Finance Act 1992
In section 5 of the Alcoholic Liquor Duties Act 1979 (spirits) for “£18.96” there shall be substituted “ £19.81 ”.
In section 36 of that Act (beer) as that section has effect apart from section 7(1) of the Finance Act 1991 for “£1.06” there shall be substituted “ £1.108 ”.
For the Table of rates of duty in Schedule 1 to that Act (wine and made-wine) there shall be substituted the Table in the Schedule to this Act.
In section 62(1) of that Act (cider) for “£20.40” there shall be substituted “ £21.32 ”.
This section shall be deemed to have come into force at 6 o’clock in the evening of 10th March 1992.
1. Cigarettes An amount equal to 21 per cent. of the retail price plus £44.32 per thousand cigarettes. 2. Cigars £67.89 per kilogram. 3. Hand-rolling tobacco £71.63 per kilogram. 4. Other smoking tobacco and chewing tobacco £29.98 per kilogram.
This section shall be deemed to have come into force at 6 o’clock in the evening of 10th March 1992.
In section 6(1) of the Hydrocarbon Oil Duties Act 1979 for “£0.2585” (duty on light oil) and “£0.2187” (duty on heavy oil) there shall be substituted “ £0.2779 ” and “ £0.2285 ” respectively.
In section 11(1) of that Act (rebate on heavy oil) for “£0.0091” (fuel oil) and “£0.0129” (gas oil) there shall be substituted “ £0.0095 ” and “ £0.0135 ” respectively.
In section 13A(1) of that Act (rebate on unleaded petrol) for “£0.0344” there shall be substituted “ £0.0437 ”.
In section 14(1) of that Act (rebate on light oil for use as furnace fuel) for “£0.0091” there shall be substituted “ £0.0095 ”.
This section shall be deemed to have come into force at 6 o’clock in the evening of 10th March 1992.
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In section 1(2) of the Betting and Gaming Duties Act 1981 (rate of general betting duty) for “8 per cent.” there shall be substituted “ 7.75 per cent. ”
This section shall apply in relation to bets made on or after 1st April 1992.
In the Value Added Tax Act 1983 the following section shall be inserted after section 38B—
In section 45(4) of that Act (orders subject to Commons approval) in paragraph (a) after “3(4)” there shall be inserted “or 38C”.
In section 14(1) of the Finance Act 1985 (penalty equal to 20 per cent. of tax lost imposed for serious misdeclaration or neglect resulting in understatements or overclaims), for “20 per cent.” there shall be substituted “15 per cent.”
In section 19(5) of that Act (specified percentages for default surcharge), for the words from “and” at the end of paragraph (b) to the end of the subsection there shall be substituted—
Subject to subsection (4) below, subsection (1) above shall apply where a penalty is assessed after 10th March 1992 in relation to a prescribed accounting period beginning on or after 1st April 1990.
Subsection (1) above shall not apply in the case of a supplementary assessment if the original assessment was made on or before 10th March 1992.
Subsection (2) above shall apply in relation to any liability to a surcharge arising on or after 1st April 1992.
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In section 1(2) of the Car Tax Act 1983 (rates of tax) for “10 per cent.” in both places where the words occur there shall be substituted “5 per cent.”
This section shall apply in relation to vehicles on which car tax becomes due after 10th March 1992.
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Section 1 of the Taxes Act 1988 (the charge to income tax) shall be amended as mentioned in subsections (2) to (8) below.
In subsection (2) the following paragraph shall be inserted before paragraph (a)—.
In paragraph (a) of subsection (2) after “within” there shall be inserted “paragraph (aa) above or”.
The following subsection shall be inserted after subsection (2)—
In subsection (3) after “at the” there shall be inserted “lower rate or the”.
In subsection (4) for “the amount specified” there shall be substituted “each of the amounts specified”.
In subsection (6) for “amount” there shall be substituted “amounts”.
The following subsection shall be inserted after subsection (6)—
“lower rate”, in relation to the charging of income tax for any year of assessment, means the rate of income tax determined in pursuance of section 1(2)(aa), and any reference to the lower rate limit shall be construed in accordance with section 1(2A);
This section shall apply for the year 1992-93 and subsequent years of assessment.
This section shall not require any change to be made in the amounts deductible or repayable under section 203 of the Taxes Act 1988 (PAYE) before 18th May 1992.
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Income tax shall be charged for the year 1992-93, and for that year—
the lower rate shall be 20 per cent.,
the basic rate shall be 25 per cent., and
the higher rate shall be 40 per cent.
For the year 1992-93 the basic rate limit shall be £23,700, and for that year—
section 1(4) of the Taxes Act 1988 (indexation) shall not apply;
section 1(2)(b) of that Act (higher rate) shall apply as if the amount specified in it were £23,700.
Section 257C(1) of the Taxes Act 1988 (indexation), so far as relating to section 257A(1) of that Act (married couple’s allowance), shall not apply for the year 1992-93; and section 257A(1) of that Act shall apply for the year 1992-93 as if the amount specified in it were £1,720.
For the year 1992-93 the qualifying maximum defined in section 367(5) of the Taxes Act 1988 (limit on relief for interest on certain loans) shall be £30,000.
This section shall not require any change to be made in the amounts deductible or repayable under section 203 of the Taxes Act 1988 (PAYE) before 18th May 1992.
This Act may be cited as the Finance Act 1992.
In this Act “the Taxes Act 1988” means the Income and Corporation Taxes Act 1988.
Section 1. Description of wine or made-wine Rates of duty per hectolitre £ Wine or made-wine of a strength not exceeding 2 per cent. 12.60 Wine or made-wine of a strength exceeding 2 per cent. but not exceeding 3 per cent. 20.99 Wine or made-wine of a strength exceeding 3 per cent. but not exceeding 4 per cent. 29.39 Wine or made-wine of a strength exceeding 4 per cent. but not exceeding 5 per cent. 37.80 Wine or made-wine of a strength exceeding 5 per cent. but not exceeding 5.5 per cent. 46.19 Wine or made-wine of a strength exceeding 5.5 per cent. but not exceeding 15 per cent. and not being sparkling 125.96 Sparkling wine or sparkling made-wine of a strength exceeding 5.5 per cent. but not exceeding 15 per cent. 208.00 Wine or made-wine of a strength exceeding 15 per cent. but not exceeding 18 per cent. 217.25 Wine or made-wine of a strength exceeding 18 per cent. but not exceeding 22 per cent. 250.59 Wine or made-wine of a strength exceeding 22 per cent. 250.59plus £19.81 for every 1 per cent. or part of 1 per cent. in excess of 22 per cent.