Statement by the Slovak EU Presidency on the freedom of expression and freedom of association in the Russian Federation
Act partly in force at Royal Assent, partly retrospective, see individual sections; all provisions so far as unrepealed wholly in force at 1.2.1991. Some provisions came into force at specific times of the day. 1891 c. 39. The text of ss. 69 and 72(1) was taken from S.I.F. Group 10 (Banking and Currency), ss. 3–5, 72(1)(7), Sch. 16 Pt. II from S.I.F. Group 12:2 (Betting, Gaming and Lotteries: Betting and Gaming Duties), ss. 1, 6–10, 72(1)(7), Sch. 16 Pt. III from S.I.F. Group 40:1 (Customs and Excise: Customs and Excise Duties), ss. 11–19, 72(1)(7), Schs. 2, 16 Pt. IV from S.I.F. Group 40:2 (Customs and Excise: Value Added Tax and Car Tax), ss. 20–46, 61–67, 70(1), 71, 72(1)–(3)(6)(7), Schs. 3–6, 10–15, 16 Pts. V–VII, X from S.I.F. Group 63:1 (Income, Corporation and Capital Gains Taxes: Income and Corporation Taxes), s. 47 from S.I.F. Group 63:2 (Income, Corporation and Capital Gains Taxes: Capital Gains Taxes), ss. 57–60, 70(2), 72(1)(5)(7), Schs. 8, 9, 16 Pt. IX from S.I.F. Group 65 (Inheritance Tax), ss. 68, 72(1)(7) Sch. 16 Pt. XI from S.I.F. Group 99:6 (Public Finance and Economic Controls: Economic Controls), ss. 2, 72(1)(7), Schs. 1, 16 Pt. I from S.I.F. Group 107:2 (Road Traffic: Vehicle Excise Duty) and ss. 48–56, 72(1)(4)(7), Schs. 7, 16 Pt. VIII from S.I.F Group 114 (Stamp Duty); provisions omitted from SIF have been dealt with as referred to in other commentary. 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 S. 1(2) omitted (1.4.2008 retrospective) by virtue of Finance Act 2008 (c. 9), s. 13(11)(a)(12), Sch. 5 paras. 25(a), 26(b) S. 1(3) omitted (1.4.2008 retrospective) by virtue of Finance Act 2008 (c. 9), s. 13(11)(a)(12) S. 2(1)(3)(5) repealed (1.9.1994) by 1994 c. 22, ss. 65, 66(1), Sch. 5 Pt. I (with s. 57(4)) S. 2(2)(a) repealed (8.11.1993) by S.I. 1993/2452, art. 3, Sch. 2 S. 2(2)(b) repealed by Finance Act 1990 (c. 29, SIF 107:2), s. 132, Sch. 19 Pt. II (in relation to licences taken out after 20.3.1990) S. 2(4) repealed (1.10.1991) by Finance Act 1991 (c. 31, SIF 107:2), ss. 10, 123, Sch. 19 Pt. IV; S.I. 1991/2021, art. 2. Words in s. 2(6) repealed (1.9.1994) by 1994 c. 22, ss. 65, 66(1), Sch. 5 Pt. I (with s. 57(4)) S. 2(7)(8) repealed (1.9.1994) by 1994 c. 22, ss. 65, 66(1), Sch. 5 Pt. I (with s. 57(4)) S. 4 repealed (3.5.1994 with effect in accordance with Sch. 3 of the amending Act) by 1994 c. 9, ss. 6, 258, Schs. 3, 26 Pt. II Note S. 5(1)(4)(5) repealed (3.5.1994 with effect in accordance with Sch. 3 of the amending Act) by 1994 c. 9, ss. 6, 258, Schs. 3, 26 Pt. II Note S. 6 repealed (1.1.1992) by S.I. 1991/2724, reg. 9 S. 11 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15 S. 12 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(2), Sch. 15 S. 13 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(2), Sch. 15 S. 14 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(2), Sch. 15 S. 15 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15 S. 16 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15 S. 17 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15 S. 18 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15 S. 19 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15 Ss. 20–39 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31 S. 40 repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) Ss. 41–46 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31 S. 47 repealed by Finance Act 1988 (c. 39), s. 148, Sch. 14 Pt. VII Note 2 S. 49 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) S. 50(1) words inserted by 1987 c. 51 s. 99(1) Words in s. 50(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. 21} Words in s. 50(1) omitted (with effect in accordance with s. 99(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 32 para. 17 Words in s. 50(2) substituted (with application in accordance with s. 113(4) of the amending Act) by Finance Act 1999 (c. 16) s. 113(3), {Sch. 16 para. 10} S. 50(2)(a) omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 23(2)(a) (with Sch. 11 para. 29) Words in s. 50(2)(b) substituted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by Finance Act 2024 (c. 3), Sch. 11 para. 23(2)(b) (with Sch. 11 para. 29) S. 50(3)(b) omitted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 23(3)(a) (with Sch. 11 para. 29) S. 50 (3) words inserted by 1987 c. 51 s. 99(2) Words in s. 50(3)(c) substituted (with effect in accordance with Sch. 11 para. 25 of the amending Act) by virtue of Finance Act 2024 (c. 3), Sch. 11 para. 23(3)(b) (with Sch. 11 para. 29) 1986 c. 41. S. 50(4)(5) repealed (with effect as mentioned in Sch. 20 Pt. V(2) notes 1, 2 of the amending Act) by Finance Act 1999 (c. 16) s. 138, {Sch. 20 Pt. V(5)} S. 51 repealed (with effect as mentioned in Sch. 20 Pt. V(2) notes 1, 2 of the amending Act) by Finance Act 1999 (c. 16) s. 138, {Sch. 20 Pt. 5(5)} S. 53 repealed (with effect as mentioned in Sch. 18 Pt. VII note 4 of the amending Act) by Finance Act 1997 (c. 16) s. 113, {Sch. 18 Pt. 7} S. 54 repealed (with effect in accordance with Sch. 39 para. 10(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 3(1)(c) (with Sch. 39 paras. 11-13) S. 55(1): words re-numbered as sub-paragraph (a) (retrospective to 28.3.2000 with effect as mentioned in s. 132(4) of the amending Act) by virtue of 2000 c. 17, s. 132(2)(a) S. 55(1): words re-numbered as sub-paragraph (b) (retrospective to 28.3.2000 with effect as mentioned in s. 132(4) of the amending Act) by virtue of 2000 c. 17, s. 132(2)(b) Words in s. 55(1) inserted (1.4.1999) by 1998 c. 38, s. 125, Sch. 12 para. 25 (with ss. 137(1), 139(2), 143(2)); S.I. 1999/782, art. 2 S. 55(1): words re-numbered as sub-paragraph (c) (retrospective to 28.3.2000 with effect as mentioned in s. 132(4) of the amending Act) by virtue of 2000 c. 17, s. 132(2)(c) Words in s. 55(1)(c) inserted by Government of Wales Act 2006 (c. 32), s. 160, Sch. 10 para. 20 (with Sch. 11 para. 22), the amending provision coming into force immediately after "the 2007 election" (held on 3.5.2007) subject to s. 161(1)(4)(5) of the amending Act, which provides for certain provisions to come into force for specified purposes immediately after the end of "the initial period" (which ended with the day of the first appointment of a First Minister on 25.5.2007) - see ss. 46, 161(4)(5) of the amending Act. S. 55(1)(d) and the word “or”immediately preceding it inserted (retrospective to 28.3.2000 with effect as mentioned in s. 132(4) of the amending Act) by 2000 c. 17, s. 132(3) Words in s. 55(1) substituted for the words “by virtue of any of the following headings”to “Lease of Tack”(27.7.1999) by 1999 c. 16, s. 139, Sch. 14 para. 22 1986 c. 41. Words in s. 61(1) repealed (with effect in accordance with s. 149(7) of the amending Act) by Finance Act 2006 (c. 25), s. 149(2), Sch. 26 Pt. 5(2) S. 61(3)-(4B) substituted for s. 61(3)(4) (with effect in accordance with s. 149(7) of the amending Act) by Finance Act 2006 (c. 25), s. 149(3) S. 61(6) repealed (with effect in accordance with s. 149(7) of the amending Act) by Finance Act 2006 (c. 25), s. 149(4), Sch. 26 Pt. 5(2) S. 61(7) repealed (with effect in accordance with s. 149(7) of the amending Act) by Finance Act 2006 (c. 25), s. 149(4), Sch. 26 Pt. 5(2) Words in s. 61(8) substituted (with effect in accordance with s. 149(7) of the amending Act) by Finance Act 2006 (c. 25), s. 149(5) Words in s. 61(9) repealed (with effect in accordance with s. 149(7) of the amending Act) by Finance Act 2006 (c. 25), s. 149(6)(a), Sch. 26 Pt. 5(2) Words in s. 61(9) inserted (with effect in accordance with s. 149(7) of the amending Act) by Finance Act 2006 (c. 25), s. 149(6)(b) S. 62(2)(c) repealed (with effect in accordance with Sch. 26 Pt. 5(1) Note 2 of the amending Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 5(1) S. 62(3A) inserted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(2) Words in s. 62(4) substituted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(3) Words in s. 62(4)(d) substituted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(4) Words in s. 62(4)(e) substituted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(4) Words in s. 62(4)(f) substituted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(4) Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32 Words in s. 62(6) substituted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(5)(a) Finance (No. 2) Act 1987 (c. 51, SIF 63:1), s. 101(2)(5) for chargeable periods ending after 1 January 1987 Words in s. 62(6)(a) substituted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(5)(b) S. 62(6)(b) substituted (27.7.1999 with effect in relation to chargeable periods ending on or after 30.6.1999) by 1999 c. 16, s. 102(7)(8) Words in s. 62(6)(c) substituted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(5)(c) S. 62(6)(d) and word preceding it omitted (with effect in accordance with s. 106(7) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 106(5)(d) Words in s. 62(7)(b) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 127 S. 62(8A) inserted (with effect in accordance with s. 106(7) of the amending Act) by Finance Act 2008 (c. 9), s. 106(6) S. 63 substituted (with effect in accordance with Sch. 39 para. 4 of the amending Act) by Finance Act 2009 (c. 10), Sch. 39 para. 2 Words in s. 66(6) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 129(2) Word in s. 66(7)(a) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 129(3)(a) Words in s. 66(7)(b) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 129(3)(b)(i) Word in s. 66(7)(b) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 129(3)(b)(ii) Words in s. 66(7)(b) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 129(3)(b)(iii) Words in s. 66(7)(b) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 129(3)(b)(iv) Word in s. 66(7)(c) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 129(3)(c) S. 66(8) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 129(4) S. 68(3) repealed (6.3.1992 with effect as mentioned in s. 289(1) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27) S. 70(1) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31 S. 70(2) repealed (19.7.2006) by Finance Act 2006 (c. 25), Sch. 26 Pt. 8(2) S. 71 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) Sch. 1 Pts. I, II para. 3 repealed by Finance Act 1990 (c. 29, SIF 107:2), s. 132, Sch. 19 Pt. II (in relation to licences taken out after 20.3.1990) Sch. 1 Pt. II para. 1 repealed (1.9.1994) by 1994 c. 22, s. 65, Sch. 5 Pt. I (with s. 57(4)) Sch. 1 Pt. II para. 2 repealed (1.9.1994) by 1994 c. 22, s. 65, Sch. 5 Pt. I (with s. 57(4)) Sch. 1 Pts. I, II para. 3 repealed by Finance Act 1990 (c. 29, SIF 107:2), s. 132, Sch. 19 Pt. II (in relation to licences taken out after 20.3.1990) Sch. 1 Pt. II para. 4 repealed by Finance Act 1989 (c. 26, SIF 107:2), s. 187(1), Sch. 17 Pt. II (in relation to licences taken out after 14.3.1989) Sch. 1 Pt. II para. 5 repealed (1.9.1994) by 1994 c. 22, s. 65, Sch. 5 Pt. I (with s. 57(4)) Sch. 1 para. 6 repealed (1.10.1991) by Finance Act 1991 (c. 31, SIF 107:2), ss. 10, 123, Sch. 19 Pt.IV; S.I. 1991/2021, art.2. Sch. 1 Pt. III para. 7 repealed (1.9.1994) by 1994 c. 22, s. 65, Sch. 5 Pt. I (with s. 57(4)) Sch. 1 Pt. III para. 8 repealed (1.9.1994) by 1994 c. 22, s. 65, Sch. 5 Pt. I (with s. 57(4)) Sch. 1 para. 9 repealed (1.10.1991) by Finance Act 1991 (c. 31, SIF 107:2), ss. 10, 123, Sch. 19 Pt. IV; S.I. 1991/2021, art.2. Sch. 1 Pt. III para. 10 repealed (1.9.1994) by 1994 c. 22, s. 65, Sch. 5 Pt. I (with s. 57(4)) Sch. 1 para. 11 repealed (1.10.1991) by Finance Act 1991 (c. 31, SIF 107:2), ss. 10, 123, Sch. 19 Pt. IV; S.I. 1991/2021, art.2. Sch. 1 Pt. III para. 12 repealed (1.9.1994) by 1994 c. 22, s. 65, Sch. 5 Pt. I (with s. 57(4)) Sch. 1 para. 13 repealed (1.10.1991) by Finance Act 1991 (c. 31, SIF 107:2), ss. 10, 123, Sch. 19 Pt. IV; S.I. 1991/2021, art.2. Sch. 1 Pt. III para. 14 repealed (1.9.1994) by 1994 c. 22, s. 65, Sch. 5 Pt. I (with s. 57(4)) Sch. 1 para. 15 repealed (1.10.1991) by Finance Act 1991 (c. 31, SIF 107:2), ss. 10, 123, Sch. 19 Pt.IV; S.I. 1991/2021, art.2. Sch. 1 Pt. III para. 16 repealed (1.9.1994) by 1994 c. 22, s. 65, Sch. 5 Pt. I (with s. 57(4)) Sch. 1 para. 17 repealed (1.10.1991) by Finance Act 1991 (c. 31, SIF 107:2), ss. 10, 123, Sch. 19 Pt. IV; S.I. 1991/2021, art.2. Sch. 1 Pt. III para. 18 repealed (1.9.1994) by 1994 c. 22, s. 65, Sch. 5 Pt. I Sch. 1 para. 19 repealed (1.10.1991) by Finance Act 1991 (c. 31, SIF 107:2), ss. 10, 123, Sch. 19 Pt.IV; S.I. 1991/2021, art.2. Sch. 1 para. 21 repealed (1.10.1991) by Finance Act 1991 (c. 31, SIF 107:2), ss. 10, 123, Sch. 19 Pt. IV; S.I. 1991/2021, art.2. Sch. 2 repealed (1.9.1994 with effect as mentioned in s. 101(1) of the amending Act) by 1994 c. 23, s. 100(2) Sch. 2 para. 2 repealed by Finance Act 1990 (c. 29, SIF 40:2), s. 132, Sch. 19 Pt. III Note 3 Schs. 3–6 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31 1986 c. 41. Sch. 7 para. 4 repealed (with effect in accordance with s. 102 of the repealing Act) by Finance Act 1997 (c. 16), s. 113, {Sch. 18 Pt. 7 Note 7} Sch. 8 paras. 5-7 repealed (29.4.1996 with application as mentioned in ss. 184(6)(b), 185(6) of the repealing Act) by 1996 c. 8, s. 205, Sch. 41 Pt. VI, Notes 1, 2 Sch. 8 paras. 5-7 repealed (29.4.1996 with application as mentioned in ss. 184(6)(b), 185(6) of the amending Act) by 1996 c. 8, s. 205, Sch. 41 Pt. VI, Notes 1, 2 Sch. 8 paras. 5-7 repealed (29.4.1996 with effect in accordance with s. 184(6)(b) of the repealing Act) by 1996 c. 8, s. 205, Sch. 41 Pt. VI notes 1, 2 Words in Sch. 10 para. 1(1) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(2)(a)(i), Sch. 26 Pt. 5(2) Words in Sch. 10 para. 1(1) substituted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(2)(a)(iii) Words in Sch. 10 para. 1(1) substituted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(2)(a)(ii) Sch. 10 para. 1(2) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(2)(b), Sch. 26 Pt. 5(2) Finance (No. 2) Act 1987 (c. 51, SIF 63:1), s. 101(1)(5) and Sch. 8 para. 1 for calendar months in chargeable periods beginning with March 1987 Word in Sch. 10 para. 1(3) substituted (1.10.2016) by The Petroleum (Transfer of Functions) Regulations 2016 (S.I. 2016/898), regs. 1(2), 9(2)(a) Word in Sch. 10 para. 1(3) substituted (1.10.2016) by The Petroleum (Transfer of Functions) Regulations 2016 (S.I. 2016/898), regs. 1(2), 9(2)(b) Sch. 10 para. 2(1)(b) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(3)(a), Sch. 26 Pt. 5(2) Sch. 10 para. 2(1)(c) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(3)(a), Sch. 26 Pt. 5(2) Sch. 10 para. 2(1)(d) omitted (with effect in accordance with s. 150(14) of the amending Act) by virtue of Finance Act 2006 (c. 25), s. 150(3)(a) Words in Sch. 10 para. 2(1) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(3)(b), Sch. 26 Pt. 5(2) Sch. 10 para. 3 repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(4), Sch. 26 Pt. 5(2) Sch. 10 para. 4(1)-(1B) substituted for Sch. 10 para. 4(1) (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(5)(a)(15) Sch. 10 para. 4(2) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(5)(b), Sch. 26 Pt. 5(2) Sch. 10 para. 4(2A) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(5)(b), Sch. 26 Pt. 5(2) Sch. 10 para. 4(2A) inserted (3.5.1994) by 1994 c. 9 s. 235(3)(b) Words in Sch. 10 para. 4(3) substituted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(5)(c)(i) Word in Sch. 10 para. 4(3) substituted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(5)(c)(ii) Sch. 10 para. 4(4) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(5)(d), Sch. 26 Pt. 5(2) Words in Sch. 10 para. 5(1) substituted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(a) Words in Sch. 10 para. 5(1)(b) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(b), Sch. 26 Pt. 5(2) Finance (No. 2) Act 1987 (c. 51, SIF 63:1), s. 101(1)(5) and Sch. 8 para. 2(1) for calendar months in chargeable periods beginning with March 1987 Words in Sch. 10 para. 5(1)(c) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(c), Sch. 26 Pt. 5(2) Word in Sch. 10 para. 5(1)(d) substituted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(d) Words in Sch. 10 para. 5(1)(d) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(c), Sch. 26 Pt. 5(2) Sch. 10 para. 5(1)(g) substituted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(e) Words in Sch. 10 para. 5(2) inserted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(f) Words in Sch. 10 para. 5(3) inserted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(6)(g) Finance (No. 2) Act 1987 (c. 51, SIF 63:1), s. 101(1)(5) and Sch. 8 para. 2(2) for calendar months in chargeable periods beginning with March 1987 Sch. 10 paras. 