Projet de stratégie mondiale pour l'alimentation , l'exercice physique et la santé
In section 5 of the Alcoholic Liquor Duties Act 1979 (excise duty on spirits) for “£14·47” there shall be substituted “ £15·19 ”.
In section 36 of that Act (excise duty on beer) for “£20·40” and “£0·68” there shall be substituted “ £21·60 ” and “ £0·72 ” respectively.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In section 62(1) of that Act (excise duty on cider) for “£8·16” there shall be substituted “ £9·69 ”.
This section shall be deemed to have come into force on 16th March 1983.
1. Cigarettes An amount equal to 21 per cent, of the retail price plus £21.67 per thousand cigarettes. 2. Cigars £40.85 per kilogram. 3. Hand-rolling tobacco £35.40 per kilogram. 4. Other smoking tobacco and chewing tobacco £24.95 per kilogram.
This section shall be deemed to have come into force on 18th March 1983.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In section 6(1) of the Hydrocarbon Oil Duties Act 1979 (rates of duty on hydrocarbon oil) for " £0.1554 " (light oil) and " £0.1325 " (heavy oil) there shall be substituted " £0.1630 " and "£0.1382 " respectively.
This section shall be deemed to have come into force at 6 o'clock in the evening of 15th March 1983.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In construing subparagraph (2)(a) above, proceeds of an entertainment promoted on behalf of a society falling within this subparagraph which are applied for any purpose calculated to benefit the society as a whole shall not be held to be applied for purposes of private gain by reason only that their application for that purpose results in benefit to any person as an individual. A society falls within subparagraph (3) above if it is established and conducted either— and in this paragraph “society” includes any club, institution, organisation or association of persons, by whatever name called, and any separate branch or section of such a club, institution, organisation or association.
The following section shall be inserted in Part X of the Customs and Excise Management Act 1979 (duties and drawbacks: general provisions), after section 127—
In section 26 of the Customs and Excise Management Act 1979 (power to regulate movement of goods into and out of Northern Ireland by land),—
in paragraph (a) of subsection (1) after the words “approved routes”) there shall be inserted the words “ or at such places on the boundary ”; and
at the end of subsection (1) there shall be added the words “ and any such regulations may make different provision in relation to different classes or descriptions of goods and, in particular, in relation to different classes or descriptions of vehicles ”.
After subsection (1) of that section there shall be added the following subsection: —.
In subsection (2) of that section (penalties) after the words “subsection (1) above” there shall be inserted the words “ or any condition of a dispensation given under subsection (1A) above ”.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In section 51(1) of that Act (control of importation: special provisions as to proof where goods are within the prescribed area in Northern Ireland) the words “within the prescribed area” shall be omitted.
At the end of Part V of the Customs and Excise Management Act 1979 (control of exportation), after section 68A, there shall be inserted the following section—
Subsection (5) of section 30 of the Licensing Act 1964 (duty of clerk to licensing justices to supply to Collector of Customs and Excise a list of new licences granted and licences not renewed) and section 22 of the Licensing (Scotland) Act 1976 (which makes corresponding provision for Scotland) shall cease to have effect.
Paragraph 1 of Schedule 7 to the Finance Act 1969 (definition of “whisky” or “whiskey” for customs and excise purposes) and section 92(7) of the Alcoholic Liquor Duties Act 1979 (saving in relation to spirits distilled before 1st August 1969) shall cease to have effect on the appointed day.
In subsection (2) above, “the appointed day” means such day as the Treasury may by order made by statutory instrument appoint; but the Treasury may not so appoint a day unless they are satisfied that on that day there will be in force as part of the law of each part of the United Kingdom a definition given by or under any enactment of the expressions “whisky” and “whiskey”.
Income tax for the year 1983-84 shall be charged at the basic rate of 30 per cent.; and Part of excess over £12,800 Higher rate The first £2,300 40 per cent. The next £4,000 45 per cent. The next £6,200 50 per cent. The next £6,200 55 per cent. The remainder 60 per cent.
in respect of so much of an individual's total income as exceeds £12,800 at such higher rates as are specified in the Table below; and
in respect of so much of the investment income included in an individual's total income as exceeds £6,250 at the additional rate of 15 per cent.
Nothing in this section requires any change to be made in the amounts deductible or repayable under section 204 of the Taxes Act (pay as you earn) before 31st August 1983.
Notwithstanding anything in the preceding provisions of this section, the amounts deductible or repayable under section 204 of the Taxes Act on and after 11th May 1983 and before 31st August 1983 may be such as would be requisite to give effect to the provisions as to higher rate tax and the investment income surcharge contained in a Resolution passed by the House of Commons on 21st March 1983.
Section 24(4) of the Finance Act 1980 (increase of basic rate limit, higher rate bands and investment income threshold) shall not apply for the year 1983-84.
Corporation tax shall be charged for the financial year 1982. at the rate of 52 per cent.
The rate of advance corporation tax for the financial year 1983. shall be three-sevenths.
The small companies rate for the financial year 1982 shall be 38 per cent., and for that year the fraction mentioned in subsection (2) of section 95 of the Finance Act 1972 (marginal relief for small companies) shall be seven seventy-fifths.
Section 24(5) of the Finance Act 1980 (increase of personal reliefs) shall not apply for the year 1983-84.
In section 8 of the Taxes Act (personal reliefs)—
in subsection (1)(a) (married) for " £2,445 " there shall be substituted " £2,795 " ;
in subsections (1)(b) (single) and (2) (wife's earned in come relief) for " £1,565 " there shall be substituted " £1,785 " ;
in subsection (1A) (age allowance) for " £3,295 " and " £2.070 " there shall be substituted " £3,755 " and " £2,360 " respectively ; and
in subsection (1B) (income limit for age allowance) for " £6,700 " there shall be substituted " £7,600
In section 15A of the Taxes Act (widow's bereavement allowance) for the words " for that year " there shall be substituted the following paragraphs—.
In section 3 6 (8)(b)(i) of the Finance Act 1976 (deductions which are not transferable between husband and wife) for the words " and 14 " there shall be substituted the words " 14 and 15A " .
Subsection (1) above has effect in any case where the widow's bereavement occurred or occurs in the year 1982-83 or in any subsequent year of assessment and subsection (2) above has effect for the year 1983-84 and subsequent years of assessment.
In sub-paragraph (1) of paragraph 5 of Schedule 1 to the Finance Act 1974 (limit on relief for interest on certain loans for the purchase or improvement of land) the references to £25,000 shall have effect for the year 1983-84.
Nothing in this section requires any change to be made in the amounts deductible or repayable under section 204 of the Taxes Act (pay as you earn) before 31st August 1983.
Notwithstanding anything in the preceding provisions of this section, the amounts deductible or repayable under section 204 of the Taxes Act on and after 11th May 1983 and before 31st August 1983 may be such as would be requisite to give effect to the provisions as to relief for interest contained in a Resolution passed by the House of Commons on 21st March 1983.
