray money applied in paying off another loan (“the old loan”); and (c) the conditions in subsection (1) above were, or were treated by virtue of this subsection as, satisfied with respect to the old loan. (1AC) If only part of the proceeds of the new loan was used to defray money applied in paying off the old loan, subsection (1AB) above applies only if, under the scheme, not less than nine-tenths of the remaining part of the proceeds of the new loan was applied to the purchase by the person to whom it was made of an annuity ending with his life or with the life of the survivor of two or more persons who include him. (1AD) In subsection (1AC) above “the remaining part” means the part of the proceeds of the new loan that was not used to defray money applied in paying off the old loan.

(1A) The condition in subsection (1)(d) above shall be treated as satisfied in relation to a loan if— (a) the person to whom the loan was made, or any of the annuitants, ceased to use the land as his only or main residence at a time falling within the period of twelve months ending with 8th March 1999, and (b) the intention at that time of the person to whom the loan was made, or each of the annuitants owning an estate or interest in the land, was to take steps, before the end of the period of twelve months after the day on which the land ceased to be so used, with a view to the disposal of his estate or interest.

Repayments attracting repayment supplement

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(2B) Subsection (1) above shall apply to a payment made by the Board under section 375(8) (payment of amount which borrower would have been able to deduct from interest payment under section 369(1)) as if the payment were a repayment falling within that subsection.

(aa) if the repayment is a payment made by the Board under section 375(8), the relevant time is— (i) if the interest payment was made in the year 1996-97 or a subsequent year of assessment, the 31st January next following that year; (ii) if the interest payment was made in an earlier year of assessment, the 5th April next following that year;

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Employee benefits etc.

Conditional acquisition of shares

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Meaning of conditional interests in shares

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Exemption for mobile telephones

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Limited exemption for computer equipment

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PRP and agricultural pay

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Cars available for private use

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(a) paragraph 2(1) above shall have effect as if for “15 per cent.” there were substituted “25 per cent.”

Provision and support of bus services

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Provision of motor cycle or cycle parking facilities

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Cycles and cyclist’s safety equipment

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Members of parliaments and assemblies

EU travel expenses

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Scottish Parliament and devolved assemblies

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Sub-contractors in the construction industry

Exemption certificates

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Reverse premiums

Tax treatment of reverse premiums

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Charities

Gifts in kind to charities etc

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Gifts of money to relieve refugee poverty

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Aggregation of money gifts for relief in poor countries

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Education and training

Employees seconded to educational establishments

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Phasing out of vocational training relief

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(2) The individual shall be entitled to relief under this subsection in respect of the payment for the year of assessment in which it is made; but relief under this subsection shall be given only on a claim made for the purpose, except where subsections (3) to (5) below apply. (2A) Where an individual is entitled to relief under subsection (2) above in respect of any payment made in a year of assessment, the amount of his liability for that year to income tax on his total income shall be the amount to which he would be liable apart from this section less whichever is the smaller of— (a) the amount which is equal to such percentage of the amount of the payment as is the basic rate for the year; and (b) the amount which reduces his liability to nil. (2B) In determining for the purposes of subsection (2A) above the amount of income tax to which a person would be liable apart from this section, no account shall be taken of— (a) any income tax reduction under Chapter I of Part VII of the Taxes Act 1988 or under section 347B of that Act; (b) any income tax reduction under section 353(1A) of the Taxes Act 1988; (c) any relief by way of a reduction of liability to tax which is given in accordance with any arrangements having effect by virtue of section 788 of the Taxes Act 1988 or by way of a credit under section 790(1) of that Act; (d) any tax at the basic rate on so much of that person’s income as is income the income tax on which he is entitled to charge against any other person or to deduct, retain or satisfy out of any payment.

Student loans: certain interest to be disregarded

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Various other reliefs etc.

Class 1B National Insurance contributions

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Expenditure on film production and acquisition

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In subsection (2)(a) of section 48 of the Finance (No. 2) Act 1997 (which provides for favourable tax treatment for certain expenditure on film production and acquisition incurred on or after 2nd July 1997 and before 2nd July 2000), for “2nd July 2000” there shall be substituted “ 2nd July 2002 ”.

Treatment of transfer fees under existing contracts

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Settlements

Income of unmarried child of settlor

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Securities and investments

Relevant discounted securities

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Qualifying corporate bonds: provision consequential on s. 65

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Deep discount and deep gain securities

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(3A) Any income that is treated as arising at the time mentioned in subsection (5) of that section, as it applies by virtue of sub-paragraph (3) above, shall be brought into account as a non-trading credit given for the purposes of this Chapter for the accounting period in which that time falls.

(2A) Any income that is treated as arising on the day mentioned in subsection (5) of that section, as it applies by virtue of sub-paragraph (2) above, shall be brought into account as a non-trading credit given for the purposes of this Chapter for the accounting period in which that day falls.

(b) the company did not make any disposal of that security on that date,

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(5A) There is a disposal of a security for the purposes of subsection (5)(c) above if there would be such a disposal for the purposes of the Taxation of Chargeable Gains Act 1992.

Court common investment funds

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Venture capital trusts

Company restructuring and convertible securities

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Relief on distributions

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Enterprise investment scheme

Eligibility for EIS relief

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Deferred gains: application of taper relief

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Deferred gains: gain accruing on part disposal, etc

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Chargeable gains

Value shifting: tax-free benefits

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Schedule 9 to this Act (which makes provision about tax-free benefits in relation to value shifting) shall have effect.

Allowable losses where beneficiary absolutely entitled

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(2) Where, in any case in which a person (“the beneficiary”) becomes absolutely entitled to any settled property as against the trustee, an allowable loss would (apart from this subsection) have accrued to the trustee on the deemed disposal under subsection (1) above of an asset comprised in that property— (a) that loss shall be treated, to the extent only that it cannot be deducted from pre-entitlement gains of the trustee, as an allowable loss accruing to the beneficiary (instead of to the trustee); but (b) any allowable loss treated as accruing to the beneficiary under this subsection shall be deductible under this Act from chargeable gains accruing to the beneficiary to the extent only that it can be deducted from gains accruing to the beneficiary on the disposal by him of— (i) the asset on the deemed disposal of which the loss accrued; or (ii) where that asset is an estate, interest or right in or over land, that asset or any asset deriving from that asset. (2A) In subsection (2) above “pre-entitlement gain”, in relation to an allowable loss accruing to a trustee on the deemed disposal of any asset comprised in any settled property, means a chargeable gain accruing to that trustee on— (a) a disposal which, on the occasion on which the beneficiary becomes absolutely entitled as against the trustee to that property, is deemed under subsection (1) above to have taken place; or (b) any other disposal taking place before that occasion but in the same year of assessment. (2B) For the purposes of subsection (2)(b)(ii) above an asset (“the relevant asset”) derives from another if, in a case where— (a) assets have merged, (b) an asset has divided or otherwise changed its nature, or (c) different rights or interests in or over any asset have been created or extinguished at different times, the value of the relevant asset is wholly or partly derived (through one or more successive events falling within paragraphs (a) to (c) above but not otherwise) from the other asset. (2C) The rules set out in subsection (2D) below shall apply (notwithstanding any other rules contained in this Act or in section 113(2) of the Finance Act 1995 (order of deduction))— (a) for determining for the purposes of this section whether an allowable loss accruing to the trustee, or treated as accruing to the beneficiary, can be deducted from particular chargeable gains for any year of assessment; and (b) for the making of deductions of allowable losses from chargeable gains in cases where it has been determined that such an allowable loss can be deducted from particular chargeable gains. (2D) Those rules are as follows— (a) allowable losses accruing to the trustee on a deemed disposal under subsection (1) above shall be deducted before any deduction is made in respect of any other allowable losses accruing to the trustee in that year; (b) allowable losses treated as accruing to the beneficiary under this section, so far as they cannot be deducted in a year of assessment as mentioned in subsection (2)(b) above, may be carried forward from year to year until they can be so deducted; and (c) allowable losses treated as accruing to the beneficiary for any year of assessment under this section, and allowable losses carried forward to any year of assessment under paragraph (b) above— (i) shall be deducted before any deduction is made in respect of any allowable losses accruing to the beneficiary in that year otherwise than by virtue of this section; and (ii) in the case of losses carried forward to any year, shall be deductible as if they were losses actually accruing in that year.

Concessions that defer a capital gains charge

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(284A) (1) This section applies where— (a) a person (“the original taxpayer”) has at any time obtained for any chargeable period (“the first chargeable period”) the benefit of any capital gains relief to which he had no statutory entitlement; (b) the benefit of the relief was obtained in reliance on any concession; (c) the concession was first published by the Board before 9th March 1999 or (having been published on or after that date) replaced a concession satisfying the requirements of this paragraph with a concession to the same or substantially the same effect; and (d) the concession involved the application (with or without modifications), to a case to which they would not otherwise have applied, of the provisions of any enactment (“the relevant statutory provisions”). (2) This section applies only if, at the time when the original taxpayer obtained the benefit of the relief, the concession was one available generally to any person falling within its terms. (3) If the benefit obtained for the first chargeable period by the original taxpayer is repudiated for any later chargeable period (whether by the original taxpayer or by another person), the enactments relating to the taxation of chargeable gains shall have effect as if a chargeable gain equal to the amount of that benefit accrued in the later chargeable period to the person repudiating the benefit. (4) For the purposes of this section— (a) a capital gains relief for any chargeable period is a relief (of whatever description) the effect of which is that the amount of the chargeable gains taken to have accrued to that person in that period is less than it otherwise would have been; and (b) the amount of the benefit of any such relief is the amount by which, as a consequence of that relief, those gains are less than they otherwise would have been. (5) Where, without applying a specific enactment, any concession has the effect that— (a) any asset is treated as the same as another asset and as acquired as the other asset was acquired, (b) any two or more assets are treated as a single asset, or (c) any disposal is treated as having been a disposal on which neither a gain nor a loss accrued, that concession shall be assumed for the purposes of this section to have involved the application, to a case to which it would not otherwise have applied, of the provisions of an enactment to the corresponding effect. (6) For the purposes of this section the benefit of any relief obtained by the original taxpayer for the first chargeable period is repudiated by a person for a later chargeable period if— (a) circumstances arise such that, had the equivalent circumstances arisen in the case of the corresponding relief under the relevant statutory provisions, the whole or a part of the benefit of that relief would have fallen to be recouped from that person in the later chargeable period; (b) apart from this section, the recoupment in the actual circumstances of the whole or a part of the benefit obtained by the original taxpayer is prevented by the fact that the original taxpayer relied on a concession (rather than on the relevant statutory provisions) to obtain that benefit; and (c) the person from whom, in the equivalent circumstances, the amount of the benefit or any part of it would have fallen to be recouped is not precluded by subsection (8) below from relying on that fact in relation to that amount or part. (7) For the purposes of this section an amount of the benefit of a capital gains relief is recouped from any person in a chargeable period to the extent that an amount is so brought into account in his case for that period as to secure that— (a) the amount of his chargeable gains for that period is taken to be more than it otherwise would have been by an amount directly or indirectly representing the whole or a part of the amount of the benefit; or (b) the amount of his allowable losses for that period is taken to be less than it otherwise would have been by an amount directly or indirectly representing the whole or a part of the amount of the benefit. (8) Where— (a) any such circumstances as are mentioned in subsection (6)(a) above have arisen in relation to the relief the benefit of which has been obtained by the original taxpayer, (b) the person from whom, in the equivalent circumstances, the whole or any part of the amount of the benefit would have fallen to be recouped has accepted that, in the actual circumstances, the whole or a part of the benefit obtained by the original taxpayer may be recouped from him, and (c) that acceptance is indicated in writing to the Board (whether by the making or amendment of a self-assessment or otherwise), that person’s rights subsequently to amend, appeal against or otherwise challenge any assessment shall not be exercised in any manner inconsistent with his acceptance of that matter (which shall be irrevocable). (9) In this section “concession” includes any practice, interpretation or other statement in the nature of a concession. (284B) (1) Chargeable gains that are treated as accruing to any person under section 284A(3) shall not be eligible for taper relief. (2) The total amount of chargeable gains that are treated as accruing to any person under subsection (3) of section 284A in respect of any such benefit as is referred to in that subsection shall not exceed the amount of that benefit. (3) Where, after any assessment to tax has been made on the basis that any chargeable gain is treated as having accrued to any person under section 284A(3)— (a) the person assessed, within any of the periods allowed by subsection (4) below, gives an indication for the purposes of section 284A(8), or (b) a final determination of the original taxpayer’s liability to tax for the first chargeable period is made on the basis that the original taxpayer did not, or was not entitled to, rely on the concession in question, all such adjustments shall be made (whether by way of assessment, amendment of an assessment, repayment of tax or otherwise) as are necessary to secure that no person is subjected to any greater liability by virtue of section 284A(3) than he would have been had the indication been given, or the final determination made, before the making of the assessment. (4) The periods allowed by this subsection are— (a) the period of twelve months beginning with the making of the assessment; (b) the period within which the person is entitled to amend his self-assessment or company tax return for the chargeable period in which the chargeable gain under section 284A(3) is treated as having accrued to him; (c) where the person makes a claim for any further relief against the amount that may be recouped from him by virtue of his indication under section 284A(8), the period allowed for making that claim. (5) Subsection (3) above has effect notwithstanding any time limits relating to the making or amendment of an assessment for any chargeable period.

Capital allowances

Extension of first-year allowances

77

First-year allowances for investment in Northern Ireland

78

Pensions and insurance, etc.

Sharing of pensions on divorce, etc

79

Schedule 10 to this Act (which, for purposes connected with the sharing of pensions between ex-spouses, makes provision with respect to pensions and annuities) shall have effect.

Purchased life annuities

80

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

Acquisitions disregarded under insurance companies concession

81

the question whether an amount falls to be brought into account in accordance with paragraph 6(2) or (3) of that Schedule, and the amount (if any) falling to be so brought into account, shall be determined as if the notional closing value of the relationship on 31st March 1996 had been equal to the cost of the previous acquisition.

subsections (2) to (4) above shall have effect as if the references to the previous acquisition were references to the acquisition which is the previous acquisition in relation to the earliest of those occasions.

or

then, in calculating the amount of any adjustment required under Chapter 14 of Part 3 of the Corporation Tax Act 2009 (calculation of adjustment on change of basis), the amount to be taken into account as the cost of the asset in relation to a period of account before the change is the cost of the previous acquisition.

Lloyd's: members' agent pooling arrangements

82

and the incidental costs of any acquisition falling within paragraph (b) or (c) above shall be taken to be incidental costs of the acquisition of the asset.

Provisions supplementary to s. 82

83

Lloyd's: roll-over relief

84

Advance pricing agreements and CFCs

Advance pricing agreements etc

85

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

Provisions supplementary to s. 85

86

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

Effect of section 85 agreements on non-parties

87

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

Controlled foreign companies

88

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

Management and enforcement

Corporation tax: due and payable date

89

Release or writing off of debt: interest on tax overpaid

90

Advance corporation tax: consequences of abolition

91

Group relief: consequences of reduction in surrenderable amount

92

(75A) (1) This paragraph applies where, after the surrendering company has given notice of consent to surrender, a claimant company (“the chargeable company”) has become liable to tax in consequence of receiving— (a) notice of the withdrawal of consent, or a copy of a new notice of consent, under paragraph 75(3), or (b) a copy of a notice containing directions by the Inland Revenue under paragraph 75(4). (2) If any of the tax is unpaid six months after the chargeable company’s time limit for claims, the Inland Revenue may make an assessment to tax in the name of the chargeable company on any other company that has obtained group relief as a result of the surrender. (3) The assessment may not be made more than two years after that time limit. (4) The amount of the assessment must not exceed— (a) the amount of the unpaid tax, or (b) if less, the amount of tax which the other company saves by virtue of the surrender. (5) A company assessed to an amount of tax under sub-paragraph (2) is entitled to recover from the chargeable company— (a) a sum equal to that amount, and (b) any interest on that amount which it has paid under section 87A of the Taxes Management Act 1970 (interest on unpaid corporation tax). (6) For the purposes of this paragraph the chargeable company’s time limit for claims is the last of the dates mentioned in paragraph 74(1) on which the chargeable company could make or withdraw a claim for group relief for the accounting period for which the claim in question is made.

(3) If an assessment under this paragraph is made because a claimant company fails, or is unable, to amend its company tax return under paragraph 75(6), the assessment is not out of time if it is made within one year from— (a) the date on which the surrendering company gives notice of the withdrawal of consent, or (if later) sends a copy of a new notice of consent, to the claimant company under paragraph 75(3), or (b) the date on which the Inland Revenue send the claimant company a copy of a notice containing their directions under paragraph 75(4).

Company tax returns, etc

93

Part IV — Oil Taxation

Excluded oil

94

Sale and lease-back

95

$AB$

where—

the excess shall continue to be allowable.

Transfer of field interest

96

Provisions supplementary to ss. 95 and 96

97

shall be construed in accordance with Schedule 17 to the Finance Act 1980.

Qualifying assets

98

to another person (“the transferee”) in circumstances such that section 7 of the Oil Taxation Act 1983 does not apply to the disposal; and

shall be construed as if tax-exempt tariffing receipts were tariff receipts (and expenditure were or had been allowable accordingly).

was made on or after 1st July 1999.

PRT instalments

99

(1A) Sub-paragraph (1) above does not apply if the relevant month is a month in which any consideration (whether in the nature of income or capital) is received or receivable by the participator in respect of any such matter as is mentioned in paragraph (a) or (b) of section 6(2) of the Oil Taxation Act 1983 (chargeable tariff receipts).

Sale and lease-back: ring fence profits

100

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

Pipe-line elections

101

PRT returns

102

(5) The power of the Board to allow an extension of time under sub-paragraph (1) above shall include power— (a) to allow an extension for an indefinite period; and (b) to provide for the period of any extension to end at such time as may be stipulated in a notice given by the Board.

(4) The power of the Board to allow an extension of time under sub-paragraph (1) above shall include power— (a) to allow an extension for an indefinite period; and (b) to provide for the period of any extension to end at such time as may be stipulated in a notice given by the Board.

