Hungary - Petroleum Project
In section 5 of the Alcoholic Liquor Duties Act 1979 (spirits) for “£17.35” there shall be substituted “ £18.96 ”.
In section 36 of that Act (beer) for “£0.97” there shall be substituted “ £1.06 ”.
For the Table of rates of duty in Schedule 1 to that Act (wine and made-wine) there shall be substituted the Table in Schedule 1 to this Act.
In section 62(1) of that Act (cider) for “£18.66” there shall be substituted “ £20.40 ”.
This section shall be deemed to have come into force at 6 o’clock in the evening of 19th March 1991.
1. Cigarettes An amount equal to 21 per cent. of the retail price plus £40.15 per thousand cigarettes. 2. Cigars £61.72 per kilogram. 3. Hand-rolling tobacco £65.12 per kilogram. 4. Other smoking tobacco and chewing tobacco £28.69 per kilogram.
This section shall be deemed to have come into force at 6 o’clock in the evening of 19th March 1991.
In section 6(1) of the Hydrocarbon Oil Duties Act 1979, for “£0.2248” (duty on light oil) and “£0.1902” (duty on heavy oil) there shall be substituted “ £0.2585 ” and “ £0.2187 ” respectively.
In section 11(1) of that Act, for “£0.0083” (rebate on fuel oil) and “£0.0118” (rebate on gas oil) there shall be substituted “ £0.0091 ” and “ £0.0129 ” respectively.
In section 13A(1) of that Act (rebate on unleaded petrol) for “£0.0299” there shall be substituted “ £0.0344 ”.
In section 14(1) of that Act (rebate on light oil for use as furnace fuel) for “£0.0083” there shall be substituted “ £0.0091 ”.
This section shall be deemed to have come into force at 6 o’clock in the evening of 19th March 1991.
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in the entry relating to special machines, for “16.00” there shall be substituted “30.00”; and
in the entry relating to recovery vehicles, for “50.00” there shall be substituted “75.00”.
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In section 7(1) of the Betting and Gaming Duties Act 1981 (which specifies 40 per cent. as the rate of pool betting duty) for “40 per cent.” there shall be substituted “ 37.50 per cent. ”
This section shall apply in relation to bets made at any time by reference to an event taking place on or after 17th August 1991.
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The Betting and Gaming Duties Act 1981 shall be amended as follows.
In section 14 (rate of gaming licence duty) in subsection (1)—
in paragraph (a), for “£250” there shall be substituted “£10”; and
in paragraph (b), the words “payable after the end of that period and” shall be omitted.
Part of gross gaming yield Rate The first £450,000 2½ per cent. The next £2,250,000 12½ per cent. The next £2,700,000 25 per cent. The remainder 33⅓ per cent.
In section 15 (gaming without duly paid licence) there shall be inserted at the end—
In paragraph 3 of Schedule 2 (Commissioners' regulation-making powers in connection with gaming licence duty) at the end of sub-paragraph (3) there shall be inserted—
In paragraph 5 of that Schedule (power to estimate)—
in sub-paragraph (1), for the words from “on account” to “gaming yield” there shall be substituted “under section 14(1)(b) above or by virtue of regulations under paragraph 3(3)(d) above” and the words “of the duty” shall be omitted; and
in sub-paragraph (2), the word “duty” shall be omitted.
In paragraph 6 of that Schedule (persons from whom duty recoverable) in sub-paragraph (1), after “period” there shall be inserted “and any amount payable in anticipation of that duty by virtue of regulations under paragraph 3(3)(d) above” and “(3)(c)” shall be omitted.
In sub-paragraphs (1)(b) and (3)(a) above references to the duty on gaming licences include amounts payable in anticipation of gaming licence duty by virtue of regulations under paragraph 3(3)(d) above. In ascertaining for the purposes of sub-paragraph (1) or (3) above the amount of the duty which is unpaid or payment of which is sought to be avoided, an amount payable in anticipation of gaming licence duty by virtue of regulations under paragraph 3(3)(d) above shall be treated as an amount of duty.
Subsections (2)(a) and (3) above shall have effect in relation to gaming licences for any period beginning after 30th September 1991.
For section 36 of the Alcoholic Liquor Duties Act 1979 (charge on beer imported into, or brewed in, the United Kingdom of an excise duty at a rate per hectolitre for every degree by which the original gravity of the beer exceeds 1000 degrees) there shall be substituted—
After section 41 of that Act (which specifies certain reliefs from duty) there shall be inserted—
For sections 47 and 48 of that Act (licences to brew beer and to use premises for adding solutions to beer) there shall be substituted—
The enactments and instruments mentioned in Schedule 2 to this Act shall have effect with the amendments specified in that Schedule.
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 so appointed for different provisions or for different purposes.
An order under subsection (5) above may contain such saving or transitional provision as the Commissioners think fit; and, without prejudice to the generality of the foregoing, any such order may include provision—
for treating beer— as beer produced on or after that day and chargeable accordingly, and
produced, or in the process of being produced, before the relevant day, and
held on, or in the process of being transported between, registered premises on that day,
for the remission or repayment of any duty charged or paid in respect thereof under provisions replaced by this section and Schedule 2 to this Act.
In this section— “the relevant day means the day appointed for the coming into force of subsection (1) of the section 36 substituted by subsection (1) above.
“the Commissioners” means the Commissioners of Customs and Excise;
“the Commissioners means the Commissioners of Customs and Excise;
“registered premises” means—
premises which, on the relevant day, are registered under section 41A of the Alcoholic Liquor Duties Act 1979, or
“school-leaving age means the age of sixteen.
“registered premises means—
premises which, on the relevant day, are registered under section 41A of the Alcoholic Liquor Duties Act 1979, or
premises in respect of which, on that day, a person is registered under section 47 of that Act;
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The Vehicles (Excise) Act 1971 shall be amended as follows.
In section 4(1) (exemptions) after paragraph (ca) there shall be inserted—.
In section 4(1)(ka) (pedestrian controlled vehicles) the words “(other than mowing machines)” shall be omitted.
“fire engine” means a vehicle—
“weight unladen” shall be construed in accordance with section 190(2) of the Road Traffic Act 1988.
Section 7(4) (power to exempt civil defence vehicles) shall cease to have effect.
Subsections (3) and (5) above shall be deemed to have come into force on 20th March 1991.
Subsection (4) above shall be deemed to have come into force on 1st June 1991.
Subsection (6) above shall come into force on 1st October 1991.
This section shall apply in relation to the Vehicles (Excise) Act (Northern Ireland) 1972 as it applies in relation to the Vehicles (Excise) Act 1971, but with the following modifications—
in subsection (4), for “the Fire Services Act 1947” there shall be substituted “the Fire Services (Northern Ireland) Order 1984”, and
in subsection (5), for “section 190(2) of the Road Traffic Act 1988” there shall be substituted “Article 2(3) of the Road Traffic (Northern Ireland) Order 1981”.
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The Vehicles (Excise) Act 1971 (“the 1971 Act”) and the Vehicles (Excise) Act (Northern Ireland) 1972 (“the 1972 Act”) shall be amended as follows.
After section 18A of the 1971 Act there shall be inserted—
Subsection (2) above shall apply in relation to the 1972 Act as it applies in relation to the 1971 Act, but with the following modifications—
for the words “Great Britain” there shall be substituted the words “Northern Ireland”,
for the words “plated gross weight”, in each place where they occur, there shall be substituted the words “relevant maximum weight”, and
for the words “plated train weight”, in each place where they occur, there shall be substituted the words “relevant maximum train weight”.
In section 26(2)(a) of the 1971 Act (penalty for making false declarations) for the word “or”, in the first place where it occurs, there shall be substituted “, a claim for a rebate under section 18B of this Act or an application”.
In section 37(4) of the 1971 Act and section 34(4) of the 1972 Act (additional regulation-making powers in relation to documents required by regulations under certain provisions) after “17(1),” there shall be inserted “18B(3),”.
This section shall come into force on such day as the Secretary of State may by order made by statutory instrument appoint.
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The Vehicles (Excise) Act 1971 (“the 1971 Act”), and any other Act to the extent that it amends or extends the 1971 Act, shall extend to Northern Ireland.
In consequence of subsection (1) above—
the 1971 Act shall have effect subject to Part I of Schedule 3 to this Act, and
section 11 of the Finance Act 1976 (which extends the power to make regulations under the 1971 Act to require information about goods vehicles, etc.) shall have effect subject to Part II of that Schedule.
This section shall come into force on such day as the Secretary of State may by order made by statutory instrument appoint.
An order under subsection (3) above may contain such supplementary, incidental, consequential, saving or transitional provision as the Secretary of State thinks fit.
“registered excise dealer and shipper means a revenue trader approved and registered by the Commissioners under section 100G below; “registered excise dealers and shippers regulations means regulations under section 100G below;
In the definition of “revenue trader” in that subsection, in paragraph (a) (person carrying on a trade or business subject to any of the revenue trade provisions of the customs and excise Acts) after the words “customs and excise Acts” there shall be inserted the wordsor which consists of or includes— .
Schedule 4 to this Act shall have effect.
Schedule 5 to this Act (which makes provision for the purpose of protecting the revenues derived from duties of excise) shall have effect.
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In section 9(1) of the Value Added Tax Act 1983 (rate of tax) for “15 per cent.” there shall be substituted “17.50 per cent.”
This section shall be deemed to have come into force on 1st April 1991.
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In section 11 of the Finance Act 1990 (refund of tax where bad debt written off and period of two years from supply has elapsed) in subsection (1)(c) for “two years” there shall be substituted “one year”.
The amendment made by subsection (1) above shall be deemed always to have had effect.
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Section 29 of the Value Added Tax Act 1983 (groups of companies) shall be amended as follows.
In subsection (3) for the words from “resident” to “if” there shall be substituted the words “are eligible to be treated as members of a group if each of them falls within subsection (3A) below and”.
The following subsection shall be inserted after subsection (3)—
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In the Value Added Tax Act 1983, after section 38 (administration, collection and enforcement) there shall be inserted—
In section 40(1) of that Act (which specifies the matters in respect of which an appeal lies to a value added tax tribunal against a decision of the Commissioners) after paragraph (h) there shall be inserted—.
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In section 14 of the Finance Act 1985 (serious misdeclaration or neglect resulting in understatements or overclaims) in subsection (1) (liability to penalty equal to a percentage of the tax which would have been lost) for “30 per cent.” there shall be substituted “20 per cent.”
Subject to subsection (3) below, this section shall apply where a penalty is assessed on or after 20th March 1991 in relation to a prescribed accounting period beginning on or after 1st April 1990.
This section shall not apply in the case of a supplementary assessment if the original assessment was made before 20th March 1991.
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In section 5A of the Car Tax Act 1983 (relief where vehicle leased to the handicapped) after subsection (2) (which imposes a charge to tax where vehicle supplied by the lessor in certain circumstances) there shall be inserted—
This section shall apply in relation to supplies made on or after the day on which this Act is passed.
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Section 7 of the Car Tax Act 1983 (remission of tax on certain vehicles) shall be amended as follows.
After subsection (4) there shall be inserted—
In subsection (5) (conditions which may be imposed) after “subsection (4)” there shall be inserted “or (4A)”.
In subsection (6) (recovery of tax where breach of condition)—
for “has been remitted on a vehicle under subsection (4) above” there shall be substituted on a vehicle has been—;
after “remission” there shall be inserted “or, as the case may be, an amount of tax equal to that repaid”.
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Income tax shall be charged for the year 1991-92, and—
the basic rate shall be 25 per cent.,
the basic rate limit shall be £23,700, and
the higher rate shall be 40 per cent.
In accordance with subsection (1)(b) above, section 1(4) of the Taxes Act 1988 (indexation) shall not apply for the year 1991-92.
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Section 257C(1) of the Taxes Act 1988 (indexation), so far as relating to section 257A(1) of that Act (married couple’s allowance), shall not apply for the year 1991-92.
Section 257A(1) of that Act shall apply for the year 1991-92 as if the amount specified in it were “£1,720”.
The rate at which corporation tax is charged for the financial year 1990 shall be 34 per cent. (and not 35 per cent. as provided by section 19 of the Finance Act 1990).
For the financial year 1990 the fraction mentioned in section 13(2) of the Taxes Act 1988 (marginal relief for small companies) shall be nine four-hundredths (and not one fortieth as provided by section 20 of the Finance Act 1990).
All such adjustments shall be made, whether by way of discharge or repayment of tax or otherwise, as may be required in consequence of the provisions of this section.
Corporation tax shall be charged for the financial year 1991 at the rate of 33 per cent.
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For the financial year 1991—
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 13(3) of that Act (limits of marginal relief), in paragraphs (a) and (b)—
for “£200,000” there shall be substituted “£250,000”, and
for “£1,000,000” there shall be substituted “£1,250,000”.
Subsection (2) above shall have effect for the financial year 1991 and subsequent financial years; and where by virtue of that subsection section 13 of the Taxes Act 1988 has effect with different relevant maximum amounts in relation to different parts of a company’s accounting period, then for the purposes of that section those parts shall be treated as if they were separate accounting periods and the profits and basic profits of the company for that period shall be apportioned between those parts.
For the year 1991-92 the qualifying maximum defined in section 367(5) of the Taxes Act 1988 (limit on relief for interest on certain loans) shall be £30,000.
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the loan on which the interest is payable is the loan referred to in that paragraph as “the first-mentioned loan”; and
the loan referred to in paragraph (b) of that subsection as “the other loan” was made before 6th April 1991.
