Finance Act 1970
Act partly in force at Royal Assent see individual sections. All provisions so far as unrepealed wholly in force at 1.2.1991. General amendments to Tax Acts, Income Tax Acts, and/or Corporation Tax Acts made by legislation after 1.2.1991 are noted against Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) but not against each Act For the extent of this Act see s. 36(7) S. 1 repealed by Statute Law (Repeals) Act 1974 (c. 22), Sch. Pt. II Ss. 2(1)–(8)(10), 3 repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7 Ss. 2(1)–(8)(10), 3 repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7 S. 4 repealed with savings by Finance Act 1977 (c. 36), s. 59(5), Sch. I Pt. II S. 5 repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I S. 6 repealed (S.) (1.9.2009 at 5.00 a.m.) by Licensing (Scotland) Act 2005 (asp 16), s. 150(2), Sch. 7 (with s. 143); S.S.I. 2007/472, art. 3 S. 6(1)(2)(a) repealed by Alcoholic Liquor Duties Act 1979 (c. 4), Sch. 4 Pt. I Words substituted by virtue of Interpretation Act 1978 (c. 30), s. 17(2)(a) Words in s. 6(2)(b) repealed (24.11.2005) by Licensing Act 2003 (c. 17), s. 201(2), Sch. 6 para. 54(a), Sch. 7 (with ss. 2(3), 15(2), 195); S.I. 2005/3056, art. 2(2) (with art. 4) Words in s. 6(2)(b) substituted (24.11.2005) by Licensing Act 2003 (c. 17), s. 201(2), Sch. 6 para. 54(b) (with ss. 2(3), 15(2), 195); S.I. 2005/3056, art. 2(2) S. 7(1)–(4)(6)(7) repealed by Alcoholic Liquor Duties Act 1979 (c. 4), Sch. 4 Pt. I S. 7(5)(8) repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I S. 8 repealed by Hydrocarbon Oil (Customs & Excise) Act 1971 (c. 12), s. 24(2), Sch. 7 S. 9 repealed by Vehicles (Excise) Act 1971 (c. 10), s. 39(5), Sch. 8 Pt. I S. 10 repealed by Finance Act 1973 (c. 51), s. 59(7), Sch. 22 Pt. I Ss. 11–14 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31 S. 15 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), ss. 82, 164(4)(5), Sch. 2 S. 16 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31 S. 17 repealed by Finance Act 1972 (c. 41), ss. 75(7)(8) and 134, Sch. 10 para.10 and Sch. 28 Part V except as respects interest paid or payable before 1972–73 Ss. 19–26 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31 S. 27 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with s. 201(3), Sch. 11 paras. 22, 26(2), 27) S. 28 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with s. 201(3), Sch. 11 paras. 22, 26(2), 27) S. 29(1)(2)(3)(a)(4)(8) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844(4), Sch. 31 S. 29(3)(5)(6)(7)(9) repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) S. 30 repealed by Finance Act 1989 (c. 26), s. 187(1), Sch. 17 Pt. X S. 31 repealed with savings by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), 59, Sch. 13 Pt. I S. 32 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(2) Notes 1, 2) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2) S. 33 extended by Finance Act 1976 (c. 40), s. 127(7). Words in s. 33(1) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629), {art. 4(2)(a)} Words in s. 33 substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 1(a) (with regs. 7(4), 9(1)) Words in s. 33(1) substituted (with effect in accordance with s. 112(6) of the amending Act) by Finance Act 1999 (c. 16) ss. 112(4), 122, {Sch. 14 para. 5} 1891 c. 39. Words repealed by Finance Act 1976 (c. 40), s. 127(4). S. 33; definition of "recognised stock exchange" repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 4(2)(b) Words in s. 33(2)(b) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629),{ art. 4(3)} Words in s. 33(2)(c) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629), {art. 4(3)} Words in s. 33(2)(d) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629), {art. 4(3)} 1963 c. 18. Words in s. 33(4) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629), {art. 4(3)} 1891 c. 39. Words in s. 33(5) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629), {art. 4(3)} 1891 c. 38. s. 33(7) added (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629), {art. 4(4)} Words in s. 33(7) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 1(b) (with regs. 7(4), 9(1)) S. 34 repealed by Finance Act 1980 (c. 48), s. 122, Sch. 20 Pt. IX S. 35 repealed by Northern Ireland (Loans) Act 1975 (c. 83), s. 4(2), Sch. S. 36(3) repealed by Customs and Excise Management Act 1979 (c. 2, SIF 40:1), s. 177(3), Sch. 6 Pt. I Sch. 1 Pts. I, II paras. 1–13, 15, 16(1) repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7 Sch. 1 Pts. I, II paras. 1–13, 15, 16(1) repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7 Sch. 1 Pt. II para. 14 repealed by Statute Law (Repeals) Act 1974 (c. 22), Sch. Pt. II Sch. 1 Pts. I, II paras. 1–13, 15, 16(1) repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7 Sch. 1 Pts. I, II paras. 1–13, 15, 16(1) repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7 Sch. 2 paras. 1–4 repealed with savings by Finance Act 1977 (c. 36), s. 59(5), Sch. 9 Pt. II Sch. 2 para. 5 repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I Sch. 3 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 3 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 3 paras. 2–7 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31, and Sch. 3 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 3 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 4 Pt. I (paras. 1–5) repealed by Finance Act 1972 (c. 41), s. 134, Sch. 28 Part VI Sch. 4 Pt. II paras. 6, 8, 9(6), 11 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31 Sch. 4 Pt. II para. 7 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), ss. 82, 164(4)(5), Sch. 2 Sch. 4 Pt. II paras. 6, 8, 9(6), 11 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31 Sch. 4 Pt. II para. 9(1)–(5), (7)–(9) repealed by Finance Act 1972 (c. 41), ss. 75(7)(8), 134, Schs. 10 para. 10 and 28 Part V Sch. 4 Pt. II paras. 6, 8, 9(6), 11 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31 Sch. 4 Pt. II paras. 6, 8, 9(6), 11 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31 Sch. 5 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31. (See Sch. 30 para. 17 of that Act which preserves the definition of “pension business" in para. 11(3) in certain circumstances.) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 Pt. I paras. 1, 2 repealed, as regards disposals after 22nd July 1970, by Finance Act 1971 (c. 68), ss. 55, 69(7) and Sch. 14 Pt. III subject to s. 55 and Sch. 9, and Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by the Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 7 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(2) Notes 1, 2 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2) Sch. 7 para. 1(3)(a) repealed by Finance Act 1971 (c. 68), Sch. 14 Pt. VI Word repealed by Finance Act 1985 (c. 54, SIF 114), s. 98(6), Sch. 27 Pt. IX(2) Sch. 7 para. 1(3)(c) and Sch. 7 para. 4 repealed by Finance Act 1985 (c. 54, SIF 114), s. 98(6), Sch. 27 Pt. IX(2) Sch. 7 para. 1(3)(c) and Sch. 7 para. 4 repealed by Finance Act 1985 (c. 54, SIF 114), s. 98(6), Sch. 27 Pt. IX(2) Sch. 7 para. 5 repealed by Finance Act 1972 (c. 41), Sch. 28 Pt. XI Sch. 7 para. 6 repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI Sch. 7 para. 7(4) repealed by Finance Act 1989 (c. 26, SIF 114), s. 187(1), Sch. 17 Pt. IX Sch. 7 para. 8 repealed by Finance Act 1971 (c. 68), Sch. 14 Pt. VI Sch. 7 para. 9 repealed by Finance Act 1987 (c. 16, SIF 114), s. 72, Sch. 16 Pt. VIII Sch. 7 paras. 10, 11 repealed by Finance Act 1974 (c. 30), Sch. 14 Pt. III Sch. 7 para. 13(2) repealed by Finance Act 1974 (c. 30), Sch. 14 Pt. IV Sch. 7 para. 15 repealed by Finance Act 1973 (c. 51), s. 59(7), Sch. 22 Pt. V Words substituted by virtue of Decimal Currency Act 1969 (c. 19), s. 10(1) Sch. 7 para. 17 repealed by Finance Act 1989 (c. 26, SIF 114), s. 187(1), Sch. 17 Pt. IX Sch. 7 para. 18 repealed by Finance Act 1972 (c. 41), Sch. 28 Pt. XI Words in Sch. 8 Pt. V repealed (1.10.2009) by Public Health etc. (Scotland) Act 2008 (asp 5), s. 128(2), Sch. 3 Pt. 1 (with s. 127); S.S.I. 2009/319, art. 2(a), Sch. 1 Words of enactment omitted under authority of Statute Law Revision Act 1948 (c. 62), s. 3 General amendments etc. to Tax Acts (or Income Tax Acts or Corporation Tax Acts as the case may be) made by Taxes Management Act 1970 (c. 9, SIF 63:1), s. 41A(7) (as added by Finance Act 1990 (c. 29, SIF 63:1), s. 95(1)(2), British Telecommunications Act 1981 (c. 38, SIF 96), s. 82(2)(7); Telecommunications Act 1984 (c. 12, SIF 96), s. 72(3); Finance Act 1984 (c. 43, SIF 63:1), ss. 82(6), 85(2), 89(1)(7), 96(1)(7), 98(7), Sch. 9 para. 3(2)(9), Sch. 16 paras. 6, 12 and Finance Act 1985 (c. 54, SIF 63:1), ss. 72(1), 74(5), Sch. 23 para. 15(4), S.I. 1987/530, regs. 11(2), 13(1), 14, Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss. 4, 6, 7, 9, 32, 34, 78, 134, 135, 141, 142, 185, 191, 193, 194, 195, 200, 203, 209, 212, 213, 219, 247, 253, 272, 287, 314, 315, 317, 318, 325, 326, 327, 345, 350, 351, 368, 375, 381, 397, 414, 432, 440, 442, 446, 458, 460, 461, 463, 463(2)(3) (as added by Finance Act 1990 (c. 29, SIF 63:1), s. 50(2) ), 468, 474, 475, 486, 490, 491, 503, 511, 518, 524, 532, 544, 550, 556, 558, 569, 572, 582, 595, 601, 613, 617, 619, 621, 639, 656, 660, 663, 676, 689, 691, 694, 700, 701, 714, 716, 739, 743, 754, 763, 776, 780, 781, 782, 787, 789, 811, 828, 829, 832, 833, 834, 835, 837, 838, 839, 840, 841, 842, Sch. 2 para. 5, Sch. 4 para. 5, Sch. 13 para. 10, Sch. 16 para. 10, Sch. 21 para. 6, Sch. 26 para. 1, Sch. 27 para. 20, Finance Act 1988 (c. 39, SIF 63:1), ss. 66, 127(1)(6), Sch. 12 para. 6, Capital Allowances Act 1990 (c. 1, SIF 63:1), ss. 28(1), 68(8), 74, 82, 83(5), 148(5), 163(4), 164(2), S.I. 1990/627 and Finance Act 1990 (c. 29, SIF 63:1), s. 25(10) Act amended (retrospectively) by Finance Act 1991 (c. 31, SIF 63:1), s. 36(4)(a)(b) The text of s. 36(8) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991. The text of Sch. 1 Pt. II para. 16(2)(3) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 Part of the text of Sch. 4 Pt. II para. 10 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 The text of Sch. 7 paras. 1(3)(b), 7, 12, 13(1), 14, 16(1)–(3)(5) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 The text of Sch. 7 paras. 1(3)(b), 7, 12, 13(1), 14, 16(1)–(3)(5) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 The text of Sch. 7 paras. 1(3)(b), 7, 12, 13(1), 14, 16(1)–(3)(5) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 The text of Sch. 7 paras. 1(3)(b), 7, 12, 13(1), 14, 16(1)–(3)(5) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 The text of Sch. 7 paras. 1(3)(b), 7, 12, 13(1), 14, 16(1)–(3)(5) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 The text of Sch. 7 paras. 1(3)(b), 7, 12, 13(1), 14, 16(1)–(3)(5) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 The text of Sch. 8 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 1891 c. 39. 1968 c. 65. 1891 c. 39. 1959 c. 58. 1906 c. 14. 1922 c. 17. 1948 c. 38. 1891 c. 39. 1961 c. 36. 1891 c. 38. 1956 c. 54. 1891 c. 39. 1891 c. 39. 1967 c. 47. An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.
The general betting duty in respect of any bet made on or after 27th April 1970 shall—
if it is an on-course bet, be of an amount equal to 5. per cent, of the amount staked, and
if it is not an on-course bet, be of an amount equal to 6. per cent, of the amount staked.
Where it is shown to the satisfaction of the Commissioners that a bookmaker has laid off the whole or any part of an on-course bet made with him by making an on-course bet (in this subsection called a " hedging " bet), being a dutiable bet made in the course of the same meeting, and on the same contingency, as the first-mentioned bet, and that both the bookmaker making, and the person accepting, the hedging bet have complied with such conditions as the Commissioners think fit to impose for the protection of the revenue, the first-mentioned bet shall, up to the amount staked by the hedging bet, be exempt from general betting duty, and the Commissioners shall remit or repay duty accordingly. In giving relief under this subsection, in no circumstances may any part of the amount staked by a hedging bet be brought into account more than once. This subsection applies to bets made on or after 27th April 1970.
In this section an " on-course bet" means a bet made in the course of a meeting—
with a bookmaker present at the meeting, or
by means of a totalisator situated on premises forming part of the track,
where—
the person making the bet (that is to say the person originating the bet and not any agent or intermediary) is present at the meeting, or
apply in relation to tobacco substitutes, subject to such modifications as may be specified in the regulations but otherwise as they apply in relation to tobacco, any provisions contained in Part V of the Customs and Excise Act 1952 ;
the bet is made by a person carrying on a bookmaking business acting as a principal (and not acting as agent for, or on behalf of, some other person).
regulate the manufacture of tobacco substitutes and prohibit the importation of tobacco substitutes (whether or not forming part of products for smoking) containing any ingredient the use of which in the manufacture of tobacco substitutes is prohibited by the regulations ;
contain provisions for the protection of the revenue,
For the purposes of this section—
" dutiable bet" means a bet to which section 12(1) of the Finance Act 1966 (application of general betting duty) applies,
" meeting" means any occasion on any one day on which events take place on any track,
expressions defined by section 15(6) of the Finance Act 1966 shall have the same meanings in this section.
As from 27th April 1970 section 2(4) of the Finance Act 1969 (betting premises licence for off-course betting) shall cease to have effect.
On application made to the proper officer in respect of a betting premises licence for a period falling partly after 27th April 1970 the duty paid or payable on the licence shall, subject to subsection (7) below, be repaid or remitted to the following extent— and any amount so repayable shall be paid to the person who is the holder of the licence on 27th April 1970.
five-twelfths of the duty on the licence, if the period of validity of the licence began before 1st January 1970,
five-ninths of the duty on the licence, if the period of validity of the licence began in 1970, but before 1st April 1970,
five-sixths of the duty on the licence, if the period of validity of the licence began after 31st March 1970,
If, under arrangements made by the Commissioners, the holder of a betting premises licence was allowed to pay the duty on the licence by twelve monthly instalments payable on the first day of each month, subsection (6) above shall not apply, but all duty first becoming payable under the arrangements after April 1970 shall be remitted.
Where subsection (6) or subsection (7) above applies, the amount of any penalty under paragraph 9(a), and the amount of any duty on a licence under paragraph 9(b), of Schedule 8 to the Finance Act 1969 shall be adjusted accordingly.
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A gaming licence shall be a licence for the period from 1st October in any year to 31st March in the following year, or from 1st April in any year to 30th September in that year (all dates inclusive).
The amount of the duty under this section on a gaming licence in respect of any premises shall be determined in accordance with the Table in, and the other provisions of. Schedule 1 to this Act.
Without prejudice to subsections (5) and (6) of this section, the games to which this section applies are baccarat, punto banco, big six, blackjack, boule, chemin de fer, chuck-a-luck, craps, crown and anchor, faro, faro bank, hazard, poker dice, pontoon, French roulette, American roulette, trente et quarante, vingt-et-un, and wheel of fortune.
The Treasury may by order made by statutory instrument add to the games mentioned in subsection (4) of this section any game not for the time being mentioned therein if it appears to the Treasury proper so to do for the protection of the revenue, having regard to the character of the game and the circumstances in which it is played; but a statutory instrument containing an order under this subsection shall be laid before the Commons House of Parliament after being made, and the order shall cease to have effect at the end of twenty-eight days after the day on which it was made (but without prejudice to anything previously done under the order or to the making of a new order) unless at some time before the end of those twenty-eight days the order is approved by resolution of that House ; and, in reckoning for the purposes of this subsection any period of twenty-eight days, no account shall be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than four days.
Any reference in this section or in any order under subsection (5) thereof to a particular game shall be taken to include a reference to any game (by whatever name called) which is essentially similar to that game; and in proceedings relating to the gaming licence duty under the excise Acts an averment in any process that a particular game is essentially similar to another particular game shall, until the contrary is proved, be sufficient evidence that it is so.
Gaming taking place on any premises at a time when no licence is in force as respects those premises under the Gaming Act 1968 shall not require the authority of a gaming licence under this section.
Subject to subsection (7) above, all gaming taking place after 30th September 1970 by way of any game to which this section for the time being applies shall require the authority of a gaming licence under this section, and as respects gaming after that date section 13 of the Finance Act 1966 (which is superseded by this section) shall cease to have effect.
Part II of Schedule 1 to this Act shall have effect for supplementing the provisions of this section (in that Schedule called “the principal section").
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" gaming " has the same meaning as in the Gaming Act 1968, and
the particulars of which are set out in any enactment, or in regulations made under any enactment, or
No more than one gaming machine licence shall be in force at any time as respects the gaming machines on any premises, except that there may be one ordinary gaming machine licence as respects the gaming machines chargeable at the lower rate, and one ordinary gaming machine licence as respects the gaming machines chargeable at the higher rate.
In accordance with subsection (1) above, in ascertaining whether there has been a contravention of section 5(11) of the Finance Act 1969 (failure to take out appropriate licence) in respect of any premises, two (but not more than two) ordinary gaming machine licences may be taken into account if one relates only to machines chargeable at the lower rate, and the other to machines chargeable at the higher rate, and in other cases only one licence may be taken into account.
The proper officer may, in such manner as the Commissioners may direct, and without any additional payment, amend a gaming machine licence by substituting different premises for those in respect of which it is for the time being in force, but—
this subsection shall not be taken as authorising any amendment affecting the number or descriptions of gaming machines authorised by the licence, and
in the case of an ordinary licence, the proper officer must be satisfied that there is no other licence in force as respects the new premises, except where the transfer is of a licence relating only to machines chargeable at the lower rate, or the higher rate, and the licence already in force relates only to machines chargeable at the other rate.
Section 5(2) of the Finance Act 1969 shall be amended as follows. For the words from ' a " penny machine "' to the end of the subsection substitute ' a " penny machine " is a gaming machine which, in order to be played once, requires the insertion of— and which cannot be played in any other way.'
a single new penny, or
a single new halfpenny, or
a single penny,
Notwithstanding anything in Part V of the Customs and Excise Act 1952 (which relates to tobacco and, in particular, imposes prohibitions on the manufacture, use, sale and possession of substances resembling tobacco), the Commissioners may make regulations authorising the manufacture of tobacco substitutes and their use in the production of cigarettes, pipe tobacco, cigars and other products intended for smoking or, though not so intended, customarily made from tobacco (all of which products are in the following provisions of this section referred to as " products for smoking " ).
Subject to the provisions of regulations under this section—
the duties of excise on tobacco shall be charged on tobacco substitutes manufactured in the United Kingdom as if the substitutes were unmanufactured tobacco;
the duties of customs on tobacco shall be charged on the importation of tobacco substitutes as if the substitutes were tobacco; and
for the purpose of any enactment relating to drawback on tobacco, tobacco substitutes shall be deemed to be tobacco.
Regulations under this section may provide that, subject to such exceptions as may be specified in the regulations, no person shall manufacture tobacco substitutes unless he holds a licence for the purpose expiring on such day in each year as may be so specified; and there shall be charged on any such licence a duty of excise of £10.
including provisions corresponding to those which, by virtue of section 177 or section 179 of the said Act of 1952, may be contained in regulations under those sections relating to the manufacture and growing of tobacco;
require the deposit of tobacco substitutes in a warehouse in such cases as may be specified in the regulations ;
in order to secure a comparable treatment of tobacco and tobacco substitutes for the purposes of duties of customs and excise, provide in such cases as may be so specified for reductions in the amount of duty which would otherwise be payable on tobacco substitutes by virtue of subsection (2) above ; and
contain provisions for the exemption, remission or repayment of duty in respect of tobacco substitutes in such cases as may be so specified.
The Commissioners may by regulations provide that—
in order to secure that tobacco does not Dear a double duty of customs or excise by virtue of any provision made by or under this section, the amount of duty which would otherwise be payable in respect of tobacco shall be reduced in accordance with, and in such cases as may be specified in, the regulations; and
where any tobacco refuse or tobacco stalks is or are delivered to a manufacturer of tobacco substitutes, the amount of any drawback payable shall be reduced in accordance with, and in such cases as may be specified in, the regulations.
Any person contravening or failing to comply with any provision of regulations under this section shall be liable to a penalty of £200, and any article in respect of which, or found on premises in respect of which, the offence was committed shall be liable to forfeiture.
Subject to subsection (8) below, in this section " tobacco substitutes " means substances (including substances containing or manufactured from tobacco) of a kind which are, or in the opinion of the Commissioners may be, used in substitution wholly or partly for tobacco in the manufacture of products for smoking.
Notwithstanding anything in subsection (7) above, the following substances are not " tobacco substitutes" for the purposes of this section, namely—
substances which by virtue of paragraphs (a) to (e) of section 176(1) of the Customs and Excise Act 1952 may be used in manufacturing tobacco ;
any substance which, by virtue of the said section 176(1), is permitted by the Commissioners to be used in manufacturing tobacco and which is used in accordance with such conditions and restrictions applicable to that use as may have been imposed under that section; and
substances which in the opinion of the Commissioners are intended solely for use in the manufacture of products commonly known as herbal smoking mixtures or herbal cigarettes.
relating to duties of customs and excise and drawback on tobacco; and
modifying customs procedures in relation to standing deposits and the use of computers ;
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Angostura bitters shall be deemed not to be spirits for the purposes of— and accordingly angostura bitters shall be treated as a non-intoxicating drink for the purposes of the enactments specified in paragraph (b) above.
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the Licensing (Scotland) Act 1976... and any other enactment (whether passed before or after the commencement of this Act) in which “spirits” has the same meaning as in that Act;
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The said enactments are— Schedule 5 to the Finance Act 1969 and section 181(1) of the Customs and Excise Act 1952 (tobacco; duty, drawback and allowance). Section 4 of the Finance Act 1951 as amended by section 4 of the Finance Act 1963 (duties on matches). So much of Schedule 3 to the Finance Act 1969 as relates to wine exceeding 42 degrees proof spirit. Table 2 in Schedule 1 to the Finance Act 1964 (imported perfumed spirits). Section 104 of the Customs and Excise Act 1952 (export of British compounded spirits).
An order made under this section shall not have effect from a date earlier than the appointed day.
If and so far as an order made under this section amends any of the rates of drawback in Table 3 in Schedule 5 to the Finance Act 1969 (tobacco), the rate of drawback as so amended shall apply (from the date when the amendment has effect) to all tobacco on which duty has been paid at the appropriate rate in the said Schedule 5 either as originally enacted, or as amended by an order under this section.
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may include such consequential, supplementary or transitional provisions as the Treasury think fit, and
may be revoked or varied by a subsequent order.
An order under this section shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament.