(12A) (1) Where— (a) the Board has extended the period for the delivery of any return that is required under paragraph 2 of this Schedule to be delivered for any chargeable period, and (b) the relevant time falls more than one year after the end of the chargeable period, the period within which the Board may make an assessment under this Schedule for that chargeable period shall not expire before the end of the period of five years beginning with the relevant time. (2) In this paragraph “the relevant time” means the earlier of— (a) the time which, as a result of the extension, is the latest time for the delivery of the return; and (b) the time when the return is delivered.

(7) Where— (a) the claim period in which any expenditure allowable under section 3 or 4 of this Act for an oil field is incurred coincides with or includes a chargeable period, and (b) the Board has extended the period for the delivery of the return that is required under paragraph 5 of Schedule 2 to this Act to be delivered for that chargeable period by the responsible person, and (c) the relevant time falls more than four years after the end of the claim period, sub-paragraph (1) above shall have effect as if the reference to six years after the end of the claim period in which the expenditure is incurred were a reference to two years after the relevant time. (8) In sub-paragraph (7) above “the relevant time” means the earlier of— (a) the time which, as a result of the extension mentioned in that sub-paragraph, is the latest time for the delivery of the return there mentioned; and (b) the time when that return is delivered.

2(7) For the reference to paragraph 5 of Schedule 2 to this Act substitute a reference to paragraph 2 of that Schedule;for the reference to paragraph 2(1) of Schedule 5 to this Act substitute a reference to paragraph 1(2) of this Schedule.
2(8)

(4) In any case where paragraph 2 of Schedule 2 to the principal Act requires a participator in any oil field to make a return for any chargeable period (including cases where the latest time for the delivery of that return is deferred), that participator shall also be required, not later than the end of the second month after the end of that chargeable period, to deliver to the Board a return

.

(b) details of which are not included in a return for the period under paragraph 2 of Schedule 2 to the principal Act which is delivered to the Board at the same time as the return required by subsection (4) above or which was delivered to them previously; and

.

Business assets: roll-over relief

103

Part V — Inheritance tax

Gifts

104

The following shall be inserted after section 102 of the Finance Act 1986 (inheritance tax: gifts with reservation)—

(102A) (1) This section applies where an individual disposes of an interest in land by way of gift on or after 9th March 1999. (2) At any time in the relevant period when the donor or his spouse enjoys a significant right or interest, or is party to a significant arrangement, in relation to the land— (a) the interest disposed of is referred to (in relation to the gift and the donor) as property subject to a reservation; and (b) section 102(3) and (4) above shall apply. (3) Subject to subsections (4) and (5) below, a right, interest or arrangement in relation to land is significant for the purposes of subsection (2) above if (and only if) it entitles or enables the donor to occupy all or part of the land, or to enjoy some right in relation to all or part of the land, otherwise than for full consideration in money or money’s worth. (4) A right, interest or arrangement is not significant for the purposes of subsection (2) above if— (a) it does not and cannot prevent the enjoyment of the land to the entire exclusion, or virtually to the entire exclusion, of the donor; or (b) it does not entitle or enable the donor to occupy all or part of the land immediately after the disposal, but would do so were it not for the interest disposed of. (5) A right or interest is not significant for the purposes of subsection (2) above if it was granted or acquired before the period of seven years ending with the date of the gift. (6) Where an individual disposes of more than one interest in land by way of gift, whether or not at the same time or to the same donee, this section shall apply separately in relation to each interest. (102B) (1) This section applies where an individual disposes, by way of gift on or after 9th March 1999, of an undivided share of an interest in land. (2) At any time in the relevant period, except when subsection (3) or (4) below applies— (a) the share disposed of is referred to (in relation to the gift and the donor) as property subject to a reservation; and (b) section 102(3) and (4) above shall apply. (3) This subsection applies when the donor— (a) does not occupy the land; or (b) occupies the land to the exclusion of the donee for full consideration in money or money’s worth. (4) This subsection applies when— (a) the donor and the donee occupy the land; and (b) the donor does not receive any benefit, other than a negligible one, which is provided by or at the expense of the donee for some reason connected with the gift. (102C) (1) In sections 102A and 102B above “the relevant period” has the same meaning as in section 102 above. (2) An interest or share disposed of is not property subject to a reservation under section 102A(2) or 102B(2) above if or, as the case may be, to the extent that the disposal is an exempt transfer by virtue of any of the provisions listed in section 102(5) above. (3) In applying sections 102A and 102B above no account shall be taken of— (a) occupation of land by a donor, or (b) an arrangement which enables land to be occupied by a donor, in circumstances where the occupation, or occupation pursuant to the arrangement, would be disregarded in accordance with paragraph 6(1)(b) of Schedule 20 to this Act. (4) The provisions of Schedule 20 to this Act, apart from paragraph 6, shall have effect for the purposes of sections 102A and 102B above as they have effect for the purposes of section 102 above; and any question which falls to be answered under section 102A or 102B above in relation to an interest in land shall be determined by reference to the interest which is at that time treated as property comprised in the gift. (5) Where property other than an interest in land is treated by virtue of paragraph 2 of that Schedule as property comprised in a gift, the provisions of section 102 above shall apply to determine whether or not that property is property subject to a reservation. (6) Sections 102 and 102A above shall not apply to a case to which section 102B above applies. (7) Section 102A above shall not apply to a case to which section 102 above applies.

Delivery of accounts

105

(3) Subject to subsections (3A) and (3B) below, where an account is to be delivered by personal representatives (but not where it is to be delivered by a person who is an executor of the deceased only in respect of settled land in England and Wales), the appropriate property is— (a) all property which formed part of the deceased’s estate immediately before his death, other than property which would not, apart from section 102(3) of the Finance Act 1986, form part of his estate; and (b) all property to which was attributable the value transferred by any chargeable transfers made by the deceased within seven years of his death. (3A) If the personal representatives, after making the fullest enquiries that are reasonably practicable in the circumstances, are unable to ascertain the exact value of any particular property, their account shall in the first instance be sufficient as regards that property if it contains— (a) a statement to that effect; (b) a provisional estimate of the value of the property; and (c) an undertaking to deliver a further account of it as soon as its value is ascertained. (3B) The Board may from time to time give such general or special directions as they think fit for restricting the property to be specified in pursuance of subsection (3) above by any class of personal representatives.

Power to call for documents etc

106

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

Inland revenue charge

107

(3B) Subsection (3C) below applies to any tax charged— (a) under section 32, 32A or 79(3) above in respect of any property, (b) under paragraph 8 of Schedule 4 to this Act in respect of any property, or (c) under paragraph 1 or 3 of Schedule 5 to this Act with respect to any object or property. (3C) Where any tax to which this subsection applies, or any interest on it, is for the time being unpaid, a charge for the amount unpaid is also by virtue of this section imposed in favour of the Board— (a) except where the event giving rise to the charge was a disposal to a purchaser of the property or object in question, on that property or object; and (b) in the excepted case, on any property for the time being representing that property or object.

Penalties

108

(245) (1) This section applies where a person (“the taxpayer”) fails to deliver an account under section 216 or 217 above. (2) The taxpayer shall be liable— (a) to a penalty not exceeding £100; and (b) to a further penalty not exceeding £60 for every day after the day on which the failure has been declared by a court or the Special Commissioners and before the day on which the account is delivered. (3) If— (a) proceedings in which the failure could be declared are not commenced before the end of the relevant period, and (b) the taxpayer has not delivered the account by the end of that period, he shall be liable to a further penalty not exceeding £100. (4) In subsection (3) above “the relevant period” means the period of six months beginning immediately after the end of the period given by section 216(6) or (7) or section 217 above (whichever is applicable). (5) If the taxpayer proves that his liability to tax does not exceed a particular amount, the penalty under subsection (2)(a) above, together with any penalty under subsection (3) above, shall not exceed that amount. (6) A person shall not be liable to a penalty under subsection (2)(b) above if he delivers the account required by section 216 or 217 before proceedings in which the failure could be declared are commenced. (7) A person who has a reasonable excuse for failing to deliver an account shall not be liable by reason of that failure to a penalty under this section, unless he fails to deliver the account without unreasonable delay after the excuse has ceased. (245A) (1) A person who fails to make a return under section 218 above shall be liable— (a) to a penalty not exceeding £300; and (b) to a further penalty not exceeding £60 for every day after the day on which the failure has been declared by a court or the Special Commissioners and before the day on which the return is made. (2) A person who fails to comply with a notice under section 219 above shall be liable— (a) to a penalty not exceeding £300; and (b) to a further penalty not exceeding £60 for every day after the day on which the failure has been declared by a court or the Special Commissioners and before the day on which the notice is complied with. (3) A person who fails to comply with a notice under section 219A(1) or (4) above shall be liable— (a) to a penalty not exceeding £50; and (b) to a further penalty not exceeding £30 for every day after the day on which the failure has been declared by a court or the Special Commissioners and before the day on which the notice is complied with. (4) A person shall not be liable to a penalty under subsection (1)(b), (2)(b) or (3)(b) above if— (a) he makes the return required by section 218 above, (b) he complies with the notice under section 219 above, or (c) he complies with the notice under section 219A(1) or (4) above, before proceedings in which the failure could be declared are commenced. (5) A person who has a reasonable excuse for failing to make a return or to comply with a notice shall not be liable by reason of that failure to a penalty under this section, unless he fails to make the return or to comply with the notice without unreasonable delay after the excuse has ceased.

where the period within which the person is required to perform the obligation in question expires before the day on which this Act is passed.

Part VI — Stamp duty and stamp duty reserve tax

Stamp duty

Interest and penalties on late stamping

109

(15) (1) An unstamped or insufficiently stamped instrument may be stamped after being executed on payment of the unpaid duty and any interest or penalty payable. (2) Any interest or penalty payable on stamping shall be denoted on the instrument by a particular stamp. (15A) (1) Interest is payable on the stamping of an instrument which— (a) is chargeable withad valorem duty, and (b) is not duly stamped within 30 days after the day on which the instrument was executed (whether in the United Kingdom or elsewhere). (2) Interest is payable on the amount of the unpaid duty from the end of the period of 30 days mentioned in subsection (1)(b) until the duty is paid. If an amount is lodged with the Commissioners in respect of the duty, the amount on which interest is payable is reduced by that amount. (3) Interest shall be calculated at the rate applicable under section 178 of the Finance Act 1989 (power of Treasury to prescribe rates of interest). (4) The amount of interest shall be rounded down (if necessary) to the nearest multiple of £5. No interest is payable if that amount is less than £25. (5) Interest under this section shall be paid without any deduction of income tax and shall not be taken into account in computing income or profits for any tax purposes. (15B) (1) A penalty is payable on the stamping of an instrument which is not presented for stamping within 30 days after— (a) if the instrument is executed in the United Kingdom, the day on which it is so executed; (b) if the instrument is executed outside the United Kingdom, the day on which it is first received in the United Kingdom. (2) If the instrument is presented for stamping within one year after the end of the 30-day period mentioned in subsection (1), the maximum penalty is £300 or the amount of the unpaid duty, whichever is less. (3) If the instrument is not presented for stamping until after the end of the one-year period mentioned in subsection (2), the maximum penalty is £300 or the amount of the unpaid duty, whichever is greater. (4) The Commissioners may, if they think fit, mitigate or remit any penalty payable on stamping. (5) No penalty is payable if there is a reasonable excuse for the delay in presenting the instrument for stamping.

.

(aa) section 15A of the Stamp Act 1891;

.

Interest on repayment of duty overpaid etc

110

In that case the relevant time is 30 days after the day on which the instrument in question was executed or, if later, the date on which the payment of duty or penalty was made.

In that case the relevant time is 30 days after the day on which the instrument was executed or, if later, the date on which the amount was lodged with the Commissioners.

In that case the relevant time is the date on which the duty was paid for the stamp in respect of which the allowance is made.

In that case the relevant time is the date on which the payment of duty or penalty was made.

, and (p) section 110 of the Finance Act 1999.

.

Stamp duty on conveyance or transfer on sale

111

General amendment of charging provisions

112

In the case of an instrument in relation to which there was then in force transitional provision in connection with an earlier change in the rate of duty having the effect that a different rate applied, the new or amended provisions have effect as if a reference to a percentage corresponding to that different rate were substituted.

Bearer instruments

113

In the case of an instrument in relation to which there was then in force transitional provision in connection with an earlier change in the rate of duty having the effect that a different rate applied, the new provisions have effect as if a reference to a percentage corresponding to that different rate were substituted.

Penalties other than on late stamping

114

Minor amendments and repeal of obsolete provisions

115

Schedule 18 to this Act (stamp duty: minor amendments and repeal of obsolete provisions) has effect.

Stamp duty reserve tax

Non-sterling bearer instruments issued in connection with merger or takeover

116

(2) There shall be no charge to tax under section 93 above in respect of a transfer, issue or appropriation of an inland bearer instrument, within the meaning of the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891, except in the case of— (a) an instrument within exemption 3 in that heading (renounceable letters of allotment etc. where rights are renounceable not later than six months after issue); or (b) an instrument within the stamp duty exemption for non-sterling instruments which is issued in connection with a company merger or takeover (whether or not involving the company issuing the instrument). In paragraph (b) “the stamp duty exemption for non-sterling instruments” means the exemption from stamp duty provided for by section 30 of the Finance Act 1967 or section 7 of the Finance Act (Northern Ireland) 1967.

.

(3) There shall be no charge to tax under section 96 above in respect of a transfer or issue of an inland bearer instrument, within the meaning of the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891, except in the case of— (a) an instrument within exemption 3 in that heading (renounceable letters of allotment etc. where rights are renounceable not later than six months after issue); or (b) an instrument within the stamp duty exemption for non-sterling instruments which is issued in connection with a company merger or takeover (whether or not involving the company issuing the instrument). In paragraph (b) “the stamp duty exemption for non-sterling instruments” means the exemption from stamp duty provided for by section 30 of the Finance Act 1967 or section 7 of the Finance Act (Northern Ireland) 1967.

.

Scope of exceptions for certain bearer instruments

117

(b) an instrument within the stamp duty exemption for non-sterling instruments which— (i) does not raise new capital, and (ii) is not issued in exchange for an instrument raising new capital.

.

(2A) For the purpose of subsection (2)(b)— (a) an instrument is regarded as raising new capital only if the condition in subsection (2B) is met, and (b) an instrument is regarded as issued in exchange for an instrument raising new capital only if the conditions in subsection (2C) are met. (2B) The condition mentioned in subsection (2A)(a) is that the instrument— (a) is issued in conjunction with— (i) the issue of relevant securities for which only cash is subscribed, or (ii) the granting of rights to subscribe for relevant securities which are granted for a cash consideration only and exercisable only by means of a cash subscription; or (b) is issued to give effect to the exercise of such rights as are mentioned in paragraph (a)(ii). (2C) The conditions mentioned in subsection (2A)(b) are that— (a) the instrument is issued in conjunction with the issue of relevant securities by a company in exchange for relevant securities issued by another company, and (b) immediately before the exchange an instrument relating to those other securities— (i) was regarded for the purposes of subsection (2)(b) as raising new capital or as issued in exchange for an instrument raising new capital, or (ii) would have been so regarded if the amendments made to this section by section 117 of the Finance Act 1999 had been in force at the time of its issue, and accordingly was or would have been within the exception conferred by subsection (2). (2D) For the purposes of subsections (2B) and (2C) “relevant securities” means chargeable securities which are either— (a) shares the holders of which have a right to a dividend at a fixed rate but have no other right to share in the profits of the company, or (b) loan capital within the meaning of section 78 above, and which, in either case, do not carry any rights (of conversion or otherwise) by the exercise of which chargeable securities other than relevant securities may be obtained.

.

(6) Where an arrangement is entered into under which— (a) a company issues securities to persons in respect of their holdings of securities issued by another company, and (b) the securities issued by the other company are cancelled, the issue shall be treated for the purposes of this section as an issue of securities in exchange for securities issued by the other company.

.

(b) an instrument within the stamp duty exemption for non-sterling instruments which— (i) does not raise new capital, and (ii) is not issued in exchange for an instrument raising new capital.

.

(3A) For the purpose of subsection (3)(b)— (a) an instrument is regarded as raising new capital only if the condition in subsection (3B) is met, and (b) an instrument is regarded as issued in exchange for an instrument raising new capital only if the conditions in subsection (3C) are met. (3B) The condition mentioned in subsection (3A)(a) is that the instrument— (a) is issued in conjunction with— (i) the issue of relevant securities for which only cash is subscribed, or (ii) the granting of rights to subscribe for relevant securities which are granted for a cash consideration only and exercisable only by means of a cash subscription; or (b) is issued to give effect to the exercise of such rights as are mentioned in paragraph (a)(ii). (3C) The conditions mentioned in subsection (3A)(b) are that— (a) the instrument is issued in conjunction with the issue of relevant securities by a company in exchange for relevant securities issued by another company, and (b) immediately before the exchange an instrument relating to those other securities— (i) was regarded for the purposes of subsection (3)(b) as raising new capital or as issued in exchange for an instrument raising new capital, or (ii) would have been so regarded if the amendments made to this section by section 117 of the Finance Act 1999 had been in force at the time of its issue, and accordingly was or would have been within the exception conferred by subsection (3). (3D) For the purposes of subsections (3B) and (3C) “relevant securities” means chargeable securities which are either— (a) shares the holders of which have a right to a dividend at a fixed rate but have no other right to share in the profits of the company, or (b) loan capital within the meaning of section 78 above, and which, in either case, do not carry any rights (of conversion or otherwise) by the exercise of which chargeable securities other than relevant securities may be obtained.

.

(7) Where an arrangement is entered into under which— (a) a company issues securities to persons in respect of their holdings of securities issued by another company, and (b) the securities issued by the other company are cancelled, the issue shall be treated for the purposes of this section as an issue of securities in exchange for securities issued by the other company.

.