5A, 5B inserted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(7) Words in Sch. 10 para. 6(1) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(8)(a), Sch. 26 Pt. 5(2) Sch. 10 para. 6(2) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(8)(b), Sch. 26 Pt. 5(2) Sch. 10 para. 6(3) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(8)(b), Sch. 26 Pt. 5(2) Sch. 10 para. 7(2) omitted (with effect in accordance with s. 150(14) of the amending Act) by virtue of Finance Act 2006 (c. 25), s. 150(9) Sch. 10 para. 7(5) omitted (with effect in accordance with s. 150(14) of the amending Act) by virtue of Finance Act 2006 (c. 25), s. 150(9) Sch. 10 para. 7(6)(7) inserted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(10) Sch. 10 paras. 8-11 repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(11), Sch. 26 Pt. 5(2) Finance (No. 2) Act 1987 (c. 51, SIF 63:1), s. 101(1)(5) and Sch. 8 para. 6 for calendar months in chargeable periods beginning with March 1987 Words in Sch. 10 para. 12(1) repealed (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(12), Sch. 26 Pt. 5(2) Sch. 10 para. 12A and cross-heading inserted (with effect in accordance with s. 150(14) of the amending Act) by Finance Act 2006 (c. 25), s. 150(13) Sch. 11 para. 1(3)-(7) repealed (with effect in accordance with Sch. 26 Pt. 5(1) Note 2 of the amending Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 5(1) Sch. 11 paras. 3-5 repealed (with effect in accordance with Sch. 26 Pt. 5(1) Note 2 of the amending Act) by Finance Act 2006 (c. 25), Sch. 26 Pt. 5(1) Sch. 11 Pt. II paras. 6, 7 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31 Sch. 12 paras. 1, 2 and cross-headings substituted (with effect in accordance with Sch. 39 para. 4 of the amending Act) by Finance Act 2009 (c. 10), Sch. 39 para. 3(2) Word in Sch. 12 para. 3(1) substituted (with effect in accordance with Sch. 39 para. 4 of the amending Act) by Finance Act 2009 (c. 10), Sch. 39 para. 3(3)(a) Words in Sch. 12 para. 3(1) substituted (with effect in accordance with Sch. 39 para. 4 of the amending Act) by Finance Act 2009 (c. 10), Sch. 39 para. 3(3)(b) Words in Sch. 12 para. 3(1) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 130(2) Word in Sch. 12 para. 3(2) substituted (with effect in accordance with Sch. 39 para. 4 of the amending Act) by Finance Act 2009 (c. 10), Sch. 39 para. 3(4) Words in Sch. 12 para. 3(2)(a) omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 130(3)(a) Word in Sch. 12 para. 3(2)(b) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 130(3)(b) Words in Sch. 12 para. 3(2)(c) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 130(4)(a) Words in Sch. 12 para. 3(2)(c) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 130(4)(b) Sch. 12 para. 3(2)(d) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 130(5) Sch. 12 para. 3(3)(4) inserted (with effect in accordance with Sch. 39 para. 4 of the amending Act) by Finance Act 2009 (c. 10), Sch. 39 para. 3(5) Sch. 12 para. 4 omitted (with effect in accordance with Sch. 39 para. 4 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 39 para. 3(6) Words in Sch. 13 para. 11(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 204 (with Sch. 2) Word in Sch. 14 para. 2(2)(c) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 131 Word in Sch. 14 para. 8(2)(b) substituted (1.10.2016) by The Petroleum (Transfer of Functions) Regulations 2016 (S.I. 2016/898), regs. 1(2), 9(3) Words in Sch. 14 para. 10(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 205 (with Sch. 2) Sch. 15 paras. 1–11, 13–17 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31 Sch. 15 paras. 1–11, 13–17 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31 Words in table substituted (1.10.2009) by Constitutional Reform Act 2005 (c. 4), s. 148(1), Sch. 11 para. 1(2); S.I. 2009/1604, art. 2(d) S. 55 extended (20.5.1999) by c. 46, s. 123 (with s. 126(3)-(11)); S.I. 1998/3178, art. 2(2), Sch. 4 Part of the text of s. 61(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 For regulations see Part III (under “Petroleum Revenue Tax: nomination scheme for disposals and appropriations”) Part of the text of s. 67 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 For regulations supplementing and modifying Sch. 10 for certain cases see Part III (under “Petroleum Revenue Tax: nomination scheme for disposals and appropriations”) See S.I. 1987 No. 1338 (in Part III) regns. 4–6—composite nominations See S.I. 1987 No. 1338 (in Part III) regn. 3 for the manner of making nominations and regns. 6 and 20 for the modification of para. 5(1) in the case of composite nominations and blended oil respectively See S.I. 1987 No. 1338 (in Part III) regn. 18 for conversion of nominated price into sterling See S.I. 1987 No. 1338 (in Part III) regn. 9 See S.I. 1987 No. 1338 (in Part III) regn. 19 See S.I. 1987 No. 1338 (in Part III) regn. 20 Part of the text of Sch. 10 para. 13 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. 11 Pt. I para. 1(2) 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. 13 Pt. I 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. 13 Pt. II paras. 1, 7 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. 13 Pt. II paras. 1, 7 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. 15 para. 12 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. 16 Pts. V, VII and X 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. 16 Pt. VI 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. 16 Pts. V, VII and X 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 repeals made in section 47 of the Finance (No. 2) Act 1975 treated as never having had effect—Finance Act 1988 (c. 39), Sch. 13 para. 24 Part of the text of Sch. 16 Pts. V, VII and X 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 1979 c. 5. 1979 c. 2. 1981 c. 63. 1986 c. 41. 1972 c. 11 (N.I.). 1979 c. 2. 1979 c. 2. 1946 c. 64. 1946 c. 17 (N.I.)9. 1975 c.26. S.I. 1970/1681. S.I. 1976/1775. 1984 c. 51. 1984 c. 43. 1983 c. 56. 1984 c. 43. 1981 c. 35. 1947 c. 14. 1971 c. 80. 1970 c. 10. 1979 c. 14. 1891 c. 39. 1984 c. 51. 1975 c. 22. 1979 c. 2. 1986 c. 41. 1984 c. 51. 1980 c. 1. 1980 c. 48. 1981 c. 35. 1984 c. 43. S.I. 1982/1000. 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. Most Gracious Sovereign,We, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
Income tax for the year 1987-88 shall be charged at the basic rate of 27 per cent.; and in respect of so much of an individual's total income as exceeds the basic rate limit (£17,900) at such higher rates as are specified in the Table below: Higher rate bands Higher rate The first £2,500 40 per cent. The next £5,000 45 per cent. The next £7,900 50 per cent. The next £7,900 55 per cent. The remainder 60 per cent. and paragraphs (a) .and (b) of subsection (1) of section 32 of the Finance Act 1971 (charge of tax at the basic and higher rates) shall have effect accordingly.
Section 24(4) of the Finance Act 1980 (indexation of thresholds) shall not, so far as it relates to the higher rate bands, apply for the year 1987-88.
Corporation tax shall be charged for the financial year 1987 at the rate of 35 per cent.
For the financial year 1987 the small companies rate shall be 27 per cent.
For the financial year 1987, the fraction mentioned in section 95(2) of the Finance Act 1972 (marginal relief for small companies) shall be one fiftieth.
Section 69(4) of the Finance (No. 2) Act 1975 (which requires deductions to be made from payments to certain sub-contractors in the construction industry) shall have effect in relation to payments made on or after 2nd November 1987 with the substitution for the words "29 per cent." of the words "27 per cent.".
For the year 1987-88, in subsection (7) of section 24 of the Finance Act 1980 (which specifies the date from which indexed changes in income tax thresholds and allowances are to be brought into account for the purposes of PA YE) for "5th May" there shall be substituted "18th May".
For the year 1987-88 the qualifying maximum referred to in paragraphs 5(1) and 24(3) of Schedule 1 to the Finance Act 1974 (limit on relief for interest on certain loans for the purchase or improvement of land) shall be £30,000.
Subject to the provisions of this section, subsection (1) of section 8 of the Taxes Act (personal reliefs) shall have effect—
in relation to a claim by a person who proves that he or his wife was at any time within the year of assessment of the age of eighty or upwards, as if the sum specified in paragraph (a) (married) were £4,845; and
in relation to a claim by a person who proves that he was at any time within the year of assessment of the age of eighty or upwards, as if the sum specified in paragraph (b) (single) were £3,070.
For the purposes of subsection (1) above, a person who would have been of the age of eighty or upwards within the year of assessment if he had not died in the course of it shall be treated as having been of that age within that year.
For any year of assessment for which a person is entitled to increased personal relief by virtue of this section, he shall not be entitled to increased relief under subsection (1A) of section 8 of the Taxes Act (increased relief for persons of sixty-five and upwards).
For the purpose of any enactment which refers to Part I of the Taxes Act or to Chapter II of that Part, subsections (1) and (2) above shall be taken to be included' in that Chapter.
In the following enactments— any reference to subsection (1A) of section 8 of the Taxes Act includes a reference to subsection (1) above.
subsection (1B) of section 8 of the Taxes Act (tapering of relief under subsection (1A)),
subsection (2) of section 14 of that Act (which, as applied by section 15A of that Act, determines the amount of widow's bereavement allowance), and
paragraph 3(3) of Schedule 4 to the Finance Act 1971 (exclusion of certain reliefs where there is separate taxation of wife's earnings),
In subsection (8) of section 36 of the Finance Act 1976 (application of provisions relating to transfer of balance of certain reliefs between spouses) the reference in paragraph (b) to section 8(lA)(b) of the Taxes Act includes a reference to subsection (1)(b) above.
In section 24 of the Finance Act 1980 (indexation of income tax thresholds and allowances), any reference to section 8 of the Taxes Act includes a reference to subsection (1) above.
This section has effect for the year 1987-88 and subsequent years of assessment.
In section 8 of the Taxes Act (personal reliefs) in paragraph (b) of subsection (2) (wife's earned income relief) after sub-paragraph (iii) there shall be inserted the words and.
In Schedule 4 to the Finance Act 1971 (separate taxation of wife's earnings) in paragraph 1 (meaning of wife's earnings) at the end of paragraph (b) there shall be inserted the words "unemployment benefit or invalid care allowance".
This section— and all such adjustments (whether by repayment of tax or otherwise) shall be made as are appropriate to give effect to this section.
so far as it relates to invalid care allowance, has effect for the year 1984-85 and subsequent years of assessment, and
so far as it relates to unemployment benefit, has effect for the year 1987-88 and subsequent years of assessment;
For the year 1987-88 and subsequent years of assessment, in section 18 of the Taxes Act—
in subsection (1) (single blind persons and married couples of whom one is blind) for "£360" there shall be substituted "£540"; and
in subsection (2) (married couples, both of whom are blind) for "£720" there shall be substituted "£1,080".
For subsection (2) of section 219 of the Taxes Act (which specifies certain social security benefits which are not to be treated as income for the purposes of the Income Tax Acts) there shall be substituted the following subsection—; and, accordingly, paragraph 101(b) of Schedule 10 to the Social Security Act 1986 shall cease to have effect.
Subject to the following provisions of this section, payments to any person of income support under the Social Security Act 1986 in respect of any period shall be charged to income tax under Schedule E if during that period— and in paragraph (b) above "married couple" and "unmarried couple" have the same meaning as in Part II of the Social Security Act 1986.
his right to income support is subject to the condition specified in section 20(3)(d)(i) of that Act (availability for employment); or
he is one of a married or unmarried couple and section 23 of that Act (trade disputes) applies to him but not to the other person;
Where the amount of income support paid to any person in respect of any week or part of a week exceeds the taxable maximum for that period as defined in Part I of Schedule 3 to this Act, the excess shall not be taxable.
Where payments of unemployment benefit and payments of income support are made to any person in respect of the same week or part of a week, the amount taxable in respect of that period in respect of those payments shall not exceed the taxable maximum for that period within the meaning of subsection (3) above.
In their application to Northern Ireland subsections (2) to (4) above and Part I of Schedule 3 to this Act shall have effect as if—
for the references to the Social Security Act 1986, to Part II of that Act and to sections 20(3)(d)(i) and 23 of that Act there were substituted respectively references to the Social Security (Northern Ireland) Order 1986, Part III of that Order and Articles 21(3)(d)(i) and 24 of that Order; and
for the references to paragraph 1 of Part I of Schedule 4 to the Social Security Act 1975 and paragraph 1(a) of Part IV of that Schedule there were substituted respectively references to paragraph 1 of Part I of Schedule 4 to the Social Security (Northern Ireland) Act 1975 and paragraph 1(a) of Part IV of that Schedule.
The consequential amendments in Part II of Schedule 3 to this Act shall have effect.
Except as provided by subsection (8) below, this section and Schedule 3 to this Act shall have effect in relation to payments in respect of periods beginning on or after the income support date.
Subsection (1) above, so far as it relates to family credit or housing benefit, shall have effect in relation to payments in respect of periods beginning on or after the family credit date and the housing benefit date respectively; and nothing in that subsection shall affect payments of family income supplement in respect of periods before the family credit date.
In subsections (7) and (8) above, the "income support date", the "family credit date" and the "housing benefit date" mean the days on which regulations containing the first schemes under section 20 of the Social Security Act 1986 and Article 21 of the Social Security (Northern Ireland) Order 1986 providing respectively for income support, for family credit and for housing benefit come into force.
In so far as the profits of a registered friendly society from life or endowment business relate to contracts made on or after 1st September 1987, section 332 of the Taxes Act (registered friendly societies: tax exempt limits etc.) shall be amended in accordance with subsections (2) and (3) below.
In paragraph (a) of subsection (2) for the words from "the assurance" onwards there shall be substituted—.
For subsection (3) there shall be substituted the following subsection—
In section 64 of the Friendly Societies Act 1974 (which relates to the maximum contractual benefits a person may have with friendly societies and is in the following provisions of this section referred to as "section 64"), paragraph (a) of subsection (1) shall not apply as respects sums assured under contracts made on or after 1st September 1987; and after that subsection there shall be inserted the following subsections—
At the end of subsection (2) of section 64 (provisions disregarded in applying limits) there shall be added the following and
In subsection (2B) of section 64 (contracts not to be qualifying policies where limits are exceeded)—
in paragraph (a) after the words "sums assured" there shall be inserted "or premiums payable"; and
in paragraph (b) after the words "sums assured by" there shall be inserted "or, as the case may be, the premiums payable under".
At the end of subsection (6) of section 64 (declaration that limits are not exceeded) there shall be added the words "and that the total premiums under those contracts do not exceed those limits".
At the end of section 41(9) of the Finance Act 1985 (gains on non-qualifying policies issued by friendly societies in the course of tax exempt business to be chargeable under section 399 of the Taxes Act at basic rate as well as at higher rates) there shall be added the words "but any relief under section 400 of that Act shall be computed as if this subsection had not been enacted".
In section 338 of the Taxes Act (which, as amended by section 36 of the Finance Act 1982, provides for exemption for certain income and gains of a trade union precluded by Act or rules from assuring to any person a sum exceeding £2,400 by way of gross sum or £500 a year by way of annuity) for "£2,400" and "£500" there shall be substituted respectively "£3,000" and "£625".
This section has effect in relation to income or gains which are applicable and applied as mentioned in the said section 338 on or after 17th March 1987.
In section 27(7) of the Finance Act 1986 (which limits to £100 the deductions attracting relief) for "£100" there shall be substituted "£120".
This section has effect for the year 1987-88 and subsequent years of assessment.