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In section 6 of the Vehicles (Excise) Act 1962 (in this section referred to as " the 1962 Act") in subsection (1)(g) (which exempts from vehicles excise duty invalid carriages not exceeding six hundredweight unladen) for the word " six " there shall be substituted the word " eight ".
In section 12(1) of the 1962 Act (vehicles for which trade licences may be issued) after paragraph (ii) there shall be inserted the words or.
In section 12(10) of the 1962 Act, in the definition of " recovery vehicle", which was inserted by paragraph 2 of Part II of Schedule 12 to the Finance Act 1969, for the words from " on which " to " designed primarily " there shall be substituted the words " on which there is mounted, or which is drawing, or which is carrying as part of its equipment, apparatus designed for raising a disabled vehicle wholly or partly from the ground or for drawing a disabled vehicle when so raised, and which is not used ".
Subject to subsection (5) below, for the purpose of calculating any amount due on or after 15th February 1971 from or to any person under any provision of the 1962 Act, section 12 of the Finance Act 1967 (additional liability for keeping unlicensed vehicle) or the Vehicle and Driving Licences Act 1969, any fraction of a new penny in that amount shall be disregarded ; and accordingly section 9(3) of the 1962 Act and so much of section 8(3) of the said Act of 1969 as relates to disregarding fractions of a penny shall on that day cease to have effect.
Subsection (4) above shall not apply for the purpose of calculating any amount due under any provision of section 2(2) or section 12.(5) of the 1962 Act relating to the duty on a vehicle licence or trade licence for a period of less than a year.
This section shall come into force on 1st September 1970.
Income tax for the year 1970-71 shall be charged at the standard rate of 41-25 per cent, and, in the case of an individual whose total income exceeds £2,500, at such higher rates in respect of the excess over £2,000 as Parliament may hereafter determine.
Accordingly, in section 3(1) of the Taxes Act (effect of Act charging tax at a standard rate and, in the case of an individual whose total income exceeds a stated amount, at a higher rate or rates in respect of any part or parts of his income in excess of that amount) the words " in excess of that amount" shall be omitted.
Subject to subsection (2) below, income tax for the year 1969-70 shall be charged, in the case of an individual whose total income exceeded £2,500, at a rate, for every £1 of each part specified in the following Table of the excess of that income over £2,000, equal to the standard rate for that year plus the additional rate so specified for that part. Part of excess Additional rate The first £500 10% The next £500 12.5% The next £1,000 17.5% The next £1,000 22.5% The next £1,000 27.5% The next £2,000 32.5% The next £2,000 37.5% The next £2,000 42.5% The next £3,000 47.5% The remainder 50%
An individual whose total income for the year 1969-70 did not exceed £2,681 shall be entitled to have the surtax chargeable by virtue of subsection (1) above reduced to an amount equal to 40 per cent, of the difference between his total income and £2,500.
By reason of subsection (1) above, in section 2(1) of the Income Tax Act 1952 (effect, for years preceding 1970-71, of Act charging tax at a standard rate and, in the case of an individual whose total income exceeds a stated amount, at a higher rate or rates in respect of any part or parts of his income in excess of that amount), the words " in excess of that amount" shall be omitted.
Corporation, tax shall be charged for the financial year 1969 at the rate of 45 per cent.
For the year 1970-71 and subsequent years of assessment, Chapter II of Part I of the Taxes Act (personal reliefs) shall have effect subject to the following amendments: —
in section 8 (married and single relief)—
in subsection (1)(a) (married), for the reference to £375 there shall be substituted a reference to £465,
in subsection (1)(b) (single), for the reference to £255 there shall be substituted a reference to £325,
in subsection (2) (wife's earned income relief), for the reference to £255 there shall be substituted a reference to £325, and
in subsection (3) (amount of married relief in year of marriage), for the words "reduced by £10 for each month of the year ending before the date of the marriage " there shall be substituted " reduced, for each month of that year ending before the date of the marriage, by one-twelfth of the amount by which it exceeds the sum specified in paragraph (b) of that subsection ".
section 22 (reduced rate relief) shall cease to have effect, and, in section 5 (introductory), for the reference to sections 6 to 22 there shall be substituted a reference to sections 6 to 21;
in section 7 (relief for persons over 65 with small incomes)—
for the references to £425 and £680 (income limits for exemption) there shall be substituted references to £475 and £740,
for the reference to £265 (the excess over those limits beyond which relief by reduction of tax is excluded) there shall be substituted a reference to £255, and
for the reference to nine-twentieths (the fraction governing relief by reduction of tax) there shall be substituted a reference to 50 per cent.;
in section 6(2) (relief for small incomes), for the reference to £710 (the income limit for marginal relief) there shall be substituted a reference to £750, and for the reference to one-half (the fraction governing marginal relief) there shall be substituted a reference to 55 per cent.;
in section 16 (relief for dependent relative), for the reference in subsection (1) to £245 (lower income limit of dependent relative) there shall be substituted a reference to £260, for the references in subsections (1) and (2) to £320 (the normal higher income limit) there shall be substituted references to £335, and for the reference in subsection (2) to £355 (the higher income limit where the claimant is a woman other than a married woman living with her husband) there shall be substituted a reference to £370 ; and
in section 14(1)(a) (additional relief for widows and others in respect of children: relief excluded in the case of a woman who is not a widow unless in full time occupation or totally incapacitated), the words from " except that it does not apply " to " physical or mental infirmity " shall be omitted.
The amounts of tax deductible or repayable under section 204 of the Taxes Act (pay as you earn) before 6th July 1970 shall be deemed not to have been affected by the provisions of subsection (1) above other than paragraph (e), but this subsection shall not prevent any necessary correction being made on or after that day by adjusting subsequent deductions or repayments under that section, or, if need be, by an assessment.
In relation to capital expenditure incurred, at any time within the period beginning on 6th April 1970 and ending on 5th April 1972, on the construction of a building or structure in such circumstances that a person becomes entitled to an initial allowance within the meaning of section 1 of the Capital Allowances Act 1968, for the words " three-twentieths " in subsection (2) of that section (the rate of allowance) there shall be substituted—
in a case falling within subsection (2) below, the words " two-fifths " ; and
in any other case, the words " three-tenths ".
The higher rate of initial allowance specified in subsection (1)(a) above applies if the building or structure concerned is situated in an area which is a development area or an intermediate area— or if the building or structure concerned is situated in Northern Ireland.
on the date on which the capital expenditure is incurred ; or
if the contract under which the capital expenditure is incurred was entered into on or after 6th April 1970, on the date on which that contract was entered into;
For the purposes of subsection (2) above—
" development area " has the same meaning as in Part I of the Local Employment Act 1960; and
" intermediate area " has the same meaning as in the Local Employment Act 1970.
Expenditure shall not be treated for the purposes of this section as having been incurred after the date on which it was in fact incurred by reason only of section 1(6) of the Capital Allowances Act 1968 (expenditure incurred before trade began) or section 5(1) of that Act (purchase of unused buildings and structures).
In computing for any accounting period (whether beginning before or after the commencement of this Act) the profits chargeable to corporation tax of a Passenger Transport Executive or of the London Transport Executive, there shall be left out of account—
any amounts paid to Passenger Transport Executives in pursuance of precepts issued under section 13 of the Transport Act 1968 ;
any grants made to the London Transport Executive by the Greater London Council under section 3(1)(a) of the Transport (London) Act 1969.
In computing the profit or loss of a Passenger Transport Executive in its trade in the first accounting period ending after 5th April 1970, the Executive shall be treated as having incurred a loss equal to the aggregate of the income tax losses and allowances (as defined in subsection (3) below) of each local authority whose interests in a transport undertaking (in this section referred to in relation to the local authority as " the transferred undertaking ") were transferred to the Executive by virtue of an order under section 17 of the Transport Act 1968; and section 177(1) of the Taxes Act (set-off of losses against trading income in succeeding accounting periods) shall apply accordingly.
For the purposes of subsection (2) above the income tax losses and allowances of a local authority means the following losses and allowances attributable to the transferred undertaking namely—
those losses (if any) which were incurred in or before the year 1965-66 in carrying on the undertaking and which, apart from any provision of the Finance Act 1965 (and in particular section 66, which exempted a local authority from income tax and corporation tax) would have been available to the local authority for set-off for tax purposes in the following year of assessment against income arising from the undertaking: and
so much of the allowances which by virtue of section 323 of the Income Tax Act 1952 were in the year 1965-66 available as a deduction in charging the profits or gains of the transferred undertaking for that year as, apart from any such provision as is referred to in paragraph (a) above, would have been available as such a deduction in the following year of assessment.
The provisions of Schedule 3 to this Act shall have effect in consequence of the transfer, under Part III of the Transport (London) Act 1969 of the property, rights, liabilities and functions of the London Transport Board to the London Transport Executive and London Country Bus Services Limited (being the subsidiary of the National Bus Company which is " the designated company " for the purposes of that Act).
Schedule 4 to this Act (which contains amendments of the Taxes Act and of the Capital Allowances Act 1968) shall have effect.
The Board shall approve any retirement benefits scheme for the purposes of this Chapter if the scheme satisfies all of the prescribed conditions, that is to say the conditions set out in subsection (2) below, and the conditions as respects benefits in Part I of Schedule 5 to this Act.
The said conditions are—
that the scheme is bona fide established for the sole purpose of providing relevant benefits in respect of service as an employee (as defined in this Chapter), being benefits payable to, or to the widow, children or dependants or personal representatives of, the employee,
that the scheme is recognised by the employer and employees to whom it relates, and that every employee who is, or has a right to be, a member of the scheme has been given written particulars of all essential features of the scheme which concern him,
that there is a person resident in the United Kingdom who will be responsible for the discharge of all duties imposed on the administrator of the scheme under this Chapter,
that the employer is a contributor to the scheme,
that the scheme is established in connection with some trade or undertaking carried on in the United Kingdom by a person resident in the United Kingdom,
that, where the employer is a company, no service of a person, in whatever capacity, rendered by him while he is a controlling director of the company is taken into account for any of the purposes of the scheme,
that in no circumstances, whether during the subsistence of the scheme or later, can any amount be paid by way of repayment of an employee's contributions under the scheme.
If in the opinion of the Board the facts concerning any scheme or its administration cease to warrant the continuance of their approval of the scheme, they may at any time by notice in writing to the administrator withdraw their approval on such grounds, and from such date, as may be specified in the notice.
Where an alteration has been made in a retirement benefits scheme, the scheme shall, for the purposes of this Chapter, be deemed to have become a new scheme coming into being on the date of the alteration, and accordingly no approval given as respects the scheme before the alteration shall apply after the date of the alteration: Provided that this subsection shall not apply to an alteration approved by the Board. "
For the purpose of determining whether a retirement benefits scheme, so far as it relates to a particular class or description of employees, satisfies or continues to satisfy the prescribed conditions that scheme shall be considered in conjunction with any other retirement benefits scheme or schemes relating to employees of that class or description, and, if those conditions are satisfied in the case of both or all of those schemes taken together, they shall be taken to be satisfied in the case of each of them but otherwise those conditions shall be taken to be satisfied in the case of none of them.
No approval shall be given as respects any period before 6th April 1970.
The Board may, if they think fit, having regard to the facts of a particular case, and subject to such conditions, if any, as they think proper to attach to the approval, approve a retirement benefits scheme for the purposes of this Chapter notwithstanding that it does not satisfy one or more of the prescribed conditions.
The Board may in particular approve by virtue of this section a scheme—
which exceeds the limits imposed by the prescribed conditions as respects benefits for less than 40 years' service, or
which exceeds the limits imposed by the prescribed conditions as respects benefits payable on the death of the employee, and in particular which provides a pension for the employee's widow, or
which provides for the return in certain contingencies of employees' contributions, or
which relates to a trade or undertaking carried on only partly in the United Kingdom, and by a person not resident in the United Kingdom.
In applying this section to an existing scheme the Board shall exercise their discretion, in such cases as appear to them appropriate, so as—
to preserve benefits earned or rights arising out of service before approval under this Chapter or before the date on which section 23 of this Act comes into force, whichever is the earlier, and
to preserve any rights to death-in-service benefits conferred by rules of the scheme in force on 26th February 1970.
This section has effect as respects— and any scheme which is for the time being within paragraph (a) or (b) above is in this Chapter referred to as an " exempt approved scheme ".
any approved scheme which is shown to the satisfaction of the Board to be established under irrevocable trusts, or
any other approved scheme as respects which the Board, having regard to any special circumstances, direct that this section shall apply,
Exemption from income tax shall, on a claim being made in that behalf, be allowed in respect of income derived from investments or deposits if, or to such extent as the Board are satisfied that, it is income from investments or deposits held for the purposes of the scheme.
Any sum paid by an employer by way of contribution under the scheme shall for the purposes of Case I or II of Schedule D, and of the provisions of Chapter I of Part )(II of the Taxes Act relating to expenses of management, be allowed to be deduoted as an expense, or expense of management, incurred in the chargeable period in which the sum is paid: Provided that—
the amount of an employer's contributions which may be so deducted shall not exceed the amount contributed by him under the scheme in respect of employees in a trade or undertaking in respect of the profits of which the employer is assessable to tax (that is to say United Kingdom income tax or corporation tax),
a sum not paid by way of an ordinary annual contribution shall for the purposes of this subsection be treated, as the Board may direct, either as an expense incurred in the chargeable period in which the sum is paid, or as an expense to be spread over such period of years as the Board think proper.
Any ordinary annual contribution paid under the scheme by an employee shall, in assessing tax under Schedule E, be allowed to be deducted as an expense incurred in the year of assessment in which the contribution is paid.
Relief shall not be given under section 19 or 20 of the Taxes Act (life assurance premiums and other payments) in respect of any payment in respect of which an allowance can be made under subsection (4) above.
There shall be exempt from tax chargeable under Case VII of Schedule D any gain accruing to a person from his acquisition and disposal of investments if, or to such extent as the Board are satisfied that, the investments are or were held by him or on his behalf for the purposes of the scheme.
For the purposes of capital gains tax a gain shall not be a chargeable gain where it accrues to a person on his disposal of investments if, or to such extent as the Board are satisfied that, those investments were held by him or on his behalf for the purposes of the scheme.
Nothing in this section shall be construed as affording relief in respect of any sums to be brought into account under section 314 of the Taxes Act (pension business of insurance companies).
This section has effect only as respects income arising or gains accruing or contributions paid at a time when the scheme is an exempt approved scheme.
Neither section 208 nor 209 of the Taxes Act (relief for superannuation funds and statutory pension schemes) shall apply as respects an exempt approved scheme, and the said section 208 shall cease to have effect on 6th April 1972 or such later date as the Treasury may by order in a statutory instrument made before 6th April 1972 appoint.
Neither subsection (1) nor subsection (2) of section 220 of the Taxes Act (which will be superseded by section 23 of this Act) shall apply to an approved scheme.
This section has effect as respects any statutory scheme established under a public general Act.
Any contribution paid under the scheme by any officer or employee shall, in assessing tax under Schedule E, be allowed to be deducted as an expense incurred in the chargeable period for which the contribution is paid and relief shall not be given under section 19 or 20 of the Taxes Act in respect of any contribution allowable as a deduction under this subsection.
This section has effect subject to section 210 of the Taxes Act (disallowance of contributions for widows' and other pensions).
This section shall come into force on such date as the Treasury may by order in a statutory instrument appoint.
Subject to the provisions of this Chapter, where, pursuant to a retirement benefits scheme, the employer in any year of assessment pays a sum with a view to the provision of any relevant benefits for any employee of that employer, then (whether or not the accrual of the benefits is dependent on any contingency)—
the sum paid, if not otherwise chargeable to income tax as income of the employee, shall be deemed for all the purposes of the Income Tax Acts to be income of that employee for that year of assessment and assessable to tax under Schedule E, and
where the payment is made under such an insurance or contract as is mentioned in section 19 of the Taxes Act, relief, if not otherwise allowable, shall be given to that employee under the said section 19 in respect of the payment to the extent, if any, to which such relief would have been allowable to him if the payment had been made by him and the insurance or contract under which the payment is made had been made with him.
Subject to the provisions of this Chapter, where— then (whether or not the accrual of the benefits is dependent on any contingency) an amount equal to the cost, estimated in accordance with subsection (3) below, of securing the provision by a third person of the benefits or, as the case may be, of the benefits so far as not already secured by the payment of such sums as are mentioned in subsection (1) above, shall be deemed for all purposes of the Income Tax Acts to be income of the employee for the year or years of assessment specified in the said subsection (3) and assessable to income tax under Schedule E.
the circumstances in which any relevant benefits under a retirement benefits scheme are to accrue are not such as will render the benefits assessable to income tax under Schedule E as emoluments of the employee in respect of whom the benefits are paid, and
the provision of those benefits is not, or is not fully, secured by the payment of sums by the employer with a view to the provision of those benefits,
The cost referred to in subsection (2) above shall be estimated either— as may be more appropriate in the circumstances of the case.
as an annual sum payable in each year of assessment in which the scheme in question is in force or the employee is serving, up to and including the year of assessment in which the benefits accrue or there ceases to be any possibility of the accrual thereof, or
as a single sum payable in the year of assessment in which falls the date when the employee acquired the right to the relevant benefits, or the date when he acquired the right to any increase in the relevant benefits,
Where the employer pays any sum as mentioned in subsection (1) above in relation to more than one employee, the sum so paid shall, for the purpose of that subsection, be apportioned among those employees by reference to the separate sums which would have had to be paid to secure the separate benefits to be provided for them respectively, and the part of the sum apportioned to each of them shall be deemed for that purpose to have been paid separately in relation to that one of them.
Any reference in this section to the provision for an employee of relevant benefits includes a reference to the provision of benefits payable to that employee's wife or widow, children, dependants or personal representatives.
This section shall come into force on 6th April 1972 or such later date as the Treasury may appoint by order in a statutory instrument made before 6th April 1972, and shall so come into force both for schemes set up before the date so appointed and schemes set up later.
Neither subsection (1) nor subsection (2) of the last preceding section shall apply where the retirement benefits scheme in question is—
an approved scheme, or
a statutory scheme, or
a scheme set up by a Government outside the United Kingdom for the benefit, or primarily for the benefit, of its employees.
Neither subsection (1) nor subsection (2) of the last preceding section shall apply for any year of assessment where, apart from those subsections, the employee is not assessable to tax for that year under Case I or II of Schedule E in respect of the emoluments of his employment.
Where, in respect of the provision for an employee of any relevant benefits, a sum has been deemed to be income of his by virtue either of subsection (1) or subsection (2) of the last preceding section, and subsequently the employee proves to the satisfaction of the Board that no payment in respect of, or in substitution for, the benefits has been made and that some event has occurred by reason of which no such payment will be made, and makes application for relief under this subsection within six years from the time when that event occurred, the Board shall give relief in respect of tax on that sum by repayment or otherwise as may be appropriate; and if the employee satisfies the Board as aforesaid in relation to some particular part of the benefits but not the whole thereof, the Board may give such relief as may seem to them just and reasonable.
In this Chapter " retirement benefits scheme " means, subject to the provisions of this section, a scheme for the provision of benefits consisting of or including relevant benefits, but does not include any national scheme providing such benefits.
References in this Chapter to a scheme include references to a deed, agreement, series of agreements, or other arrangements providing for relevant benefits notwithstanding that it or they relates or relate only to—
a small number of employees, or to a single employee, or
the payment of a pension starting immediately on the making of the arrangements.
The Board may, if they think fit, treat a retirement benefits scheme relating to employees of two or more different classes or descriptions as being for the purposes of this Chapter two or more separate retirement benefits schemes relating respectively to such one or more of those classes or descriptions of those employees as the Board think fit.
For the purposes of this section, and of any other provision of this Chapter—
employees may be regarded as belonging to different classes or descriptions if they are employed by different employers, and
a particular class or description of employee may consist of a single employee, or any number of employees, however small.
In this Chapter, except where the context otherwise requires—
" administrator " in relation to a retirement benefits scheme means the person or persons resident in the United Kingdom having the management of the scheme;
" exempt approved scheme " has the meaning given by section 21(1) of this Act;
which has been approved as an appropriate scheme by a Minister or government department (including a Northern Ireland Minister or government department).
" director " in relation to a company includes—
in the case of a company the affairs whereof are managed by a board of directors or similar body, a member of that board or similar body,
in relation to any employer, includes a person who is to be or has been an employee, and " employer " and other cognate expressions shall be construed accordingly;
in the case of a company the affairs whereof are managed by a single director or similar person, that director or person,
Any reference in this Chapter to the provision of relevant benefits, or of a pension, for employees of an employer includes a reference to the provision thereof by means of a contract between the administrator or the employer and a third person.
Schedule 5 to this Act shall have effect for supplementing this Chapter, which is there referred to as the principal Chapter, and that Schedule shall be construed as one with this Chapter.
For the purpose of section 41 of, and Schedule 18 to, the Finance Act 1969 and of section 270 of the Taxes Act (gilt-edged securities exempt from tax on capital gains: consequential charge on short-term disposals etc. by companies) in the expression " stocks and registered bonds ", in each place where it occurs in those provisions, the word " registered " shall be, and shall be deemed always to have been, omitted.
All such adjustments of tax shall be made, whether by way of discharge or repayment or by way of assessment, as may be required in consequence of this section.
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for purposes of income tax (including surtax), or as the case may be for purposes of corporation tax on profits exclusive of chargeable gains, as if the total of the mineral royalties receivable by him under that lease or agreement in that year or period and any management expenses available for set-off against those royalties in that year or period were each reduced by one half; and
for purposes of Part III of the Finance Act 1965, or as the case may be for purposes of corporation tax on chargeable gains, as if there accrued to him in that year or period a chargeable gain equal to the relevant fraction of the total of the mineral royalties receivable by him under that lease or agreement in that year or period;
For the purposes of subsection (1)(a) above, " management expenses available for set-off " against royalties means— and if neither paragraph (a) nor paragraph (b) above applies, the reference in subsection (1)(a) above to management expenses available for set-off shall be disregarded.
where section 158 of the Taxes Act (expenses of owners of mineral rights) applies in respect of the royalties, any sums brought into account under subsection (1) of that section in determining the amount of the repayment of income tax in respect of those royalties or, as the case may be, deductible from those royalties under subsection (2) of that section in computing the income of a company for purposes of corporation tax ; and
if the royalties are chargeable to tax under Schedule A, any sums deductible under Part III of the Taxes Act as payments made in respect of management of the property concerned, including amounts of betterment levy treated as such payments under paragraph 6 of Schedule 4 to that Act;
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shall be one half if betterment levy was not chargeable in respect of the grant of that lease or agreement and has not subsequently become chargeable on any renewal, extension or variation of the mineral lease or agreement ;
shall be determined in accordance with Part I of Schedule 6 to this Act if, on the last disposition affecting the lease or agreement and giving rise to an assessment to betterment levy, betterment levy was chargeable under Case B within the meaning of Part III of the Land Commission Act 1967; and
in any other case shall be determined in accordance with regulations made by the Board by statutory instrument, and any such regulations shall secure, so far as practicable, that account is taken of any betterment levy chargeable in respect of a disposition affecting the mineral lease or agreement on a basis comparable with that in the said Part I;
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the amount of the excess shall in the first instance be set against the tax for which he is chargeable by virtue of subsection (1)(b) above ; and
on the making of a claim in that behalf, he shall be entitled to repayment of tax in respect of the balance of that excess.
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provide whether, and to what extent, payments made under a mineral lease or agreement and relating both to the winning and working of minerals and to other matters are to be treated as mineral royalties; and
provide for treating the whole of such payments as mineral royalties in cases where the extent to which they relate to matters other than the winning and working of minerals is small.