Relief in case of certain replacement securities

118

(95A) (1) There shall be no charge to tax under section 93 above in respect of the transfer, issue or appropriation of chargeable securities (“the new securities”) issued by a company in place of existing securities of the same company (“the old securities”) if the following conditions are met. (2) The first condition is that the old securities are held under a depositary receipt scheme. (3) The second condition is that— (a) there was a charge to tax under section 93 above in respect of the transfer, issue or appropriation— (i) of the old securities, or (ii) of earlier securities in relation to which on a previous application of this section those securities were the new securities, or there would have been such a charge if that section had been in force; or (b) there would have been such a charge but for section 95(2) or (3) above. (4) The third condition is that there is an arrangement under which— (a) the new securities are transferred, issued or appropriated as mentioned in section 93(1)(b), and (b) the old securities are cancelled. (5) For the purposes of subsection (2) above the cases in which securities are held under a depositary receipt scheme are those specified (in relation to shares) in section 95(5) above. (6) The exception provided by this section applies only to the extent that the value of the new securities immediately after their issue does not exceed the value of the old securities immediately before the issue of the new securities.

.

(97AA) (1) There shall be no charge to tax under section 96 above in respect of the transfer or issue of chargeable securities (“the new securities”) issued by a company in place of existing securities of the same company (“the old securities”) if the following conditions are met. (2) The first condition is that the old securities are held under a clearance services scheme. (3) The second condition is that— (a) there was a charge to tax under section 96 above in respect of the transfer or issue— (i) of the old securities, or (ii) of earlier securities in relation to which on a previous application of this section those securities were the new securities, or there would have been such a charge if that section had been in force; or (b) there would have been such a charge but for section 97(3) or (4) above. (4) The third condition is that there is an arrangement under which— (a) the new securities are transferred or issued as mentioned in section 96(1)(b), and (b) the old securities are cancelled. (5) For the purposes of subsection (2) above the cases in which securities are held under a clearance services scheme are those specified (in relation to shares) in section 97(6) above. (6) The exception provided by this section applies only to the extent that the value of the new securities immediately after their issue does not exceed the value of the old securities immediately before the issue of the new securities.

.

Power to exempt UK depositary interests in foreign securities

119

This may include provision modifying the enactments relating to stamp duty reserve tax for the purpose of giving effect to the exemption conferred by regulations under this section (or, where earlier regulations are varied or revoked, withdrawing an exemption formerly conferred).

Minor amendments of exceptions to general charge

120

Power to make regulations with respect to administration, etc

121

Units in unit trusts

Stamp duty and stamp duty reserve tax: unit trusts

122

do not apply to transfers or other instruments relating to units under a unit trust scheme.

This subsection and that Schedule come into force on 6th February 2000.

Supplementary provisions

Construction of this Part and other supplementary provisions

123

Part VII — Other taxes

Landfill tax

Rate of landfill tax

124

Insurance premium tax

Rate of insurance premium tax

125

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

Customs duties

Interest on unpaid customs debts

126

and different days may be appointed under this subsection for different purposes.

Interest on repayments

127

then, if and to the extent that they would not be liable to do so apart from this section, the Commissioners shall pay interest to him on that amount for the applicable period.

Periods to be disregarded in determining interest under s. 127

128

with all the information required by them to enable the existence and amount of the claimant’s entitlement to a repayment to be determined.

Repayment of overpaid interest etc

129

the amount shall be recoverable by the Commissioners as if it were customs duty.

Consequential amendments relating to interest

130

(ca) any decision as to whether or not— (i) an amount due in respect of customs duty or agricultural levy, or (ii) any repayment by the Commissioners of an amount paid by way of customs duty or agricultural levy, is to carry interest, or as to the rate at which, or period for which, any such amount is to carry interest;

.

(k) any decision as to whether or not collection of interest on arrears of customs duty or agricultural levy is to be waived;

.

(f) sections 126 and 127 of the Finance Act 1999 (interest on overdue customs duty and on repayments of amounts paid by way of customs duty).

Part VIII — Miscellaneous and Supplemental

General administration of tax

Economic and monetary union: taxes and duties

131

The Commissioners of Inland Revenue and the Commissioners of Customs and Excise may incur expenditure in order to secure that, if the United Kingdom were to move to the third stage of economic and monetary union, they would be able to exercise their functions relating to taxes and duties (including agricultural levies of the European Union ).

Power to provide for use of electronic communications

132

Use of electronic communications under other provisions

133

that power shall be taken (to the extent that it would not otherwise be so taken) to include power to make any such provision in relation to the delivery of that information or the making of those payments as could be made by any person by regulations in exercise of a power conferred by that section.

in a form or manner that would preclude the use of electronic communications for its delivery or payment, or the use in connection with its delivery or payment of an intermediary.

Government borrowing etc.

The Debt Management Account

134

(ba) meeting any request to borrow money from the Treasury, made by the Bank of England;

.

(5A) (1) Where the Treasury raise money by virtue of paragraph 4 above, they shall exercise their powers under this Schedule so as to secure that the principal amount is repaid within the period of one year beginning with the day on which the money was raised. (2) Nothing in sub-paragraph (1) above shall require the Treasury to repay any amount at any time when— (a) they are unable to obtain a good discharge for the repayment or they consider that there is a material risk that they would be unable to do so; or (b) it is impracticable to repay the amount. (3) Where— (a) by virtue of sub-paragraph (2) above, an amount is not repaid within the period mentioned in sub-paragraph (1) above, and (b) the case ceases to be one in relation to which sub-paragraph (2)(a) or (b) applies, the Treasury shall exercise their powers under this Schedule so as to secure that the amount is repaid as soon as is reasonably practicable. (4) Any reference in this paragraph to the repayment of any amount includes a reference to the discharge by way of set-off of the Treasury’s liability to repay that amount.

, and (b) any discount on any Treasury bills issued by virtue of paragraph 4 above.

, and (b) any benefit accruing to the Account which, in the opinion of the Treasury, ought to be treated in the same way as such interest.

Lending by Revenue Accounts to National Loans Fund

135

that sum may be lent to the National Loans Fund on that day.

Definition of Government Stock

136

National Savings Bank: disclosure of information

137

The following shall be inserted after section 12(2) of the National Savings Bank Act 1971 (secrecy)—

(2A) Subsection (1) above shall not prevent the disclosure, by a person authorised by the Director of Savings, of information to any person for a permitted purpose. (2B) A permitted purpose is a purpose connected with the provision of information about— (a) the business of the National Savings Bank; (b) any other means by which money is raised under the auspices of, by or through the Director of Savings. (2C) A person to whom information is disclosed in pursuance of subsection (2A) above shall not— (a) use the information for a purpose other than a permitted purpose; (b) disclose the information to any other person.

Supplemental

Interpretation

138

In this Act “theTaxes Act 1988” means the Income and Corporation Taxes Act 1988.

Repeals

139

Short title

140

This Act may be cited as the Finance Act 1999.

SCHEDULE 1

1

Schedule 1 to the Vehicle Excise and Registration Act 1994 (annual rates of vehicle excise duty) shall be amended as follows.

2
3

For the Table in paragraph 9(1) (rigid goods vehicles not satisfying reduced pollution requirements and with a revenue weight exceeding 3,500 kilograms but not exceeding 44,000 kilograms) there shall be substituted—

4

In paragraph 9A(3) (rigid goods vehicles satisfying reduced pollution requirements and with a revenue weight exceeding 44,000 kilograms), for “£4,670” there shall be substituted “ £4,170 ”.

5

For the Table in paragraph 9B (rigid goods vehicles satisfying reduced pollution requirements and with a revenue weight exceeding 3,500 kilograms but not exceeding 44,000 kilograms) there shall be substituted—

Revenue weight of vehicle Revenue weight of vehicle Rate Rate Rate
(1) Exceeding (2) Not Exceeding (3) Two axle vehicle (4) Three axle vehicle (5) Four or more axle vehicle
kgs kgs £ £ £
3,500 7,500 155 155 155
7,500 12,000 155 155 155
12,000 13,000 155 155 155
13,000 14,000 155 155 155
14,000 15,000 155 155 155
15,000 17,000 320 155 155
17,000 19,000 600 155 155
19,000 21,000 600 155 155
21,000 23,000 600 470 155
23,000 25,000 600 1,230 155
25,000 27,000 600 1,340 470
27,000 29,000 600 1,340 1,320
29,000 31,000 600 1,340 2,360
31,000 44,000 600 1,340 3,400
6

For the Table in paragraph 11(1) (tractive units not satisfying reduced pollution requirements and with a revenue weight exceeding 3,500 kilograms but not exceeding 44,000 kilograms) there shall be substituted—

Revenue weight of tractive unit Revenue weight of tractive unit Rate for tractive unit with two axles Rate for tractive unit with two axles Rate for tractive unit with two axles Rate for tractive unit with three or more axles Rate for tractive unit with three or more axles Rate for tractive unit with three or more axles
(1) Exceeding (2) Not exceeding (3) Any no. of semi- trailer axles (4) 2 or more semi- trailer axles (5) 3 or more semi- trailer axles (6) Any no. of semi- trailer axles (7) 2 or more semi- trailer axles (8) 3 or more semi- trailer axles
kgs kgs £ £ £ £ £ £
3,500 7,500 160 160 160 160 160 160
7,500 12,000 300 300 300 300 300 300
12,000 16,000 460 460 460 460 460 460
16,000 20,000 520 460 460 460 460 460
20,000 23,000 810 460 460 460 460 460
23,000 26,000 1,190 590 460 590 460 460
26,000 28,000 1,190 1,130 460 1,130 460 460
28,000 31,000 1,740 1,740 1,090 1,740 660 460
31,000 33,000 2,530 2,530 1,740 2,530 1,000 460
33,000 34,000 5,170 5,170 1,740 2,530 1,470 570
34,000 35,000 5,170 5,170 2,840 2,530 2,100 860
35,000 36,000 6,750 6,750 2,840 2,530 2,100 860
36,000 38,000 9,250 9,250 3,210 2,820 2,820 1,280
38,000 41,000 9,250 9,250 5,750 4,250 4,250 2,500
41,000 44,000 9,250 9,250 5,750 7,250 7,250 1,280
7

In paragraph 11A(3) (tractive units satisfying reduced pollution requirements and with a revenue weight exceeding 44,000 kilograms), for “£4,670” there shall be substituted “ £4,170 ”.

8

For the Table in paragraph 11B (tractive units satisfying reduced pollution requirements and with a revenue weight exceeding 3,500 kilograms but not exceeding 44,000 kilograms) there shall be substituted—

Revenue weight of tractive unit Revenue weight of tractive unit Rate for tractive unit with two axles Rate for tractive unit with two axles Rate for tractive unit with two axles Rate for tractive unit with three or more axles Rate for tractive unit with three or more axles Rate for tractive unit with three or more axles
(1) Exceeding (2) Not exceeding (3) Any no. of semi- trailer axles (4) 2 or more semi- trailer axles (5) 3 or more semi- trailer axles (6) Any no. of semi- trailer axles (7) 2 or more semi- trailer axles (8) 3 or more semi- trailer axles
kgs kgs £ £ £ £ £ £
3,500 7,500 155 155 155 155 155 155
7,500 12,000 155 155 155 155 155 155
12,000 16,000 155 155 155 155 155 155
16,000 20,000 155 155 155 155 155 155
20,000 23,000 155 155 155 155 155 155
23,000 26,000 190 155 155 155 155 155
26,000 28,000 190 155 155 155 155 155
28,000 31,000 740 740 155 740 155 155
31,000 33,000 1,530 1,530 740 1,530 155 155
33,000 34,000 4,170 4,170 740 1,530 470 155
34,000 35,000 4,170 4,170 1,840 1,530 1,100 155
35,000 36,000 5,750 5,750 1,840 1,530 1,100 155
36,000 38,000 8,250 8,250 2,210 1,820 1,820 280
38,000 41,000 8,250 8,250 4,750 3,250 3,250 1,500
41,000 44,000 8,250 8,250 4,750 6,250 6,250 280
9

SCHEDULE 2

Amendment of Value Added Tax Act 1994

1
2

The following shall be inserted after section 43 of the Value Added Tax Act 1994—

(43A) (1) Two or more bodies corporate are eligible to be treated as members of a group if each is established or has a fixed establishment in the United Kingdom and— (a) one of them controls each of the others, (b) one person (whether a body corporate or an individual) controls all of them, or (c) two or more individuals carrying on a business in partnership control all of them. (2) For the purposes of this section a body corporate shall be taken to control another body corporate if it is empowered by statute to control that body’s activities or if it is that body’s holding company within the meaning of section 736 of the Companies Act 1985. (3) For the purposes of this section an individual or individuals shall be taken to control a body corporate if he or they, were he or they a company, would be that body’s holding company within the meaning of that section. (43B) (1) This section applies where an application is made to the Commissioners for two or more bodies corporate, which are eligible under section 43A(1), to be treated as members of a group. (2) This section also applies where two or more bodies corporate are treated as members of a group and an application is made to the Commissioners— (a) for another body corporate, which is eligible under section 43A(1) to be treated as a member of the group, to be treated as a member of the group, (b) for a body corporate to cease to be treated as a member of the group, (c) for a member to be substituted as the group’s representative member, or (d) for the bodies corporate no longer to be treated as members of a group. (3) An application with respect to any bodies corporate— (a) must be made by one of them or by the person controlling them, and (b) in the case of an application for the bodies to be treated as a group, must appoint one of them as the representative member. (4) Where this section applies in relation to an application it shall, subject to subsection (6) below, be taken to be granted with effect from— (a) the day on which the application is received by the Commissioners, or (b) such earlier or later time as the Commissioners may allow. (5) The Commissioners may refuse an application, within the period of 90 days starting with the day on which it was received by them, if it appears to them— (a) in the case of an application such as is mentioned in subsection (1) above, that the bodies corporate are not eligible under section 43A(1) to be treated as members of a group, (b) in the case of an application such as is mentioned in subsection (2)(a) above, that the body corporate is not eligible under section 43A(1) to be treated as a member of the group, or (c) in any case, that refusal of the application is necessary for the protection of the revenue. (6) If the Commissioners refuse an application it shall be taken never to have been granted. (43C) (1) The Commissioners may, by notice given to a body corporate, terminate its treatment as a member of a group from a date— (a) which is specified in the notice, and (b) which is, or falls after, the date on which the notice is given. (2) The Commissioners may give a notice under subsection (1) above only if it appears to them to be necessary for the protection of the revenue. (3) Where— (a) a body is treated as a member of a group, and (b) it appears to the Commissioners that the body is not, or is no longer, eligible under section 43A(1) to be treated as a member of the group, the Commissioners shall, by notice given to the body, terminate its treatment as a member of the group from a date specified in the notice. (4) The date specified in a notice under subsection (3) above may be earlier than the date on which the notice is given but shall not be earlier than— (a) the first date on which, in the opinion of the Commissioners, the body was not eligible to be treated as a member of the group, or (b) the date on which, in the opinion of the Commissioners, the body ceased to be eligible to be treated as a member of the group.

3

For section 83(k) of the Value Added Tax Act 1994 (appeals) there shall be substituted—

(k) the refusal of an application such as is mentioned in section 43B(1) or (2); (ka) the giving of a notice under section 43C(1) or (3);

.

4

After section 84(4) of the Value Added Tax Act 1994 (appeals: supplementary) there shall be inserted—

(4A) Where an appeal is brought against the refusal of an application such as is mentioned in section 43B(1) or (2) on the grounds stated in section 43B(5)(c)— (a) the tribunal shall not allow the appeal unless it considers that the Commissioners could not reasonably have been satisfied that there were grounds for refusing the application, (b) the refusal shall have effect pending the determination of the appeal, and (c) if the appeal is allowed, the refusal shall be deemed not to have occurred. (4B) Where an appeal is brought against the giving of a notice under section 43C(1) or (3)— (a) the notice shall have effect pending the determination of the appeal, and (b) if the appeal is allowed, the notice shall be deemed never to have had effect. (4C) Where an appeal is brought against the giving of a notice under section 43C(1), the tribunal shall not allow the appeal unless it considers that the Commissioners could not reasonably have been satisfied that there were grounds for giving the notice. (4D) Where— (a) an appeal is brought against the giving of a notice under section 43C(3), and (b) the grounds of appeal relate wholly or partly to the date specified in the notice, the tribunal shall not allow the appeal in respect of the date unless it considers that the Commissioners could not reasonably have been satisfied that it was appropriate.

5

(2) This paragraph shall not apply where the relevant event is the termination of a body corporate’s treatment as a member of a group by a notice under section 43C(1) or (3).

Transitional provisions

6

SCHEDULE 3

The Schedule inserted after Schedule 13A to the Taxes Act 1988 is as follows—

SCHEDULE 4

Amendments of Part IX of the Taxes Act 1988

1
2

Sections 354 to 358 of the Taxes Act 1988 (loans to buy land etc.) shall cease to have effect.

3
4

In section 369 of the Taxes Act 1988 (mortgage interest payable under deduction of tax), for subsection (1A) substitute—

(1A) In subsection (1) above “the applicable percentage” means the percentage which is the basic rate for the year of assessment in which the payment has become or becomes due.

5
6

Section 372 of the Taxes Act 1988 (home improvement loans) shall cease to have effect.

7
8

In section 374 of the Taxes Act 1988 (conditions for application of section 369), omit subsection (1)(c) and, in subsection (2), the words “(c) or”.

9

(8B) Subsections (1), (5) and (6) above shall not apply where interest ceases to be relevant loan interest by virtue of section 38 of the Finance Act 1999.

10

Section 375A of the Taxes Act 1988 (option to deduct interest for Schedule A purposes) shall cease to have effect.

11

In section 376 of the Taxes Act 1988 (meaning of qualifying borrowers and qualifying lenders), omit—

12

Section 377 of the Taxes Act 1988 (variation of repayment terms of certain loans) shall cease to have effect.

13

In section 378 of the Taxes Act 1988 (supplementary regulations)—

14

In section 379 of the Taxes Act 1988 (interpretation of sections 369 to 378)—

“separated” means separated under an order of a court of competent jurisdiction or by deed of separation or in such circumstances that the separation is likely to be permanent.

