Georgia – Parliamentary Elections, Second Round, 30 October 2016: Statement of Preliminary Findings and Conclusions
Subject to the following provisions of this section, the Commissioners may by regulations make provision, in relation to any duties of excise on goods, for fixing the time when the requirement to pay any duty with which goods become chargeable is to take effect (“the excise duty point”).
Where regulations under this section fix an excise duty point for any goods, the rate of duty for the time being in force at that point shall be the rate used for determining the amount of duty to be paid in pursuance of the requirement that takes effect at that point.
Regulations under this section may provide for the excise duty point for any goods to be such of the following times as may be prescribed in relation to the circumstances of the case, that is to say— and regulations made by virtue of any of paragraphs (b) to (e) above may define a time by reference to whether or not at that time the Commissioners have been satisfied as to any matter.
the time when the goods become chargeable with the duty in question;
the time when there is a contravention of any prescribed requirements relating to any suspension arrangements applying to the goods;
the time when the duty on the goods ceases, in the prescribed manner, to be suspended in accordance with any such arrangements;
the time when there is a contravention of any prescribed condition subject to which any relief has been conferred in relation to the goods;
such time after the time which, in accordance with regulations made by virtue of any of the preceding paragraphs, would otherwise be the excise duty point for those goods as may be prescribed;
Where regulations under this section prescribe an excise duty point for any goods, such regulations may also make provision—
specifying the person or persons on whom the liability to pay duty on the goods is to fall at the excise duty point (being the person or persons having the prescribed connection with the goods at that point or at such other time, falling no earlier than when the goods become chargeable with the duty, as may be prescribed); and
where more than one person is to be liable to pay the duty, specifying whether the liability is to be both joint and several.
Schedule 1 to this Act (which contains minor and consequential amendments and savings for purposes connected with the other provision made by this section) shall have effect.
The power of the Commissioners to make regulations under this section shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament and shall include power—
to make different provision for different cases, including different provision for different duties and different goods; and
to make such incidental, supplemental, consequential and transitional provision as the Commissioners think necessary or expedient.
In this section— and references in this section to suspension arrangements are references to any provision made by or under the customs and excise Acts for enabling goods to be held or moved without payment of duty or any provision made by or under those Acts in connection with any provision enabling goods to be so held or moved.
This repeal has effect in accordance with section 17 of this Act.
“the Commissioners” means the Commissioners of Customs and Excise;
“contravention” includes a failure to comply;
“contravention” includes a failure to comply;
“customs and excise Acts” and “goods” have the same meanings as in the Customs and Excise Management Act 1979; and
“expenditure of a revenue nature” has the meaning given in section 68(10) of the 1990 Act,
“prescribed” means prescribed by regulations under this section;
This section and Schedule 1 to this Act shall come into force on such day as the Commissioners may by order made by statutory instrument appoint, and different days may be appointed under this subsection for different provisions and for different purposes.
Subject to the following provisions of this section, the Commissioners may, in relation to any duties of excise, by regulations make provision (a) conferring an entitlement to drawback of duty in prescribed cases where the Commissioners are satisfied that goods chargeable with duty have not been, and will not be, consumed in the United Kingdom ; and.
conferring an entitlement to drawback of duty, in prescribed cases, on the shipment as stores, or warehousing in an excise warehouse for use as stores, of goods chargeable with duty
The power of the Commissioners to make regulations under this section shall include power—
to provide for, or for the imposition of, the conditions to which an entitlement to drawback under the regulations is to be subject;
to provide for the determination of the person on whom any such entitlement is conferred;
to make different provision for different cases, including different provision for different duties and different goods; and
to make such incidental, supplemental, consequential and transitional provision as the Commissioners think necessary or expedient.
Without prejudice to the generality of subsection (2)(d) above, the power of the Commissioners to make regulations under this section shall include power, in relation to any drawback of duty to which any person is entitled by virtue of regulations under this section, to provide—
for entitlement to the drawback to be cancelled at any time after it has been conferred if there is a contravention of any conditions to which it is subject or in such other circumstances as may be prescribed; and
for such persons as may be prescribed to be liable to the Commissioners for sums paid or credited to any person in respect of any drawback that has been cancelled in accordance with any such regulations.
The power of the Commissioners to make regulations under this section shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.
If entitlement to drawback is cancelled under any provision contained in regulations by virtue of subsection (3) above the Commissioners—
may assess as being excise duty due from the prescribed person an amount equal to sums paid or credited to any person in respect of the drawback, and
may notify the prescribed person or his representative accordingly.
In this section—
“qualifying disc” means a master disc of a film certified by the Secretary of State under Schedule 1 to the Films Act 1985 as a qualifying disc for the purposes of section 68 of the 1990 Act,
“the Commissioners” means the Commissioners of Customs and Excise;
“contravention” includes a failure to comply;
These repeals come into force in accordance with section 14(3) of this Act.
“excise warehouse”, “goods”, “shipment”, “stores” and “warehousing” have the same meaningsas in the Customs and Excise Management Act 1979; and
“prescribed” means prescribed by regulations under this section.
Section 1.
“excise duty point” has the meaning given by section 1 of the Finance (No. 2) Act 1992;
In section 43 of that Act (duty on imported goods)—
in subsection (2), for “and (2C)" there shall be substituted “ (2C) and (2D) ”; and
after subsection (2C) there shall be inserted the following subsection—
In section 94 of that Act (deficiency in warehoused goods), after subsection (5) there shall be inserted the following subsection—
In section 95(1) of that Act (application of section 94 to deficiencies in goods removed from warehouses), after “subsection (2) below" there shall be inserted “ and to any such regulations as are mentioned in subsection (6) of that section ”.
In section 96 of that Act (deficiency in certain goods moved by pipeline), after subsection (5) there shall be inserted the following subsection—
Subject to sub-paragraph (2) below, section 100H(1) of that Act (liability to duty under REDS regulations) shall have effect— Where apart from this sub-paragraph any provisions contained in regulations made by virtue of paragraph (f) or (h) of section 100H(1) of that Act would cease to have effect by virtue of sub-paragraph (1) above, those provisions shall continue in force, notwithstanding that sub-paragraph, as if contained in regulations made under section 1 of this Act and, accordingly, may be revoked, amended or re-enacted by regulations under that section.
In section 127A(1) of that Act (power to provide for deferred payment of excise duty), after “payment" there shall be inserted “ (in accordance, where any requirement to pay the duty takes effect, with that requirement) ”.
In subsection (3) of section 13 of the Customs and Excise Duties (General Reliefs) Act 1979 (power to provide for reliefs in respect of duty and VAT subject to conditions)— After that subsection there shall be inserted the following subsections— “conduct”, in relation to any person who has or may acquire possession or control of any goods, includes that person’s intentions at any time in relation to those goods;
In section 36(2) of the Alcoholic Liquor Duties Act 1979 (charge of duty on beer), at the end there shall be inserted “ and with any regulations under section 1 of the Finance (No. 2) Act 1992 ”.
Subject to sub-paragraph (2) below, paragraph (d) of section 41A(7) of that Act (power to impose liability for beer duty on prescribed persons) shall cease to have effect. Where apart from this sub-paragraph any provisions contained in regulations made by virtue of paragraph (d) of section 41A(7) of that Act would cease to have effect by virtue of sub-paragraph (1) above, those provisions shall continue in force, notwithstanding that sub-paragraph, as if contained in regulations made under section 1 of this Act and, accordingly, may be revoked, amended or re-enacted by regulations under that section.
Subsection (1) of section 49 of that Act (regulations as to the duty on beer) shall have effect with the substitution of the following paragraph for paragraph (e) (power to prescribe matters with respect to charge for beer duty), that is to say—. Where apart from this sub-paragraph any provisions contained in regulations made by virtue of paragraph (e) of section 49(1) of that Act would cease to have effect by virtue of sub-paragraph (1) above, those provisions shall continue in force, notwithstanding that sub-paragraph, as if contained in regulations made under section 1 of this Act and, accordingly, may be revoked, amended or re-enacted by regulations under that section.
In section 54(1) of that Act (charge of duty on wine), at the end there shall be inserted “ and with any regulations under section 1 of the Finance (No. 2) Act 1992 ”.
In section 55(1) of that Act (charge of duty on made-wine), at the end there shall be inserted “ and with any regulations under section 1 of the Finance (No. 2) Act 1992 ”.
Section 3.
In section 1(1) of the Customs and Excise Management Act 1979 (interpretation)—
in the definition of “occupier", for “means the" there shall be substituted “ includes any ”;
in the definition of “warehoused" and cognate expressions, after “that section" there shall be inserted “ and any regulations made by virtue of section 93(2)(da)(i) or (ee) or (4) below ”.
In section 93 of that Act (regulation of warehouses and warehoused goods), for subsection (1) there shall be substituted the following subsection— In subsection (2) of that section (further provision that may be made by warehousing regulations)— In subsection (2A) of that section (compensation where removed documents are lost)— In subsection (3) of that section (power to make different provision for different warehouses and goods), after the word “for", in the first place where it occurs, there shall be inserted “ different cases, including different provision for different occupiers or descriptions of occupier, for ”. After subsection (5) of that section there shall be inserted the following subsection— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In subsection (7)(b) of that section—
In section 100(2) of that Act (forfeiture in respect of contraventions relating to warehousing)—
in paragraphs (a) and (b), after “for warehousing" there shall be inserted “ or are otherwise required to be deposited in a warehouse ”;
for paragraph (d) there shall be substituted the following paragraph—.
In section 100H(1) of that Act (provision that may be contained in REDS regulations), after paragraph (m) there shall be inserted the following paragraph—.
In section 117 of that Act (execution of distress against revenue traders in respect of relevant excise duty)—
the word “relevant", in the first place where it occurs in subsection (1) and where it occurs in subsections (2)(a) . . ., shall be omitted;
for the words “a relevant" in subsections (1)(a) and (3) there shall be substituted “ any ”; and
the definition of “relevant excise duty" in subsection (8) shall be omitted.
In section 129 of that Act (power to remit or repay duty on denatured goods)—
in paragraph (b) of subsection (1) for “warehoused" there shall be substituted “ chargeable with a duty the requirement to pay which has not yet taken effect ”; and
after that subsection there shall be inserted the following subsection—
In section 170 of that Act (fraudulent evasion of duty), after subsection (5) there shall be inserted the following subsection—
After section 170 of that Act there shall be inserted the following sections—
In section 171(5) of that Act (which provides for the time at which duty is to be treated as payable where that cannot be ascertained for the purposes of any offence)—
after “43 above" there shall be inserted “ or the relevant excise duty point ”; and
at the end there shall be inserted “ or, as the case may be, as if the time when the proceedings were commenced was the relevant excise duty point. ”
In section 13C of the Customs and Excise Duties (General Reliefs) Act 1979 (offence where relieved goods used in breach of condition), after subsection (4) there shall be inserted the following subsection—
Section 14.
The Value Added Tax Act 1983 shall be amended in accordance with the following provisions of this Part of this Schedule.
In section 1 (charge to tax), for the words from “and on" onwards there shall be substituted “ on the acquisition in the United Kingdom from other member States of any goods and on the importation of goods from places outside the member States. ”
After section 2 (scope of tax) there shall be inserted the following sections—
In subsection (3) of section 3 (power to provide for how transactions are to be treated for the purposes of the charge on supplies), at the end there shall be inserted “ and may provide that paragraph 5A of that Schedule shall not apply, in such circumstances as may be described in the order, so as to make a removal of assets a supply of goods under that paragraph. ” In subsection (5) of that section (treatment of goods as supplied to and from the same person in the course or furtherance of his business), for “acquired" there shall be substituted “ taken possession of ”.
In section 4(1) (time of supply), after “apply" there shall be inserted “ (subject to section 35 below) ”.
After subsection (3) of section 5 (further provisions as to time of supply), there shall be inserted the following subsections— In subsection (9) of that section— In subsection (10) of that section (meaning of “tax invoice"), for “taxable person" there shall be substituted “ person to whom such an invoice should be issued. ”
In subsection (1) of section 6 (place of supply), after “apply" there shall be inserted “ (subject to section 35 below) ”. At the beginning of subsection (2) of that section there shall be inserted “ Subject to the following provisions of this section ”. For subsection (3) of that section (goods removed from or to the United Kingdom) there shall be substituted the following subsections— In subsection (4) of that section (goods removed from the United Kingdom in the course of their removal from one part of the United Kingdom to another), for “subsections (2) and (3) above" there shall be substituted “ the preceding provisions of this section ”. After subsection (4) of that section there shall be inserted the following subsection— In subsection (6) of that section (power to vary rules of place of supply of services), for the word “services", in each place where it occurs, there shall be substituted “ goods or services ”.
After subsection (5) of section 7 (reverse charge on services received from abroad) there shall be inserted the following subsection—
In section 8(1) (place where supplier or recipient belongs), after the word “apply", in the second place where it occurs, there shall be inserted “ (subject to any provision made under section 7(6) above) ”.
After section 8 there shall be inserted the following sections—
In section 9(1) (rate of tax)—
after paragraph (a) there shall be inserted the following paragraph—; and
in paragraph (b), after the word “goods", in the first place where it occurs, there shall be inserted “ from a place outside the member States ”.