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" mineral lease or agreement " means—
a contract for the sale, or a conveyance, of minerals in or under land in the United Kingdom; and
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paragraphs (a) to (c) of subsection (3) above shall not apply but the relevant fraction referred to in subsection (1)(b) above shall be one half;
references to mineral royalties include references—
to periodical payments of compensation under section 29 or section 35 of the Mineral Development Act (Northern Ireland) 1969 or under section 4 of the Petroleum (Production) Act (Northern Ireland) 1964; and
to periodical payments made as mentioned in section 37 of the said Act of 1969 or under section 55(4)(b) of that Act or under section 11 of the said Act of 1964 (payments in respect of minerals to persons entitled to a share of royalties under section 13(3) of the Irish Land Act 1903); and
in the application of this section to any such payments as are referred to in paragraph (b) above, subsection (5) above shall be omitted, and references in any other provision of this section to the mineral lease or agreement under which mineral royalties are payable shall be construed as references to the enactment under which the payments are made.
Subject to the provisions of this section, the rate of interest payable under the following enactments namely— shall, as regards interest accruing after the passing of this Act, be three per cent., instead of two per cent., per annum.
section 18 of the Finance Act 1896 (general provision for interest on death duties);
subsection (3) of section 17 of the Law of Property Act 1925 and subsection (6) of section 73 of the Land Registration Act 1925 (interest on death duties becoming immediately payable on a conveyance or disposition of land which overrides the charge for duty),
The Treasury may by order from time to time increase or reduce the rate of interest payable under the enactments referred to in subsection (1) of this section; and any such order may correspondingly increase or reduce the rate of interest payable under any other enactments relating to estate duty.
The power of the Treasury to make orders under this section shall be exercisable by statutory instrument; and any statutory instrument made by virtue of this section shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament.
For the purposes of head (iii) of the substituted section 2(1)(b) (that is, the paragraph substituted by section 36 of the Finance Act 1969 for paragraph (b) of section 2(1) of the Finance Act 1894)— and paragraphs (b) to (e) of subsection (3) of section 37 of the Finance Act 1969 shall apply for the purpose of determining whether income was paid or applied as mentioned in paragraph (a) or (b) above as they apply for determining the part of the property to be treated as passing in a case where less than the whole of the income was paid or applied to or for the benefit of the deceased.
the deceased shall be treated as having benefited as a result of the discretion therein referred to if any of the income with respect to which that discretion was exercisable was paid to him or applied for his benefit; and
property shall not be treated as having ceased to be subject to the trust by reason of any payment or application of such income ;
Any reference in paragraph (b) or (c) of the said subsection (3) to a sum paid to or applied for the benefit of a person shall include a reference to property transferred to him or applied for his benefit or, as the context requires, to the value (at the date of the transfer or application) of such property.
In paragraph 9 of Part II of Schedule 17 to the Finance Act 1969 (relief for charities under the substituted section 2(1)(M), after the words " seven years " there shall be inserted the words " except those occurring in the descriptions of the material period for the purposes of paragraphs (aa), (bb) and (cc) of head (iii) ".
In paragraph 7 of Part II of Schedule 17 to the Finance Act 1969 (quick succession relief under s. 30 of the Finance Act 1958 in respect of settled property passing under head (iii) or (iv) of the substituted section 2(1)(b)) the words " subsisting at the date of the earlier death " shall be omitted ; and so much of paragraph 3(4) of Schedule 8 to the Finance Act 1958 as excludes relief under the said section 30 by reference to a death after the end of the settlement shall not apply to a case falling within the said paragraph 7.
No relief shall be allowed under the said section 30 by virtue of the said paragraph 7 in a case where the property passes both on the earlier and on the later death under head (iii) of the substituted section 2(1)(b) and the relevant period (as defined by subsection (3) of section 37 of the Finance Act 1969) is the same in relation to each of those deaths.
This section applies (and except as regards any such earlier death as is referred to in the said paragraph 7 applies only) in relation to deaths occurring after 14th April 1970.
in the case of those in Part I of that Schedule, provisions abolishing, or consequential on the abolition of, certain stamp duties,
in the case of those in Part II of that Schedule, provisions making general amendments of or in connection with the enactments relating to stamp duties, and
in the case of those in Part III of that Schedule, special provisions required for the purposes of those enactments in connection with the introduction of the new currency provided for by the Decimal Currency Act 1967.
The Commissioners may enter into an agreement with, or with persons acting on behalf of, any recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD for the composition, in accordance with the provisions of this section, of the stamp duty chargeable under or by reference to Part I or paragraph 16 of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale or otherwise) on such instruments as may be specified in the agreement, . . . . . . .
An agreement under this section shall provide— and any such agreement may contain such other terms and conditions as the Commissioners think proper.
for every instrument to which the agreement relates to bear on its face an indication of the amount of stamp duty chargeable thereon,
for the issue in respect of every such instrument, by or on behalf of the recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD , of a certificate (which may relate to more than one such instrument) to the effect that stamp duty to the amount so indicated has been, or will be, accounted for to the Commissioners,
for the delivery to the Commissioners, by or on behalf of the recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD , of periodical accounts in respect of instruments to which the agreement relates, giving such particulars with respect thereto as may be specified in the agreement, and
for the payment to the Commissioners, by or on behalf of the recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD and on the delivery of any such account, of the aggregate amount of the stamp duty chargeable as mentioned in subsection(1) above on instruments to which the agreement relates during the period to which the account relates ;
For the purposes of any agreement under this section, the form of brokers transfer provided for by section 1(2) of the Stock Transfer Act 1963 may be used in connection with any transaction notwithstanding that the particulars referred to in that provision could be inserted in the stock transfer there referred to.
An instrument to which an agreement under this section relates and in respect of which a certificate to the effect mentioned in subsection (2)(b) above has been issued by or on behalf of the recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD in question shall be treated for the purposes of the Stamp Act 1891 as stamped with the amount of duty indicated on the face of the instrument.
A recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD or person making default in delivering any account required by an agreement under this section, or in paying any amount in accordance with such an agreement, shall be liable to a fine not exceeding £50 for any day during which the default continues; and, in addition, every amount payable under such an agreement shall bear interest at the rate of 5 per cent, per annum, recoverable by Her Majesty, from the due date for delivery of the account by reference to which it is payable until the actual date of payment.
Except in so far as the context otherwise requires, any reference to a stamp in section 9 or 10 of the Stamp Duties Management Act 1891 (allowances for spoiled stamps) shall include a reference to any indication of an amount of stamp duty on the face of any instrument to which an agreement under this section relates.
In this section “recognised investment exchange , “recognised clearing house”, “recognised CSD”, “EEA CSD” and “third country CSD” have the meanings given by section 285(1) of the Financial Services and Markets Act 2000.
The Treasury may by order made by statutory instrument, which shall be subject to annulment in pursuance of a resolution of either House of Parliament, increase— and any order made under this section may be varied or revoked by a subsequent order so made (but not so as to reduce any rate specified in any of the said enactments below the figure at which it stood when this Act was passed).
the rate specified in section 5 of the Post Office Savings Bank Act 1954 of the interest payable to depositors in the National Savings Bank in respect of ordinary deposits;
the maximum rate specified in section 15 of the Trustee Savings Banks Act 1969 of the interest payable to depositors by the trustees of a trustee savings bank in respect of ordinary deposits ;
the maximum rate specified in section 414(3)(a) of the Income and Corporation Taxes Act 1970 for the interest payable on deposits in a savings bank maintained under a local Act for the Treasury to certify a bank or department for the purposes of that section;
An order under subsection (1)(a) above, so far as it relates to interest for a period before 1st January 1972, may be made so as to apply only as respects deposits in accounts not closed before that date, or so as to make different provision for such deposits, and other deposits.
In section 34(2) of the Trustee Savings Bank Act 1969 the words " and not exceeding £3 13s. Od. per cent, per annum " (limit on rate of interest payable by Fund for the Banks for Savings) shall cease to have effect.
This section, and the repeal made by this Act in the said section 34(2), shall extend to the Isle of Man and the Channel Islands.
For the purposes of any expenditure which in the opinion of the Treasury is of a capital nature the Treasury may issue out of the National Loans Fund and advance to the Exchequer of Northern Ireland by way of loan any sum or sums not exceeding in the aggregate the limit specified in subsection (2) below.
Until an order is made under this subsection the limit referred to in subsection (1) above is £50 million, but the Treasury may, on not more than three occasions, by order made by statutory instrument increase or further increase that limit by such sum, not exceeding £50 million, as may be specified in the order.
The Treasury shall not make an order under subsection (2) above unless a draft of the order has been approved by a resolution of the Commons House of Parliament.
Loans made under subsection (1) above shall be repaid at such times and by such methods, and interest thereon shall be paid at such rates and at such times, as may from time to time be determined by the Treasury ; and all sums paid in or towards the discharge of the principal of or interest on any such loans shall be paid into the National Loans Fund.
After the commencement of this Act no further advances shall be made under section 2 of the Miscellaneous Financial Provisions Act 1950 (which, as amended by section 57 of the Finance Act 1969, provides for loans to the Government of Northern Ireland subject to a limit of £170 million on the total amount outstanding by way of principal).
This Act may be cited as the Finance Act 1970.
In this Act—
except where the context otherwise requires, “the Board” means the Commissioners of Inland Revenue,
“the Taxes Act” means the Income and Corporation Taxes Act 1970,
“the Management Act” means the Taxes Management Act 1970.
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Part II of this Act, so far as it relates to income tax, shall be construed as one with the Income Tax Acts and, so far as it relates to corporation tax, shall be construed as one with the Corporation Tax Act.
Part III of this Act, so far as it relates to stamp duties, shall be construed as one with the Stamp Act 1891.
Any reference in this Act to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended or applied by or under any other enactment, including this Act.
Except as otherwise expressly provided such of the provisions of this Act as relate to matters in respect of which the Parliament of Northern Ireland has power to make laws shall not extend to Northern Ireland.
The enactments mentioned in Schedule 8 to this Act (which include enactments which are spent or otherwise unnecessary) are hereby repealed to the extent mentioned in the third column of that Schedule, but subject to any provision in relation thereto made at the end of any Part of that Schedule.
Section 2
Rateable value charge Charge for each table in excess of two but not exceeding five Charge for each table in excess of five £ £ £ Premises of a rateable value not exceeding £1,000 (or without a rateable value) 750 500 750 Premises of a rateable value exceeding £1,000, but not exceeding £2,500 6,250 1,500 2,000 Premises of a rateable value exceeding £2,500 20,000 4,000 5,000 References in this Table to premises of a rateable value of a given amount are references to premises which for rating purposes constitute or are comprised in a hereditament of a rateable value of that amount. For the purposes of this Table premises consisting of or comprised in a vessel shall be treated as premises of a rateable value exceeding £1,000 but not exceeding £2,500.
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For the purpose of determining the appropriate licence under Part I of this Schedule, account shall be taken not only of all gaming tables in use when any game to which the principal section applies is played, but also— For the said purposes " table " includes any surface provided or used for playing any game to which the principal section applies, or for hazarding any money or token in connection with any game to which the principal section applies. In arriving at the number of tables on any premises, any table exceeding the prescribed size shall count as two tables, or such greater number of tables as may be prescribed. In this paragraph "prescribed" means prescribed by regulations made by the Commissioners, and—
An application for a gaming licence shall be made to the Commissioners not later than fourteen days before the date on which the licence is to be in force. A gaming licence shall be expressed to take effect on the first day of the period for which it is granted or the first day after the date of the application, whichever is the later. A gaming licence shall expire at the end of 31st March or, as the case may be, 30th September next after the date on which it is expressed to take effect.
The proper officer may, in such manner as the Commissioners may direct, and without any additional payment, transfer a gaming licence in respect of any premises to a successor in title to the interest in those premises of the person to whom the licence was granted. Where the holder of a gaming licence in respect of any premises dies, the proper officer may transfer the licence, in such manner as the Commissioners may direct, and without any additional payment, to some other person for the remainder of the period for which the licence was granted.
If while a gaming licence is in force in respect of any premises, and not less than three months before the date when the licence is due to expire, the holder of the licence surrenders the licence to the proper officer and satisfies the proper officer that those premises will not be used on or after the date of surrender of the licence for the purpose of gaming by way of any game to which the principal section for the time being applies, he shall be entitled in respect of the period of validity of the licence unexpired at the date of surrender to repayment of one-half of the duty paid on the licence.
This paragraph has effect as respects the amendment of a gaming licence converting it into one in respect of which a greater amount of duty is payable. The holder of the gaming licence may at any time apply to the Commissioners for the licence to be so amended, and the proper officer shall, on payment of the additional duty specified below, amend the licence accordingly. The amount of the additional duty shall be the difference between the amount of duty payable on the licence as amended, and the amount so payable on the licence before amendment. Regulations under this Schedule may make provision with respect to the procedure for amending licences under this paragraph, and any such regulations may include provision—
Section 234 of the Customs and Excise Act 1952 (which relates to payment for excise licences by cheque) shall apply to the duty on a gaming licence as if for the reference to a penalty of £50 there were substituted a reference to a penalty of £500.
Without prejudice to any other provision of this Schedule, the Commissioners may make regulations providing for any matter for which provision appears to them to be necessary for the administration or enforcement of the duty on gaming licences, or for the protection of the revenue from that duty. Regulations under this paragraph may in particular include provision— Regulations under this Schedule shall be made by statutory instrument, which shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament.
Subject to subsection (7) of the principal section, there is a contravention of subsection (8) of that section if on any occasion, after 30th September 1970, gaming takes place by way of any game to which the principal section for the time being applies unless a provider of the premises on which the gaming takes place is the holder of a gaming licence which is for the time being in force, and which is the appropriate licence having regard to— If there is a contravention of the said subsection (8)— Any gaming tables or other things which are being used, or are available or prepared for use, in connection with gaming in respect of which an offence is committed under this paragraph shall be liable to forfeiture. In this paragraph "provider", in relation to any premises used for gaming, means any person having a right to control the admission of persons to those premises, whether or not he also has a right to control the admission of persons to the gaming.
If any person— he shall be liable to a penalty of £500 or treble the amount of the duty which is unpaid or payment of which is sought to be avoided, as the case may be, whichever is the greater ; and where a person is convicted of an offence under paragraph (c) or (d) above, the court may, in lieu of or in addition to ordering him to pay the said penalty, order him to be imprisoned for a term not exceeding two years. Where a person is convicted under sub-paragraph (1) above in respect of a failure to comply with the provisions of regulations made under this Schedule and the failure continues after his conviction then, unless he has reasonable excuse for the continuance of the failure, he shall be guilty of a further offence under this paragraph and may, on conviction, be punished accordingly.
Where an offence under paragraph 9 or paragraph 10 above has been committed by a body corporate, every person who at the time of the commission of the offence was a director, general manager, secretary or other similar officer of the body corporate, or was purporting to act in any such capacity, shall be deemed to be guilty of that offence unless he proves— and that he exercised all such diligence to prevent the contravention or, as the case may be, the commission of the offence as he ought to have exercised having regard to the nature of his functions in that capacity and in all the circumstances.
in the case of an offence under paragraph 9, that he did not consent to, or connive at, the relevant contravention mentioned in the said paragraph 9(1), or
in the case of an offence under paragraph 10, that the offence was committed without his consent or connivance,
Any officer may (without payment) enter any premises in respect of which a licence under the Gaming Act 1968 is for the time being in force and inspect those premises and require any person who is concerned in the management of the premises, or who is on the premises and appears to the officer to have any responsibility whatsoever in respect of their management or of the control of the admission of persons thereto— If the premises in respect of which the licence under the Gaming Act 1968 is for the time being in force form, for rating purposes, part only of a hereditament, the powers conferred by this paragraph shall be exercisable as respects each part of the hereditament.
Where a person who is granted a gaming licence in respect of any premises has before 1st October 1970 entered into an agreement with any other person whereby that other person is entitled to use those premises after that date for the purpose of gaming, and the consideration for that other person under that agreement does not take account of the additional duty payable under this Act, as compared with section 13 of the Finance Act 1966, the first-mentioned person shall be entitled to recover from that other person such amount, if any, not exceeding that additional amount of duty, in such manner as may be agreed between them (or, in default of such agreement, as may be determined by the appropriate court) to be fair in all the circumstances, having regard in particular to the extent, if any, to which while the licence is in force, the premises will be or are likely to be used otherwise than by that person for the purpose of gaming. In this paragraph " the appropriate court " means—
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In the following provisions of the Gaming Act 1968 (under which failure to pay gaming licence duty under section 13 of the Finance Act 1966 is a ground for refusal to grant, renew or transfer a licence or renew a registration) after “the Finance Act 1966" insert “ or section 2 of or Schedule 1 to the Finance Act 1970" ”. The said provisions are paragraph 20(1)(e) and paragraph 60(c) of Schedule 2. paragraph 9(e) of Schedule 3. paragraph 11(e) of Schedule 4. In Schedule 10 to the Gaming Act 1968, in paragraphs 3 and 4 (right of constable, without fee, to inspect registers) after “constable" insert “ or officer of customs and excise" ”.
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The duties of excise under section 4 of the Finance Act 1964 on tobacco grown in the United Kingdom shall not be charged on tobacco which is grown by a person for his own consumption and in respect of which such conditions as the Commissioners see fit to impose are complied with.
At the beginning of paragraph (a) of section 173(2) of the Act of 1952 (which prohibits the import of sweetened tobacco in an unmanufactured state) there shall be inserted the words " except as permitted by the Commissioners " , and in section 176(1) of that Act (which provides that a tobacco manufacturer shall not in manufacturing tobacco use any sweetening matter or, save as the Commissioners allow and subject to such conditions as they see fit to impose, any other substance except those specified in paragraphs (a) to (e) of that section) the words " any sweetening matter or " shall be transposed to follow the words " see fit to impose ".
For paragraph (b) of section 183(1) of the Act of 1952 (which provides for drawback on tobacco stalks or tobacco refuse abandoned to the Commissioners) there shall be substituted the following paragraph:—
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" the Board " means the London Transport Board ;
" the Company " means London Country Bus Services Limited ;
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there shall be made any necessary adjustments of accounting periods, and such apportionments as may be just of receipts, expenses, allowances or charges ; and
the following provisions of this Schedule shall apply separately to each of those parts.
For the purposes of the Corporation Tax Acts the trade transferred to the transferee shall not be treated as permanently discontinued, nor shall a new trade be treated as set up and commenced.
The transferee shall be entitled to relief from corporation tax under subsection (1) of section 177 of the Taxes Act, as for a loss sustained by the transferee in carrying on the transferred trade for any amount which, if the Board had continued to carry on the trade, would have been available to the Board for carrying forward against chargeable profits of succeeding accounting periods, but subject to any claim made by the Board under subsection (2) of that section.
There shall be made to or on the transferee in accordance with sections 73 and 74 of the Capital Allowances Act 1968 (or in relation to a chargeable period ending on or before 5th April 1968, in accordance with section 56 of the Finance Act 1965) all such allowances and charges as would, if the Board had continued to carry on the trade, have fallen to be made to or on the Board in accordance with those sections, and the amount of any such allowances or charges shall be computed as if the transferee had been carrying on the trade since the Board began to do so and as if everything done to or by the Board had been done to or by the transferee. No sale or transfer which on the transfer of the trade is made by the Board to the transferee of any assets in use for the purposes of the trade shall be treated as giving rise to any such allowance or charge.
For the purposes of paragraph 6 of Schedule 14 to the Taxes Act (transitional allowance for annual value of land as a business expense) any occupation of land for the purposes of the trade by the Board shall be treated as having been the occupation of the transferee.
The Board shall not be entitled to relief in respect of the trade under section 178 of the Taxes Act (terminal losses) or under section 87 of the Finance Act 1965 (transitional relief on cessation of trade).
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Section 18.
This paragraph has effect as respects income tax for which a company resident in the United Kingdom is liable to account in respect of distributions made by it, or in respect of any payments made by it, other than distributions. The Board may make regulations— Regulations under this paragraph may in particular— Regulations under this paragraph shall be made by statutory instrument, but the Board shall not make any statutory instrument under this paragraph unless a draft thereof has been laid before, and approved by a resolution of, the Commons House of Parliament. Regulations under this paragraph shall be known as " company tax regulations ". Company tax regulations shall not have effect for any year before the year 1971-72, and Schedule 9 to the Taxes Act shall not have effect for the first year as respects which company tax regulations have effect or any subsequent year.
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In the following provisions of the Taxes Act and of the Management Act for "Schedule 9 to this Act" or "Schedule 9 to the principal Act" or words to that effect substitute " company tax regulations " except for years of assessment for which the said Schedule 9 has effect, and corresponding amendments shall be made in any other enactment referring to the said Schedule 9. TAXES ACT MANAGEMENT ACT section 53 (4) section 55(1)(e) section 232(2) section 88(2) section 248(4)(a) section 256(4) (twice) section 343(2)(b) section 460(4) section 477(1)
Section 87 of the Management Act (interest on overdue income tax on company distributions etc.) shall be amended as follows. In subsection (2)— In subsection (4)— For subsection (6) substitute—
Company tax regulations
Paragraph 1 of this Schedule shall be inserted in the Taxes Act after section 240 as a section numbered 240A, but substituting " this Act " for "the Taxes Act", and "this section" for "this paragraph ", and making similar substitutions of references to sub-paragraphs so converted into subsections.
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In section 113 of the Management Act after subsection (1) insert—
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The benefits payable to the employee must consist only of benefits payable on or after retirement at a specified age not earlier than 60 or later than 70, or on earlier retirement through incapacity.
The aggregate value of the relevant benefits payable to an employee on or after retirement, after 40 or more years' service, expressed as an annual amount payable for his life after retirement, must not exceed two-thirds of his final remuneration. The aggregate value of the relevant benefits payable to an employee on or after his retirement, after less than 40 years' service, so expressed, must not exceed the limit in sub-paragraph (1) above reduced by multiplying by the number of years' service and dividing by 40.
The aggregate value of the relevant benefits payable to an employee on or after retirement, excluding any pension which is not commutable, must not exceed three-eightieths of his final remuneration for each year of service up to a maximum of 40.
The annual amount of any pension payable to the widow of an employee who dies after retirement must not exceed one-half of the employee's pension.
Subject to the following provisions of this paragraph, and except in the case of an employee who dies before retirement, benefits payable otherwise than to the employee must consist only of a pension payable to the employee's widow which is not commutable. Where the employee dies after retirement, but so that less than 5 years' pension has become payable to him, sub-paragraph (1) above shall not prevent the making of payments not exceeding in all the value of the pension for the remaining part of the 5 years. An employee may surrender part of his pension to provide a pension for his widow of an amount not exceeding the reduced pension retained by the husband, and the limit in paragraph 4 above shall be applied without regard to any pension so surrendered.
The aggregate value of benefits payable where the employee dies before retirement must not exceed twice his final remuneration.
Pensions must not be capable of being assigned or, subject to paragraph 5(3) above, of being surrendered.
In this Part of this Schedule " final remuneration " means the highest average annual remuneration of any 3 consecutive years in the last 10 years' service.
Subject to sub-paragraph (2) below, all pensions paid under any scheme which is approved or is being considered for approval under the principal Chapter shall be charged to tax under Schedule E, and section 204 of the Taxes Act (pay-as-you-earn) shall apply accordingly. As respects any scheme which is approved or is being considered for approval under the principal Chapter, the Board may direct that, until such date as the Board may specify, pensions under the scheme shall be charged to tax as annual payments under Case III of Schedule D, and tax shall be deductible under Part II of the Taxes Act accordingly.
This paragraph shall not apply where the employee's employment was carried on outside the United Kingdom. Sub-paragraph (1)(b) above shall not apply to any payment made before the date appointed under section 22 of this Act.