Schedule 10 to the Finance Act 1980 (savings-related share option schemes) and Schedule 10 to the Finance Act 1984 (approved share option schemes) shall have effect subject to the amendments in Part I of Schedule 4 to this Act (which enable schemes to allow rights acquired under them to be exchanged for other rights in certain circumstances); and the transitional provisions in Part II of that Schedule and the consequential provisions relating to capital gains tax in Part III thereof shall have effect.
Subject to subsection (3) below, the provisions of Part IV of Schedule 4 to this Act shall have effect for the purpose only of determining whether an individual has a material interest in a company for the purposes of the employee share scheme legislation.
Paragraph 8 of Schedule 4 to this Act shall also have effect for the purpose of determining whether interest on a loan made on or after 6th April 1987 is eligible for relief under section 75 of the Finance Act 1972 by virtue of paragraph 9 of Schedule 1 to the Finance Act 1974.
In this section "the employee share scheme legislation" means—
Schedule 9 to the Finance Act 1978,
Schedule 10 to the Finance Act 1980, and
Schedule 10 to the Finance Act 1984.
With respect to expenditure attributable to the employment of a person on or after 26th November 1986 and before 1st April 1997, section 28 of the Finance Act 1983 (employees seconded to charities) shall have effect as if the references in subsections (1) and (2A) of that section to a charity included references to any of the bodies specified in subsection (2) below.
The bodies referred to in subsection (1) above are—
in England and Wales, any local education authority and any educational institution maintained by such an authority;
in Scotland, any education authority, any educational establishment maintained by such an authority, and any college of education or central institution within the meaning of the Education (Scotland) Act 1980;
in Northern Ireland, any education and library board, college of education or controlled school within the meaning of the Education and Libraries (Northern Ireland) Order 1986 and any institution of further education which is under the management of an education and library board by virtue of Article 28 of that Order; and
any other educational body which is for the time being approved for the purposes of this section by the Secretary of State or, in Northern Ireland, the Department of Education for Northern Ireland.
Any approval granted by the Secretary of State or the Department of Education for Northern Ireland under subsection (2)(d) above before 1st September 1987 may be expressed to have effect for any period before that date.
Where, on or after 6th April 1987, a person (in this section referred to as the "employer") incurs expenditure in paying or reimbursing relevant expenses incurred in connection with a qualifying course of training which— the employee shall not-thereby be regarded as receiving any emolument which forms part of his income for any purpose of Schedule E.
is undertaken by a person (in this section referred to as the "employee") who is the holder or past holder of any office or employment under the employer, and
is undertaken with a view to retraining the employee,
Schedule 5 to this Act shall have effect to determine for the purposes of this section—
what is a qualifying course of training;
whether such a course is undertaken by an employee with a view to retraining; and
what are relevant expenses in relation to such a course.
Subject to subsection (4) below, where— then, if and so far as that expenditure would not, apart from this subsection, be so deductible, it shall be deductible in computing for the purposes of Schedule D the profits or gains of the trade, profession or vocation of the employer for the purposes of which the employee is or was employed.
an employer incurs expenditure in paying or reimbursing relevant expenses as mentioned in subsection (1) above, and
that subsection has effect in relation to the income of the employee for the purposes of Schedule E,
If the employer carries on a business, the expenses of management of which are eligible for relief under section 304 of the Taxes Act, subsection (3) above shall have effect as if for the words from "in computing" onwards there were substituted "as expenses of management for the purposes of section 304 of the Taxes Act".
In any case where— an assessment under section 29(3) of the Taxes Management Act 1970 of an amount due in consequence of the failure referred to above may be made at any time not later than six years after the end of the chargeable period in which the failure occurred.
an employee's liability to tax for any year of assessment is determined (by assessment or otherwise) on the assumption that subsection (1) above applies in his case and, subsequently, there is a failure to comply with any provision of paragraph 4 of Schedule 5 to this Act, or
an employer's liability to tax for any year is determined (by assessment or otherwise) on the assumption that, by virtue only of subsection (3) above (or subsections (3) and (4) above), he is entitled to a deduction on account of any expenditure and, subsequently, there is such a failure as is referred to in paragraph (a) above,
Where an event occurs by reason of which there is a failure to comply with any provision of paragraph 4 of Schedule 5 to this Act, the employer of the employee concerned shall within sixty days of coming to know of the event give a notice in writing to the inspector containing particulars of the event.
If the inspector has reason to believe that an employer has not given a notice which he is required to give under subsection (6) above in respect of any event, the inspector may by notice in writing require the employer 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 section.
The Table in section 98 of the Taxes Management Act 1970 (penalties) shall be amended as follows—
Section 35(7) of the Finance Act 1987
Section 35(6) of the Finance Act 1987
Section 244 of the Taxes Act (which, in the case of certain companies trading before the financial year 1965, provides that the interval within which corporation tax is to be paid in respect of any accounting period shall be longer than the period of nine months provided for, in relation to companies generally, by section 243(4) of that Act) shall not apply with respect to any accounting period of a company beginning on or after 17th March 1987.
Section 344 of the Taxes Act (which, in the case of certain building societies carrying on business in the year 1965-66, makes special provision as to the time for payment of corporation tax) shall not apply with respect to any accounting period of a building society ending on or after 6th April 1990.
In Schedule 6 to this Act—
Part I has effect with respect to and in connection with the payment of corporation tax for certain accounting periods by a company to which, by virtue of section 244 of the Taxes Act, section 243(4) of that Act did not apply as respects the last accounting period ending before 17th March 1987; and
Part II has effect with respect to and in connection with the payment by a building society to which section 344 of the Taxes Act applies of corporation tax for accounting periods ending in the year 1989-90.
In subsection (3) of section 303 of the Taxes Act (close companies: meaning of "associate")—
in paragraph (c) for the words "any other person interested therein" there shall be substituted—; and
the proviso shall be omitted.
In determining whether, by virtue of paragraph 9 of Schedule 1 to the Finance Act 1974, interest on a loan is eligible for relief under section 75 of the Finance Act 1972, the amendments made by subsection (1) above shall have effect with respect to loans made after 13th November 1986.
Subject to subsection (2) above, the amendments made by subsection (1) above shall be deemed to have come into force on 6th April 1986.
For section 354 of the Taxes Act there shall be substituted—.
This section shall have effect in relation to distribution periods (within the meaning of section 354 of the Taxes Act) beginning on or after 1st April 1987.
After section 354 of the Taxes Act there shall be inserted—.
This section shall have effect in relation to distribution periods (within the meaning of section 354A of the Taxes Act) beginning on or after 6th April 1987.
For section 358 of the Taxes Act there shall be substituted—.
In section 526(5) of the Taxes Act the following definitions shall be inserted at the appropriate places in alphabetical order—; ; .
In section 92 of the Capital Gains Tax Act 1979, for the words from the beginning of the section to the end of paragraph (a) there shall be substituted—.
At the end of section 92 of the Capital Gains Tax Act 1979 there shall be added—.
This section, and the repeals effected by section 72 below and Part VI of Schedule 16 to this Act, shall come into force on such day as the Board may by order appoint; and different days may be appointed for different purposes.
An order under subsection (5) above—
may contain such transitional provisions as appear to the Board to be necessary or expedient, and
shall be made by statutory instrument.
In section 304(1) of the Taxes Act, for the words "income for the purposes of Schedule A "'there shall be substituted the words "profits apart from this section".
This section shall have effect in relation to sums disbursed on or after 1st April 1987.
If— the relief shall be given partly by way of deduction from the claimant's total income for the year of assessment in which the shares are issued and partly by way of deduction from his total income for the preceding year of assessment. A deduction from the claimant's total income for the year of assessment preceding that in which the shares are issued shall be of such amount as may be specified in the claim, but—
Section 52(7) of Chapter II shall apply, but with the deletion of the reference to section 204(3) of the Taxes Act (pay as you earn). Where effect is given to a claim for relief by repayment of tax, section 47 of the Finance (No. 2) Act 1975 (repayment supplement) shall have effect in relation to the repayment as if the time from which the twelve months mentioned in subsections (1)(a) and (4)(a) of that section are to be calculated were the end of the year of assessment in which the shares are issued or, if the period mentioned in sub-paragraph (4)(a) above ends in a later year, the end of that later year.
No more than £40,000 may be deducted by way of relief under paragraph 2 above from the total income of an individual for a year of assessment.
Section 60(4) and (5) of Chapter II shall apply in relation to the limit of £5,000 imposed by paragraph 2(4B) above as it applies in relation to the limit of £40,000 imposed by paragraph 3(2) above; and for this purpose the reference in section 60(5) to a division in proportion to the amounts subscribed by the husband and the wife shall be construed as a reference to a division in proportion to the aggregate amounts of the relevant deductions sought by each of them in their claims under paragraph 2(4A) above.
Where by virtue of paragraph 2(4A) above relief has been given for each of two consecutive years of assessment, any withdrawal of relief shall be made for the first of those years before being made for the second.
This section shall have effect in relation to shares issued on or after 6th April 1987.
In paragraph 6 of Schedule 5 to the Finance Act 1983 (qualifying trades), for paragraphs (a) and (b) of sub-paragraph (2A) there shall be substituted—.
This section shall have effect in relation to shares issued on or after 17th March 1987.
In any case where,— sections 85 and 92 of the Finance Act 1972 shall have effect-subject to subsections (3) to (7) below.
on a date not earlier than 17th March 1987, a company which is the surrendering company for the purposes of section 92 of the Finance Act 1972 (setting of company's advance corporation tax against subsidiary's liability) paid a dividend, and
at no time in the accounting period of the surrendering company in which that dividend was paid was the surrendering company under the control of a company resident in the United Kingdom (construing "control" in accordance with section 302 of the Taxes Act), and
under subsection (1) of the said section 92 the benefit of the advance corporation tax (in this section referred to as "ACT") paid in respect of that dividend was surrendered to a subsidiary of the surrendering company, and
that ACT is not such that the restriction in paragraph (a) or paragraph (b) of subsection (2) of section 16 of the Oil Taxation Act 1975 (ACT on distributions to associated companies etc.) applies with respect to it, and
in one or more of the accounting periods of the subsidiary beginning in the six years preceding the accounting period in which falls the date referred to in paragraph (a) above, the subsidiary has a liability to corporation tax in respect of income which consists of or includes income arising from oil extraction activities or oil rights, within the meaning of Part II of the Oil Taxation Act 1975 (in this section referred to as "ring fence income"),
Where the conditions in subsection (1) above are fulfilled, the subsidiary to which the benefit of the ACT is surrendered is in the following provisions of this section referred to as a "qualifying subsidiary"; and in those provisions—
"section 85" means section 85 of the Finance Act 1972 (payments of ACT to be set against company's liability to corporation tax on its profits) and "section 92" means section 92 of that Act;
"the surrendering company" has the same meaning as in section 92;
"surrendered ACT" means ACT which, by virtue of subsection (2) of section 92, a qualifying subsidiary is treated as having paid in respect of a distribution made on a particular date; and
"the principal accounting period" means the accounting period of the qualifying subsidiary in which that date falls.
So much of subsection (3A) of section 92 as would prevent surrendered ACT being set against a qualifying subsidiary's liability to corporation tax under subsection (3) of section 85 (carry back to earlier periods) shall not apply; but the said subsection (3) shall have effect subject to the following provisions of this section.
Surrendered ACT may not under subsection (3) of section 85 be set against a qualifying subsidiary's liability to corporation tax for an accounting period earlier than the principal accounting period unless throughout— the qualifying subsidiary was carrying on activities which, under and for the purposes specified in section 13 of the Oil Taxation Act 1975, constitute a separate trade (oil extraction activities etc.).
that period,
the principal accounting period, and
any intervening accounting period,
Subject to subsection (6) below, for each accounting period of the surrendering company in which is paid a dividend, the ACT on which gives rise, under section 92, to surrendered ACT, the total amount of that surrendered ACT in respect of which claims may be made under subsection (3) of section 85 (whether by one qualifying subsidiary of the surrendering company or by two or more taken together) shall not exceed whichever of the following limits is appropriate to the accounting period of the surrendering company—
for periods ending on or after 17th March 1987 and before 1st April 1989, £10 million;
for periods ending on or after 1st April 1989 and before 1st April 1991, £15 million;
for later periods, £20 million.
In any case where an accounting period of the surrendering company is less than twelve months, the amount which is appropriate to it under paragraphs (a) to (c) of subsection (5) above shall be proportionately reduced.
The amount of surrendered ACT of the principal accounting period which, on a claim under subsection (3) of section 85, may be treated as if it were ACT paid in respect of distributions made by the qualifying subsidiary concerned in any earlier accounting period shall not exceed the amount of ACT that would have been payable in respect of a distribution made at the end of that earlier period of an amount which, together with the ACT so payable in respect of it, would equal the qualifying subsidiary's ring fence income of that period.
In determining the amount (if any) of ACT which may be repayable— any ACT in respect of a distribution actually made on or after 17th March 1987 shall be left out of account.
under section 17(3) of the Oil Taxation Act 1975, or
under section 127(5) of the Finance Act 1981,
In any case where— section 92 of the Finance Act 1972 (setting of company's advance corporation tax against subsidiary's liability) shall have effect, subject to the following provisions of this section, as if the company were a subsidiary of each member of the consortium.
a company (in this section referred to as "the consortium company") is owned by a consortium consisting of two members only, each of which owns 50 per cent. of the issued share capital of the company, and
the consortium company carries on a trade consisting of or including activities falling within paragraphs (a) to (c) of subsection (1) of section 13 of the Oil Taxation Act 1975 (oil extraction etc.), and
all of the issued share capital of the consortium company is of the same class and carries the same rights as to voting, dividends and distribution of assets on a winding up,
This section has effect with respect to advance corporation tax paid by either member of the consortium in respect of a dividend paid by it on or after 17th March 1987; and, in relation to a surrender under the said section 92 of the benefit of the advance corporation tax paid in respect of such a dividend,—
"surrendered ACT" means advance corporation tax which, by virtue of subsection (2) of that section, the consortium company is treated as having paid; and
"the notional distribution date" means the date of the distribution in respect of which the surrendered ACT is treated as paid.
No surrender under subsection (1) of section 92 of the Finance Act 1972 of the benefit of advance corporation tax may be made by virtue of this section—
unless the conditions in paragraphs (a) to (c) of subsection (1) above are fulfilled throughout that accounting period of the consortium company in which falls the notional distribution date; or
if arrangements are in existence by virtue of which any person could cause one or more of those conditions to cease to be fulfilled at some time during that or any later accounting period.
In the application of section 85 of the Finance Act 1972 (payments of ACT to be set against company's liability to corporation tax on its income) in relation to surrendered ACT resulting from a surrender by either one of the consortium members under section 92 of that Act, the reference in subsection (2) of section 85 (the limit on the amount to be set against corporation tax) to the consortium company's income charged to corporation tax shall be construed as a reference to one half of so much of that income as consists of income arising from oil extraction activities or oil rights, within the meaning of Part II of the Oil Taxation Act 1975.
So much of any surplus advance corporation tax as consists of or includes surrendered ACT shall not be treated under section 85(4) of the Finance Act 1972 as if it were advance corporation tax paid in respect of distributions made by the consortium company in a later accounting period unless the conditions in paragraphs (a) to (c) of subsection (1) above are fulfilled throughout that later period.
In any case where— then, for the purposes of the application of subsection (2) of that section (as modified by subsection (4) above) in relation to that later accounting period, the excess of the surrendered ACT shall be treated as resulting from a surrender by that one of the consortium members referred to in paragraph (a) above.
as a result of a surrender by one of the consortium members, the consortium company is treated as paying an amount of surrendered ACT which exceeds the limit applicable under subsection (2) of section 85 of the Finance Act 1972 (as modified by subsection (4) above), and
that excess falls to be treated under subsection (4) of that section as advance corporation tax paid by the consortium company in respect of distributions made in a later accounting period,
Where section 92 of the Finance Act 1972 has effect as mentioned in subsection (2) above, subsection (9) of that section shall have effect with the omission of paragraph (b) (and the word "and" immediately preceding it).
Notwithstanding the provisions of subsection (1) above the consortium company shall not be regarded as a subsidiary for the purposes of section 44 above.
In section 16 of the Oil Taxation Act 1975 (oil extraction activities etc.: restriction on setting advance corporation tax against profits therefrom) in subsection (2), after the words "United Kingdom" there shall be inserted "or, where subsection (2A) below applies, in respect of any distribution consisting of a dividend on a redeemable preference share".
At the end of subsection (2) of the said section 16 there shall be inserted the following subsections—
At the end of the said section 16 there shall be added the following subsections—
In Schedule 20 to the Finance Act 1985 (relief for certain disposals associated with retirement) in paragraphs 13(1) (the amount available for relief) and 16(4)(b) (aggregation of spouse's interest in the business) for "£100,000" there shall be substituted "£125,000".
Subsection (1) above has effect with respect to qualifying disposals (within the meaning of the said Schedule 20) occurring on or after 6th April 1987.