Other amendments

15
16

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

17

(8A) Subject to subsections (8B), (8C) and (9) below, for the purposes of subsection (8) above living accommodation is job-related for a person if— (a) it is provided for him by reason of his employment, or for his spouse by reason of her employment, in any of the following cases— (i) where it is necessary for the proper performance of the duties of the employment that the employee should reside in that accommodation; (ii) where the accommodation is provided for the better performance of the duties of the employment, and it is one of the kinds of employment in the case of which it is customary for employers to provide living accommodation for employees; (iii) where, there being a special threat to the employee’s security, special security arrangements are in force and the employee resides in the accommodation as part of those arrangements; or (b) under a contract entered into at arm’s length and requiring him or his spouse to carry on a particular trade, profession or vocation, he or his spouse is bound— (i) to carry on that trade, profession or vocation on premises or other land provided by another person (whether under a tenancy or otherwise); and (ii) to live either on those premises or on other premises provided by that other person. (8B) If the living accommodation is provided by a company and the employee is a director of that or an associated company, subsection (8A)(a)(i) or (ii) above shall not apply unless— (a) the company of which the employee is a director is one in which he or she has no material interest; and (b) either— (i) the employment is as a full-time working director, or (ii) the company is non-profit making, that is to say, it does not carry on a trade nor do its functions consist wholly or mainly in the holding of investments or other property, or (iii) the company is established for charitable purposes only. (8C) Subsection (8A)(b) above does not apply if the living accommodation concerned is in whole or in part provided by— (a) a company in which the borrower or his spouse has a material interest; or (b) any person or persons together with whom the borrower or his spouse carries on a trade or business in partnership. (8D) For the purposes of this section— (a) a company is an associated company of another if one of them has control of the other or both are under the control of the same person; and (b) “employment”, “director”, “full-time working director”, “material interest” and “control”, in relation to a body corporate, have the same meanings as they have for the purposes of Chapter II of Part V of the Taxes Act.

Commencement

18

SCHEDULE 5

Payments on dissolution, etc., or loss of office

1

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

Payments in respect of overnight expenses or EU travel

2

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

Office-holders’ transport and subsistence

3

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

Trustees’ income from parliamentary pension funds

4

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

Relevant statutory schemes

5

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

Pensions of members of the Scottish Executive

6

SCHEDULE 6

Application of this Schedule

1

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

Tax treatment of receipts by way of reverse premium

2

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

Arrangements not at arm’s length

3

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

Special rules for insurance companies carrying on life assurance business

4

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

Exclusion of receipts taken into account for capital allowances

5

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

...

6

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

Exclusion of consideration under sale and lease-back arrangement

7

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

Connected persons and relevant arrangements

8

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

SCHEDULE 7

After Schedule 5B to the Taxation of Chargeable Gains Act 1992 (EIS re-investment) insert—

SCHEDULE 8

EIS deferred gains: gains accruing on part disposal

Introductory

1

Schedule 5B to the Taxation of Chargeable Gains Act 1992 (relief in respect of re-investment under the enterprise investment scheme) is amended as follows.

Paragraph 4

2

(b) the amount of the gain shall be equal to so much of the deferred gain as is attributable to the shares in relation to which the chargeable event occurs.

(a) so much of the deferred gain as is attributable to those shares shall be treated, in determining for the purposes of this paragraph the amount of the deferred gain to be treated as attributable to each of those assets, as apportioned in such manner as may be just and reasonable between those assets; and

.

(6) In order to determine, for the purposes of this paragraph, the amount of the deferred gain attributable to any shares, a proportionate part of the amount of the gain shall be attributed to each of the relevant shares held, immediately before the occurrence of the chargeable event in question, by the investor or a person who has acquired any of the relevant shares from the investor on a disposal within marriage. (7) In this paragraph “the deferred gain” means— (a) the amount of the original gain against which expenditure has been set under this Schedule, less (b) the amount of any gain treated as accruing under this paragraph previously as a result of a disposal of any of the relevant shares.

Paragraph 19

3

(1A) For the purposes of this Schedule, “the relevant shares”, in relation to a case to which this Schedule applies, means the shares which— (a) are acquired by the investor in making the qualifying investment, and (b) where the qualifying investment is made before the time at which the original gain accrues, are still held by the investor at that time. This is subject to sub-paragraphs (1B) and (1D) below. (1B) If any corresponding bonus shares in the same company are issued to the investor or any person who has acquired any of the relevant shares from the investor on a disposal within marriage, this Schedule shall apply as if references to the relevant shares were to all the shares comprising the relevant shares and the bonus shares so issued. (1C) In sub-paragraph (1B) above “corresponding bonus shares” means bonus shares which— (a) are issued in respect of the relevant shares; and (b) are of the same class, and carry the same rights, as those shares. (1D) If, in circumstances in which paragraph 8 above applies, new shares are issued in exchange for old shares, references in this Schedule to the relevant shares, so far as they relate to the old shares, shall be construed as references to the new shares and not to the old shares. (1E) In sub-paragraph (1D) above “new shares” and “old shares” have the same meaning as in paragraph 8 above.

Consequential amendments

4

In consequence of paragraph 3 above—

SCHEDULE 9

1

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

2

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

3

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

4

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

5

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

SCHEDULE 10

Definition of “pension business”

1

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

Approval of retirement benefit schemes

2

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

Discretionary approval of retirement benefit schemes

3

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

Non-approved retirement benefit schemes

4

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

5

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

6

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

Charge on pensions commuted in special circumstances

7

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

Charge on unauthorised payments

8

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

Definition of “retirement benefits scheme”

9

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

Interpretation of Chapter I

10

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

Overseas pensions

11

In section 615(6)(b) of the Taxes Act 1988 (funds annuities from which are paid without deduction of tax to non-UK residents), after “purpose” there shall be inserted “ (subject to any enactment or Northern Ireland legislation requiring or allowing provision for the value of any rights to be transferred between schemes or between members of the same scheme) ”.

Rules prohibiting surrender or assignment of annuities etc.

12

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

Annuity payable on the death of a member

13

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

Rule in section 636A prohibiting assignment or surrender

14

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

Meaning of “relevant earnings”

15

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

Purchased life annuities

16

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

Interpretation of Part XIV

17

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

Commencement etc.

18

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

SCHEDULE 11

Income and Corporation Taxes Act 1988 (c. 1)

1

Section 411A of the Taxes Act 1988 (group relief in substitution for loss relief) shall cease to have effect.

2

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

Finance Act 1989 (c. 26)

3

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

Capital Allowances Act 1990 (c. 1)

4

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

5

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

6

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

7

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

Finance Act 1994 (c. 9)

8

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

Finance Act 1998 (c. 36)

9

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

SCHEDULE 12

Stamp Act 1891 (c. 39)

1

For section 12 of the Stamp Act 1891 (assessment of duty by Commissioners) substitute—

(12) (1) Subject to such regulations as the Commissioners may think fit to make, the Commissioners may be required by any person to adjudicate with reference to any executed instrument upon the questions— (a) whether it is chargeable with duty; (b) with what amount of duty it is chargeable; (c) whether any penalty is payable under section 15B (penalty on late stamping); (d) what penalty is in their opinion correct and appropriate. (2) The Commissioners may require to be furnished with an abstract of the instrument and with such evidence as they may require as to the facts and circumstances relevant to those questions. (3) The Commissioners shall give notice of their decision upon those questions to the person by whom the adjudication was required. (4) If the Commissioners decide that the instrument is not chargeable with any duty, it may be stamped with a particular stamp denoting that it has been the subject of adjudication and is not chargeable with any duty. (5) If the Commissioners decide that the instrument is chargeable with duty and assess the amount of duty chargeable, the instrument when stamped in accordance with their decision may be stamped with a particular stamp denoting that it has been the subject of adjudication and is duly stamped. (6) Every instrument stamped in accordance with subsection (4) or (5) shall be admissible in evidence and available for all purposes notwithstanding any objection relating to duty. (12A) (1) An instrument which has been the subject of adjudication by the Commissioners under section 12 shall not, if it is unstamped or insufficiently stamped, be stamped otherwise than in accordance with the Commissioners’ decision on the adjudication. (2) If without reasonable excuse any such instrument is not duly stamped within 30 days after the date on which the Commissioners gave notice of their decision, or such longer period as the Commissioners may allow, the person by whom the adjudication was required is liable to a penalty not exceeding £300. (3) A statutory declaration made for the purposes of section 12 shall not be used against the person making it in any proceedings whatever, except in an inquiry as to the duty with which the instrument to which it relates is chargeable or as to the penalty payable on stamping that instrument. (4) Every person by whom any such declaration is made shall, on payment of the duty chargeable upon the instrument to which it relates, and any interest or penalty payable on stamping, be relieved from any penalty to which he may be liable by reason of the omission to state truly in the instrument any fact or circumstance required by this Act to be so stated.

.

2

For section 13 of the Stamp Act 1891 (appeal against assessment of duty) substitute—

(13) (1) A person who is dissatisfied with a decision of the Commissioners on an adjudication under section 12 may appeal against it. (2) The appeal must be brought within 30 days of notice of the decision on the adjudication being given under section 12(3). (3) An appeal may only be brought on payment of— (a) duty and any penalty in conformity with the Commissioners’ decision, and (b) any interest that in conformity with that decision would be payable on stamping the instrument on the day on which the appeal is brought. (4) An appeal which relates only to the penalty payable on late stamping may be brought to the Special Commissioners in accordance with section 13A below. (5) Any other appeal may be brought in accordance with section 13B below to the High Court of the part of the United Kingdom in which the case has arisen. (13A) (1) The following provisions apply in relation to an appeal under section 13(4). (2) Notice of appeal must be given in writing to the Commissioners, specifying the grounds of appeal. (3) On the hearing of the appeal the Special Commissioners may allow the appellant to put forward a ground not specified in the notice of appeal, and take it into consideration, if satisfied that the omission was not wilful or unreasonable. (4) The powers conferred by sections 46A(1)(c) and (2) to (4) and sections 56B to 56D of the Taxes Management Act 1970 (power of Lord Chancellor to make regulations as to jurisdiction, practice and procedure in relation to appeals) are exercisable in relation to appeals to which this section applies. (5) On the appeal the Special Commissioners may— (a) if it appears to them that no penalty should be paid, set the decision aside; (b) if the amount determined appears to them to be appropriate, confirm the decision; (c) if the amount determined appears to them to be excessive, reduce it to such other amount (including nil) as they consider appropriate; (d) if the amount determined appears to them to be insufficient, increase it to such amount as they consider appropriate. (6) Section 56A of the Taxes Management Act 1970 (general right of appeal on point of law) applies in relation to a decision of the Special Commissioners under this section. (7) Without prejudice to that right of appeal, an appeal lies against the amount of a penalty determined by the Special Commissioners under this section, at the instance of the person liable to the penalty, to the High Court. (8) On an appeal under subsection (7) the court has the same powers as are conferred on the Special Commissioners by subsection (5) above. (13B) (1) The following provisions apply in relation to an appeal under section 13(5). (2) The appellant may for the purposes of the appeal require the Commissioners to state and sign a case setting out the questions upon which they were required to adjudicate and their decision upon them. (3) The Commissioners shall thereupon state and sign a case and deliver the same to the person by whom it is required, and the case may, within 30 days thereafter, be set down by him for hearing. (4) On the appeal the court shall determine the questions submitted and may give such directions as it thinks fit with respect to the repayment of any duty or penalty paid in conformity with the Commissioners’ decision.

.

3

Finance Act 1994 (c. 9)

4

For section 240 of the Finance Act 1994 (time for presenting agreements for leases) substitute—

(240) (1) This section applies if there are presented for stamping at the same time in pursuance of Schedule 13 to the Finance Act 1999— (a) an agreement for a lease, and (b) the lease which gives effect to the agreement, and the duty (if any) chargeable on the agreement is paid. (2) Section 15A of that Act (interest payable on late stamping) applies in relation to the agreement as if the reference to the day on which the instrument was executed were to the day on which the lease was executed. (3) For the purposes of section 15B of that Act (penalty on late stamping) the agreement is treated— (a) as if it had been executed at the same time and place as the lease, and (b) where the lease was executed outside the United Kingdom, as if it had been first received in the United Kingdom at the same time as the lease. (4) For the purposes of this section a lease gives effect to an agreement if the lease is granted subsequent to the agreement and either is in conformity with the agreement or relates to substantially the same property and term as the agreement. (5) References in this section to an agreement for a lease include missives of let in Scotland. (240A) (1) A lease shall not be treated as duly stamped unless— (a) it contains a certificate that there is no agreement to which it gives effect, or (b) it is stamped with a stamp denoting— (i) that there is an agreement to which it gives effect which is not chargeable with duty, or (ii) the duty paid on the agreement to which it gives effect. (2) For the purposes of this section a lease gives effect to an agreement if the lease is granted subsequent to the agreement and either is in conformity with the agreement or relates to substantially the same property and term as the agreement. (3) References in this section to a lease do not include, and references in this section to an agreement do include, missives of let in Scotland.

SCHEDULE 13

Part I — Conveyance or transfer on sale

Charge

1

applied.

Rates of duty

2

Duty under this Part is chargeable by reference to the amount or value of the consideration for the sale.

3

In the case of a conveyance or transfer of stock or marketable securities the rate is 0.5%.

4

In the case of any other conveyance or transfer on sale the rates of duty are as follows—

5

The above provisions are subject to any enactment setting a different rate or setting an upper limit on the amount of duty chargeable.

Meaning of instrument being certified at an amount

6

and any statement as mentioned in sub-paragraph (1) shall be construed as leaving out of account any matter which is to be so disregarded.

Contracts or agreements chargeable as conveyances on sale

7

is chargeable with the samead valorem duty, to be paid by the purchaser, as if it were an actual conveyance on sale of the estate, interest or property contracted or agreed to be sold.

8

the conveyance or transfer shall be stamped accordingly, and both it and the contract or agreement shall be deemed to be duly stamped.

9

Thead valorem duty paid upon a contract or agreement by virtue of paragraph 7 shall be repaid by the Commissioners if the contract or agreement is afterwards rescinded or annulled or is for any other reason not substantially performed or carried into effect so as to operate as or be followed by a conveyance or transfer.

Part II — Lease

Charge

10

Stamp duty is chargeable on a lease.

Rates of duty

11

In the case of a lease for a definite term less than a year the duty is as follows—

12

But if—

the duty is calculated as if paragraph 1 of the Table in paragraph 4 of this Schedule were omitted.

1. Term not more than 7 years or indefinite—(a) if the rent is £5000 or less(b) if the rent is more than £5000 Nil1%
2. Term more than 7 years but not more than 35 years 2%
3. Term more than 35 years but not more than 100 years 12%
4. Term more than 100 years 24%
13

Stamp duty of £5 is chargeable on a lease not within paragraph 11 or 12 above.

Agreement for a lease charged as a lease

14

the duty which would otherwise be charged on the lease is reduced by the amount of the duty paid on the agreement.

Subject to that, references in this paragraph to an agreement for a lease include missives of let in Scotland.

Lease for fixed term and then until determined

15

Part III — Other instruments

...

16

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

...

17

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

Dispositions in Scotland

18

Duplicate or counterpart

19

Instrument increasing rent

20

is chargeable with the same duty as if it were a lease in consideration of the additional rent made payable by it.

Partition or division

21

...

22

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

...

23

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

Part IV — General exemptions

24

The following are exempt from stamp duty under this Schedule—

25

Stamp duty is not chargeable under this Schedule on any description of instrument in respect of which duty was abolished by—

26

Nothing in this Schedule affects any other enactment conferring exemption or relief from stamp duty.

SCHEDULE 14

General amendments

1
2

In the enactments relating to stamp duty for “lease or tack”, wherever occurring, substitute “ lease ”.

Finance Act 1930 (c. 28)

3

In section 42(1) of the Finance Act 1930 (relief from transfer duty in case of transfer between associated companies) for “the heading “Conveyance or Transfer on Sale” in the First Schedule to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”.

Finance Act (Northern Ireland) 1954 (c. 23 (N.I.))

4

In section 11(1) of the Finance Act (Northern Ireland) 1954 (relief from transfer duty in case of transfer between associated companies) for “the heading “Conveyance or Transfer on sale” in the First Schedule to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”.

Finance Act 1970 (c. 24)

5

In section 33(1) of the Finance Act 1970 (composition by stock exchange in respect of transfer duty), for the words from “the heading” to “1891” substitute “ Part I or paragraph 16 of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale or otherwise) ”.

Finance Act 1980 (c. 48)

6

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

Finance Act 1982 (c. 39)

7

In section 129(1) of the Finance Act 1982 (exemption from duty on grants, transfers to charities, etc.) for the words from “by virtue of any of the following headings” to “ “Lease or Tack”,” substitute “ under Part I or II, or paragraph 16, of Schedule 13 to the Finance Act 1999 ”.

Finance Act 1985 (c. 54)

8

(2) The instrument shall not be exempt by virtue of paragraph 24(d) of Schedule 13 to the Finance Act 1999 (renounceable letters of allotment, etc.) from stamp duty under or by reference to Part I of that Schedule (conveyance or transfer on sale).

.

9

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

10

In section 83 of the Finance Act 1985 (duty on transfers in connection with divorce etc.)—

11

In section 84 of the Finance Act 1985 (duty on instruments varying dispositions on death etc.)—

Finance Act 1986 (c. 41)

12

(2) If stamp duty is chargeable on the instrument under Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale), the rate at which that duty is chargeable is 1.5% of the amount or value of the consideration for the sale to which the instrument gives effect. (3) If stamp duty is chargeable on the instrument under paragraph 16 of Schedule 13 to the Finance Act 1999 (conveyance or transfer otherwise than on sale), then, subject to subsection (5), the rate at which that duty is chargeable is 1.5% of the value of the securities at the date the instrument is executed.

.

13

(2) If stamp duty is chargeable on the instrument under Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale), the rate at which that duty is chargeable is 1.5% of the amount or value of the consideration for the sale to which the instrument gives effect. (3) If stamp duty is chargeable on the instrument under paragraph 16 of Schedule 13 to the Finance Act 1999 (conveyance or transfer otherwise than on sale), then, subject to subsection (5), the rate at which that duty is chargeable is 1.5% of the value of the securities at the date the instrument is executed.