Where any amount is chargeable to tax under this paragraph, the administrator of the scheme shall be charged to income tax under Case VI of Schedule D on that amount, and— This paragraph shall not apply where the employee's employment was carried on outside the United Kingdom. In applying paragraphs (i) and (ii) of sub-paragraph (1) above the same considerations shall be taken into account, including the provisions of any other relevant scheme, as would have been taken into account by the Board in applying section 19 of this Act. Sub-paragraph (1)(b) above shall not apply to any payment made before the date appointed under section 22 of this Act.
Where any payment is made or becomes due to an employer out of funds which are or have been held for the purposes of an exempt approved scheme then:— This paragraph shall not apply to a payment which fell due before the scheme became an exempt approved scheme.
Where a payment is made to or for the benefit of an employee, otherwise than in payment of a pension, and— the employee (whether or not he is the recipient of the payment) shall be chargeable to tax on that amount (or on that amount so far as made out of funds in respect of which relief has been given) under Schedule E for the year of assessment in which the payment is made. So far as any payment is made out of funds in respect of which relief has been given under section 21 of this Act or under section 208 of the Taxes Act, paragraphs 2 and 3 of this Part of this Schedule shall apply as if references to an exempt approved scheme included references to a scheme which has at any time been an exempt approved scheme.
An application for the approval for the purposes of the principal Chapter of any retirement benefits scheme shall be made in writing by the administrator of the scheme to the Board before the end of the first year of assessment for which approval is required, and shall be supported by—
two copies of the instrument or other document constituting the scheme ; and
two copies of the rules of the scheme and, except where the application is being sought on the setting up of the scheme, two copies of the accounts of the scheme for the last year for which such accounts have been made up; and
such other information and particulars (including copies of any actuarial report or advice given to the administrator or employer in connection with the setting up of the scheme) as the Board may consider relevant.
In the case of every approved scheme, the administrator of the scheme, and every employer who pays contributions under the scheme, shall, within thirty days from the date of a notice from the inspector requiring them so to do—
furnish to the inspector a return containing such particulars of contributions paid under the scheme as the notice may require ;
prepare and deliver to the inspector a return containing particulars of all payments under the scheme, being—
payments by way of return of contributions (including interest on contributions, if any),
payments by way of commutation of, or in lieu of, pensions, or other lump sum payments,
other payments made to an employer;
furnish to the inspector a copy of the accounts of the scheme to the last date previous to the notice to which such accounts have been made up together with such other information and particulars (including copies of any actuarial report or advice given to the administrator or employer in connection with the conduct of the scheme in the period to which the accounts relate) as the inspector considers relevant.
This paragraph has effect as respects a retirement benefits scheme which is neither an approved scheme nor a statutory scheme. It shall be the duty of every employer— It shall be the duty of the administrator of any such scheme, when required to do so by notice given by the Board, to furnish within the time limited by the notice such particulars as the Board may require with regard to the scheme. This paragraph shall come into force on the same date as section 23 of this Act.
If the administrator of a retirement benefits scheme defaults or cannot be traced or dies, the employer shall be responsible in his place for the discharge of all duties imposed on the administrator under the principal Chapter, with this Part of this Schedule, and shall be liable for any tax due from him in his capacity as administrator. No liability incurred under the principal Chapter or this Part of this Schedule by the administrator of a scheme, or by an employer, shall be affected by the termination of the scheme or by it ceasing to be an approved scheme, or to be an exempt approved scheme. References in this paragraph to the employer include, where the employer is resident outside the United Kingdom, references to any branch or agent of the employer in the United Kingdom, and in this sub-paragraph " branch or agent" has the meaning given by section 118(1) of the Management Act.
The Board may by statutory instrument, subject to annulment in pursuance of a resolution of the Commons House of Parliament, make regulations generally for the purpose of carrying the principal Chapter and this Schedule into effect.
In section 323(4) of the Taxes Act (definition of pension annuity business) after paragraph (a) insert. In relation to an exempt approved scheme the said paragraph (aa) shall apply, so long as the scheme is an exempt approved scheme, whether or not the premiums were paid, or any other part of the business was transacted, before the scheme became an approved scheme, and in the said section 323(4) the words " (at the time when the premium is payable)" shall cease to have effect. Business formerly called " pension annuity business " shall in future be called pension business (because under sub-paragraph (1) above it includes some business unrelated to annuities), and in the following provisions of the Taxes Act (and in any other enactment) for " pension annuity business " substitute " pension business ". Section 312(1)(3)(4) Section 314 (throughout) Section 315(8)(b) Section 318(1) Section 323(4) In section 323(2) of the Taxes Act at the end of the definition of " annuity business " add " ' general annuity business ' means any annuity business which is not pension business, and 'pension business ' shall be construed in accordance with subsections (3) and (4) below. " For section 323(3) substitute In the Taxes Act—
In section 188(1) of the Taxes Act (exemptions and reliefs in respect of tax under section 187), after paragraph (c) insert—, and at the end of paragraph (d) add " or in section 24(1) of the Finance Act 1970 ". In section 211(5) of the Taxes Act (Parliamentary pension funds) for the words from " payable by a superannuation " to the end of the subsection substitute " payable by an exempt approved scheme as defined in Chapter II of Part II of the Finance Act 1970, and for the purposes of that Chapter (and the provisions to be construed as one with it) each such Fund shall be treated as an exempt approved scheme. " In section 283(4) of the Taxes Act (definition of close company) after paragraph (b) insert—. In the proviso to section 303 (3) of the Taxes Act (meaning of " associate ") after paragraph (i) insert—. In the proviso to section 422(4), and in the proviso to section 423(1) of the Taxes Act (modification of pre-war provisions for tax free payments) at the end add " or by virtue of paragraph 1 of Part II of Schedule 5 to the Finance Act 1970 ". At the end of paragraph 4(c) of Schedule 8 to the Taxes Act (payments on retirement or removal from office : top-slicing relief) add " or in pursuance of any exempt approved scheme as defined in Chapter II of Part II of the Finance Act 1970 ". The repeal of Chapter II of Part I)( of the Taxes Act by this Act shall not affect the following provisions of the Taxes Act (which apply definitions in section 224(1) in the said Chapter II), or any other enactment applying those definitions. Section 186(10)(c). Section 226(9). The proviso to paragraph 4 of Schedule 8.
In section 98 of the Management Act (penalties) in column 1 of the Table insert a reference at the appropriate place to paragraph 7 and sub-paragraph (2)(b) and (3) of paragraph 8 of Part II of this Schedule and in column 2 of the Table to sub-paragraph (2)(a) of the said paragraph 8.
In paragraph 10(c) of Part II of Schedule 17 to the Finance Act 1969 (estate duty: relief for certain superannuation funds) the reference to the schemes or funds there described shall include a reference to any exempt approved scheme or statutory scheme as defined in Chapter II of Part II of this Act.
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Expressions used in paragraph 1 above have the same meanings in that paragraph as they have for the purposes of assessing betterment levy under Case B within the meaning of Part III of the Land Commission Act 1967.
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This paragraph has effect as from 1st August 1970. The following stamp duties are hereby abolished— In consequence of sub-paragraph (2)(a) above—
This paragraph has effect as from 1st February 1971. The following stamp duties are hereby abolished— No application for relief in respect of the duty referred to in sub-paragraph (2)(a) above may be made under any of sections 9 to 12 of the Stamp Duties Management Act 1891 (spoiled, misused and unwanted stamps); and no repayment shall be made under any agreement entered into under section 39 of the Finance Act 1956 (composition for the said duty by bankers) in respect of any form supplied by a banker to a customer and returned to the banker unused or spoiled on or after the said 1st February.
This Part of this Schedule, except paragraph 5, has effect as from 1st August 1970.
The heading beginning “Bond, Covenant" in Schedule 1 to the Stamp Act 1891 shall be amended as follows. In paragraph (1) (only or principal security for annuity or other periodic payment; duty of 2s. 6d. for every £5 or part if for an indefinite period), for the reference to 2s. 6d. substitute a reference to 2s. In paragraph (2) (collateral etc. security for annuity or other periodic payment; duty of 6d. for every £5 or part if total amount payable cannot be ascertained), for the reference to 6d. substitute a reference to 1s., and for each reference to £5 substitute a reference to £10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In section 62(2) of the Finance Act 1963 (rate of duty in respect of a transfer of commonwealth government stock to be one-quarter of that which would otherwise be chargeable, or, if the amount or value of the consideration does not exceed £5, 3d.), for the words from " one-quarter " to the end substitute " Is. for every £20 or part of £20 of the consideration if the amount or value thereof does not exceed £300, and, in any other case, 5s. for every £100 or part of £100 of the consideration ".
Section 59(4) of the Stamp Act 1891 (contract for sale not stamped ad valorem but stamped with fixed duty of 10s. or 6d. to be treated as duly stamped for certain purposes) shall cease to have effect.
Section 114 of the Stamp Act 1891 (composition for stamp duty on transfers of colonial etc. stock) shall cease to have effect, but transfers of any stock in respect of which payments have been made under that section shall continue to be exempt from stamp duty. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In section 75(2) of the Stamp Act 1891 (duty of 6d. on lease or tack if preceded by an agreement duly stamped as an actual lease or tack), for “sixpence" substitute “1s.".
The heading beginning “Mortgage, Bond, Debenture, Covenant" in Schedule 1 to the Stamp Act 1891 shall be amended in accordance with sub-paragraphs (2) and (3) below. Not exceeding £300 1s. for every £50 or part of £50 of the amount secured. Exceeding £300 2s. for every £100 or part of £100 of the amount secured In paragraphs (2), (4) and (5) of that heading (collateral etc. securities, transfers etc. and re-conveyances etc.: duty of 6d. for every £100 or part), for each reference to 6d. substitute a reference to 1s., and for each reference to £100 substitute a reference to £200. The duty chargeable under paragraph (4) of the said heading on the transfer, assignment, disposition or assignation to any person of, or of the money or stock secured by, any collateral, auxiliary, additional or substituted security (including any instrument by way of further assurance) shall not exceed 50p if a transfer, assignment, disposition or assignation to the same person of (or, as the case may be, of the money or stock secured by) the principal or primary security has been duly stamped with the duty chargeable under that paragraph. Paragraph (5) of the said heading shall also be amended by inserting, after “Renunciation", the words “in whole or in part" ; and the duty chargeable under that paragraph shall not in any case exceed 10s.
Where immediately before 15th February 1971 any instrument chargeable with stamp duty is either not stamped or overstamped or insufficiently stamped, the amount of duty then chargeable, or properly chargeable, on the instrument, or, in the case of an insufficiently stamped instrument, the amount of additional duty then chargeable thereon, shall thereafter become, for all the purposes of the enactments relating to stamp duties— In sub-paragraph (1) above, “the new currency” means the new currency of the United Kingdom provided for by the Decimal Currency Act 1967.
Section 36(8)
Chapter Short Title Extent of Repeal 1966 c. 18. The Finance Act 1966. Section 13. In section 15, in subsections (4) and (6) as amended by section 5(16) of the Finance Act 1969 the words “and 13" and in subsection (6) the definitions of “gaming", “hereditament", and all other definitions from that of “premises" onwards. In Schedule 3, Part II, and in paragraph 18(1) the words “or the duty on gaming licenses", in paragraph 19(c) the word “14", paragraph 19(d) and paragraph 21. 1968 c. 65. The Gaming Act 1968. In Part III of Schedule 11 the amendments of section 13(4) of the Finance Act 1966 and in the amendment of section 15(6) of that Act the words from “the definitions of “gaming"" to the end. 1969 c. 32. The Finance Act 1969. Section 4. In section 5(16) the words “and 13". Schedule 10. The repeals in this Part of this Schedule do not apply as respects any gaming before 1st October 1970.
Chapter Short Title Extent of Repeal 10 & 11 Eliz. 2. c. 13. The Vehicles (Excise) Act 1962. Section 9(3). 1966 c. 18. The Finance Act 1966. Section 12(2)(b) as respects bets made on or after 27th April 1970. 1968 c. 44. The Finance Act 1968. Section 4(1) as respects bets made on or after 27th April 1970. 1969 c. 27. The Vehicle and Driving Licences Act 1969. In section 8(3), the words from “and in making" to “disregarded". 1969 c. 32. The Finance Act 1969. Section 1(1)(b). Section 2 and Schedule 8 except as respects any period before 27th April 1970. The repeals in the Vehicles (Excise) Act 1962 and the Vehicle and Driving Licences Act 1969 have effect as from 15th February 1971.
Chapter Short Title Extent of Repeal 1965 c. 11. The Ministerial Salaries and Members’ Pensions Act 1965. Section 13(1)(a). 1970 c. 10. The Income and Corporation Taxes Act 1970. Section 208 from the date appointed under section 21 of this Act. Section 209 from the coming into force of section 22 of this Act. Chapter II of Part IX from the coming into force of section 23 of this Act. Act of the Parliament of Northern Ireland 1965 c. 18. The Ministerial Salaries and Members’ Pensions Act (Northern Ireland) 1965. Section 12(1)(a).
Chapter Short Title Extent of Repeal 54 & 55 Vict. c. 39. The Stamp Act 1891. Sections 22, 59(4), 99, 114 and 116. In Schedule 1, the heading beginning “Agreement or any Memorandum" (including the word “Exemptions" and all that follows); the heading “Contract"; in the heading “Defeazance", the words “Agreement, and"; in the heading beginning “Mortgage of Stock". the words “Agreement, and"; and the heading “Policy of Insurance other than Life Insurance". In Schedule 2, the Second Part. 57 & 58 Vict. c. 30. The Finance Act 1894. Section 39. 61 & 62 Vict. c. 10. The Finance Act 1898. Section 5. 6 Edw. 7. c. 14. The Alkali, &c. Works Regulation Act 1906. Section 9(6). 9 Edw. 7. c. 34. The Electric Lighting Act 1909. In section 19, the words from “and also" to the end. 10 & 11 Geo. 5. c. 18. The Finance Act 1920. Section 37(1). 12 & 13 Geo. 5. c. 17. The Finance Act 1922. Sections 46 and 47. 18 & 19 Geo. 5. c. 17. The Finance Act 1928. Section 32. 2 & 3 Geo. 6. c. 41. The Finance Act 1939. Section 37(4). 10 & 11 Geo. 6. c. 35. The Finance Act 1947. Section 52. 11 & 12 Geo. 6. c. 38. The Companies Act 1948. In section 3, the words “must bear the same stamp as if it were a deed, and"; and section 9(c). 12 & 13 Geo. 6. c. 47. The Finance Act 1949. In Part I of Schedule 8, in paragraph 17 the words “under the heading Agreement or any Memorandum of an Agreement or" and the words from “and no other" to the end; and, in paragraph 27, the words from “(a warrant" to the end. 15 & 16 Geo. 6 and 1 Eliz. 2. c. 57. The Marine and Aviation Insurance (War Risks) Act 1952. In section 7, subsections (2) and (3). 6 & 7 Eliz. 2. c. 56. The Finance Act 1958. In section 35, the words “and the heading 'Agreement or any Memorandum of an Agreement’" in subsection (1)(a), and the whole of subsection (1)(b). 7 & 8 Eliz. 2. c. 58. The Finance Act 1959. In section 30, subsections (1) to (3) and (4)(c). 10 & 11 Eliz. 2. c. 44. The Finance Act 1962. Section 31. 1963 c. 25. The Finance Act 1963. In section 57(1), the words “114 and". and the words “Finance Act 1939, section 37"; and section 57(2). 1967 c. 54. The Finance Act 1967. In section 27(1), the words “and Part I of Schedule 11 to". 1967 c. 81. The Companies Act 1967. In section 43(2)(b), the words “bearing the same stamp as if they were contained in a deed". This Part of this Schedule has effect as from 1st August 1970.
Chapter Short Title Extent of Repeal 7 Geo. 4. c. 6. The Bank Notes Act 1826. Section 7. 7 Geo. 4. c. 16. The Chelsea and Kilmainham Hospitals Act 1826. Section 39. 3 & 4 Vict. c. 110. The Loan Societies Act 1840. In section 14, the words from “nor any receipt" to “or order". 27 & 28 Vict. c. 24. The Naval Agency and Distribution Act 1864. In section 16, the words “bills, orders, receipts and other". 28 & 29 Vict. c. 73. The Naval and Marine Pay and Pensions Act 1865. In section 6, the words “bills, orders, receipts and other". 35 & 36 Vict. c. 93. The Pawnbrokers Act 1872. In section 15, the words from “and such a receipt" to the end. 38 & 39 Vict. c. 83. The Local Loans Act 1875. Section 19. 45 & 46 Vict. c. 61. The Bills of Exchange Act 1882. In section 20(1), the word “stamped", and the words “the stamp will cover". 47 & 48 Vict. c. 55. The Pensions and Yeomanry Pay Act 1884. In section 5, the words “order, receipt and". 54 & 55 Vict. c. 39. The Stamp Act 1891. In section 23, in subsections (1) and (2), the words “(not being a promissory note or bill of exchange)". Sections 32, 33, 35 to 39, and 101 to 103. In Schedule 1, the heading beginning “Bill of Exchange or Promissory Note" (including the word “Exemptions" and all that follows); the headings “Cheque", “Draft for money", “Letter of Credit", “Order for the payment of money", and “Promissory Note", and the heading beginning “Receipt" (including the word “Exemptions" and all that follows). 57 & 58 Vict. c. 30. The Finance Act 1894. Section 40. 57 & 58 Vict. c. 60. The Merchant Shipping Act 1894. In section 196(1), the words “and the bill shall be exempt from stamp duty". 58 & 59 Vict. c. 16. The Finance Act 1895. Section 9. 59 & 60 Vict. c. 25. The Friendly Societies Act 1896. Section 33(a). . . . . . . . . . 61 & 62 Vict. c. 46. The Revenue Act 1898. Section 8. 10 & 11 Geo. 5. c. 18. The Finance Act 1920. Section 34. 10 & 11 Geo. 5. c. 23. The War Pensions Act 1920. In In section 10, the words “order, receipt, or other". 11 & 12 Geo. 5. c. 32. The Finance Act 1921. In Schedule 3, paragraph 5. 14 & 15 Geo. 5. c. 21. The Finance Act 1924. Section 36. 15 & 16 Geo. 5. c. 87. The Tithe Act 1925. Section 15. 19 & 20 Geo. 5. c. 29. The Government Annuities Act 1929. Section 22(1)(e); and, in section 58(d), the words “or any receipt for the payment", and the words from “or for the payment" to the end. 20 & 21 Geo. 5. c. 28. The Finance Act 1930. Section 44. 1 Edw. 8 and 1 Geo. 6. c. 14. The East India Loans Act 1937. Section 2(7). 9 & 10 Geo. 6. c. 42. The Water (Scotland) Act 1946. In section 46, the word “receipt". 9 & 10 Geo. 6. c. 81. The National Health Service Act 1946. In section 73, the words from “on any draft" to “in pursuance of this Act, or". 10 & 11 Geo. 6. c. 27. The National Health Service (Scotland) Act 1947. In section 71, the words from “on any draft" to “in pursuance of this Act, or". 14 & 15 Geo. 6. c. 31. The National Health Service Act 1951. Section 4(1). 15 & 16 Geo. 6. and 1 Eliz. 2. c. 25. The National Health Service Act 1952. Section 7(1). 1 & 2 Eliz. 2. c. 34. The Finance Act 1953. In section 31(1), paragraph (a), and paragraph (b) from the beginning to “such a person, and". 4 & 5 Eliz. 2. c. 54. The Finance Act 1956. Section 39. 6 & 7 Eliz. 2. c. 56. The Finance Act 1958. Section 34(8). 8 & 9 Eliz. 2. c. 44. The Finance Act 1960. In section 74, subsections (3) and (4). 9 & 10 Eliz. 2. c. 36. The Finance Act 1961. Sections 33 and 37(6)(a). 10 & 11 Eliz. 2. c. 37. The Building Societies Act 1962. In section 117, paragraphs (c), (d) and (g). 1963 c. 25. The Finance Act 1963. Section 55(4). 1965 c. 51. The National Insurance Act 1965. In Schedule 9, paragraphs 1 and 5. 1965 c. 52. The National Insurance (Industrial Injuries) Act 1965. In Schedule 6, paragraphs 1 and 5. 1965 c. 53. The Family Allowances Act 1965. Section 15. 1966 c. 20. The Ministry of Social Security Act 1966. Section 19. 1967 c. 54. The Finance Act 1967. In section 27(1), the words from “and “£5,500"" to the end; and section 31. 1968 c. 44. The Finance Act 1968. Section 57. 1968 c. 47. The Sewerage (Scotland) Act 1968. In section 52, the word “receipt". 1969 c. 48. The Post Office Act 1969. Section 115(1) and sections 124 to 126. 1969 c. 50. The Trustee Savings Bank Act 1969. In section 89, paragraph (b), and, in paragraph (c), the words “a draft or order". 1970 c. 9. The Taxes Management Act 1970. Section 116. This Part of this Schedule has effect as from 1st February 1971.
Chapter Short Title Extent of Repeal 57 & 58 Vict. c. 30. The Finance Act 1894. In section 6(8), the words “with interest at the rate of three per cent. per annum from the date at which the first instalment is due". 6 & 7 Geo. 6. c. 28. The Finance Act 1943. Section 27 so far as it relates to interest accruing after the passing of this Act. 14 Geo. 6. c. 21. The Miscellaneous Financial Provisions Act 1950. In section 2, subsections (1) and (5). 15 & 16 Geo. 6 and 1 Eliz. 2. c. 10. The Income Tax Act 1952. In section 2(1), the words “in excess of that amount". 1964 c. 9. The Public Works Loans Act 1964. Sections 7(2) and 9(3). 1967 c. 54. The Finance Act 1967. Section 44. 1969 c. 32. The Finance Act 1969. In section 41(2), the word “registered" in both places where it occurs. Section 57. In Schedule 17, in Part II paragraph 7(1), the words “subsisting at the date of the earlier death". In Schedule 18, in Part I, the word “registered" in the first italic cross-heading. 1969 c. 50. The Trustee Savings Banks Act 1969. In section 34(2) the words “and not exceeding £3 13s. 0d. per cent. per annum". 1970 c. 10. The Income and Corporation Taxes Act 1970. In section 3(1), the words “in excess of that amount". In section 14(1)(a), the words from “except" to “infirmity". In section 19(8), the words “(and, in particular, in section 22 below)" Section 22. In section 37, subsection (3)(c) and the preceding “and". In section 63(5) the words from “and, where part only" to the end of the subsection. Section 240(6) from the beginning of the first year of assessment for which company tax regulations have effect. In section 513, subsection (4). In Schedule 3, in paragraph 6, the words from “and shall apply" to the end. Schedule 9 from the beginning of the first year of assessment for which company tax regulations have effect. The repeal in Part II of Schedule 17 to the Finance Act 1969 has effect in accordance with section 31(6) of this Act.
Chapter Short Title Extent of Repeal 1968 c.3. The Capital Allowances Act 1968. In section 15(4) (as inserted by paragraph 5(4) of Schedule 15 to the Income and Corporation Taxes Act 1970) the words from “for relief" to the end of the subsection. 1970 c.9. The Taxes Management Act 1970. In section 9(3), the words from the beginning to “partnership, but". In section 13(1), the words “in the prescribed form". In section 118(2), the proviso. 1970 c.10. The Income and Corporation Taxes Act 1970. In section 25, the words “sections 5 to 19 and 22 of". In section 26, the words “sections 5 to 19 and 22 of". In section 163(2) proviso, the words “in relation to disposals of assets after 5th April 1969". In subsections (2) and (3) of section 310, the words “to the satisfaction of the Board". In section 311(1), the words “to the satisfaction of the Board" and “in the opinion of the Board". In section 380(1), the words from “References in this subsection" to the end of the subsection. In section 515(5), the words from “and the reference" to the end of the subsection. In Schedule 14, paragraph 29. In Schedule 15, paragraph 13.