—In section of the Finance Act 1946 and in section 28 of the Finance (No. 2) Act (Northern Ireland) 1946—
“unit trust scheme” has the same meaning as in the Financial Services Act 1986 (but subject to subsection (1A) of this section)
in the definition in subsection (1) of “trust instrument”, for the words from “by virtue” to “aforesaid” there shall be substituted the words “ on which the property in question is held ”;
after subsection (1) there shall be inserted—.
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Sections 77 to 79 of the Finance (1909-10) Act 1910, so far as unrepealed, shall cease to have effect.
Subsection (1) above shall come into force on such day as the Treasury may appoint by order made by statutory instrument.
Where an interest in, a right to an allotment of or to subscribe for, or an option to acquire or to dispose of, exempt securities is transferred to or vested in any person by any instrument, no stamp duty shall be chargeable on the instrument by virtue of Part I ..., of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale or otherwise)
"Conveyance or Transfer on Sale";
"Conveyance or Transfer of any kind not hereinbefore described".
No stamp duty under Schedule 15 to the Finance Act 1999 (bearer instruments) shall be chargeable —
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on the transfer of the interest, right or option constituted by, or transferable by means of, an instrument which relates to an interest, right or option within subsection (1).
For the purposes of this section, “exempt securities” means — and “securities” means stock or marketable securities and includes loan capital as defined in section 78(7) of the Finance Act 1986 .
securities the transfer of which is exempt from all stamp duties,
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securities the transfer of which is exempt by virtue of section 30 of the Finance Act 1967 or section 7 of the Finance Act (Northern Ireland) 1967 or section 79(2) of the Finance Act 1986 from stamp duty under Schedule 15 to the Finance Act 1999 (stamp duty: bearer instruments);
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to any instrument which falls within section 60(1) of the Finance Act 1963, or section 9(1 )(a) of the Finance Act (Northern Ireland) 1963, and is issued on or after 1st August 1987, and
to any instrument which falls within section 60(2) of the Finance Act 1963, or section 9(1 )(b) of the Finance Act (Northern Ireland) 1963, if the interest, right or option constituted by or transferable by means of it is transferred on or after 1st August 1987.
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With respect to the issue of instruments and the transfer of stock on or after the day on which this Act is passed, section 30 of the Finance Act 1967 (stamp duty exemption for bearer instruments relating to stock in foreign currencies) and section 7 of the Finance Act (Northern Ireland) 1967 (the equivalent provision for Northern Ireland) shall have effect subject to the amendments in subsections (2) to (4) below.
In subsection (1) for the words "in the currency of a territory outside the scheduled territories" there shall be substituted "in any currency other than sterling or in any units of account defined by reference to more than one currency (whether or not including sterling)".
In subsection (2) for the words from "between" to "other currencies" there shall be substituted "between sterling and one or more other currencies".
Subsection (4) and, in subsection (5), the definition of "the scheduled territories" shall cease to have effect.
In section 70(6) of the Finance Act 1986 (transfer of securities to clearance system), for the word “relevant” (in each place where it occurs) there shall be substituted the words “shares, stock or other marketable”.
The amendments made by this section have effect in relation to instruments executed on or after 1st August 1987.
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In section 97 of the Finance Act 1980 (which provides for certain leases to be stamped as conveyances) in subsection (3)(b)—
for the words "registered under" there shall be substituted the words "within the meaning of, and
for the words "Article 124" there shall be substituted the words "Part VII".
Section 97 of the Finance Act 1980 and section 108(5) and (6) of the Finance Act 1981 shall apply to a lease within subsection (3) below as they apply to a lease granted by a body mentioned in section 97(3) of the Finance Act 1980.
A lease is within this subsection if it is granted—
by a person against whom the right to buy under Part V of the Housing Act 1985 is exercisable by virtue of section 171A of that Act (preservation of right to buy on disposal to private sector landlord), and
to a person who is the qualifying person for the purposes of the preserved right to buy and in relation to whom that dwelling-house is the qualifying dwelling-house.
This section applies to leases granted on or after 1st August 1987.
Where any conveyance, transfer or lease is made or agreed to be made no stamp duty shall be chargeable under Part I or II, paragraph 16, of Schedule 13 to the Finance Act 1999 on the instrument by which the conveyance, transfer or lease, or the agreement for it is effected.
to a Minister of the Crown or
to the solicitor for the affairs of Her Majesty’s Treasury, or
to the Welsh Ministers, the First Minister for Wales, the Counsel General to the Welsh Assembly Government or the National Assembly for Wales Commission,or
to the Northern Ireland Assembly Commission
In this section “Minister of the Crown” has the same meaning as in the Ministers of the Crown Act 1975.
Article 3(6) of the Secretary of State for the Environment Order 1970 and Article 4(5) of the Secretary of State for Transport Order 1976 (which excempt transfers by, to or with those Ministers) shall cease to have effect.
This section applies to instruments executed on or after 1st August 1987.
Schedule 7 to this Act (which contains miscellaneous amendments of Part IV of the Finance Act 1986 ) shall have effect.
In the Inheritance Tax Act 1984 (in this Part of this Act referred to as “the 1984 Act”) section 8(1) (indexation of rate bands) shall not apply to chargeable transfers made in the year beginning 6th April 1987.
Portion of value Rate of tax Lower limit Upper limit Per cent £ £ Lower Limit £ Upper Limit £ Per cent. 0 90,000 Nil 90,000 140,000 30 140,000 220,000 40 220,000 330,000 50 330,000 60
Subsection (2) above applies to any chargeable transfer (within the meaning of the 1984 Act) made on or after 17th March 1987.
The 1984 Act and Schedule 20 to the Finance Act 1986 (gifts with reservation) shall have effect subject to the amendments in Schedule 8 to this Act, being amendments—
making provisions with respect to the treatment for the purposes of the 1984 Act of shares and securities dealt in on the Unlisted Securities Market;
making other amendments of Chapter I of Part V of the 1984 Act (business property);
making provision with respect to the application to certain transfers of relief under that Chapter and under Chapter II of that Part (agricultural property); and
making provision with respect to the payment of tax by instalments.
Subject to subsection (3) below, Schedule 8 to this Act shall have effect in relation to transfers of value made, and other events occurring, on or after 17th March 1987.
The amendments of the 1984 Act made by Schedule 8 to this Act shall be disregarded in determining under section 113A(3) or section 113B(3) of the 1984 Act whether any property acquired by the transferee before 17th March 1987 would be relevant business property in relation to a notional transfer of value made on or after that date.
Schedule 9 to this Act shall have effect.
In section 233 of the 1984 Act (interest on unpaid tax) in subsection (1), at the beginning of the words following paragraph (c) there shall be inserted the words “ then, subject to subsection (1A) below ”.
After subsection (1) of that section there shall be inserted the following subsection—
This section applies in any case where the acceptance referred to in section 230 of the 1984 Act occurs on or after 17th March 1987.
The provisions of Schedule 10 to this Act shall have effect, being provisions for and in connection with the establishment of a scheme of nominations by participators in oil fields of certain proposed sales ... of oil.
Nothing in this section or Schedule 10 to this Act applies— and references to oil in this section and Schedule 10 to this Act shall be construed accordingly.
to oil which is gaseous at a temperature of 15 degrees centigrade and pressure of one atmosphere; or
to oil of a kind which is normally disposed of crude by deliveries in quantities of 25,000 metric tonnes or less; or
to oil which is excluded from this section by regulations under subsection (8) below;
If the market value of a relevant delivery ascertained in accordance with Schedule 3 to the principal Act exceeds a participator's delivery proceeds of a relevant delivery (within the meaning given by Schedule 10), the excess shall be brought into account by him in accordance with section 2(5)(e) of the principal Act.
If a relevant delivery is a delivery of blended oil within the meaning of section 63, regulations under section 2(5B) of the principal Act shall apply for the purposes of determining the proportion of the excess attributable to a field.
For each month in which a participator makes a relevant delivery, his monthly excess is the sum of his excesses (if any) calculated in accordance with subsection (3).
In subsection (5) of section 2 of the principal Act (amounts to be taken into account in determining whether a gross profit or loss accures to a participator in any chargeable period) at the end of paragraph (d) there shall be addedand”
For each chargeable period of an oil field “ the excess of nominated proceeds for the period ” means, in relation to a participator in the oil field, that proportion of the sum of his monthly excesses for the chargeable period (if any) which is attributable to the field.
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the price received or receivable for so much of any oil forming part of his equity production from the field in that month as was disposed of by him crude in sales at arm's length; and
the market value, ascertained in accordance with Schedule 3 to the principal Act, of the rest of his equity production from the field in that month;
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The Board may by regulations made by statutory instrument make provision, including provision having effect with respect to things done on or after 1st July 2006,— and regulations made by virtue of paragraph (a) above may amend paragraphs (a) and (b) of subsection (2) above.
as to oil which is excluded from this section, as mentioned in subsection (2) above; and
for any purpose for which regulations, other than those described as “Treasury regulations”, may be made under Schedule 10 to this Act;
A statutory instrument made in the exercise of the power conferred by ... subsection (8) above shall (unless otherwise expressly provided) be subject to annulment in pursuance of a resolution of the Commons House of Parliament.
In the following provisions of the principal Act (which refer to the market value of oil at the material time in a particular calendar month) the words “at the material time” shall be omitted—
in section 2 (assessable profits and allowable losses), in subsection (9), paragraphs (a)(i) and (a)(ii);
in section 5A (allowance of exploration and appraisal expenditure), subsection (5B);
in section 14 (valuation of oil disposed of or appropriated in certain circumstances), subsections (4) and (4A)(b); and
in paragraph 2 of Schedule 2 (returns by participators), sub-paragraphs (2)(a)(iii) and (2)(b)(ii).
In the following provisions of the principal Act (which refer to the market value of stocks of oil at the end of a chargeable period) for the words “at the end” there shall be substituted “ in the last calendar month” ” and in the provisions specified in paragraphs (a) and (b) above for the word “then” there shall be substituted “ at the end of that period ”.
section 2(4)(b);
section 2(5)(d); and
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In Schedule 3 to the principal Act (miscellaneous provisions relating to petroleum revenue tax) paragraphs 2, 2A and 3 (market value of oil) shall be amended in accordance with Part I of Schedule 11 to this Act; and the consequential amendments of the principal Act in Part II of that Schedule shall have effect.
Subsection (4) applies to a participator in an oil field in any case where—
paragraph 2 of Schedule 2 to the principal Act requires the participator to make a return for any chargeable period (including cases where the latest time for the delivery of that return is deferred), and
there are any relevant sales of Category 2 oil (as defined in subsection (6) below).
In such a case, that participator shall also be required, not later than the end of the second month after the end of that chargeable period, to deliver to the Board a return of all relevant sales of Category 2 oil stating—
the date of the contract of sale;
the name of the seller;
the name of the buyer;
the quantity of Category 2 oil actually sold and, if it is different, the quantity of Category 2 oil contracted to be sold;
the price receivable for that Category 2 oil;
the date which, under the contract, was the date or, as the case may be, the latest date for delivery of the Category 2 oil and the date on which the Category 2 oil was actually delivered; and
such other particulars as the Board may prescribe.
Where two or more companies which are participators in the same oil field are members of the same group of companies, within the meaning of section 413 of the Taxes Act, a return made for the purposes of subsection (4) above by one of them and expressed also to be made on behalf of the other or others shall be treated for the purposes of this section as a return made by each of them.
For the purposes of the return required by subsection (4) above from a participator in an oil field, a relevant sale of Category 2 oil is a contract for the sale of Category 2 oil at arm’s length to which the participator or any company which is resident in the United Kingdom and associated with the participator for the purposes of section 115(2) of the Finance Act 1984 is a party (as seller, buyer or otherwise), being a sale of Category 2 oil—
for delivery at any time during the chargeable period referred to in subsection (3A) above; and
details of which are not included in a return for the period under paragraph 2 of Schedule 2 to the principal Act which is delivered to the Board at the same time as the return required by subsection (4) above or which was delivered to them previously; and
which is for the delivery of at least 500 metric tonnes of Category 2 oil; ...
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A return under subsection (4) above shall be in such form as the Board may prescribe and shall include a declaration that the return is correct and complete; and if a participator fails to deliver a return under that subsection he shall be liable— except that a participator shall not be liable to a penalty under this subsection if the failure is remedied before proceedings for the recovery of the penalty are commenced.
to a penalty not exceeding £500; and
if the failure continues after it has been declared by the court or the tribunal before which proceedings for the penalty have been commenced, to a further penalty not exceeding £100 for each day on which the failure so continues;
Where a participator fraudulently or negligently delivers an incorrect return under subsection (4) above, he shall be liable to a penalty not exceeding £2,500 or, in the case of fraud, £5,000.
This section has effect with respect to chargeable periods ending after 31st December 1986.
For provision about the meaning of “Category 2 oil”, see paragraph 2 of Schedule 3 to the principal Act (which applies by virtue of section 72(6) below).
This section applies if, at any time before its disposal or relevant appropriation, oil won from an oil field (“the relevant field”) in a chargeable period (“the relevant period”) is mixed with oil won from one or more other oil fields.
"blended oil" means oil which has been so mixed; and
"the originating fields" means the oil fields from which the blended oil is derived.
A relevant participator's share of oil won from the relevant field in the relevant period is to be taken to be the amount of the blended oil that it is just and reasonable (for the purposes of the oil taxation legislation) to allocate to the participator in respect of the relevant period.
In making the allocation regard must be had (in particular) to the quantity and quality of the oil derived from each of the originating fields.
to a penalty not exceeding £500; and
if the failure continues after it has been declared by the court or the Commissioners before whom proceedings for the penalty have been commenced, to a further penalty not exceeding £100 for each day on which the failure so continues;
If the participators in the originating fields select a method for making the allocation, that method is to be used to determine that allocation.
But that is subject to Schedule 12.
that method is in any respect changed, or
there is a material change of any kind in the quantity or quality of any of the oil which makes up the blended oil,
If the participators in the originating fields fail to select a method for making the allocation, HMRC may select a method.
In a case where only some oil won from the relevant field in the relevant period is, before its disposal or relevant appropriation, mixed with oil won from one or more other fields, subsection (2) has effect for the purpose of determining the amount of the blended oil that is to be taken to be included in a relevant participator's share of oil won from the relevant field.
"the oil taxation legislation" means Part I of the principal Act and any enactment construed as one with that Part; and
"prescribed" means prescribed by the Board, whether before or after the passing of this Act.
Schedule 12 contains provision supplementing this section.
In this section and Schedule 12—
“The Corporation Tax Acts” means the enactments relating to the taxation of the income and chargeable gains of companies and of company distributions (including provisions relating to income tax);
“originating fields”, in relation to any blended oil, means the oil fields from which oil which has been mixed as mentioned in subsection (1);
“oil field” includes a foreign field;
“oil taxation legislation” means Part 1 of the principal Act and any enactment construed as one with that Part;
The section set out in Part I of Schedule 13 to this Act shall be inserted in the principal Act after section 5A for the purpose of setting up a new allowance by virtue of which a participator in an oil field may obtain relief for certain research 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 13 to this Act shall have effect subject to the amendments there specified.
Part III of Schedule 13 to this Act shall have effect with respect to sums falling to be set off against expenditure which would otherwise be allowable under the new section set out in Part I of that Schedule.
Where an election is made by a participator in an oil field (in this section referred to as “the receiving field”), up to 10 per cent. of certain expenditure incurred on or after 17th March 1987 in connection with another field, being a field which is for the purposes of this section a relevant new field, shall be allowable in accordance with this section in respect of the receiving field; and in the following provisions of this section the relevant new field in connection with which the expenditure was incurred is referred to as “the field of origin”.
An election under this section may be made only in respect of expenditure which— and Part I of Schedule 14 to this Act shall have effect with respect to elections under this section.
was incurred by the participator making the election or, if that participator is a body corporate, by an associated company; and
as regards the field of origin, is allowable under section 3 or section 4 of the principal Act or section 3 of the Oil Taxation Act 1983; and
as regards the field of origin, has been allowed as qualifying for supplement under section 2(9)(b)(ii) or (c)(ii) of the principal Act (in the following provisions of this section referred to as “supplement”); and
is not expenditure falling within subsection (1) of section 5A of the principal Act (allowance of exploration and appraisal expenditure);
A participator may not make an election under this section in respect of expenditure which was incurred before the date which is his qualifying date, within the meaning of section 113 of the Finance Act 1984 (restriction of PRT reliefs), in relation to the receiving field unless that date falls before the end of the first chargeable period in relation to that field.
Where, by virtue of an election by a participator under this section, an amount of expenditure is allowable in respect of the receiving field, it shall be allowable as follows—
it shall be taken into account in that assessment to tax or determination relating to a chargeable period of the receiving field which is specified in Part II of Schedule 14 to this Act; and
it shall be so taken into account under subsection (8) of section 2 of the principal Act (allowable expenditure etc.) as if, for the chargeable period in question, it were an addition to the sum mentioned in paragraph (a) of that subsection; and
it shall be excluded in determining for the purposes of section 111(2) of the Finance Act 1981 (restriction of expenditure supplement) whether any, and if so what, assessable profit or allowable loss accrues to the participator in any chargeable period of the receiving field.
Where, by virtue of an election by a participator under this section, an amount of expenditure is allowable in respect of the receiving field, that amount shall be disregarded in determining, as regards the field of origin, the amounts referred to (in relation to the participator or the associated company, as the case may be) in paragraph (b) or paragraph (c) of subsection (9) of section 2 of the principal Act (allowable expenditure and supplement thereon.