In paragraph 4 of Schedule 7 to the Finance Act 1982 (interest on home improvement loans to qualify as relevant loan interest only if certain conditions are fulfilled) at the end of paragraph (b) of sub-paragraph (1) there shall be added the wordsor.
The reference in sub-paragraph (1) above to a loan only part of the interest on which would (apart from the principal section) be eligible for relief under section 75 of the Finance Act 1972 includes a reference to each of two or more loans if, by virtue of sub-paragraph (4)(b) of paragraph 5 of the 1974 Schedule, the interest on the loans falls to be treated for the purposes of that paragraph as payable on one loan; but, notwithstanding that each of those loans is accordingly a limited loan for the purposes of this paragraph, none of the interest on any of them is relevant loan interest unless each of the loans was made by the same qualifying lender and in sub-paragraph (4) of that paragraph after the words " sub-paragraph (3) " there shall be inserted the words " or sub-paragraph (3A) " .
In paragraph 14 of that Schedule (qualifying lenders for the purposes of deduction of tax from certain loan interest) after paragraph (a) of sub-paragraph (1) there shall be inserted the following paragraph: —; and at the end of paragraph (o) of sub-paragraph (1) there shall be added the words " and any other body whose activities and objects appear to the Treasury to qualify it for inclusion in this paragraph ".
In sub-paragraph (2) of paragraph 14 of that Schedule (Treasury orders) after the words "by order" there shall be inserted the words " made by statutory instrument " .
In paragraph 1 of Schedule 9 to the Finance Act 1972 (interest eligible for relief on loans for purchase or improvement of land) at the end of sub-paragraph (c) (replacement loans) there shall be added the words " or would have been so eligible apart from section 26 of the Finance Act 1982 " .
This section has effect with respect to interest due on or after 6th April 1983 or, where sub-paragraph (3) or sub-paragraph (4) of paragraph 2 of Schedule 7 to the Finance Act 1982 applies, on or after 1st April 1983.
Subsection (4) of section 394 of the Taxes Act (no chargeable event where life policy has previously been assigned for money or money's worth) shall be amended as follows: —
at the beginning mere shall be inserted the words " Except as provided by Schedule 4 to the Finance Act 1983 " ;
after the word " policy ", where it first occurs, there shall be inserted the words " issued in respect of an insurance made before 26th June 1982 " ; and
after the words " at any time " there shall be inserted the words " before that date and " .
Subsection (2) of section 396 of the Taxes Act (which makes corresponding provision in relation to life annuity contracts) shall be amended as follows: —
at the beginning there shall be inserted the words " Except as provided by Schedule 4 to the Finance Act 1983 " ;
after the word " contract", where it first occurs, there shall be inserted the words " made before 26th June 1982 " ; and
after the words " at any time " there shall be inserted the words " before that date and " .
Schedule 4 to this Act shall have effect for the purposes of this section and in that Schedule "the relevant provision" means.—
in relation to a life policy, section 394(4) of the Taxes Act; and
in relation to a contract for a life annuity, section 396(2) of that Act.
Expressions used in this section and in Schedule 4 to this Act have the same meaning as in Chapter III of Part XIV of the Taxes Act.
This section and Schedule 4 to this Act shall be deemed to have come into force on 26th June 1982.
In section 226 of the Taxes Act (approval of retirement annuity contracts and trust schemes) in subsection (3)(c) (occupations from which retirement before attaining the age of sixty is customary) the words " (but not before he attains the age of fifty) " shall cease to have effect.
This section shall be deemed to have come into force on 6th April 1983.
In Chapter II of Part III of the Finance Act 1976 (benefits derived by company directors and others from their employment), the following section shall be inserted after section 62—.
This section has effect in relation to payments made on or after 15th March 1983, but does not apply in relation to any payment made at a time when the conditions mentioned in subsection (3) below are satisfied.
The conditions are that—
the scholarship was awarded before 15th March 1983 ;
the first payment in respect of the scholarship is made before 6th April 1984 ; and
the person holding the scholarship is receiving full-time instruction at the university, college, school or other educational establishment at which he was receiving that instruction at the time when the first such payment was made.
For the purpose of ascertaining, in accordance with subsection (3) of the section inserted by subsection (1) above, the percentage of the total amount of the payments made in any year of assessment beginning after 5th April 1982 in respect of scholarships from any fund or under any scheme which (apart from subsection (3)) would represent benefits chargeable to tax under section 61 of the Act of 1976, this section shall be deemed to have had effect in relation to all such payments made in that year.
The following section shall be inserted in the Finance Act 1977, after section 33—.
This section has effect for the year 1984-85 and for subsequent years of assessment.
The following section shall be inserted in Chapter II of Part III of the Finance Act 1976 (benefits derived by company directors and others from their employment), after section 66—
This section has effect in relation to amounts accounted for on or after 6th April 1983.
In section 457 of the Taxes Act, in subsection (1A) (covenanted payments to charity: first £3,000 exempt from excess liability) for " £3,000 " there shall be substituted " £5,000 " .
In Schedule 16 to the Finance Act 1972 (close companies: apportionment of income) in paragraph 5, in sub-paragraph (5A) (total income reduced by amount of covenanted payments to charities, subject to the £3,000 limit) for "£3,000" there shall be substituted " £5,000 " .
This section has effect for the year 1983-84 and subsequent years of assessment in relation to payments made after 5th April 1983.
In Part III of Schedule 1 to the Finance Act 1974 (interest eligible for relief), the following shall be inserted after paragraph 10B—.
Paragraphs 13 to 15 of Part III of Schedule 1 to the Act of 1974 shall be amended as follows—
in paragraphs 13 and 14, after the words "cooperative", wherever they occur, there shall be inserted the words " employee-controlled company " ; and
in paragraph 15, after " 10B " there shall be inserted " 10D " and after " 10A(c)" there shall be inserted " 10C(b) " .
This section has effect in relation to interest paid after 5th April 1983.
In Chapter III of Part III of the Finance Act 1978 (approved profit sharing schemes) for the sum of money specified in section 58(1), section 58(2) and paragraph 1(4) of Schedule 9 (each of which relates to the limit on the initial market value of shares in any year) there shall be substituted the words " the relevant amount " ; and in section 61(1) of that Act (interpretation) after the definition of " the release date " there shall be inserted—.
At the end of section 61 of the Finance Act 1978 (interpretation) there shall be inserted the following subsection: —
As respects subsections (1) and (2) of section 58 of the Finance Act 1978, the amendments effected by subsections (1) and (2) above apply in relation to shares appropriated on or after 6th April 1983 and, as respects paragraph 1(4) of Schedule 9 to that Act, those amendments shall be deemed to have come into force on that date.