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the loan on which the interest is payable is the loan referred to in subsection (1) of that section as “the first loan”; and
the loan which is, for the purposes of that subsection, “the other loan” was made before 6th April 1991.
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that the loan was made in pursuance of an offer made before that date and that the offer either was in writing or was evidenced by a note or memorandum made by the lender before that date, and
that the loan was used to defray money applied in pursuance of a binding contract entered into before that date.
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Section 354(3) of the Taxes Act 1988 (interest eligible for relief in the case of a caravan only if the caravan is large or certain conditions presupposing domestic rating are met) shall cease to have effect.
This section shall have effect for the year 1991-92 and subsequent years of assessment.
In Schedule 6 to the Taxes Act 1988 (taxation of directors and others in respect of cars) for Part I (tables of flat rate cash equivalents) there shall be substituted—
This section shall have effect for the year 1991-92 and subsequent years of assessment.
In section 154(2) of the Taxes Act 1988, in paragraph (b) (which excludes from the general charge on benefits in kind any benefits chargeable under the provisions there specified) after the words “section 157, 158,” there shall be inserted “159A,”.
After section 159 of that Act there shall be inserted—
The amendments made by this section shall have effect for the year 1991-92 and subsequent years of assessment.
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In section 161(1) of the Taxes Act 1988 (no charge for beneficial loan if cash equivalent does not exceed £200) for “£200” there shall be substituted “£300”.
This section shall have effect for the year 1991-92 and subsequent years of assessment.
This section applies where—
on or after 6th April 1992 an individual resident in the United Kingdom makes a payment in respect of a qualifying course of vocational training,
the payment is made in respect of an allowable expense,
the payment is made in connection with the individual’s own training,
at the time the payment is made, the individual has not received in relation to the course, and is not entitled to receive in relation to it, any public financial assistance of a description specified in regulations made by the Treasury for the purposes of this paragraph, and
at the time the payment is made, the individual—
in a case where the qualifying course of vocational training is such a course by virtue only of paragraph (b) of subsection (10) below, has attained the age of thirty, or
in any other case, has attained school-leaving age and, if under the age of nineteen, is not a person who is being provided with full-time education at a school,
the individual is not entitled to claim any relief or deduction in respect of the payment under any other provision of the Income Tax Acts.
the individual undertakes the course neither wholly nor mainly for recreational purposes or as a leisure activity,
The individual shall be entitled to relief under this subsection in respect of the payment for the year of assessment in which it is made; but relief under this subsection shall be given only on a claim made for the purpose, except where subsections (3) to (5) below apply.
In such cases and subject to such conditions as the Board may specify in regulations, relief under subsection (2) above shall be given in accordance with subsections (4) and (5) below.
Where an individual is entitled to relief under subsection (2) above in respect of any payment made in a year of assessment, the amount of his liability for that year to income tax on his total income shall be the amount to which he would be liable apart from this section less whichever is the smaller of—
the amount which is equal to such percentage of the amount of the payment as is the basic rate for the year; and
the amount which reduces his liability to nil.
An individual who is entitled to such relief in respect of a payment may deduct and retain out of it an amount equal to income tax on it at the basic rate for the year of assessment in which it is made.
In determining for the purposes of subsection (2A) above the amount of income tax to which a person would be liable apart from this section, no account shall be taken of—
any income tax reduction under Chapter I of Part VII of the Taxes Act 1988 or under section 347B of that Act;
any income tax reduction under section 353(1A) of the Taxes Act 1988;
any relief by way of a reduction of liability to tax which is given in accordance with any arrangements having effect by virtue of section 788 of the Taxes Act 1988 or by way of a credit under section 790(1) of that Act;
any tax at the basic rate on so much of that person’s income as is income the income tax on which he is entitled to charge against any other person or to deduct, retain or satisfy out of any payment.
The person to whom the payment is made—
shall accept the amount paid after deduction in discharge of the individual’s liability to the same extent as if the deduction had not been made, and
may, on making a claim in accordance with regulations, recover from the Board an amount equal to the amount deducted.
The Treasury may make regulations providing that in circumstances prescribed in the regulations—
an individual who makes, in respect of a qualifying course of vocational training, a payment in respect of an allowable expense shall cease to be and be treated as not having been entitled to relief under subsection (2) above in respect of the payment or such part of it as may be determined in accordance with the regulations; and
he or the person to whom the payment was made (depending on the terms of the regulations) shall account to the Board for tax from which relief has been given on the basis that the individual was so entitled.
Regulations under subsection (6) above may include provision adapting or modifying the effect of any enactment relating to income tax in order to secure the performance of any obligation imposed under paragraph (b) of that subsection.
In subsection (1)(a) above, the reference to an individual resident in the United Kingdom includes an individual performing duties which are treated by virtue of section 132(4)(a) of the Taxes Act 1988 as performed in the United Kingdom.
For the purposes of this section, a payment made in respect of a qualifying course of vocational training is made in respect of an allowable expense if—
it is made in respect of fees payable in connection with undertaking the course, including fees payable for assessment purposes, or
it is made in respect of fees payable in connection with the making, as a result of having undertaken the course, of any entry in an official register or any award.
In this section “qualifying course of vocational training means—
any programme of activity capable of counting towards a qualification—
accredited as a National Vocational Qualification by the Qualifications and Curriculum Authority or by the Qualifications, Curriculum and Assessment Authority for Wales, or
accredited as a Scottish Vocational Qualification by the Scottish Qualifications Authority; or
any course of training which— but treating any time devoted to study in connection with the course as time devoted to the practical application of skills or knowledge.
satisfies the conditions set out in the paragraphs of section 589(1) of the Taxes Act 1988 (qualifying courses of training etc),
requires participation on a full-time or substantially full-time basis, and
extends for a period which consists of or includes four consecutive weeks,
In this section—
“school means any institution at which full-time education is provided to persons at least some of whom are under school-leaving age; and
The Board may by regulations—
provide that a claim under section 32(2) or (5)(b) above shall be made in such form and manner, shall be made at such time, and shall be accompanied by such documents, as may be prescribed;
make provision, in relation to payments in respect of which a person is entitled to relief under section 32 above, for persons who provide vocational training courses to give, in such circumstances as may be prescribed, certificates of payment in such form as may be prescribed to such persons as may be prescribed;
make provision for and with respect to appeals against a decision of an officer of the Board or the Board with respect to a claim under section 32(5)(b) above;
provide that a person who provides (or has at any time provided) training courses which are (or were) qualifying courses of vocational training for the purposes of section 32 above shall comply with any notice which is served on him by the Board and which requires him within a prescribed period to make available for the Board’s inspection documents (of a prescribed kind) relating to such courses;
provide that persons of such description as may be prescribed shall, within a prescribed period of being required to do so by the Board, furnish to the Board information (of a prescribed kind) about training courses which are qualifying courses of vocational training for the purposes of section 32 above;
make provision generally as to administration in connection with section 32 above.
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The following provisions of the Taxes Management Act 1970, namely— shall apply in relation to an amount which is paid to any person by the Board as an amount recoverable by virtue of section 32(5)(b) above but to which that person is not entitled as if it were income tax which ought not to have been repaid and, where that amount was claimed by that person, as if it had been repaid as respects a chargeable period as a relief which was not due.
section 29(1)(c) (excessive relief) as it has effect apart from section 29(2) to (10) of that Act;
section 30 (tax repaid in error etc.) apart from subsection (1B),
section 86 (interest), and
section 95 (incorrect return or accounts),
In sections . . . 257D(8) and 265(3) of the Taxes Act 1988, after paragraph (d) there shall be inserted, or
In the application of section 86 of the Taxes Management Act 1970 by virtue of subsection (3) above in relation to sums due and payable by virtue of an assessment made under section 29(1)(c) or 30 of that Act, as applied by that subsection, the relevant date—
in a case where the person falling within section 32(5) above has made any interim claim, within the meaning of regulations made under subsection (1) above, as respects some part of the year of assessment for which the assessment is made, is 1st January in that year of assessment; and
in any other case, is the later of the following dates, that is to say—
1st January in the year of assessment for which the assessment is made; or
the date of the making of the payment by the Board which gives rise to the assessment.
In subsection (1) above, “prescribed means prescribed by or, in relation to form, under the regulations.
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Section 590 of the Taxes Act 1988 (conditions for approval of retirement benefits schemes) shall be amended as follows.
In subsection (3)(a) for the words “or, if the employee is a woman, 55, and not later than 70” there shall be substituted the words “and not later than 75”.
The following subsection shall be inserted after subsection (4)—
This section shall have effect in relation to a scheme not approved by the Board before the day on which this Act is passed.
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The following section shall be inserted after section 591A of the Taxes Act 1988—
Accordingly, in section 590 of the Taxes Act 1988 subsections (5) and (6) shall be omitted.
The amendments made by subsections (1) and (2) above shall be deemed always to have had effect.
The Finance Act 1970 shall be deemed always to have had effect—
with the omission of section 19(3) and (4), and
with the insertion after section 20 of a section 20A in the same form as section 591B of the Taxes Act 1988 (with the omission before 17th March 1987 of the words from “(which shall not” to “whichever is the later)”).
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In section 171(1) of the Taxes Act 1988 (one half of certain profit-related pay exempt from income tax) for “One half” there shall be substituted “The whole”.
This section shall have effect in relation to profit-related pay paid by reference to profit periods beginning on or after 1st April 1991.
The Taxes Act 1988 shall be amended as follows.
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In this paragraph, the reference to the relevant age is a reference, in the case of a scheme approved before the day on which the Finance Act 1991 was passed, to pensionable age and, in the case of a scheme approved on or after that day, to the specified age.
“specified age,in relation to a scheme, means the age specified in pursuance of paragraph 8A of Schedule 9 as the specified age for the purposes of the scheme;
In Part II of Schedule 9 (requirements generally applicable to employee share schemes) after paragraph 8 there shall be inserted—
Subsection (5) above shall have effect in relation to a scheme not approved before the day on which this Act is passed.
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In Schedule 9 to the Taxes Act 1988 (requirements by reference to which share option schemes approved) for paragraph 29 there shall be substituted—
Section 185 of that Act (tax reliefs for approved share option schemes) shall be amended as mentioned in subsections (3) to (6) below.
In subsection (2) (exemption from tax in respect of receipt under approved scheme of right to acquire shares) for “Subject to subsections (4) and (6) below” there shall be substituted “Subject to subsections (6) to (6B) below”.
In subsection (4) (which relates to certain rights to acquire shares obtained under a savings-related share option scheme) for “Subsections (2) and (3) above” there shall be substituted “Subsection (3) above”.
For subsection (6) there shall be substituted—
In subsections (7) and (8), for “(6)” there shall be substituted “(6A)”.
Subsections (1), (5) and (6) above shall come into force on 1st January 1992.
Subsections (3) and (4) above shall apply in relation to rights obtained on or after 1st January 1992.
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In Part III of Schedule 9 to the Taxes Act 1988 (requirements applicable to savings-related share option schemes) in paragraph 24(2)(a) (scheme not to permit monthly amount of contributions linked to schemes to exceed £150) for “£150” there shall be substituted “£250”.
This section shall come into force on such day as the Treasury may by order made by statutory instrument appoint.
In section 187(2) of the Taxes Act 1988, in the definition of “relevant amount” (limit on the value of shares that may be appropriated to a participant in a year of assessment) for “not less than £2,000 and not more than £6,000” there shall be substituted “not less than £3,000 and not more than £8,000 ”.
This section shall apply for the year 1991-92 and subsequent years of assessment.
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In relation to offers made on or after 16th January 1991, section 68 of the Finance Act 1988 (which provides for the benefits derived from priority rights in share offers to be disregarded in certain circumstances) shall have effect, and be deemed at all times on and after that date to have had effect, with the amendments specified in subsections (2) to (8) below.
In paragraph (a) of subsection (1), for the words “an offer” there shall be substituted the words “a bona fide offer”.
After that subsection there shall be inserted—
For subsection (1A) there shall be substituted—
After subsection (2B) there shall be inserted—
In subsection (3A) (saving where the allocations of directors or employees are larger than those of other persons) after the words “the company”, where first occurring, there shall be inserted the words “(or, in a case falling within subsection (1ZA) above, any one or more of the companies to which the offer relates)”.
“the public offer” and “the employee offer” have the meaning given by paragraphs (a) and (b) of subsection (1ZA) above.
After that subsection there shall be inserted—
In section 77 of that Act (scope of provisions about unapproved employee share schemes) in subsection (1), for the words “Subject to subsections (2) and (3) below” there shall be substituted the words “Subject to subsections (2) to (4) below”, and after subsection (3) (exemption where the acquisition is made in pursuance of an offer to the public) there shall be added—
The amendments made by subsection (9) above shall be deemed to have come into force on 16th January 1991.
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In Schedule 12 to the Taxes Act 1988 (foreign earnings) in paragraph 3(2A) (seafarers) for “90” there shall be substituted “183” and for “one quarter” there shall be substituted “one half”.
Subject to subsection (3) below, this section shall apply for the purpose of deciding whether the relevant period and the earlier qualifying period referred to in paragraph 3(2) of Schedule 12 to the Taxes Act 1988 are to be treated as a single period in a case where at least one of the intervening days falls after 5th April 1991.
This section shall apply for the purpose of charging tax for the year 1991-92 or any later year of assessment.