In subsection (1) of section 10 (value of supply of goods or services), for “shall be determined as follows" there shall be substituted “ shall, except as otherwise provided by or under this Act, be determined in accordance with this section and Schedule 4 to this Act, and for those purposes subsections (2) to (4) below have effect subject to that Schedule ”. For subsection (3) of that section (value where supply for no consideration or for consideration not or not wholly in money) there shall be substituted the following subsection—
After section 10 there shall be inserted the following section—
In subsection (1) of section 11 (value of imported goods), for the words from “imported goods" onwards there shall be substituted “ goods imported from a place outside the member States shall (subject to subsections (2) and (2A) below) be determined according to the rules applicable in the case of Community customs duties, whether or not the goods in question are subject to any such duties. ” In subsection (2) of that section, for the words before paragraph (a) there shall be substituted “ For the purposes of this Act the value of any goods imported from a place outside the member States shall be taken to include the following so far as they are not already included in that value in accordance with the rules mentioned in subsection (1) above, that is to say- ”. After subsection (2) of that section there shall be inserted the following subsection—
In subsection (1) of section 14 (credit for input tax against output tax), after “him" there shall be inserted “ and in respect of the acquisition by him from other member States of any goods ”. In subsection (3) of that section (meaning of “input tax" and “output tax")— In subsection (3A) of that section (goods used by company for domestic purposes of a director etc.), for the words “supplied to, or imported by, a company" there shall be substituted “ are supplied to a company, goods are acquired by a company from another member State or goods are imported by a company from a place outside the member States and the goods or services which are so supplied, acquired or imported ”. In subsection (4) of that section (apportionment of tax to input tax)— In subsection (9) of that section (regulations as to credits for input tax)— In subsection (10) of that section (exclusions by Treasury order)—
In subsection (1) of section 15 (input tax allowable as a credit), after the word “supplies", in the first place where it occurs, there shall be inserted “ acquisitions ”. In subsection (2) of that section, after paragraph (b) there shall be inserted the following paragraph—
In subsection (3) of section 16 (no tax on zero-rated imports)— In subsection (6)(a) of that section (zero-rating of exports and goods shipped as stores etc.), after “exported them" there shall be inserted “ to a place outside the member States ”. In subsection (7) of that section (regulations as to zero-rating of goods which have been or are to be exported), for the words from “where" to “and" there shall be substitutedwhere— . In subsection (8) of that section (zero-rating of services where goods let on hire and exported), for “exported" there shall be substituted “ removed from the United Kingdom ”. In subsection (9) of that section (cases where goods are not exported or shipped), in paragraph (a), after “shipped" there shall be inserted “ or otherwise removed from the United Kingdom ”.
In section 17(1) (exemptions), at the end there shall be inserted “ and an acquisition of goods from another member State is an exempt acquisition if the goods are acquired in pursuance of an exempt supply. ”
In section 18 (relief on supply of second-hand goods), in each of paragraphs (a) and (b) of subsection (3), for “importation of goods of that description" there shall be substituted “ acquisition of goods of that description from another member State or the importation of goods of that description from a place outside the member States ”. In subsection (4) of that section—
In subsection (1) of section 19 (relief from tax on importation of goods), after “of goods" there shall be inserted “ from places outside the member States ”. In subsection (1A)(a) of that section, after “imported" there shall be inserted “ from a place outside the member States ”. In subsection (2) of that section— In subsection (3) of that section—
In subsection (1) of section 20 (refund of tax to local authorities and similar bodies)— In subsection (2) of that section—
After section 20 there shall be inserted the following section—
In subsection (1) of section 21 (refund of tax to persons constructing buildings)— After subsection (2) of that section there shall be inserted the following subsection—
In subsection (1) of section 23 (repayment of tax to those in business overseas), for “into the United Kingdom" there shall be substituted “ from places outside the member States ”. In subsection (2)(a) of that section, for “a member State other than the United Kingdom" there shall be substituted “ another member State ”.
For subsections (1) to (3) of section 24 (application of customs enactments) there shall be substituted the following subsection—
In section 25 (importation of goods by taxable persons)—
after “imported" there shall be inserted “ from a place outside the member States ”; and
at the end there shall be inserted “ or on the acquisition of goods by him from other member States ”.
In section 26(1) (goods imported for private purposes), after “a taxable person" there shall be inserted “ from a place outside the member States ”.
In subsection (2A) of section 27 (application to the Crown), for “or on the importation of goods by, a Government department and the supply" there shall be substituted “ a Government department, on the acquisition of any goods by a Government department from another member State or on the importation of any goods by a Government department from a place outside the member States and the supply, acquisition ”. In subsection (2B) of that section, after “supply" there shall be inserted “ acquisition ”.
In paragraph (c) of section 29(1) (tax on importation payable by representative member)—
for “importation of any goods" there shall be substituted “ acquisition of goods from another member State or on the importation of goods from a place outside the member States ”; and
as acquired or, as the case may be, imported by the representative member;
In subsection (2) of section 29A (supplies to groups), after the word “and", in the first place where it occurs, there shall be inserted “ acquisitions and ”. In subsection (3) of that section, for “acquired by" there shall be substituted “ assets of ”. In subsection (8) of that section, for “acquisition" there shall be substituted “ supply to or acquisition or importation ”.
In subsection (1) of section 30 (partnerships)— In subsection (2) of that section, at the end there shall be inserted “ or on the acquisition of goods by the partnership from another member State. ” In subsection (5) of that section, after the word “period", in the second place where it occurs, there shall be inserted “ or on the acquisition during that period by the firm of any goods from another member State ”.
In subsection (3) of section 31 (business carried on in divisions or by unincorporated bodies etc.), after the word “organisation", in the third place where it occurs, there shall be inserted “ or whether goods are acquired by such a club, association or organisation from another member State ”. After subsection (5) of that section there shall be inserted the following subsection—
In section 32 (agents etc.), for subsection (2) there shall be substituted the following subsection—
After section 32 there shall be inserted the following sections—
For section 35 (supplies of dutiable goods in warehouse) there shall be substituted the following section—
In subsection (1) of section 36 (capital goods), after “supply" there shall be inserted “ acquisition ”. In subsection (2) of that section, after “supplied" there shall be inserted “ acquired ”.
For section 37 (trading stamp schemes) there shall be substituted the following section—
In section 38 (which gives effect to Schedule 7), after “effect" there shall be inserted “ subject to section 46A(6) below, ”.
In subsection (1A) of section 39— In subsection (2B)(a) of that section (penalties in the case of refunds)— In subsection (4) of that section (handling goods in respect of which there is evasion), for “or on the importation of the goods" there shall be substituted “ on the acquisition of the goods from another member State or on the importation of the goods from a place outside the member States ”.
In subsection (1) of section 40 (appeals)—
in paragraph (b), for the words from “or, subject" to the end of the paragraph there shall be substituted “ on the acquisition of goods from another member State or, subject to subsection (5) below, on the importation of goods from a place outside the member States ”;
after paragraph (d) there shall be inserted the following paragraph—
after paragraph (f) there shall be inserted the following paragraph—
after paragraph (j) there shall be inserted the following paragraph—
in paragraph (m), at the end of sub-paragraph (ii) there shall be insertedor ;
in paragraph (n), after “under" there shall be inserted “ section 32A(7) above or ”;
in paragraph (o), for “17" there shall be substituted “ 17A ”.
In subsection (1) of section 41 (supplies spanning change of rate), at the end there shall be inserted “ or exempt or zero-rated acquisitions ”. After subsection (3) of that section there shall be inserted the following subsection— After subsection (5) of that section there shall be inserted the following subsection—
In subsection (1) of section 43 (failure of resolution under the Provisional Collection of Taxes Act 1968)— In subsection (2) of that section— In subsection (3) of that section, after “20" there shall be inserted “ 20A ”.
In section 46 (service of notices), for the words from “at his" onwards there shall be substituted “ or his tax representative at the last or usual residence or place of business of that person or representative. ”
After section 46 there shall be inserted the following sections—
After section 47 there shall be inserted the following section—
In subsection (1) of section 48 (interpretation)— After subsection (1) of that section there shall be inserted the following subsections— In subsection (5) of that section, after “determined" there shall be inserted “ (subject to any provision made under section 7(6) above) ”. After subsection (8) of that section there shall be inserted the following subsection—
In section 49 (refund of tax to Government of Northern Ireland)—
for “or on the importation of goods by, that Government" there shall be substituted “ that Government, on the acquisition of any goods by that Government from another member State or on the importation of any goods by that Government from a place outside the member States ”; and
after “supplies" there shall be inserted “ acquisitions ”.
In sub-paragraph (1) of paragraph 1 of Schedule 1 (registration in respect of taxable supplies), for “registered becomes liable to be registered" there shall be substituted “ registered under this Act becomes liable to be registered under this Schedule ”. In sub-paragraph (2) of that paragraph— In sub-paragraph (4) of that paragraph— After sub-paragraph (4) of that paragraph there shall be inserted the following sub-paragraphs— In sub-paragraph (5) of that paragraph, after “supplied" there shall be inserted “ and any taxable supplies which would not be taxable supplies apart from section 6(2B) of this Act. ”
In each of sub-paragraphs (1) and (4)(b) of paragraph 1A of that Schedule (further provisions as to liability to be registered), after “registered" there shall be inserted “ under this Schedule ”. In sub-paragraph (7) of that paragraph, after paragraph (b) there shall be inserted the following paragraph—.
After paragraph 1A of that Schedule there shall be inserted the following paragraph—
In sub-paragraph (1) of paragraph 2 of that Schedule (cases where person ceases to be registered), for the words from “registered person" to “time" there shall be substituted “ person who has become liable to be registered under this Schedule shall cease to be so liable at any time after being registered ”. In sub-paragraph (2) of that paragraph, after “be registered" there shall be inserted “ under this Schedule ”. In sub-paragraph (3) of that paragraph, after “supplied" there shall be inserted “ and any taxable supplies which would not be taxable supplies apart from section 6(2B) of this Act ”.
In paragraph 3(3) of that Schedule (notification of liability to be registered)—
after the word “registered", in the first place where it occurs, there shall be inserted “ by virtue of paragraph 1(1)(a) above ”; and
before that word, in the second place where it occurs, there shall be inserted “so".
In each of paragraphs 5 and 5A(1) of that Schedule (entitlement to be registered), after “registered" there shall be inserted “ under this Act and is not already so registered ”.
In paragraph 7 of that Schedule (notification of end of liability or entitlement), at the end there shall be inserted “ unless he would, when he so ceases, be otherwise liable or entitled to be registered under this Act if his registration and any enactment preventing a person from being liable to be registered under different provisions at the same time were disregarded. ”
In paragraph 7A of that Schedule (notification of end of liability or entitlement), at the end there shall be inserted “ unless, in the case of a person ceasing as mentioned in sub-paragraph (a) above, he would, when he so ceases, be otherwise liable or entitled to be registered under this Act if his registration and any enactment preventing a person from being liable to be registered under different provisions at the same time were disregarded. ”
In sub-paragraph (1) of paragraph 8A of that Schedule (cancellation of registration on request)— After sub-paragraph (1) of that paragraph there shall be inserted the following sub-paragraphs— In sub-paragraph (2) of that paragraph (meaning of “registered person"), for the words from “includes" onwards there shall be substituted “ is a reference to any person who is registered under this Schedule (including a person who was so registered before the coming into force of the paragraph in which the reference is contained) ”.
In sub-paragraph (1) of paragraph 9 of that Schedule (cancellation of registration by the Commissioners), at the beginning there shall be inserted “ Subject to sub-paragraph (1A) below ”. After sub-paragraph (1) of that paragraph there shall be inserted the following sub-paragraphs— In sub-paragraph (2) of that paragraph, at the end there shall be inserted “ under this Schedule ”.
In sub-paragraph (1) of paragraph 11 of that Schedule (exemption from registration), after “registration" there shall be inserted “ under this Schedule ”. In sub-paragraph (2) of that paragraph, for “from registration under this paragraph" there shall be substituted “ under this paragraph from registration under this Schedule ”.
After Schedule 1 there shall be inserted the following Schedules—
In Schedule 2 (matters to be treated as supplies of goods or services), after paragraph 5 there shall be inserted the following paragraph— In paragraph 7(2) of that Schedule (deemed supply where person ceases to be a taxable person)—
In Schedule 4, paragraphs 2 and 5 (valuation for purposes of tax on importation where persons connected and prompt payment discounts) shall cease to have effect. After paragraph 3 of that Schedule there shall be inserted the following paragraph— In paragraph 7 of that Schedule (valuation of supplies where there is no consideration)— After paragraph 8 of that Schedule there shall be inserted the following paragraph— For paragraph 11 of that Schedule (rates of exchange) there shall be substituted the following paragraph—
After Schedule 4 there shall be inserted the following Schedule—
In Schedule 5 (zero-rated supplies), in Note (1) of Group 14 (goods imported by handicapped person and charities), for “imported" there shall be substituted “ acquired from another member State or imported from a place outside the member States ”. In that Schedule, in Item 1 of Group 15 (supply of imported goods before entry), the words “of imported goods" shall be omitted, and at the end of the Item there shall be inserted “ of goods imported from a place outside the member States. ” In that Schedule— In that Schedule, in Item 3 of Group 16 (exports by charities), at the end there shall be inserted “ to a place outside the member States. ”
In paragraph 2 of Schedule 7 (regulations about accounting for and paying tax), in sub-paragraph (1)— In sub-paragraph (2) of that paragraph, for “and may allow for that time to be extended" there shall be substituted “ or at such time before the supply is treated as taking place as may be required by the regulations, and may allow for an invoice to be issued later than required by the regulations where it is issued ”. After sub-paragraph (2) of that paragraph there shall be inserted the following sub-paragraphs— After sub-paragraph (3A) of that paragraph there shall be inserted the following sub-paragraphs—
Without prejudice to the generality of the powers conferred by virtue of sub-paragraph (3C) of paragraph 2 above, regulations made by virtue of that sub-paragraph may provide for the preceding provisions of this paragraph to apply, subject to such exceptions and adaptations as may be prescribed, in relation to any invoice which is described in regulations made for the purposes of section 5(3B)(b) or 8B(1)(b) of this Act, as they apply in relation to tax invoices.