In paragraph 2 of Schedule 9 to the Finance Act 1978 (matters as to which the Board must be satisfied for approval of schemes)—
at the end of sub-paragraph (1) there shall be added the words " and that those who do participate in the scheme actually do so on similar terms " ; and
ait the end of sub-paragraph (2) there shall be added the words " or do not actually do so " .
The Board must also be satisfied— For the purposes of sub-paragraph (3) above a group of companies means a company and any other companies of which it has control.
In paragraph 3(1) of Schedule 9 to the Finance Act 1978 (grounds for withdrawing approval) at the end of paragraph (d) there shall be addedor.
Part I of Schedule 5 to this Act shall have effect, in relation to shares issued in the year of assessment 1983-84 or in any of the next three years of assessment, for the purpose of making provision with respect to relief from income tax for investment in corporate trades, in place of that made by Chapter II of Part IV of the Finance Act 1981.
The provisions of Chapter II of Part IV of the Act of 1981 (relief for investment in new corporate trades) shall continue to have effect in relation to shares issued in the years of assessment 1981-82 and 1982-83, but subject to the amendments set out in Part II of Schedule 5 to this Act.
The Table in section 98 of the Taxes Management Act 1970 (penalties) shall be amended as follows—
Paragraph 15(3) and (4) of Schedule 5 to the Finance Act 1983.
Paragraph 15(1) and (2) of Schedule 5 to the Finance Act 1983.
The following enactments shall have effect in relation to public lending right as they have effect in relation to copyright—
section 16 of the Taxes Management Act 1970 (returns of periodical or lump sum payments);
sections 143 (3)(b) (charge on receipts after discontinuance of trade, etc. not to apply to lump sum paid to personal representatives for assignment), 389 and 390 (reliefs), 391 (taxation of royalties where owner's usual place of abode is abroad), and 521 (under-deductions from payments) of the Taxes Act.
If a company makes available to a charity, on a basis which is expressed and intended to be of a temporary nature, the services of a person in the employment of the company then, notwithstanding anything in— any expenditure incurred (or disbursed) by the company which is attributable to the employment of that person shall continue to be deductible in the manner and to the like extent as if, during the time that his services are so made available to the charity, they continued to be available for the purpose of the company's trade or business.
section 130 of the Taxes Act (general rules as to deductions not allowable in computing profits or gains), or
section 304 of that Act (expenses of management of investment companies etc.),
In subsection (1) above—
" charity " has the same meaning as in section 360 of the Taxes Act; and
" deductible " means deductible as an expense in computing the profits or gains of the company concerned to be charged under Case I of Schedule D or, as the case may be, deductible as expenses of management for the purposes of section 304 of the Taxes Act.
This section applies to expenditure attributable to the employment of a person on or after 1st April 1983.
In paragraph (iii) of the proviso to subsection (3) of section 343 of the Taxes Act (arrangements for payment of income tax on interest etc. paid by building societies) after the word " loan " there shall be inserted the words " or under a qualifying certificate of deposit " .
After subsection (8) of that section there shall be inserted the following subsection—
This section has effect in relation to documents issued after 5th April 1983.
in section 7 of the Capital Allowances Act 1968 (definition of industrial building or structure) in subsection (4) (disregard of non-industrial part representing not more than one-tenth of total expenditure) for the words " one-tenth " there shall be substituted the words " one quarter " .
Subsection (1) above has effect in relation to expenditure incurred after 15th March 1983 and to expenditure which, by virtue of section 5(1) of the Capital Allowances Act 1968 (purchase of unused buildings or structures), is deemed to have been incurred after that date; but 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 that Act (expenditure incurred before trade begins).
Where the conditions mentioned in subsection (2) below are satisfied in relation to an industrial building, section 73 of the Finance Act 1982 (industrial buildings allowance: very small workshops) shall apply in relation to capital expenditure on the construction of that building notwithstanding that the gross internal floor space of the whole building will exceed 1,250 square feet.
The conditions referred to in subsection (1) above are that—
the industrial building has been constructed by means of the conversion of a building (the " existing building ") into two or more industrial buildings;
each of those industrial buildings is—
permanently separated from the remainder of the existing building;
intended for occupation separately from the remainder of the existing building; and
suitable for being so occupied; and
the average gross internal floor space does not exceed 1,250 square feet.
For the purposes of subsection (2)(c) above, the average gross internal floor space shall be calculated— and shall be taken to be the average of the gross internal floor space of all those parts of the existing building which are industrial buildings at that date.
as at the date at which the following condition is first satisfied, namely that all the buildings which have been constructed by means of the conversion have come into use ; or
if that condition is not satisfied before 27th March 1986, as at that date ;
This section does not apply where the existing building, or any part of it, remained unused throughout the period before the conversion.
Where— all such assessments shall be made as are necessary to secure that the Capital Allowances Act 1968 shall have effect in relation to that expenditure as if it had never been expenditure to which section 73 applies.
in anticipation of the conditions mentioned in subsection (2) above being complied with in relation to an industrial building, section 73 of the Act of 1982 has been taken to apply in relation to capital expenditure on the construction of that building ; and
those conditions have not been complied with in relation to that industrial building ;
The Tax Acts shall have effect as if this section were contained in Chapter I of Part I of the Act of 1968.
In section 72 of the Finance Act 1982 (expenditure on production and acquisition of films etc.) in subsection (7) (transitional relief for expenditure incurred on or before 31st March 1984 either pursuant to a contract entered into before 10th March 1982 or on the production or acquisition of certain qualifying films, tapes or discs) for the words "or it is incurred " there shall be substituted the words " nor to expenditure which is incurred by any person on or before 31st March 1987 if it is incurred " .
At the end of that section there shall be added the following subsection: —
In paragraph 7 of Schedule 12 to the Finance Act 1980 (transitional period for 100 per cent, first year allowances for television sets) sub-paragraph (2) (definition of " the transitional period ") shall be amended as follows: — and sub-paragraph (5) of paragraph 7 (which, among other matters, extends, in relation to certain expenditure, references in sub-paragraph (2) to teletext receivers to include references to teletext adaptors) shall apply accordingly.
paragraph (aa) (which provides for a five year period for teletext receivers and adaptors) shall be omitted; and
in paragraph (b) (which provides for a six year period for viewdata receivers and adaptors) after the words " the provision of " there shall be inserted the words " a teletext receiver or " ;
The provisions of Schedule 6 to this Act shall have effect for the purposes of, and in connection with.—
enabling a company to elect that, with respect to disposals after 31st March 1982, each of its holdings of certain securities of the same class which are held by it solely and beneficially and which have been so held for the length of time referred to in that Schedule shall be regarded for the purposes of the Capital Gains Tax Act 1979 as constituting a single asset; and
computing the indexation allowance applicable on a disposal of such a single asset.