.

14

In section 75(2) of the Finance Act 1986 (acquisitions: further provisions about reliefs) for “the heading “Conveyance or Transfer on Sale” in Schedule 1 to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”.

15

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

16

In section 77(1) of the Finance Act 1986 (acquisition of target company’s share capital) for “the heading ’Conveyance or Transfer on Sale’ in Schedule 1 to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”.

17

In section 79 of the Finance Act 1986 (loan capital: new provisions), for subsection (8) substitute—

(8) Where stamp duty is chargeable under Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) on an instrument which transfers loan capital, the rate at which duty is charged under that Part shall be 0.5% of the amount or value of the consideration for the sale to which the instrument gives effect.

.

18

In section 80B(7) of the Finance Act 1986 (intermediaries: power of Treasury to specify rate of duty), for “10p for every £100 or part of £100” substitute “ 0.1% ”.

19

In section 80C(8) of the Finance Act 1986 (repos and stock lending: power of Treasury to specify rate of duty), for “10p for every £100 or part of £100” substitute “ 0.1% ”.

20

(aa) paragraph 24(d) of Schedule 13 to the Finance Act 1999 (renounceable letters of allotment etc.),

.

Finance Act 1987 (c. 16)

21

In section 50(1) of the Finance Act 1987 (warrants to purchase government stock etc.), for the words from “either of the following headings” to the end substitute “ Part I, or paragraph 16, of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale or otherwise) ”.

22

In section 55(1) of the Finance Act 1987 (Crown exemption), for the words from “by virtue of any of the following headings” to “ “Lease or Tack”,” substitute “ under Part I or II, or paragraph 16, of Schedule 13 to the Finance Act 1999 ”.

Finance Act 1989 (c. 26)

23

In section 175(1) of the Finance Act 1989 (stock exchange nominees: power to exclude double charge), in paragraph (a) (circumstances in which power exercisable) for “the heading “Conveyance or Transfer on Sale” in Schedule 1 to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”.

National Health Service and Community Care Act 1990 (c. 19)

24

In section 61(3) of the National Health Service and Community Care Act 1990 for the words from “by virtue of any of the following headings” to “ “Lease or Tack”,” substitute “ under Part I or II, or paragraph 16, of Schedule 13 to the Finance Act 1999 ”.

Finance Act 1991 (c. 31)

25

In section 110 of the Finance Act 1991 (stamp duty to be abolished in certain cases), for subsections (1) to (4) substitute—

(1) Where apart from this section stamp duty under any of the provisions of Schedule 13 to the Finance Act 1999 would be chargeable on an instrument, stamp duty shall not be so chargeable if the property consists entirely of exempt property.

.

26

In section 111(1) of the Finance Act 1991 (stamp duty to be reduced in certain cases) for “the heading “conveyance or transfer on sale” in Schedule 1 to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”.

27

In section 113 of the Finance Act 1991 (certification of instruments for stamp duty purposes), for subsections (1) to (3) substitute—

(1) For the purposes of paragraph 6(1) of Schedule 13 to the Finance Act 1999 (meaning of instrument being certified at an amount)— (a) a sale or contract or agreement for the sale of exempt property within the meaning of section 110 above shall be disregarded; and (b) any statement as mentioned in that provision shall be construed as leaving out of account any matter which is to be so disregarded.

.

Finance Act 1993 (c. 34)

28
29

In section 203(2) of the Finance Act 1993 (rent to loan: Scotland), for “the heading “Conveyance or Transfer on Sale” in Schedule 1 to the Stamp Act 1891” substitute “ Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) ”.

Finance Act 1994 (c. 9)

30

In section 241(1) of the Finance Act 1994 (consideration consisting of property)—

31
32

In section 243 of the Finance Act 1994 (agreements to surrender leases) for “any duty chargeable under the Stamp Act 1891” substitute “ stamp duty ”.

Finance Act 1995 (c. 4)

33

In section 151 of the Finance Act 1995 (lease or tack: associated bodies)—

SCHEDULE 15

Part I — Charging provisions

Charge on issue of instrument

1

Charge on transfer of stock by means of instrument

2

Stamp duty is chargeable on the transfer in the United Kingdom of the stock constituted by or transferable by means of a bearer instrument if duty was not chargeable under paragraph 1 on the issue of the instrument and—

Meaning of “bearer instrument”

3

In this Schedule “bearer instrument” means—

Rates of duty

4

The duty chargeable under this Schedule is 1.5% of the market value of the stock constituted by or transferable by means of the instrument, unless paragraph 5 or 6 applies.

5

In the case of—

the duty is 0.2% of the market value of the stock constituted by or transferable by means of the instrument.

6

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

Ascertainment of market value

7
8

Meaning of “deposit certificate”

9

In this Schedule a “deposit certificate” means an instrument acknowledging the deposit of stock and entitling the bearer to rights (whether expressed as units or otherwise) in or in relation to the stock deposited or equivalent stock.

Bearer instruments by usage

10

Meaning of “company”, “UK company” and “non-UK company”

11

In this Schedule—

Meaning of “stock” and “transfer”

12

Part II — Exemptions

Foreign loan securities

13

Stamp duty is not chargeable on a bearer instrument issued outside the United Kingdom in respect of a loan which is expressed in a currency other than sterling and which is not—

Stock exempt from duty on transfer

14

Stamp duty is not chargeable under this Schedule on an instrument constituting, or used for transferring, stock (other than units in a unit trust) that is exempt from all stamp duties on transfer.

Instruments in respect of which duty previously abolished

15

Stamp duty is not chargeable under this Schedule on any description of instrument in respect of which duty was abolished by—

Renounceable letters of allotment

16

Stamp duty is not chargeable under this Schedule on renounceable letters of allotment, letters of rights or other similar instruments where the rights under the letter or other instrument are renounceable not later than six months after its issue.

Instruments relating to non-sterling stock

17

or on the transfer of the stock constituted by or transferable by means of any such instrument.

18

Where the capital stock of a company is not expressed in terms of any currency, it shall be treated for the purposes of paragraph 17 as expressed in the currency of the territory under the law of which the company is formed or established.

19

Variation of original terms or conditions

20

Where a bearer instrument issued by or on behalf of a non-UK company in respect of a loan expressed in sterling—

duty is not chargeable under this Schedule by reason only that the instrument is amended on its face pursuant to an agreement for the variation of any of its original terms or conditions.

Part III — Supplementary provisions

Duty chargeable on issue of instrument

21
22

are each liable to a penalty not exceeding the aggregate of £300 and the duty chargeable.

Duty chargeable on transfer of stock by means of instrument

23

shall furnish to the Commissioners such particulars in writing as the Commissioners may require for determining the amount of duty chargeable.

is liable to a penalty not exceeding the aggregate of £300 and the amount of duty chargeable.

Supplementary provisions as to interest

24

No interest is payable if the amount is less than £25.

Penalty for false statement

25

A person who in furnishing particulars under this Part of this Schedule wilfully or negligently furnishes particulars that are false in any material respect is liable to a penalty not exceeding the aggregate of £300 and twice the amount by which the stamp duty chargeable exceeds that paid.

26

An instrument in respect of which duty is chargeable under paragraph 2 of this Schedule which—

shall be treated as duly stamped for all purposes other than paragraph 25.

SCHEDULE 16

General amendment

1

Finance Act 1963 (c. 25)

2

In section 67 of the Finance Act 1963 (prohibition of circulation of blank transfers) for subsection (4) substitute—

(4) In this section— (a) “stock” includes securities; (b) references to stock include any interest in, or in any fraction of, stock or in any dividends or other rights arising out of stock and any right to an allotment of or to subscribe for stock; and (c) “transfer” includes any instrument used for transferring stock. (4A) Nothing in this section applies to— (a) an instrument which is chargeable with duty at the rate specified in paragraph 5 of Schedule 15 to the Finance Act 1999 (certain bearer instruments issued by or on behalf of non-UK companies) and is duly stamped, or (b) renounceable letters of allotment, letters of rights or other similar instruments where the rights under the letter or other instrument are renounceable not later than six months after its issue.

.

Finance Act 1976 (c. 40)

3

In section 131(3) of the Finance Act 1976 (exemption for instruments issued by Inter-American Development Bank) for “the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891” substitute “ Schedule 15 to the Finance Act 1999 (bearer instruments) ”.

Finance Act 1984 (c. 43)

4

In section 126(3)(c) and (5) of the Finance Act 1984 (exemption for bearer instruments issued by designated international organisations) for “the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891” substitute “ Schedule 15 to the Finance Act 1999 (bearer instruments) ”.

Finance Act 1986 (c. 41)

5

In section 79(2) of the Finance Act 1986 (exemption for instruments relating to loan capital), for “the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891” substitute “ Schedule 15 to the Finance Act 1999 (bearer instruments) ”.

6

(a) a non-UK bearer instrument;

.

(b) stamp duty under Schedule 15 to the Finance Act 1999 was not chargeable on the issue of the instrument by virtue only of the exemption conferred by paragraph 17 of that Schedule (non-sterling bearer instruments); and

.

(b) stamp duty under Schedule 15 to the Finance Act 1999 was not chargeable on the issue of the instrument— (i) by virtue only of the exemption conferred by section 79(2) above (bearer instruments relating to loan capital), or (ii) by virtue only of that provision and paragraph 17 of that Schedule (non-sterling bearer instruments);

.

7

(2) There shall be no charge to tax under section 93 above in respect of a transfer, issue or appropriation of a UK bearer instrument, except in the case of— (a) an instrument within the exemption conferred by paragraph 16 of Schedule 15 to the Finance Act 1999 (renounceable letters of allotment etc. where rights are renounceable not later than six months after issue), or (b) an instrument within the exemption conferred by paragraph 17 of that Schedule (non-sterling instruments) which— (i) does not raise new capital, and (ii) is not issued in exchange for an instrument raising new capital.

.

8

(3) There shall be no charge to tax under section 96 above in respect of a transfer or issue of a UK bearer instrument, except in the case of— (a) an instrument within the exemption conferred by paragraph 16 of Schedule 15 to the Finance Act 1999 (renounceable letters of allotment etc. where rights are renounceable not later than six months after issue), or (b) an instrument within the exemption conferred by paragraph 17 of that Schedule (non-sterling instruments) which— (i) does not raise new capital, and (ii) is not issued in exchange for an instrument raising new capital.

.

9

In section 99 of the Finance Act 1986 (interpretation of Part IV), after subsection (1) insert—

(1A) “Bearer instrument” has the same meaning as in Schedule 15 to the Finance Act 1999. An instrument is a “UK bearer instrument” or “non-UK bearer instrument” according to whether it is issued by or on behalf of a UK company or a non-UK company within the meaning of that Schedule.

.

Finance Act 1987 (c. 16)

10

Finance Act 1988 (c. 39)

11

(2) In relation to an instrument to which this subsection applies, no duty is chargeable under paragraph 1 of Schedule 15 to the Finance Act 1999 (bearer instruments: charge on issue); but this does not affect the other requirements of that Schedule.

.

(4) In relation to an instrument to which this subsection applies— (a) the foreign company shall be treated for the purposes of Schedule 15 to the Finance Act 1999 (stamp duty on bearer instruments) as a UK company, and (b) paragraph 17 of that Schedule (exemption for non-sterling instruments) shall not apply.

.

Finance Act 1990 (c. 29)

12

For section 107 of the Finance Act 1990 (bearers: abolition of stamp duty) substitute—

(107) (1) Stamp duty shall not be chargeable under Schedule 15 to the Finance Act 1999 (bearer instruments). (2) Subsection (1) above applies in relation to the charge under paragraph 1 of that Schedule (charge on issue) where the instrument is issued on or after the abolition day. (3) Subsection (1) above applies in relation to the charge under paragraph 2 of that Schedule (charge on transfer of stock) where the stock constituted by or transferable by means of the instrument is transferred on or after the abolition day.

.

SCHEDULE 17

Part I — Amendments of penalties

Introduction

1

The amendments in this Part of this Schedule—

Stamp Duties Management Act 1891 (c. 38)

2

Stamp Act 1891 (c. 39)

3

Finance Act 1946 (c. 64)

4

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

Finance (No. 2) Act (Northern Ireland) 1946 (c. 17 (N.I.))

5

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

Finance Act 1963 (c. 25)

6

In section 67(1) of the Finance Act 1963 (prohibition of circulation of blank transfers), for “fine” substitute “ penalty ” and for “£50” substitute “ £300 ”.

Finance Act (Northern Ireland) 1963 (c. 22 (N.I.))

7

In section 16(1) of the Finance Act (Northern Ireland) 1963 (prohibition of circulation of blank transfers), for “fine” substitute “ penalty ” and for “fifty pounds” substitute “ £300 ”.

Finance Act 1986 (c. 41)

8

In section 68(4) and (5) and section 71(4) and (5) of the Finance Act 1986 (depositary receipts and clearance services: failure to comply with requirements as to notification), for “fine” substitute “ penalty ”.

Part II — Determination of penalty, reviews and appeals

Introduction

9

Determination of penalty by officer of Commissioners

10

The notice must also state—

11
12

Penalty proceedings before the court

13

Any such proceedings shall be deemed to be civil proceedings by the Crown within the meaning of Part II of the Crown Proceedings Act 1947.

Any such proceedings shall be deemed to be civil proceedings within the meaning of Part II of the Crown Proceedings Act 1947 as for the time being in force in Northern Ireland.

Supplementary provisions

14
15

A penalty may be determined under paragraph 10, or proceedings for a penalty brought under paragraph 13, at any time within six years after the date on which the penalty was incurred.

Part III — Power to apply provisions as to collection and recovery etc

16
17

Without prejudice to the generality of the power conferred by paragraph 16, regulations under that paragraph may apply—

18

Sections 21, 22 and 35 of the Inland Revenue Regulation Act 1890 (proceedings for fines, etc.) do not apply in relation to penalties to which Part II of this Schedule applies.

SCHEDULE 18

Part I — Minor amendments

Introduction

1

The provisions of this Part of this Schedule have effect for the purposes of the enactments relating to stamp duty.

Payment by cheque

2

the payment is treated as made on the day on which the cheque was first received by the Commissioners.

Admissibility of evidence not affected by offer of settlement, etc.

3

and that he was or may have been induced thereby to make the statements or produce the documents.

References to duration of lease

4

In relation to Scotland, the expression “term”, where referring to the duration of a lease, means “period”.

Part II — Obsolete provisions

5

(2) A person guilty of an offence under this section is liable— (a) on summary conviction, to imprisonment for a term not exceeding six months or a fine not exceeding the statutory maximum, or both; (b) on conviction on indictment, to imprisonment for a term not exceeding ten years or a fine, or both.

.

6

SCHEDULE 19

Part I — Abolition of stamp duty on transfers etc. of units in unit trusts

1

Part II — Stamp duty reserve tax on dealings with units in unit trusts

Charge to tax

2

and the unit is a chargeable security.

Those events are referred to in this Part of this Schedule as a “surrender” of the unit to the managers.

Rate of tax

3

This is subject to any reduction under paragraph 4 or 5.

Proportionate reduction of tax by reference to units issued

4

For this purpose a week means a period of seven days beginning with a Sunday.

$IS$

Where:

Proportionate reduction of tax by reference to assets held

5

$NN+E$

Where:

Exclusion of charge in certain cases of change of ownership

6

would be exempt from stamp duty (if stamp duty were otherwise chargeable) by virtue of any of the provisions mentioned in sub-paragraph (5).

Exclusion of charge in case of in specie redemption

7

There is no charge to tax under this Part of this Schedule if on the surrender of the unit the unit holder receives only such part of each description of asset in the trust property as is proportionate to, or as nearly as practicable proportionate to, the unit holder’s share.

Interpretation

8

Transitional provision

9

This Part of this Schedule applies where the surrender of the unit to the managers occurs on or after 6th February 2000.

Part III — Minor and consequential amendments

Finance Act 1986 (c. 41)

10

In section 88(1) of the Finance Act 1986 (instruments exempt from stamp duty disregarded for the purpose of repayment etc. of stamp duty reserve tax), after paragraph (b) insert—

, or (c) Part I of Schedule 19 to the Finance Act 1999 (transfers etc. of units in unit trusts),

.

11

(1A) Section 87 above shall not apply as regards an agreement to transfer a unit under a unit trust scheme if an instrument executed at the same time as the agreement and giving effect to the agreement would be exempt from stamp duty (if stamp duty were otherwise chargeable) by virtue of— (a) section 42 of the Finance Act 1930 or section 11 of the Finance Act (Northern Ireland) 1954 (transfers between associated companies), or (b) regulations under section 87(2) of the Finance Act 1985 (power to exempt instruments from stamp duty of fixed amount).

.

(1B) Section 87 above shall not apply as regards an agreement to transfer trust property to the unit holder on the surrender to the managers of a unit under a unit trust scheme. The reference here to the surrender of a unit has the same meaning as in Part II of Schedule 19 to the Finance Act 1999.

.

12

(5A) “Chargeable securities” does not include a unit under a unit trust scheme if— (a) all the trustees under the scheme are resident outside the United Kingdom and the unit is not registered in a register kept in the United Kingdom by or on behalf of the trustees under the scheme; or (b) under the terms of the scheme the trust property can only be invested in exempt investments. (5B) For the purposes of subsection (5A)(b)— (a) an investment other than an interest under a collective investment scheme is an exempt investment if, and only if— (i) it is not an investment on the transfer of whichad valorem stamp duty would be chargeable, and (ii) it is not a chargeable security; (b) an interest under a collective investment scheme is an exempt investment if, and only if, the scheme is an authorised unit trust scheme or an open-ended investment company and under the terms of the scheme the property subject to the scheme— (i) cannot be invested in such a way that income can arise to the trustees or the company that will be chargeable to tax in their hands otherwise than under Case III of Schedule D, and (ii) can only be invested in exempt investments; (c) a derivative is an exempt investment if, and only if, it relates wholly to one or more exempt investments; and (d) funds held for the purposes of the day to day management of the unit trust scheme are not regarded as investments. In this subsection “authorised unit trust scheme”, “collective investment scheme” and “open-ended investment company” have the same meaning as in the Financial Services Act 1986.