In sub-paragraph (2A) of paragraph 4 of that Schedule (power of Commissioners to assess tax due), after “Schedule 1 to this Act" there shall be inserted “ , paragraph 6(2) of Schedule 1A to this Act or paragraph 6(2) or (3) of Schedule 1B to this Act ”. In sub-paragraph (5) of that paragraph (time limits)— In sub-paragraph (6) of that paragraph (deficiency of goods)—
After paragraph 4 of that Schedule there shall be inserted the following paragraph—
In paragraph 5(2) of that Schedule (requirement of security), at the beginning there shall be inserted “ Without prejudice to their power under section 32A(7) of this Act, ”.
The preceding provisions of this paragraph shall have effect as if any sum required by way of security under section 32A(7) of this Act were recoverable as if it were tax due from the person who is required to provide it.
In paragraph 7(1) of that Schedule (duty to keep records), at the end there shall be inserted “ and every person who, at a time when he is not a taxable person, acquires in the United Kingdom from another member State any goods which are subject to a duty of excise or consist in a new means of transport shall keep such records with respect to the acquisition (if it is a taxable acquisition and is not in pursuance of a taxable supply) as the Commissioners may so require. ”
In sub-paragraph (2) of paragraph 8 of that Schedule (furnishing of information and production of documents)— In sub-paragraph (4) of that paragraph, for the words from “or the importation of goods" onwards there shall be substituted “ to the acquisition of goods from another member State or to the importation of goods from a place outside the member States shall be taken to include any profit and loss account and balance sheet relating to the business in the course of which the goods or services are supplied or the goods are imported or (in the case of an acquisition from another member State) relating to any business or other activities of the person by whom the goods are acquired. ”
In paragraph 9(1) of that Schedule (power to take samples), after “supplies goods" there shall be inserted “ or acquires goods from another member State ”.
In paragraph 10(2) of that Schedule (power of entry to premises used in connection with taxable supplies)—
after “supplies" there shall be inserted “ or with the acquisition of goods under taxable acquisitions from other member States ”; and
after “supplied" there shall be inserted “ or acquired ”.
In paragraph 11(1) of that Schedule (evidence by certificate), after paragraph (b) there shall be inserted the following paragraph—.
In paragraph 6 of Schedule 10 (relief for vehicles in respect of which purchase tax was remitted), for the words from “as imported" to the end of the paragraph there shall be substituted “ for the purposes of value added tax in respect of goods acquired from another member State or, as the case may be, value added tax in respect of goods imported from places outside the member States, as so acquired or imported ”.
Chapter II of Part I of the Finance Act 1985 (enforcement provisions in relation to value added tax) shall be amended in accordance with the following provisions of this Part of this Schedule.
In subsection (2) of section 13 (tax evasion)— In subsection (3)(b) of that section, after “paragraphs (b)" there shall be inserted “ (ba) ”.
In section 14(5B)(b) (references to input tax for purposes of application of section in relation to certain public bodies), after “supplies" there shall be inserted “ acquisitions ”.
After section 14A there shall be inserted the following section—
In subsection (1) of section 15 (penalties for breach of regulatory provisions)— In subsection (3) of that section (meaning of “relevant tax")— In subsection (3A) of that section (the specified percentage)— After subsection (3A) of that section there shall be inserted the following subsections—
In section 17(1) (penalties for breach of regulatory provisions)—
in paragraph (a), after “principal Act" there shall be inserted “ paragraph 5 of Schedule 1A to that Act or paragraph 5 of Schedule 1B to that Act ”;
after paragraph (a) there shall be inserted the following paragraph—.
After section 17 there shall be inserted the following section—
In section 18(1)(c) (interest recovered or recoverable on assessment), after “principal Act" there shall be inserted “ or under paragraph 8 of Schedule 1B to that Act ”.
In subsection (1) of section 21 (assessment to penalty), for “17", in each place where it occurs, there shall be substituted “ 17A ”. After subsection (4) of that section there shall be inserted the following subsection— In subsection (5) of that section (notice of assessment while penalty period continuing), after “section 17" there shall be inserted “ or section 17A ”. In subsection (6) of that section (remedying of failure etc. after assessment)—
In subsection (1) of section 22 (time limits for assessments)— In subsection (2) of that section, after “beginning" there shall be inserted—. In subsection (7) of that section, after “paragraph 4" there shall be inserted “ or sub-paragraph (2)(b) of paragraph 4A ”.
In section 33(5)(a) (interpretation and construction of Chapter II), for “17" there shall be substituted “ 17A ”.
In section 2(5A) of the Diplomatic Privileges Act 1964 (construction of references to certain duties), at the end there shall be inserted “ and to value added tax charged in accordance with section 2A or 2B of the Value Added Tax Act 1983 (acquisitions from other member States and importations from outside the European Union) ”.
References in this Schedule to importation, in relation to value added tax, shall include references to anything charged with tax in accordance with section 2A or 2B of the Value Added Tax Act 1983 (acquisitions from other member States and importations from outside the European Union), and, in this Schedule, “imported” shall be construed accordingly.
In section 1(8A) of the Consular Relations Act 1968 (references to customs duties), at the end there shall be inserted “ and to value added tax charged in accordance with section 2A or 2B of the Value Added Tax Act 1983 (acquisitions from other member States and importations from outside the European Union) ”. In section 8(1) of that Act (refund of duty on hydrocarbon oils), after “importation" there shall be inserted “ or acquisition from another member State ”.
In Schedule 1 to the International Organisations Act 1968 (privileges and immunities), in paragraph 19 (interpretation), after paragraph (b) there shall be inserted the following paragraph—
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In section 1 of the Diplomatic and other Privileges Act 1971 (refunds in respect of hydrocarbon oil), after subsection (4) there shall be inserted the following subsection—
In section 13(4) of the Customs and Excise Duties (General Reliefs) Act 1979 (personal reliefs), in the definition of “value added tax", after “on the importation of goods" there shall be inserted “ from places outside the member States or on the acquisition of goods from member States other than the United Kingdom ”.
In section 9 of the Finance Act 1986 (fuel for private use)—
in subsection (3), after paragraph (a) there shall be inserted the following paragraph—
in subsection (5), after “supply" there shall be inserted “ acquisition ”.
In section 827(1)(a) of the Income and Corporation Taxes Act 1988 (deduction of VAT penalties under sections 13 to 17 of the Finance Act 1985), for “17" there shall be substituted “ 17A ”.
Section 18.
The Car Tax Act 1983 shall be amended in accordance with the following provisions of this Schedule.
In subsection (1) of section 1 (vehicles charged to tax), for the words from “all" to the end of the subsection there shall be substituted— For subsection (3) of that section there shall be substituted the following subsection—
In section 4 (registration of makers and importers of chargeable vehicles)—
in subsection (1), for “imports" there shall be substituted “ brings into the United Kingdom ”; and
in subsection (3), for “import" there shall be substituted “ bring into the United Kingdom ”.
In subsection (1) of section 5 (person by whom car tax payable)— After subsection (5) of that section there shall be inserted the following subsections—
In section 7 (remission of tax on certain vehicles), for the word “exported", in each place where it occurs, there shall be substituted “ removed from the United Kingdom ”. In subsection (1) of that section— In subsection (2) of that section, for “acquires" there shall be substituted “ obtains ”. In subsection (3) of that section, for “acquired" there shall be substituted “ obtained ”. In subsection (4)(a) of that section, for “imported" there shall be substituted “ brought into the United Kingdom ”. In subsection (4B) of that section—
“another member State” means any member State other than the United Kingdom;
In Schedule 1 (administration and collection), after paragraph 1 there shall be inserted the following paragraph— In paragraph 2(2)(a) of that Schedule (time limits for assessments), for the words “the time when the amount became payable" there shall be substitutedthe following time, that is to say— . In paragraph 6(1) of that Schedule— In paragraph 7 of that Schedule— In paragraph 9 of that Schedule (forfeiture), after “vehicle" there shall be inserted “ which for the purposes of section 1 of this Act is treated as having been imported into the United Kingdom from outside European Union”. In paragraph 10(1) of that Schedule (matters that may be proved by certificate), after paragraph (b) there shall be inserted the following paragraph—. In paragraph 12(c) and (d) of that Schedule (regulation-making power), for “acquiring", in each place where it occurs, there shall be substituted “ obtaining ”.
In paragraph 6 of Schedule 2 (transitional provisions for vehicles exported before 1st April 1981), for “on the importation of any vehicle" there shall be substituted “ in respect of any vehicle by virtue of section 1(1)(b) or (c) of this Act ”.
Section 20.
The Taxes Act 1988 shall be amended in accordance with paragraphs 2 to 8 below.
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Section 265 (blind person’s allowance) shall be amended as follows. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In subsection (4), the words from “(and" onwards shall be omitted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The Taxes Management Act 1970 shall be amended as follows. In section 36 (fraudulent or negligent conduct) the following subsection shall be inserted after subsection (3)— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In section 43A (further assessments: claims etc.) after subsection (2) there shall be inserted—
This Schedule shall apply in relation to tax for the year 1993-94 and subsequent years of assessment.
Section 24.
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In section 272 of the Income and Corporation Taxes Act 1970 (groups of companies: definitions) in subsection (1F) (application of Schedule 18 but without paragraph 5(3) etc.) after “5(3)" there shall be inserted “ and 5B to 5E ”.
In section 170 of the Taxation of Chargeable Gains Act 1992 (interpretation of sections 171 to 181) in subsection (8) (application of Schedule 18 but without paragraph 5(3) etc.) after “5(3)" there shall be inserted “ and 5B to 5E ”.
Sub-paragraph (2) below shall apply where either of the following events occurs on or after 15th November 1991— In such a case paragraph 1 above shall apply in relation to the accounting period in which the event occurs and subsequent accounting periods. In this paragraph—
Paragraph 2 above shall apply where the option arrangements are made on or after 15th November 1991.
Paragraph 3 above shall apply in accordance with paragraphs 6 and 7 above.
Subject to the repeals made by the Taxation of Chargeable Gains Act 1992, paragraph 4 above shall apply in accordance with paragraph 7 above.
The Taxation of Chargeable Gains Act 1992 shall have effect, and be deemed always to have had effect, with the amendment made by paragraph 5 above.
Schedule 11 to the Finance Act 1989 (deep gain securities) shall be amended as follows.
In paragraph 1 (definition of deep gain securities) for sub-paragraph (3A) there shall be substituted—
In paragraph 2 (definition of qualifying indexed securities) in sub-paragraph (13) for paragraphs (c) and (d) there shall be substituted—
The following shall be inserted after paragraph 19—
In paragraph 21 (non-gilts: special rules) in sub-paragraph (3) after “(1) above" there shall be inserted “ , and subject to paragraph 21A below, ”. The following paragraph shall be inserted after paragraph 21—
The following shall be inserted after paragraph 22B—
The amendments made by this Schedule shall be deemed always to have had effect.
Any such adjustment as is appropriate in consequence of this Schedule may be made (whether by way of discharge or repayment of tax, the making of an assessment or otherwise).
Section 34.
The following section shall be inserted after section 56 of the Taxes Act 1988 (transactions in deposits etc.)—
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This Schedule shall apply in relation to arrangements made after the day on which this Act is passed.
Section 56.
The Taxes Act 1988 shall be amended in accordance with paragraphs 2 to 19 below.
Section 266 (personal reliefs: life assurance premiums) shall be amended as follows. In subsections (2)(a)(iii) ..., for “registered friendly society" there shall be substituted “ friendly society ”. The following subsection shall be added at the end—
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In section 459 (exemption from tax for unregistered friendly societies whose income does not exceed £160 a year) after “unregistered friendly society" there shall be inserted “ (that is, a friendly society which is neither an incorporated friendly society nor a registered friendly society) ”.
Section 460 (exemption from tax for registered friendly societies in respect of life or endowment business) shall be amended as follows. In subsection (1), for “registered friendly society" there shall be substituted “ friendly society ”. In subsection (2)— In subsections (5) to (10), for “registered friendly society" (in each place) there shall be substituted “ friendly society ”. In subsection (11)—
In section 461 (taxation of registered friendly societies in respect of other business) in subsection (4)(a)—
for “section 72 of the Friendly Societies Act (Northern Ireland) 1970" there shall be substituted “ section 91 of the Friendly Societies Act 1992 ”, and
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The following sections shall be inserted after section 461—
Section 462 (conditions for tax exempt business) shall be amended as follows. In subsection (2), for “Section 460(2)(a)" there shall be substituted “ Section 460(2)(a) or (aa) ”. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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In section 463 (life or endowment business: application of the Corporation Tax Acts) in subsection (1) for “registered friendly societies" there shall be substituted “ friendly societies ”.