In section 88 of the Finance Act 1982 (identification of securities etc. disposed of: general rules) after subsection (5) there shall be inserted the following subsection—
In section 139 of the Finance Act 1982 (liability for APRT etc.) in subsection (1) (the periods for which the liability arises)—
in paragraph (a) after the words “after 31st December 1982” there shall be inserted the words “ and before 1st January 1987 ”; and
in paragraph (b) for the words “nine immediately succeeding chargeable periods” there shall be substituted the words “ immediately succeeding chargeable periods (if any) which ends before 1st January 1987 and ”.
In subsection (2) of that section (the rate of APRT) for the words “at the rate of 20 per cent.” there shall be substituted the following paragraphs:—
In consequence of subsections (1) and (2) above—
in each of subsections (3)(a) and (4)(a) of section 139 of the Finance Act 1982, for the words “the APRT which is paid” there shall be substituted the words “ any APRT which is payable and paid ”;
in subsection (4) of that section for the words “the APRT paid”, in each place where they occur, there shall be substituted the words “ any APRT paid ”; and
Schedule 19 to that Act shall have effect subject to the modifications set out in Schedule 7 to this Act.
For all the relevant new fields, as defined in subsection (2) below, section 8 of the principal Act (the oil allowance) shall have effect subject to the following modifications:—
in subsection (2) (the amount of the allowance for each chargeable period) for “250,000 metric tonnes” there shall be substituted “ 500,000 metric tonnes ”; and
in subsection (6) (the total allowance for a field) for “5 million metric tonnes” there shall be substituted “ 10 million metric tonnes ”.
Subject to subsection (3) below, in this section “relevant new field” means an oil field—
no part of which lies in a landward area, within the meaning of the Petroleum (Production) Regulations 1982 or in an area to the East of the United Kingdom and between latitudes 52°and 55°North; and
for no part of which consent for development has been granted to the licensee by the Secretary of State before 1st April 1982; and
for no part of which a programme of development had been served on the licensee or approved by the Secretary of State before that date.
In determining, in accordance with subsection (2) above, whether an oil field (in this subsection referred to as “the new field”) is a relevant new field, no account shall be taken of a consent for development granted before 1st April 1982 or a programme of development served on the licensee or approved by the Secretary of State before that date if—
in whole or in part that consent or programme related to another oil field for which a determination under Schedule 1 to the principal Act was made before the determination under that Schedule for the new field; and
on or after 1st April 1982, a consent for development is or was granted or a programme of development is or was served on the licensee or approved by the OGA and that consent or programme relates, in whole or in part, to the new field.
In subsections (2) and (3) above “development” means— and consent for development does not include consent which is limited to the purpose of testing the characteristics of an oil-bearing area and does not relate to the erection or carrying out of permanent works.
the erection or carrying out of permanent works for the purpose of getting oil from the field or for the purpose of conveying oil won from the field to a place on land; or
winning oil from the field otherwise than in the course of searching for oil or drilling wells;
In subsection (4) above “permanent works” means any structures or other works whatsoever which are intended by the licensee to be permanent and are neither designed to be moved from place to place without major dismantling nor intended by the licensee to be used only for searching for oil.
The section set out in Part I of Schedule 8 to this Act shall be inserted in the principal Act after section 5 for the purpose of setting up a new allowance by virtue of which a participator in an oil field may obtain relief for certain expenditure which is incurred otherwise than in connection with that field.
For the purpose of giving effect to, and in consequence of, the new allowance, the enactments specified in Part II of Schedule 8 to this Act shall have effect subject to the amendments there specified.
Part III of Schedule 8 to this Act shall have effect with respect to sums received after 15th March 1983 and falling to be set off against expenditure which would otherwise be allowable under section 5 of the principal Act or under the new section set out in Part I of that Schedule.
In paragraph 1 of Schedule 7 to the principal Act (claims for certain allowances)— and, accordingly, any claim which, immediately before the passing of this Act, could not have been made by virtue of the time bar may be made thereafter.
in sub-paragraph (1) the words from “but may not” to the end of the sub-paragraph (which impose a time limit on claims) shall be, and shall be deemed always to have been, omitted; and
in sub-paragraph (2) the words “within the time allowed for making the original claim” shall be, and shall be deemed always to have been, omitted;
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In section 12(1) of the principal Act (interpretation of Part I) in the definition of “relevantly appropriated” (which, among other matters, excludes oil appropriated for production purposes) after the word “purposes” there shall be added the words “ in relation to that or any other oil field ”.
This section has effect, and shall be deemed to have had effect, for chargeable periods ending after 31st December 1977.
At the end of Schedule 5 to the principal Act (allowance of expenditure under section 3 or 4 of that Act) there shall be inserted the following paragraph—
In Schedule 6 to the principal Act (allowance of expenditure on claim by participator) at the end of the first column of the Table set out in paragraph 2 (application of provisions of Schedule 5) there shall be added “ 9 ”.
In sub-paragraph (1) of paragraph 7 of Schedule 17 to the Finance Act 1980 (transfers of unused losses from old participator to new in cases of transfers of interests in fields) for the words “in any chargeable period before the transfer period” there shall be substituted the words “ in the transfer period or any earlier chargeable period ”.
In sub-paragraph (2) of that paragraph at the end there shall be added the words “ and, for the purposes of effecting such relief, subsection (1) of section 7 shall have effect as if the word “succeeding” were omitted ”.
This section has effect in relation to transfer periods (within the meaning of paragraph 1 of Schedule 17 to the Finance Act 1980) ending after 31st December 1982.
In section 1(1) of the National Insurance Surcharge Act 1976 (surcharge on earnings in respect of which secondary Class 1 contributions are payable), for lie words " 1 ½ per cent." there shall be substituted the words " 1 per cent " .
Subject to section 1(2) of the National Insurance Surcharge Act 1982, this section applies with respect to earnings paid on or after 1st August 1983.
Where any sum has been borrowed by the Treasury on terms set out— that prospectus shall (whether the sum was borrowed before or after the passing of this Act) be taken to have included a provision empowering the Treasury to supplement, from time to time, the due amount and requiring any such supplement to be paid on such terms as may be notified by the Treasury in the London, Edinburgh and Belfast Gazettes.
in the prospectus for Save As You Earn Savings Contracts (Third Issue); or
in the prospectus for IndexLinked National Savings Certificates Retirement Issue;
“The due amount” means—
in the case of the prospectus mentioned in subsection (1)(a) above, the amount due under paragraph 7, 8, 9 or 10; and
in the case of the other prospectus, the amount due under paragraph 4.
Section 5 of the National Loans Act 1968 (which, as set out in section 153 of the Finance Act 1982, provides for the determination of rates of interest for government lending) shall be amended in accordance with this section.