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This section applies if—
a person was in Kuwait or Iraq at any time in the period of 62 days ending with 2nd August 1990,
he was at that time engaged in performing the duties of an office or employment which were to be performed to a substantial extent in Kuwait or Iraq,
he returned to the United Kingdom after that time,
the period of absence from the United Kingdom which ends with his return is not, and is not part of, a qualifying period consisting of at least 365 days, and
he satisfies the Board (or the Commissioners on appeal) that, having regard to the circumstances, it is likely that that period of absence would have been part of such a qualifying period but for events leading up to or arising from the invasion of Kuwait on 2nd August 1990.
In such a case, so much of the period before the day of his return to the United Kingdom as the Board are satisfied would have been part of a qualifying period consisting of at least 365 days (but for those events) shall be treated as a qualifying period consisting of at least 365 days.
All such adjustments shall be made, whether by way of discharge or repayment of tax or otherwise, as may be required in consequence of the provisions of this section.
In the case of employment as a seafarer, this section shall have effect as if “62 days” read “90 days”.
In this section—
“qualifying period” means a qualifying period for the purposes of section 193(1) of the Taxes Act 1988 (foreign earnings);
“employment as a seafarer” has the same meaning as in paragraph 3(2A) of Schedule 12 to that Act (further provisions about foreign earnings).
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In section 76 of the Taxes Act 1988, in subsection (7) (which treats certain levies as expenses of management of insurance companies) after the word “under” there shall be inserted “(a)” and after the words “Policyholders Protection Act 1975” there shall be inserted the wordsor.
After that subsection there shall be inserted—
For subsection (8) of that section (definitions) there shall be substituted—
The amendments made by subsection (1) above shall have effect in relation to levies imposed, and sums paid, before or after the coming into force of that subsection.
Schedule 7 to this Act shall have effect.
After section 438 of the Taxes Act 1988 (pension business: exemption from tax) there shall be inserted—
Schedule 8 to this Act (which makes provision for and in connection with the making of payments to insurance companies on account of tax borne by deduction and tax credits in respect of income from assets referable to their pension business) shall have effect.
This section shall have effect in relation to accounting periods beginning on or after such day as the Treasury may by order made by statutory instrument appoint.
Schedule 9 to this Act (which makes provision about friendly societies) shall have effect.
Schedule 10 to this Act (which makes provision about certain kinds of building society share) shall have effect.
Schedule 11 to this Act (which makes provision about the deduction of income tax in the case of marketable securities issued by building societies) shall have effect.
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Section 343(1A) of the Income and Corporation Taxes Act 1970 (building societies) shall be deemed to have conferred power to make all the provisions in fact contained in the Income Tax (Building Societies) Regulations 1986 (the regulations).
Where a provision of the regulations requires a building society to pay to the Board a sum calculated by reference to the reduced rate and the basic rate, subsection (3) below shall apply to the extent that the sum is one in respect of payments or credits made in the period beginning with 1st March in any year and ending with 5th April in the same year.
The provision shall be deemed always to have had effect as if the reduced and basic rates concerned were those for the year of assessment in which the period falls.
In relation to a building society which commenced proceedings to challenge the validity of the regulations before 18th July 1986, this section shall not have effect to the extent that the regulations apply (or purport to apply) to payments or credits made before 6th April 1986.
Schedule 12 to this Act (which contains provisions about securities issued after an issue of securities of the same kind) shall have effect.
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In section 731 of the Taxes Act 1988 (scope of bondwashing provisions) the following subsections shall be inserted after subsection (4)—
This section shall apply where the subsequent sale by the first buyer takes place on or after the day on which this Act is passed.
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In section 732 of the Taxes Act 1988, after subsection (2) (exemption for market makers) there shall be inserted—
At the end of that section there shall be added—
Section 129 of the Taxes Act 1988 (stock lending) shall be amended as mentioned in subsections (2) and (3) below.
The following subsection shall be inserted after subsection (2)—
In subsection (3) after “(2)” there shall be inserted “or (2A)”.
In section 149B(9) of the Capital Gains Tax Act 1979 (which refers to section 129 of the Taxes Act 1988) after “(2)” there shall be inserted “or (2A)”.
This section shall apply to transfers made after such date as is specified for this purpose by regulations under section 129 of the Taxes Act 1988.
After section 736 of the Taxes Act 1988 there shall be inserted—
The enactments mentioned in Schedule 13 to this Act shall have effect with the amendments there specified.
This section shall have effect in relation to payments made on or after such day as the Treasury may specify for this purpose by regulations made by statutory instrument and different days may be so appointed for different provisions or different purposes.
The Capital Allowances Act 1990 shall have effect with the amendments specified in Schedule 14 to this Act.
The amendments made by that Schedule shall have effect in relation to any chargeable period or its basis period ending on or after 6th April 1990.
The Capital Allowances Act 1990 shall be amended as follows.
Part I (industrial buildings and structures) shall be amended as mentioned in subsections (3) to (6) below.
In section 3 (writing-down allowances) there shall be inserted at the end—
In section 18 (definition of “industrial structure”) in subsection (1), after paragraph (d) there shall be inserted—.
In section 20 (meaning of “relevant interest”) after subsection (4) there shall be inserted—
In section 21 (interpretation) after subsection (5) there shall be inserted—
Part VIII (supplementary provisions) shall be amended as mentioned in subsections (8) and (9) below.
In section 140 (income tax allowances and charges in taxing a trade etc.) at the end there shall be inserted—
In section 144 (corporation tax allowances and charges in taxing a trade) at the end there shall be inserted—
This section shall have effect in relation to any chargeable period or its basis period ending on or after 6th April 1991.
Section 35 of the Capital Allowances Act 1990 (motor cars) shall be amended as mentioned in subsections (2) and (3) below.
In subsection (2) (reduction of allowance for hiring cars whose retail price when new exceeds £8,000) at the end there shall be inserted the words “; but this subsection shall have effect subject to subsection (3) below.”
The following subsections shall be inserted after subsection (2)—
This section shall have effect in relation to any chargeable period or its basis period ending on or after the day on which this Act is passed.
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To the extent that, by virtue of paragraph (hh) of subsection (1) of section 3 of the Oil Taxation Act 1975 (as set out in section 103(2) of this Act), expenditure incurred on or after 19th March 1991 by a participator in an oil field is allowable for the purposes of petroleum revenue tax under the said section 3, that expenditure shall be allowed as a deduction in computing the participator’s ring fence income.
Expressions used in subsection (1) above and the following provisions of this section have the same meaning as in Chapter V of Part XII of the Taxes Act 1988 (petroleum extraction activities).
If, under an abandonment guarantee, a payment is made by the guarantor on or after 19th March 1991, then, to the extent that any expenditure for which the relevant participator is liable is met, directly or indirectly, out of the payment, that expenditure shall not be regarded for any purposes of tax as having been incurred by the relevant participator or any other participator in the oil field concerned.
In any case where— any reference in subsection (3) above or section 63 below to expenditure which is met, directly or indirectly, out of the payment shall be construed as a reference to so much of the expenditure for which the relevant participator is liable as is met out of those assets of the fund or account which, at the subsequent time referred to in paragraph (c) above, it is just and reasonable to attribute to the payment.
a payment made by the guarantor under the abandonment guarantee is not immediately applied in meeting any expenditure, and
the payment is for any period invested (either specifically or together with payments made by persons other than the guarantor) so as to be represented by, or by part of, the assets of a fund or account, and
at a subsequent time, any expenditure for which the relevant participator is liable is met out of the assets of the fund or account,
In subsections (3) and (4) above—
“abandonment guarantee” has the same meaning as, by virtue of section 104 of this Act, it has for the purposes of section 105 of this Act; and
“the guarantor” and “the relevant participator” have the same meaning as in subsection (1) of section 104 of this Act.
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This section applies in any case where—
on or after 19th March 1991 a payment (in this section referred to as “the guarantee payment”) is made by the guarantor under an abandonment guarantee; and
by virtue of the making of the guarantee payment, the relevant participator becomes liable under the terms of the abandonment guarantee to pay any sum or sums to the guarantor; and
expenditure is incurred, or consideration in money’s worth is given, by the relevant participator in or towards meeting that liability.
In any case where the whole of the guarantee payment or, as the case may require, of the assets which, under section 62(4) above, are attributed to the guarantee payment is not applied in meeting liabilities of the relevant participator which fall within paragraphs (a) and (b) of subsection (1) of section 104 of this Act and a sum representing the unapplied part of the guarantee payment or of those assets is repaid, directly or indirectly, to the guarantor,—
any liability of the relevant participator to repay that sum shall be excluded in determining the total liability of the relevant participator which falls within subsection (1)(b) above; and
the repayment to the guarantor of that sum shall not be regarded as expenditure incurred by the relevant participator as mentioned in subsection (1)(c) above.
In the following provisions of this section “reimbursement expenditure” means expenditure incurred as mentioned in subsection (1)(c) above or consideration (or, as the case may require, the value of consideration) given as so mentioned; and any reference to the incurring of reimbursement expenditure shall be construed accordingly.
So much of any reimbursement expenditure as, in accordance with subsection (5) below, is qualifying expenditure shall, by virtue of this section, be allowed as a deduction in computing the relevant participator’s ring fence income; and no part of the expenditure which is so allowed shall be otherwise deductible or allowable by way of relief for any purposes of tax.
Subject to subsection (6) below, of the reimbursement expenditure incurred in any accounting period by the relevant participator, the amount which constitutes qualifying expenditure shall be determined by the formula— where— “A” is the reimbursement expenditure incurred in the accounting period; “B” is so much of the expenditure represented by the guarantee payment as, if it had been incurred by the relevant participator, would have been taken into account (by way of capital allowance or a deduction) in computing his ring fence income; and “C” is the total of the sums which, at or before the end of the accounting period, the relevant participator is or has become liable to pay to the guarantor as mentioned in subsection (1)(b) above.
In relation to the guarantee payment, the total of the reimbursement expenditure (whenever incurred) which constitutes qualifying expenditure shall not exceed whichever is the less of “B” and “C” in the formula in subsection (5) above; and any limitation on qualifying expenditure arising by virtue of this subsection shall be applied to the expenditure of a later in preference to an earlier accounting period.
For the purposes of this section, the expenditure represented by the guarantee payment is any expenditure—
for which the relevant participator is liable; and
which is met, directly or indirectly, out of the guarantee payment (and which, accordingly, by virtue of section 62(3) above is not to be regarded as expenditure incurred by the relevant participator).
In this section—
“abandonment guarantee” has the same meaning as, by virtue of section 104 of this Act, it has for the purposes of section 3 of the 1975 Act;
“the guarantor” and “the relevant participator” have the same meaning as in subsection (1) of section 104 of this Act; and
other expressions have the same meaning as in Chapter V of Part XII of the Taxes Act 1988 (petroleum extraction activities).
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This section applies in any case where—
paragraph 2A of Schedule 5 to the 1975 Act (as set out in section 107 of this Act) applies or would apply if a claim were made as mentioned in sub-paragraph (1)(a) of that paragraph; and
under sub-paragraph (4) of that paragraph the default payment falls, in whole or in part, to be attributed to the qualifying participator (as an addition to his share of the abandonment expenditure).
In this section “default payment”, “the defaulter” and “qualifying participator” have the same meaning as in paragraph 2A of Schedule 5 to the 1975 Act and other expressions have the same meaning as in Chapter V of Part XII of the Taxes Act 1988 (petroleum extraction activities).
In this section, the amount which is attributed to the qualifying participator as mentioned in subsection (1)(b) above (whether representing the whole or only a part of the default payment) is referred to as the additional abandonment expenditure.
Relief by way of capital allowance or, as the case may be, a deduction in computing ring fence income shall be available to the qualifying participator by virtue of this section in respect of the additional abandonment expenditure in any case where any such relief or deduction would have been available to the defaulter if—
the defaulter had incurred the additional abandonment expenditure; and
at the time that that expenditure was incurred the defaulter continued to carry on a ring fence trade.
The basis of qualification for or entitlement to any relief or deduction which is available to the qualifying participator by virtue of this section shall be determined on the assumption that the conditions in paragraphs (a) and (b) of subsection (4) above are fulfilled but, subject to that, any such relief or deduction shall be available in like manner as if the additional abandonment expenditure had been incurred by the qualifying participator for the purposes of the ring fence trade carried on by him.
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This section applies in any case where— and in this section “default payment”, “the defaulter” and “qualifying participator” have the same meaning as in the said paragraph 2A and other expressions have the same meaning as in Chapter V of Part XII of the Taxes Act 1988 (petroleum extraction activities).
paragraph 2A of Schedule 5 to the 1975 Act (as set out in section 107 of this Act) applies or would apply if a claim were made as mentioned in sub-paragraph (1)(a) of that paragraph; and
under sub-paragraph (4) of that paragraph the default payment falls, in whole or in part, to be attributed to the qualifying participator (as an addition to his share of the abandonment expenditure); and
expenditure is incurred, or consideration in money’s worth is given, by the defaulter in reimbursing the qualifying participator in respect of, or otherwise making good to him, the whole or any part of the default payment;
In the following provisions of this section “reimbursement expenditure” means expenditure incurred as mentioned in subsection (1)(c) above or consideration (or, as the case may require, the value of consideration) given as so mentioned; and any reference to the incurring of reimbursement expenditure shall be construed accordingly.
Subject to subsection (7) below, reimbursement expenditure shall be allowed as a deduction in computing the defaulter’s ring fence income.