.

(9) “Unit trust scheme” and related expressions have the meanings given by Part IV of Schedule 19 to the Finance Act 1999.

.

Finance Act 1995 (c. 4)

13

“the enactments relating to stamp duty reserve tax” means Part IV of the Finance Act 1986 and any enactment which amends or is required to be construed as one with that Part;

.

Part IV — General definitions

Meaning of “unit trust scheme” and related expressions

14

Schemes not treated as unit trust schemes

15

References in the enactments relating to stamp duty and the enactments relating to stamp duty reserve tax to a unit trust scheme do not include—

16

References in the enactments relating to stamp duty and the enactments relating to stamp duty reserve tax to a unit trust scheme do not include common investment arrangements made by trustees of exempt approved schemes (within the meaning of section 592(1) of the Taxes Act 1988) solely for the purposes of the schemes.

17

Treatment of umbrella schemes

18

and a “part of an umbrella scheme” means such of the arrangements as relate to a separate pool.

References to stock in stamp duty enactments include units under unit trust scheme

19

In the enactments relating to stamp duty—

SCHEDULE 20

Part I — Excise duties

Part II — Value added tax

Part III — Income tax, corporation tax and capital gains tax

Part IV — Oil taxation

Part V — Stamp duty and stamp duty reserve tax

Part VI — Interest on customs duty etc

Part VII — Electronic communications

Rate of duty on sparkling cider.

Rates of duty and rebate on hydrocarbon oil.

Increased rebate on higher octane unleaded petrol.

Drawback of duty on exportation.

Rates of gaming duty.

Rates of duty for goods vehicles.

Works of art, antiques, etc.

Assignment of debts.

Penalties for incorrect certificates.

Groups of companies.

Repayments attracting repayment supplement.

Corporation tax starting rate.

Repayments attracting repayment supplement.

Income of unmarried child of settlor.

Group relief: consequences of reduction in surrenderable amount.

Interest and penalties on late stamping.

General amendment of charging provisions.

Group relief: consequences of reduction in surrenderable amount.

Rate of insurance premium tax.

PRT returns.

Penalties.

Interest and penalties on late stamping.

General amendment of charging provisions.

Interest on repayment of duty overpaid etc.

Rate of insurance premium tax.

Interest on unpaid customs debts.

PRT returns.

Company tax returns, etc.

Business assets: roll-over relief.

Penalties.

PRT returns.

Business assets: roll-over relief.

Penalties.

Interest and penalties on late stamping.

General amendment of charging provisions.

Power to exempt UK depositary interests in foreign securities.

General amendment of charging provisions.

Interest on unpaid customs debts.

Rate of insurance premium tax.

Interest on unpaid customs debts.

Stamp duty and stamp duty reserve tax: unit trusts.

Interest on repayments.

Interest on repayment of duty overpaid etc.

Bearer instruments.

Minor amendments of exceptions to general charge.

Stamp duty and stamp duty reserve tax: unit trusts.

Rate of insurance premium tax.

Interest on repayments.

Definition of Government Stock.

The Schedule inserted after Schedule 13A to the Taxes Act 1988 is as follows—

and in the closing words for “Funds” (twice) substitute “ funds ”.

After Schedule 5B to the Taxation of Chargeable Gains Act 1992 (EIS re-investment) insert—

Stamp Act 1891 (c.39)

Finance Act 1994 (c.9)

Finance Act 1930 (c.28)

Finance Act (Northern Ireland) 1954 (c.23 (N.I.))

Finance Act 1970 (c.24)

Finance Act 1980 (c.48)

Finance Act 1982 (c.39)

Finance Act 1985 (c.54)

Finance Act 1986 (c.41)

Finance Act 1987 (c.16)

Finance Act 1989 (c.26)

National Health Service and Community Care Act 1990 (c.19)

Finance Act 1991 (c.31)

Finance Act 1993 (c.34)

Finance Act 1994 (c.9)

Finance Act 1995 (c.4)

Finance Act 1963 (c.25)

Finance Act 1976 (c.40)

Finance Act 1984 (c.43)

Finance Act 1986 (c.41)

Finance Act 1987 (c.16)

Finance Act 1988 (c.39)

Finance Act 1990 (c.29)

Stamp Duties Management Act 1891 (c.38)

Stamp Act 1891 (c.39)

Finance Act 1946 (c.64)

Finance (No. 2) Act (Northern Ireland) 1946 (c.17 (N.I.))

Finance Act 1963 (c.25)

Finance Act (Northern Ireland) 1963 (c.22 (N.I.))

Finance Act 1986 (c.41)

Exclusion of charge in case of individual pension accounts

6A

Finance Act 1986 (c.41)

Finance Act 1995 (c.4)

In section 257A—

Section 1.

Editorial notes

[^c1126204]: 1979 c.4.

[^c1126205]: 1979 c.5

[^c1126206]: 1979 c.5.

[^c1126207]: 1979 c.7

[^c1126208]: 1981 c.63

[^c1126209]: 1997 c.16

[^c1126210]: 1944 c.22

[^c1126211]: 1979 c.2.

[^c1126212]: 1979 c.3.

[^c1126213]: S.11 partly in force; s.11(1)(2)(4) in force at Royal Assent, see s.11(4)

[^c1126214]: 1992 c.48.

[^c1126215]: 1994 c.23.

[^c1126216]: 1994 c.23.

[^c1126217]: 1994 c.23.

[^c1126219]: S. 15(4) ceased to have effect (1.12.1999) by S.I. 1999/3029, reg. 5

[^c1126220]: S.I 1995/2518.

[^c1126221]: 1994 c.23.

[^c1126222]: 1994 c.23.

[^c1126223]: S. 20(2) power fully exercised (12.10.1999): 1.12.1999 appointed by S.I. 1999/2769, art. 2

[^c1126225]: S. 21 repealed (1.4.2001) by 2000 c. 20, ss. 21(4), 29(2), Sch. 2; S.I. 2000/3349, art. 3 (subject to transitional provisions in arts. 4, 5)

[^c1126235]: 1988 c.39.

[^c1126238]: S. 47 repealed (28.7.2000 with effect as mentioned in Sch. 40 Pt. II(3) Note of the amending Act) by 2000 c. 17, s. 156, Sch. 40 Pt. II(3)

[^c1126250]: 1998 c.36.

[^c1126260]: 1991 c.31

[^c1126261]: S. 59(3)(b) power fully exercised: 1.9.2000 appointed by S.I. 2000/2004, art. 2

[^c1126265]: 1997 c.58.

[^c1126268]: 1992 c.12.

[^c1126269]: 1998 c.36.

[^c1126270]: 1996 c.8.

[^c1126271]: 1993 c.34.

[^c1126272]: 1992 c.12.

[^c1126275]: 1992 c.12.

[^c1126276]: 1995 c.4.

[^c1126277]: 1992 c.12.

[^c1126278]: 1992 c.12.

[^c1126280]: S. 77 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

[^c1126283]: S. 78 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

[^c1126289]: 1996 c.8.

[^c1126290]: 1996 c.8.

[^c1126291]: 1992 c.12.

[^c1126293]: 1993 c.34.

[^c1126294]: S. 81(13) inserted (24.7.2002 coming into force in accordance with s. 67(4)(b)) by 2002 c. 23, s. 67(3)(4)(b)

[^c1126295]: 1992 c.12.

[^c1126296]: 1993 c.34.

[^c1126297]: 1992 c.12.

[^c1126298]: 1993 c.34.

[^c1126301]: 1970 c.9.

[^c1126303]: 1998 c.36.

[^c1126304]: 1970 c.9.

[^c1126305]: 1990 c.29.

[^c1126306]: 1998 c.36.

[^c1126307]: 1975 c.22.

[^c1126308]: 1983 c.56.

[^c1126309]: 1983 c.56.

[^c1126310]: 1980 c.48.

[^c1126311]: 1975 c.22.

[^c1126312]: 1983 c.56.

[^c1126313]: 1975 c.22.

[^c1126315]: 1982 c.39.

[^c1126316]: 1983 c.56.

[^c1126318]: 1994 c.9.

[^c1126319]: 1975 c.22.

[^c1126320]: 1987 c.16.

[^c1126321]: 1992 c.12.

[^c1126322]: 1986 c.41.

[^c1126323]: 1984 c.51.

[^c1126324]: 1986 c.41.

[^c1126326]: 1984 c.51.

[^c1126327]: 1984 c.51.

[^c1126328]: 1984 c.51.

[^c1126329]: 1891 c.39.

[^c1126330]: 1989 c.26.

[^c1126331]: 1989 c.26.

[^c1126332]: S. 110 applied (28.7.2000) by 2000 c. 17, s. 117, Sch. 33 para. 5(2) (with Sch. 33 para. 9(2))

[^c1126333]: 1891 c.38.

[^c1126334]: 1989 c.26.

[^c1126337]: S. 111 repealed (with effect as mentioned in Sch. 20 Pt. V(2), Notes 1, 2) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2), Notes 1,2

[^c1126338]: 1963 c.25.

[^c1126339]: 1963 c.22(N.I.).

[^c1126340]: 1891 c.39(N.I.).

[^c1126342]: 1986 c.41.

[^c1126346]: 1986 c.41.

[^c1126349]: 1986 c.41.

[^c1126350]: 1989 c.40.

[^c1126351]: 1996 c.8.

[^c1126357]: 1970 c.9.

[^c1126360]: S. 122 modified (6.2.2000) by S.I. 1997/1156, reg. 4(1)-(5) (as inserted (6.2.2000) by S.I. 1999/3261, reg. 5)

[^c1126361]: 1946 c.64.

[^c1126362]: 1946 c.17(N.I.).

[^c1126363]: 1891 c.39.

[^c1126364]: 1986 c.41.

[^c1126365]: 1986 c.41.

[^c1126366]: 1990 c.29.

[^c1126373]: 1996 c.8.

[^c1126375]: S. 126 excluded (1.4.2000) by S.I. 1995/2518, reg. 118(g) (as inserted (1.4.2000) by S.I. 2000/634, reg. 3(2))

[^c1126376]: 1996 c.8.

[^c1126377]: S. 126(8)(a) power fully exercised: 1.4.2000 appointed by S.I. 2000/632, art. 2

[^c1126381]: S. 127 excluded (1.4.2000) by S.I. 1995/2518, reg. 118(g) (as inserted (1.4.2000) by S.I. 2000/634, reg. 3(2))

[^c1126382]: Words in s. 127(1)(b) substituted (retrospectively) by 2000 c. 17, s. 29

[^c1126383]: S. 127(3) substituted (1.4.2000) by SI. 2000/633, art. 2

[^c1126384]: 1882 c. 61; section 92 was amended by sections 3(1) and (3) and 4(4) of the Banking and Financial Dealings Act 1971 (c. 80).

[^c1126385]: 1996 c.8.

[^c1126386]: S. 127(11) power fully exercised: 1.4.2000 appointed by S.I. 2000/632, art. 2

[^c1126387]: S. 129 modified (1.4.2000) by S.I. 1995/2518, reg. 121(3) (as substituted (1.4.2000) by S.I. 2000/634, reg. 6)

[^c1126388]: S. 129(6) power fully exercised: 1.4.2000 appointed by S.I. 2000/632, art. 2

[^c1126389]: 1994 c.9.

[^c1126390]: 1996 c.8.

[^c1126391]: S. 132 modified (24.11.2002) by 2002 c. 22, s. 53, Sch. 7 para 53; S.I. 2002/2866, art. 2(1), Sch. 1 Pt. 1

[^c1126393]: 1978 c.30.

[^c1126394]: S. 133 modified (24.11.2002) by 2002 c. 22, s. 53, Sch. 7 para. 53; S.I. 2002/2866, art. 2(1), Sch. 1 Pt. 1

[^c1126395]: S. 133 partly in force: s. 133(1)(2)(4)(5) in force at Royal Assent, s. 133(3) not in force, see s. 133(4)

[^c1126396]: 1970 c.9.

[^c1126397]: 1968 c.13.

[^c1126398]: 1971 c.29.

[^c1126400]: 1971 c.80.

[^c1126401]: 1942 c.21.

[^c1126402]: 1968 c.13.

[^c1126403]: 1971 c.29.

[^c1126405]: 1994 c.22.

[^c1126406]: 1994 c.22.

[^c1126407]: 1994 c.22.

[^c1126408]: 1994 c.23.

[^c1126409]: 1985 c.6.

[^c1126410]: 1994 c.23.

[^c1126411]: 1994 c.23.

[^c1126413]: 1992 c.12.

[^c1126436]: 1998 c.46.

[^c1126443]: 1992 c.12.

[^c1126445]: Sch. 10 applied (with modifications) (10.5.2000) by S.I. 2000/1085, regs. 3-8 Sch. 10 applied (S.) (28.1.2002) by S.I. 1995/365, Pt. W para. W14(2) (as inserted (28.1.2002) by S.S.I. 2001/465, reg. 3, Sch. 1)

[^c1126449]: Sch. 11 para. 4 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

[^c1126450]: Sch. 11 para. 5 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

[^c1126451]: Sch. 11 para. 6 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

[^c1126452]: Sch. 11 para. 7 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

[^c1126453]: Sch. 11 para. 8 repealed (22.3.2001 with effect as mentioned in s. 579(1) of the amending Act) by 2001 c. 2, s. 580, Sch. 4

[^c1126457]: Sch. 13 para. 4: figure in fourth entry substituted (retrospective to 28.3.2000 and with effect as mentioned in s. 114(2)(3) of the amending Act) by 2000 c. 17, s. 114(1)(b)(2)-(4)

[^c1126458]: Sch. 13 para. 4: figure in third entry entry substituted (retrospective to 28.3.2000 and with effect as mentioned in s. 114(2)(3) of the amending Act) by 2000 c. 17, s. 114(1)(a)(2)-(4)

[^c1126462]: Sch. 13 para. 6 modified (retrospective to 28.3.2000 and with effect as mentioned in s. 129(5) and Sch. 34 para. 4(3) of the amending Act) by 2000 c. 17, s. 129(3)(5), Sch. 34 para. 4(1)(3) (with s. 129(4)) Sch. 13 para. 6 modified (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92, Sch. 30 para. 3(1); S.I. 2001/3748, art. 2 Sch. 13 para. 6 modified (retrospective to 24.7.2002 with application as mentioned in Sch. 37 para. 3(3) of the amending act) by 2002 c. 23, s. 116(2)(4)(5), Sch. 37, para. 3

[^c1126463]: Sch. 13 para. 6(1) restricted (27.7.1999 with effect as mentioned in s. 112(6) of 1999 c. 16) by 1991 c. 31, s. 113(1) (as inserted (27.7.1999 with effect as mentioned in s. 112(6) of the amending Act) by 1999 c. 16, ss. 112(4), 122, Sch. 14 para. 27)

[^c1126464]: Sch. 13 Pt. I paras. 7-9 modified (28.11.2001) by S.I. 2001/3746, art. 7(1)(a)

[^c1126469]: Sch. 13 Pt. I paras. 7-9 modified (28.11.2001) by S.I. 2001/3746, art. 7(1)(a)

[^c1126470]: Sch. 13 Pt. I paras. 7-9 modified (28.11.2001) by S.I. 2001/3746, art. 7(1)(a)

[^c1126454]: Sch. 13 Pt. I excluded (28.7.2000 with effect as mentioned in s. 130(10) of the amending Act) by 2000 c. 17, s. 130(1)(10)

[^c1126455]: Sch. 13 Pt. I modified (retrospective to 28.3.2000 and with effect as mentioned in s. 118(10)(11) of the amending Act) by 2000 c. 17, s. 118 (with s. 118(9)) Sch. 13 Pt. I modified (retrospective to 28.3.2000 and with effect as mentioned in s. 119(11)(12) of the amending Act) by 2000 c. 17, s. 119 (with s. 120) Sch. 13 Pt. I modified (retrospective to 28.3.2000 and with effect as mentioned in s. 122(8)(9) of the amending Act) by 2000 c. 17, s. 122 Sch. 13 Pt. I amended (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92, Sch. 30 para. 1(1); S.I. 2001/3748, art. 2 Sch. 13 Pt. I excluded (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92(1); S.I. 2001/3748, art. 2

[^c1126473]: Sch. 13 para. 11 table: figure in para. 1 substituted (retrospective to 28.3.2000 and with effect as mentioned in s. 115(2) of the amending Act) by 2000 c. 17, s. 115(1)(a)(2)(3)

[^c1126474]: Sch. 13 para. 12(3) table: words in para. 1 substituted (retrospective to 28.3.2000 and with effect as mentioned in s. 116(2) of the amending Act) by 2000 c. 17, s. 116

[^c1126475]: Sch. 13 para. 12(3) table: figure in para. 1(a)(b) substituted (retrospective to 28.3.2000 and with effect as mentioned in s. 115(2) of the amending Act) by 2000 c. 17, s. 115(1)(b)(2)(3)

[^c1126477]: Sch. 13 Pt. II para. 14 modified (28.11.2001) by S.I. 2001/3746, art. 7(1)(b)

[^c1126478]: Sch. 13 Pt. II para. 15 modified (28.11.2001) by S.I. 2001/3746, art. 7(1)(b)

[^c1126471]: Sch. 13 Pt. II excluded (28.7.2000 with effect as mentioned in s. 130(10) of the amending Act) by 2000 c. 17, s. 130(1)(10)

[^c1126472]: Sch. 13 Pt. II modified (retrospective to 28.3.2000 and with effect as mentioned in s. 121(10)(11) of the amending Act) by 2000 c. 17, s. 121(2)(10)-(12) Sch. 13 Pt. II amended (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92, Sch. 30 para. 1(1); S.I. 2001/3748, art. 2 Sch. 13 Pt. II excluded (11.5.2001 with effect as mentioned in s. 92(8) of the amending Act) by 2001 c. 9, s. 92(1); S.I. 2001/3748, art. 2

[^c1126481]: 1891 c.39.

[^c1126482]: 1942 c.21.

[^c1126487]: 1971 c.68.

[^c1126488]: 1971 c.27(N.I.).

[^c1126489]: 1989 c.26.