In subsection (5) (withdrawal of determination or approval of rate of interest which no longer fulfils the requirements of the section)—
for the words from “approved for” to “not yet made” there shall be substituted the words “ approved for a class of loans ”; and
for the words from “withdrawn” to the end of the subsection there shall be substituted the words “ withdrawn at the earliest convenient time, and, subject to subsection (5A) below, from that or such later time as may be convenient another rate determined or approved in accordance with subsection (3) or, as the case may be, subsection (4) above shall come into force for further loans of that class ”.
After subsection (5) there shall be inserted the following subsections:—
Subject to subsection (4) below, the Treasury may, on the recommendation of the Secretary of State, by order specify any new town development loan as a loan the repayment of which to the Secretary of State (and subsequently into the National Loans Fund) is to be suspended by virtue of this section.
Where a loan is specified by an order under subsection (1) above—
the terms of the loan shall have effect as if any payment by way of repayment of or interest on the loan which (apart from this section) would fall due at any time within the unexpired period for repayment of the loan fell due instead at the corresponding time within the period of the same duration beginning with 1st October 1986; and
no interest shall accrue in respect of the loan during the period beginning with the coming into force of the order and ending with 30th September 1986.
In this section, “new town development loan” means any sum— and “the unexpired period for repayment of the loan”, in relation to any loan specified by an order under subsection (1) above, means the period beginning with the coming into force of the order and ending with the date which (apart from this section) would be the last date on which any payment by way of repayment of or interest on the loan would fall due under the terms of the loan.
falling within section 60(a) of the New Towns Act 1981 (sums advanced by Secretary of State to development corporations in England and Wales for the purpose of enabling them to meet expenditure properly chargeable to capital account or to make good to revenue account sums applied in meeting liabilities so chargeable); . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The aggregate amount of new town development loans specified by order under subsection (1) above shall not exceed £1,250 million.
The power to make an order under subsection (1) above shall be exercisable by statutory instrument.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The Commission shall be exempt from tax in respect of all chargeable gains.
For the purposes of the enactments set out below, the commission shall be treated as a charitable company:—
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
section 54 of the Finance Act 1980 (charitable donations by traders); and
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . section 129 of the Finance Act 1982 (reliefs from stamp duty).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
This Act may be cited as the Finance Act 1983.
In this Act “the Taxes Act” means the Income and Corporation Taxes Act 1970.
Part II of this Act, so far as it relates to income tax, shall be construed as one with the Income Tax Acts, so far as it relates to corporation tax, shall be construed as one with the Corporation Tax Acts and, so far as it relates to capital gains tax, shall be construed as one with the Capital Gains Tax Act 1979.
Part III of this Act shall be construed as one with Part I of the Oil Taxation Act 1975 and references in Part III to the principal Act are references to that Act.
The enactments specified in Schedule 10 to this Act are hereby repealed to the extent specified in the third column of that Schedule, but subject to any provision at the end of any Part of that Schedule.
Section 4.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
in sub-paragraph (1)(a), for the words from " plated weight " to "Act 1972" there shall be substituted the word " weight " and at the end there shall be inserted the words " as indicated on the appropriate plate " ;
in sub-paragraph (1)(b), for the words "a plated gross weight" there shall be substituted the words " such a plate " ; and
in sub-paragraph (2), for the words from "plated weight" to " Part II" there shall be substituted the word " weight " and at the end there shall be inserted the words " as indicated on the appropriate plate " .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In this Schedule " assigned policy " means a policy of life assurance— In this Schedule " assigned contract" means a contract for a life annuity—
The relevant provision shall cease to apply to an assigned policy or assigned contract if, after 23rd August 1982.— No account shall be taken for the purposes of sub-paragraph (1)(a) above of any assignment effected by way of security for a debt, or on the discharge of a debt secured by the rights concerned, or of an assignment between spouses living together.
Paragraph 2(1)(c) above does not apply unless— The individual who is at any time the chargeable individual for the purposes of sub-paragraph (1)(b) above shall be determined as follows.— Paragraph 2(1)(c) above does not apply in relation to a policy if—
Where the relevant provision ceases to apply to an assigned policy or assigned contract by virtue of paragraph 2(1)(c) above, the lending of the sum concerned shall be regarded for the purposes of the Income Tax Acts (other than that paragraph) as taking place immediately after the time at which the relevant provision ceases so to apply.
Section 26.
In this Part of this Schedule " Chapter II" means Chapter II of Part IV of the Finance Act 1981 (relief for investment in new corporate trades). Any provision of this Part which applies provisions of Chapter II shall be construed as applying those provisions for the purposes of this Part as they apply for the purposes of Chapter II; and references in any provision so applied to any other provision of Chapter II shall, except where this Part otherwise requires, be construed as references to that other provision as so applied.
This Part of this Schedule has effect for affording relief from income tax where— In this Part " eligible shares" means new ordinary shares which, throughout the period of five years beginning with the date on which they are issued, carry no present or future preferential right to dividends or to a company's assets on its winding up and no present or future preferential right to be redeemed. The relief in respect of the amount subscribed by an individual for any eligible shares shall be given as a deduction of that amount from his total income for the year of assessment in which the shares are issued, and references in this Part to the amount of the relief are references to the amount of that deduction. The relief shall be given on a claim and shall not be allowed— A claim for the relief may be allowed at any time after the trade has been carried on by the company for four months if the conditions for the relief are then satisfied; but no claim shall be allowed before 1st January 1984. In the case of a claim allowed before the end of the relevant period, the relief shall be withdrawn if by reason of any subsequent event it appears that the claimant was not entitled to the relief allowed. In this Part, " the relevant period ", in relation to relief in respect of any eligible shares issued by a company, means— Where by reason of its being wound up, or dissolved without winding up, the company carries on the qualifying trade for a period shorter than four months, sub-paragraph (4)(a) above shall have effect as if it referred to that shorter period but only if it is shown that the winding up or dissolution was for bona fide commercial reasons and not as part of a scheme or arrangement the main purpose or one of the main purposes of which was the avoidance of tax. Section 52(7) to (8A) of Chapter II shall apply, but in the case of subsection (7) with the deletion of the reference to section 204(3) of the Taxes Act (pay as you earn) and, in the case of subsection (8), with the substitution for the reference to subsection (3)(a) of section 52 of a reference to sub-paragraph (4)(a) above.
Subject to paragraph 19 below, the relief shall not be given in respect of any amount subscribed by an individual for eligible shares issued to him by any company in any year of assessment unless the amount or total amount subscribed by him for the eligible shares issued to him by the company in that year is £500 or more. The relief shall not be given to the extent to which the amount or total amount subscribed by an individual for eligible shares issued to him in any year of assessment (whether or not by the same company) exceeds £40,000.