In Schedule 14 to this Act—
Part III has effect to determine for the purposes of this section what is a relevant new field and who is an associated company of a participator making an election;
Part IV contains provisions supplemental to and consequential upon the allowance of expenditure by virtue of an election under this section, including provisions applicable where a notice of variation is served in respect of expenditure which is already the subject of such an election;
“the receiving field” and “the field of origin” have the meaning assigned by subsection (1) above;
“the principal section” means this section;
“election” means an election under this section; and
“supplement” has the meaning assigned by subsection (2)(c) above.
For the purposes of this section— and any reference in this section to the two final periods is a reference to the final allocation period and the penultimate period.
“the final allocation period”, in relation to an oil field, means the chargeable period of that field in which section 8(6)(b) of the principal Act applies (the earliest chargeable period in which oil allowance is subject to “the necessary restriction” in order to confine it within the overall maximum); and
“the penultimate period”, in relation to an oil field, means the chargeable period of that field which immediately precedes the final allocation period;
The following provisions of this section apply if the responsible person gives notice to the Board (in this section referred to as an “apportionment notice”) specifying the manner in which the oil allowance for the field is to be apportioned between the participators in each of the two final periods, being a manner designed—
to produce, so far as practicable, the result specified in subsection (4) below, being a result which, in the circumstances of the case, could not be achieved under section 8(6)(b) of the principal Act; and
to secure that adjustments in a participator’s share of the oil allowance are made in the final allocation period in preference to the penultimate period.
An apportionment notice shall be of no effect unless—
it is given not later than six months after the expiry of the final allocation period; and
not later than the date of the notice the responsible person notifies the Board in accordance with paragraph (b) of subsection (6) of section 8 of the principal Act of the manner in which the necessary restriction, as defined in that subsection, is to be apportioned between the participators; and
it specifies a period for each of paragraphs (a) and (b) of subsection (4) below; and
it contains such information as the Board may prescribe for the purpose of showing how, or to what extent, the apportionment of the oil allowance achieves the result specified in subsection (4) below.
The result referred to in subsection (2) above is that the respective shares of the oil allowance utilised by each of two or more participators specified in the apportionment notice bear to each other the same proportion as their respective shares in oil won and saved from the field and, for this purpose—
a participator’s share of the oil allowance means the total amount of the allowance utilised by him over the period specified for the purpose of this paragraph in the apportionment notice; and
a participator’s share in oil won and saved from the field means the total of the oil included in his share of oil won and saved from the field (as specified in returns under Schedule 2 to the principal Act) over the period specified for the purposes of this paragraph in the apportionment notice, being a period which includes that specified for the purposes of paragraph (a) above.
If the Board are satisfied that an apportionment notice complies with subsections (2) to (4) above, they shall give notice to the responsible person accepting the apportionment notice and, on the giving of that notice—
the apportionment specified in the apportionment notice shall, as respects the two final periods, have effect as if it were the apportionment resulting from section 8(2) of the principal Act; and
all such amendments of assessments to tax and determinations shall be made as may be necessary in consequence of paragraph (a) above.
If the Board are not satisfied that an apportionment notice complies with subsections (2) to (4) above, they shall give notice to the responsible person rejecting the apportionment notice and, where the Board give such a notice, the responsible person may, by notice in writing given to the Board within thirty days after the date of the notice of rejection, appeal ... against the notice.
Where notice of appeal is given under subsection (6) abvove—
if, at any time after the giving of the notice and before the determination of the appeal by the tribunal, the Board and the appellant agree that the apportionment notice should be accepted or withdrawn or varied, the same consequences shall ensue as if the tribunal had determined the appeal to that effect;
if the appeal is notified to the tribunal and it appears to the tribunal that the apportionment notice should be accepted, with or without modifications, the tribunal shall allow the appeal and, where appropriate, make such modifications of the apportionment specified in the notice as the tribunal thinks fit; and
where the appeal is allowed, subsection (5) above shall apply as if the apportionment notice (subject to any modifications made by the tribunal) had been accepted by the Board.
Paragraphs 14(2), (8) and (11) and 14A to 14I of Schedule 2 to the principal Act shall apply in relation to an appeal under subsection (6) as they apply in relation to an appeal against an assessment or determination made under that Act subject to the following modifications—
any reference in those paragraphs to a participator is to be construed as a reference to the responsible person by whom notice of appeal is given;
any reference to an agreement under paragraph 14(9) shall be construed as a reference to an agreement under subsection (7)(a) above;
any other modifications that are necessary.
This section applies where the final allocation period ends on or after 30th June 1987.
9 In sub-paragraph (2) omit paragraphs (b) and (c), in sub-paragraph (8) for the reference to all or any of the participators substitute a reference to the participator by whom the claim is made and in sub-paragraph (11) for “after 15th March 1983” substitute “ on or after 17th March 1987 ”.
The Exchange Control Act 1947 shall cease to have effect.
Nothing in subsection (1) above affects the power of the Treasury to issue a certificate under subsection (2) of section 18 of that Act (including that subsection as applied by section 28(3) or section 29(3) of that Act) with respect to acts done before 13th December 1979.
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Subsections (1) and (2) above extend to the Channel Islands and the Isle of Man.
In section 2 of the Banking and Financial Dealings Act 1971 (power of Treasury to suspend financial dealings)—
at the end of paragraph (c) of subsection (1) (power to suspend dealings in gold) there shall be added “ or, according as may be specified in the order, gold of such kind as may be so specified ”; and
“foreign currency” means any currency other than sterling and any units of account defined by reference to more than one currency (whether or not including sterling); and “gold” includes gold coin, gold bullion and gold wafers.
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This Act may be cited as the Finance Act 1987.
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, except section 56 and Schedule 7, shall be construed as one with the Stamp Act 1891.
In Part IV of this Act “the 1984 Act” means the Inheritance Tax Act 1984.
Part V of this Act shall be construed as one with Part I of the Oil Taxation Act 1975 and in that Part “the principal Act” means that Act.
The enactments specified in Schedule 16 to this Act (which include enactments which are spent or otherwise unnecessary) 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.
Plated gross weight of vehicle Rate of duty 1. 2. 3. 4. 5. Exceeding Not exceeding Two axle vehicle Three axle vehicle Four or more axle vehicle tonnes tonnes £ £ £ 12 13 245 190 190 13 14 340 205 205 14 15 445 205 205 15 17 620 205 205 17 19 — 295 205 19 21 — 395 205 21 23 — 540 295 23 25 — 965 415 25 27 _ _ 600 27 29 _ _ 880 29 30.49 — — 1,450 Plated train weight of tractor unit Rate of duty 1. 2. 3. 4. 5. Exceeding Not exceeding For a tractor unit to be used with semi-trailers with any number of axles For a tractor unit to be used only with semi-trailers with not less than two axles For a tractor unit to be used only with semi-trailers with not less than three axles tonnes tonnes £ £ £ 12 14 280 250 250 14 16 355 265 265 16 18 415 265 265 18 20 485 265 265 20 22 565 330 265 22 23 600 370 265 23 25 690 470 265 25 26 690 520 320 26 28 690 655 430 28 29 725 725 490 29 31 1,010 1,010 630 31 33 1,470 1,470 1,010 33 34 1,470 1,470 1,350 34 36 1,650 1,650 1,650 36 38 1,860 1,860 1,860 Plated train weight of tractor unit Rate of duty 1. 2. 3. 4. 5. Exceeding Not exceeding For a tractor unit to be used with semi-trailers with any number of axles For a tractor unit to be used only with semi-trailers with not less than two axles For a tractor unit to be used only with semi-trailers with not less than three axles tonnes tonnes £ £ £ 12 14 250 250 250 14 20 265 265 265 20 22 330 265 265 22 23 370 265 265 23 25 470 265 265 25 26 520 265 265 26 28 655 265 265 28 29 725 310 265 29 31 1,010 385 265 31 33 1,470 580 265 33 34 1,470 850 330 34 36 1,470 1,220 500 36 38 1,640 1,640 745
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“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.
Where more than one election is made in respect of the same amount of expenditure—
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in subsection (1)(f) the words from "and all recovery vehicles" to "that business" shall be omitted;
in paragraph (a) of the proviso to subsection (1) the words from "except" to "disabled vehicle" shall be omitted;
in subsection (3) paragraph (b) shall be. omitted and at the end of paragraph (e) there shall be added the words "other than a trailer which is for the time being a disabled vehicle"; and
in subsection (8) the definition of "recovery vehicle" shall be omitted.
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in subsection (1)(a) the words from "and all recovery vehicles" to "that business" shall be omitted;
in subsection (2)(a) the words from "except" to "disabled vehicle" shall be omitted;
in subsection (4) paragraph (b) shall be omitted and at the end of paragraph (e) there shall be added the words "other than a trailer which is for the time being a disabled vehicle"; and
in subsection (10) the definition of "recovery vehicle" shall be omitted.
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"the 1971 Act" means the Vehicles (Excise) Act 1971; and
"the 1972 Act" means the Vehicles (Excise) Act (Northern Ireland) 1972.
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for paragraph (b) (vehicle neither used nor kept on public road) there shall be substituted the word "or"; and
paragraph (d) (vehicle not chargeable with duty) and the word "or" immediately preceding it shall be omitted.
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for paragraph (b) (vehicle neither used nor kept on public road) there shall be substituted the word "or"; and
paragraph (d) (vehicle not chargeable with duty) and the word "or" immediately preceding it shall be omitted.
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in paragraph 7 paragraph (b)(ii) shall be omitted and in paragraph (b)(iii) for the words "paragraphs (c) and (d)" there shall be substituted the words "paragraph (d)"; and ,
in paragraph 17A,paragraph (b)(ii) shall be omitted and in paragraph (b)(iii) for the words "paragraphs (c) and (d)" and "paragraph (d)" there shall be substituted respectively the words "paragraph (c)" and "that paragraph".
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in paragraph 7, paragraph (b)(ii) shall be omitted and in paragraph (b)(iii) for the words "paragraphs (c) and (d)" there shall be substituted the words "paragraph (d)"; and
in paragraph 17A, paragraph (b)(ii) shall be omitted and in paragraph (b)(iii) for the words "paragraphs (c) and (d)" and "paragraph (d)" there shall be substituted respectively the words "paragraph (c)" and "that paragraph".
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In subsection (3) of section 102 of the Customs and Excise Management Act 1979 (penalty for failure to deliver up excise licence following dishonour of cheque) after paragraph (a) there shall be inserted the following paragraph—
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Section 19(2).
Section 7 of the principal Act (reverse charge on supplies received from abroad) shall be amended as follows—
in paragraph (b) of subsection (1), for the words “taxable person” there shall be substitiuted “person (in this section referred to as “the recipient”)”;
in subsection (1), in the words following paragraph (b) for the words “as if the taxable person” there shall be substituted “as if the recipient”;
in subsections (3) and (4) for the words “taxable person” there shall be substituted “recipient”; and
in subsection (3) for the words “the allowance” there shall be substituted “any allowance”.
In section 33 of the principal Act (transfers of going concerns), after subsection (1) there shall be inserted—.
In section 40(1) of the principal Act (appeals) for paragraph (d) there shall be substituted—.
For the purposes of subsections (3) and (4) of the principal section, the taxable maximum in respect of a week shall be determined in accordance with paragraphs 2 to 4 below and the taxable maximum in respect of part of a week shall be equal to one-sixth of the taxable maximum in respect of a week multiplied by the number of days in the part. In this Part of this Schedule—
Where the income support is paid to one of a married or unmarried couple in a case not falling within subsection (2)(b) of the principal section, the taxable maximum in respect of a week shall be equal to the aggregate of—
the weekly rate specified for the week in question in relation to unemployment benefit in paragraph 1 of Part I of Schedule 4 to the Social Security Act 1975; and
the increase for an adult dependant specified for that week in paragraph 1(a) of Part IV of that Schedule.
Where the income support is paid to one of a married or unmarried couple in a case falling within subsection (2)(b) of the principal section, the taxable maximum in respect of a week shall—
if the applicable amount (within the meaning of Part II of the Social Security Act 1986) consists only of an amount in respect of them, be equal to one half of that amount; and
if the applicable amount includes other amounts, be equal to one half of the portion of it which is included in respect of them.
Where the income support is paid to a person who is not one of a married or unmarried couple, the taxable maximum in respect of a week shall be equal to the weekly rate referred to in paragraph 2(a) above.
In subsection (2) of section 530 of the Taxes Act (meaning of "earned income" in the Income Tax Acts) in paragraph (c) for the words "or section 27 of the Finance Act 1981" there shall be substituted "or section 29 of the Finance Act 1987".
In section 28(1) of the Finance Act 1981 (notification of amount of benefit which is taxable) for the words "under section 27 above" there shall be substituted "in respect of any unemployment benefit or income support".
In section 29 of the Finance Act 1981 (pay as you earn repayments) for paragraph (b) there shall be substituted the following—
Section 33.
In Schedule 10 to the Finance Act 1980 (savings-related share option schemes) after paragraph 10 there shall be inserted the following paragraph— In paragraph 11 of the said Schedule 10 (rights not to be capable of being transferred) after the words "paragraph 7" there shall be inserted "or paragraph 10A".
In Schedule 10 of the Finance Act 1984 (approved share option schemes) after paragraph 4 there shall be inserted the following paragraph— In paragraph 12 of the said Schedule 10 (transfer of rights) after the words "any of them" there shall be inserted "(except pursuant to a provision included in the scheme by virtue of paragraph 4A above)".
Where an existing scheme is altered before 1st August 1989 so as to include such a provision as is mentioned in paragraph 10A of Schedule 10 to the Finance Act 1980 or, as the case may be, paragraph 4A of Schedule 10 to the Finance Act 1984 (in this paragraph referred to as "an exchange provision"), the scheme as altered may by virtue of this paragraph apply that provision to rights obtained under the scheme before the date on which the alteration takes effect. If an exchange provision is applied as mentioned in sub-paragraph (1) above in a case where, on or after 17th March 1987 but before the date on which the alteration takes effect, an event has occurred by reason of which a person holding rights under the scheme would be able to take advantage of the exchange provision— The application of an exchange provision as mentioned in sub-paragraph (1) or sub-paragraph (2) above shall not itself be regarded for the purposes of Schedule 10 to the Finance Act 1980 or, as the case may be, Schedule 10 to the Finance Act 1984 as the acquisition of a right. In sub-paragraph (1) above "an existing scheme" means a scheme approved under Schedule 10 to the Finance Act 1980 or Schedule 10 to the Finance Act 1984 before 1st August 1987. This paragraph has effect subject to paragraph 3(2) of Schedule 10 to the said Act of 1980 or, as the case may be, paragraph 2(2) of Schedule 10 to the said Act of 1984 (which require the approval of the Board for any alteration in a scheme).
In section 47 of the Finance Act 1980 (savings-related share option schemes) after subsection (2) there shall be inserted the following subsection—
In section 38 of the Finance Act 1984 (approved share option schemes) after subsection (6) there shall be inserted the following subsection—.
This paragraph applies in a case where— If neither the beneficiary nor any relevant associate of his had received any benefit under the discretionary trust before 14th November 1986, then, as respects any time before that date, the trustees of the settlement concerned shall not be regarded, by reason only of the matters referred to in sub-paragraph (1) above, as having been associates (as denned in section 303(3) of the Taxes Act) of the beneficiary. If, on or after 14th November 1986,— the beneficiary shall not be regarded, by reason only of the matters referred to in sub-paragraph (1) above, as having been interested in the shares or obligations of the company as mentioned in section 303(3)(c) of the Taxes Act at any time during the period of twelve months referred to in paragraph (c) above. In sub-paragraphs (2) and (3) above "relevant associate" has the meaning given to "associate" by section (3) of section 303 of the Taxes Act, but with the omission of paragraph (c) of that subsection. Sub-paragraph (3)(a)(i) above, in its application to Scotland, shall be construed as if the words "under seal" were omitted.
For the purposes of paragraph (a) of subsection (6) of section 285 of the Taxes Act (cases in which a person has a material interest in a company) a right to acquire any shares (however arising) shall be taken to be a right to control them. Any reference in sub-paragraph (3) below to the shares attributed to an individual is a reference to the shares which, in accordance with section 285(6)(a) of the Taxes Act, fall to be brought into account in his case to determine whether their number exceeds a particular percentage of the company's ordinary share capital. In any case where— then, in determining at any time prior to the exercise of that right whether the number of shares attributed to the individual exceeds a particular percentage of the ordinary share capital of the company, that ordinary share capital shall be taken to be increased by the number of unissued shares referred to in paragraph (b) above. This paragraph has effect as respects any time on or after 6th April 1987.
In applying section 285(6) of the Taxes Act (cases in which a person has a material interest in a company), as respects any time before or after the passing of this Act, there shall be disregarded—
the interest of the trustees of a profit sharing scheme approved under Part I of Schedule 9 to the Finance Act 1978 in any shares which are held by them in accordance with the scheme and have not yet been appropriated to an individual; and
any rights exercisable by those trustees by virtue of that interest.
Section 35.