Section 464 (maximum benefits payable to members) shall be amended as follows. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In subsection (5)(d)(ii), for “society which is not" there shall be substituted “ friendly society other than ”. In subsection (7)—
In section 465 (old societies) the following subsection shall be added at the end—
In section 465 (old societies) the following subsection shall be added at the end—
The following section shall be inserted after section 465—
Section 466 (interpretation of sections 459 to 465) shall be amended as follows. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subsection (2) shall be amended as mentioned in sub-paragraphs (4) to (7) below. “friendly society”, without qualification, means (except in section 459) an incorporated friendly society or a registered friendly society; “incorporated friendly society” means a society incorporated under the Friendly Societies Act 1992; “new society” means— “registered branch” means the same as in the Friendly Societies Act 1992 (and includes any branch that by virtue of section 96(3) of that Act is to be treated as a registered branch); “registered friendly society” means the same as in the Friendly Societies Act 1992 (and includes any society that by virtue of section 96(2) of that Act is to be treated as a registered friendly society); For the words from “include" to the end of the subsection there shall be substituted “ include, in the case of a registered friendly society, references to any branch of that society ”. In subsection (3) for the words “registered friendly society" there shall be substituted “ friendly society ”. The following subsection shall be added at the end—
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In section 599 (charge to tax: commutation of entire pension in special circumstances) for subsection (8)(b) there shall be substituted—
In section 630 (personal pension schemes: interpretation) for paragraph (b) of the definition of “authorised insurance company" there shall be substituted—.
Schedule 14 (provisions ancillary to section 266) shall be amended as follows. In paragraphs 2(1)(b) and 3(1), for “registered friendly society" there shall be substituted “ friendly society ”. In paragraph 3(3)(a), for “registered friendly societies" there shall be substituted “ friendly societies ”.
Schedule 15 (qualifying policies) shall be amended as follows. In paragraph 3(1), for “registered friendly society" there shall be substituted “ friendly society ”. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In paragraph 3(4)(c), after “the same friendly society" there shall be inserted “ (or any predecessor of it) ”. In paragraph 3, the following sub-paragraph shall be inserted after sub-paragraph (4)— For paragraph 4(3)(b)(i) there shall be substituted—. In paragraph 6(1)—
Subject to the repeals made by the Taxation of Chargeable Gains Act 1992, after section 143 of the Capital Gains Tax Act 1979 there shall be inserted— Subject to the repeals made by the Taxation of Chargeable Gains Act 1992—
The Taxation of Chargeable Gains Act 1992 shall be amended as follows. In section 35 (disposal of assets held on 31st March 1982) in subsection (3)(d)(i) after “216,” there shall be inserted “217A,”. After section 217 there shall be inserted—
The Taxation of Chargeable Gains Act 1992 shall be amended as follows. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . After section 217 there shall be inserted—
This Schedule shall come into force on such day as the Treasury may by order made by statutory instrument appoint, and different days may be appointed for different provisions or different purposes. An order under this paragraph may contain such transitional provisions and savings (whether or not involving the modification of any statutory provision) as appear to the Treasury necessary or expedient in connection with the provisions brought into force.
Section 59.
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such sum as may be specified for the year by order made by the Treasury;
£3,250 if no sum is so specified.
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Section 63.
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Section 66.
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Part I of the Capital Allowances Act 1990 (capital allowances for buildings and structures) shall be amended as follows.
After section 10 (purchases of buildings and structures) there shall be inserted the following section—
In section 1 (buildings and structures in enterprise zones) in subsection (10) the words from “and, except for that purpose" to the end of the subsection shall cease to have effect.
In section 6 (buildings and structures in enterprise zones) subsection (5) shall cease to have effect.
In section 10, at the beginning of subsection (1) there shall be inserted “ Subject to subsection (3A) below, ”.
After that subsection there shall be inserted the following subsection—
After subsection (3) of that section there shall be inserted the following subsection—
After section 10A there shall be inserted the following section—
At the beginning of section 10(4) there shall be inserted “ Subject to section 10B ”.
After section 17 there shall be inserted the following section—
After section 1(10) there shall be inserted the following subsection—
After section 6(4) there shall be inserted the following subsection—
In section 4(9) (balancing allowances and charges) in paragraph (a) of the definition of “the capital expenditure" after the words “section 10(1)" there shall be inserted “ 10A or 10B ”.
Paragraphs 2 to 7 above shall have effect in any case where the purchase price payable on the sale of the relevant interest in a building or structure before it is used (or if there is more than one such sale before the building or structure is used, the purchase price payable on the last of those sales) becomes payable on or after 16th December 1991.
Paragraphs 8 and 9 above shall have effect in relation to buildings or structures first used on or after 16th December 1991.
Paragraph 10 above shall apply in relation to contracts whenever made.
Paragraph 13 above shall have effect in accordance with paragraphs 14 and 15 above.
Section 73.
In section 104 of the Inheritance Tax Act 1984 (relief for relevant business property)—
in subsection (1)(a), for “50 per cent" there shall be substituted “ 100 per cent ”;
in subsection (1)(b), for “30 per cent" there shall be substituted “ 50 per cent ”.
Section 105 of that Act (relevant business property) shall be amended as follows. In subsection (1)(b), after “which" there shall be inserted “ are unquoted and which ”. In subsection (1), the following paragraph shall be inserted after paragraph (c)—. The following subsection shall be inserted after subsection (1)— In subsection (2) after “subsection (1)(b)" there shall be inserted “ or (cc) ”.
In section 113A of that Act (transfers of relevant business property within seven years before death of transferor) the following subsection shall be inserted after subsection (3A)—
In section 116 of that Act (relief for agricultural property) in subsections (2) and (4)—
for “50 per cent" (in each place) there shall be substituted “ 100 per cent ”;
for “30 per cent" (in each place) there shall be substituted “ 50 per cent ”.
In section 227 of that Act (payment by instalments - land, shares and businesses) the following subsection shall be inserted after subsection (1A)—
In section 228 of that Act (shares or securities within section 227) the following subsection shall be added at the end—
In Schedule 20 to the Finance Act 1986 (gifts with reservation) in paragraph 8(1A)(a) (which refers to shares and securities qualifying for 50 per cent. business property relief) for the words from “within paragraph (b)" to “relief)" there shall be substituted “ within paragraph (b), (bb) or (cc) of section 105(1) of the 1984 Act (certain shares or securities qualifying for relief) ”.
Subject to paragraph 9 below, the amendments made by this Schedule shall have effect in relation to transfers of value made, and other events occurring, on or after 10th March 1992.
This paragraph applies where by reason of a death occurring on or after 10th March 1992— Subject to sub-paragraph (3) below, for the purposes of sections 113A and 113B of the Inheritance Tax Act 1984, it shall be assumed— Where, disregarding the amendments made by this Schedule, any shares or securities transferred fell within section 105(1)(b) of that Act in relation to the transfer, those amendments shall be disregarded in determining whether section 113A(3A) applies to the shares or securities. This paragraph shall be construed as if it were contained in Chapter I of Part V of that Act.
Section 74.
In section 2 (assessable profits and allowable losses), in subsection (5A) (gas exported from a place on land in the United Kingdom) for the words from “required", in the second place where it occurs, to the end of the subsection there shall be substituteddid not require the seller to meet any such costs as are mentioned above but did require the gas to be delivered—
In section 3 (allowance of expenditure), in subsection (1), in paragraph (f) (transportation costs)— In subsection (4) of that section, in paragraph (c) (allowable expenditure does not include cost of acquiring buildings or structures, subject to exceptions)— In subsection (5) of that section (expenditure qualifying for supplement), in each of paragraphs (a) and (c) after the words “United Kingdom" there shall be inserted the words “ or another country ”. so much of that expenditure as does not exceed what would have been the expenditure incurred in transporting it to that nearest place shall be regarded as falling within the said paragraph (f).
In section 12(1) (definitions),—
in the definitions of “initial storage" and “initial treatment" the words “in the United Kingdom, the territorial sea thereof or a designated area" shall be omitted;
in the definition of “initial storage" after the words “United Kingdom", in the second place where they occur, there shall be inserted “ or another country ”;
in the definition of “land", after the words “United Kingdom" there shall be inserted “ or another country ”; and
in the definition of “production purposes" after the words “United Kingdom", in the last place where they occur, there shall be inserted “ or another country ”.
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In Schedule 18 (alternative valuation of light gases), in paragraph 3, in sub-paragraph (2) (the terms of the relevant contract), in paragraph (a) after the words “United Kingdom" there shall be inserted the words “ or another country ”.
In Schedule 1 (extension of allowable expenditure for assets generating receipts), in paragraph 1 (associated assets), in sub-paragraph (4) paragraph (c) and the word “and" immediately preceding it shall be omitted.
In Schedule 2 to that Act (supplemental provisions as to receipts from qualifying assets), in paragraph 12 (purchase at place of extraction), in sub-paragraph (3) for paragraphs (a) and (b) there shall be substitutedbefore it has been transported— .
In Schedule 4 to that Act (receipts attributable to United Kingdom use of foreign field assets), in paragraph 11 there shall be omitted—
in sub-paragraph (3) the words “and on the further assumption set out in sub-paragraph (4) below"; and
sub-paragraph (4).
In Schedule 21 (alternative valuation of light gases), in paragraph 5(1) after the words “(definition of “the relevant contract")" there shall be inserted “ in sub-paragraph (1) ”.
Section 76.
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Section 77.
In this Schedule— This Schedule, so far as it relates to corporation tax on chargeable gains, shall be construed as one with the Capital Gains Tax Act 1979 or, where appropriate, the Taxation of Chargeable Gains Act 1992. For the purposes of this Schedule a transfer or agreement shall be regarded as made in pursuance of Schedule 10 to the Order if the making of that transfer or agreement is required or authorised by or under paragraph 3 or 5 of that Schedule (allocation of assets and liabilities and variation of transfers by agreement).
Subject to sub-paragraph (2) below, the following provisions shall apply for the purposes of the Corporation Tax Acts, namely- There shall be made such apportionments of unallowed tax losses, and of expenditure by reference to which capital allowances may be made, as may be specified in the transfer scheme. In sub-paragraph (2) above “unallowed tax losses” means any losses, allowances or amounts which, as at the end of the final accounting period, are tax losses within the meaning given by section 400(2)(a), (c) or (d) of the Taxes Act 1988. This paragraph shall have effect in relation to accounting periods beginning after the final accounting period.
Where NIE has before the transfer date disposed of (or of its interest in) any assets used, throughout the period of ownership, wholly or partly for the purposes of the part of its trade transferred by the Order to a successor company, sections 115 to 119 of the Capital Gains Tax Act 1979 or, where appropriate, sections 152 to 156 of the Taxation of Chargeable Gains Act 1992 (roll-over relief on replacement of business assets) shall have effect in relation to that disposal as if NIE and the successor company were the same person.