An individual qualifies for the relief if he subscribes for the eligible shares on his own behalf, is resident and ordinarily resident in the United Kingdom throughout the year of assessment in which they are issued and is not at any time in the relevant period connected with the company. Section 54(2) to (8) of Chapter LI shall apply. In determining, for the purposes of this paragraph, whether an individual is connected with a company, no debt incurred by the company by overdrawing an account with a person carrying on a business of banking shall be treated as loan capital of the company if the debt arose in the ordinary course of that business. Where an individual subscribes for shares in a company with which he is not connected (either within the meaning of this paragraph or by virtue of paragraph 2(1B)(b) of Schedule 12, as applied by paragraph 18(5) below) he shall nevertheless be treated as connected with it if he subscribes for the shares as part of any arrangement which provides for another person to subscribe for shares in another company with which that or any other individual who is a party to the arrangement is connected (within the meaning of this paragraph or by virtue of that paragraph).
A company is a qualifying company if it is incorporated in the United Kingdom and complies with the requirements of this paragraph. The company must, throughout the relevant period, be an unquoted company which is resident in the United Kingdom and not resident elsewhere, and be— In this paragraph "qualifying subsidiary", in relation to a company, means a subsidiary of that company of a kind which may be held by virtue of paragraph 17 below. Without prejudice to the generality of sub-paragraph (2) above, but subject to sub-paragraph (5) below, a company ceases to comply with that sub-paragraph if before the end of the relevant period a resolution is passed, or an order is made, for the winding up of the company (or, in the case of a winding up otherwise than under the Companies Act 1948 or the Companies Act (Northern Ireland) 1960, any other act is done for the like purpose) or the company is dissolved without winding up. A company shall not be regarded as ceasing to comply with sub-paragraph (2) above if it does so by reason of being wound up or dissolved without winding up and— The company's share capital must not, at any time in the relevant period, include any issued shares that are not fully paid up. Subject to paragraph 17 below, the company must not at any time in the relevant period— and no arrangements must be in existence at any time in that period by virtue of which the company could fall within paragraph (a) or (b) above. A company is not a qualifying company if— Section 56(8) and (9) of Chapter II shall apply for the purposes of sub-paragraph (8) above. The period referred to in sub-paragraph (8) above is the period beginning two years before and ending three years after—
A trade is a qualifying trade if it complies with the requirements of this paragraph, The trade must not at any time in the relevant period consist to any substantial extent of any of the activities mentioned in section 56(2) of Chapter II (as read with section 56(3) and Schedule 11). The trade must, during the relevant period, be conducted on a commercial basis and with a view to the realisation of profits. Section 56(10) of Chapter II shall apply.
Where an individual disposes of any eligible shares before the end of the relevant period, then— Where an individual holds ordinary shares in a company and the relief has been given in respect of some but not others, any disposal by him of ordinary shares in the company shall be treated for the purposes of this paragraph as relating— Section 57(3) and (4) of Chapter II shall apply but, in the case of subsection (4), with the substitution for the reference to subsection (2) of a reference to sub-paragraph (2) above.
Where an individual who subscribes for eligible shares in a company— the amount of the relief to which he is entitled in respect of the shares shall be reduced by the value received ; but the value received shall be disregarded to the extent to which relief under Chapter II has, by virtue of section 58(1) of that Chapter, been reduced on its account. Subject to sub-paragraph (3) below, section 58(2) to (9) of Chapter II shall apply but, in the case of subsection (3), with the substitution for the reference to section 55(5) of a reference to paragraph 5(5) above. For the purposes of this paragraph an individual also receives value from the company if any person connected with the company (within the meaning of section 54 of Chapter II)— and the value received by the individual is the amount receivable by the individual or, if greater, the market value of the shares or securities in question.
An individual is not entitled to relief in respect of any shares in a company where— This sub-paragraph applies in relation to an individual where— and the individual is that person or one of those persons. An individual is not entitled to relief in respect of any shares in a company where— and the individual is that person, or one of those persons. For the purposes of sub-paragraph (2) above— In this paragraph—
The relief to which an individual is entitled in respect of any shares in a company shall be reduced in accordance with section 59(3) of Chapter II, as applied by sub-paragraph (2) below, if at any time in the relevant period the company repays, redeems or repurchases any of its share capital which belongs to any member other than— or makes any payment to any such member for giving up his right to any of the company's share capital on its cancellation or extinguishment. Section 59(3) to (8) of Chapter II shall apply, but with the deletion, in subsection (4), of the reference to section 53(3) and (7) and, in subsection (6), of paragraphs (a) and (b). Sub-paragraph (1) above does not apply in relation to the redemption of any share capital for which the redemption date was fixed before 15th March 1983. Where— sub-paragraph (1) above shall not apply in relation to any redemption of any of the original shares within 12 months of the date on which those shares were issued. Where— then, for the purposes of section 59(3) of Chapter LT (as it applies both to this Part and to Chapter II), the relief given under Chapter II shall be treated as if it were relief given under this Part.
An individual is not entitled to relief in respect of any shares unless the shares are subscribed for and issued for bona fide commercial purposes and not as part of a scheme or arrangement the main purpose or one of the main purposes of which is the avoidance of tax.
In the case of any amount subscribed by a married woman for eligible shares issued to her at a time— the deduction under paragraph 2(3) above shall, subject to sub-paragraph (2) below, be made from his total income, and references in this Part to the relief to which an individual is entitled in respect of any shares shall be construed accordingly. Section 60(2) to (7) of Chapter II shall apply, with the substitution, for references to sections 52(2), 53(1) and (2) and 57(1) of references to, respectively, paragraphs 2(3), 3(1) and (2) and 7(1) above.
A claim for the relief in respect of eligible shares issued by a company in any year of assessment shall be made— A claim for relief in respect of eligible shares in a company shall not be allowed unless it is accompanied by a certificate issued by the company in such form as the Board may direct and certifying that the conditions for the relief, so far as applying to the company and the trade, are satisfied in relation to those shares. Before issuing a certificate for the purposes of sub-paragraph (2) above a company shall furnish the inspector with a statement to the effect that it satisfies the conditions for the relief, so far as they apply in relation to the company and the trade, and has done so at all times since the beginning of the relevant period. No such certificate shall be issued without the authority of the inspector or where the company, or a person connected with the company, has given notice to the inspector under paragraph 15(2) below. Any statement under sub-paragraph (3) above shall contain such information as the Board may reasonably require, shall be in such form as the Board may direct and shall contain a declaration that it is correct to the best of the company's knowledge and belief. Where a company has issued a certificate for the purposes of sub-paragraph (2) above, or furnished a statement under sub-paragraph (3) above and— the company shall be liable to a penalty not exceeding £250 or, in the case of fraud, £500. For the purpose of regulations made under section 204 of the Taxes Act (pay as you earn), no regard shall be had to the relief unless a claim for it has been duly made and admitted. Section 61(6) of Chapter II shall apply. For the purposes of section 86 of the Taxes Management Act 1970 (interest on overdue tax), tax charged by an assessment— and section 91 of that Act (effect on interest of reliefs) shall not apply in consequence of any discharge or repayment for giving effect to the relief.