[^c1126490]: 1891 c.39.

[^c1126491]: 1978 c.30.

[^c1126506]: Sch. 15 para. 1 restricted (27.7.1999 with effect as mentioned in s. 113(4) of 1999 c. 16) by 1988 c. 39, s. 143(2) (as inserted (27.7.1999 with effect as mentioned in s. 113(4) of the amending Act) by 1999 c. 16, s. 113(3), Sch. 16, para. 11(2))

[^c1126507]: 1971 c.68.

[^c1126508]: 1971 c.27(N.I).

[^c1126509]: 1989 c.26.

[^c1126510]: 1989 c.26.

[^c1126511]: 1891 c.39.

[^c1126503]: Sch. 15 modified (27.7.1999 with effect as mentioned in s. 113(4) of 1999 c. 16) by 1988 c. 39, s. 143(4)(a) (as inserted (27.7.1999 with effect as mentioned in s. 113(4) of the amending Act) by 1999 c. 16, s. 113(3), Sch. 16 para. 11)

[^c1126512]: 1891 c.39.

[^c1126513]: 1978 c.30.

[^c1126524]: Sch. 17 para. 4 repealed (with effect as mentioned in Sch. 20 Pt. V(5), Notes 1, 2) by 1999 c. 16, s. 139, Sch. 20 Pt. V(5), Notes

[^c1126525]: Sch. 17 para. 5 repealed (with effect as mentioned in Sch. 20 Pt. V(5), Notes 1, 2) by 1999 c. 16, ss. 123(3)(4), 139, Sch. 20 Pt. V(5)

[^c1126529]: 1891 c.39.

[^c1126531]: 1947 c.44.

[^c1126532]: 1970 c.9.

[^c1126533]: 1970 c.9.

[^c1126534]: 1890 c.21.

[^c1126535]: 1891 c.38.

[^c1126540]: Words in Sch. 19 Pt. II para. 2(4) inserted (11.5.2001 with effect as mentioned in s. 93(6) of the amending Act) by 2001 c. 9, s. 93(2)

[^c1126542]: Sch. 19 para. 4 modified (6.2.2000) by S.I. 1997/1156, reg. 4A(2) (as inserted (6.2.2000) by S.I. 1999/3261,reg. 5)

[^c1126543]: Sch. 19 para. 4(6)(7) inserted (11.5.2001 with effect as mentioned in s. 93(5) of the amending Act) by 2001 c. 9, s. 93(3)

[^c1126544]: 1986 c.41.

[^c1126545]: 1930 c.28.

[^c1126546]: 1954 c.23(N.I).

[^c1126547]: 1985 c.54.

[^c1126548]: Sch. 19 Pt. II para. 6A inserted (11.5.2001 with effect as mentioned in s. 93(6) of the amending Act) by 2001 c. 9, s. 93(4)

[^c1126537]: Sch. 19 Pt. II excluded (11.5.2001 with effect as mentioned in s. 94(5) of the amending Act) by 2001 c. 9, s. 94(1)-(4)

[^c1126552]: Sch. 19 para. 14 modified (6.2.2000) by S.I. 1997/1156, reg. 4A(3) (as inserted (6.2.2000) by S.I. 1999/3261,reg. 5)

[^c1126553]: Words in Sch. 19 Pt. IV para. 14(2) substituted (1.12.2001 with effect as mentioned in art. 104(2) of the amending S.I.) by S.I. 2001/3629, art. 104(1)

[^c1126557]: 1960 c.58.

[^c1126558]: 1964 c.33(N.I.).

[^c1126565]: Sch. 19 para. 17 modified (6.2.2000) by S.I. 1997/1156, reg. 4A(4) (as inserted (6.2.2000) by S.I. 1999/3261,reg. 5)

[^c1126566]: 1946 c.64.

[^c1126567]: 1946 c.17(N.I.).

[^c1126573]: Sch. 20 Pt. V in force at Royal Assent except for repeals in (4) which come into force on 1.10.1999

[^key-19ca392e4f52b2c81316459819e04156]: S. 30 repealed (6.4.2003) by Tax Credits Act 2002 (c. 21), s. 61, Sch. 6; S.I. 2003/962, art. 2(3)(e), Sch. 1

[^key-d848eeefa53e88cd4bd52bcf925c6a83]: Sch. 3 repealed (6.4.2003) by Tax Credits Act 2002 (c. 21), s. 61, Sch. 6; S.I. 2003/962, art. 2(3)(e), Sch. 1

[^key-46e5b1908ea6e88ed2d4e805d89b8e86]: Ss. 42-45 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-1394ce4a78b4082e3f0a7df640daab09]: Ss. 48-51 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-89707b857d783486cf7651be97b6c288]: Sch. 5 paras. 1-3 repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)

[^key-eb9e411448ef25b2a84b1717dbbb8aa7]: Sch. 13 restricted (10.7.2003) by Finance Act 2003 (c. 14), s. 125(1) (with s. 125(8))

[^key-2b25e83ad11b83acab4124bd732c73a0]: Sch. 18 para. 3 heading substituted (with effect in accordance with s. 206(5) of the amending Act) by Finance Act 2003 (c. 14), s. 206(4)

[^key-a7c3315f0bec4a7e507ce58aa7a22ae9]: Words in Sch. 13 para. 1(2) substituted (with effect in accordance with s.125(8) of the amending Act) by Finance Act 2003 (c. 14), Sch. 20 para. 6

[^key-980cfe89197f7fff367969221950f51d]: Sch. 18 para. 3(1)(a)(b) substituted (with effect in accordance with s. 206(5) of the amending Act) by Finance Act 2003 (c. 14), s. 206(3)

[^key-74e7b7f8dee6554471b166c392ac3e23]: Words in s. 132(10) substituted (25.7.2003 for specified purposes, 29.12.2003 in so far as not already in force) by Communications Act 2003 (c. 21), s. 411(2), Sch. 17 para. 156 (with Sch. 18); S.I. 2003/1900, arts. 1(2), 2(1), Sch. 1 (with art. 3) (as amended by S.I. 2003/3142, art. 1(3)); S.I. 2003/3142, art. 3(2) (with art. 11)

[^key-6380f1a1098110478afb43a6e378526c]: Sch. 13 para. 1(3)-(6) inserted (with effect in accordance with s. 195(12) of the amending Act) by Finance Act 2003 (c. 14), Sch. 40 para. 5; S.I. 2003/3077, art. 2

[^key-b4d35d1afa654669ca5dd3bdf8027788]: S. 126(2)-(4) excluded (1.4.2004) by The Recovery of Duties and Taxes Etc. Due in Other Member States (Corresponding UK Claims, Procedure and Supplementary) Regulations 2004 (S.I. 2004/674), reg. 1, Sch. 2 para. 2(1)

[^key-072fbbdd77f7c2762a068b2c789c996c]: S. 126(6)-(8) excluded (1.4.2004) by The Recovery of Duties and Taxes Etc. Due in Other Member States (Corresponding UK Claims, Procedure and Supplementary) Regulations 2004 (S.I. 2004/674), reg. 1, Sch. 2 para. 2(1)

[^key-f75cae86b50cddf9492fcd0e87777dba]: S. 126(1) applied (with modifications) (1.4.2004) by The Recovery of Duties and Taxes Etc. Due in Other Member States (Corresponding UK Claims, Procedure and Supplementary) Regulations 2004 (S.I. 2004/674), reg. 1, Sch. 2 para. 2(2)

[^key-fb4725e7359703b80ceb091fa05dd8c6]: S. 126(5) modified (1.4.2004) by The Recovery of Duties and Taxes Etc. Due in Other Member States (Corresponding UK Claims, Procedure and Supplementary) Regulations 2004 (S.I. 2004/674), reg. 1, Sch. 2 para. 2(3)

[^key-3cc63c1fae293ff9cb8efad6995e200d]: Words in s. 98 inserted (with effect in accordance with s. 285(8) of the amending Act) by Finance Act 2004 (c. 12), Sch. 37 para. 12(2) (with Sch. 37 Pt. 2)

[^key-70770bfc4ce0bb6552393ffa145b7c03]: S. 98(6A) inserted (with effect in accordance with s. 285(8) of the amending Act) by Finance Act 2004 (c. 12), Sch. 37 para. 12(3) (with Sch. 37 Pt. 2)

[^key-82e58d2df5d1b3674811c4c2fcce34fc]: S. 53 repealed (with effect in accordance with s. 77 of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(7)

[^key-fc125f7ea12cc662ee84126670852168]: S. 65(7) repealed (with effect in accordance with s. 52(3), Sch. 10 para. 9(2)(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(6)

[^key-592764c048d3e6fd3165681041670904]: Sch. 13 para. 18(1)(c) repealed (S.) (28.11.2004) by Abolition of Feudal Tenure etc. (Scotland) Act 2000 (asp 5), ss. 71, 77(2), sch. 12 para. 61, sch. 13 Pt. 1 (with ss. 58, 62, 75); S.S.I. 2003/456, art. 2

[^key-ec8ab6a7ea52e2739ba3f1a278e00b98]: Pt. 1 excluded by 1990 c. 19, s. 61(3) (as substituted (11.2.2005) by The Stamp Duty Land Tax (Consequential Amendment of Enactments) Regulations 2005 (S.I. 2005/82), regs. 1, 2(2))

[^key-6ea809493cec75d643c43d496440fb25]: Pt. 2 excluded by 1990 c. 19, s. 61(3) (as substituted (11.2.2005) by The Stamp Duty Land Tax (Consequential Amendment of Enactments) Regulations 2005 (S.I. 2005/82), regs. 1, 2(2))

[^key-284263c810da78ef4a385512d5159102]: Words in s. 65(8) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 507(3) (with Sch. 2)

[^key-782d87d4632249ab30a3270bbd959d75]: Words in s. 65(9)(10) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 507(4) (with Sch. 2)

[^key-29702ad3e164a18f8ed12174b6e99a48]: Words in s. 65(11)(12) substituted (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 507(5) (with Sch. 2)

[^key-b83a1bd4fc5633df47721b740fc6505a]: S. 65(1)-(6) repealed (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 507(2), Sch. 3 (with Sch. 2)

[^key-1e59dbac266065eefca630b28f17374a]: S. 60 repealed (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)

[^key-a921bb54a1e79adaea069d5b7c9a5b57]: S. 64 repealed (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)

[^key-0793fff77f613a072af0235f6753526b]: S. 70 repealed (6.4.2005 with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)

[^key-d76273170bd0e90b47a5866ff08eaede]: S. 8(4) repealed (7.4.2005) by Finance Act 2005 (c. 7), Sch. 11 Pt. 1

[^key-384a86582e9f76d45f2d954aadec89f3]: Words in s. 135(2) substituted (18.4.2005) by Commissioners for Revenue and Customs Act 2005 (c. 11), s. 53(1), Sch. 4 para. 76; S.I. 2005/1126, art. 2(2)(h)

[^key-abdfcca3d85d3888d5602acb14e40fb0]: Words in Sch. 15 para. 11 substituted (with effect in accordance with s. 58(4) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), s. 58(3)

[^key-4419d5a08a142ad06689e5f93298f423]: Sch. 10 paras. 1-10 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)

[^key-0cb8f9a3a96678800e7b7a455e224196]: Sch. 10 paras. 12-18 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)

[^key-9b6e8e32564b19df499b5eb2e529196f]: Sch. 19 para. 6A(5) inserted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 46(3) (with Sch. 36)

[^key-56f1db1e95d16c4c654e8adf50f0ad95]: Words in Sch. 19 para. 6A(4) substituted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 46(2) (with Sch. 36)

[^key-4d5efc4d89163029f09c79057c0accdd]: Words in Sch. 5 para. 6(2) repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)

[^key-852d01ff265ab0f0733e961c5c620ad8]: S. 52 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)

[^key-53066bccee2086d80b7c486fa2b95e58]: Sch. 5 para. 4 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)

[^key-b1090f35177647d7b0c7c1b62f005b3f]: Sch. 5 para. 5 repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)

[^key-5363d17d41d94f7071a8f7de3ecc470a]: S. 28 repealed (with effect in accordance with Sch. 26 Pt. 3(1) Note of the amending Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 3(1)

[^key-31482d4aba0b9558a18902a40b4a8ed2]: Word in Sch. 13 para. 4 substituted (with effect in accordance with s. 162(5) of the amending Act) by Finance Act 2006 (c. 25), s. 162(3)

[^key-b640e22d636b4bb33d66893c3083b034]: S. 91(5) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-51531097ed3e7e04d7622e0328c43db8]: S. 91(1)-(3) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-4262c0bdd908b83d3dbf4746bf2245f0]: S. 22 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-05cbb4a0e9a68a2f88081d13fe4db041]: S. 23 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-9e45ebcde4433b0e2edd67930a9a0fd6]: S. 24 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-650669808ed72af377a0eaa43aef9c49]: S. 25(2) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-85db0213403fdfd3cc49ca68ce8fe708]: S. 35 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-a3522dff03dadaa30bf7178011916b39]: S. 36(1)-(6) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-6619f534546d5e424d64bb9290940091]: S. 69 repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-78932ab43a9446f364c0a38e6f170721]: S. 71 repealed (6.4.2007 with effect in accordance with s. 1034(1)(3) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1)(3), Sch. 3 Pt. 2 (with Sch. 2)

[^key-2865e63c2eb7396ec4ad3452c00978d8]: Sch. 4 para. 1(4) repealed (6.4.2007 with effect in accordance with s. 1034(1) of the amending Act) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-2a5a3bac9e19087e96dcbb80c729b88f]: Sch. 7 omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 55(b)(ii)

[^key-1f3a65e07795ac7ae3fea09ae1fbd57a]: Sch. 13 para. 16 and heading omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 10(3)(a) (with Sch. 32 para. 22(1)(b))

[^key-240f134d1f9bb8485595146ac77551e3]: Sch. 13 para. 17 and heading omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 10(3)(b) (with Sch. 32 para. 22(1)(b))

[^key-6f41ea14104c49d74a526fb26ae232a3]: S. 26 omitted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 21(d)

[^key-e47865ad5312d2e597b74c4296bcd2cd]: S. 72 omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 55(b)(i)

[^key-e99fc62743e845c460f278ea7f8392a2]: S. 80 omitted (with effect in accordance with Sch. 14 para. 18 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 17(h)

[^key-19c0f14e7823b583007cfda3db9f4020]: Sch. 4 para. 16 omitted (with effect in accordance with Sch. 14 para. 18 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 17(h)

[^key-7fe702b3cfab5fed5f1586f715b95aa4]: Sch. 4 para. 18(3) omitted (with effect in accordance with Sch. 14 para. 18 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 14 para. 17(h)

[^key-4cd90a573b4087c4f58f708ee10c1944]: Words in Sch. 13 para. 1(5) substituted (with effect in accordance with s. 99(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 32 para. 10(2) (with Sch. 32 para. 22(1)(b))

[^key-f65237fa8b185d2d5512ee3f27d8fcca]: Sch. 13 para. 18(2) omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 10(3)(c) (with Sch. 32 para. 22(1)(b))

[^key-ba6526eec4a086867b873b32b2e04bdb]: Sch. 13 para. 19(1) omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 10(3)(d) (with Sch. 32 para. 22(1)(b))

[^key-5cdc4cd30d05fd032eec6100e6ddd9c9]: Sch. 13 para. 21(3) omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 10(3)(e) (with Sch. 32 para. 22(1)(b))

[^key-e8949155c443da9aadac2085c44f9cfd]: Sch. 14 para. 9 omitted (with effect in accordance with s. 100(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 100(2)

[^key-39ec500b444e83a327a6068c2502bd5c]: Sch. 14 para. 10(b) omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 20 (with Sch. 32 para. 22(1)(e))

[^key-e1bbfb0930293cc33b0898208f1ffadc]: Sch. 14 para. 11(b) omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 20 (with Sch. 32 para. 22(1)(e))

[^key-10f5ffc0e5d863068160205604d29357]: Sch. 14 para. 12(3) omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 20

[^key-c233ac3ddb16a3d243acd7f9dc232f1e]: Sch. 14 para. 13(3) omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 20

[^key-ecf648b0ca9f4195647fbabc4896b6be]: Sch. 15 para. 6 omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 11(2)

[^key-095f65fa80042903b485ae1763e083de]: Sch. 15 para. 20(b) substituted (with effect in accordance with s. 99(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 32 para. 11(4)

[^key-a7097c41339e31adf2eb92a5ea09a93a]: Sch. 15 para. 26(b) and word omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 11(5)

[^key-82b85f640087d27162ac10046bc825a5]: Sch. 13 para. 22 and heading omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 10(3)(f) (with Sch. 32 para. 22(1)(b))

[^key-853c0103f9419703952b4fddb36ddcc6]: Sch. 13 para. 23 and heading omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 10(3)(g) (with Sch. 32 para. 22(1)(b))

[^key-dc0c3caadafe607e35372c2541a60c65]: Sch. 15 para. 12A and cross-heading inserted (with effect in accordance with s. 99(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 32 para. 11(3)

[^key-b1e6ad37b1c30121b511bcb2e536c934]: Sch. 19 para. 2 excluded by S.I. 2006/964 reg. 14A (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment No. 3) Regulations 2008 (S.I. 2008/3159), regs. 1(1), 10)

[^key-46d2b77c432fada4d8be1589029f8cdc]: Words in s. 81(13) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 458(5) (with Sch. 2 Pts. 1, 2)

[^key-46521fe61302cb3de512d04ff1fbf85d]: Words in s. 81(8) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 458(3) (with Sch. 2 Pts. 1, 2)

[^key-7c624370b4fa0f62909693c16fe4f88f]: Words in s. 81(9) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 458(4)(a) (with Sch. 2 Pts. 1, 2)

[^key-12895b28df4ea3aa005b6fda9fb23f71]: Words in s. 81(9) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 458(4)(b) (with Sch. 2 Pts. 1, 2)

[^key-f26dd2cc73b8c5e6cb7575a2167f6982]: Words in s. 81(9) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 458(4)(c) (with Sch. 2 Pts. 1, 2)