Any unallowed capital losses of NIE shall be apportioned between the successor companies in accordance with the transfer scheme; and any such losses which are so apportioned to a successor company shall be treated as allowable capital losses accruing to the successor company on the disposal of an asset on the transfer date. In sub-paragraph (1) above—
Sub-paragraph (3) below applies to any disposal of an asset which is effected, and sub-paragraphs (4) to (6) below apply to any lease which is granted, in pursuance of a provision included in the transfer scheme by virtue of Article 70(1)(c) of the Order (scheme may require successor company to enter into arrangements in favour of any other successor company). Sub-paragraph (3) below also applies to any disposal of an asset which is effected in pursuance of an agreement under paragraph 3(2) of Schedule 10 to the Order and which is either the grant of a lease of land or the creation of other liabilities and rights over land. A disposal to which this sub-paragraph applies shall be taken for the purposes of corporation tax on chargeable gains to be effected for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the successor company making the disposal. Section 38(1)(a) and (4) of the Taxes Act 1988 (rules for ascertaining duration of leases) shall be disregarded in determining for the purposes of section 290 of the Capital Allowances Act 2001 (election to treat grant of lease exceeding 50 years as sale) whether a lease to which this sub-paragraph applies is a lease which satisfies the condition in subsection (1)(c) of that section; in relation to any such lease which is, on that basis, such a long lease— and sections 567 to 570 of that Act shall not apply in relation to the grant of a lease in respect of which, by virtue of this sub-paragraph, an election is made under section 290 of that Act. Where the conditions in section 183(1)(a) and (b) of the Capital Allowances Act (incoming lessee where lessor entitled to allowances) are fulfilled in relation to a lease to which this sub-paragraph applies— Section 38(1)(a) and (4) of the Taxes Act 1988 shall be disregarded in ascertaining for the purposes of section 35 of that Act (Schedule D charge on assignment of lease granted at an undervalue) the duration of a lease to which this sub-paragraph applies. Subject to the repeals made by the Taxation of Chargeable Gains Act 1992, in section 68(7A) of the Finance Act 1985 (modification of indexation allowance: list of no gain/no loss provisions) there shall be added after paragraph (i) the wordsand Subject to the repeals made by the Taxation of Chargeable Gains Act 1992, in paragraph 1(3) of Schedule 8 to the Finance Act 1988 (rebasing to 1982: list of no gain/no loss provisions) there shall be added after paragraph (i) the wordsand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Where by virtue of sub-paragraph (4) of paragraph 5 above an election is made under section 290 of the Capital Allowances Act 2001 in respect of a lease to which that sub-paragraph applies, sub-paragraph (2) and, if the relevant condition is met, sub-paragraph (3) below shall apply; and for the purposes of this sub-paragraph the relevant condition is that, as a result of a disposal by the lessee in relevant circumstances, section 275(1) of the Income and Corporation Taxes Act 1970 or section 174(1) of the Taxation of Chargeable Gains Act 1992 applies in relation to a subsequent disposal. Where this sub-paragraph applies, section 34 of the Capital Gains Tax Act 1979 or, as the case may be, section 41 of the Taxation of Chargeable Gains Act 1992 (restriction of losses by reference to capital allowances etc.) shall apply in relation to any disposal by the lessee as if any capital allowance made to— in respect of expenditure incurred on the construction of the building or structure comprised in the lease had been made to the lessee. Where this sub-paragraph applies, section 275(1) of the Income and Corporation Taxes Act 1970 or, as the case may be, section 174(1) of the Taxation of Chargeable Gains Act 1992 shall apply as if the reference to capital allowances made to the person from which the asset was acquired included capital allowances made to— in respect of expenditure incurred on the construction of the building or structure comprised in the lease but only so far as not taken into account in relation to any previous disposal. Where by virtue of sub-paragraph (5) of paragraph 5 above an election is made under section 183 of the Capital Allowances Act 2001 in respect of a lease to which that sub-paragraph applies, sub-paragraph (5) and, if the relevant condition is met, sub-paragraph (6) below shall apply; and the relevant condition for the purposes of this sub-paragraph is the same as the relevant condition for the purposes of sub-paragraph (1) above. Where this sub-paragraph applies, section 34 of the Capital Gains Tax Act 1979 or, as the case may be, section 41 of the Taxation of Chargeable Gains Act 1992 shall apply in relation to any disposal by the lessee as if any capital allowance made to— in respect of expenditure incurred on the provision of the fixture comprised in the lease had been made to the lessee. Where this sub-paragraph applies, section 275(1) of the Income and Corporation Taxes Act 1970 or, as the case may be, section 174(1) of the Taxation of Chargeable Gains Act 1992 shall apply as if the reference to capital allowances made to the person from which the asset was acquired included capital allowances made to— in respect of expenditure incurred on the provision of the fixture comprised in the lease but only so far as not taken into account in relation to any previous disposal.
Where any property, rights and liabilities transferred by the Order to a successor company (the first company) are, in pursuance of Schedule 10 to the Order, transferred to another successor company (the second company)-
the preceding provisions of this Schedule shall have effect as if the transfer effected by the Order had been a transfer to the second company; and
anything which, in relation to the property, rights and liabilities transferred in pursuance of that Schedule, was done by the first company for the purposes of its trade shall be deemed to have been done by the second company for the purposes of its trade.
This paragraph applies where any apportionment or other matter arising under the preceding provisions of this Schedule appears to be material as respects the liability to tax (for whatever period) of two or more successor companies. Any question which arises as to the manner in which the apportionment is to be made or the matter is to be dealt with shall be determined, for the purposes of the tax of the successor companies concerned as if it were an appeal, and each of the successor companies shall be entitled to be a party to any proceedings — . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Any share issued by a successor company in pursuance of Article 73 of the Order (initial government holding in successor companies) shall be treated for the purposes of the Corporation Tax Acts as if it had been issued wholly in consideration of a subscription paid to the company of an amount equal to the nominal value of the share. Any debenture issued by a successor company in pursuance of Article 73 of the Order shall be treated for the purposes of the Corporation Tax Acts as if it had been issued— If any such debenture includes provision for the payment of a sum expressed as interest in respect of a period which falls wholly or partly before the issue of the debenture, any payment made in pursuance of that provision in respect of that period shall be treated for the purposes of the Corporation Tax Acts as if the debenture had been issued at the commencement of that period and, accordingly, as interest on the principal sum payable under the debenture.
No agreement made for the purposes of or for purposes connected with the transfer scheme shall give rise to a charge to stamp duty reserve tax. No agreement which is made in pursuance of Schedule 10 to the Order shall give rise to a charge to stamp duty reserve tax. This paragraph shall be deemed to have come into force on 1st April 1992.
Section 82.
Chapter Short title Extent of repeal 1979 c. 2. The Customs and Excise Management Act 1979. Section 100H(1)(f). In section 117— (a) the word “relevant", in the first place where it occurs in subsection (1) and where it occurs in subsections (2)(a) and (5);and (b) the definition of “relevant excise duty" in subsection (8). 1979 c. 4. The Alcoholic Liquor Duties Act 1979. Section 41A(7)(d). Section 52. 1981 c. 35. The Finance Act 1981. In Schedule 8, in paragraph 2(d), sub-paragraph (ii) and the word “and" immediately preceding that sub-paragraph. 1986 c. 41. The Finance Act 1986. In Schedule 3, paragraphs 2 and 6. 1991 c. 31. The Finance Act 1991. In Schedule 2, paragraph 17.
The repeal of section 100H(1)(f) of the Customs and Excise Management Act 1979 comes into force with paragraph 6 of Schedule 1 to this Act and is subject to sub-paragraph (2) of that paragraph.
The repeals in section 117 of the Customs and Excise Management Act 1979 come into force with paragraph 5 of Schedule 2 to this Act.
The repeal of section 41A(7)(d) of the Alcoholic Liquor Duties Act 1979 comes into force with paragraph 10 of Schedule 1 to this Act and is subject to sub-paragraph (2) of that paragraph.
The repeals of section 52 of the Alcoholic Liquor Duties Act 1979 and of paragraph 17 of Schedule 2 to the Finance Act 1991 come into force with so much of paragraph 8 of Schedule 2 to this Act as inserts a new section 170B in the Customs and Excise Management Act 1979.
The repeal in Schedule 8 to the Finance Act 1981 comes into force with paragraph 2(6) of Schedule 2 to this Act.
The repeals of paragraphs 2 and 6 of Schedule 3 to the Finance Act 1986 come into force with sub-paragraphs (1) and (3), respectively, of paragraph 2 of Schedule 2 to this Act.
Chapter Short title Extent of repeal 1979 c. 2. The Customs and Excise Management Act 1979. In section 1(1), in the definition of “the Customs and Excise Acts 1979", the words “the Matches and Mechanical Lighters Duties Act 1979". In section 178(2), the words “the Matches". 1979 c. 6. The Matches and Mechanical Lighters Duties Act 1979. The whole Act. 1979 c. 58. The Isle of Man Act 1979. In Schedule 1, paragraphs 34 and 35. 1981 c. 35. The Finance Act 1981. Section 3. 1983 c. 55. The Value Added Tax Act 1983. Section 24(3)(c). 1986 c. 41. The Finance Act 1986. Section 8(5)(g). In Schedule 5, paragraph 5. These repeals have effect as from 1st January 1993.
Chapter Short title Extent of repeal 1971 c. 10. The Vehicles (Excise) Act 1971. In section 18A(3), in paragraph (c) of Case B the words from “in circumstances in which" to the end of the paragraph. This repeal has effect in accordance with section 11 of this Act.
Chapter Short title Extent of repeal 1971 c. 10. The Vehicles (Excise) Act 1971. In section 7, in subsection (2)(c) the words “subsection (2C) below or section 7 of the Finance Act 1971" and subsections (2C) and (2D). 1971 c. 68. The Finance Act 1971. Section 7. 1972 c. 41. The Finance Act 1972. Section 128(2). 1974 c. 30. The Finance Act 1974. Section 50. 1977 c. 49. The National Health Service Act 1977. In Schedule 15, paragraph 54. 1978 c. 42. The Finance Act 1978. In section 8, subsections (2) and (3) and in subsection (4) the words “and (3)". 1991 c. 31. The Finance Act 1991. In Schedule 3, paragraph 5(1)(b) and (3). These repeals have effect in accordance with section 12 of this Act.
Chapter Short title Extent of repeal 1983 c. 55. The Value Added Tax Act 1983. In section 2, in subsection (2), the words from the beginning to “and" and subsections (4) and (5). In section 7(4), paragraph (a). In section 9(1), the word “and" at the end of paragraph (a). Section 10(6). Section 11(3) and (4). In section 14(3), the word “and" at the end of paragraph (a). In section 15(2), paragraph (c). In section 20(1), the words “or on the importation of goods by". In section 21(1), the words “or on the importation of goods by". Section 32(1). Section 36(3). In section 40(1)(j), the word “2". In Schedule 1— (a) in paragraph 5A(2), paragraph (b) and the word “or"immediately preceding it; and (b) in paragraph 15, the words from the beginning to “Act and". In Schedule 4, paragraphs 2 and 5 and, in paragraph 13, the word “2". In Schedule 5, in Item 1 of Group 15, the words “of imported goods". In Schedule 10, in the words in brackets in paragraph 6, the word “acquired". 1985 c. 54. The Finance Act 1985. In section 22(7), the words “sub-paragraph (1) or sub-paragraph (2) of". 1987 c. 16. The Finance Act 1987. Section 12(3). Section 13(2) and (3). 1988 c. 39. The Finance Act 1988. In section 14(8), paragraph (a).
Chapter Short title Extent of repeal 1983 c. 55. The Value Added Tax Act 1983. In Schedule 5, in Note (8) to Group 7, the words from “upon which" to “be charged".
Chapter Short title Extent of repeal 1983 c. 55. The Value Added Tax Act 1983. In Schedule 5, in Note (8) to Group 7, the words from “upon which” to “be charged”. This repeal has effect in accordance with section 17 of this Act.
Chapter Short title Extent of repeal 1983 c. 53. The Car Tax Act 1983. In section 5— (a) in subsection (1), the word “and" at the end of paragraph (b); and subsection (6). (b) These repeals come into force in accordance with section 18(2) of this Act.
Chapter Short title Extent of repeal 1988 c. 1. The Income and Corporation Taxes Act 1988. In section 265(4), the words from “(and” onwards. 1989 c. 26. The Finance Act 1989. In section 33(10), the reference to section 257B(2) of the Taxes Act 1988. In section 57(4), the reference to section 257B(2) of the Taxes Act 1988. 1991 c. 31. The Finance Act 1991. In section 33(4), the reference to section 257B(2) of the Taxes Act 1988. These repeals have effect in accordance with paragraph 10 of Schedule 5 to this Act.
Chapter Short title Extent of repeal 1988 c. 1. The Income and Corporation Taxes Act 1988. In section 265(4), the words from “(and" onwards. 1989 c. 26. The Finance Act 1989. In section 33(10), the reference to section 257B(2) of the Taxes Act 1988. In section 57(4), the reference to section 257B(2) of the Taxes Act 1988. 1991 c. 31. The Finance Act 1991. In section 33(4), the reference to section 257B(2) of the Taxes Act 1988. These repeals have effect in accordance with paragraph 10 of Schedule 5 to this Act.
Chapter Short title Extent of repeal 1970 c. 9. The Taxes Management Act 1970. In the Table in section 98, the words “Section 94(1) of the Finance Act 1990”. 1990 c. 29. The Finance Act 1990. Section 94. These repeals have effect in accordance with section 28 of this Act.
Chapter Short title Extent of repeal 1970 c. 9. The Taxes Management Act 1970. In the Table in section 98, the words “Section 94(1) of the Finance Act 1990". 1990 c. 29. The Finance Act 1990. Section 94. These repeals have effect in accordance with section 28 of this Act.
Chapter Short title Extent of repeal 1970 c. 9. The Taxes Management Act 1970. In section 17, in subsection (4) the words from “and if a person” to the end of the subsection. This repeal has effect in accordance with section 29 of this Act.
Chapter Short title Extent of repeal 1970 c. 9. The Taxes Management Act 1970. In section 17, in subsection (4) the words from “and if a person" to the end of the subsection. This repeal has effect in accordance with section 29 of this Act.
Chapter Short title Extent of repeal 1988 c. 1. The Income and Corporation Taxes Act 1988. Section 234(3) and (4). 1989 c. 26. The Finance Act 1989. Section 170(2). These repeals have effect in accordance with section 32 of this Act.
Chapter Short title Extent of repeal 1988 c. 1. The Income and Corporation Taxes Act 1988. Section 234(3) and (4). 1989 c. 26. The Finance Act 1989. Section 170(2). These repeals have effect in accordance with section 32 of this Act.
Chapter Short title Extent of repeal 1990 c. 29. The Finance Act 1990. Section 57. In section 58(6), paragraph (b) and the word “and” immediately preceding it. These repeals have effect in accordance with Schedule 7 to this Act.
Chapter Short title Extent of repeal 1990 c. 29. The Finance Act 1990. Section 57. In section 58(6), paragraph (b) and the word “and" immediately preceding it. These repeals have effect in accordance with Schedule 7 to this Act.
Chapter Short title Extent of repeal 1988 c. 39. The Finance Act 1988. In Schedule 11, in paragraph 5 the word “intra-group”. This repeal has effect in accordance with section 49 of this Act.