In this Schedule— Any reference in this Schedule to an employee being employed by an employer is a reference to the employee holding office or employment under the employer.
Subject to paragraph 3 below, a course is a qualifying course of training if—
it provides a course of training designed to impart or improve skills or knowledge relevant to, and intended to be used in the course of, gainful employment (including self-employment) of any description; and
the course is entirely devoted to the teaching or practical application of the skills or knowledge (or to both such teaching and practical application); and
the duration of the course does not exceed one year; and
all teaching and practical application forming part of the course takes place within the United Kingdom.
A course shall not be regarded as a qualifying course of training in relation to a particular employee unless—
he attends the course on a full-time or substantially full-time basis; and
he is employed by the employer full-time throughout the period of two years ending at the time when he begins to undertake the course or, if it is earlier, at the time he ceases to' be employed by him; and
the opportunity to undertake the course, on similar terms as to payment or reimbursement of relevant expenses, is available either generally to holders or past holders of offices or employment under the employer or to a particular class or classes of such holders or past holders.
An employee shall not be regarded as undertaking a course with a view to retraining unless— An employee shall not be regarded as having undertaken a course with a view to retraining if, any time within the period of two years beginning at the time when he ceased to be employed as mentioned in sub-paragraph (1)(b) above, he is again employed by the employer.
Where an employee undertakes a qualifying course of training, the relevant expenses consist of— The travelling expenses referred to in sub-paragraph (1)(d) above are those which would be deductible under section 189 of the Taxes Act (relief for necessary expenses)—
Section 36.
In this Part of this Schedule an "old company" means a company to which section 244 of the Taxes Act applied in respect of the last accounting period ending before 17th March 1987. In relation to an old company—
Subject to paragraph 5 below, with respect to the first accounting period of an old company beginning on or after 17th March 1987, section 243(4) of the Taxes Act (time for payment of corporation tax) shall have effect as if for the reference to nine months there were substituted a reference to a period which is equal to the company's section 244 interval less the period of reduction.
Subject to paragraph 5 below, with respect to any accounting period of an old company which begins— section 243(4) of the Taxes Act shall have effect as if for the reference to nine months there were substituted a reference to a period equal to the previous payment interval less the period of reduction.
after the accounting period referred to in paragraph 2 above, but
before the second anniversary of the beginning of that period,
In relation to any accounting period of an old company falling within paragraph 3 above, "the previous payment interval" means the interval after the end of the immediately preceding accounting period within which corporation tax for that preceding period is required to be paid by virtue of section 243(4) of the Taxes Act, as modified by this Part of this Schedule.
If the accounting period referred to in paragraph 2 above or any accounting period falling within paragraph 3 above is less than twelve months, the paragraph in question shall have effect in relation to that accounting period as if for the reference in that paragraph to the period of reduction there were substituted a reference to the number of whole days comprised in a period which bears to the period of reduction the same proportion as that accounting period bears to twelve months.
With respect to any accounting period of an old company which falls within paragraph 2 or paragraph 3 above, section 86 of the Taxes Management Act 1970 (interest on overdue tax) shall have effect as if, in paragraph 5(a) of the Table in subsection (4) (the reckonable date in relation to corporation tax), the reference into the nine months mentioned in section 243(4) of the Taxes Act were a reference to the period which, under the preceding provisions of this Part of this Schedule, is substituted for those nine months.
In section 88 of the Taxes Management Act 1970 (interest on tax recovered to make good loss due to taxpayer's fault) in paragraph (e) of subsection (5) (the date when corporation tax ought to have been pa(d) for the words from "where section 244(1)" to "the interval" there shall be substituted "in the case of an accounting period in respect of which subsection (4) of section 243 of the principal Act applies as modified by paragraph 2 or paragraph 3 of Schedule 6 to the Finance Act 1987, at the end of the period which, under that paragraph, is substituted for the period of nine months".
With respect to any accounting period of an old company which falls within paragraph 2 or paragraph 3 above, section 48 of the Finance (No. 2) Act 1975 (repayment supplement in respect of delayed repayments of certain taxes to companies) shall have effect as if, in subsection (9) in paragraph (a) of the definition of "the material date", the reference to the nine months mentioned in section 243(4) of the Taxes Act were a reference to the period which, under the preceding provisions of this Part of this Schedule, is substituted for those nine months.
In this Part of this Schedule a "1989 accounting period" means an accounting period ending in the year 1989-90.
Where, by virtue of section 344(2)(a) of the Taxes Act, corporation tax assessed on a building society in respect of a 1989 accounting period would, apart from this paragraph, be payable by a date which is earlier than the end of the period of two months from the end of that accounting period, the tax shall be payable within that period of two months.
If, apart from this paragraph, the date on which, under section 344(2)(b) of the Taxes Act, a building society would be required to make a provisional payment of corporation tax for a 1989 accounting period would fall before the end of the period of two months from the end of that accounting period, that date shall be postponed until the end of that period of two months.
With respect to a 1989 accounting period of a building society to which paragraph 10 above applies, in the following enactments— the reference to the time limit imposed by subsection (2)(a) of section 344 of the Taxes Act shall be construed as a reference to the limit imposed by paragraph 10 above.
in section 86(4) of the Taxes Management Act 1970, paragraph 5(c) in the second column of the Table (the reckonable date for interest on overdue tax); and
in section 48(9) of the Finance (No. 2) Act 1975, paragraph (c) of the definition of "the material date" (for repayment supplement),
Section 56.
Part IV of the Finance Act 1986 shall be amended in accordance with the following provisions of this Schedule.
In section 87, after subsection (7) there shall be inserted —. This paragraph shall be deemed always to have had effect.
In section 88(3)(a), after the words “subsection (2)” there shall be inserted the words “the words 'the expiry of the period of two months beginning with' and”. This paragraph shall have effect in relation to agreements made on or after 1st August 1987.
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In section 90, for subsection (5) there shall be substituted — This paragraph shall be deemed always to have had effect.
In section 90, at the end there shall be added — This paragraph shall be deemed always to have had effect.
In section 92, after subsection (4) there shall be inserted — This paragraph shall be deemed always to have had effect.
Section 58.
In section 10 of the 1984 Act (dispositions not intended to confer gratuitous benefit) in subsection (2) for the words from “shares” to “stock exchange” there shall be substituted “ unquoted shares or unquoted debentures ”.
In section 98 of the 1984 Act (effect of alterations of capital, etc.) in subsection (1)—
in paragraph (a) for the words from “shares” onwards there shall be substituted “ quoted shares or quoted securities ”;
in paragraph (b) for the words from “shares” onwards there shall be substituted “ unquoted shares in or unquoted debentures of a close company ”; and
for the words “shares or debentures not so quoted” there shall be substituted “ unquoted shares or unquoted debentures ”.
In section 100 of the 1984 Act (alterations of capital where participators are trustees) in subsection (1)(c) for the words from “shares” onwards there shall be substituted “ unquoted shares in or unquoted securities of the close company ”.
In section 104 of the 1984 Act (relief for business property) in subsection (1)(a) for the words “or (b)” there shall be substituted “ (b) or (bb) ”.
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for the words "section 105(1 )(c)" there shall be substituted "section 105(1)(bb) or (c)"; and
after the words "section 106 above" there shall be inserted "and section 109A below".
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In section 113A of the 1984 Act (application of relief for business property to transfers made within seven years before death of transferor) in subsection (3) at the beginning of paragraph (b) there shall be inserted the words “ except to the extent that the original property consists of shares or securities to which subsection (3A) below applies ”. After subsection (3) of that section there shall be inserted the following subsection—
In section 124A of the 1984 Act (application of agricultural relief to transfers within seven years before death of transferor) in subsection (6) for the words following paragraph (b) there shall be substituted “ his period of ownership of the original property shall be treated as including his period of ownership of the shares. ”
In section 136 of the 1984 Act (transactions of close companies) in subsection (1)(b) for the words “shares quoted on a recognised stock exchange” there shall be substituted “ quoted shares ” and for the words “shares in or debentures of the company which are not so quoted” there shall be substituted “ unquoted shares in or unquoted debentures of the company ”.
In section 140(2) of the 1984 Act (market value for purposes of Chapter IV of Part IV) in paragraph (b) for the words from “shares” to “exchange” there shall be substituted “ unquoted shares ”.
In section 168 of the 1984 Act (unquoted shares and securities) in subsection (1) before the word “securities” where it first occurs, there shall be inserted “ unquoted ”. Subsection (2) of that section shall be omitted.
In section 178 of the 1984 Act (sale of shares etc. from deceased’s estate) in subsection (1), in the definition of “qualifying investments”, for the words from “at the date” to “exchange” there shall be substituted “ are quoted at the date of the death in question ”. In subsection (2) of that section—
In section 180 of the 1984 Act (effect of purchases) in subsection (3) after the word “exchange” there shall be inserted “ or separately dealt in on the Unlisted Securities Market ”.
In section 227 of the 1984 Act (payment by instalments) for subsection (1A) there shall be substituted the following subsection— In subsection (1B) of that section for the words “subsection (1A) above” there shall be substituted “ this section ”. After subsection (1B) of that section there shall be inserted the following subsection—
In section 228 of the 1984 Act (shares etc. within section 227) in subsection (1) for the words “not falling under paragraph (a) above and not quoted on a recognised stock exchange”, in each place where they occur, there shall be substituted “ which do not fall under paragraph (a) above and are unquoted ”. After subsection (3) of that section there shall be inserted the following subsection—
“quoted”, in relation to any shares or securities, means quoted on a recognised stock exchange or dealt in on the Unlisted Securities Market and “unquoted”, in relation to any shares or securities, means neither so quoted nor so dealt in
In Schedule 20 to the Finance Act 1986 (gifts with reservation) paragraph 8 (agricultural and business property) shall be amended as follows. In sub-paragraph (1) for the word “Where” there shall be substituted “ This paragraph applies where ” and the words from “then” onwards shall be omitted. After sub-paragraph (1) there shall be inserted the following sub-paragraph— In sub-paragraph (2) for the words “sub-paragraph (1)” there shall be substituted “ sub-paragraph (1A)(b) ”. In sub-paragraph (3)—
Section 59.
The following section shall be inserted after section 57 of the Inheritance Tax Act 1984—.
In the case of property which, if a direction is given under paragraph 1 above, will be property to which paragraph 15A below applies, sub-paragraph (1)(b) above shall have effect as if for the reference to the settlor there were substituted a reference to either the settlor or the person referred to in paragraph 15A(2).
After paragraph 15 of that Schedule there shall be inserted—
Paragraph 1 above shall have effect in relation to deaths occurring on or after 17th March 1987.
Paragraph 2 above shall have effect in relation to directions given on or after 17th March 1987.
Paragraph 3 above shall have effect where the occasion of the charge or potential charge to tax under paragraph 8 of Schedule 4 to the 1984 Act falls on or after 17th March 1987.
In this Schedule— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Where an amount of oil is required to be delivered to the OGA pursuant to a notice served by it, any oil which is inadvertently delivered to him in excess of the amount required shall be treated for the purposes of sub-paragraph (2) above as delivered pursuant to the notice.
The proposed transactions which may be nominated by a participator in an oil field for the purposes of this Schedule are— .... Where a proposed sale is nominated before a contract of sale comes into being, any reference in this Schedule to the contract of sale is a reference to the subsequent contract for the sale of oil in accordance with the terms of the nomination; and, accordingly, if no such contract of sale comes into being, the nomination of the proposed sale shall be of no effect. A particpator may not nominate a proposed sale if—
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If a nomination is made during business hours it shall be effective only if— If a nomination is made outside business hours it shall be effective only if— For the purposes of this paragraph— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The transaction base time prescribed for a proposed sale may be a time earlier than the time on which a legally binding agreement for the sale of the oil in question comes into being but may not be later than the time on which there is an agreed price at which any oil which is to be delivered pursuant to the contract of sale will be sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The requirements of this paragraph for a nomination in respect of a proposed transaction are,— A nomination made under this paragraph shall include a declaration that it is correct and complete and, in the case of a nomination of a proposed sale which is made before the contract of sale comes into being, shall also include a declaration that, to the best of the knowledge and belief of the participator making the nomination, a contract of sale will come into being in accordance with the terms of the nomination. Where a participator fraudently or negligently furnishes any incorrect information or makes any incorrect declaration in or in connection with a nomination made under this paragraph he shall be liable to a penalty not exceeding £50,000 or, in the case of fraud, £100,000 and the nomination shall not be effective.
The requirements of this paragraph for a nomination in respect of a proposed transaction are— In sub-paragraph (1) “ group ” has the meaning given by section 53 of the Companies Act 1989.
A nomination of a transaction shall not be effective unless oil is delivered pursuant to a contract at arm's length the terms of which incorporate the information specified in the nomination in accordance with paragraph 5(1) or 5A(1). But—
... in the case of a proposed sale, the “nominated price”, in relation to the oil which is to be delivered pursuant to the sale, is the price specified in the contract of sale (expressed as a unit price) or, as the case may be, the formula under which, in accordance with the contract, the price for that oil (as so expressed) is to be determined. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subject to sub-paragraph (3) below, in the case of a proposed sale, the nominal volume means the quantity of oil which it is proposed should be delivered under the contract of sale in the proposed delivery month. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In the case of any proposed transaction, the nominal volume means the quantity of oil expressed in such manner as may be prescribed by regulations made by the Board. In any case where— the nominal volume shall for those purposes be taken to be the specific volume referred to in paragraph (a) above, plus or minus the maximum tolerance permitted by the regulations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Board may by regulations prescribe that in specified circumstances the nominal volume in relation to a delivery shall be treated as greater or less than the nominal volume ascertained in accordance with the preceding provisions of this paragraph. Regulations under sub-paragraph (6)—
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If a person is a participator in two or more oil fields which, in relation to any blended oil, are or are included among the originating fields, then, in accordance with regulations made by the Board, he may make a nomination, having effect with respect to all the originating fields in which he is a participator, of a proposed sale ... of the blended oil; and the preceding provisions of this Schedule shall have effect in relation to such a nomination subject to such modifications as may be prescribed by regulations made by the Board. In sub-paragraph (1) above “ blended oil ” and “ the originating fields ” have the same meaning as in section 63 of this Act.
For the purposes of section 61 and this Schedule—
a reference to the proposed delivery month in relation to a proposed transaction is a reference to the month in which delivery is to take place,
“ relevant delivery ” means a delivery of oil under a contract made at arm's length in respect of which there has been no effective nomination, and
“ delivery proceeds ” means the price received for a relevant delivery.
A return under this paragraph for a chargeable period shall—
Paragraph 2 of Schedule 3 (definition of market value of oil) shall be amended in accordance with this paragraph. For sub-paragraph (1) there shall be substituted— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In paragraph 2A of that Schedule (modifications in the case of oil consisting of gas)—
in sub-paragraphs (1) and (3) for “(1) and (2)” there shall be substituted “ (1) to (2D) ”;
in sub-paragraph (2) for “(2)(a)” in each place where it occurs, there shall be substituted “ (2)(d) ”; and
in sub-paragraph (3) for “(2)(b)” there shall be substituted “ (2)(e) ”.
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in sub-paragraph (1) the words "at the material time" shall be omitted; and
in sub-paragraph (2) the words from "and 'the material time' " onwards shall be omitted.
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in subsections (1) and (2) for the words "at a particular time" there shall be substituted "in a particular month";
in subsection (5) for the words from the beginning to "this Act", in the first place where those words occur, there shall be substituted "In subsections (4) and (4A) above "calendar month" means a month of the calendar year"; and
in paragraph (a) of subsection (5) for "(2)(c)" there shall be substituted "(2)(f)" and for "(c)" there shall be substituted "(f)".
In this paragraph "calendar month" means a month of the calendar year and "material time", in relation to a calendar month, means noon on the middle day of the month which, in the case of a month containing an even number of days, shall be taken to be the last day of the first half of the month.
Section 63.
In this Schedule— In this Schedule a reference to a suitable method of allocation is a reference to a method which secures that allocation of blended oil is just and reasonable (for the purposes of the oil taxation legislation).
"the principal section" means section 63 of this Act;
"blended oil" and "the originating fields" have the same meaning as in the principal section;
a "method of allocation" means such a method as is referred to in subsection (2) of the principal section; and
"the oil taxation legislation" means Part I of the principal Act and any enactment construed as one with that Part.
This paragraph applies if it appears to HMRC that— HMRC may give notice to each of the participators in the originating fields— If HMRC give notice, the allocation of the blended oil for the purposes of section 63 in respect of the chargeable period is to be redetermined, or determined, using the method of allocation as amended in accordance with the notice. Sub-paragraph (3) is subject to—
they shall give notice in writing to each of the participators in those fields informing them of that fact and proposing amendments which would render the method acceptable to the Board; and
subject to the following provisions of this Schedule, for any chargeable period beginning after the date of a notice under paragraph (a) above, the method of allocation shall be treated for the purposes of the oil taxation legislation as amended in accordance with the Board's proposals.
Where HMRC give notice to the participators in the originating fields under paragraph 2(2) above, any of those participators may appeal ... against the notice by giving notice in writing to HMRC within thirty days after the date of the notice given by HMRC. Where notice of appeal is given under sub-paragraph (1) above— If the method of allocation is amended in accordance with this paragraph, the allocation of the blended oil for the purposes of section 63 in respect of the chargeable period is to be redetermined, or determined, using the method of allocation as so amended. Sub-paragraph (3) is subject to—
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Section 64.