Where any relief has been given which is subsequently found not to have been due, it shall be withdrawn by the making of an assessment to tax under Case VI of Schedule D for the year of assessment for which the relief was given. Section 62(2) to (7) of Chapter II shall apply but, in the case of subsection (4), with the substitution for the reference to section 57(1)(b) of a reference to paragraph 7(1)(b) above and, in the case of subsection (6), with the substitution for paragraphs (a) to (d) of the following paragraphs—
Where an event occurs by reason of which any relief given to an individual falls to be withdrawn by virtue of paragraph 4, 7, 8 or 12(2) above the individual shall within sixty days of his coming to know of the event give a notice in writing to the inspector containing particulars of the event Where an event occurs by reason of which any relief in respect of any shares in a company falls to be withdrawn by virtue of paragraph 5, 6, 8, 9, 10 or 11 above— shall within sixty days of the event or, in the case of a person within paragraph (b) above, of his coming to know of it, give a notice in writing to the inspector containing particulars of the event or payment If the inspector has reason to believe that a person has not given a notice which he is required to give under sub-paragraph (1) or (2) above in respect of any event the inspector may by notice in writing require that person to furnish him within such time (not being less than sixty days) as may be specified in the notice with such information relating to the event as the inspector may reasonably require for the purposes of this Part. Where relief is claimed in respect of shares in a company and the inspector has reason to believe that it may not be due by reason of any such arrangement or scheme as is mentioned in paragraph 4(4), 5(7) or 11 above, he may by notice in writing require any person concerned to furnish him within such time (not being less than sixty days) as may be specified in the notice with— References in sub-paragraph (4) above to the person concerned are, in relation to paragraphs 4(4) and 11, the claimant and, in relation to paragraphs 5(7) and 11, the company and any person controlling the company. Section 63(7) to (9) of Chapter II shall apply but with the substitution, for the reference to section 58, of a reference to paragraph 8 above.
The sums allowable as deductions from the consideration in the computation for the purposes of capital gains tax of the gain or loss accruing to an individual on the disposal of shares in respect of which any relief has been given and not withdrawn shall be determined without regard to that relief, except that where those sums exceed the consideration they shall be reduced by an amount equal to— whichever is the less, but the foregoing provisions of this sub-paragraph shall not apply to a disposal falling within section 44(1) of the Capital Gains Tax Act 1979 (disposals between husband and wife). Sections 88 and 89 of the Finance Act 1982 (identification of securities disposed of) shall not apply to shares in respect of which any relief has been given and not withdrawn ; and any question— shall for the purposes of capital gains tax be determined as for the purposes of paragraph 7 above. Where an individual holds ordinary shares in a company and the relief has been given in respect of some but not others, then, if there is within the meaning of section 77 of the Act of 1979 a reorganisation affecting those shares, section 78 of that Act shall apply separately to the shares in respect of which the relief has been given and to the other shares (so that the shares of each kind are treated as a separate holding of original shares and identified with a separate new holding). There shall be made all such adjustments of capital gains tax, whether by way of assessment or by way of discharge or repayment of tax, as may be required in consequence of the relief being given or withdrawn.
A qualifying company may, in the relevant period, have one or more subsidiaries if— Where a qualifying company has one or more subsidiaries in the relevant period this Part shall have effect subject to paragraph 18 below.
The shares issued by the qualifying company may, instead of or as well as being issued for the purpose mentioned in sub-paragraph (1)(b) of paragraph 2 above, be issued for the purpose of raising money for a qualifying trade which is being carried on by a subsidiary or which a subsidiary intends to carry on within the next four months; and where shares are so issued sub-paragraphs (4), (5) (7)(6) and (8) of that paragraph shall have effect as if references to the company were or, as the case may be, included references to the subsidiary. In relation to a qualifying trade carried on by a subsidiary the reference in section 56(2)(f) of Chapter II (as applied for the purposes of this Part) to another person shall not include a reference to the company of which it is a subsidiary. In sub-paragraph (1) of paragraph 10 above references to the company (except the first) shall include references to a company which during the relevant period is a subsidiary of the company, whether it becomes a subsidiary before or after the redemption, repayment, repurchase or payment referred to in that sub-paragraph. Sub-paragraphs (4) and (5) of paragraph 15 above shall have effect in relation to any such arrangements as are mentioned in section 65(2)(c) of Chapter II as they have effect in relation to any such arrangement as is mentioned in paragraph 11 above. The following provisions of Chapter II shall apply: paragraphs 2 and 4 of Schedule 12; but paragraph 4 shall apply with the substitution of a reference to paragraph 8(1) above for the reference to section 58(1).
Shares subscribed for, issued to, held by or disposed of for an individual by a nominee shall be treated for the purposes of this Part as subscribed for, issued to, held by or disposed of by that individual. Paragraph 3(1) above shall not apply where the amount is subscribed as nominee for an individual by the person or persons having the management of an investment fund approved for the purposes of this paragraph by the Board ("the managers of an approved fund "). Where an individual claims relief in respect of eligible shares in a company which have been issued to the managers of an approved fund as nominee for that individual, paragraph 13(2) above shall apply as if it required— The managers of an approved fund may be required by a notice given to them by an inspector or other officer of the Board to deliver to the officer, within the time limited by the notice, a return of the holdings of eligible shares shown on certificates issued by them in accordance with sub-paragraph (3) above in the year of assessment to which the return relates. Paragraph 13(6) above shall not apply in relation to any certificate issued by the managers of an approved fund for the purposes of sub-paragraph (3) above.
Subject to sub-paragraph (2) below, section 67 of Chapter II shall apply. In this Part, including provisions of Chapter II as applied by this Part—
In section 52(9) of the Finance Act 1981 (relief available only where shares issued in 1981-82 or the next two years) for the words "or either of the next two years of assessment" there shall be substituted the words " or the year 1982-83 " .
Section 53(7) of the Act of 1981 (withdrawal of relief where more than 50 per cent, of the company's share capital consists of shares in respect of which relief has been given) shall cease to have effect in relation to events occurring on or after 6th April 1983.
Where, at any time after 5th April 1983, a company has any share capital of a kind falling within paragraph (a) or (b) of section 55(7) of the Act of 1981 (restrictions on types of share capital) that section shall apply as if paragraphs (a) and (b) were omitted.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Section 35.
In paragraph 1(3) (returns for periods after liability for APRT has ceased) the word “nine” shall be omitted.
In paragraph 2(2) (instalment payments where liability for APRT expires) for the words from “the chargeable period” to “for that field” there shall be substituted the words “ any chargeable period ending on or after 31st December 1984. ”
In paragraph 14 (repayment of APRT) in sub-paragraph (1) for the words from “for the last” to “section 139(1)(b)” there shall be substituted the words “ for the ninth chargeable period following the first chargeable period referred to in section 139(1)(a) ”. In sub-paragraph (2) of that paragraph for the words from “the last” to “this Act” there shall be substituted the words “ the ninth chargeable period referred to in sub-paragraph (1) above ” and for the words “subsection (4) of that section” there shall be substituted the words “ section 139(4) of this Act ”. In sub-paragraph (3) of that paragraph for the words “the last chargeable period” and in sub-paragraph (4)(a) of that paragraph for the words “the chargeable period” there shall be substituted the words “ the ninth chargeable period ”.