Subject to subsection (7) below, reimbursement expenditure received by the qualifying participator shall be treated as a receipt (in the nature of income) of his ring fence trade for the relevant accounting period.
For the purposes of subsection (4) above, the relevant accounting period is the accounting period in which the reimbursement expenditure is received by the qualifying participator or, if the qualifying participator’s ring fence trade is permanently discontinued before the receipt of the reimbursement expenditure, the last accounting period of that trade.
Any additional assessment to corporation tax required in order to take account of the receipt of reimbursement expenditure by the qualifying participator may be made at any time not later than six years after the end of the calendar year in which the reimbursement expenditure is so received.
In relation to a particular default payment, reimbursement expenditure incurred at any time— only to the extent that, when aggregated with any reimbursement expenditure previously incurred in respect of that default payment, it does not exceed so much of the default payment as falls to be attributed to the qualifying participator as mentioned in subsection (1)(b) above.
shall be allowed as mentioned in subsection (3) above, and
shall be taken into account in computing the qualifying participator’s ring fence income by virtue of subsection (4) above,
The incurring of reimbursement expenditure shall not be regarded, by virtue of section 153 of the Capital Allowances Act 1990 (subsidies, contributions etc.), as the meeting of the expenditure of the qualifying participator in making the default payment.
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In section 497 of the Taxes Act 1988 (restriction on setting ACT against liability to corporation tax on profits from oil extraction activities etc.), in subsection (2) after the words “resident in the United Kingdom” there shall be inserted the words “or in respect of any distribution which, in accordance with subsections (2A) and (2B) below, is made pursuant to a substitution scheme”.
After subsection (2) of that section there shall be inserted the following subsections—
In section 64(6)(c) of the Finance Act 1988 (definition of the expression “the appropriate legislation relating to capital allowances” for the purposes of section 62 of that Act, which relates to disposals of oil licences) for “Part IV of the Capital Allowances Act 1990” there shall be substituted “Parts IV and VII of the Capital Allowances Act 1990”.
This section shall have effect in relation to disposals on or after the day on which this Act is passed.
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For section 84 of the Taxes Act 1988 (payments for technical education) there shall be substituted the following—
The amendment made by subsection (1) above shall have effect with respect to gifts made on or after 19th March 1991.
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Section 201A of the Taxes Act 1988 (deduction of fees paid by entertainer to employment agency) shall be amended as follows.
In subsection (1)(a) after “subsection (2)” there shall be inserted “or (2A)”.
The following subsection shall be inserted after subsection (2)—
The following subsection shall be inserted after subsection (3)—
The following subsection shall be inserted after subsection (4)—
The amendments made by this section shall apply for the year 1990–91 and subsequent years of assessment.
Any such adjustment (whether by way of discharge or repayment of tax, the making of an assessment or otherwise) as is appropriate in consequence of this section may be made.
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Section 339A of the Taxes Act 1988 (maximum qualifying donations in the case of companies) shall cease to have effect.
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Subsections (1) and (2) above shall apply in relation to accounting periods beginning on or after 19th March 1991.
In its application to accounting periods beginning before 19th March 1991 and ending on or after that date, section 339A of the Taxes Act 1988 shall have effect as if—
in subsections (1) and (2), after the words “in that period”, in the first place where they occur, there were inserted “and before 19th March 1991”; and
in subsection (3)(b), after “that section” there were inserted “in respect of payments made before 19th March 1991”.
In section 25 of the Finance Act 1990 (donations to charity by individuals) subsection (2)(h) (maximum qualifying donations) shall cease to have effect.
Subsection (5) above shall apply in relation to gifts made on or after 19th March 1991.
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Where under section 380 of the Taxes Act 1988 (set-off of trading losses against general income) a person makes a claim for relief for a year of assessment in respect of an amount (“the trading loss”) which is available for relief under that section, he may in the notice by which the claim is made make a claim under this subsection for the relevant amount for the year to be determined.
The relevant amount for the year is so much of the trading loss as—
cannot be set off against the claimant’s income for the year, and
has not already been taken into account for the purpose of giving relief (under section 380 or this section or otherwise) for any other year.
Where the claim under subsection (1) above is finally determined, the relevant amount for the year shall be treated for the purposes of capital gains tax as an allowable loss accruing to the claimant in the year; but the preceding provisions of this subsection shall not apply to so much of the relevant amount as exceeds the maximum amount.
The maximum amount is the amount on which the claimant would be chargeable to capital gains tax for the year, disregarding section 5(1) of the Capital Gains Tax Act 1979 and the effect of this section.
In ascertaining the maximum amount, no account shall be taken of any event—
occurring after the date on which the claim under subsection (1) above is finally determined, and
in consequence of which the amount referred to in subsection (4) above is reduced by virtue of any enactment relating to capital gains tax.
An amount treated as an allowable loss by virtue of this section shall not be allowed as a deduction from chargeable gains accruing to a person in any year of assessment beginning after he has ceased to carry on the trade, profession, vocation or employment in which the relevant trading loss was sustained.
For the purposes of this section, the claim under subsection (1) above shall not be deemed to be finally determined until the relevant amount for the year can no longer be varied, whether by the Commissioners on appeal or on the order of any court.
References in sections 382(3), 383(6), (7) and (8) and 385(1) of the Taxes Act 1988 to relief under section 380 of that Act shall be construed as including references to relief under this section.
This section shall apply in relation to losses sustained in the year 1991-92 and subsequent years of assessment.
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Sections 393(2) to (6) and 394 of the Taxes Act 1988 (which are superseded by this section) shall cease to have effect.
Schedule 15 to this Act shall have effect.
This section shall have effect only in relation to losses incurred in accounting periods ending on or after 1st April 1991.
Any enactment amended by this section or that Schedule shall, in its application in relation to losses so incurred, be deemed to have had effect at all times with that amendment; and where any such enactment is the re-enactment of a repealed enactment, the repealed enactment shall, in its application in relation to losses so incurred, be deemed to have had effect at all times with a corresponding amendment.
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Section 467 of the Taxes Act 1988 (trade unions and employers' associations) shall be amended as follows.
In subsection (1) (exemption for certain income and gains of a trade union precluded by Act or rules from assuring to any person a sum exceeding £3,000 by way of gross sum or £625 by way of annuity)—
for “£3,000” there shall be substituted “£4,000”, and
for “£625” there shall be substituted “£825”.
In subsection (3) (matters to be disregarded in applying subsection (1)) for “£625” there shall be substituted “£825”.
After subsection (3) there shall be inserted—
In subsection (4) (definition of “trade union”)—
in paragraphs (a) and (b), for “Registrar of Friendly Societies” there shall be substituted “Certification Officer”; and
for “and” at the end of paragraph (b) there shall be substituted—.
Subsections (2) and (3) above shall have effect in relation to income or gains which are applicable and applied as mentioned in section 467 of the Taxes Act 1988 on or after 1st April 1991.
Subsection (5) above shall be deemed always to have had effect.
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Section 230 of the Income and Corporation Taxes Act 1970 (from which section 656 of the Taxes Act 1988 is derived) shall be deemed always to have had effect as if the subsections (7) to (9) set out in subsection (1) above had been contained in that section as subsections (8) to (10) respectively, but with the substitution for “(2)(a)” and “(4)(c)”, in each place where they occur, of “(2A)(a) ” and “(3)(c) ” respectively.
Section 27 of the Finance Act 1956 (from which section 230 of the Income and Corporation Taxes Act 1970 was derived) shall be deemed always to have had effect as if the subsections (7) and (9) set out in subsection (1) above had been contained in that section as subsections (8A) and (8B) respectively, but with the omission in subsection (7) of paragraph (a) and with the substitution of “(3)(c) ” for “(4)(c)” in both places where it occurs.
For the purposes of sub-paragraph (5)(b) above, the amount to which the loan creditor is entitled by way of interest— Sub-paragraph (5H) below applies where— The basis referred to above is that— For the purposes of sub-paragraph (5)(b) above, the amount to which the loan creditor is entitled by way of interest shall not be treated as depending to any extent on the value of any of the company’s assets by reason only of the fact that the terms of the loan are such that the only way the loan creditor can enforce payment of an amount due is by exercising rights granted by way of security over the land which the loan is used to acquire. In sub-paragraph (5G)(a) above the reference to the incidental costs of obtaining the loan is to any expenditure on fees, commissions, advertising, printing or other incidental matters wholly and exclusively incurred for the purpose of obtaining the loan or of providing security for it.
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so far as concerns the application of section 64(2) for the purposes of section 136A of the Capital Gains Tax Act 1979, in relation to claims on or after 1st April 1991, and
so far as concerns any other application of section 64(2), in relation to disposals on or after that date (and, in relation to such disposals, shall be regarded as always having had effect).
Except as provided by subsection (2) above, this section shall be deemed to have come into force on 1st April 1991.
This section applies to any agreement relating to the sharing of transmission facilities—
to which the parties are national broadcasting companies,
which is entered into on or after the day on which this Act is passed and before 1st January 1992 or such later date as may be specified for the purposes of this paragraph by the Secretary of State, and
in relation to which the Secretary of State has certified that it is expedient that this section should apply.
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section 35 of the Capital Gains Tax Act 1979 shall be deemed to have had effect in relation to the part disposal with the omission of subsection (4),
the amount or value of the consideration for the part disposal shall be taken to have been nil, and
if the disposal under the agreement is one to which section 96(2) of the Finance Act 1988 applies, the market value of the asset on 31st March 1982 shall be taken to have been nil.
Where under an agreement to which this section applies one party to the agreement disposes of plant or machinery to another party to the agreement, the Capital Allowances Act shall apply—
in the case of the party making the disposal, as if the disposal value of the plant or machinery for the purposes of section 60 of that Act were equal to the capital expenditure incurred by that party on its provision, and
in the case of the party to whom the disposal is made, as if the amount expended by that party in acquiring the plant or machinery were equal to the capital expenditure so incurred.
In subsection (4) above, references to plant or machinery include a share in plant or machinery.
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In this section, “national broadcasting company means a body corporate engaged in the broadcasting for general reception by means of wireless telegraphy of radio or television services or both on a national basis.
In Schedule 12 to the Finance Act 1988 (building societies: change of status) in paragraph 6(1)(b) for “section 476” there shall be substituted “section 477A ”.
This section shall apply where qualifying benefits are conferred on or after 6th April 1991.
Paragraph 8(2) of Schedule 11 to the Electricity Act 1989 (treatment of certain debentures for the purposes of the Corporation Tax Acts) shall have effect, and be deemed always to have had effect, with the addition after paragraph (b) of the words— “ and 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. ”
Section 78 of the Taxes Management Act 1970 (method of charging non-residents) shall be amended as mentioned in subsections (2) to (4) below.
In subsection (3) (meaning of investment transactions) the following paragraph shall be substituted for paragraph (a)—.
The following subsection shall be inserted after subsection (3)—
Subsection (4) (provision about investment transactions does not apply to profits or gains which constitute income of an offshore fund) shall be omitted.
This section shall apply—
for the year 1991-92 and subsequent years of assessment, in the case of profits or gains chargeable to income tax, and
for accounting periods ending on or after 1st April 1991, in the case of profits or gains chargeable to corporation tax.
In the Taxes Management Act 1970, the following section shall be inserted after section 99—
So far as relating to the giving of a certificate, this section shall apply in relation to certificates given on or after the day on which this Act is passed.
So far as relating to failure to comply with an undertaking contained in a certificate, this section shall apply in relation to certificates whenever given, but not so as to impose liability for a failure occurring before the day on which this Act is passed.
This section applies if the trustees of a settlement become at any time (the relevant time) neither resident nor ordinarily resident in the United Kingdom.
The trustees shall be deemed for all purposes of the Capital Gains Tax Act 1979— at their market value at that time.
to have disposed of the defined assets immediately before the relevant time, and
immediately to have reacquired them,
Subject to subsections (4) and (5) below, the defined assets are all assets constituting settled property of the settlement immediately before the relevant time.
If immediately after the relevant time— the assets falling within paragraph (b) above shall not be defined assets.
the trustees carry on a trade in the United Kingdom through a branch or agency, and
any assets are situated in the United Kingdom and either used in or for the purposes of the trade or used or held for the purposes of the branch or agency,
Assets shall not be defined assets if—
they are of a description specified in any double taxation relief arrangements, and
were the trustees to dispose of them immediately before the relevant time, the trustees would fall to be regarded for the purposes of the arrangements as not liable in the United Kingdom to tax on gains accruing to them on the disposal.
Section 115 of the Capital Gains Tax Act 1979 (roll-over relief) shall not apply where the trustees— unless the new assets are excepted from this subsection by subsection (7) below.
have disposed of the old assets, or their interest in them, before the relevant time, and
acquire the new assets, or their interest in them, after that time,
If at the time when the new assets are acquired— the assets falling within paragraph (b) above shall be excepted from subsection (6) above.
the trustees carry on a trade in the United Kingdom through a branch or agency, and
any new assets are situated in the United Kingdom and either used in or for the purposes of the trade or used or held for the purposes of the branch or agency,
In this section—
“the old assets” and “the new assets” have the same meanings as in section 115 of the Capital Gains Tax Act 1979.
This section applies where the relevant time falls on or after 19th March 1991.
Subsection (2) below applies where—
section 83 above applies as a result of the death of a trustee of the settlement, and
within the period of six months beginning with the death, the trustees of the settlement become resident and ordinarily resident in the United Kingdom.