In section 2(9) of the principal Act (amounts to be taken into account in respect of expenditure) at the end of paragraph (f) there shall be addedand
In section 3 of that Act, in subsection (3) (expenditure not allowable under that section if already allowed under other provisions) after the words “section 5A” there should be inserted “ or section 5B ”.
In section 9 of that Act (limit on amount of tax payable) in subsection (2)(a)(ii) for the words “and (f)” there shall be inserted “ (f) and (g) ”.
In paragraph 2 of Schedule 2 to that Act (returns by participators) in sub-paragraph (2A) (initial return to include particulars of certain expenditure already claimed) for the words “exploration and appraisal expenditure to which section 5A” there shall be substituted “ expenditure to which section 5A or section 5B ”.
In Schedule 7 to that Act (claim for allowance of certain exploration expenditure etc.) at the end of paragraph 1(1)(b) there shall be addedor . In paragraph 1(3) of that Schedule after the words “section 5A” there shall be inserted “ or section 5B ”.
In the Schedule to the Petroleum Revenue Tax Act 1980 (computation of payment on account) in paragraph 2(4) for the words “or (f)” there shall be substituted “ (f) or (g) ”.
In Schedule 17 to the Finance Act 1980 (transfers of interests in oil fields) after paragraph 16A (exploration and appraisal expenditure) there shall be inserted—
In section 111 of the Finance Act 1981 (restriction of expenditure supplement) in subsection (3)(a) the words following “the principal Act” (which specify certain types of expenditure and losses) shall be omitted.
In section 113 of the Finance Act 1984 (restriction on PRT reliefs), in subsection (1)— In subsection (6) of that section—
In this Part of this Schedule—
“The Tax Acts” means the Income Tax Acts and the Corporation Tax Acts.
specified in paragraph 1(2)(a) above shall be cumulative; and
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 recived, 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.
Section 65.
An election shall be made in such form as may be prescribed by the Board. Without prejudice to sub-paragraph (1) above, an election shall specify— An election shall be irrevocable.
No election may be made in respect of an amount of expenditure until a final decision as to supplement has been made on a claim in respect of that amount under Schedule 5 or Schedule 6 to the principal Act. For the purposes of this paragraph, a final decision as to supplement is made in relation to an amount of expenditure when— Nothing in Schedule 5 to the principal Act relating to the date on which an amount of expenditure is to be treated as having been allowed as qualifying for supplement applies for the purposes of sub-paragraph (2) above.
Subject to sub-paragraph (2) below, an election by a participator in respect of a particular amount of expenditure may be made at any time before— Where the earliest date for the making of an election in respect of a particular amount of expenditure is a date determined under paragraph 2(2)(b) or paragraph 2(2)(c) above, such an election may be made at any time before notice is given as mentioned in sub-paragraph (1)(b) above or, if it is later, before the expiry of the period of thirty days beginning on the day following that earliest date.
the maximum of 10 per cent
if the elected amount specified in a second or subsequent election is such that, when aggregated with the elected amount or amounts specified in the earlier election or elections, it would exceed 10 per cent., that second or subsequent election shall have effect as if it specified such an elected amount as would, when so aggregated, be equal to 10 per cent. of the expenditure concerned; and
an election shall be of no effect if it is made after one or more earlier elections have specified (or been treated by paragraph (b) above as having specified) an elected amount or an aggregate of elected amounts equal to 10 per cent.
In relation to an election, the assessment to tax or determination referred to in subsection (4)(a) of the principal section is that which is first made after the relevant date on or in relation to the participator by whom the election is made. Subject to paragraphs 6 and 7 below, the relevant date for the purposes of sub-paragraph (1) above is the date of the election.
In any case where— the relevant date for the purposes of paragraph 5(1) above is the date of the notice referred to in paragraph (a) above; and the assessment or determination referred to in paragraph (b) above shall be amended accordingly.
an election is made in the period of thirty days beginning on the day following that on which the Board give notice under paragraph 3 of Schedule 5 to the principal Act stating the expenditure in respect of which the election is made as expenditure qualifying for supplement, and
after the date of that notice but on or before the date of the election, an assessment to tax or determination for the receiving field is made on or in relation to the participator making the election,
In any case where, following the giving of a notice of appeal, an election is made in respect of expenditure which (under paragraph 6(1), paragraph 7(2) or paragraph 8(2) of Schedule 5 to the principal Act) is treated for the purposes of Part I of that Act as having been allowed as qualifying for supplement on the date on which the notice of appeal was given, the relevant date for the purposes of paragraph 5(1) above is the date on which that notice was given; and in any assessment to tax or determination (relating to the field of origin or the receiving field) all such adjustments or further adjustments shall be made as are necessary in consequence of the election.
For the purposes of the principal section “relevant new fields” means, subject to sub-paragraph (2) below, an oil field— In determining, in accordance with sub-paragraph (1) above, whether an oil field (in this sub-paragraph referred to as “the new field”) is a relevant new field, no account shall be taken of a consent for develoment granted before 17th March 1987 or a programme of development served on the licensee or approved by the Secretary of State before that date if—
In paragraph 8 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. In sub-paragraph (1) 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.
For the purposes of the principal section, a company is an associated company of a participator (being itself a company) making an election under that section if— In this paragraph “company” means any body corporate and Chapter 3 of Part 24 of the Corporation Tax Act 2010 (subsidiaries) applies for the purposes of this paragraph. For the purposes of this paragraph the relevant periods ends on the date on which the election in question is made and begins—
This paragraph applies in any case where— In sub-paragraph (3) below— If the expenditure originally allowable exceeds 10 per cent. of the reduced expenditure, the principal section shall have effect as if the election or elections had specified an amount of that expenditure equal (or equal in the aggregate) to 10 per cent. of the reduced expenditure and, where there was more than one election, paragraph 4 above shall be taken to have applied accordingly. Such amendments of assessments to tax or determinations (relating to the field of origin or the receiving field) shall be made as may be necessary in consequence of the preceding provisions of this paragraph.
In any case where— an election may be made in respect of the amount of the increase as if it were a separate amount of expenditure. In the circumstances referred to in sub-paragraph (1) above an election may be made by the participator in question at any time before— Where an election is made by a participator in the circumstances referred to in sub-paragraph (1) above— Such amendments of assessments to tax or determinations (relating to the field of origin or the receiving field) shall be made as may be necessary in consequence of the preceding provisions of this paragraph.
Where an election has been made by a participator, this paragraph has effect with respect to the determination under section 9 of the principal Act (limit on amount of tax payable) of the adjusted profit of the participator in respect of the receiving field. For the chargeable period in which the amount of expenditure allowable by virtue of the election is taken into account as mentioned in subsection (4) of the principal section, that amount shall also be taken into account as if it were an addition to the total amount mentioned in section 9(2)(a)(ii) of the principal Act.
Section 71.
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The Income and Corporation Taxes Act 1970 shall have effect subject to the following provisions of this paragraph. In section 14(7) for all the words following "the Board may consult" there shall be substituted the words "the Secretary of State or the Department of Education for Northern Ireland". In section 18(6) for all the words following "1948" there shall be substituted the words "or, in the case of a person ordinarily resident in Scotland or in Northern Ireland, a person who is a blind person within the meaning of section 64(1) of the National Assistance Act 1948.". In section 20 in subsection (1) for "the appropriate rate" there shall be substituted "the basic rate" and subsections (3) to (5) shall cease to have effect. In section 21(4)(b) for "has the same meaning as in the said section 20" there shall be substituted "means the basic rate". In section 73(3) for "feu" there shall be substituted "fee". For the avoidance of doubt it is hereby declared that interest to which section 18 of the Taxes Management Act 1970 applies does not include interest to which this section applies. In section 117(3)(i) and (ii) for "legal representatives" there shall be substituted "personal representatives" and in subsection (4) of that section for "executors or administrators" there shall be substituted "personal representatives". In section 130(c) for "trade or profession" there shall be substituted "trade, profession or vocation". In section 133— In section 168(7) after "trade", in both places, there shall be inserted "profession or vocation" and after "Case I" there shall be inserted "or II". In section 194(1) for "This section" there shall be substituted "Subsection (2) below". At the end of sections 213(1), 216(2) and 217(2) there shall be added—"A claim for relief under this subsection shall be made to the Board." In section 214(6) for all the words following "do not include" there shall be substituted the words "Australia, Canada, New Zealand, India, Sri Lanka and Cyprus". In section 433— In section 434 for subsection (1A) there shall be substituted the following—. In section 438(2)(b) for "that section" substitute "section 437 above". In section 503 (1) the reference to corporation tax shall cease to have effect and accordingly section 100(1) of the Finance Act 1972 shall cease to apply to that subsection. In section 516(1) for "country" there shall be substituted "territory". and 'industrial assurance business' means industrial assurance business within the meaning of the Industrial Assurance Act 1923 or the Industrial Assurance (Northern Ireland) Order 1979. In section 526 the following subsection shall be inserted after subsection (5) In paragraph 16(1) of Schedule 10 for the definition of "premiums trust fund" there shall be substituted the following— In paragraph 6 of Part III of Schedule 12 there shall be added at the end—
In section 20(3) of the Finance Act 1970 for "an existing scheme" there shall be substituted "a scheme which was in existence on 6th April 1980".
In paragraph 10(9) of Schedule 16 to the Finance Act 1972—
for "paragraphs (b) and (c)" there shall be substituted "paragraph (b)";
the paragraph lettered (c) shall become paragraph (bb); and
and in paragraph (c) for 'thirdly' there shall be substituted 'fourthly' and for '(a) or (b)' there shall be substituted '(a), (b) or (bb)'
In paragraph 1(6)(b) of Schedule 12 to the Finance Act 1973 for the words from "any of" to "partnership)" there shall be substituted—.
In section 27(5) of the Finance Act 1974 for "specified in" there shall be substituted "of.
In section 12 of the Finance Act 1975 for the words from "in section" to "1958" there shall be substituted "below" and at the end of that section there shall be added— It is hereby declared for the avoidance of doubt that the reference in paragraph 1(4) of Schedule 2 to the Finance Act 1975 to paragraph 3 of Schedule 1 to the 1970 Act includes a reference both to paragraph 3 of that Schedule as enacted and to paragraphs 3 and 3A of that Schedule as substituted by Part I of Schedule 10 to the Finance Act 1985.
In section 42(11) of the Finance (No.2) Act 1975 for the definitions of "financial year", "insurance company" and "long term business" there shall be substituted the following definitions— In paragraph 6(1) of Part IV of Schedule 12 to that Act (as amended by Schedule 2 to the Companies Consolidation (Consequential Provisions) Act 1985) before sub-paragraph (a) there shall be inserted the following sub-paragraph—
In paragraph 13(4) of Schedule 4 to the Finance Act 1976 after paragraph (d) there shall be inserted—.
In section 38(2)(b) of the Finance Act 1977 for "subsection (3)(a)(i) of the said section 84" substitute "paragraph 3(1)(a)(i) of Schedule 4 to the Inheritance Tax Act 1984".
Section 30(7)(c) of the Finance Act 1978 shall have effect and shall be deemed always to have had effect with the addition after "1975" of the words "and paragraph 3(1) of Schedule 2 to the Social Security (Northern Ireland) Act 1975". For the purposes of section 31 of that Act "commodity futures" has the same meaning as it has for the purposes of section 72(1) of the Finance Act 1985. In section 59(7) of that Act for the words "excess shares" there shall be substituted the words "excess or unauthorised shares".
In Schedule 1 to the Interpretation Act 1978 for the definitions of “the Corporation Tax Acts” and “the Tax Acts” there shall be substituted the following definitions—
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In section 48(10) of the Finance Act 1981 for the words from "subscription" to "funds" there shall be substituted the words "payment made, out of public funds or by shares subscribed for, whether for money or money's worth,". In section 58(8) of that Act after "goods" there shall be inserted "or services".
In relation to companies incorporated under the law of Northern Ireland references in this sub-paragraph to the Companies Act 1985 and to section 117 of that Act shall have effect as references to the Companies (Northern Ireland) Order 1986 and to Article 127 of that Order respectively. In paragraph 17(1A)(b) of that Schedule for "more than" there shall be substituted "not less than".
For section 96(6) of the Finance Act 1984 there shall be substituted— For paragraph 2(1)(d) of Schedule 8 to that Act there shall be substituted the following paragraph—. For paragraph 12 of Schedule 9 to that Act there shall be substituted—
and paragraph 20(4) shall have effect in relation to shares whenever issued
Chapter Short title Extent of repeal 1971 c. 10. Vehicles (Excise) Act 1971. Section 9(3)(b) and (c).In section 16, in subsection (1) in paragraph (i), the words from “and all recovery vehicles” to “that business” and in paragraph (a) of the proviso the words from “except” to “disabled vehicle”, subsection (3)(b) and in subsection (8) the definition of “recovery vehicle”.In section 18A(7), paragraph (d) and the word “or” immediately preceding it.In Part I of Schedule 7, paragraphs 7(b)(ii) and 17A(b)(ii). 1972 c. 10 (N.I.). The Vehicles (Excise) Act (Northern Ireland) 1972. Section 9(4)(b) and (c).In section 16, in subsection (1)(a) the words from “and all recovery vehicles” to “that business”, in subsection (2)(a) the words from “except” to “disabled vehicle”, subsection (4)(b) and in subsection (10) the definition of “recovery vehicle”.In section 18(A)(7), paragraph (d) and the word “or” immediately preceding it.In Part I of Schedule 9, paragraphs 7(b)(2) and 17A(b)(ii).
The repeals in section 16 of each of the Vehicles (Excise) Act 1971 and the Vehicles (Excise) Act (Northern Ireland) Act 1972 have effect in relation to licences taken out after 31st December 1987.
The remaining repeals have effect in accordance with section 2(8) (a) and (b) of this Act.
Chapter Short title Extent of repeal 1981 c. 63. The Betting and Gaming Duties Act 1981. In section 1(2) the words from the beginning of paragraph (a) to “bet” in paragraph (b).Section 3.Section 21(4).In Schedule 4, in paragraph 9(a), the words from “or” to “this Act)”. 1982 c. 39. The Finance Act 1982. In Schedule 6, paragraph 10. 1984 c. 43. The Finance Act 1984. In Schedule 3, paragraph 7(5)(b). 1985 c. 54. The Finance Act 1985. In Schedule 5, paragraph 1(2).
The repeal in section 1 of the Betting and Gaming Duties Act 1981 and the repeal of section 3 of that Act have effect with respect to bets made on or after 29th March 1987.
The repeal in the Finance Act 1982 has effect with respect to gaming machine licences for any period beginning on or after 1st June 1987.
The remaining repeals have effect with respect to gaming machine licences for any period beginning on or after 1st October 1987.
Chapter Short title Extent of repeal 1979 c. 2. The Customs and Excise Management Act 1979. In section 77(1)(a) the words “importation, exportation or”. 1983 c. 28. The Finance Act 1983. Section 7(4).
Chapter Short title Extent of repeal 1983 c. 55. The Value Added Tax Act 1983. In Schedule 1, paragraphs 6 and 8.In Schedule 5, item 2 of and Note (1) to Group 15.
Chapter Short title Extent of repeal 1970 c. 9. The Taxes Management Act 1970. In section 86(4), in the second column of the Table, paragraph 5(b). 1970 c. 10. The Income and Corporation Taxes Act 1970. In section 243, the words “section 244 below and”.Section 244.In section 303, in subsection (3), the proviso and, in subsection (6), the words from “and in” onwards. 1975 c. 45. The Finance (No. 2) Act 1975. In section 44(2), the words from “section 244(1)” to “1965)”.In section 48(9), in the definition of “the material date”, paragraph (b). 1978 c. 42 The Finance Act 1978. In Schedule 9, paragraph 11(3)(c). 1980 c. 48. The Finance Act 1980. Section 46(12).In Schedule 10, paragraph 26(3). 1981 c. 35. The Finance Act 1981. Section 27. 1982 c. 39. The Finance Act 1982. Section 32. 1984 c. 43. The Finance Act 1984. In Schedule 10, in paragraph 4(4), the words from “and paragrap h” to “ “associate”)” 1986 c. 50. The Social Security Act 1986. In Schedule 10, paragraph 101(b).
The repeals in section 86 of the Taxes Management Act 1970, sections 243 and 244 of the Income and Corporation Taxes Act 1970 and sections 44 and 48 of the Finance (No. 2) Act 1975 have effect with respect to accounting periods beginning on or after 17th March 1987.
Subject to section 37(2) of this Act, the repeals in section 303 of the Income and Corporation Taxes Act shall be deemed to have come into force on 6th April 1986.
The repeals in Schedule 9 to the Finance Act 1978, section 46 of and Schedule 10 to the Finance Act 1980 and Schedule 10 to the Finance Act 1984 shall be deemed to have come into force on 6th April 1986.
The repeals of section 27 of the Finance Act 1981 and section 32 of the Finance Act 1982 do not apply in relation to payments of supplementary allowance in respect of periods before the day on which regulations containing the first schemes under section 20(1)(a) of the Social Security Act 1986 and Article 21(1)(a) of the Social Security (Northern Ireland) Order 1986 come into force.