In paragraph 17 (abandoned fields) in sub-paragraph (1)(c) for the words from “last” to “section 139(1)(b)” there shall be substituted the words “ ninth chargeable period following the first chargeable period referred to in section 139(1)(a) ”.
Section 37.
In section 2(9) of the principal Act (amounts to be taken into account in respect of expenditure) at the end of paragraph (e) there shall be addedand
At the end of subsection (3) of section 3 of the principal Act (expenditure not allowable under that section if already allowed under other provisions) there shall be added the words “ but where expenditure allowable under section 5A of this Act has been allowed on a claim under Schedule 7 to this Act, nothing in this subsection shall prevent a claim being made for an allowance under this section in respect of the same expenditure unless the person making the claim is the participator who made the claim under that Schedule ”.
In section 5 of the principal Act (allowance of abortive exploration expenditure) in subsection (1) after the words “1st January 1960” there shall be inserted the words “ and before 16th March 1983 ”.
In section 9 of the principal Act (limit on amount of tax payable) in subsection (2)(a)(ii) for the words “and (e)” there shall be substituted the words “ (e) and (f) ”.
Every participator in an oil field shall, in the first return under this paragraph which he makes for that field, state whether any and, if any, how much exploration and appraisal expenditure to which section 5A of this Act applies and which relates to, or to a licence for, any part of the field has been claimed under Schedule 7 to this Act— and subsection (7) of section 5 of this Act applies for the purposes of this sub-paragraph as it applies for the purposes of that section.
In Schedule 7 to the principal Act (claims for allowance of abortive exploration expenditure) in paragraph 1(1), for the words from “of any” to “of this Act” there shall be substituted:—. In paragraph 1(3) of that Schedule, after the words “section 5” there shall be added the words “ or, as the case may be, section 5A. ”
In the Schedule to the Petroleum Revenue Tax Act 1980 (computation of payment on account) in paragraph 2(4) for the words “or (d)” there shall be substituted the words “ (d) or (f) ”.
In Schedule 17 to the Finance Act 1980 (transfers of interests in oil fields) after paragraph 16 (abortive exploration expenditure) there shall be inserted—
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In this Part of this Schedule—
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
“allowable expenditure” means expenditure which, in accordance with section 5 or section 5A of the principal Act, is allowable on a claim made by a participator under Schedule 7 to that Act; and
“qualifying receipt” means a sum the amount of which falls, by virtue of subsection (6) of section 5 of the principal Act, to be applied by way of reduction in the amount of expenditure which would otherwise be allowable expenditure.
A return made by a participator for a chargeable period under paragraph 2 of Schedule 2 to the principal Act shall give details of any qualifying receipt (whether received by him or by a person connected with him) of which details have not been given in a return made by him for an earlier chargeable period. Section 1122 of the Corporation Tax Act 2010 (connected persons) applies for the purposes of this paragraph.
This paragraph applies where— In determining, in a case where this paragraph applies, the assessable profit or allowable loss accruing to the participator in the chargeable period in which the qualifying receipt is received, the amount of the excess referred to in sub-paragraph (1)(b) above shall be taken into account under section 2 of the principal Act as an amount which is to be included among the positive amounts referred to in subsection (3)(a) of that section. In the application of section 9 of the principal Act (limit on amount of tax payable) to a chargeable period in respect of which sub-paragraph (2) above applies, the amount of the excess referred to in sub-paragraph (1)(b) above shall be deducted from the amount which would otherwise be the total ascertained under subsection (2)(a)(ii) of that section and, if the amount of that excess is greater than the amount which would otherwise be that total, that total shall be a negative amount equal to the difference.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In paragraph 2(2A) of Schedule 4 to that Act, for the words " relevant property " there shall be substituted the words " appropriate property " .
In paragraph 4(10) of Schedule 5 to that Act, after the words " in this paragraph " there shall be inserted the words " and in section 46(5) of this Act " .
In section 78(4)(b) of the Finance Act 1976, the words " to the Board " and the words from " or " to " tax)" shall cease to have effect.
In section 114(6) of that Act, for the words "the said section 37" there shall be substituted the words " section 37 of the said Act of 1975 " .
Section 48.
Chapter Short title Extent of repeal 1964 c. 26. The Licensing Act 1964. Section 30(5). 1967 c. 54. The Finance Act 1967. In Schedule 7, paragraph 4. 1969 c. 32. The Finance Act 1969. Section 1(5). Schedule 7. 1976 c. 66. The Licensing (Scotland) Act 1976. Section 22. 1977 c. 45. The Criminal Law Act 1977. In Schedule 12, in the entry relating to the Licensing Act 1964, paragraph 1. 1979 c. 2. The Customs and Excise Management Act 1979. In section 51(1), the words “within the prescribed area”. 1979 c. 4. The Alcoholic Liquor Duties Act 1979. Section 92(7). 1980 c. 48. The Finance Act 1980. Section 9. 1982 c. 39. The Finance Act 1982. In Schedule 5, in part B, paragraph 16(3). The repeals in the Finance Act 1969, the Alcoholic Liquor Duties Act 1979 and the Finance Act 1980 have effect on the appointed day within the meaning of section 9(2) of this Act.
Chapter Short title Extent of repeal 1970 c. 10. The Income and Corporation Taxes Act 1970. In section 226(3)(c) the words “(but not before he attains the age of fifty)”. 1980 c. 48. The Finance Act 1980. In Schedule 12, paragraph 7(2)(aa). 1981 c. 35. The Finance Act 1981. Section 53(7). In section 59, in subsection (4) the words “and (7)” and in subsection (6), paragraph (b). In section 62(6)(a) the words “53(7),”. In section 63(2) the words “53(7),”. 1982 c. 39. The Finance Act 1982. In section 77, in subsection (2), the words from “and at the end” onwards.
The repeal in section 226(3)(c) of the Income and Corporation Taxes Act 1970 shall be deemed to have come into force on 6th April 1983.
The repeals in sections 53, 59, 62 and 63 of the Finance Act 1981 have effect in relation to events occurring on or after 6th April 1983.
Chapter Short title Extent of repeal 1975 c. 22. The Oil Taxation Act 1975. In Schedule 7, in paragraph 1, in sub-paragraph (1) the words from “but may not” to the end, and, in sub-paragraph (2) the words “within the time allowed for making the original claim”. 1982 c. 39. The Finance Act 1982. In Schedule 19, in paragraph 1(3) the word “nine”.