Act partly in force at Royal Assent see individual sections. All provisions so far as unrepealed wholly in force at 1.2.1991. General amendments to Tax Acts, Income Tax Acts, and/or Corporation Tax Acts made by legislation after 1.2.1991 are noted against Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) but not against each Act For the extent of this Act see s. 36(7) S. 1 repealed by Statute Law (Repeals) Act 1974 (c. 22), Sch. Pt. II Ss. 2(1)–(8)(10), 3 repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7 Ss. 2(1)–(8)(10), 3 repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7 S. 4 repealed with savings by Finance Act 1977 (c. 36), s. 59(5), Sch. I Pt. II S. 5 repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I S. 6 repealed (S.) (1.9.2009 at 5.00 a.m.) by Licensing (Scotland) Act 2005 (asp 16), s. 150(2), Sch. 7 (with s. 143); S.S.I. 2007/472, art. 3 S. 6(1)(2)(a) repealed by Alcoholic Liquor Duties Act 1979 (c. 4), Sch. 4 Pt. I Words substituted by virtue of Interpretation Act 1978 (c. 30), s. 17(2)(a) Words in s. 6(2)(b) repealed (24.11.2005) by Licensing Act 2003 (c. 17), s. 201(2), Sch. 6 para. 54(a), Sch. 7 (with ss. 2(3), 15(2), 195); S.I. 2005/3056, art. 2(2) (with art. 4) Words in s. 6(2)(b) substituted (24.11.2005) by Licensing Act 2003 (c. 17), s. 201(2), Sch. 6 para. 54(b) (with ss. 2(3), 15(2), 195); S.I. 2005/3056, art. 2(2) S. 7(1)–(4)(6)(7) repealed by Alcoholic Liquor Duties Act 1979 (c. 4), Sch. 4 Pt. I S. 7(5)(8) repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I S. 8 repealed by Hydrocarbon Oil (Customs & Excise) Act 1971 (c. 12), s. 24(2), Sch. 7 S. 9 repealed by Vehicles (Excise) Act 1971 (c. 10), s. 39(5), Sch. 8 Pt. I S. 10 repealed by Finance Act 1973 (c. 51), s. 59(7), Sch. 22 Pt. I Ss. 11–14 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31 S. 15 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), ss. 82, 164(4)(5), Sch. 2 S. 16 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31 S. 17 repealed by Finance Act 1972 (c. 41), ss. 75(7)(8) and 134, Sch. 10 para.10 and Sch. 28 Part V except as respects interest paid or payable before 1972–73 Ss. 19–26 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31 S. 27 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with s. 201(3), Sch. 11 paras. 22, 26(2), 27) S. 28 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with s. 201(3), Sch. 11 paras. 22, 26(2), 27) S. 29(1)(2)(3)(a)(4)(8) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844(4), Sch. 31 S. 29(3)(5)(6)(7)(9) repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) S. 30 repealed by Finance Act 1989 (c. 26), s. 187(1), Sch. 17 Pt. X S. 31 repealed with savings by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), 59, Sch. 13 Pt. I S. 32 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(2) Notes 1, 2) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2) S. 33 extended by Finance Act 1976 (c. 40), s. 127(7). Words in s. 33(1) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629), {art. 4(2)(a)} Words in s. 33 substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 1(a) (with regs. 7(4), 9(1)) Words in s. 33(1) substituted (with effect in accordance with s. 112(6) of the amending Act) by Finance Act 1999 (c. 16) ss. 112(4), 122, {Sch. 14 para. 5} 1891 c. 39. Words repealed by Finance Act 1976 (c. 40), s. 127(4). S. 33; definition of "recognised stock exchange" repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 4(2)(b) Words in s. 33(2)(b) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629),{ art. 4(3)} Words in s. 33(2)(c) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629), {art. 4(3)} Words in s. 33(2)(d) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629), {art. 4(3)} 1963 c. 18. Words in s. 33(4) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629), {art. 4(3)} 1891 c. 39. Words in s. 33(5) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629), {art. 4(3)} 1891 c. 38. s. 33(7) added (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629), {art. 4(4)} Words in s. 33(7) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 1(b) (with regs. 7(4), 9(1)) S. 34 repealed by Finance Act 1980 (c. 48), s. 122, Sch. 20 Pt. IX S. 35 repealed by Northern Ireland (Loans) Act 1975 (c. 83), s. 4(2), Sch. S. 36(3) repealed by Customs and Excise Management Act 1979 (c. 2, SIF 40:1), s. 177(3), Sch. 6 Pt. I Sch. 1 Pts. I, II paras. 1–13, 15, 16(1) repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7 Sch. 1 Pts. I, II paras. 1–13, 15, 16(1) repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7 Sch. 1 Pt. II para. 14 repealed by Statute Law (Repeals) Act 1974 (c. 22), Sch. Pt. II Sch. 1 Pts. I, II paras. 1–13, 15, 16(1) repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7 Sch. 1 Pts. I, II paras. 1–13, 15, 16(1) repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7 Sch. 2 paras. 1–4 repealed with savings by Finance Act 1977 (c. 36), s. 59(5), Sch. 9 Pt. II Sch. 2 para. 5 repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I Sch. 3 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 3 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 3 paras. 2–7 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31, and Sch. 3 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 3 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 4 Pt. I (paras. 1–5) repealed by Finance Act 1972 (c. 41), s. 134, Sch. 28 Part VI Sch. 4 Pt. II paras. 6, 8, 9(6), 11 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31 Sch. 4 Pt. II para. 7 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), ss. 82, 164(4)(5), Sch. 2 Sch. 4 Pt. II paras. 6, 8, 9(6), 11 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31 Sch. 4 Pt. II para. 9(1)–(5), (7)–(9) repealed by Finance Act 1972 (c. 41), ss. 75(7)(8), 134, Schs. 10 para. 10 and 28 Part V Sch. 4 Pt. II paras. 6, 8, 9(6), 11 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31 Sch. 4 Pt. II paras. 6, 8, 9(6), 11 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31 Sch. 5 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31. (See Sch. 30 para. 17 of that Act which preserves the definition of “pension business" in para. 11(3) in certain circumstances.) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 Pt. I paras. 1, 2 repealed, as regards disposals after 22nd July 1970, by Finance Act 1971 (c. 68), ss. 55, 69(7) and Sch. 14 Pt. III subject to s. 55 and Sch. 9, and Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by the Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch. 12 (with Sch. 11 paras. 22, 26(2), 27) Sch. 7 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(2) Notes 1, 2 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2) Sch. 7 para. 1(3)(a) repealed by Finance Act 1971 (c. 68), Sch. 14 Pt. VI Word repealed by Finance Act 1985 (c. 54, SIF 114), s. 98(6), Sch. 27 Pt. IX(2) Sch. 7 para. 1(3)(c) and Sch. 7 para. 4 repealed by Finance Act 1985 (c. 54, SIF 114), s. 98(6), Sch. 27 Pt. IX(2) Sch. 7 para. 1(3)(c) and Sch. 7 para. 4 repealed by Finance Act 1985 (c. 54, SIF 114), s. 98(6), Sch. 27 Pt. IX(2) Sch. 7 para. 5 repealed by Finance Act 1972 (c. 41), Sch. 28 Pt. XI Sch. 7 para. 6 repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI Sch. 7 para. 7(4) repealed by Finance Act 1989 (c. 26, SIF 114), s. 187(1), Sch. 17 Pt. IX Sch. 7 para. 8 repealed by Finance Act 1971 (c. 68), Sch. 14 Pt. VI Sch. 7 para. 9 repealed by Finance Act 1987 (c. 16, SIF 114), s. 72, Sch. 16 Pt. VIII Sch. 7 paras. 10, 11 repealed by Finance Act 1974 (c. 30), Sch. 14 Pt. III Sch. 7 para. 13(2) repealed by Finance Act 1974 (c. 30), Sch. 14 Pt. IV Sch. 7 para. 15 repealed by Finance Act 1973 (c. 51), s. 59(7), Sch. 22 Pt. V Words substituted by virtue of Decimal Currency Act 1969 (c. 19), s. 10(1) Sch. 7 para. 17 repealed by Finance Act 1989 (c. 26, SIF 114), s. 187(1), Sch. 17 Pt. IX Sch. 7 para. 18 repealed by Finance Act 1972 (c. 41), Sch. 28 Pt. XI Words in Sch. 8 Pt. V repealed (1.10.2009) by Public Health etc. (Scotland) Act 2008 (asp 5), s. 128(2), Sch. 3 Pt. 1 (with s. 127); S.S.I. 2009/319, art. 2(a), Sch. 1 Words of enactment omitted under authority of Statute Law Revision Act 1948 (c. 62), s. 3 General amendments etc. to Tax Acts (or Income Tax Acts or Corporation Tax Acts as the case may be) made by Taxes Management Act 1970 (c. 9, SIF 63:1), s. 41A(7) (as added by Finance Act 1990 (c. 29, SIF 63:1), s. 95(1)(2), British Telecommunications Act 1981 (c. 38, SIF 96), s. 82(2)(7); Telecommunications Act 1984 (c. 12, SIF 96), s. 72(3); Finance Act 1984 (c. 43, SIF 63:1), ss. 82(6), 85(2), 89(1)(7), 96(1)(7), 98(7), Sch. 9 para. 3(2)(9), Sch. 16 paras. 6, 12 and Finance Act 1985 (c. 54, SIF 63:1), ss. 72(1), 74(5), Sch. 23 para. 15(4), S.I. 1987/530, regs. 11(2), 13(1), 14, Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss. 4, 6, 7, 9, 32, 34, 78, 134, 135, 141, 142, 185, 191, 193, 194, 195, 200, 203, 209, 212, 213, 219, 247, 253, 272, 287, 314, 315, 317, 318, 325, 326, 327, 345, 350, 351, 368, 375, 381, 397, 414, 432, 440, 442, 446, 458, 460, 461, 463, 463(2)(3) (as added by Finance Act 1990 (c. 29, SIF 63:1), s. 50(2) ), 468, 474, 475, 486, 490, 491, 503, 511, 518, 524, 532, 544, 550, 556, 558, 569, 572, 582, 595, 601, 613, 617, 619, 621, 639, 656, 660, 663, 676, 689, 691, 694, 700, 701, 714, 716, 739, 743, 754, 763, 776, 780, 781, 782, 787, 789, 811, 828, 829, 832, 833, 834, 835, 837, 838, 839, 840, 841, 842, Sch. 2 para. 5, Sch. 4 para. 5, Sch. 13 para. 10, Sch. 16 para. 10, Sch. 21 para. 6, Sch. 26 para. 1, Sch. 27 para. 20, Finance Act 1988 (c. 39, SIF 63:1), ss. 66, 127(1)(6), Sch. 12 para. 6, Capital Allowances Act 1990 (c. 1, SIF 63:1), ss. 28(1), 68(8), 74, 82, 83(5), 148(5), 163(4), 164(2), S.I. 1990/627 and Finance Act 1990 (c. 29, SIF 63:1), s. 25(10) Act amended (retrospectively) by Finance Act 1991 (c. 31, SIF 63:1), s. 36(4)(a)(b) The text of s. 36(8) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991. The text of Sch. 1 Pt. II para. 16(2)(3) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 Part of the text of Sch. 4 Pt. II para. 10 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 The text of Sch. 7 paras. 1(3)(b), 7, 12, 13(1), 14, 16(1)–(3)(5) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 The text of Sch. 7 paras. 1(3)(b), 7, 12, 13(1), 14, 16(1)–(3)(5) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 The text of Sch. 7 paras. 1(3)(b), 7, 12, 13(1), 14, 16(1)–(3)(5) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 The text of Sch. 7 paras. 1(3)(b), 7, 12, 13(1), 14, 16(1)–(3)(5) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 The text of Sch. 7 paras. 1(3)(b), 7, 12, 13(1), 14, 16(1)–(3)(5) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 The text of Sch. 7 paras. 1(3)(b), 7, 12, 13(1), 14, 16(1)–(3)(5) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 The text of Sch. 8 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991 1891 c. 39. 1968 c. 65. 1891 c. 39. 1959 c. 58. 1906 c. 14. 1922 c. 17. 1948 c. 38. 1891 c. 39. 1961 c. 36. 1891 c. 38. 1956 c. 54. 1891 c. 39. 1891 c. 39. 1967 c. 47. An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.
The general betting duty in respect of any bet made on or after 27th April 1970 shall—
if it is an on-course bet, be of an amount equal to 5. per cent, of the amount staked, and
if it is not an on-course bet, be of an amount equal to 6. per cent, of the amount staked.
Where it is shown to the satisfaction of the Commissioners that a bookmaker has laid off the whole or any part of an on-course bet made with him by making an on-course bet (in this subsection called a " hedging " bet), being a dutiable bet made in the course of the same meeting, and on the same contingency, as the first-mentioned bet, and that both the bookmaker making, and the person accepting, the hedging bet have complied with such conditions as the Commissioners think fit to impose for the protection of the revenue, the first-mentioned bet shall, up to the amount staked by the hedging bet, be exempt from general betting duty, and the Commissioners shall remit or repay duty accordingly. In giving relief under this subsection, in no circumstances may any part of the amount staked by a hedging bet be brought into account more than once. This subsection applies to bets made on or after 27th April 1970.
In this section an " on-course bet" means a bet made in the course of a meeting—
with a bookmaker present at the meeting, or
by means of a totalisator situated on premises forming part of the track,
where—
the person making the bet (that is to say the person originating the bet and not any agent or intermediary) is present at the meeting, or
apply in relation to tobacco substitutes, subject to such modifications as may be specified in the regulations but otherwise as they apply in relation to tobacco, any provisions contained in Part V of the Customs and Excise Act 1952 ;
the bet is made by a person carrying on a bookmaking business acting as a principal (and not acting as agent for, or on behalf of, some other person).
regulate the manufacture of tobacco substitutes and prohibit the importation of tobacco substitutes (whether or not forming part of products for smoking) containing any ingredient the use of which in the manufacture of tobacco substitutes is prohibited by the regulations ;
contain provisions for the protection of the revenue,
For the purposes of this section—
" dutiable bet" means a bet to which section 12(1) of the Finance Act 1966 (application of general betting duty) applies,
" meeting" means any occasion on any one day on which events take place on any track,
expressions defined by section 15(6) of the Finance Act 1966 shall have the same meanings in this section.
As from 27th April 1970 section 2(4) of the Finance Act 1969 (betting premises licence for off-course betting) shall cease to have effect.
On application made to the proper officer in respect of a betting premises licence for a period falling partly after 27th April 1970 the duty paid or payable on the licence shall, subject to subsection (7) below, be repaid or remitted to the following extent— and any amount so repayable shall be paid to the person who is the holder of the licence on 27th April 1970.
five-twelfths of the duty on the licence, if the period of validity of the licence began before 1st January 1970,
five-ninths of the duty on the licence, if the period of validity of the licence began in 1970, but before 1st April 1970,
five-sixths of the duty on the licence, if the period of validity of the licence began after 31st March 1970,
If, under arrangements made by the Commissioners, the holder of a betting premises licence was allowed to pay the duty on the licence by twelve monthly instalments payable on the first day of each month, subsection (6) above shall not apply, but all duty first becoming payable under the arrangements after April 1970 shall be remitted.
Where subsection (6) or subsection (7) above applies, the amount of any penalty under paragraph 9(a), and the amount of any duty on a licence under paragraph 9(b), of Schedule 8 to the Finance Act 1969 shall be adjusted accordingly.
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A gaming licence shall be a licence for the period from 1st October in any year to 31st March in the following year, or from 1st April in any year to 30th September in that year (all dates inclusive).
The amount of the duty under this section on a gaming licence in respect of any premises shall be determined in accordance with the Table in, and the other provisions of. Schedule 1 to this Act.
Without prejudice to subsections (5) and (6) of this section, the games to which this section applies are baccarat, punto banco, big six, blackjack, boule, chemin de fer, chuck-a-luck, craps, crown and anchor, faro, faro bank, hazard, poker dice, pontoon, French roulette, American roulette, trente et quarante, vingt-et-un, and wheel of fortune.
The Treasury may by order made by statutory instrument add to the games mentioned in subsection (4) of this section any game not for the time being mentioned therein if it appears to the Treasury proper so to do for the protection of the revenue, having regard to the character of the game and the circumstances in which it is played; but a statutory instrument containing an order under this subsection shall be laid before the Commons House of Parliament after being made, and the order shall cease to have effect at the end of twenty-eight days after the day on which it was made (but without prejudice to anything previously done under the order or to the making of a new order) unless at some time before the end of those twenty-eight days the order is approved by resolution of that House ; and, in reckoning for the purposes of this subsection any period of twenty-eight days, no account shall be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than four days.
Any reference in this section or in any order under subsection (5) thereof to a particular game shall be taken to include a reference to any game (by whatever name called) which is essentially similar to that game; and in proceedings relating to the gaming licence duty under the excise Acts an averment in any process that a particular game is essentially similar to another particular game shall, until the contrary is proved, be sufficient evidence that it is so.
Gaming taking place on any premises at a time when no licence is in force as respects those premises under the Gaming Act 1968 shall not require the authority of a gaming licence under this section.
Subject to subsection (7) above, all gaming taking place after 30th September 1970 by way of any game to which this section for the time being applies shall require the authority of a gaming licence under this section, and as respects gaming after that date section 13 of the Finance Act 1966 (which is superseded by this section) shall cease to have effect.
Part II of Schedule 1 to this Act shall have effect for supplementing the provisions of this section (in that Schedule called “the principal section").
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" gaming " has the same meaning as in the Gaming Act 1968, and
the particulars of which are set out in any enactment, or in regulations made under any enactment, or
No more than one gaming machine licence shall be in force at any time as respects the gaming machines on any premises, except that there may be one ordinary gaming machine licence as respects the gaming machines chargeable at the lower rate, and one ordinary gaming machine licence as respects the gaming machines chargeable at the higher rate.
In accordance with subsection (1) above, in ascertaining whether there has been a contravention of section 5(11) of the Finance Act 1969 (failure to take out appropriate licence) in respect of any premises, two (but not more than two) ordinary gaming machine licences may be taken into account if one relates only to machines chargeable at the lower rate, and the other to machines chargeable at the higher rate, and in other cases only one licence may be taken into account.
The proper officer may, in such manner as the Commissioners may direct, and without any additional payment, amend a gaming machine licence by substituting different premises for those in respect of which it is for the time being in force, but—
this subsection shall not be taken as authorising any amendment affecting the number or descriptions of gaming machines authorised by the licence, and
in the case of an ordinary licence, the proper officer must be satisfied that there is no other licence in force as respects the new premises, except where the transfer is of a licence relating only to machines chargeable at the lower rate, or the higher rate, and the licence already in force relates only to machines chargeable at the other rate.
Section 5(2) of the Finance Act 1969 shall be amended as follows. For the words from ' a " penny machine "' to the end of the subsection substitute ' a " penny machine " is a gaming machine which, in order to be played once, requires the insertion of— and which cannot be played in any other way.'
a single new penny, or
a single new halfpenny, or
a single penny,
Notwithstanding anything in Part V of the Customs and Excise Act 1952 (which relates to tobacco and, in particular, imposes prohibitions on the manufacture, use, sale and possession of substances resembling tobacco), the Commissioners may make regulations authorising the manufacture of tobacco substitutes and their use in the production of cigarettes, pipe tobacco, cigars and other products intended for smoking or, though not so intended, customarily made from tobacco (all of which products are in the following provisions of this section referred to as " products for smoking " ).
Subject to the provisions of regulations under this section—
the duties of excise on tobacco shall be charged on tobacco substitutes manufactured in the United Kingdom as if the substitutes were unmanufactured tobacco;
the duties of customs on tobacco shall be charged on the importation of tobacco substitutes as if the substitutes were tobacco; and
for the purpose of any enactment relating to drawback on tobacco, tobacco substitutes shall be deemed to be tobacco.
Regulations under this section may provide that, subject to such exceptions as may be specified in the regulations, no person shall manufacture tobacco substitutes unless he holds a licence for the purpose expiring on such day in each year as may be so specified; and there shall be charged on any such licence a duty of excise of £10.
including provisions corresponding to those which, by virtue of section 177 or section 179 of the said Act of 1952, may be contained in regulations under those sections relating to the manufacture and growing of tobacco;
require the deposit of tobacco substitutes in a warehouse in such cases as may be specified in the regulations ;
in order to secure a comparable treatment of tobacco and tobacco substitutes for the purposes of duties of customs and excise, provide in such cases as may be so specified for reductions in the amount of duty which would otherwise be payable on tobacco substitutes by virtue of subsection (2) above ; and
contain provisions for the exemption, remission or repayment of duty in respect of tobacco substitutes in such cases as may be so specified.
The Commissioners may by regulations provide that—
in order to secure that tobacco does not Dear a double duty of customs or excise by virtue of any provision made by or under this section, the amount of duty which would otherwise be payable in respect of tobacco shall be reduced in accordance with, and in such cases as may be specified in, the regulations; and
where any tobacco refuse or tobacco stalks is or are delivered to a manufacturer of tobacco substitutes, the amount of any drawback payable shall be reduced in accordance with, and in such cases as may be specified in, the regulations.
Any person contravening or failing to comply with any provision of regulations under this section shall be liable to a penalty of £200, and any article in respect of which, or found on premises in respect of which, the offence was committed shall be liable to forfeiture.
Subject to subsection (8) below, in this section " tobacco substitutes " means substances (including substances containing or manufactured from tobacco) of a kind which are, or in the opinion of the Commissioners may be, used in substitution wholly or partly for tobacco in the manufacture of products for smoking.
Notwithstanding anything in subsection (7) above, the following substances are not " tobacco substitutes" for the purposes of this section, namely—
substances which by virtue of paragraphs (a) to (e) of section 176(1) of the Customs and Excise Act 1952 may be used in manufacturing tobacco ;
any substance which, by virtue of the said section 176(1), is permitted by the Commissioners to be used in manufacturing tobacco and which is used in accordance with such conditions and restrictions applicable to that use as may have been imposed under that section; and
substances which in the opinion of the Commissioners are intended solely for use in the manufacture of products commonly known as herbal smoking mixtures or herbal cigarettes.
relating to duties of customs and excise and drawback on tobacco; and
modifying customs procedures in relation to standing deposits and the use of computers ;
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Angostura bitters shall be deemed not to be spirits for the purposes of— and accordingly angostura bitters shall be treated as a non-intoxicating drink for the purposes of the enactments specified in paragraph (b) above.
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the Licensing (Scotland) Act 1976... and any other enactment (whether passed before or after the commencement of this Act) in which “spirits” has the same meaning as in that Act;
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The said enactments are— Schedule 5 to the Finance Act 1969 and section 181(1) of the Customs and Excise Act 1952 (tobacco; duty, drawback and allowance). Section 4 of the Finance Act 1951 as amended by section 4 of the Finance Act 1963 (duties on matches). So much of Schedule 3 to the Finance Act 1969 as relates to wine exceeding 42 degrees proof spirit. Table 2 in Schedule 1 to the Finance Act 1964 (imported perfumed spirits). Section 104 of the Customs and Excise Act 1952 (export of British compounded spirits).
An order made under this section shall not have effect from a date earlier than the appointed day.
If and so far as an order made under this section amends any of the rates of drawback in Table 3 in Schedule 5 to the Finance Act 1969 (tobacco), the rate of drawback as so amended shall apply (from the date when the amendment has effect) to all tobacco on which duty has been paid at the appropriate rate in the said Schedule 5 either as originally enacted, or as amended by an order under this section.
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
may include such consequential, supplementary or transitional provisions as the Treasury think fit, and
may be revoked or varied by a subsequent order.
An order under this section shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament.