That section shall apply as if the defined assets were restricted to such assets (if any) as—
would be defined assets apart from this section, and
fall within subsection (3) or (4) below.
Assets fall within this subsection if they were disposed of by the trustees in the period which—
begins with the death, and
ends when the trustees become resident and ordinarily resident in the United Kingdom.
Assets fall within this subsection if—
they are of a description specified in any double taxation relief arrangements,
they constitute settled property of the settlement at the time immediately after the trustees become resident and ordinarily resident in the United Kingdom, and
were the trustees to dispose of them at that time, the trustees would fall to be regarded for the purposes of the arrangements as not liable in the United Kingdom to tax on gains accruing to them on the disposal.
Subsection (6) below applies where—
at any time (whether occurring before or on or after 19th March 1991) the trustees of a settlement become resident and ordinarily resident in the United Kingdom as a result of the death of a trustee of the settlement, and
section 83 above applies as regards the trustees of the settlement in circumstances where the relevant time (within the meaning of that section) falls within the period of six months beginning with the death.
That section shall apply as if the defined assets were restricted to such assets (if any) as—
would be defined assets apart from this section, and
fall within subsection (7) below.
Assets fall within this subsection if—
the trustees acquired them in the period beginning with the death and ending with the relevant time, and
they acquired them as a result of a disposal in respect of which relief is given under section 126 of the Capital Gains Tax Act 1979 or in relation to which section 147A(3) of that Act applies.
In this section “double taxation relief arrangements” means arrangements having effect by virtue of section 788 of the Taxes Act 1988 (as extended to capital gains tax by section 10 of the Capital Gains Tax Act 1979).
This section applies where—
section 83 above applies as regards the trustees of a settlement (the migrating trustees), and
any capital gains tax which is payable by the migrating trustees by virtue of section 83(2) above is not paid within six months from the time when it became payable.
The Board may, at any time before the end of the period of three years beginning with the time when the amount of the tax is finally determined, serve on any person to whom subsection (3) below applies a notice—
stating particulars of the tax payable, the amount remaining unpaid and the date when it became payable;
stating particulars of any interest payable on the tax, any amount remaining unpaid and the date when it became payable;
requiring that person to pay the amount of the unpaid tax, or the aggregate amount of the unpaid tax and the unpaid interest, within thirty days of the service of the notice.
This subsection applies to any person who, at any time within the relevant period, was a trustee of the settlement, except that it does not apply to any such person if—
he ceased to be a trustee of the settlement before the end of the relevant period, and
he shows that, when he ceased to be a trustee of the settlement, there was no proposal that the trustees might become neither resident nor ordinarily resident in the United Kingdom.
Any amount which a person is required to pay by a notice under this section may be recovered from him as if it were tax due and duly demanded of him; and he may recover any such amount paid by him from the migrating trustees.
A payment in pursuance of a notice under this section shall not be allowed as a deduction in computing any income, profits or losses for any tax purposes.
For the purposes of this section—
where the relevant time (within the meaning of section 83 above) falls within the period of twelve months beginning with 19th March 1991, the relevant period is the period beginning with that date and ending with that time;
in any other case, the relevant period is the period of twelve months ending with the relevant time.
This section applies if the trustees of a settlement, while continuing to be resident and ordinarily resident in the United Kingdom, become at any time (the time concerned) trustees who fall to be regarded for the purposes of any double taxation relief arrangements—
as resident in a territory outside the United Kingdom, and
as not liable in the United Kingdom to tax on gains accruing on disposals of assets (relevant assets) which constitute settled property of the settlement and fall within descriptions specified in the arrangements.
The trustees shall be deemed for all purposes of the Capital Gains Tax Act 1979— at their market value at that time.
to have disposed of their relevant assets immediately before the time concerned, and
immediately to have reacquired them,
In this section “double taxation relief arrangements” means arrangements having effect by virtue of section 788 of the Taxes Act 1988 (as extended to capital gains tax by section 10 of the Capital Gains Tax Act 1979).
This section applies where the time concerned falls on or after 19th March 1991.
Section 115 of the Capital Gains Tax Act 1979 (roll-over relief) shall not apply where—
the new assets are, or the interest in them is, acquired by the trustees of a settlement,
at the time of the acquisition the trustees are resident and ordinarily resident in the United Kingdom and fall to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom,
the assets are of a description specified in the arrangements, and
were the trustees to dispose of the assets immediately after the acquisition, the trustees would fall to be regarded for the purposes of the arrangements as not liable in the United Kingdom to tax on gains accruing to them on the disposal.
In this section—
This section applies where the new assets are, or the interest in them is, acquired on or after 19th March 1991.
Subject to subsections (3) and (8) below, subsection (2) below applies where—
section 83 above applies as regards the trustees of a settlement,
after the relevant time (within the meaning of that section) a person disposes of an interest created by or arising under the settlement and the circumstances are such that section 88(1) of the Finance Act 1981 prevents section 58(1) of the Capital Gains Tax Act 1979 applying, and
the interest was created for his benefit, or he otherwise acquired it, before the relevant time.
For the purpose of calculating any chargeable gain accruing on the disposal of the interest, the person disposing of it shall be treated as having— at its market value at that time.
disposed of it immediately before the relevant time, and
immediately reacquired it,
Subsection (2) above shall not apply if section 86 above applied as regards the trustees in circumstances where the time concerned (within the meaning of that section) fell before the time when the interest was created for the benefit of the person disposing of it or when he otherwise acquired it.
Subsection (6) below applies where—
section 83 above applies as regards the trustees of a settlement,
after the relevant time (within the meaning of that section) a person disposes of an interest created by or arising under the settlement and the circumstances are such that section 88(1) of the Finance Act 1981 prevents section 58(1) of the Capital Gains Tax Act 1979 applying,
the interest was created for his benefit, or he otherwise acquired it, before the relevant time, and
section 86 above applied as regards the trustees in circumstances where the time concerned (within the meaning of that section) fell in the relevant period.
The relevant period is the period which—
begins when the interest was created for the benefit of the person disposing of it or when he otherwise acquired it, and
ends with the relevant time.
For the purpose of calculating any chargeable gain accruing on the disposal of the interest, the person disposing of it shall be treated as having— at its market value at that time.
disposed of it immediately before the time found under subsection (7) below, and
immediately reacquired it,
The time is—
the time concerned (where there is only one such time), or
the earliest time concerned (where there is more than one because section 86 above applied more than once).
Subsection (2) above shall not apply where subsection (6) above applies.
Schedule 16 to this Act (which relates to certain settlements in which the settlor has an interest) shall have effect; and accordingly the amendments in subsections (2) and (3) below shall have effect.
In section 80 of the Finance Act 1981 (gains of non-resident settlements chargeable on beneficiaries) the following subsection shall be inserted after subsection (2)—
In a case where— sub-paragraph (2) above shall have effect subject to paragraph 2(b) of that Schedule (gains treated as forming highest part of chargeable gains).
Section 126C of the Capital Gains Tax Act 1979 (relief for gifts of business assets: emigration of controlling trustees) shall cease to have effect.
In section 79 of the Finance Act 1981 (emigration of donee) in subsection (1)(a) for the words from “or the” to “any disposal” there shall be substituted “or under section 147A of that Act in respect of a disposal to an individual”.
In section 88 of the Finance Act 1981 (disposal of interests in non-resident settlements) subsections (2) to (6) shall cease to have effect.
In section 58 of the Finance Act 1986 (gifts into dual resident trusts) subsection (5) shall cease to have effect.
Subsections (1) and (3) above apply where the trustees become neither resident nor ordinarily resident in the United Kingdom on or after 19th March 1991.
Subsection (2) above applies where the transferee becomes neither resident nor ordinarily resident in the United Kingdom on or after 19th March 1991.
Subsection (4) above applies where the time subsequent to the relevant disposal, and referred to in section 58(5)(b) of the Finance Act 1986, falls on or after 19th March 1991.
In section 101 of the Capital Gains Tax Act 1979 (relief on disposal of private residence) in subsections (2) and (3) for the words “one acre” there shall be substituted the words “0.5 of a hectare”.
This section shall apply in relation to disposals on or after 19th March 1991.
In section 102 of the Capital Gains Tax Act 1979 (amount of relief on disposal of private residence) in subsections (1) and (2)(a) for “twenty-four months” there shall be substituted “thirty-six months”.
In that section, the following subsections shall be inserted after subsection (4)—
In section 80 of the Finance Act 1980 (amount of relief on disposal of private residence let as residential accommodation) in subsection (1)(b) for “£20,000” there shall be substituted “£40,000”.
Subsections (1) and (3) above shall apply in relation to disposals on or after 19th March 1991.
In section 342 of the Income and Corporation Taxes Act 1970 (disposals of land between Housing Corporation and housing associations) and section 342A of that Act (disposals by Housing Corporation and certain housing associations) the words “or Housing for Wales” in each place where they occur (which were inserted by the Housing Act 1988 consequentially on the establishment of Housing for Wales) shall be omitted and those sections shall instead be amended as follows.
In section 342, the words from “Where” to “that party” shall become subsection (1) and the remaining words shall become subsection (2).
In subsection (2) of that section, for “In this section” there shall be substituted “In subsection (1) above”.
In that section, there shall be inserted at the end—
In section 342A, after subsection (1) there shall be inserted—
This section shall be deemed to have come into force on 1st December 1988.
In section 342 of the Income and Corporation Taxes Act 1970, there shall be inserted at the end—
In section 342A of that Act, after subsection (1A) there shall be inserted—
This section shall be deemed to have come into force on 1st December 1988.
In section 13 of the Capital Gains Tax Act 1979 (foreign assets: delayed remittances) in subsection (3)(b) for “income arose” there shall be substituted “assets were situated at the time of the disposal”.
This section shall apply in relation to disposals on or after 19th March 1991.
Section 64 of the Finance Act 1984 shall be amended as follows.
In subsection (2) (which defines “corporate bond” for the purposes of section 64 of the Finance Act 1984 and accordingly for the purposes of certain other enactments including, by virtue of section 64(1) of the Capital Gains Tax Act 1979, that Act), in paragraph (b) the words from “as defined” to “1973” shall be omitted.
After that subsection there shall be inserted—
This section shall have effect—
so far as concerns the application of section 64 for the purposes of section 136A of the Capital Gains Tax Act 1979, in relation to claims on or after 19th March 1991, and
so far as concerns any other application of section 64, in relation to disposals on or after that date (and, in relation to such disposals, shall be regarded as always having had effect).
In section 68 of the Finance Act 1985 (modification of indexation allowance) in subsection (7A) there shall be added after paragraph (h) the words ; and
In Schedule 19 to the Finance Act 1985 (indexation) in paragraph 16(3) after “under” there shall be inserted “Chapter II of Part IV of the Finance Act 1981 or”.
Subsection (1) above shall be deemed to have come into force on 26th July 1990.
Subsection (2) above shall apply in relation to disposals on or after 19th March 1991.
Sections 69 and 70 of, and Schedule 20 to, the Finance Act 1985 (which give relief on certain disposals by persons over 60 or who retire under that age on grounds of ill health) shall be amended in accordance with the following provisions of this section.
The words “the age of 55” shall be substituted for the words “the age of 60” wherever occurring in—
section 69(1)(a) and (b), (4)(b) and (6)(b);
section 70(1)(a) and (b), (2)(c), (4)(c) and (5)(c); and
paragraph 5(2) and (4) of Schedule 20.
In paragraph 13(1) of Schedule 20—
in paragraph (a) (full relief up to the appropriate percentage of £125,000) for “£125,000” there shall be substituted “£150,000”; and
in paragraph (b) (half relief on the excess, up to the appropriate percentage of £500,000) for “£125,000” and “£500,000” there shall be substituted “£150,000” and “£600,000” respectively.
The amendments made by this section shall apply in relation to disposals on or after 19th March 1991.
Schedule 9 to the Finance Act 1988 (deferred charges on gains before 31st March 1982) shall be amended as follows.
In paragraph 1(b) (reduction of gain) after “within paragraph” there shall be inserted “2A or”.
In sub-paragraph (1) of paragraph 2 (charges rolled-over or held-over) for “sub-paragraph (2)” there shall be substituted “sub-paragraphs (2) to (2B)”.
Where the disposal takes place on or after 19th March 1991, this Schedule does not apply if the amount of the deduction would have been less had relief by virtue of a previous application of this Schedule been duly claimed. Where— this Schedule does not apply by virtue of this paragraph.
After paragraph 2 there shall be inserted—
In sub-paragraph (1) of paragraph 3 (postponed charges) for “sub-paragraph (3)” there shall be substituted “sub-paragraphs (3) and (4)”.
In sub-paragraph (2)(e) of that paragraph the words from “(postponement” to “asset)” shall be omitted.
After sub-paragraph (3) of that paragraph there shall be inserted—
In sub-paragraph (1)(a) of paragraph 8 for “which ends when” there shall be substituted “in which”.
Subsection (9) above shall apply in relation to claims made on or after 19th March 1991.
This section applies where, on or after the day on which this Act is passed, a person (“the grantor”) who has granted a traded option (“the original option”) closes it out by acquiring a traded option of the same description (“the second option”).
Any disposal by the grantor involved in closing out the original option shall be disregarded for the purposes of capital gains tax or, as the case may be, corporation tax on chargeable gains.