Chapter Short title Extent of repeal 1988 c. 39. The Finance Act 1988. In Schedule 11, in paragraph 5 the word “intra-group". This repeal has effect in accordance with section 49 of this Act.
Chapter Short title Extent of repeal 1988 c. 1. The Income and Corporation Taxes Act 1988. In section 502(1), in the definition of “oil extraction activities”, in paragraph (c) the words “as far as dry land in the United Kingdom”. This repeal has effect in accordance with section 55(2) of this Act.
Chapter Short title Extent of repeal 1988 c. 1. The Income and Corporation Taxes Act 1988. In section 502(1), in the definition of “oil extraction activities", in paragraph (c) the words “as far as dry land in the United Kingdom". This repeal has effect in accordance with section 55(2) of this Act.
Chapter Short title Extent of repeal 1970 c. 9. The Taxes Management Act 1970. In section 86(4), paragraph 2 of the Table. 1988 c. 1. The Income and Corporation Taxes Act 1988. In section 123(3), the words from “and income tax” to the end. In Schedule 3, paragraphs 6(2) and 7 to 10, in paragraph 13(1) the words “Without prejudice to the generality of paragraph 7 above” and paragraph 15(2). These repeals have effect in accordance with paragraph 6 of Schedule 11 to this Act.
Chapter Short title Extent of repeal 1970 c. 9. The Taxes Management Act 1970. In section 86(4), paragraph 2 of the Table. 1988 c. 1. The Income and Corporation Taxes Act 1988. In section 123(3), the words from “and income tax" to the end. In Schedule 3, paragraphs 6(2) and 7 to 10, in paragraph 13(1) the words “Without prejudice to the generality of paragraph 7 above" and paragraph 15(2). These repeals have effect in accordance with paragraph 6 of Schedule 11 to this Act.
Chapter Short title Extent of repeal 1990 c. 1. The Capital Allowances Act 1990. In section 1(10), the words from “and, except for that purpose” to the end of the subsection. Section 6(5). These repeals have effect in accordance with paragraph 14 of Schedule 13 to this Act.
Chapter Short title Extent of repeal 1990 c. 1. The Capital Allowances Act 1990. In section 1(10), the words from “and, except for that purpose" to the end of the subsection. Section 6(5). These repeals have effect in accordance with paragraph 14 of Schedule 13 to this Act.
Chapter Short title Extent of repeal 1975 c. 22. The Oil Taxation Act 1975. In section 3(4)(c)(i) the words from “of either" to “designated area". In section 12(1), in the definitions of “initial storage" and “initial treatment" the words “in the United Kingdom, the territorial sea thereof or a designated area". In Schedule 3, in the heading to paragraph 7 the words “in United Kingdom". 1983 c. 56. The Oil Taxation Act 1983. In Schedule 1, in paragraph 1, in sub-paragraph (4) paragraph (c) and the word “and" immediately preceding it. In Schedule 4, in paragraph 11, in sub-paragraph (3) the words from “and on" to “(4) below", and sub-paragraph (4). These repeals have effect in accordance with sections 55(3) and 74(5) of this Act.
Chapter Short title Extent of repeal 1970 c. 9. The Taxes Management Act 1970. Section 57B. 1984 c. 43. The Finance Act 1984. In Schedule 22, paragraph 4.
Chapter Short title Extent of repeal 1992 c. 12. The Taxation of Chargeable Gains Act 1992. In section 35(3)(d) the word “and" at the end of sub-paragraph (vi). This repeal has effect in accordance with paragraph 5(9) of Schedule 17 to this Act.
Chapter Short title Extent of repeal 1877 c. 2. The Treasury Bills Act 1877. In section 8 the words “countersigned by the Comptroller and Auditor General". This repeal has effect in accordance with section 79 of this Act.
Chapter Short title Extent of repeal 1968 c. 13. The National Loans Act 1968. Section 5(8). This repeal has effect in accordance with section 80 of this Act.
The reference in subsection (3A) above to the prescribed person is to such person as may be prescribed for the purposes of the subsection by regulations under this section.
This section shall come into force on such day as the Commissioners may by order made by statutory instrument appoint, and different days may be appointed under this subsection for different provisions and for different purposes.
Schedule 2 to this Act (which makes additional provision for purposes connected with the protection of the revenues derived from excise duties) shall have effect.
This section and Schedule 2 to this Act shall come into force on such day as the Commissioners of Customs and Excise may by order made by statutory instrument appoint, and different days may be appointed under this subsection for different provisions and for different purposes.
Except in a case falling within subsection (1A) or (2) below, the powers to which this section applies shall not be exercisable in relation to any person or thing entering or leaving Northern Ireland so as to prevent, restrict or delay the movement of that person or thing between Northern Ireland and a member State or between member States.
The second case in which a power to which this section applies may be exercised as mentioned in subsection (1) above is where it is necessary to exercise the power for purposes connected with—
securing the collection of any ... customs duty or giving effect to any Union customs legislation (within the meaning of Part 1 of the Taxation (Cross-border Trade) Act 2018) relating to any such duty;
the enforcement of any prohibition or restriction for the time being in force by virtue of any provision of Union customs legislation with respect to the movement of goods into or out of the member States; ...
the enforcement of any prohibition or restriction for the time being in force by virtue of any enactment with respect to the importation or exportation of goods into or out of the United Kingdom; or
searching for cash that is recoverable property or intended for use in unlawful conduct
The first case in which a power to which this section applies may be exercised as mentioned in subsection (1) above is where it is necessary to exercise the power in order to ascertain whether the movement in question is or is not in fact between Northern Ireland and a member State or between member States.
Subject to subsection (4) below, this section applies to any power which is conferred on the Commissioners of Customs and Excise or any officer or constable under any of the following provisions of the Customs and Excise Management Act 1979, that is to say—
section 21 (control of movement of aircraft into and out of the United Kingdom);
section 26 (power to regulate movement by land into and out of Northern Ireland);
section 27 (officers’ powers of boarding);
section 28 (officers’ powers of access);
section 29 (officers’ powers to detain ships);
section 34 (power to prevent flight of aircraft);
section 78 (questions as to baggage of person entering or leaving the United Kingdom);
section 164 (powers of search).
section 157A (general information powers in relation to persons entering or leaving the United Kingdom)
The Treasury may by order made by statutory instrument add any power conferred by any enactment contained in the customs and excise Acts to the powers to which this section applies; and a statutory instrument containing an order under this subsection shall be subject to annulment in pursuance of a resolution of either House of Parliament.
In this section— and for the purposes of this section a power shall be taken to be exercised otherwise than in relation to a person or thing entering or leaving the United Kingdom in any case where the power is exercisable irrespective of whether the person or thing in question is entering or leaving the United Kingdom.
“cash” has the meaning given by section 289(6) and (7) of the Proceeds of Crime Act 2002;
This section shall come into force on 1st January 1993.
In section 78 of the Customs and Excise Management Act 1979 (controls of persons entering or leaving the United Kingdom), after subsection (2) there shall be inserted the following subsection —
This section shall come into force on 1st January 1993.
The Matches and Mechanical Lighters Duties Act 1979 shall cease to have effect.
This section shall come into force on 1st January 1993.
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Schedule 3 to the Betting and Gaming Duties Act 1981 shall be amended as follows.
In paragraph 2 the following shall be substituted for sub-paragraph (1)(a) (exemption from bingo duty for clubs etc. where prizes do not exceed certain limits)—.
In paragraph 12(1) (promoter of bingo other than bingo exempt from duty by virtue of paragraph 1, 5 or 6 to keep accounts etc.) for “paragraph 1, 5 or 6 above” there shall be substituted “Part I of this Schedule”.
This section shall apply as regards bingo played in any week beginning on or after 3rd August 1992.
In section 5 of the Tobacco Products Duty Act 1979—
in paragraph (b) of subsection (1) (determination of retail price of cigarettes by reference to price recommended by a manufacturer or importer), for “price recommended by the importer or manufacturer" and “price so recommended" there shall be substituted “ recommended price ”; and
after that subsection there shall be inserted the following subsection—
Schedule 2 to the Finance Act 1991 (amendments relating to beer duty) shall be amended as follows.
Immediately before paragraph 22 there shall be inserted—
Immediately before paragraph 23 there shall be inserted—
The Customs and Excise Management Act 1979 shall be amended as follows.
In section 27(1) (officers’ powers of boarding and searching aircraft at a customs and excise airport, etc.) for the words “a customs and excise airport" there shall be substituted “ an aerodrome ”.
In section 28(1) (officers’ powers of access to aircraft at customs and excise airport, etc.) for the words “customs and excise airport" there shall be substituted “ aerodrome ”.
In section 163 (power to stop and search vehicles or vessels) the following subsection shall be inserted at the end—
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The following provisions shall cease to have effect—
section 7 of the Finance Act 1971 (exemption from vehicles excise duty for disabled passengers), and
section 7(2C) and (2D) of the Vehicles (Excise) Act 1971 (corresponding Northern Ireland provision).
This section and Part IV of Schedule 18 to this Act shall come into force on such day as the Secretary of State may by order made by statutory instrument appoint; and such an order may contain such transitional provisions and savings as appear to the Secretary of State necessary or expedient in connection with the provisions brought into force by the order.
In section 11 of the Finance Act 1989 (power to make provision for retention of registration marks)—
for paragraph (f) of subsection (2) (extension of period of right of retention) there shall be substituted the following paragraph—
in subsection (3) (power to make different provision for different cases), at the end there shall be inserted “and may, in particular, exempt extensions or assignments of any specified class or description from any fee or charge payable by virtue of subsection (2)(f) or (j) above”;
after that subsection there shall be inserted the following subsection—; and
section 19 of the Vehicles (Excise) Act 1971;
In section 12 of the Finance Act 1989 (provision for sale of registration marks)—
in paragraph (a) of subsection (3) (provision for acquisition of right on payment of sum in respect of acquisition), at the end there shall be inserted “and, where no charge is to be made by virtue of paragraph (j) below in connection with an assignment in pursuance of the right, in respect of such an assignment;”
for paragraph (f) of that subsection (extension of period of relevant right) there shall be substituted the following paragraph—
after paragraph (j) of that subsection there shall be inserted the following paragraph—;
in subsection (5) (power to make different provision for different cases), for the words from “assignments” onwards there shall be substituted “extensions or assignments of any specified class or description from any fee or charge payable by virtue of subsection (3)(f) or (j) above.”
Section 128 of the Finance Act 1990 (power to provide repayment of fees and charges) shall apply to any power by virtue of this section to make provision under section 11 or 12 of the Finance Act 1989 for the payment of any sum as it applies to powers conferred before that Act of 1990 was passed.
Any sums received by the Secretary of State in respect of the extension or further extension of the period of any right granted to or acquired by any person by virtue of regulations under section 11 or 12 of the Finance Act 1989 shall be paid into the Consolidated Fund.
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shall cease to be charged on importations of goods into the United Kingdom from member States; and
shall, instead, be charged, in accordance with the Value Added Tax Act 1983, on acquisitions in the United Kingdom from other member States of any goods.
Schedule 3 to this Act shall have effect for the purposes—
of amending the Value Added Tax Act 1983, Chapter II of Part I of the Finance Act 1985 and certain other enactments in connection with the provision made by subsection (1) above; and
of giving effect, in relation to— to requirements of the directive of the Council of the European Communities dated 17th May 1977 No. 77/388/EEC and the amendments of that directive by the directive of that Council dated 16th December 1991 No. 91/680/EEC (amendments with a view to the abolition of fiscal frontiers).
value added tax charged on the supply of goods and services; and
value added tax charged on the importation of goods from places outside the member States,
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In section 20 of the Finance Act 1985 (repayment supplement in respect of certain delayed payments or refunds) after subsection (3) there shall be inserted—
In section 38A of the Value Added Tax Act 1983 (interest in certain cases of official error) after subsection (8) there shall be inserted—
Subsection (1) above shall apply where the requisite return or claim is received after the day on which this Act is passed.
Subsection (2) above shall apply where the claim is received after the day on which this Act is passed.
After section 37A of the Value Added Tax Act 1983, there shall be inserted the following section—
In section 40(1) of that Act (appeals) after paragraph (h) there shall be inserted the following paragraph—.
In section 45(4) of that Act (orders subject to affirmative procedure), after paragraph (d) there shall be inserted the following paragraph—
This paragraph does not apply where a person ceases to be a taxable person in consequence of having been certified under section 37B of this Act.
In section 15 of the Finance Act 1985 (penalties for failures to notify and unauthorised issue of invoices), before subsection (4) there shall be inserted the following subsection—
This section shall come into force on such day as the Commissioners of Customs and Excise may by order made by statutory instrument appoint; and different days may be appointed under this subsection for different provisions and for different purposes.
In Schedule 5 to the Value Added Tax Act 1983 (zero-rating) in Note (8) to Group 7 (fuel and power) the words from “upon which” to “be charged” shall be omitted.
This section shall apply in relation to matches upon which, by virtue of the repeal of the Matches and Mechanical Lighters Duties Act 1979 by section 6 above, no duty of excise has been or is to be charged.
The Car Tax Act 1983 shall be amended in accordance with Schedule 4 to this Act (amendments in connection with the abolition of fiscal frontiers between the member States).