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In section 6 of the Vehicles (Excise) Act 1962 (in this section referred to as " the 1962 Act") in subsection (1)(g) (which exempts from vehicles excise duty invalid carriages not exceeding six hundredweight unladen) for the word " six " there shall be substituted the word " eight ".
In section 12(1) of the 1962 Act (vehicles for which trade licences may be issued) after paragraph (ii) there shall be inserted the words or.
In section 12(10) of the 1962 Act, in the definition of " recovery vehicle", which was inserted by paragraph 2 of Part II of Schedule 12 to the Finance Act 1969, for the words from " on which " to " designed primarily " there shall be substituted the words " on which there is mounted, or which is drawing, or which is carrying as part of its equipment, apparatus designed for raising a disabled vehicle wholly or partly from the ground or for drawing a disabled vehicle when so raised, and which is not used ".
Subject to subsection (5) below, for the purpose of calculating any amount due on or after 15th February 1971 from or to any person under any provision of the 1962 Act, section 12 of the Finance Act 1967 (additional liability for keeping unlicensed vehicle) or the Vehicle and Driving Licences Act 1969, any fraction of a new penny in that amount shall be disregarded ; and accordingly section 9(3) of the 1962 Act and so much of section 8(3) of the said Act of 1969 as relates to disregarding fractions of a penny shall on that day cease to have effect.
Subsection (4) above shall not apply for the purpose of calculating any amount due under any provision of section 2(2) or section 12.(5) of the 1962 Act relating to the duty on a vehicle licence or trade licence for a period of less than a year.
This section shall come into force on 1st September 1970.
Income tax for the year 1970-71 shall be charged at the standard rate of 41-25 per cent, and, in the case of an individual whose total income exceeds £2,500, at such higher rates in respect of the excess over £2,000 as Parliament may hereafter determine.
Accordingly, in section 3(1) of the Taxes Act (effect of Act charging tax at a standard rate and, in the case of an individual whose total income exceeds a stated amount, at a higher rate or rates in respect of any part or parts of his income in excess of that amount) the words " in excess of that amount" shall be omitted.
Subject to subsection (2) below, income tax for the year 1969-70 shall be charged, in the case of an individual whose total income exceeded £2,500, at a rate, for every £1 of each part specified in the following Table of the excess of that income over £2,000, equal to the standard rate for that year plus the additional rate so specified for that part. Part of excess Additional rate The first £500 10% The next £500 12.5% The next £1,000 17.5% The next £1,000 22.5% The next £1,000 27.5% The next £2,000 32.5% The next £2,000 37.5% The next £2,000 42.5% The next £3,000 47.5% The remainder 50%
An individual whose total income for the year 1969-70 did not exceed £2,681 shall be entitled to have the surtax chargeable by virtue of subsection (1) above reduced to an amount equal to 40 per cent, of the difference between his total income and £2,500.
By reason of subsection (1) above, in section 2(1) of the Income Tax Act 1952 (effect, for years preceding 1970-71, of Act charging tax at a standard rate and, in the case of an individual whose total income exceeds a stated amount, at a higher rate or rates in respect of any part or parts of his income in excess of that amount), the words " in excess of that amount" shall be omitted.
Corporation, tax shall be charged for the financial year 1969 at the rate of 45 per cent.
For the year 1970-71 and subsequent years of assessment, Chapter II of Part I of the Taxes Act (personal reliefs) shall have effect subject to the following amendments: —
in section 8 (married and single relief)—
in subsection (1)(a) (married), for the reference to £375 there shall be substituted a reference to £465,
in subsection (1)(b) (single), for the reference to £255 there shall be substituted a reference to £325,
in subsection (2) (wife's earned income relief), for the reference to £255 there shall be substituted a reference to £325, and
in subsection (3) (amount of married relief in year of marriage), for the words "reduced by £10 for each month of the year ending before the date of the marriage " there shall be substituted " reduced, for each month of that year ending before the date of the marriage, by one-twelfth of the amount by which it exceeds the sum specified in paragraph (b) of that subsection ".
section 22 (reduced rate relief) shall cease to have effect, and, in section 5 (introductory), for the reference to sections 6 to 22 there shall be substituted a reference to sections 6 to 21;
in section 7 (relief for persons over 65 with small incomes)—
for the references to £425 and £680 (income limits for exemption) there shall be substituted references to £475 and £740,
for the reference to £265 (the excess over those limits beyond which relief by reduction of tax is excluded) there shall be substituted a reference to £255, and
for the reference to nine-twentieths (the fraction governing relief by reduction of tax) there shall be substituted a reference to 50 per cent.;
in section 6(2) (relief for small incomes), for the reference to £710 (the income limit for marginal relief) there shall be substituted a reference to £750, and for the reference to one-half (the fraction governing marginal relief) there shall be substituted a reference to 55 per cent.;
in section 16 (relief for dependent relative), for the reference in subsection (1) to £245 (lower income limit of dependent relative) there shall be substituted a reference to £260, for the references in subsections (1) and (2) to £320 (the normal higher income limit) there shall be substituted references to £335, and for the reference in subsection (2) to £355 (the higher income limit where the claimant is a woman other than a married woman living with her husband) there shall be substituted a reference to £370 ; and
in section 14(1)(a) (additional relief for widows and others in respect of children: relief excluded in the case of a woman who is not a widow unless in full time occupation or totally incapacitated), the words from " except that it does not apply " to " physical or mental infirmity " shall be omitted.
The amounts of tax deductible or repayable under section 204 of the Taxes Act (pay as you earn) before 6th July 1970 shall be deemed not to have been affected by the provisions of subsection (1) above other than paragraph (e), but this subsection shall not prevent any necessary correction being made on or after that day by adjusting subsequent deductions or repayments under that section, or, if need be, by an assessment.
In relation to capital expenditure incurred, at any time within the period beginning on 6th April 1970 and ending on 5th April 1972, on the construction of a building or structure in such circumstances that a person becomes entitled to an initial allowance within the meaning of section 1 of the Capital Allowances Act 1968, for the words " three-twentieths " in subsection (2) of that section (the rate of allowance) there shall be substituted—
in a case falling within subsection (2) below, the words " two-fifths " ; and
in any other case, the words " three-tenths ".
The higher rate of initial allowance specified in subsection (1)(a) above applies if the building or structure concerned is situated in an area which is a development area or an intermediate area— or if the building or structure concerned is situated in Northern Ireland.
on the date on which the capital expenditure is incurred ; or
if the contract under which the capital expenditure is incurred was entered into on or after 6th April 1970, on the date on which that contract was entered into;
For the purposes of subsection (2) above—
" development area " has the same meaning as in Part I of the Local Employment Act 1960; and
" intermediate area " has the same meaning as in the Local Employment Act 1970.
Expenditure shall not be treated for the purposes of this section as having been incurred after the date on which it was in fact incurred by reason only of section 1(6) of the Capital Allowances Act 1968 (expenditure incurred before trade began) or section 5(1) of that Act (purchase of unused buildings and structures).
In computing for any accounting period (whether beginning before or after the commencement of this Act) the profits chargeable to corporation tax of a Passenger Transport Executive or of the London Transport Executive, there shall be left out of account—
any amounts paid to Passenger Transport Executives in pursuance of precepts issued under section 13 of the Transport Act 1968 ;
any grants made to the London Transport Executive by the Greater London Council under section 3(1)(a) of the Transport (London) Act 1969.
In computing the profit or loss of a Passenger Transport Executive in its trade in the first accounting period ending after 5th April 1970, the Executive shall be treated as having incurred a loss equal to the aggregate of the income tax losses and allowances (as defined in subsection (3) below) of each local authority whose interests in a transport undertaking (in this section referred to in relation to the local authority as " the transferred undertaking ") were transferred to the Executive by virtue of an order under section 17 of the Transport Act 1968; and section 177(1) of the Taxes Act (set-off of losses against trading income in succeeding accounting periods) shall apply accordingly.
For the purposes of subsection (2) above the income tax losses and allowances of a local authority means the following losses and allowances attributable to the transferred undertaking namely—
those losses (if any) which were incurred in or before the year 1965-66 in carrying on the undertaking and which, apart from any provision of the Finance Act 1965 (and in particular section 66, which exempted a local authority from income tax and corporation tax) would have been available to the local authority for set-off for tax purposes in the following year of assessment against income arising from the undertaking: and
so much of the allowances which by virtue of section 323 of the Income Tax Act 1952 were in the year 1965-66 available as a deduction in charging the profits or gains of the transferred undertaking for that year as, apart from any such provision as is referred to in paragraph (a) above, would have been available as such a deduction in the following year of assessment.
The provisions of Schedule 3 to this Act shall have effect in consequence of the transfer, under Part III of the Transport (London) Act 1969 of the property, rights, liabilities and functions of the London Transport Board to the London Transport Executive and London Country Bus Services Limited (being the subsidiary of the National Bus Company which is " the designated company " for the purposes of that Act).
Schedule 4 to this Act (which contains amendments of the Taxes Act and of the Capital Allowances Act 1968) shall have effect.
The Board shall approve any retirement benefits scheme for the purposes of this Chapter if the scheme satisfies all of the prescribed conditions, that is to say the conditions set out in subsection (2) below, and the conditions as respects benefits in Part I of Schedule 5 to this Act.
The said conditions are—
that the scheme is bona fide established for the sole purpose of providing relevant benefits in respect of service as an employee (as defined in this Chapter), being benefits payable to, or to the widow, children or dependants or personal representatives of, the employee,
that the scheme is recognised by the employer and employees to whom it relates, and that every employee who is, or has a right to be, a member of the scheme has been given written particulars of all essential features of the scheme which concern him,
that there is a person resident in the United Kingdom who will be responsible for the discharge of all duties imposed on the administrator of the scheme under this Chapter,
that the employer is a contributor to the scheme,
that the scheme is established in connection with some trade or undertaking carried on in the United Kingdom by a person resident in the United Kingdom,
that, where the employer is a company, no service of a person, in whatever capacity, rendered by him while he is a controlling director of the company is taken into account for any of the purposes of the scheme,
that in no circumstances, whether during the subsistence of the scheme or later, can any amount be paid by way of repayment of an employee's contributions under the scheme.
If in the opinion of the Board the facts concerning any scheme or its administration cease to warrant the continuance of their approval of the scheme, they may at any time by notice in writing to the administrator withdraw their approval on such grounds, and from such date, as may be specified in the notice.
Where an alteration has been made in a retirement benefits scheme, the scheme shall, for the purposes of this Chapter, be deemed to have become a new scheme coming into being on the date of the alteration, and accordingly no approval given as respects the scheme before the alteration shall apply after the date of the alteration: Provided that this subsection shall not apply to an alteration approved by the Board. "
For the purpose of determining whether a retirement benefits scheme, so far as it relates to a particular class or description of employees, satisfies or continues to satisfy the prescribed conditions that scheme shall be considered in conjunction with any other retirement benefits scheme or schemes relating to employees of that class or description, and, if those conditions are satisfied in the case of both or all of those schemes taken together, they shall be taken to be satisfied in the case of each of them but otherwise those conditions shall be taken to be satisfied in the case of none of them.
No approval shall be given as respects any period before 6th April 1970.
The Board may, if they think fit, having regard to the facts of a particular case, and subject to such conditions, if any, as they think proper to attach to the approval, approve a retirement benefits scheme for the purposes of this Chapter notwithstanding that it does not satisfy one or more of the prescribed conditions.
The Board may in particular approve by virtue of this section a scheme—
which exceeds the limits imposed by the prescribed conditions as respects benefits for less than 40 years' service, or
which exceeds the limits imposed by the prescribed conditions as respects benefits payable on the death of the employee, and in particular which provides a pension for the employee's widow, or
which provides for the return in certain contingencies of employees' contributions, or
which relates to a trade or undertaking carried on only partly in the United Kingdom, and by a person not resident in the United Kingdom.
In applying this section to an existing scheme the Board shall exercise their discretion, in such cases as appear to them appropriate, so as—
to preserve benefits earned or rights arising out of service before approval under this Chapter or before the date on which section 23 of this Act comes into force, whichever is the earlier, and
to preserve any rights to death-in-service benefits conferred by rules of the scheme in force on 26th February 1970.
This section has effect as respects— and any scheme which is for the time being within paragraph (a) or (b) above is in this Chapter referred to as an " exempt approved scheme ".
any approved scheme which is shown to the satisfaction of the Board to be established under irrevocable trusts, or
any other approved scheme as respects which the Board, having regard to any special circumstances, direct that this section shall apply,
Exemption from income tax shall, on a claim being made in that behalf, be allowed in respect of income derived from investments or deposits if, or to such extent as the Board are satisfied that, it is income from investments or deposits held for the purposes of the scheme.
Any sum paid by an employer by way of contribution under the scheme shall for the purposes of Case I or II of Schedule D, and of the provisions of Chapter I of Part )(II of the Taxes Act relating to expenses of management, be allowed to be deduoted as an expense, or expense of management, incurred in the chargeable period in which the sum is paid: Provided that—
the amount of an employer's contributions which may be so deducted shall not exceed the amount contributed by him under the scheme in respect of employees in a trade or undertaking in respect of the profits of which the employer is assessable to tax (that is to say United Kingdom income tax or corporation tax),
a sum not paid by way of an ordinary annual contribution shall for the purposes of this subsection be treated, as the Board may direct, either as an expense incurred in the chargeable period in which the sum is paid, or as an expense to be spread over such period of years as the Board think proper.
Any ordinary annual contribution paid under the scheme by an employee shall, in assessing tax under Schedule E, be allowed to be deducted as an expense incurred in the year of assessment in which the contribution is paid.
Relief shall not be given under section 19 or 20 of the Taxes Act (life assurance premiums and other payments) in respect of any payment in respect of which an allowance can be made under subsection (4) above.
There shall be exempt from tax chargeable under Case VII of Schedule D any gain accruing to a person from his acquisition and disposal of investments if, or to such extent as the Board are satisfied that, the investments are or were held by him or on his behalf for the purposes of the scheme.
For the purposes of capital gains tax a gain shall not be a chargeable gain where it accrues to a person on his disposal of investments if, or to such extent as the Board are satisfied that, those investments were held by him or on his behalf for the purposes of the scheme.
Nothing in this section shall be construed as affording relief in respect of any sums to be brought into account under section 314 of the Taxes Act (pension business of insurance companies).
This section has effect only as respects income arising or gains accruing or contributions paid at a time when the scheme is an exempt approved scheme.
Neither section 208 nor 209 of the Taxes Act (relief for superannuation funds and statutory pension schemes) shall apply as respects an exempt approved scheme, and the said section 208 shall cease to have effect on 6th April 1972 or such later date as the Treasury may by order in a statutory instrument made before 6th April 1972 appoint.
Neither subsection (1) nor subsection (2) of section 220 of the Taxes Act (which will be superseded by section 23 of this Act) shall apply to an approved scheme.
This section has effect as respects any statutory scheme established under a public general Act.
Any contribution paid under the scheme by any officer or employee shall, in assessing tax under Schedule E, be allowed to be deducted as an expense incurred in the chargeable period for which the contribution is paid and relief shall not be given under section 19 or 20 of the Taxes Act in respect of any contribution allowable as a deduction under this subsection.
This section has effect subject to section 210 of the Taxes Act (disallowance of contributions for widows' and other pensions).
This section shall come into force on such date as the Treasury may by order in a statutory instrument appoint.
Subject to the provisions of this Chapter, where, pursuant to a retirement benefits scheme, the employer in any year of assessment pays a sum with a view to the provision of any relevant benefits for any employee of that employer, then (whether or not the accrual of the benefits is dependent on any contingency)—
the sum paid, if not otherwise chargeable to income tax as income of the employee, shall be deemed for all the purposes of the Income Tax Acts to be income of that employee for that year of assessment and assessable to tax under Schedule E, and
where the payment is made under such an insurance or contract as is mentioned in section 19 of the Taxes Act, relief, if not otherwise allowable, shall be given to that employee under the said section 19 in respect of the payment to the extent, if any, to which such relief would have been allowable to him if the payment had been made by him and the insurance or contract under which the payment is made had been made with him.
Subject to the provisions of this Chapter, where— then (whether or not the accrual of the benefits is dependent on any contingency) an amount equal to the cost, estimated in accordance with subsection (3) below, of securing the provision by a third person of the benefits or, as the case may be, of the benefits so far as not already secured by the payment of such sums as are mentioned in subsection (1) above, shall be deemed for all purposes of the Income Tax Acts to be income of the employee for the year or years of assessment specified in the said subsection (3) and assessable to income tax under Schedule E.
the circumstances in which any relevant benefits under a retirement benefits scheme are to accrue are not such as will render the benefits assessable to income tax under Schedule E as emoluments of the employee in respect of whom the benefits are paid, and
the provision of those benefits is not, or is not fully, secured by the payment of sums by the employer with a view to the provision of those benefits,
The cost referred to in subsection (2) above shall be estimated either— as may be more appropriate in the circumstances of the case.
as an annual sum payable in each year of assessment in which the scheme in question is in force or the employee is serving, up to and including the year of assessment in which the benefits accrue or there ceases to be any possibility of the accrual thereof, or
as a single sum payable in the year of assessment in which falls the date when the employee acquired the right to the relevant benefits, or the date when he acquired the right to any increase in the relevant benefits,
Where the employer pays any sum as mentioned in subsection (1) above in relation to more than one employee, the sum so paid shall, for the purpose of that subsection, be apportioned among those employees by reference to the separate sums which would have had to be paid to secure the separate benefits to be provided for them respectively, and the part of the sum apportioned to each of them shall be deemed for that purpose to have been paid separately in relation to that one of them.
Any reference in this section to the provision for an employee of relevant benefits includes a reference to the provision of benefits payable to that employee's wife or widow, children, dependants or personal representatives.
This section shall come into force on 6th April 1972 or such later date as the Treasury may appoint by order in a statutory instrument made before 6th April 1972, and shall so come into force both for schemes set up before the date so appointed and schemes set up later.
Neither subsection (1) nor subsection (2) of the last preceding section shall apply where the retirement benefits scheme in question is—
an approved scheme, or
a statutory scheme, or
a scheme set up by a Government outside the United Kingdom for the benefit, or primarily for the benefit, of its employees.
Neither subsection (1) nor subsection (2) of the last preceding section shall apply for any year of assessment where, apart from those subsections, the employee is not assessable to tax for that year under Case I or II of Schedule E in respect of the emoluments of his employment.
Where, in respect of the provision for an employee of any relevant benefits, a sum has been deemed to be income of his by virtue either of subsection (1) or subsection (2) of the last preceding section, and subsequently the employee proves to the satisfaction of the Board that no payment in respect of, or in substitution for, the benefits has been made and that some event has occurred by reason of which no such payment will be made, and makes application for relief under this subsection within six years from the time when that event occurred, the Board shall give relief in respect of tax on that sum by repayment or otherwise as may be appropriate; and if the employee satisfies the Board as aforesaid in relation to some particular part of the benefits but not the whole thereof, the Board may give such relief as may seem to them just and reasonable.
In this Chapter " retirement benefits scheme " means, subject to the provisions of this section, a scheme for the provision of benefits consisting of or including relevant benefits, but does not include any national scheme providing such benefits.
References in this Chapter to a scheme include references to a deed, agreement, series of agreements, or other arrangements providing for relevant benefits notwithstanding that it or they relates or relate only to—
a small number of employees, or to a single employee, or
the payment of a pension starting immediately on the making of the arrangements.
The Board may, if they think fit, treat a retirement benefits scheme relating to employees of two or more different classes or descriptions as being for the purposes of this Chapter two or more separate retirement benefits schemes relating respectively to such one or more of those classes or descriptions of those employees as the Board think fit.
For the purposes of this section, and of any other provision of this Chapter—
employees may be regarded as belonging to different classes or descriptions if they are employed by different employers, and
a particular class or description of employee may consist of a single employee, or any number of employees, however small.
In this Chapter, except where the context otherwise requires—
" administrator " in relation to a retirement benefits scheme means the person or persons resident in the United Kingdom having the management of the scheme;
" exempt approved scheme " has the meaning given by section 21(1) of this Act;
which has been approved as an appropriate scheme by a Minister or government department (including a Northern Ireland Minister or government department).
" director " in relation to a company includes—
in the case of a company the affairs whereof are managed by a board of directors or similar body, a member of that board or similar body,
in relation to any employer, includes a person who is to be or has been an employee, and " employer " and other cognate expressions shall be construed accordingly;
in the case of a company the affairs whereof are managed by a single director or similar person, that director or person,
Any reference in this Chapter to the provision of relevant benefits, or of a pension, for employees of an employer includes a reference to the provision thereof by means of a contract between the administrator or the employer and a third person.
Schedule 5 to this Act shall have effect for supplementing this Chapter, which is there referred to as the principal Chapter, and that Schedule shall be construed as one with this Chapter.
For the purpose of section 41 of, and Schedule 18 to, the Finance Act 1969 and of section 270 of the Taxes Act (gilt-edged securities exempt from tax on capital gains: consequential charge on short-term disposals etc. by companies) in the expression " stocks and registered bonds ", in each place where it occurs in those provisions, the word " registered " shall be, and shall be deemed always to have been, omitted.
All such adjustments of tax shall be made, whether by way of discharge or repayment or by way of assessment, as may be required in consequence of this section.
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for purposes of income tax (including surtax), or as the case may be for purposes of corporation tax on profits exclusive of chargeable gains, as if the total of the mineral royalties receivable by him under that lease or agreement in that year or period and any management expenses available for set-off against those royalties in that year or period were each reduced by one half; and
for purposes of Part III of the Finance Act 1965, or as the case may be for purposes of corporation tax on chargeable gains, as if there accrued to him in that year or period a chargeable gain equal to the relevant fraction of the total of the mineral royalties receivable by him under that lease or agreement in that year or period;
For the purposes of subsection (1)(a) above, " management expenses available for set-off " against royalties means— and if neither paragraph (a) nor paragraph (b) above applies, the reference in subsection (1)(a) above to management expenses available for set-off shall be disregarded.
where section 158 of the Taxes Act (expenses of owners of mineral rights) applies in respect of the royalties, any sums brought into account under subsection (1) of that section in determining the amount of the repayment of income tax in respect of those royalties or, as the case may be, deductible from those royalties under subsection (2) of that section in computing the income of a company for purposes of corporation tax ; and
if the royalties are chargeable to tax under Schedule A, any sums deductible under Part III of the Taxes Act as payments made in respect of management of the property concerned, including amounts of betterment levy treated as such payments under paragraph 6 of Schedule 4 to that Act;
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shall be one half if betterment levy was not chargeable in respect of the grant of that lease or agreement and has not subsequently become chargeable on any renewal, extension or variation of the mineral lease or agreement ;
shall be determined in accordance with Part I of Schedule 6 to this Act if, on the last disposition affecting the lease or agreement and giving rise to an assessment to betterment levy, betterment levy was chargeable under Case B within the meaning of Part III of the Land Commission Act 1967; and
in any other case shall be determined in accordance with regulations made by the Board by statutory instrument, and any such regulations shall secure, so far as practicable, that account is taken of any betterment levy chargeable in respect of a disposition affecting the mineral lease or agreement on a basis comparable with that in the said Part I;
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the amount of the excess shall in the first instance be set against the tax for which he is chargeable by virtue of subsection (1)(b) above ; and
on the making of a claim in that behalf, he shall be entitled to repayment of tax in respect of the balance of that excess.
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provide whether, and to what extent, payments made under a mineral lease or agreement and relating both to the winning and working of minerals and to other matters are to be treated as mineral royalties; and
provide for treating the whole of such payments as mineral royalties in cases where the extent to which they relate to matters other than the winning and working of minerals is small.