The incidental costs to the grantor of making the disposal constituted by the grant of the original option shall be treated for the purposes of Chapter II of Part II of the Capital Gains Tax Act 1979 (computation of gains and losses) as increased by an amount equal to the aggregate of—
the amount or value of the consideration, in money or money’s worth, given by him or on his behalf wholly and exclusively for the acquisition of the second option, and
the incidental costs to him of that acquisition.
In this section “traded option” has the meaning given by section 137(9)(b) of the Capital Gains Tax Act 1979.
Section 3 of the principal Act (allowance of certain expenditure) shall be amended in accordance with subsections (2) to (6) below.
With respect to expenditure incurred on or after 19th March 1991, in subsection (1), after paragraph (h) there shall be inserted the following paragraph—.
With respect to expenditure incurred after 30th June 1991, in subsection (1), for paragraph (i) there shall be substituted the following paragraphs—
After subsection (1) there shall be inserted the following subsections—
After subsection (5A) there shall be inserted the following subsection—
In subsection (6) (apportionment of expenditure)—
at the beginning there shall be inserted “Without prejudice to any apportionment under subsection (1C) or subsection (1D) above ”; and
after the words “subsections (1) and (5) above” there shall be inserted “other than paragraph (hh) of subsection (1) ”.
In section 10 of the principal Act (exempt gas)—
in subsection (2) for the words “and (i) of subsection (1)” there shall be substituted “(hh), (i) and (j) of subsection (1) and subsection (1D) ”;
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So far as they relate to the paragraph (hh) inserted by subsection (2) above, the amendments in subsections (5) to (7) above have effect with respect to expenditure incurred on or after 19th March 1991 and, subject to that, the amendments in subsections (4) to (7) above have effect with respect to expenditure incurred after 30th June 1991.
Subject to subsection (2) below, for the purposes of section 3 of the principal Act ..., an abandonment guarantee is a contract under which a person ( “the guarantor) undertakes to make good any default by a participator in an oil field ( “the relevant participator) in meeting the whole or any part of those liabilities of his which— and such a contract is an abandonment guarantee regardless of the form of the undertaking of the guarantor and, in particular, whether or not it is expressed as a guarantee or arises under a letter of credit, a performance bond or any other instrument.
arise under a relevant agreement relating to that field; and
are liabilities to contribute to field abandonment costs;
For the purposes of section 3 of the principal Act ... a contract is not an abandonment guarantee—
unless it is entered into in good faith and on terms reasonably appropriate to the nature and extent of the guarantee; or
if the guarantor undertakes any liability beyond that of making good any such default as is referred to in subsection (1) above; or
if it can be revoked by the guarantor otherwise than on account of some fraud, misrepresentation or other fault on the part of the relevant participator occurring prior to the making of the contract; or
if, subject to subsection (3) below, the guarantor is, or is a person connected with, a participator in one or more oil fields.
Paragraph (d) of subsection (2) above does not apply if— and section 1122 of the Corporation Tax Act 2010 (connected persons) applies for the purposes of this subsection and subsection (2) above.
the main business carried on by the guarantor is such that it is in the ordinary course of that business to provide guarantees; and
the relevant participator is not connected with the guarantor;
Without prejudice to the generality of paragraph (a) of subsection (2) above, a contract shall not be regarded as entered into in good faith if, as a result of any arrangement, the liability to make good any such default as is referred to in subsection (1) above will be met, directly or indirectly, by such a person that, if he were the guarantor under the contract, the contract could not be an abandonment guarantee by virtue of paragraph (d) of subsection (2) above.
In this section and in section 3(5B) of the principal Act—
in relation to an oil field, a “relevant agreement means a joint operating agreement, a unitisation agreement (within the meaning of paragraph 1(1) of Schedule 17 to the Finance Act 1980) or an agreement entered into by some or all of the parties to a joint operating agreement or such a unitisation agreement; and
in relation to an oil field, “field abandoNment costs means costs incurred in closing down the field or any part of it, together with any costs incurred in discharging any continuing liabilities resulting directly from that closure.
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If, under an abandonment guarantee, a payment is made by the guarantor on or after 19th March 1991, then, to the extent that any expenditure for which the relevant participator is liable is met, directly or indirectly, out of the payment, that expenditure shall not be regarded for any of the purposes of the principal Act as having been incurred by the relevant participator or any other participator in the oil field concerned.
In any case where— any reference in subsection (1) above or section 106 below to expenditure which is met, directly or indirectly, out of the payment shall be construed as a reference to so much of the expenditure for which the relevant participator is liable as is met out of those assets of the fund or account which, at the subsequent time referred to in paragraph (c) above, it is just and reasonable to attribute to the payment.
a payment made by the guarantor under an abandonment guarantee is not immediately applied in meeting any expenditure, and
the payment is for any period invested (either specifically or together with payments made by persons other than the guarantor) so as to be represented by, or by part of, the assets of a fund or account, and
at a subsequent time, any expenditure for which the relevant participator is liable is met out of the assets of the fund or account,
In subsections (1) and (2) above “the guarantor” and “the relevant participator” have the same meaning as in subsection (1) of section 104 above.
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This section applies in any case where—
on or after 19th March 1991 a payment (in this section referred to as “the guarantee payment”) is made by the guarantor under an abandonment guarantee; and
by virtue of the making of the guarantee payment, the relevant participator becomes liable under the terms of the abandonment guarantee to pay any sum or sums to the guarantor; and
in any claim period (in this section referred to as “the relevant period”) expenditure is incurred, or consideration in money’s worth is given, by the relevant participator in or towards meeting that liability.
In any case where the whole of the guarantee payment or, as the case may require, of the assets which, under section 105(2) above, are attributed to the guarantee payment is not applied in meeting liabilities of the relevant participator which fall within paragraphs (a) and (b) of subsection (1) of section 104 above and a sum representing the unapplied part of the guarantee payment or of those assets is repaid, directly or indirectly, to the guarantor,—
any liability of the relevant participator to repay that sum shall be excluded in determining the total liability of the relevant participator which falls within subsection (1)(b) above; and
the repayment to the guarantor of that sum shall not be regarded as expenditure incurred by the relevant participator as mentioned in subsection (1)(c) above.
In the following provisions of this section “reimbursement expenditure” means expenditure incurred as mentioned in subsection (1)(c) above or consideration (or, as the case may require, the value of consideration) given as so mentioned; and any reference to the incurring of reimbursement expenditure shall be construed accordingly.
So much of any reimbursement expenditure as, in accordance with subsection (5) below, is qualifying expenditure shall be treated for the purposes of the principal Act as if it were expenditure incurred by the relevant participator for the purpose of obtaining an abandonment guarantee.
Subject to subsection (6) below, of the reimbursement expenditure which is incurred in the relevant period, the amount which constitutes qualifying expenditure shall be determined by the formula— where— “A” is the reimbursement expenditure incurred in the relevant period; “B” is so much of the expenditure represented by the guarantee payment as, if it had been incurred by the relevant participator, would have constituted expenditure allowable under section 3 of the principal Act; and “C” is the total of the sums which, at or before the end of the relevant period, the participator is or has become liable to pay to the guarantor as mentioned in subsection (1)(b) above.
In relation to the guarantee payment, the total of the reimbursement expenditure (whether incurred in one or more claim periods) which constitutes qualifying expenditure shall not exceed whichever is the less of “B” and “C” in the formula in subsection (5) above; and any limitation on qualifying expenditure arising by virtue of this subsection shall be applied to the expenditure of a later in preference to an earlier claim period.
For the purposes of this section, the expenditure represented by the guarantee payment is any expenditure—
for which the relevant participator is liable; and
which is met, directly or indirectly, out of the guarantee payment (and which, accordingly, by virtue of section 105 above is not to be regarded as expenditure incurred by the relevant participator).
In this section “the guarantor” and “the relevant participator” have the same meaning as in subsection (1) of section 104 above.
In Schedule 5 to the principal Act (procedure for allowance of expenditure) at the beginning of paragraph (b) of sub-paragraph (4) of paragraph 2 (claim must state the shares, by reference to their respective interests in the oil field, in which participators propose to divide expenditure) there shall be inserted “Subject to paragraph 2A below ”.
After paragraph 2 of Schedule 5 to the principal Act there shall be inserted the following paragraph—
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This section applies in any case where— and expressions used in this section have the same meaning as in the said paragraph 2A.
paragraph 2A of Schedule 5 to the principal Act (as set out in section 107 above) applies; and
under sub-paragraph (4) of that paragraph the default payment falls, in whole or in part, to be attributed to the qualifying participator (as an addition to his share of the abandonment expenditure); and
expenditure is incurred, or consideration in money’s worth is given, by the defaulter in reimbursing the qualifying participator in respect of, or otherwise making good to him, the whole or any part of the default payment;
In the following provisions of this section “reimbursement expenditure” means expenditure incurred as mentioned in subsection (1)(c) above or consideration (or, as the case may require, the value of consideration) given as so mentioned; and any reference to the incurring of reimbursement expenditure shall be construed accordingly.
Subject to subsection (5) below, in relation to the defaulter, reimbursement expenditure shall be treated for the purposes of the principal Act as if it were expenditure incurred by the defaulter for purposes falling within paragraph (i) of subsection (1) of section 3 of that Act.
Subject to subsection (5) below, in computing under section 2 of the principal Act the assessable profit or allowable loss accruing to the qualifying participator from the oil field concerned in any chargeable period, the positive amounts for the purposes of that section (as specified in subsection (3)(a) thereof) shall be taken to include any reimbursement expenditure received by the qualifying participator in that period.
In relation to a particular default payment, reimbursement expenditure incurred at any time— only to the extent that, when aggregated with any reimbursement expenditure previously incurred in respect of that default payment, it does not exceed so much of the default payment as falls to be attributed to the qualifying participator as mentioned in subsection (1)(b) above.
shall be treated as mentioned in subsection (3) above, and
shall be taken to be included as mentioned in subsection (4) above,
A claim by the defaulter for the allowance of reimbursement expenditure by virtue of subsection (3) above shall be made under Schedule 6 to the principal Act (instead of under Schedule 5); and, for this purpose only, Schedule 6 to that Act shall have effect as if, in sub-paragraph (1) of paragraph 1, the words from “if the participator” onwards were omitted.
The incurring of reimbursement expenditure shall not be regarded, by virtue of paragraph 8 of Schedule 3 to the principal Act (certain subsidised expenditure to be disregarded), as the meeting of the expenditure of the qualifying participator in making the default payment.
In Schedule 2 to the principal Act (management and collection of petroleum revenue tax) the Table in paragraph 1(1) shall be amended as follows.
Section 100C(1) For the words from “General” to the end substitute “Special Commissioners for any penalty”. (2) Before “Commissioners” insert “Special”. (3) Before “Commissioners” insert “Special”. (4) (5)
Section 103(1) For the words from the beginning to “court—” substitute “Where the amount of a penalty is to be ascertained by reference to tax payable by a person for any period, proceedings for the penalty may be commenced before the Special Commissioners—”. (4) For the words from the beginning to “court,” substitute “Proceedings for a penalty to which subsection (1) above does not apply may be commenced before the Special Commissioners”.
Where apart from this section stamp duty under any of the provisions of Schedule 13 to the Finance Act 1999 would be chargeable on an instrument, stamp duty shall not be so chargeable if the property consists entirely of exempt property.
apart from this section stamp duty under any of the headings mentioned in subsection (3) below would be chargeable on an instrument to which this section applies, and
the condition mentioned in subsection (4) below is fulfilled.
In such a case stamp duty under the heading concerned shall not be chargeable on the instrument.
The headings are the following headings in Schedule 1 to the Stamp Act 1891—
the heading “conveyance or transfer on sale”;
the heading “conveyance or transfer of any kind not hereinbefore described”;
the heading beginning “declaration of any use or trust”;
the heading beginning “disposition in Scotland of any property”;
the heading “exchange or excambion”;
the heading “partition or division”;
the heading “release or renunciation of any property, or of any right or interest in any property”;
the heading “surrender”.
The condition is that the property concerned consists entirely of exempt property; and as regards the heading “exchange or excambion” the reference here to the property concerned is to all property subject to any part of the exchange.
For the purposes of this section exempt property is property other than—
land,
an interest in the proceeds of the sale of land held on trust for sale, or
a licence to occupy land.
This section applies to—
an instrument executed in pursuance of a contract made on or after the abolition day;
an instrument which is not executed in pursuance of a contract and is executed on or after the abolition day.
For the purposes of this section the abolition day is such day as may be appointed under section 111(1) of the Finance Act 1990 (abolition of stamp duty for securities etc).
This section applies where—
stamp duty under Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale) is chargeable on an instrument to which this section applies, and
part of the property concerned consists of exempt property.
In such a case—
the consideration in respect of which duty would be charged (apart from this section) shall be apportioned, on such basis as is just and reasonable, as between the part of the property which consists of exempt property and the part which does not, and
the instrument shall be charged only in respect of the consideration attributed to such of the property as is not exempt property.
In this section “exempt property has the same meaning as in section 110 above.
This section applies to—
an instrument executed in pursuance of a contract made on or after the abolition day;
an instrument which is not executed in pursuance of a contract and is executed on or after the abolition day.
In this section “the abolition day has the same meaning as in section 110 above.
Subsection (2) below applies where part of the property referred to in section 58(1) of the Stamp Act 1891 (consideration to be apportioned between different instruments as parties think fit) consists of exempt property.
Section 58(1) shall have effect as if “the parties think fit” read “is just and reasonable”.