[^key-b911f830b258b39a6121a015b4db814a]: S. 81(4)(a) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 458(2)(a), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[^key-801507fb9b2bc220319a46eea633e0ad]: Words in s. 81(4)(b) substituted (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 458(2)(b) (with Sch. 2 Pts. 1, 2)

[^key-5699f8c54572382e74d2f7c19203c857]: Sch. 17 Pt. II heading substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 279

[^key-295e69d5b96bbc8f46a5a0bd3c597c51]: Sch. 17 para. 11A inserted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 282

[^key-7e6a7a63c4e73556fdf6aac186307af9]: Sch. 6 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 459, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[^key-30aaf70843b8a8378287512855bb50d3]: Sch. 17 para. 11(4A)-(4F) inserted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 281(5)

[^key-b11d6150ca31a7a7aa758b103c2f9215]: Words in Sch. 17 para. 11(1) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 281(2)

[^key-c8c6900ea1d81f2574e320858cf0a6ae]: Sch. 17 para. 11(3) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 281(3)

[^key-7b16d903e2ddeb9c38f5b12db6b867cf]: Sch. 17 para. 11(4) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 281(4)

[^key-81de01423d645da1ee2dc43e5c729191]: Sch. 17 para. 11(5) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 281(6)

[^key-e8484d080d4e5c821a96d35072c9e440]: Words in Sch. 17 para. 11(6) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 281(7)(a)

[^key-9addb884fac21626aa33c2fdc4ecb406]: Words in Sch. 17 para. 11(6) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 281(7)(b)

[^key-e1db6fe79c9591c675264a648552e863]: Words in Sch. 17 para. 11(6) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 281(7)(c)

[^key-a57cd9dcdddba1cdea8757737b8c12d6]: S. 13(5)(c) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 89 (with Sch. 36 para. 38); S.I. 2009/404, art. 2

[^key-f27cbc3adb26c3e4f33c4937669ae0ee]: Word in s. 13(6) substituted (1.4.2009) by Finance Act 2008 (c. 9), s. 115(2), Sch. 37 para. 10(a); S.I. 2009/402, art. 2

[^key-a688b49297aa9c9011e6e342a1fba426]: Words in s. 13(6) inserted (1.4.2009) by Finance Act 2008 (c. 9), s. 115(2), Sch. 37 para. 10(b); S.I. 2009/402, art. 2

[^key-f8987bfe1eb0afb19dbb604d31f2308f]: Words in s. 13(6) inserted (1.4.2009) by Finance Act 2008 (c. 9), s. 115(2), Sch. 37 para. 10(c); S.I. 2009/402, art. 2

[^key-6506137f5987f0a7977760f34b550511]: Sch. 17 para. 12(2)(2A) substituted for Sch. 17 para. 12(2) (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 283(3)

[^key-b1262014f04f261cd7613c61a059de20]: Sch. 17 para. 12(1) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 283(2)

[^key-97d425e0bacf33351c16aea86822f9c7]: Words in Sch. 17 para. 12(3) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 283(4)(a)

[^key-13a3fb7d08f751bdda9e0476ea41c5b1]: Words in Sch. 17 para. 12(3) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 283(4)(b)

[^key-5a3efa53611885bb823fdd5690172cd7]: S. 15(3) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 113(2), Sch. 36 para. 92(g) (with Sch. 36 para. 38); S.I. 2009/404, art. 2 (with art. 12)

[^key-3f423433c4bf937d99a924c2b0e20e93]: S. 54 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 456, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[^key-92ff9cd2661f07f60e277f26954db8dd]: S. 55(1) repealed (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[^key-500a463263e4aa4b3500ff4a2c72f594]: S. 58 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[^key-9c81badd6ff038fa1dccb6bcd629eee6]: S. 61 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[^key-2f5d71b434b3e0f22589f8cedea40d24]: S. 63 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 457, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[^key-ef2d61f084c0897ed9e86a863ab78974]: S. 108(2)(a) omitted (1.4.2009) by virtue of Finance Act 2008 (c. 9), s. 122(2), Sch. 40 para. 21(g); S.I. 2009/571, art. 2

[^key-932bccf5f8bac76af5e726d228eed714]: Sch. 11 para. 2 repealed (1.4.2009 with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)

[^key-eaa082646011700b5e4975fc265230c4]: Sch. 11 para. 9 omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 277

[^key-77ae922bdc40973a5b3d9f9fe3169f2c]: Sch. 17 para. 9(3) inserted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 280

[^key-4480ca6b54ec9f2e8db6f7ddb69ba4f0]: S. 25(3) omitted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 6(j)

[^key-e753b48b6d6bcbdb47585577542b2862]: S. 31 omitted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 6(j)

[^key-30a2e208d4e867ea0cc207e112983fa7]: S. 32 omitted (with effect in accordance with Sch. 1 para. 7 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 1 para. 6(j)

[^key-1e5dea26aeb045fe5f54e28f571aa517]: S. 88 omitted (with effect in accordance with Sch. 16 para. 6 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 16 para. 5(e) (with Sch. 16 paras. 78)

[^key-99624563961d8adcf36aca26f17fed6f]: Word in Sch. 13 para. 1(5) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890), arts. 1(1), 11(c)

[^key-687fc99050554b5bc8aeae02d0cf4996]: Words in Sch. 13 para. 1(4) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890), arts. 1(1), 11(b)

[^key-c9621c127533e9ce78b200a79fb61cf9]: Words in s. 119(3) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890), arts. 1(1), 11(a)

[^key-d79540fb0d0c8b13f605a1cd26a8c75f]: S. 86(1)-(10) repealed (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 117, Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22)

[^key-77dc1f17dbc541b00c6b0528d57d92d7]: Words in s. 97(2)(a) substituted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 301 (with Sch. 2)

[^key-87e11a5b4ccc63822b683f8f3807a9b4]: Words in s. 97(6) substituted (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 248 (with Sch. 9 paras. 1-9, 22)

[^key-254faab73c123a40a9b5a8c1245ec27e]: Sch. 4 para. 15(2)(a) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-cd34f441fa50da53f82c7ef0af1af35e]: Sch. 4 para. 15(5) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-2d24f16409cb0916af024609d78b2b21]: S. 68(1) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-dae524b5eccf84c85d174c9405ee5cac]: S. 85 repealed (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 116, Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22)

[^key-7738d99f74f58a2c33dbdf5a6e668bd8]: S. 87 repealed (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 118, Sch. 10 Pt. 2 (with Sch. 9 paras. 1-9, 22)

[^key-bc739a9a7ed7b287b141f7a9df37d89a]: S. 98(7)(ba) substituted for s. 98(7)(b)(c) (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 188 (with Sch. 9 paras. 1-9, 22)

[^key-387d1635b34d81b7b04329ccf1464830]: S. 98(7)(aa) inserted (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 302 (with Sch. 2)

[^key-b34de18a98f964308ea488fdc407877a]: S. 100 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-737c734ebc7c5f41bbd7b86a25f1fa3c]: S. 106 omitted (1.4.2010) by virtue of The Finance Act 2009, Section 96 and Schedule 48 (Appointed Day, Savings and Consequential Amendments) Order 2009 (S.I. 2009/3054), art. 1, Sch. para. 16(d)

[^key-11790e60f0fcd55d8511fe67d91db116]: Sch. 4 para. 1(2) repealed (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 13 (with Sch. 9 paras. 1-9, 22)

[^key-95c169bc4e05300e1cade3b6d2f6efbe]: Sch. 4 para. 3(3) repealed (1.4.2010 with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 13 (with Sch. 9 paras. 1-9, 22)

[^key-4a4b08e76c0ea3d7e4c357f9471e348f]: Sch. 11 para. 3 repealed (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-fed1008e5750e31d3c515a1371146128]: S. 89(2) repealed (1.4.2010 with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)

[^key-cfd8c43c0e9b32baa3c4dde01da28a78]: S. 132 modified (6.4.2010) by Work and Families Act 2006 (c. 18), s. 19(2), Sch. 1 para. 49; S.I. 2010/495, art. 4(d)

[^key-1ebad9bf789f0811165a075b0d835059]: S. 133 modified (6.4.2010) by Work and Families Act 2006 (c. 18), s. 19(2), Sch. 1 para. 49; S.I. 2010/495, art. 4(d)

[^key-b70fb4cf317f10199f3ab92f85c407df]: S. 125 omitted (with effect in accordance with s. 4(2) of the amending Act) by virtue of Finance (No. 2) Act 2010 (c. 31), s. 4(4)

[^key-f7ee7a0e6dee750a9d87622b8df7de8e]: Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 4 (with arts. 3(2)(3), 4(2), 6(4)(5))

[^key-f13667a1ef847b6f01651d78e912c498]: Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 6 (with arts. 3(2)(3), 4(2), 6(4)(5))

[^key-7cbcf913419421bde3eadb67643079cc]: Sch. 9 repealed (with effect in accordance with Sch. 9 para. 6 of the amending Act) by Finance Act 2011 (c. 11), Sch. 9 para. 5(b)

[^key-61f12a8f065eb0ee93cb8d286c44df88]: Word in Sch. 20 Pt. 5(6) omitted (19.7.2011) by virtue of Finance Act 2011 (c. 11), Sch. 26 para. 7(2)(b)

[^key-33ee60dc5881f02dc6879813de3c4920]: S. 56 repealed (19.7.2011) by Finance Act 2011 (c. 11), Sch. 26 para. 2(2)(a)

[^key-d7814ae9aefb8658cee96a58ea417fc2]: S. 57 repealed (19.7.2011) by Finance Act 2011 (c. 11), Sch. 26 para. 2(2)(a)

[^key-7c6370c9af386d961a19d3f50a903d51]: Word in s. 123(3) omitted (19.7.2011) by virtue of Finance Act 2011 (c. 11), Sch. 26 para. 7(2)(a)

[^key-596b6e0423c84d5adf8218bfccf66932]: Sch. 13 para. 24(b) repealed (19.7.2011) by Finance Act 2011 (c. 11), Sch. 26 para. 7(1)

[^key-54e8dc5ad7e264e33587d93516c28138]: Words in Sch. 19 para. 6(3)(a) substituted (with effect in accordance with art. 10 of the commencing S.I.) by Finance Act 2010 (c. 13), Sch. 6 paras. 15(2)(a), 34(2); S.I. 2012/736, art. 10

[^key-618b60d1be6a9a3daf06cda80d6e99f4]: Words in Sch. 19 para. 6(3)(b) substituted (with effect in accordance with art. 10 of the commencing S.I.) by Finance Act 2010 (c. 13), Sch. 6 paras. 15(2)(b), 34(2); S.I. 2012/736, art. 10

[^key-2b55720f8a9336fc8f70fc96e9eaeac5]: Words in Sch. 19 para. 15(c) substituted (1.4.2012) by Finance Act 2010 (c. 13), Sch. 6 paras. 15(3), 34(2); S.I. 2012/736, art. 11

[^key-fce461313fc13a49226795a856a7dca4]: Words in s. 81(8) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 93

[^key-5b7f7724a8584160fa5a71a3ebf6d777]: Sch. 14 para. 6 omitted (with effect in accordance with Sch. 39 para. 10(1) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 3(2)(c) (with Sch. 39 paras. 11-13)

[^key-799ccbef6f30e8433fed9f323c891245]: Sch. 14 para. 15 omitted (with effect in accordance with Sch. 39 para. 10(1) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 39 para. 5(2)(b) (with Sch. 39 paras. 11-13)

[^M_F_6381c2f1-2d45-4ccd-b06f-23304fe41834]: Word in Sch. 13 para. 1(3) substituted (with effect in accordance with s. 98(5) of the amending Act) by Finance Act 2008 (c. 9), s. 98(2)

[^M_F_1db9de0e-d3d0-4683-d11d-49d767da9a14]: Sch. 13 para. 1(3A) inserted (with effect in accordance with s. 98(5) of the amending Act) by Finance Act 2008 (c. 9), s. 98(3)

[^M_F_d4cf7999-fd5b-48a3-a87d-3bcf519170ff]: Words in Sch. 13 para. 6(1) substituted (with effect in accordance with s. 98(5) of the amending Act) by Finance Act 2008 (c. 9), s. 98(4)

[^M_F_6dea98e5-bc9d-47e5-b54b-6622b3100597]: Words in Sch. 19 para. 15(a) substituted (14.3.2012) by Charities Act 2011 (c. 25), s. 355, Sch. 7 para. 81(a) (with s. 20(2), Sch. 8)

[^M_F_2d226dfd-4b49-4cd2-a2e1-6f7a67246281]: Words in Sch. 19 para. 15(b) substituted (14.3.2012) by Charities Act 2011 (c. 25), s. 355, Sch. 7 para. 81(b) (with s. 20(2), Sch. 8)

PRT returns.

Business assets: roll-over relief.

Penalties.

Stamp duty and stamp duty reserve tax: unit trusts.

Rate of insurance premium tax.

Interest on repayments.

Interest on repayments.

Deferred gains: application of taper relief.

Definition of Government Stock.

Definition of Government Stock.

Definition of Government Stock.

Advance corporation tax: consequences of abolition.

Company tax returns, etc.

Group relief: consequences of reduction in surrenderable amount.

Penalties.

Rate of insurance premium tax.

Bearer instruments.

Rate of insurance premium tax.

Definition of Government Stock.

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

and in the closing words for “Funds” (twice) substitute “ funds ”.

After Schedule 5B to the Taxation of Chargeable Gains Act 1992 (EIS re-investment) insert—

Exclusion of charge in case of individual pension accounts

In section 257A—

Section 1.

Further provision about married couple’s allowance.

Abolition of existing relief in respect of children.

Phasing out of vocational training relief.

Further provision about married couple’s allowance.

Employees seconded to educational establishments.

Advance corporation tax: consequences of abolition.

Power to make regulations with respect to administration, etc.

Relief on distributions.

Release or writing off of debt: interest on tax overpaid.

Group relief: consequences of reduction in surrenderable amount.

Advance corporation tax: consequences of abolition.

Interest and penalties on late stamping.

Power to make regulations with respect to administration, etc.

Lending by Revenue Accounts to National Loans Fund.

Lending by Revenue Accounts to National Loans Fund.

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

A “sale and lease-back arrangement” means any such arrangement as is described in section 779(1) or (2) or section 780(1) of the Taxes Act 1988.

A “sale and lease-back arrangement” means any such arrangement as is described in section 779(1) or (2) or section 780(1) of the Taxes Act 1988.

Exclusion of charge in case of individual pension accounts

In section 4—

Section 69(5).

Goods for sale on board ships or aircraft.

Works of art, antiques, etc.

Preparations etc. of meat, yeast or egg.

Personal allowances for 1999-00 for those aged 65 or more.

Aggregation of money gifts for relief in poor countries.

Sale and lease-back: ring fence profits.

Sale and lease-back: ring fence profits.

Minor amendments of exceptions to general charge.

Sale and lease-back: ring fence profits.

PRT returns.

Power to make regulations with respect to administration, etc.

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

and in the closing words for “Funds” (twice) substitute “ funds ”.

Exclusion of charge in case of individual pension accounts

In section 257A—

Section 1.

Exclusion of charge in case of individual pension accounts

In section 4—

Section 69(5).

Group relief: consequences of reduction in surrenderable amount.

Abolition of existing relief in respect of children.

Company tax returns, etc.

Interest on repayment of duty overpaid etc.

Bearer instruments.

Bearer instruments.

Minor amendments of exceptions to general charge.

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

and in the closing words for “Funds” (twice) substitute “ funds ”.

A “sale and lease-back arrangement” means any such arrangement as is described in section 779(1) or (2) or section 780(1) of the Taxes Act 1988.

In section 4—

Section 69(5).

Corporation tax starting rate.

Abolition of widow’s bereavement allowance.

Release or writing off of debt: interest on tax overpaid.

Company restructuring and convertible securities.

Release or writing off of debt: interest on tax overpaid.

Power to exempt UK depositary interests in foreign securities.

Business assets: roll-over relief.

Lending by Revenue Accounts to National Loans Fund.

Gifts.

Power to make regulations with respect to administration, etc.

Rate of insurance premium tax.

Lending by Revenue Accounts to National Loans Fund.

Interest on repayments.

Definition of Government Stock.

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

and in the closing words for “Funds” (twice) substitute “ funds ”.

After Schedule 5B to the Taxation of Chargeable Gains Act 1992 (EIS re-investment) insert—

Exclusion of charge in case of individual pension accounts

In section 257A—

Section 1.

Company restructuring and convertible securities.

Penalties.

Stamp duty and stamp duty reserve tax: unit trusts.

Interest on repayments.

Definition of Government Stock.

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

and in the closing words for “Funds” (twice) substitute “ funds ”.

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

Substitute instruments

12A

Exclusion of charge in case of individual pension accounts

In section 257A—

Section 1.

Company tax returns, etc.

Power to exempt UK depositary interests in foreign securities.

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

and in the closing words for “Funds” (twice) substitute “ funds ”.

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

11A

Exclusion of charge in case of individual pension accounts

In section 4—

Section 69(5).

Provision and support of bus services.

Group relief: consequences of reduction in surrenderable amount.

Pipe-line elections.

Pipe-line elections.

PRT returns.

Penalties.

Penalties.

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

and in the closing words for “Funds” (twice) substitute “ funds ”.

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

Exclusion of charge in case of individual pension accounts

In section 257A—

Section 1.

Release or writing off of debt: interest on tax overpaid.

Advance corporation tax: consequences of abolition.

Excluded oil.

PRT returns.

Gifts.

Interest on repayment of duty overpaid etc.

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

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

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

Exclusion of charge in case of individual pension accounts

In section 257A—

Section 1.

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

and in the closing words for “Funds” (twice) substitute “ funds ”.

Exclusion of charge in case of individual pension accounts

In section 257A—

Section 1.

Treatment of transfer fees under existing contracts.

Court common investment funds.

Release or writing off of debt: interest on tax overpaid.

Advance corporation tax: consequences of abolition.

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

and in the closing words for “Funds” (twice) substitute “ funds ”.

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

Exclusion of charge in case of individual pension accounts

In section 257A—

Section 1.

Exclusion of charge in case of individual pension accounts

In section 4—

Section 69(5).