This section and Schedule 4 to this Act shall come into force on such day as the Commissioners of Customs and Excise may by order made by statutory instrument appoint; and different days may be appointed under this subsection for different provisions and for different purposes.
In section 7(4) of the Taxes Management Act 1970 for “basic rate" there shall be substituted “ the basic rate or the lower rate ”.
In each of the provisions to which this subsection applies, after “basic rate" there shall be inserted “ or the lower rate ”; and this subsection applies to section 91(3)(c) of the Taxes Management Act 1970 and to sections ... 599A(7) of the Taxes Act 1988.
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This section shall apply for the year 1992-93 and subsequent years of assessment.
Schedule 5 to this Act (which makes provision in relation to the married couple’s allowance) shall have effect.
Corporation tax shall be charged for the financial year 1992 at the rate of 33 per cent.
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the small companies' rate shall be 25 per cent., and
the fraction mentioned in section 13(2) of the Taxes Act 1988 (marginal relief for small companies) shall be one fiftieth.
In section 4 of the Taxation of Chargeable Gains Act 1992 (rates of capital gains tax) the following subsections shall be inserted after subsection (1)—
In section 6(1) of that Act—
after “all income tax” there shall be inserted “not chargeable at the lower rate”;
after “otherwise than at the basic rate” in both places where the words occur there shall be inserted “or the lower rate”;
for “section 4(4)” in both places where the words occur there shall be substituted “section 4(1A), (1B) and (4)”.
This section shall apply for the year 1992-93 and subsequent years of assessment.
Schedule 6 to this Act (which contains amendments relating to group relief etc.) shall have effect.
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Subject to the repeals made by the Taxation of Chargeable Gains Act 1992, in relation to a company which ceases to be a member of a group of companies on or after 15th November 1991 section 278 of the Income and Corporation Taxes Act 1970 (deemed sale etc. where company ceases to be member of a group) shall have effect, and be deemed to have had effect, with the substitution in subsection (1) of the words “ in consequence of another member of the group ceasing to exist ” for the words from “by being wound up" to the end of the subsection.
In section 339 of the Taxes Act 1988 (charges on income: donations to charity) in subsection (3A) (payment by close company not a qualifying donation if less than £600 after deducting income tax) for “£600” there shall be substituted “£400”.
In section 25 of the Finance Act 1990 (donations to charity by individuals) in subsection (2)(g) (gift must be not less than £600 to be a qualifying donation) for “£600” there shall be substituted “£400”.
Subsection (1) above shall apply in relation to payments made on or after 7th May 1992.
Subsection (2) above shall apply in relation to gifts made on or after 7th May 1992.
In section 671 of the Taxes Act 1988 (revocable settlements allowing release of obligation) in subsection (2) (exceptions to sums payable under such settlements being income of settlor) after “shall not apply” there shall be inserted “in the case of a covenanted payment to charity so long as that power has not been exercised, and in any other case”.
This section shall apply in relation to—
any covenant made on or after 7th May 1992;
any covenant made before that day and in the case of which the power to revoke cannot be exercised before that day.
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an exempt body has made a claim for exemption from tax under section 505(1), 507 or 508 of the Taxes Act 1988, and
the exemption results in, or (where it has yet to be granted or allowed) would if granted or allowed result in, the repayment of income tax or the payment of a tax credit.
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any body of persons or trust established for charitable purposes only;
each of the bodies mentioned in section 507 of the Taxes Act 1988 (heritage bodies);
any Association of a description specified in section 508 of that Act (scientific research organisations).
Section 28(2) of the Finance (No.2) Act 1992.
Section 94 of the Finance Act 1990 (donations to charity: inspection powers) shall cease to have effect.
This section shall apply in relation to claims made after the day on which this Act is passed.
In section 17 of the Taxes Management Act 1970 (returns of interest) in subsection (4) (interest not required to be included in return if declaration that person beneficially entitled to interest not ordinarily resident in UK) the words from “and if a person" to the end of the subsection shall cease to have effect and after that subsection there shall be inserted the following subsections—
This section shall apply to interest paid or credited after the day on which this Act is passed.
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In section 209 of the Taxes Act 1988 (meaning of “distribution” for purposes of Corporation Tax Acts) in subsection (2)(e) after sub-paragraph (vi) there shall be inserted or.
In that section the following subsections shall be inserted after subsection (8)—
In section 212 of the Taxes Act 1988 (exclusions from “distribution”) in subsection (1)(b) after “(vi)” there shall be inserted “and (vii)”.
This section shall apply where the interest or other distribution is paid after 14th May 1992.
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In section 234 of that Act—
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subsections (3) and (4) shall be omitted.
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This section shall apply in relation to distributions begun after the day on which this Act is passed.
Schedule 8 to this Act (which contains provisions about arrangements relating to rights in pursuance of deposits) shall have effect.
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Subject to the repeals made by the Taxation of Chargeable Gains Act 1992, in relation to exchanges made on or after 1st January 1992 section 85 of the Capital Gains Tax Act 1979 (exchange of securities for those in another company) shall have effect, and be deemed to have had effect, with the insertion after subsection (1)(b) ofor .
In section 69 of the Finance Act 1989 (chargeable events as regards employee share ownership trusts) the following shall be inserted after subsection (3)—
This section applies in relation to exchanges made on or after 1st January 1992.
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Section 80 of the Finance Act 1988 (unapproved employee share schemes: charge on special benefits) shall be amended as follows.
The following subsections shall be substituted for subsection (2)—
In subsection (3) (other conditions) in paragraph (a) for “of the class concerned” there shall be substituted “in respect of which the benefit is received”.
In paragraph (c) of subsection (3) for “its shares are of a single class” there shall be substituted the majority of its shares in respect of which the benefit is received are held otherwise than by or for the benefit of—.
The following subsection shall be inserted after subsection (3)—
This section shall apply in relation to benefits received on or after 12th November 1991.
in subsection (1)(a), after “5 April 1983”,
in subsection (1)(b), after “18th March 1986”, and
in subsection (1)(d), after “(25th July 1986)”.
In Part II of Schedule 4 to the Finance Act 1988 (extension of business expansion scheme to private rented housing: exclusion of certain dwelling-houses) paragraph 15 shall be amended as follows.
In sub-paragraph (1), for “Section 50” there shall be substituted “Subject to sub-paragraphs (1A) to (1C) below, section 50”.
Section 50 of this Act is not precluded from applying to a dwelling-house by sub-paragraph (1)(a) above if the arrangements there mentioned were for letting to a person who was an owner-occupier of the dwelling-house before the relevant date. Section 50 of this Act is not precluded from applying to a dwelling-house by sub-paragraph (1)(b) above if the letting there mentioned was to a person— Section 50 of this Act is not precluded from applying to a dwelling-house by sub-paragraph (1)(c) above if the letting there mentioned was to a person—
The following sub-paragraphs shall be added after sub-paragraph (2)—
This section shall have effect where shares are issued on or after 10th March 1992.
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Subject to the following provisions of this section and any other provisions of the Tax Acts, in computing for tax purposes the profits or gains accruing to a person in a relevant period from a trade or business which consists of or includes the exploitation of films, that person shall (on making a claim) be entitled to deduct the amount of any expenditure of a revenue nature payable by him in that or an earlier relevant period—
which is expenditure to which this section applies,
in respect of which no deduction has previously been made (whether under this section or otherwise) in computing for tax purposes the profits or gains accruing from the trade or business, and
in respect of which no election has been made under section 68(9) of the 1990 Act.
This section applies to any expenditure that—
can reasonably be said to have been incurred with a view to enabling a decision to be taken as to whether or not to make a film,
is payable before the first day of principal photography (where the decision that is taken is to make the film), and
is not payable under any contract or other arrangement whereby it may fall to be repaid if the film is not made.
A deduction shall not be made in respect of a film that has been completed unless the master negative of the film or any master tape or master disc of the film is a qualifying film, tape or disc.
A deduction shall not be made in respect of a film that has not been completed unless it is reasonably likely that if the film were completed the master negative of the film or any master tape or master disc of the film would be a qualifying film, tape or disc.
The total amount deducted under this section in respect of a film shall not exceed 20 per cent. of the budgeted total expenditure on the film, as calculated at the first day of principal photography.
A claim under this section shall be made not later than two years after the end of the relevant period in which the expenditure to which it relates becomes payable.
To the extent that a deduction has been made in respect of any expenditure under this section, no further deduction shall be made in respect of it in computing for tax purposes the profits or gains of the trade or business concerned.
This section shall have effect in relation to expenditure payable on or after 10th March 1992.
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Subject to the following provisions of this section and any other provisions of the Tax Acts, in computing for tax purposes the profits or gains accruing to a person in a relevant period from a trade or business which consists of or includes the exploitation of films, that person shall (on making a claim) be entitled to deduct an amount in respect of any expenditure—
which is expenditure to which subsection (2) or (3) below applies, and
in respect of which no deduction has been made by virtue of subsections (3) to (6) of section 68 of the 1990 Act and no election has been made under subsection (9) of that section.
This subsection applies to any expenditure of a revenue nature incurred by the claimant on the production of a film—
which was completed in the relevant period to which the claim relates or an earlier relevant period, and
the master negative of which or any master tape or master disc of which is a qualifying film, tape or disc.
This subsection applies to any expenditure of a revenue nature incurred by the claimant on the acquisition of the master negative of a film or any master tape or master disc of a film where—
the film was completed in the relevant period to which the claim relates or an earlier relevant period, and
the master negative, tape or disc is a qualifying film, tape or disc.
Any amount deducted for a relevant period under subsection (1) above shall not exceed— whichever is less.
one third of the total expenditure incurred by the claimant on the production of the film concerned or the acquisition of the master negative or any master tape or master disc of it,
one third of the sum obtained by deducting from the amount of that total expenditure the amount of so much of that total expenditure as has already been deducted by virtue of section 41 above, or
so much of that total expenditure as has not already been deducted by virtue of section 68(3) to (6) of the 1990 Act, section 41 above or this section,
In relation to a relevant period of less than twelve months, the references to one third in subsection (4) above shall be read as references to a proportionately smaller fraction.
A claim under this section shall be made not later than two years after the end of the relevant period to which the claim relates and shall be irrevocable.
Where any expenditure is deducted by virtue of section 68(3) to (6) of the 1990 Act in computing the profits or gains of a trade or business for a relevant period, no deduction shall be made under this section for that relevant period in respect of expenditure incurred on the production or acquisition of the film concerned.
This section does not apply to the profits or gains of a trade in which the film concerned constitutes trading stock, as defined in section 100(2) of the Taxes Act 1988.
This section shall have effect in relation to expenditure incurred on films completed on or after 10th March 1992.
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In sections 41 and 42 above and this section—
“customs and excise Acts” and “goods” have the same meanings as in the Customs and Excise Management Act 1979; and
“master negative”, in relation to a film, means the original master negative of the film and its soundtrack (if any),
“master tape”, in relation to a film, means the original master film tape or the original master audio tape of the film,
In sections 41 and 42 above and this section—
any reference to a film shall be construed in accordance with paragraph 1 of Schedule 1 to the Films Act 1985, and
any reference to the acquisition of a master negative, master tape or master disc of a film includes a reference to the acquisition of any description of rights in it.
For the purposes of sections 41 and 42 above a film is completed—
at the time when it is first in a form in which it can reasonably be regarded as ready for copies of it to be made and distributed for presentation to the general public, or
in a case within section 42 where the expenditure in question was incurred on the acquisition of the master negative of the film or any master tape or master disc of the film and it was acquired after the time mentioned in paragraph (a) above, at the time it was acquired.
The Taxation of Chargeable Gains Act 1992 shall have effect, and be deemed always to have had effect, with the insertion of the following after section 140—
The Taxation of Chargeable Gains Act 1992 shall have effect, and be deemed always to have had effect, with the insertion of the following sections after section 140B—
The Taxation of Chargeable Gains Act 1992 shall have effect, and be deemed always to have had effect, with the following amendments.
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In section 116(11) (qualifying corporate bonds) after “139," there shall be inserted “ 140A, ”.
In section 140 (transfer of assets to non-resident company) the following subsection shall be inserted after subsection (6)—
In section 174 (disposal or acquisition outside a group)—
in subsection (2) after the word “section" (in the first place where it occurs) there shall be inserted “ 140A, ”;
in subsection (3) after “section" there shall be inserted “ 140A, ”.
In section 177(2) (dividend stripping) after “which section" there shall be inserted “ 140A, ”.
In section 184(2) (indexation)—
after the word “section" (in the first place where it occurs) there shall be inserted “ 140A, ”;
for “either" there shall be substituted “ one ”.
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Subject to the repeals made by the Taxation of Chargeable Gains Act 1992, the enactments mentioned in this section shall be amended as there mentioned.
In section 268A of the Income and Corporation Taxes Act 1970 (transfer of assets to non-resident company) the following subsection shall be inserted after subsection (6)—
In section 275 of that Act (disposal or acquisition outside a group)—
in subsection (1A) after the word “section” (in the first place where it occurs) there shall be inserted “269A,”;
in subsection (1B) after “section” there shall be inserted “269A,”.
In section 281(2) of that Act (dividend stripping) after “which section” there shall be inserted “269A,”.
In paragraph 10(2) of Schedule 13 to the Finance Act 1984 (qualifying corporate bonds) after paragraph (bb) there shall be inserted—.