Subsection (4) below applies where—
part of the property referred to in section 58(2) of the Stamp Act 1891 (property contracted to be purchased by two or more persons etc.) consists of exempt property, and
both or (as the case may be) all the relevant persons are connected with one another.
Section 58(2) shall have effect as if the words from “for distinct parts of the consideration” to the end of the subsection read “, the consideration is to be apportioned in such manner as is just and reasonable, so that a distinct consideration for each separate part or parcel is set forth in the conveyance relating thereto, and such conveyance is to be charged withad valoremduty in respect of such distinct consideration.”
In a case where subsection (2) or (4) above applies and the consideration is apportioned in a manner that is not just and reasonable, the enactments relating to stamp duty shall have effect as if—
the consideration had been apportioned in a manner that is just and reasonable, and
the amount of any distinct consideration set forth in any conveyance relating to a separate part or parcel of property were such amount as is found by a just and reasonable apportionment (and not the amount actually set forth).
In this section “exempt property has the same meaning as in section 110 above.
For the purposes of subsection (3) above—
a person is a relevant person if he is a person by or for whom the property is contracted to be purchased;
the question whether persons are connected with one another shall be determined in accordance with section 1122 of the Corporation Tax Act 2010.
This section applies where the contract concerned is made on or after the abolition day.
In this section “the abolition day has the same meaning as in section 110 above.
For the purposes of paragraph 6(1) of Schedule 13 to the Finance Act 1999 (meaning of instrument being certified at an amount)—
a sale or contract or agreement for the sale of exempt property within the meaning of section 110 above shall be disregarded; and
any statement as mentioned in that provision shall be construed as leaving out of account any matter which is to be so disregarded.
In subsection (4) of each of those sections (certification of instrument at a particular amount) the following paragraph shall be substituted for paragraph (a)—.
In each of those sections the following subsection shall be inserted after subsection (4)—
This section applies to—
an instrument executed in pursuance of a contract made on or after the abolition day;
an instrument which is not executed in pursuance of a contract and is executed on or after the abolition day.
In this section “the abolition day has the same meaning as in section 110 above.
Section 36 of the Finance Act 1949 and section 9 of the Finance Act (Northern Ireland) 1949 shall be amended as mentioned in subsections (2) and (3) below.
In subsection (4) of each of those sections (goods not affected by section 12 of the Finance Act 1895, which relates to duty on property acquired under statute) for the words “goods, wares or merchandise” (in each place where they occur) there shall be substituted the words “exempt property ”.
In each of those sections the following subsection shall be inserted after subsection (4)—
This section applies where the Act mentioned in section 12 of the Finance Act 1895, and by virtue of which property is vested or a person is authorised to purchase property, is passed on or after the abolition day.
In this section “the abolition day has the same meaning as in section 110 above.
In its application to Northern Ireland, the Stamp Act 1891 shall have effect with the omission from Schedule 1 of the heading “bank note”.
The licences required to be taken out under the Bankers' Composition (Ireland) Act 1828 (licences for bankers in Northern Ireland issuing certain promissory notes) are hereby abolished.
This section takes effect on 1st January 1992.
The Treasury may make regulations providing as mentioned in this section with regard to any circumstances which—
would (apart from the regulations) give rise to a charge to stamp duty,
involve a prescribed relevant entity, or a member or nominee (or member or nominee of a prescribed description) of such a relevant entity, or a nominee (or nominee of a prescribed description) of a member of such a relevant entity, and
are such as are prescribed.
The regulations may provide that the charge to stamp duty shall be treated as not arising or (depending on the terms of the regulations) as reduced.
Regulations under this section—
shall be made by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons;
may include such supplementary, incidental, consequential or transitional provisions as appear to the Treasury to be necessary or expedient;
may make different provision for different circumstances;
may make any provision in such way as the Treasury think fit (whether by amending enactments or otherwise).
In this section—
“prescribed means prescribed by the regulations, and
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“relevant entity” means any of the following—
a UK regulated market (within the meaning given by Article 2.1(13A) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments);
a UK multilateral trading facility (within the meaning given by Article 2.1(14A) of that Regulation);
an EU regulated market (within the meaning given by Article 2.1(13B) of that Regulation);
an EU multilateral trading facility (within the meaning given by Article 2.1 (14B) of that Regulation);
a Gibraltar regulated market (within the meaning given by Article 26(11)(b)(i) of that Regulation);
a Gibraltar multilateral trading facility (within the meaning given by Article 26(11)(b)(ii) of that Regulation);
a recognised clearing house, a recognised CSD ..., a third country CSD, a recognised investment exchange ... and a third country central counterparty (within the meaning of section 285 of the Financial Services and Markets Act 2000).
“recognised clearing house” means a recognised clearing house within the meaning of that Act.
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The Treasury may make regulations providing as mentioned in this section with regard to any circumstances which—
would (apart from the regulations) give rise to a charge to stamp duty reserve tax,
involve a prescribed relevant entity, or a member or nominee (or member or nominee of a prescribed description) of such a relevant entity, or a nominee (or nominee of a prescribed description) of a member of such a relevant entity, and
are such as are prescribed.
The regulations may provide that the charge to stamp duty reserve tax shall be treated as not arising or (depending on the terms of the regulations) as reduced.
Subsections (3) and (4) of section 116 above shall apply for the purposes of this section as they apply for the purposes of that.
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In section 828(4) of that Act (Treasury orders not subject to annulment in pursuance of a resolution of the House of Commons) after “377(8),” there shall be inserted “582A(1), ”.
The Government Trading Funds Act 1973 shall be amended as follows.
In section 2 (assets and liabilities of funds) in subsections (1)(b) and (2) the words “at values or amounts determined by him in accordance with Treasury directions” shall be omitted.
In that section, the following subsection shall be inserted after subsection (2)—
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Where— the amount shall to that extent be deemed to have been properly calculated.
a payment in respect of certificates to which subsection (2) below applies has been made by means of a repayment warrant,
the warrant was posted before 11th February 1991,
the amount of the payment depended to any extent on the date of issue of the warrant, and
that date was taken to be the expected date of receipt of the warrant or of a notice advising of the warrant’s availability,
This subsection applies to—
war savings certificates issued under section 1 of the War Loan Act 1915 or section 58 of the Finance Act 1916, or
national savings certificates issued under section 59 of the Finance Act 1920, section 7 of the National Loans Act 1968.
Subsection (1) above shall not apply where the amount of the payment would have been greater had it been calculated on the basis that the date of issue of the warrant was the date on which it was posted.
Where— the amount shall to that extent be deemed to have been properly calculated.
an amount has been reinvested in certificates to which subsection (2) above applies,
the new certificates were posted before 11th February 1991,
the amount reinvested depended to any extent on the date of issue of the new certificates, and
that date was taken to be the expected date of receipt of the certificates,
Subsection (4) above shall not apply where the amount reinvested would have been greater had it been calculated on the basis that the date of issue of the new certificates was the date on which they were posted.
Where for any month before December 1989 the amount of the prize fund for a premium savings bond draw depended to any extent on the date of issue of a repayment warrant, the amount shall to that extent be deemed to have been properly calculated if calculated on the basis that the date of issue of the warrant was the expected date of its receipt.
Where the amount of a payment made, before the day on which this Act is passed, in respect of interest on— depended to any extent on the date of issue of a repayment warrant posted before 11th February 1991, the amount shall to that extent be deemed to have been properly calculated if calculated on the basis that the date of issue of the warrant was the expected date of its receipt.
a deposit (other than an investment deposit) made in a post office savings bank, or
an ordinary deposit with the National Savings Bank,
Where the amount of a payment made, on or after the day on which this Act is passed, in respect of interest on an ordinary deposit with the National Savings Bank depends to any extent on the date of issue of a repayment warrant posted before 11th February 1991, the amount shall to that extent be deemed to be properly calculated if calculated on the basis that the date of issue of the warrant was the expected date of its receipt.
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This section applies to any payment which, in consequence of the reduction in pool betting duty effected by section 5 above, is made—
by a person liable to pay that duty, and
to trustees established mainly for the support of athletic sports or athletic games but with power to support the arts.
Where a person carrying on a trade makes a payment to which this section applies, the payment may be deducted in computing for tax purposes the profits or gains of the trade.
A payment to which this section applies shall not be regarded as an annual payment.
Where a payment to which this section applies is made, the sum received by the trustees and any assets representing it (but not any income or gains arising from them) shall not be relevant property for the purposes of Chapter III of Part III of the Inheritance Tax Act 1984.
In this Act “the Taxes Act 1988 means the Income and Corporation Taxes Act 1988.
Part II of this Act, so far as it relates to capital gains tax, shall be construed as one with the Capital Gains Tax Act 1979.
Part III of this Act shall be construed as one with Part I of the Oil Taxation Act 1975 and in that Part of this Act “the principal Act means that Act.
The enactments specified in Schedule 19 to this Act (which include certain provisions which are already spent) are hereby repealed to the extent specified in the third column of that Schedule, but subject to any provision at the end of any Part of that Schedule.
This Act may be cited as the Finance Act 1991.
Section 1.
TABLE OF RATES OF DUTY ON WINE AND MADE-WINE Description of wine or made-wine Rates of duty per hectolitre £ Wine or made-wine of a strength not exceeding 2 per cent. 12.06 Wine or made-wine of a strength exceeding 2 per cent. but not exceeding 3 per cent. 20.09 Wine or made-wine of a strength exceeding 3 per cent. but not exceeding 4 per cent. 28.12 Wine or made-wine of a strength exceeding 4 per cent. but not exceeding 5 per cent. 36.17 Wine or made-wine of a strength exceeding 5 per cent. but not exceeding 5.5 per cent. 44.20 Wine or made-wine of a strength exceeding 5.5 per cent. but not exceeding 15 per cent. and not being sparkling 120.54 Sparkling wine or sparkling made-wine of a strength exceeding 5.5 per cent. but not exceeding 15 per cent. 199.04 Wine or made-wine of a strength exceeding 15 per cent. but not exceeding 18 per cent. 207.89 Wine or made-wine of a strength exceeding 18 per cent. but not exceeding 22 per cent. 239.80 Wine or made-wine of a strength exceeding 22 per cent. 239.80plus £18.96 for every 1 per cent. or part of 1 per cent. in excess of 22 per cent.
Section 7.
Subject to section 7 of this Act and the following provisions of this Schedule—
for the words “brewer for sale” or “brewers for sale”, wherever occurring in the Customs and Excise Acts 1979 ... ... there shall be substituted respectively the words “registered brewer ” or “registered brewers ”; and
for the word “brew”, “brews”, “brewing” or “brewed”, wherever occurring in those Acts in connection with worts or beer, there shall be substituted respectively the word “produce ”, “produces ”, “producing ” or “produced ”.
In section 1 of the Alcoholic Liquor Duties Act 1979, in subsection (3) (definition of beer)—
for the words “on analysis of a sample is found to be” there shall be substituted the word “is ”; and
paragraph (b) and the word “or” immediately preceding it shall cease to have effect.
In section 2 of that Act, in subsection (3A) (regulations enabling the strength, weight or volume of spirits, wine or made-wine to be ascertained by reference to information on the label of the container etc) after the word “spirits,” in both places where it occurs there shall be inserted the word “beer, ”. In subsection (5) of that section (saving for other methods of calculating the strength, weight or volume of wine, made-wine or cider) after the words “volume of” there shall be inserted the word “beer, ”. Subsection (6) of that section (section not to apply to beer) shall cease to have effect.
In section 3 of that Act (meaning of, and method of ascertaining, gravity of liquids)— shall cease to have effect.
in subsection (3), the words “Subject to subsection (5) below”, and
subsection (5) (original gravity for purposes of section 38),
Section 4(1) of that Act (definitions) shall be amended in accordance with the following provisions of this paragraph. The definitions of “brewer” and “brewer for sale” and of “limited licence to brew beer” shall be omitted. “package, in relation to beer, means to put beer into tanks, casks, kegs, cans, bottles or any other receptacles of a kind in which beer is distributed to wholesalers or retailers; “packager, in relation to beer, means a person carrying on the business of packaging beer; “registered brewer has the meaning given by section 47(1) below;
Sections 37, 38 and 39 of that Act (which make provision for the duty on beer brewed in the UK to be charged by reference to worts and gravity and as to the charging and payment of duty on such beer brewed by brewers for sale and by private brewers) shall cease to have effect.
Section 40 of that Act (duty on imported beer etc) shall cease to have effect.
For section 41 of that Act (exemption from duty of beer brewed for private consumption) there shall be substituted—
In section 42 of that Act (drawback on exportation, removal to excise warehouse, shipment as stores etc) for subsection (3) (declaration required for beer brewed in the UK) there shall be substituted—
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In section 44 of that Act (remission or repayment of duty on beer used for purposes of research or experiment) in subsection (1) for the word “brewing” there shall be substituted the words “the production of beer ”.
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For section 46 of that Act (remission or repayment of duty on spoilt beer) there shall be substituted—
For section 49 of that Act (power to regulate manufacture of beer by brewers for sale) there shall be substituted—
In section 49A of that Act, in subsection (1) (duty determined in accordance with regulations under section 49(1)(bb) deemed to have been paid for purposes of claims for drawback by brewers for sale)— In subsection (2) of that section—
Section 50 of that Act (regulations as respects sugar kept by brewers for sale) shall cease to have effect.
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Section 53 of that Act (limited licences to brew) shall cease to have effect.
Section 71A of that Act (restrictions on adding substances to beer) shall cease to have effect.