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" mineral lease or agreement " means—
a contract for the sale, or a conveyance, of minerals in or under land in the United Kingdom; and
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paragraphs (a) to (c) of subsection (3) above shall not apply but the relevant fraction referred to in subsection (1)(b) above shall be one half;
references to mineral royalties include references—
to periodical payments of compensation under section 29 or section 35 of the Mineral Development Act (Northern Ireland) 1969 or under section 4 of the Petroleum (Production) Act (Northern Ireland) 1964; and
to periodical payments made as mentioned in section 37 of the said Act of 1969 or under section 55(4)(b) of that Act or under section 11 of the said Act of 1964 (payments in respect of minerals to persons entitled to a share of royalties under section 13(3) of the Irish Land Act 1903); and
in the application of this section to any such payments as are referred to in paragraph (b) above, subsection (5) above shall be omitted, and references in any other provision of this section to the mineral lease or agreement under which mineral royalties are payable shall be construed as references to the enactment under which the payments are made.
Subject to the provisions of this section, the rate of interest payable under the following enactments namely— shall, as regards interest accruing after the passing of this Act, be three per cent., instead of two per cent., per annum.
section 18 of the Finance Act 1896 (general provision for interest on death duties);
subsection (3) of section 17 of the Law of Property Act 1925 and subsection (6) of section 73 of the Land Registration Act 1925 (interest on death duties becoming immediately payable on a conveyance or disposition of land which overrides the charge for duty),
The Treasury may by order from time to time increase or reduce the rate of interest payable under the enactments referred to in subsection (1) of this section; and any such order may correspondingly increase or reduce the rate of interest payable under any other enactments relating to estate duty.
The power of the Treasury to make orders under this section shall be exercisable by statutory instrument; and any statutory instrument made by virtue of this section shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament.
For the purposes of head (iii) of the substituted section 2(1)(b) (that is, the paragraph substituted by section 36 of the Finance Act 1969 for paragraph (b) of section 2(1) of the Finance Act 1894)— and paragraphs (b) to (e) of subsection (3) of section 37 of the Finance Act 1969 shall apply for the purpose of determining whether income was paid or applied as mentioned in paragraph (a) or (b) above as they apply for determining the part of the property to be treated as passing in a case where less than the whole of the income was paid or applied to or for the benefit of the deceased.
the deceased shall be treated as having benefited as a result of the discretion therein referred to if any of the income with respect to which that discretion was exercisable was paid to him or applied for his benefit; and
property shall not be treated as having ceased to be subject to the trust by reason of any payment or application of such income ;
Any reference in paragraph (b) or (c) of the said subsection (3) to a sum paid to or applied for the benefit of a person shall include a reference to property transferred to him or applied for his benefit or, as the context requires, to the value (at the date of the transfer or application) of such property.
In paragraph 9 of Part II of Schedule 17 to the Finance Act 1969 (relief for charities under the substituted section 2(1)(M), after the words " seven years " there shall be inserted the words " except those occurring in the descriptions of the material period for the purposes of paragraphs (aa), (bb) and (cc) of head (iii) ".
In paragraph 7 of Part II of Schedule 17 to the Finance Act 1969 (quick succession relief under s. 30 of the Finance Act 1958 in respect of settled property passing under head (iii) or (iv) of the substituted section 2(1)(b)) the words " subsisting at the date of the earlier death " shall be omitted ; and so much of paragraph 3(4) of Schedule 8 to the Finance Act 1958 as excludes relief under the said section 30 by reference to a death after the end of the settlement shall not apply to a case falling within the said paragraph 7.
No relief shall be allowed under the said section 30 by virtue of the said paragraph 7 in a case where the property passes both on the earlier and on the later death under head (iii) of the substituted section 2(1)(b) and the relevant period (as defined by subsection (3) of section 37 of the Finance Act 1969) is the same in relation to each of those deaths.
This section applies (and except as regards any such earlier death as is referred to in the said paragraph 7 applies only) in relation to deaths occurring after 14th April 1970.
in the case of those in Part I of that Schedule, provisions abolishing, or consequential on the abolition of, certain stamp duties,
in the case of those in Part II of that Schedule, provisions making general amendments of or in connection with the enactments relating to stamp duties, and
in the case of those in Part III of that Schedule, special provisions required for the purposes of those enactments in connection with the introduction of the new currency provided for by the Decimal Currency Act 1967.
The Commissioners may enter into an agreement with, or with persons acting on behalf of, any recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD for the composition, in accordance with the provisions of this section, of the stamp duty chargeable under or by reference to Part I or paragraph 16 of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale or otherwise) on such instruments as may be specified in the agreement, . . . . . . .
An agreement under this section shall provide— and any such agreement may contain such other terms and conditions as the Commissioners think proper.
for every instrument to which the agreement relates to bear on its face an indication of the amount of stamp duty chargeable thereon,
for the issue in respect of every such instrument, by or on behalf of the recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD , of a certificate (which may relate to more than one such instrument) to the effect that stamp duty to the amount so indicated has been, or will be, accounted for to the Commissioners,
for the delivery to the Commissioners, by or on behalf of the recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD , of periodical accounts in respect of instruments to which the agreement relates, giving such particulars with respect thereto as may be specified in the agreement, and
for the payment to the Commissioners, by or on behalf of the recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD and on the delivery of any such account, of the aggregate amount of the stamp duty chargeable as mentioned in subsection(1) above on instruments to which the agreement relates during the period to which the account relates ;
For the purposes of any agreement under this section, the form of brokers transfer provided for by section 1(2) of the Stock Transfer Act 1963 may be used in connection with any transaction notwithstanding that the particulars referred to in that provision could be inserted in the stock transfer there referred to.
An instrument to which an agreement under this section relates and in respect of which a certificate to the effect mentioned in subsection (2)(b) above has been issued by or on behalf of the recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD in question shall be treated for the purposes of the Stamp Act 1891 as stamped with the amount of duty indicated on the face of the instrument.
A recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD or person making default in delivering any account required by an agreement under this section, or in paying any amount in accordance with such an agreement, shall be liable to a fine not exceeding £50 for any day during which the default continues; and, in addition, every amount payable under such an agreement shall bear interest at the rate of 5 per cent, per annum, recoverable by Her Majesty, from the due date for delivery of the account by reference to which it is payable until the actual date of payment.
Except in so far as the context otherwise requires, any reference to a stamp in section 9 or 10 of the Stamp Duties Management Act 1891 (allowances for spoiled stamps) shall include a reference to any indication of an amount of stamp duty on the face of any instrument to which an agreement under this section relates.
In this section “recognised investment exchange , “recognised clearing house”, “recognised CSD”, “EEA CSD” and “third country CSD” have the meanings given by section 285(1) of the Financial Services and Markets Act 2000.
The Treasury may by order made by statutory instrument, which shall be subject to annulment in pursuance of a resolution of either House of Parliament, increase— and any order made under this section may be varied or revoked by a subsequent order so made (but not so as to reduce any rate specified in any of the said enactments below the figure at which it stood when this Act was passed).
the rate specified in section 5 of the Post Office Savings Bank Act 1954 of the interest payable to depositors in the National Savings Bank in respect of ordinary deposits;
the maximum rate specified in section 15 of the Trustee Savings Banks Act 1969 of the interest payable to depositors by the trustees of a trustee savings bank in respect of ordinary deposits ;
the maximum rate specified in section 414(3)(a) of the Income and Corporation Taxes Act 1970 for the interest payable on deposits in a savings bank maintained under a local Act for the Treasury to certify a bank or department for the purposes of that section;
An order under subsection (1)(a) above, so far as it relates to interest for a period before 1st January 1972, may be made so as to apply only as respects deposits in accounts not closed before that date, or so as to make different provision for such deposits, and other deposits.
In section 34(2) of the Trustee Savings Bank Act 1969 the words " and not exceeding £3 13s. Od. per cent, per annum " (limit on rate of interest payable by Fund for the Banks for Savings) shall cease to have effect.
This section, and the repeal made by this Act in the said section 34(2), shall extend to the Isle of Man and the Channel Islands.
For the purposes of any expenditure which in the opinion of the Treasury is of a capital nature the Treasury may issue out of the National Loans Fund and advance to the Exchequer of Northern Ireland by way of loan any sum or sums not exceeding in the aggregate the limit specified in subsection (2) below.
Until an order is made under this subsection the limit referred to in subsection (1) above is £50 million, but the Treasury may, on not more than three occasions, by order made by statutory instrument increase or further increase that limit by such sum, not exceeding £50 million, as may be specified in the order.
The Treasury shall not make an order under subsection (2) above unless a draft of the order has been approved by a resolution of the Commons House of Parliament.
Loans made under subsection (1) above shall be repaid at such times and by such methods, and interest thereon shall be paid at such rates and at such times, as may from time to time be determined by the Treasury ; and all sums paid in or towards the discharge of the principal of or interest on any such loans shall be paid into the National Loans Fund.
After the commencement of this Act no further advances shall be made under section 2 of the Miscellaneous Financial Provisions Act 1950 (which, as amended by section 57 of the Finance Act 1969, provides for loans to the Government of Northern Ireland subject to a limit of £170 million on the total amount outstanding by way of principal).
This Act may be cited as the Finance Act 1970.
In this Act—
except where the context otherwise requires, “the Board” means the Commissioners of Inland Revenue,
“the Taxes Act” means the Income and Corporation Taxes Act 1970,
“the Management Act” means the Taxes Management Act 1970.
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Part II of this Act, so far as it relates to income tax, shall be construed as one with the Income Tax Acts and, so far as it relates to corporation tax, shall be construed as one with the Corporation Tax Act.
Part III of this Act, so far as it relates to stamp duties, shall be construed as one with the Stamp Act 1891.
Any reference in this Act to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended or applied by or under any other enactment, including this Act.
Except as otherwise expressly provided such of the provisions of this Act as relate to matters in respect of which the Parliament of Northern Ireland has power to make laws shall not extend to Northern Ireland.
The enactments mentioned in Schedule 8 to this Act (which include enactments which are spent or otherwise unnecessary) are hereby repealed to the extent mentioned in the third column of that Schedule, but subject to any provision in relation thereto made at the end of any Part of that Schedule.
Section 2
Rateable value charge Charge for each table in excess of two but not exceeding five Charge for each table in excess of five £ £ £ Premises of a rateable value not exceeding £1,000 (or without a rateable value) 750 500 750 Premises of a rateable value exceeding £1,000, but not exceeding £2,500 6,250 1,500 2,000 Premises of a rateable value exceeding £2,500 20,000 4,000 5,000 References in this Table to premises of a rateable value of a given amount are references to premises which for rating purposes constitute or are comprised in a hereditament of a rateable value of that amount. For the purposes of this Table premises consisting of or comprised in a vessel shall be treated as premises of a rateable value exceeding £1,000 but not exceeding £2,500.
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For the purpose of determining the appropriate licence under Part I of this Schedule, account shall be taken not only of all gaming tables in use when any game to which the principal section applies is played, but also— For the said purposes " table " includes any surface provided or used for playing any game to which the principal section applies, or for hazarding any money or token in connection with any game to which the principal section applies. In arriving at the number of tables on any premises, any table exceeding the prescribed size shall count as two tables, or such greater number of tables as may be prescribed. In this paragraph "prescribed" means prescribed by regulations made by the Commissioners, and—
An application for a gaming licence shall be made to the Commissioners not later than fourteen days before the date on which the licence is to be in force. A gaming licence shall be expressed to take effect on the first day of the period for which it is granted or the first day after the date of the application, whichever is the later. A gaming licence shall expire at the end of 31st March or, as the case may be, 30th September next after the date on which it is expressed to take effect.
The proper officer may, in such manner as the Commissioners may direct, and without any additional payment, transfer a gaming licence in respect of any premises to a successor in title to the interest in those premises of the person to whom the licence was granted. Where the holder of a gaming licence in respect of any premises dies, the proper officer may transfer the licence, in such manner as the Commissioners may direct, and without any additional payment, to some other person for the remainder of the period for which the licence was granted.
If while a gaming licence is in force in respect of any premises, and not less than three months before the date when the licence is due to expire, the holder of the licence surrenders the licence to the proper officer and satisfies the proper officer that those premises will not be used on or after the date of surrender of the licence for the purpose of gaming by way of any game to which the principal section for the time being applies, he shall be entitled in respect of the period of validity of the licence unexpired at the date of surrender to repayment of one-half of the duty paid on the licence.
This paragraph has effect as respects the amendment of a gaming licence converting it into one in respect of which a greater amount of duty is payable. The holder of the gaming licence may at any time apply to the Commissioners for the licence to be so amended, and the proper officer shall, on payment of the additional duty specified below, amend the licence accordingly. The amount of the additional duty shall be the difference between the amount of duty payable on the licence as amended, and the amount so payable on the licence before amendment. Regulations under this Schedule may make provision with respect to the procedure for amending licences under this paragraph, and any such regulations may include provision—
Section 234 of the Customs and Excise Act 1952 (which relates to payment for excise licences by cheque) shall apply to the duty on a gaming licence as if for the reference to a penalty of £50 there were substituted a reference to a penalty of £500.
Without prejudice to any other provision of this Schedule, the Commissioners may make regulations providing for any matter for which provision appears to them to be necessary for the administration or enforcement of the duty on gaming licences, or for the protection of the revenue from that duty. Regulations under this paragraph may in particular include provision— Regulations under this Schedule shall be made by statutory instrument, which shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament.
Subject to subsection (7) of the principal section, there is a contravention of subsection (8) of that section if on any occasion, after 30th September 1970, gaming takes place by way of any game to which the principal section for the time being applies unless a provider of the premises on which the gaming takes place is the holder of a gaming licence which is for the time being in force, and which is the appropriate licence having regard to— If there is a contravention of the said subsection (8)— Any gaming tables or other things which are being used, or are available or prepared for use, in connection with gaming in respect of which an offence is committed under this paragraph shall be liable to forfeiture. In this paragraph "provider", in relation to any premises used for gaming, means any person having a right to control the admission of persons to those premises, whether or not he also has a right to control the admission of persons to the gaming.
If any person— he shall be liable to a penalty of £500 or treble the amount of the duty which is unpaid or payment of which is sought to be avoided, as the case may be, whichever is the greater ; and where a person is convicted of an offence under paragraph (c) or (d) above, the court may, in lieu of or in addition to ordering him to pay the said penalty, order him to be imprisoned for a term not exceeding two years. Where a person is convicted under sub-paragraph (1) above in respect of a failure to comply with the provisions of regulations made under this Schedule and the failure continues after his conviction then, unless he has reasonable excuse for the continuance of the failure, he shall be guilty of a further offence under this paragraph and may, on conviction, be punished accordingly.
Where an offence under paragraph 9 or paragraph 10 above has been committed by a body corporate, every person who at the time of the commission of the offence was a director, general manager, secretary or other similar officer of the body corporate, or was purporting to act in any such capacity, shall be deemed to be guilty of that offence unless he proves— and that he exercised all such diligence to prevent the contravention or, as the case may be, the commission of the offence as he ought to have exercised having regard to the nature of his functions in that capacity and in all the circumstances.
in the case of an offence under paragraph 9, that he did not consent to, or connive at, the relevant contravention mentioned in the said paragraph 9(1), or
in the case of an offence under paragraph 10, that the offence was committed without his consent or connivance,
Any officer may (without payment) enter any premises in respect of which a licence under the Gaming Act 1968 is for the time being in force and inspect those premises and require any person who is concerned in the management of the premises, or who is on the premises and appears to the officer to have any responsibility whatsoever in respect of their management or of the control of the admission of persons thereto— If the premises in respect of which the licence under the Gaming Act 1968 is for the time being in force form, for rating purposes, part only of a hereditament, the powers conferred by this paragraph shall be exercisable as respects each part of the hereditament.
Where a person who is granted a gaming licence in respect of any premises has before 1st October 1970 entered into an agreement with any other person whereby that other person is entitled to use those premises after that date for the purpose of gaming, and the consideration for that other person under that agreement does not take account of the additional duty payable under this Act, as compared with section 13 of the Finance Act 1966, the first-mentioned person shall be entitled to recover from that other person such amount, if any, not exceeding that additional amount of duty, in such manner as may be agreed between them (or, in default of such agreement, as may be determined by the appropriate court) to be fair in all the circumstances, having regard in particular to the extent, if any, to which while the licence is in force, the premises will be or are likely to be used otherwise than by that person for the purpose of gaming. In this paragraph " the appropriate court " means—
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In the following provisions of the Gaming Act 1968 (under which failure to pay gaming licence duty under section 13 of the Finance Act 1966 is a ground for refusal to grant, renew or transfer a licence or renew a registration) after “the Finance Act 1966" insert “ or section 2 of or Schedule 1 to the Finance Act 1970" ”. The said provisions are paragraph 20(1)(e) and paragraph 60(c) of Schedule 2. paragraph 9(e) of Schedule 3. paragraph 11(e) of Schedule 4. In Schedule 10 to the Gaming Act 1968, in paragraphs 3 and 4 (right of constable, without fee, to inspect registers) after “constable" insert “ or officer of customs and excise" ”.
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The duties of excise under section 4 of the Finance Act 1964 on tobacco grown in the United Kingdom shall not be charged on tobacco which is grown by a person for his own consumption and in respect of which such conditions as the Commissioners see fit to impose are complied with.
At the beginning of paragraph (a) of section 173(2) of the Act of 1952 (which prohibits the import of sweetened tobacco in an unmanufactured state) there shall be inserted the words " except as permitted by the Commissioners " , and in section 176(1) of that Act (which provides that a tobacco manufacturer shall not in manufacturing tobacco use any sweetening matter or, save as the Commissioners allow and subject to such conditions as they see fit to impose, any other substance except those specified in paragraphs (a) to (e) of that section) the words " any sweetening matter or " shall be transposed to follow the words " see fit to impose ".
For paragraph (b) of section 183(1) of the Act of 1952 (which provides for drawback on tobacco stalks or tobacco refuse abandoned to the Commissioners) there shall be substituted the following paragraph:—
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" the Board " means the London Transport Board ;
" the Company " means London Country Bus Services Limited ;
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there shall be made any necessary adjustments of accounting periods, and such apportionments as may be just of receipts, expenses, allowances or charges ; and
the following provisions of this Schedule shall apply separately to each of those parts.
For the purposes of the Corporation Tax Acts the trade transferred to the transferee shall not be treated as permanently discontinued, nor shall a new trade be treated as set up and commenced.
The transferee shall be entitled to relief from corporation tax under subsection (1) of section 177 of the Taxes Act, as for a loss sustained by the transferee in carrying on the transferred trade for any amount which, if the Board had continued to carry on the trade, would have been available to the Board for carrying forward against chargeable profits of succeeding accounting periods, but subject to any claim made by the Board under subsection (2) of that section.
There shall be made to or on the transferee in accordance with sections 73 and 74 of the Capital Allowances Act 1968 (or in relation to a chargeable period ending on or before 5th April 1968, in accordance with section 56 of the Finance Act 1965) all such allowances and charges as would, if the Board had continued to carry on the trade, have fallen to be made to or on the Board in accordance with those sections, and the amount of any such allowances or charges shall be computed as if the transferee had been carrying on the trade since the Board began to do so and as if everything done to or by the Board had been done to or by the transferee. No sale or transfer which on the transfer of the trade is made by the Board to the transferee of any assets in use for the purposes of the trade shall be treated as giving rise to any such allowance or charge.
For the purposes of paragraph 6 of Schedule 14 to the Taxes Act (transitional allowance for annual value of land as a business expense) any occupation of land for the purposes of the trade by the Board shall be treated as having been the occupation of the transferee.
The Board shall not be entitled to relief in respect of the trade under section 178 of the Taxes Act (terminal losses) or under section 87 of the Finance Act 1965 (transitional relief on cessation of trade).
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Section 18.
This paragraph has effect as respects income tax for which a company resident in the United Kingdom is liable to account in respect of distributions made by it, or in respect of any payments made by it, other than distributions. The Board may make regulations— Regulations under this paragraph may in particular— Regulations under this paragraph shall be made by statutory instrument, but the Board shall not make any statutory instrument under this paragraph unless a draft thereof has been laid before, and approved by a resolution of, the Commons House of Parliament. Regulations under this paragraph shall be known as " company tax regulations ". Company tax regulations shall not have effect for any year before the year 1971-72, and Schedule 9 to the Taxes Act shall not have effect for the first year as respects which company tax regulations have effect or any subsequent year.
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In the following provisions of the Taxes Act and of the Management Act for "Schedule 9 to this Act" or "Schedule 9 to the principal Act" or words to that effect substitute " company tax regulations " except for years of assessment for which the said Schedule 9 has effect, and corresponding amendments shall be made in any other enactment referring to the said Schedule 9. TAXES ACT MANAGEMENT ACT section 53 (4) section 55(1)(e) section 232(2) section 88(2) section 248(4)(a) section 256(4) (twice) section 343(2)(b) section 460(4) section 477(1)
Section 87 of the Management Act (interest on overdue income tax on company distributions etc.) shall be amended as follows. In subsection (2)— In subsection (4)— For subsection (6) substitute—
Company tax regulations
Paragraph 1 of this Schedule shall be inserted in the Taxes Act after section 240 as a section numbered 240A, but substituting " this Act " for "the Taxes Act", and "this section" for "this paragraph ", and making similar substitutions of references to sub-paragraphs so converted into subsections.
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In section 113 of the Management Act after subsection (1) insert—
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The benefits payable to the employee must consist only of benefits payable on or after retirement at a specified age not earlier than 60 or later than 70, or on earlier retirement through incapacity.
The aggregate value of the relevant benefits payable to an employee on or after retirement, after 40 or more years' service, expressed as an annual amount payable for his life after retirement, must not exceed two-thirds of his final remuneration. The aggregate value of the relevant benefits payable to an employee on or after his retirement, after less than 40 years' service, so expressed, must not exceed the limit in sub-paragraph (1) above reduced by multiplying by the number of years' service and dividing by 40.
The aggregate value of the relevant benefits payable to an employee on or after retirement, excluding any pension which is not commutable, must not exceed three-eightieths of his final remuneration for each year of service up to a maximum of 40.
The annual amount of any pension payable to the widow of an employee who dies after retirement must not exceed one-half of the employee's pension.
Subject to the following provisions of this paragraph, and except in the case of an employee who dies before retirement, benefits payable otherwise than to the employee must consist only of a pension payable to the employee's widow which is not commutable. Where the employee dies after retirement, but so that less than 5 years' pension has become payable to him, sub-paragraph (1) above shall not prevent the making of payments not exceeding in all the value of the pension for the remaining part of the 5 years. An employee may surrender part of his pension to provide a pension for his widow of an amount not exceeding the reduced pension retained by the husband, and the limit in paragraph 4 above shall be applied without regard to any pension so surrendered.
The aggregate value of benefits payable where the employee dies before retirement must not exceed twice his final remuneration.
Pensions must not be capable of being assigned or, subject to paragraph 5(3) above, of being surrendered.
In this Part of this Schedule " final remuneration " means the highest average annual remuneration of any 3 consecutive years in the last 10 years' service.
Subject to sub-paragraph (2) below, all pensions paid under any scheme which is approved or is being considered for approval under the principal Chapter shall be charged to tax under Schedule E, and section 204 of the Taxes Act (pay-as-you-earn) shall apply accordingly. As respects any scheme which is approved or is being considered for approval under the principal Chapter, the Board may direct that, until such date as the Board may specify, pensions under the scheme shall be charged to tax as annual payments under Case III of Schedule D, and tax shall be deductible under Part II of the Taxes Act accordingly.
This paragraph shall not apply where the employee's employment was carried on outside the United Kingdom. Sub-paragraph (1)(b) above shall not apply to any payment made before the date appointed under section 22 of this Act.