In section 68(7A)(b) of the Finance Act 1985 (indexation) after “267,” there shall be inserted “269A,”.
In paragraph 1(3)(b) of Schedule 8 to the Finance Act 1988 (re-basing) after “267,” there shall be inserted “269A,”.
In paragraph 5 of Schedule 11 to that Act (indexation)—
after “section” there shall be inserted “269A,”;
the word “intra-group” shall be omitted;
for “either” there shall be substituted “one”.
Subsections (3) and (4) above apply where the transfer referred to in section 269A takes effect on or after 1st January 1992.
Subsections (5) to (7) above apply to any disposal by way of transfer where the transfer takes effect on or after 1st January 1992.
Subsection (8) above applies where any disposal to which section 269A applies is by way of a transfer taking effect on or after 1st January 1992.
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The following section shall be inserted after section 182 of the Finance Act 1989 (disclosure of information)—
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In the Taxes Act 1988 the following section shall be inserted after section 808—
This section shall apply in relation to interest (as defined in the arrangements) paid after 14th May 1992.
Section 158 of the Taxes Act 1988 (car fuel) shall be amended as follows.
For subsection (2) (cash equivalents) there shall be substituted—
In subsection (4) (Treasury orders) for “either" there shall be substituted “ any ”.
This section shall have effect for the year 1992-93 and subsequent years of assessment.
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In Schedule 12 to the Taxes Act 1988 (foreign earnings: provisions supplemental to section 193(1)) after paragraph 1 there shall be inserted—
This section shall have effect for the year 1992-93 and subsequent years of assessment.
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In section 502 of the Taxes Act 1988 (defined expressions for Chapter V of Part XII of that Act - petroleum extraction activities), in subsection (1), in the definition of “oil extraction activities”, in paragraph (c)—
the words “as far as dry land in the United Kingdom” shall be omitted; and
after the words “so held” there shall be inserted where the transportation is—.
Subsection (1) above has effect with respect to chargeable periods ending after 27th November 1991.
In so far as the amendments made by paragraph 3 of Schedule 15 to this Act amend the definitions of “initial storage” and “initial treatment” as they have effect, by virtue of section 502(2) of the Taxes Act 1988, for the purposes of Chapter V of Part XII of that Act, those amendments have effect with respect to chargeable periods ending after 27th November 1991.
Schedule 9 to this Act (which makes provision in relation to friendly societies) shall have effect.
In the Taxes Act 1988, the following shall be inserted after section 33—
This section shall have effect in relation to rents or receipts accruing on or after 10th March 1992.
In section 15(1) of the Taxes Act 1988 (Schedule A) the following paragraph shall be substituted for paragraph 4—
This section shall apply in relation to chargeable periods beginning on or after 6th April 1992.
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In section 347A(5) of the Taxes Act 1988 and in section 38(9) of the Finance Act 1988 (no deduction on account of certain payments) after “section 65(1)(b)” there shall be inserted “, 68(1)(b) or 192(3)”.
This section shall have effect for the year 1992-93 and subsequent years of assessment.
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In section 347B(1)(a) of the Taxes Act 1988 (payments under certain court orders or written agreements)—
for “in the United Kingdom” there shall be substituted “in a member State”;
for “a part of the United Kingdom” there shall be substituted “a member State or of a part of a member State”.
This section shall have effect for the year 1992-93 and subsequent years of assessment.
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In section 347B of the Taxes Act 1988 (qualifying maintenance payments), the following subsections shall be added at the end—
In section 36 of the Finance Act 1988 (annual payments), the following subsection shall be inserted after subsection (5)—
In section 38 of the Finance Act 1988 (maintenance payments under existing obligations), the following subsection shall be inserted after subsection (8)—
This section shall come into force on such date as the Secretary of State may by order provide.
The power conferred by subsection (4) above shall be exercisable by statutory instrument.
The provision made by this section shall have effect, so far as it concerns orders under section 106 of the Social Security Administration Act 1992 or section 101 of the Social Security Administration (Northern Ireland) Act 1992, only in relation to payments which fall due after the coming into force of this section.
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For the purposes of this section each of the following is a relevant order—
the Income Tax (Reduced and Composite Rate) Order 1985 (which sets out 25.25 per cent. as the reduced rate for building societies and the composite rate for deposit-takers for the year 1986-87);
the Income Tax (Reduced and Composite Rate) Order 1986 (which sets out 24.75 per cent. as the rate for the year 1987-88);
the Income Tax (Reduced and Composite Rate) Order 1987 (which sets out 23.25 per cent. as the rate for the year 1988-89);
the Income Tax (Reduced and Composite Rate) Order 1988 (which sets out 21.75 per cent. as the rate for the year 1989-90).
If apart from this section a relevant order would not be so taken, it shall be taken to be and always to have been effective to determine the rate set out in the order as the reduced rate and the composite rate for the year of assessment for which the order was made.
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For the purposes of this section a claim is a relevant claim if it is made under or by virtue of any of the following provisions—
section 393(1) of the Taxes Act 1988 (claim for carry forward of trading losses);
section 393A(1) of the Taxes Act 1988 (claim for carry sideways and backwards of trading losses);
section 402(2) of the Taxes Act 1988 (surrender of relief between members of groups and consortia: group claim);
section 402(3) of the Taxes Act 1988 (surrender of relief between members of groups and consortia: consortium claim);
any provision reproduced in any of the provisions mentioned in paragraphs (a) to (d) above (whether directly or indirectly and whether with or without modification).
For the purposes of this section the following are relevant provisions—
section 434(2) of the Taxes Act 1988 (profits derived from investments of life assurance fund treated as profits of life assurance business in ascertaining loss on that business);
section 715(1)(a) of the Taxes Act 1988 (special treatment of transfer of securities with or without accrued interest not to apply to transferor where transfer falls to be taken into account in computing profits or losses of trade);
section 715(2)(a) of the Taxes Act 1988 (special treatment of transfer of securities with or without accrued interest not to apply to transferee where transfer falls to be taken into account in computing profits or losses of trade);
section 83(1) of the Finance Act 1989 (investment income etc. from assets of long-term business fund taken into account as receipts of life assurance business);
section 37(1) of the Taxation of Chargeable Gains Act 1992 (exclusion from consideration for disposal of asset of any money or moneys worth taken into account in computing profits or losses etc.);
any provision reproduced in any of the provisions mentioned in paragraphs (a) to (c) and (e) above (whether directly or indirectly and whether with or without modification).
For the purposes of this section—
the I minus E basis is the basis commonly so called (under which a company carrying on life assurance business is charged to tax in respect of that business otherwise than under Case I of Schedule D);
life assurance business includes annuity business.
Neither the making of a relevant claim in respect of a trading loss incurred by a company in an accounting period nor the application of any commercial or accounting principle or practice in computing that loss—
shall prevent the I minus E basis being applied for that or any other accounting period in respect of the company’s life assurance business;
shall affect the calculation of the income or gains of that business for that or any other accounting period in applying that basis.
The application of a relevant provision as regards a company for an accounting period shall not—
prevent the I minus E basis being applied for that or any other accounting period in respect of its life assurance business;
affect the calculation of the income or gains of that business for that or any other accounting period in applying that basis.
This section—
shall apply in relation to accounting periods beginning on or after the day on which this Act is passed;
shall apply and be deemed always to have applied in relation to accounting periods beginning before that day.
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In Part II of the Capital Allowances Act 1990 (machinery and plant) after section 67 there shall be inserted the following section—
In section 24 of that Act (writing-down allowances and balancing adjustments) in subsection (6) (disposal value) for the words “subsection (7)” there shall be substituted “subsections (6A) and (7)”.
After that subsection there shall be inserted the following subsection—
In subsection (8) of that section for the words “subsection (7)” in both places where they occur there shall be substituted “subsections (6A) and (7)”.
In section 26 of that Act (disposal value) in subsection (1) after paragraph (e) there shall be inserted—.
After subsection (2) of that section there shall be inserted—
In section 37 of that Act (election for certain machinery or plant to be treated as short-life assets) in subsection (5) for the words “section 24(7)” there shall be substituted “section 24(6A) and (7)”.
Subsection (1) above shall apply in relation to expenditure incurred on or after 10th March 1992.
Subsections (2) to (6) above shall apply in relation to rights granted on or after 10th March 1992.
Subsection (7) above shall be deemed to have come into force on 10th March 1992.
Section 68 of the Capital Allowances Act 1990 (which excludes certain expenditure relating to films, tapes and discs from being treated as capital expenditure for the purposes of Part II of that Act and gives relief by providing for such expenditure and other expenditure of a revenue nature to be allocated to relevant periods) shall be amended as follows.
After subsection (6) there shall be inserted—
In subsection (9) (expenditure to which section 68 does not apply) after “expenditure” there shall be inserted “in relation to which an election is made under this subsection and”.
After subsection (9) there shall be inserted—
Subsections (3) and (4) above shall have effect in relation to films, tapes and discs completed on or after 10th March 1992.
The Capital Allowances Act 1990 shall be amended as follows.
In section 34 (writing-down allowances etc.) in subsection (1) for “£8,000” there shall be substituted “£12,000”.
In subsection (3) of that section for “£2,000” in each place where it occurs there shall be substituted “£3,000”.
In section 35 (contributions to expenditure and hiring of cars) in subsection (1) for “£8,000” and “£2,000” there shall be substituted “£12,000” and “£3,000” respectively.
In subsection (2) of that section for “£8,000” in both places where it occurs there shall be substituted “£12,000”.
Subsections (2) and (3) above shall apply in relation to expenditure incurred or treated as incurred after 10th March 1992 unless the expenditure is incurred under a contract entered into on or before 10th March 1992.
Subsection (4) above shall apply in relation to expenditure incurred after 10th March 1992 unless the expenditure is incurred under a contract entered into on or before 10th March 1992.
Subsection (5) above shall apply in relation to expenditure on the hiring of a motor car under a contract entered into after 10th March 1992.
Portion of value Rate of tax Lower limit Upper limit Per cent. £ £ 0 150,000 Nil 150,000 40
Subsection (1) above shall apply to any chargeable transfer made on or after 10th March 1992, and section 8(1) of the Inheritance Tax Act 1984 (indexation of rate bands) shall not apply to chargeable transfers made in the year beginning 6th April 1992.
Schedule 14 to this Act (which makes provision in relation to relief in respect of business property and agricultural property) shall have effect.
The enactments specified in Schedule 15 to this Act (being enactments relating to oil taxation) shall have effect subject to the amendments in that Schedule, being amendments—
which take account, for the purpose of determining assessable profits and allowable losses, of certain cases where oil which is won from an off-shore oil field is, or could reasonably be expected to be, first landed in a country other than the United Kingdom; or
which are consequential upon, or incidental to, the amendments referred to in paragraph (a) above.
For the purposes of subsection (1)(a) above an oil field is an off-shore oil field if the whole of it is situated outside the geographical area of the United Kingdom (as determined under section 108 of the Finance Act 1986 - the on-shore/off-shore boundary).
In the amendments in Schedule 15 to this Act, any reference to a country other than the United Kingdom shall be treated as a reference to the geographical area of that country exclusive of any land (or waters) to the seaward side of the high-water line along the coast of that country, including the coast of all islands comprised in that country.
For the purpose of subsection (3) above, section 108(5) of the Finance Act 1986 (which provides a means of determining the high-water line at any place in the United Kingdom) shall, with any necessary modifications, apply to determine the high-water line at any place in a country other than the United Kingdom.
Except in so far as they have effect in relation to corporation tax or income tax, the amendments in Schedule 15 to this Act take effect as follows—
in so far as they relate to expenditure incurred, they take effect for claim periods ending after 27th November 1991; and
in so far as they relate to any other matter, they take effect for chargeable periods ending after 30th June 1992.
This section shall be construed as one with Part I of the Oil Taxation Act 1975.
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The Lord Chancellor may, with the consent of the Lord Advocate, make regulations providing for—
Commissioners for the general purposes of the income tax to hold office by a different name (and to be referred to otherwise than as “General Commissioners”), and
Commissioners for the special purposes of the Income Tax Acts to hold office by a different name (and to be referred to otherwise than as “Special Commissioners”).
The regulations may make such consequential amendments of any Act or instrument made under any Act as the Lord Chancellor thinks appropriate.
Regulations under this section shall be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.
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Schedule 17 to this Act (which makes provision in relation to the transfer of the undertaking of Northern Ireland Electricity) shall have effect.
In section 8 of the Treasury Bills Act 1877 (bills to be issued under Treasury warrant countersigned by Comptroller and Auditor General) the words “countersigned by the Comptroller and Auditor General” shall be omitted.
This section shall apply where the warrant concerned is issued on or after the day on which this Act is passed.
Section 5(8) of the National Loans Act 1968 (which requires the Treasury to publish certain rates of interest in the London and Edinburgh Gazettes) shall cease to have effect.
This section shall have effect in relation to rates of interest determined after the day on which this Act is passed.
In this Act “the Taxes Act 1988” means the Income and Corporation Taxes Act 1988.
The enactments specified in Schedule 18 to this Act (which include provisions which are already spent) are hereby repealed to the extent specified in the third column of that Schedule, but subject to any provision of that Schedule.
This Act may be cited as the Finance (No. 2) Act 1992.