Chapter Short title Extent of repeal 1970 c. 10. The Income and Corporation Taxes Act 1970. In section 248(6)(c), the word “scheme”.In section 533(8), the words from “(as defined” to “1940)”. 1980 c. 48. The Finance Act 1980. In section 60, the words from “(Tax Acts” to “shareholders)”. 1984 c. 43. The Finance Act 1984. In section 92(7)(a), the words from “as defined” to “1958”.In section 94(1)(b), the words from “as defined” to “1958”. These repeals have effect in accordance with an order under section 40 of this Act.
Chapter Short title Extent of repeal 1970 c. 10. The Income and Corporation Taxes Act 1970. Section 20(3) to (5).Section 34(3) and in section 34(4) the words “given after 6th April 1948 and”.Section 105.Section 122(1)(c).Section 175(2)(d).Section 212(2).In section 214(1)(b) the words from “by virtue” to “1956”.In section 226(9)(c) the words “Schedule A”.In section 227, in subsection (5)(b) the words following “husband”, in subsection (9) the words “for chargeable periods after the year 1955–56” and subsection (12).Section 229(2).In section 312(2)(c) the words “not earlier than the year 1923–24”.Section 325.Section 345(1) and (2)(c).Section 352(10).Section 362(4).Section 375(3).In section 388(4) the words from “on or” to “Act 1952”.Sections 403 and 404.Section 420(3)(b)(i).Sections 422 to 424.In section 460(1), the proviso.In section 467(3), the proviso.Section 468.In section 495 in subsection (1) the words from “and which is” to the end and subsection (3).Section 514.Section 519(3).In Schedule 10 the words, in paragraph 1, “or any approved association of underwriters”, in paragraph 7(3)(a), “or the association in question” and, in paragraph 14, from “or the managing” to “in question”; and in paragraph 16(1) the definition of “approved association of underwriters”, in the definition of “business” the words from “or of whatever” to “in question” and in the definition of “underwriting year” all the words following “calendar year”.In Schedule 15, paragraph 1. 1972 c. 41. The Finance Act 1972. Section 76.In Schedule 16, in paragraph 12(1)(a) the words from “otherwise” to “1914”. 1973 c. 51. The Finance Act 1973. Section 31(6) to (8).Section 44. 1975 c. 44. The Finance (No. 2) Act 1975. Section 41.In section 47, in subsection (1) in paragraph (a), the words “surtax” and the last “or” and paragraph (b) and subsections (2), (3)(b) and (4)(b). 1976 c. 46. The Finance Act 1976. In section 33(1) the words from “Until” to “appoint”. 1980 c. 48. The Finance Act 1980. In section 36(1)(a) the words “and is not being considered for approval”. 1982 c. 39. The Finance Act 1982. Section 142(3) and (4). 1985 c. 54. The Finance Act 1985. In Schedule 11, paragraph 2(8).In Schedule 23 the words, in paragraph 21, “approved association of underwriters” and, in paragraphs 22(1), 27(1) and 28(1) and (5), “or of an approved association of underwriters” and “or the association in question”. The repeal of section 514 of the Taxes Act shall not have effect in relation to the Relief from Double Income Tax on Shipping Profits (Iceland) Declaration 1928.
Chapter Short Title Extent of repeal 1910 c. 8. The Finance (1909–10) Act 1910. Sections 77 to 79. 1946 c. 64. The Finance Act 1946. Section 54(6). 1946 c. 17 (N.I.). The Finance (No. 2) Act (Northern Ireland) 1946. Section 25(6). 1967 c. 54. The Finance Act 1967. In section 30, subsection (4) and, in subsection (5), the definition of “the scheduled territories”. 1967 c. 20 (N.I.). The Finance Act (Northern Ireland) 1967. In section 7, subsection (4) and, in subsection (5), the definition of “the scheduled territories”. 1970 c. 24. The Finance Act 1970. In Schedule 7, paragraph 9. 1970 c. 21 (N.I.). The Finance Act (Northern Ireland) 1970. In Schedule 2, paragraph 9.
The repeals in section 30 of the Finance Act 1967 and section 7 of the Finance Act (Northern Ireland) 1967 have effect with respect to the issue of instruments and the transfer of stock on or after the day on which this Act is passed.
The remaining repeals shall come into force on the day on which section 49(1) of this Act comes into force.
Chapter Short title Extent of repeal 1984 c. 51. The Inheritance Tax Act 1984. Section 168(2).In section 178(2), the words “on a recognised stock exchange” in the second place where they occur. 1986 c. 41. The Finance Act 1986. In Schedule 20, in paragraph 8(1) the words from “then” onwards. These repeals have effect in relation to transfers of value made, and other events occuring, on or after 17th March 1987.
Chapter Short title Extent of repeal 1975 c. 22. The Oil Taxation Act 1975. In section 2(9)(a)(i) and (ii), the words “at the material time”.In section 5A(5B), the words “at the material time”.In section 14, in subsection (4) and (4A)(b), the words “at the material time”.In Schedule 2, in paragraph 2(2)(a)(iii) and (b)(ii), the words “at the material time”.In Schedule 3, in paragraph 2(3), the words “at that time”, where they first occur, and in paragraph 3, in sub-paragraph (1) the words “at the material time” and in sub-paragraph (2) the words from “and “the material time”” onwards. 1981 c. 35. The Finance Act 1981. In section 111(3)(a), the words following “the principal Act”. 1983 c. 28. The Finance Act 1983. In Schedule 8, in Part II. paragraph 9. 1984 c. 43. The Finance Act 1984. In section 113(1), the words “abortive explorationexpenditure or exploration and appraisal”. The repeals in the Oil Taxation Act 1975 have effect with respect to chargeable periods ending after 31st December 1986.
Chapter Short title Extent of repeal 10 & 11 Geo. 6 c. 14. The Exchange Control Act 1947. The whole Act. 1 & 2 Eliz. 2 c. 136. The Post Office Act 1953. Section 16(4). 8 & 9 Eliz. 2 c. 52. The Cyprus Act 1960. In the Schedule, paragraph 2. 1963 c. 25. The Finance Act 1963. In section 71(1) the words “section 10 of the Exchange Control Act 1947, and to”. 1965 c. 2. The Administration of Justice Act 1965. In Schedule 1, the entry relating to the Exchange Control Act 1947. 1968 c. 39. The Gas and Electricity Act 1968. In section 2(5) the words from “or from” onwards. 1970 c. lxix. The City of London (Various Powers) Act 1970. In section 8(4) the words “with the Exchange Control Act 1947 and”. 1977 c. 36. The Finance Act 1977. Section 58. 1978 c. 23. The Judicature (Northern Ireland) Act 1978. In Schedule 5, in Part II, the entry relating to the Exchange Control Act 1947. 1979 c. 2 The Customs and Excise Management Act 1979. In Schedule 4, in Part I of the Table, the entry relating to the Exchange Control Act 1947. 1979 c. 11 The Electricity (Scotland) Act 1979. In section 27(9)(b) the words “or from” onwards. 1979 c. 14. The Capital Gains Tax Act 1979. Section 150(5). 1979 c. 43. The Crown Agents Act 1979. In section 8(5) paragraph (i) and, in paragraph (ii), the words “in relation to any time on or after that date”. 1981 c. 35. The Finance Act 1981. In section 136, subsections (1) and (3).Schedule 18. 1981 c. 54. The Senior Courts Act 1981. In Schedule 5, the entry relating to the Exchange Control Act 1947. 1982 c. 41. The Stock Transfer Act 1982. In section 6(3) the words from “and” onwards.In Schedule 2, paragraph 3. 1985 c. 65. The Insolvency Act 1985. In Schedule 8, paragraph 8. 1985 c. 66. The Bankruptcy (Scotland) Act 1985. In Schedule 7, paragraph 7. 1986 c. 45. The Insolvency Act 1986. In Schedule 14, the entry relating to the Exchange Control Act 1947.
The repeal of the Exchange Control Act 1947 does not affect the power of the Treasury to issue a certificate under subsection (2) of section 18 of that Act (including that subsection as applied by section 28(3) or section 29(3) of that Act) with respect to acts done before 13th December 1979.
The repeal of section 150(5) of the Capital Gains Tax Act 1979 does not affect the determination of the market value of any assets at a time before 13th December 1979.
After section 13 of the Hydrocarbon Oil Duties Act 1979 there shall be inserted the following section—
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This section shall be deemed to have come into force at 6 o’clock in the evening of 17th March 1987.
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In Schedule 4 to each of the Acts of 1971 and 1972 (annual rates of duty on goods vehicles)—
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. . . section 102 of the Customs and Excise Management Act of 1979, as it applies in relation to licences under the Act of 1971, shall have effect subject to the further amendments in Part III of Schedule 1 to this Act.
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paragraphs 8 to 11 shall not affect any amount payable in respect of any day before the day on which this Act is passed,
paragraphs 12 and 13 shall not affect any amount payable in respect of, or any part of, the calendar month in which this Act is passed or in respect of, or any part of, any previous calendar month, and
paragraphs 20 and 21 shall not affect the penalty for an offence committed before the passing of this Act,
General betting duty shall not be chargeable on any bet made on or after 29th March 1987 which is an on-course bet within the meaning of Part I of the Betting and Gaming Duties Act 1981 (in this section referred to as “the 1981 Act”) and, accordingly, with respect to bets made on or after that date, section 1 of the 1981 Act (charge to, and rates of, duty) shall be amended as follows—
in subsection (1) after the words “on any bet” there shall be inserted “ which is not an on-course bet and ”; and
in subsection (2) the words from the beginning of paragraph (a) to “bet” in paragraph (b) shall be omitted.
With respect to bets made on or after 29th March 1987 but before the betting commencement date within the meaning of section 6 of the Finance Act 1986, Part III of the Miscellaneous Transferred Excise Duties Act (Northern Ireland) 1972 (in this section referred to as “the 1972 Act”) (which made separate provision for Northern Ireland corresponding to that made by the 1981 Act and which ceased to have effect on the betting commencement date except in relation to bets made before that date) shall be deemed to have been amended as follows—
in section 16(1) (charge of duty) after the words “on any bet” there shall be inserted “ which is not an on-course bet and ”; and
in section 17 (rates of duty) in subsection (1) paragraph (a) and, in paragraph (b), the words from the beginning to “bet” shall be omitted.
In Schedule 1 to the 1981 Act (supplementary provisions)—
in paragraph 1 (definitions) at the end of the definition of “general betting business” there shall be added the words “ or would or might involve such sums becoming so payable if on-course bets were not excluded from that duty ”; and
in paragraph 2 (power to make regulations for administration of general betting duty) in sub-paragraph (4)(a) after the words “liable for duty” there shall be inserted “ or would be or might be or become liable for duty if on-course bets were not excluded from duty ”.
The amendments made by subsection (3) above shall be deemed to have come into force on 29th March 1987.
During the period beginning with 29th March 1987 and ending with the betting commencement date within the meaning of section 6 of the Finance Act 1986, in Schedule 2 to the 1972 Act (supplementary provisions) the references to a business which involves, or may involve, general betting duty becoming payable by any person and the references to any activity by reason of which a person is or may be or become liable for that duty shall be deemed to have included respectively references to a business which would or might involve that duty becoming payable, and to an activity by reason of which a person would be or might be or become liable for that duty, if on-course bets were not excluded from that duty.
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In subsection (3) of section 26 of the 1981 Act (which provides that if one or more gaming machines are made available on any premises in such a way that they can be played, any gaming machine anywhere on the premises shall be treated as provided for gaming) after the word “and” there shall be inserted “ subject to subsection (3A) below ”.
After subsection (3) of the said section 26 there shall be inserted the following subsection—
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in the case of a whole-year licence, to one-twelfth of the duty paid on the grant of the licence, and
in the case of a half-year licence, to one-twelfth of the duty that would have been payable on the grant of the licence if it had been a whole-year licence."
At the end of section 20 of the Customs and Excise Management Act 1979 (approved wharves) there shall be added the following subsection—
At the end of section 25 of that Act (approval of transit sheds) there shall be added the following subsection—
any officer
entering, leaving or about to leave the United Kingdom,
within the prescribed area,
within the limits of or entering or leaving a port or any land adjacent to a port and occupied wholly or mainly for the purpose of activities carried on at the port,
at, entering or leaving an aerodrome,
at, entering or leaving an approved wharf, transit shed, customs warehouse or free zone, or
at, entering or leaving any such premises as are mentioned in subsection (1) of section 112 below,
In section 28 of that Act (officers’ powers of access, etc.) in subsection (1) after the words “any vehicle” there shall be inserted “ which falls within paragraphs (a) to (f) of subsection (1) of section 27 above or is ”.
In section 58A of the Customs and Excise Management Act 1979 (local export control) at the end of subsection (1) there shall be inserted “ and, subject to and to such modifications as may be specified in the directions, this section and section 58D below shall apply in relation to goods which, for the purposes of any Community regulation relating to export refunds or monetary compensatory amounts, are treated as exports as if the supply of the goods were their exportation or, as the case may require, their shipping for exportation ”.
In subsection (3)(b) of that section (conditions for the application of local export control) after the word “shipped” there shall be inserted “ for exportation or exported by land ”.
After subsection (7) of that section (power of Commissioners to relax requirements) there shall be inserted—
In section 58D of that Act (operative date for Community purposes) in subsection (2) (b) for the words following “above” there shall be substituted “ as set out in section 58A(7A)(b) above, the day entry is made ”.
After section 75 of the Customs and Excise Management Act 1979 there shall be inserted the following—
In section 77 of the Customs and Excise Management Act 1979 (information in relation to goods imported, exported or shipped for carriage coastwise) in subsection (1)(a) the words “importation, exportation or” shall be omitted, and after that section there shall be inserted the following section—
At the end of section 14(1) of the principal Act (which provides for tax to be accounted for and paid in accordance with regulations) there shall be added the words ", and regulations may make different provision for different circumstances".
Regulations under this paragraph may make provision whereby, in such cases and subject to such conditions as may be determined by or under the regulations, tax in respect of a supply may be accounted for and paid by reference to the time when consideration for the supply is received; and any such regulations may make such modifications of the provisions of this Act (including in particular, but without prejudice to the generality of the power, the provisions as to the time when, and the circumstances in which, credit for input tax is to be allowed) as appear to the Commissioners necessary or expedient.
In section 15 of the principal Act, for subsections (1) to (3) there shall be substituted—.
In section 6(1) of that Act, for the words "the charge to tax" there shall be substituted the words "this Act".
In section 35(1) and (2) of that Act, for the words "shall be disregarded" there shall be substituted the words "shall, except where the contrary intention appears, be disregarded".
This section shall have effect in relation to supplies and importations made on or after 1st April 1987, and shall be deemed to have come into force on 23rd March 1987.
The principal Act shall be amended as follows.
In section 2(5), at the end there shall be added the words ", and a person who is registered under paragraph 11A of that Schedule is a taxable person (notwithstanding that he does not make and does not intend to make taxable supplies)".
In section 48(1), for the definition of "taxable person" there shall be substituted—.
In Schedule 1, after paragraph 11 there shall be inserted—.
In Schedule 5, item 2 of and Note (1) to Group 15 shall cease to have effect.
Schedule 1 to the principal Act shall be amended as follows.
For paragraph 1 there shall be substituted—.
For paragraph 2 there shall be substituted—.
For paragraph 3 there shall be substituted—.
For paragraph 4 there shall be substituted—.
Paragraph 6 shall cease to have effect.
For paragraph 7 there shall be substituted—.
In paragraph 9, for the words "paragraph 2(b)" there shall be substituted the words "paragraph 2".
Where there is a material change in the nature of the supplies made by a person exempted from registration under sub-paragraph (1)(a) above he shall notify the Commissioners of the change— Where there is a material alteration in any quarter in the proportion of taxable supplies of such a person that are zero-rated, he shall notify the Commissioners of the alteration within thirty days of the end of the quarter.
For paragraph 13 there shall be substituted—.
In the principal Act, after section 29 there shall be inserted—.
This section shall have effect in relation to transfers of assets made on or after 1st April 1987, and shall be deemed to have come into force on 23rd March 1987.
After section 37 of the principal Act there shall be added—.
In section 45 of that Act, at the beginning of subsection (4) there shall be inserted the words "Subject to section 37A(4) above".
In Schedule 4 to the principal Act, at the beginning of paragraph 1(1 )(c) there shall be inserted the words "if the supply is a taxable supply,".
This section shall have effect in relation to supplies made on or after 1st April 1987, and shall be deemed to have come into force on 23rd March 1987.
In Schedule 6 to the principal Act (exemptions), in Group 5 (finance)—
at the end of item 5 there shall be added the words "or the underwriting of an issue within item 1"; and
after item 6 there shall be inserted the following item—.
This section shall have effect in relation to supplies made on or after 1st April 1987, and shall be deemed to have come into force on 23rd March 1987.
In this Chapter "the principal Act" means the Value Added Tax Act 1983.
The principal Act shall have effect subject to the further amendments in Schedule 2 to this Act; and the amendment in that Schedule of section 7 of the principal Act shall have effect with respect to services supplied on or after 1st April 1987.