Where any amount is chargeable to tax under this paragraph, the administrator of the scheme shall be charged to income tax under Case VI of Schedule D on that amount, and— This paragraph shall not apply where the employee's employment was carried on outside the United Kingdom. In applying paragraphs (i) and (ii) of sub-paragraph (1) above the same considerations shall be taken into account, including the provisions of any other relevant scheme, as would have been taken into account by the Board in applying section 19 of this Act. Sub-paragraph (1)(b) above shall not apply to any payment made before the date appointed under section 22 of this Act.
Where any payment is made or becomes due to an employer out of funds which are or have been held for the purposes of an exempt approved scheme then:— This paragraph shall not apply to a payment which fell due before the scheme became an exempt approved scheme.
Where a payment is made to or for the benefit of an employee, otherwise than in payment of a pension, and— the employee (whether or not he is the recipient of the payment) shall be chargeable to tax on that amount (or on that amount so far as made out of funds in respect of which relief has been given) under Schedule E for the year of assessment in which the payment is made. So far as any payment is made out of funds in respect of which relief has been given under section 21 of this Act or under section 208 of the Taxes Act, paragraphs 2 and 3 of this Part of this Schedule shall apply as if references to an exempt approved scheme included references to a scheme which has at any time been an exempt approved scheme.
An application for the approval for the purposes of the principal Chapter of any retirement benefits scheme shall be made in writing by the administrator of the scheme to the Board before the end of the first year of assessment for which approval is required, and shall be supported by—
two copies of the instrument or other document constituting the scheme ; and
two copies of the rules of the scheme and, except where the application is being sought on the setting up of the scheme, two copies of the accounts of the scheme for the last year for which such accounts have been made up; and
such other information and particulars (including copies of any actuarial report or advice given to the administrator or employer in connection with the setting up of the scheme) as the Board may consider relevant.
In the case of every approved scheme, the administrator of the scheme, and every employer who pays contributions under the scheme, shall, within thirty days from the date of a notice from the inspector requiring them so to do—
furnish to the inspector a return containing such particulars of contributions paid under the scheme as the notice may require ;
prepare and deliver to the inspector a return containing particulars of all payments under the scheme, being—
payments by way of return of contributions (including interest on contributions, if any),
payments by way of commutation of, or in lieu of, pensions, or other lump sum payments,
other payments made to an employer;
furnish to the inspector a copy of the accounts of the scheme to the last date previous to the notice to which such accounts have been made up together with such other information and particulars (including copies of any actuarial report or advice given to the administrator or employer in connection with the conduct of the scheme in the period to which the accounts relate) as the inspector considers relevant.
This paragraph has effect as respects a retirement benefits scheme which is neither an approved scheme nor a statutory scheme. It shall be the duty of every employer— It shall be the duty of the administrator of any such scheme, when required to do so by notice given by the Board, to furnish within the time limited by the notice such particulars as the Board may require with regard to the scheme. This paragraph shall come into force on the same date as section 23 of this Act.
If the administrator of a retirement benefits scheme defaults or cannot be traced or dies, the employer shall be responsible in his place for the discharge of all duties imposed on the administrator under the principal Chapter, with this Part of this Schedule, and shall be liable for any tax due from him in his capacity as administrator. No liability incurred under the principal Chapter or this Part of this Schedule by the administrator of a scheme, or by an employer, shall be affected by the termination of the scheme or by it ceasing to be an approved scheme, or to be an exempt approved scheme. References in this paragraph to the employer include, where the employer is resident outside the United Kingdom, references to any branch or agent of the employer in the United Kingdom, and in this sub-paragraph " branch or agent" has the meaning given by section 118(1) of the Management Act.
The Board may by statutory instrument, subject to annulment in pursuance of a resolution of the Commons House of Parliament, make regulations generally for the purpose of carrying the principal Chapter and this Schedule into effect.
In section 323(4) of the Taxes Act (definition of pension annuity business) after paragraph (a) insert. In relation to an exempt approved scheme the said paragraph (aa) shall apply, so long as the scheme is an exempt approved scheme, whether or not the premiums were paid, or any other part of the business was transacted, before the scheme became an approved scheme, and in the said section 323(4) the words " (at the time when the premium is payable)" shall cease to have effect. Business formerly called " pension annuity business " shall in future be called pension business (because under sub-paragraph (1) above it includes some business unrelated to annuities), and in the following provisions of the Taxes Act (and in any other enactment) for " pension annuity business " substitute " pension business ". Section 312(1)(3)(4) Section 314 (throughout) Section 315(8)(b) Section 318(1) Section 323(4) In section 323(2) of the Taxes Act at the end of the definition of " annuity business " add " ' general annuity business ' means any annuity business which is not pension business, and 'pension business ' shall be construed in accordance with subsections (3) and (4) below. " For section 323(3) substitute In the Taxes Act—
In section 188(1) of the Taxes Act (exemptions and reliefs in respect of tax under section 187), after paragraph (c) insert—, and at the end of paragraph (d) add " or in section 24(1) of the Finance Act 1970 ". In section 211(5) of the Taxes Act (Parliamentary pension funds) for the words from " payable by a superannuation " to the end of the subsection substitute " payable by an exempt approved scheme as defined in Chapter II of Part II of the Finance Act 1970, and for the purposes of that Chapter (and the provisions to be construed as one with it) each such Fund shall be treated as an exempt approved scheme. " In section 283(4) of the Taxes Act (definition of close company) after paragraph (b) insert—. In the proviso to section 303 (3) of the Taxes Act (meaning of " associate ") after paragraph (i) insert—. In the proviso to section 422(4), and in the proviso to section 423(1) of the Taxes Act (modification of pre-war provisions for tax free payments) at the end add " or by virtue of paragraph 1 of Part II of Schedule 5 to the Finance Act 1970 ". At the end of paragraph 4(c) of Schedule 8 to the Taxes Act (payments on retirement or removal from office : top-slicing relief) add " or in pursuance of any exempt approved scheme as defined in Chapter II of Part II of the Finance Act 1970 ". The repeal of Chapter II of Part I)( of the Taxes Act by this Act shall not affect the following provisions of the Taxes Act (which apply definitions in section 224(1) in the said Chapter II), or any other enactment applying those definitions. Section 186(10)(c). Section 226(9). The proviso to paragraph 4 of Schedule 8.
In section 98 of the Management Act (penalties) in column 1 of the Table insert a reference at the appropriate place to paragraph 7 and sub-paragraph (2)(b) and (3) of paragraph 8 of Part II of this Schedule and in column 2 of the Table to sub-paragraph (2)(a) of the said paragraph 8.
In paragraph 10(c) of Part II of Schedule 17 to the Finance Act 1969 (estate duty: relief for certain superannuation funds) the reference to the schemes or funds there described shall include a reference to any exempt approved scheme or statutory scheme as defined in Chapter II of Part II of this Act.
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Expressions used in paragraph 1 above have the same meanings in that paragraph as they have for the purposes of assessing betterment levy under Case B within the meaning of Part III of the Land Commission Act 1967.
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This paragraph has effect as from 1st August 1970. The following stamp duties are hereby abolished— In consequence of sub-paragraph (2)(a) above—
This paragraph has effect as from 1st February 1971. The following stamp duties are hereby abolished— No application for relief in respect of the duty referred to in sub-paragraph (2)(a) above may be made under any of sections 9 to 12 of the Stamp Duties Management Act 1891 (spoiled, misused and unwanted stamps); and no repayment shall be made under any agreement entered into under section 39 of the Finance Act 1956 (composition for the said duty by bankers) in respect of any form supplied by a banker to a customer and returned to the banker unused or spoiled on or after the said 1st February.
This Part of this Schedule, except paragraph 5, has effect as from 1st August 1970.
The heading beginning “Bond, Covenant" in Schedule 1 to the Stamp Act 1891 shall be amended as follows. In paragraph (1) (only or principal security for annuity or other periodic payment; duty of 2s. 6d. for every £5 or part if for an indefinite period), for the reference to 2s. 6d. substitute a reference to 2s. In paragraph (2) (collateral etc. security for annuity or other periodic payment; duty of 6d. for every £5 or part if total amount payable cannot be ascertained), for the reference to 6d. substitute a reference to 1s., and for each reference to £5 substitute a reference to £10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In section 62(2) of the Finance Act 1963 (rate of duty in respect of a transfer of commonwealth government stock to be one-quarter of that which would otherwise be chargeable, or, if the amount or value of the consideration does not exceed £5, 3d.), for the words from " one-quarter " to the end substitute " Is. for every £20 or part of £20 of the consideration if the amount or value thereof does not exceed £300, and, in any other case, 5s. for every £100 or part of £100 of the consideration ".
Section 59(4) of the Stamp Act 1891 (contract for sale not stamped ad valorem but stamped with fixed duty of 10s. or 6d. to be treated as duly stamped for certain purposes) shall cease to have effect.
Section 114 of the Stamp Act 1891 (composition for stamp duty on transfers of colonial etc. stock) shall cease to have effect, but transfers of any stock in respect of which payments have been made under that section shall continue to be exempt from stamp duty. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In section 75(2) of the Stamp Act 1891 (duty of 6d. on lease or tack if preceded by an agreement duly stamped as an actual lease or tack), for “sixpence" substitute “1s.".
The heading beginning “Mortgage, Bond, Debenture, Covenant" in Schedule 1 to the Stamp Act 1891 shall be amended in accordance with sub-paragraphs (2) and (3) below. Not exceeding £300 1s. for every £50 or part of £50 of the amount secured. Exceeding £300 2s. for every £100 or part of £100 of the amount secured In paragraphs (2), (4) and (5) of that heading (collateral etc. securities, transfers etc. and re-conveyances etc.: duty of 6d. for every £100 or part), for each reference to 6d. substitute a reference to 1s., and for each reference to £100 substitute a reference to £200. The duty chargeable under paragraph (4) of the said heading on the transfer, assignment, disposition or assignation to any person of, or of the money or stock secured by, any collateral, auxiliary, additional or substituted security (including any instrument by way of further assurance) shall not exceed 50p if a transfer, assignment, disposition or assignation to the same person of (or, as the case may be, of the money or stock secured by) the principal or primary security has been duly stamped with the duty chargeable under that paragraph. Paragraph (5) of the said heading shall also be amended by inserting, after “Renunciation", the words “in whole or in part" ; and the duty chargeable under that paragraph shall not in any case exceed 10s.
Where immediately before 15th February 1971 any instrument chargeable with stamp duty is either not stamped or overstamped or insufficiently stamped, the amount of duty then chargeable, or properly chargeable, on the instrument, or, in the case of an insufficiently stamped instrument, the amount of additional duty then chargeable thereon, shall thereafter become, for all the purposes of the enactments relating to stamp duties— In sub-paragraph (1) above, “the new currency” means the new currency of the United Kingdom provided for by the Decimal Currency Act 1967.
Section 36(8)
Chapter Short Title Extent of Repeal 1966 c. 18. The Finance Act 1966. Section 13. In section 15, in subsections (4) and (6) as amended by section 5(16) of the Finance Act 1969 the words “and 13" and in subsection (6) the definitions of “gaming", “hereditament", and all other definitions from that of “premises" onwards. In Schedule 3, Part II, and in paragraph 18(1) the words “or the duty on gaming licenses", in paragraph 19(c) the word “14", paragraph 19(d) and paragraph 21. 1968 c. 65. The Gaming Act 1968. In Part III of Schedule 11 the amendments of section 13(4) of the Finance Act 1966 and in the amendment of section 15(6) of that Act the words from “the definitions of “gaming"" to the end. 1969 c. 32. The Finance Act 1969. Section 4. In section 5(16) the words “and 13". Schedule 10. The repeals in this Part of this Schedule do not apply as respects any gaming before 1st October 1970.
Chapter Short Title Extent of Repeal 10 & 11 Eliz. 2. c. 13. The Vehicles (Excise) Act 1962. Section 9(3). 1966 c. 18. The Finance Act 1966. Section 12(2)(b) as respects bets made on or after 27th April 1970. 1968 c. 44. The Finance Act 1968. Section 4(1) as respects bets made on or after 27th April 1970. 1969 c. 27. The Vehicle and Driving Licences Act 1969. In section 8(3), the words from “and in making" to “disregarded". 1969 c. 32. The Finance Act 1969. Section 1(1)(b). Section 2 and Schedule 8 except as respects any period before 27th April 1970. The repeals in the Vehicles (Excise) Act 1962 and the Vehicle and Driving Licences Act 1969 have effect as from 15th February 1971.
Chapter Short Title Extent of Repeal 1965 c. 11. The Ministerial Salaries and Members’ Pensions Act 1965. Section 13(1)(a). 1970 c. 10. The Income and Corporation Taxes Act 1970. Section 208 from the date appointed under section 21 of this Act. Section 209 from the coming into force of section 22 of this Act. Chapter II of Part IX from the coming into force of section 23 of this Act. Act of the Parliament of Northern Ireland 1965 c. 18. The Ministerial Salaries and Members’ Pensions Act (Northern Ireland) 1965. Section 12(1)(a).
Chapter Short Title Extent of Repeal 54 & 55 Vict. c. 39. The Stamp Act 1891. Sections 22, 59(4), 99, 114 and 116. In Schedule 1, the heading beginning “Agreement or any Memorandum" (including the word “Exemptions" and all that follows); the heading “Contract"; in the heading “Defeazance", the words “Agreement, and"; in the heading beginning “Mortgage of Stock". the words “Agreement, and"; and the heading “Policy of Insurance other than Life Insurance". In Schedule 2, the Second Part. 57 & 58 Vict. c. 30. The Finance Act 1894. Section 39. 61 & 62 Vict. c. 10. The Finance Act 1898. Section 5. 6 Edw. 7. c. 14. The Alkali, &c. Works Regulation Act 1906. Section 9(6). 9 Edw. 7. c. 34. The Electric Lighting Act 1909. In section 19, the words from “and also" to the end. 10 & 11 Geo. 5. c. 18. The Finance Act 1920. Section 37(1). 12 & 13 Geo. 5. c. 17. The Finance Act 1922. Sections 46 and 47. 18 & 19 Geo. 5. c. 17. The Finance Act 1928. Section 32. 2 & 3 Geo. 6. c. 41. The Finance Act 1939. Section 37(4). 10 & 11 Geo. 6. c. 35. The Finance Act 1947. Section 52. 11 & 12 Geo. 6. c. 38. The Companies Act 1948. In section 3, the words “must bear the same stamp as if it were a deed, and"; and section 9(c). 12 & 13 Geo. 6. c. 47. The Finance Act 1949. In Part I of Schedule 8, in paragraph 17 the words “under the heading Agreement or any Memorandum of an Agreement or" and the words from “and no other" to the end; and, in paragraph 27, the words from “(a warrant" to the end. 15 & 16 Geo. 6 and 1 Eliz. 2. c. 57. The Marine and Aviation Insurance (War Risks) Act 1952. In section 7, subsections (2) and (3). 6 & 7 Eliz. 2. c. 56. The Finance Act 1958. In section 35, the words “and the heading 'Agreement or any Memorandum of an Agreement’" in subsection (1)(a), and the whole of subsection (1)(b). 7 & 8 Eliz. 2. c. 58. The Finance Act 1959. In section 30, subsections (1) to (3) and (4)(c). 10 & 11 Eliz. 2. c. 44. The Finance Act 1962. Section 31. 1963 c. 25. The Finance Act 1963. In section 57(1), the words “114 and". and the words “Finance Act 1939, section 37"; and section 57(2). 1967 c. 54. The Finance Act 1967. In section 27(1), the words “and Part I of Schedule 11 to". 1967 c. 81. The Companies Act 1967. In section 43(2)(b), the words “bearing the same stamp as if they were contained in a deed". This Part of this Schedule has effect as from 1st August 1970.
Chapter Short Title Extent of Repeal 7 Geo. 4. c. 6. The Bank Notes Act 1826. Section 7. 7 Geo. 4. c. 16. The Chelsea and Kilmainham Hospitals Act 1826. Section 39. 3 & 4 Vict. c. 110. The Loan Societies Act 1840. In section 14, the words from “nor any receipt" to “or order". 27 & 28 Vict. c. 24. The Naval Agency and Distribution Act 1864. In section 16, the words “bills, orders, receipts and other". 28 & 29 Vict. c. 73. The Naval and Marine Pay and Pensions Act 1865. In section 6, the words “bills, orders, receipts and other". 35 & 36 Vict. c. 93. The Pawnbrokers Act 1872. In section 15, the words from “and such a receipt" to the end. 38 & 39 Vict. c. 83. The Local Loans Act 1875. Section 19. 45 & 46 Vict. c. 61. The Bills of Exchange Act 1882. In section 20(1), the word “stamped", and the words “the stamp will cover". 47 & 48 Vict. c. 55. The Pensions and Yeomanry Pay Act 1884. In section 5, the words “order, receipt and". 54 & 55 Vict. c. 39. The Stamp Act 1891. In section 23, in subsections (1) and (2), the words “(not being a promissory note or bill of exchange)". Sections 32, 33, 35 to 39, and 101 to 103. In Schedule 1, the heading beginning “Bill of Exchange or Promissory Note" (including the word “Exemptions" and all that follows); the headings “Cheque", “Draft for money", “Letter of Credit", “Order for the payment of money", and “Promissory Note", and the heading beginning “Receipt" (including the word “Exemptions" and all that follows). 57 & 58 Vict. c. 30. The Finance Act 1894. Section 40. 57 & 58 Vict. c. 60. The Merchant Shipping Act 1894. In section 196(1), the words “and the bill shall be exempt from stamp duty". 58 & 59 Vict. c. 16. The Finance Act 1895. Section 9. 59 & 60 Vict. c. 25. The Friendly Societies Act 1896. Section 33(a). . . . . . . . . . 61 & 62 Vict. c. 46. The Revenue Act 1898. Section 8. 10 & 11 Geo. 5. c. 18. The Finance Act 1920. Section 34. 10 & 11 Geo. 5. c. 23. The War Pensions Act 1920. In In section 10, the words “order, receipt, or other". 11 & 12 Geo. 5. c. 32. The Finance Act 1921. In Schedule 3, paragraph 5. 14 & 15 Geo. 5. c. 21. The Finance Act 1924. Section 36. 15 & 16 Geo. 5. c. 87. The Tithe Act 1925. Section 15. 19 & 20 Geo. 5. c. 29. The Government Annuities Act 1929. Section 22(1)(e); and, in section 58(d), the words “or any receipt for the payment", and the words from “or for the payment" to the end. 20 & 21 Geo. 5. c. 28. The Finance Act 1930. Section 44. 1 Edw. 8 and 1 Geo. 6. c. 14. The East India Loans Act 1937. Section 2(7). 9 & 10 Geo. 6. c. 42. The Water (Scotland) Act 1946. In section 46, the word “receipt". 9 & 10 Geo. 6. c. 81. The National Health Service Act 1946. In section 73, the words from “on any draft" to “in pursuance of this Act, or". 10 & 11 Geo. 6. c. 27. The National Health Service (Scotland) Act 1947. In section 71, the words from “on any draft" to “in pursuance of this Act, or". 14 & 15 Geo. 6. c. 31. The National Health Service Act 1951. Section 4(1). 15 & 16 Geo. 6. and 1 Eliz. 2. c. 25. The National Health Service Act 1952. Section 7(1). 1 & 2 Eliz. 2. c. 34. The Finance Act 1953. In section 31(1), paragraph (a), and paragraph (b) from the beginning to “such a person, and". 4 & 5 Eliz. 2. c. 54. The Finance Act 1956. Section 39. 6 & 7 Eliz. 2. c. 56. The Finance Act 1958. Section 34(8). 8 & 9 Eliz. 2. c. 44. The Finance Act 1960. In section 74, subsections (3) and (4). 9 & 10 Eliz. 2. c. 36. The Finance Act 1961. Sections 33 and 37(6)(a). 10 & 11 Eliz. 2. c. 37. The Building Societies Act 1962. In section 117, paragraphs (c), (d) and (g). 1963 c. 25. The Finance Act 1963. Section 55(4). 1965 c. 51. The National Insurance Act 1965. In Schedule 9, paragraphs 1 and 5. 1965 c. 52. The National Insurance (Industrial Injuries) Act 1965. In Schedule 6, paragraphs 1 and 5. 1965 c. 53. The Family Allowances Act 1965. Section 15. 1966 c. 20. The Ministry of Social Security Act 1966. Section 19. 1967 c. 54. The Finance Act 1967. In section 27(1), the words from “and “£5,500"" to the end; and section 31. 1968 c. 44. The Finance Act 1968. Section 57. 1968 c. 47. The Sewerage (Scotland) Act 1968. In section 52, the word “receipt". 1969 c. 48. The Post Office Act 1969. Section 115(1) and sections 124 to 126. 1969 c. 50. The Trustee Savings Bank Act 1969. In section 89, paragraph (b), and, in paragraph (c), the words “a draft or order". 1970 c. 9. The Taxes Management Act 1970. Section 116. This Part of this Schedule has effect as from 1st February 1971.
Chapter Short Title Extent of Repeal 57 & 58 Vict. c. 30. The Finance Act 1894. In section 6(8), the words “with interest at the rate of three per cent. per annum from the date at which the first instalment is due". 6 & 7 Geo. 6. c. 28. The Finance Act 1943. Section 27 so far as it relates to interest accruing after the passing of this Act. 14 Geo. 6. c. 21. The Miscellaneous Financial Provisions Act 1950. In section 2, subsections (1) and (5). 15 & 16 Geo. 6 and 1 Eliz. 2. c. 10. The Income Tax Act 1952. In section 2(1), the words “in excess of that amount". 1964 c. 9. The Public Works Loans Act 1964. Sections 7(2) and 9(3). 1967 c. 54. The Finance Act 1967. Section 44. 1969 c. 32. The Finance Act 1969. In section 41(2), the word “registered" in both places where it occurs. Section 57. In Schedule 17, in Part II paragraph 7(1), the words “subsisting at the date of the earlier death". In Schedule 18, in Part I, the word “registered" in the first italic cross-heading. 1969 c. 50. The Trustee Savings Banks Act 1969. In section 34(2) the words “and not exceeding £3 13s. 0d. per cent. per annum". 1970 c. 10. The Income and Corporation Taxes Act 1970. In section 3(1), the words “in excess of that amount". In section 14(1)(a), the words from “except" to “infirmity". In section 19(8), the words “(and, in particular, in section 22 below)" Section 22. In section 37, subsection (3)(c) and the preceding “and". In section 63(5) the words from “and, where part only" to the end of the subsection. Section 240(6) from the beginning of the first year of assessment for which company tax regulations have effect. In section 513, subsection (4). In Schedule 3, in paragraph 6, the words from “and shall apply" to the end. Schedule 9 from the beginning of the first year of assessment for which company tax regulations have effect. The repeal in Part II of Schedule 17 to the Finance Act 1969 has effect in accordance with section 31(6) of this Act.
Chapter Short Title Extent of Repeal 1968 c.3. The Capital Allowances Act 1968. In section 15(4) (as inserted by paragraph 5(4) of Schedule 15 to the Income and Corporation Taxes Act 1970) the words from “for relief" to the end of the subsection. 1970 c.9. The Taxes Management Act 1970. In section 9(3), the words from the beginning to “partnership, but". In section 13(1), the words “in the prescribed form". In section 118(2), the proviso. 1970 c.10. The Income and Corporation Taxes Act 1970. In section 25, the words “sections 5 to 19 and 22 of". In section 26, the words “sections 5 to 19 and 22 of". In section 163(2) proviso, the words “in relation to disposals of assets after 5th April 1969". In subsections (2) and (3) of section 310, the words “to the satisfaction of the Board". In section 311(1), the words “to the satisfaction of the Board" and “in the opinion of the Board". In section 380(1), the words from “References in this subsection" to the end of the subsection. In section 515(5), the words from “and the reference" to the end of the subsection. In Schedule 14, paragraph 29. In Schedule 15, paragraph 13.