Section 72 of that Act (offences by wholesaler or retailer of beer) shall cease to have effect.
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Section 10.
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In section 7 (miscellaneous exemptions from duty)— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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In section 11 of the Finance Act 1976, for subsection (5) there shall be substituted the following subsection—
Section 11. After Part VIIIA of the Customs and Excise Management Act 1979 there shall be inserted—
Section 12. After Part IX of the Customs and Excise Management Act 1979 there shall be inserted—
Section 27.
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Section 48.
In section 76 of the Taxes Act 1988 (expenses of management of insurance companies) in subsection (1)—
in paragraphs (ca) ..., for the words “basic life assurance business” there shall be substituted in each place the words “basic life assurance and general annuity business ”;
in paragraph (d), the words “general annuity business” shall cease to have effect.
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In section 436 of that Act (general annuity business and pension business: separate charge on profits) in subsection (1)— In subsection (3) of that section— shall cease to have effect. In subsection (4) of that section, the words “general annuity business or” shall cease to have effect. In section 437 of that Act (general annuity business) subsections (2) to (5) shall cease to have effect.
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In section 446 of that Act (computation under section 436 of profits arising to an overseas life assurance company)— shall cease to have effect. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subsection (3) of that section (proportion of profits arising from general annuity business for purposes of section 446) shall cease to have effect. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
In section 474 of that Act, in subsection (1)(b) (certain tax-free income to be included in computing profits or loss from pension business and general annuity business) the words “and general annuity business” shall cease to have effect.
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In the application of the I - E rules in relation to an accounting period of an insurance company, an amount equal to the lesser of the following amounts is to be treated (if it is not nil) for the purposes of section 76 of the Finance Act 2012 as a deemed BLAGAB management expense for the accounting period that is to say— and if the result of the formula in paragraph (b) above is a negative amount, it shall be taken to be nil. For the purposes of sub-paragraph (1) above— A is the gross amount of any annuities paid in the accounting period so far as referable to old annuity contracts; R1 is the amount of the company’s opening liabilities for the accounting period in respect of old annuity contracts but taking that amount as nil if it would otherwise be below nil; R2 is the amount of the company’s closing liabilities for the accounting period in respect of old annuity contracts but taking that amount as nil if it would otherwise be below nil; C is the amount of any consideration received in the accounting period in respect of old annuity contracts; SV is the amount of any sums paid in the accounting period by reason of the surrender of rights conferred by old annuity contracts; DB is the amount of any death benefits paid in the accounting period in respect of old annuity contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . If, in the case of an annuity under a group annuity contract made by an insurance company in an accounting period beginning before 1st January 1992— the group annuity contract, so far as relating to that annuity, shall be treated for the purposes of this paragraph, other than this sub-paragraph, as if it had been made in an accounting period beginning on or after 1st January 1992 (and were, accordingly, not an old annuity contract). If, in the case of an annuity which is subject to a reinsurance treaty made by the reinsurer in an accounting period beginning before 1st January 1992— the reinsurance treaty, as respects the reinsurer and so far as relating to that annuity, shall be treated for the purposes of this paragraph, other than this sub-paragraph, as if it had been made in an accounting period beginning on or after 1st January 1992 (and were, accordingly, not an old annuity contract). In this paragraph— ... Where— the reference in the definition of R1 in sub-paragraph (2) above to the company's opening liabilities for the accounting period is, in relation to the transferred contracts, a reference to the company's liabilities in respect of the transferred contracts immediately after the transfer.
An insurance company’s unrelieved general annuity losses shall be relieved under this paragraph by setting them against the relevant part of any chargeable gains arising to the company in accounting periods beginning on or after 1st January 1992. Any relief under this paragraph shall be given as far as possible for the first accounting period of the company beginning on or after 1st January 1992 and, so far as it cannot be so given, for the next accounting period, and so on. For the purposes of this paragraph an insurance company’s “unrelieved general annuity losses are so much of any losses— as, by virtue only of an insufficiency of profits, cannot be relieved under that subsection (or any previous enactment which it re-enacts) by setting them off against the profits of such an accounting period or year of assessment. For the purposes of this paragraph the relevant part of the chargeable gains arising to a company in an accounting period is so much of the chargeable gains arising to the company in the accounting period as are referable to its basic life assurance and general annuity business. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Paragraphs 1, 3, 4, 5, 6(1) and (2), 7, 8, 10 to 14, 16 and 17 above have effect with respect only to accounting periods beginning on or after 1st January 1992.
Section 50.
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In Schedule 15 to that Act (qualifying policies) in paragraph 3, sub-paragraph (1)(c) (contract for policy issued by new society to be made by member over 18) shall be omitted, with the word “and” immediately preceding it. This paragraph shall apply in relation to policies issued in pursuance of contracts made on or after the day on which this Act is passed.
This paragraph applies to any policy— Where— Schedule 15 to that Act, in its application to the policy, shall have effect, in relation to that variation, with the modifications mentioned in sub-paragraph (3) below. The modifications are the omission of paragraph 4(3)(a) and the insertion at the end of paragraph 18(2) ofand as if for paragraph 3(2)(b) above there were substituted—
Section 51.
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Section 52.
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In section 18 of the Taxes Management Act 1970 (information about interest payments) after subsection (3C) there shall be inserted— This paragraph shall have effect as regards a case where the payment is made on or after the day on which this Act is passed.
Section 54.
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This Schedule applies if the new securities are issued on or after 19th March 1991 (whether the old securities are issued before or on or after that day).
Section 58.
After Schedule 23 to the Taxes Act 1988 there shall be inserted—
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for the words “subsections (2) and” there shall be substituted the word “subsection”; and
for the words “contract for the sale of securities” there shall be substituted the words “contract or other arrangements for the transfer of securities”.
In section 1 of the Capital Allowances Act 1990 (enterprise zones) after subsection (1) there shall be inserted—
In section 2 of that Act, in subsection (1) (which applies section 1, with modifications, in relation to certain regional projects) after paragraph (a) there shall be inserted—. After subsection (3) of that section there shall be inserted—
In section 3 of that Act (writing-down allowances in respect of industrial buildings and structures) after subsection (2) there shall be inserted— In subsection (3) of that section (sale of relevant interest: recalculation of future writing-down allowances) after the words “on a later sale there shall be inserted the words “or under subsection (2B) or (2C) above ”.
In section 4 of that Act, in subsection (1) (events which give rise to balancing allowances and balancing charges), after paragraph (d) there shall be inserted the wordsor . In subsection (2) of that section (no balancing allowance or charge on second or subsequent events when the building or structure is not an industrial building or structure) after the words “and where two or more events there shall be inserted the words “falling within paragraphs (a) to (d) of subsection (1) above ”. After that subsection there shall be inserted— In subsection (9) of that section, in the definition of “the capital expenditure there shall be added at the end of paragraph (a) the words “ reduced by an amount equal to that of any balancing charge made in relation to that expenditure on the occurrence of an event falling within subsection (1)(e) above; ”. At the end of subsection (10) of that section (balancing charge not to exceed allowances made) there shall be added the words “reduced by the amounts (if any) on which balancing charges in respect of the expenditure have been made on him for any such chargeable periods ”.
In section 8 of that Act, for subsection (2) (initial allowances to be treated as written off when building or structure first used) there shall be substituted— After subsection (12) of that section there shall be inserted— In subsection (13) (application of subsections (1) to (12) to the Crown) for “(12) there shall be substituted “(12A) ”.
In section 22 of that Act (first-year allowances: transitional relief for regional projects) after subsection (1) there shall be inserted— After subsection (3) of that section there shall be inserted—
In section 24 of that Act, after subsection (1) (expenditure on machinery or plant qualifying for writing-down allowances) there shall be inserted— At the beginning of subsection (6) of that section (disposal value) there shall be inserted the words “Subject to subsection (7) below, ” and after that subsection there shall be inserted—
In section 26 of that Act (which defines the disposal value by reference to the event giving rise to it) in subsection (1), after paragraph (e) there shall be inserted—. reduced by the aggregate amount of any additional VAT rebates made to him in respect of any of that capital expenditure. At the end of that section there shall be added—
In section 37 of that Act, after subsection (4) (allowances for the notional trade to be given for the corresponding period of the actual trade) there shall be inserted— In subsection (5) of that section (no disposal value brought into account before fourth anniversary) after the word “If there shall be inserted the words “disregarding section 24(7) ”.
In section 75 of that Act (connected persons etc) in subsection (1) (provision by purchase of machinery or plant)— In subsection (2) of that section (contracts under which a person will or may become the owner of machinery or plant)— In subsection (3) of that section (assignment of benefit of such contracts)— In section 76 of that Act (extension of section 75) after subsection (2) (provision for open market value etc to be brought into account where there is no disposal value) there shall be inserted— In subsection (4) of that section (application of subsections (2) and (3) in relation to section 75(2) and (3)) for the words “Subsections (2) and (3) there shall be substituted the words “Subsections (2), (2A), (2B) and (3) ”.
In section 137 of that Act (deductions for capital expenditure on scientific research) after subsection (1) there shall be inserted— In subsection (3) of that section (relief where scientific building contains a dwelling to which not more than one quarter of the cost is referable) after the words “consists of a dwelling and there shall be inserted the words “,disregarding any additional VAT liability or rebate, ”.
In section 138 of that Act, after subsection (2) (charge where asset ceases to belong to trader) there shall be inserted— After subsection (3) of that section there shall be inserted— At the end of that section there shall be added—
In section 159 of that Act, in subsection (2) (time when capital expenditure is incurred) after the words “capital expenditure there shall be inserted the words “(other than that constituted by an additional VAT liability) ” and after that section there shall be inserted—
Section 73.
In section 86 of the Taxes Management Act 1970 (interest on overdue tax) after subsection (2) there shall be inserted— The subsection (2A) inserted by sub-paragraph (1) above shall be omitted where the accounting period referred to in that subsection as the earlier period ends after the appointed day for the purposes of section 86 of the Finance (No.2) Act 1987 so far as relating to the omission of section 86(2)(d) of the Taxes Management Act 1970.
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in subsection (1) (treatment of certain amounts which may be given or allowed under section 393(2) etc) for “393(2)” there shall be substituted “393A(1)”; and
in subsection (2), in the definition of “the aggregate amount” (certain amounts given or allowed under section 393(2) etc to form part of that amount) for “393(2)” there shall be substituted “393A(1)”.
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in subsection (1), for the words “subsection (2) below” there shall be substituted the words “section 393A(1)”; and
in subsection (11) (time limits for claims under section 393) the words from “and a claim under subsection (2) above” onwards shall cease to have effect.
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In section 825 of that Act, in subsection (4) (restrictions on repayment supplement) after paragraph (b) there shall be added the wordsand
In section 826 of that Act (interest on tax overpaid) after subsection (7) there shall be inserted—
In section 843 of that Act (commencement) in subsection (4) (exceptions in the case of certain provisions which include section 394) “394” shall be omitted.
In Schedule 5 to that Act (treatment of farm animals etc for purposes of Case I of Schedule D) in paragraph 2(3)(a) (election for herd basis to be valid only if made not later than two years after end of the first chargeable period in which relief under section 393(2) given etc) after “393(2)” there shall be inserted “or 393A(1) ”.
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In Schedule 30 to that Act (transitional provisions and savings) in paragraph 2 (duration of leases) in sub-paragraph (2)(a) (section 38 deemed to have effect as from passing of Finance Act 1963 in respect of relief under section 385 or 393) after “393” there shall be inserted the words “or 393A(1) ”. In paragraph 3 of that Schedule (duration of leases) in sub-paragraph (1)(b) (sections 24 and 38 to have effect subject to modifications except to extent that section 38 relates to relief under section 385 or 393) after “393” there shall be inserted the words “or 393A(1) ”.
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chargeable gains of an amount equal to that referred to in paragraph 1(1)(e) above shall be treated as accruing to the settlor in the year, and
those gains shall be treated as forming the highest part of the amount on which he is chargeable to capital gains tax for the year.
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references to sections are to sections of the Finance Act 1981 (provisions about gains of non-resident settlements);
references to trust gains for a year shall be construed in accordance with section 80;
“capital payment” has the same meaning as in sections 80 to 82A.
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Section 123.
Chapter Short title Extent of repeal 1981 c. 63. The Betting and Gaming Duties Act 1981. In section 14(1)(b), the words “payable after the end of that period and””. In Schedule 2, in paragraph 5, in sub-paragraph (1), the words “of the duty”” and, in sub-paragraph (2), the word “duty”” and, in paragraph 6(1), “(3)(c)””.
Chapter Short title Extent of repeal 1979 c. 4. The Alcoholic Liquor Duties Act 1979. In section 1(3), paragraph (b) and the word “or”” immediately preceding it. Section 2(6). In section 3, in subsection (3), the words “Subject to subsection (5) below””, and subsection (5). In section 4(1), the definitions of “brewer”” and “brewer for sale”” and of “limited licence to brew beer””. Sections 37 to 40. Section 45(2). Section 50. Section 53. Sections 71A and 72. 1982 c. 39. The Finance Act 1982. Section 9(3) and (4). 1985 c. 54. The Finance Act 1985. In Schedule 3, paragraphs 3 and 4. 1986 c. 41. The Finance Act 1986. Section 4(1). In section 8(2)(a), the words “47(3), 48(2)””. 1988 c. 39. The Finance Act 1988. In Schedule 1, in Part II, paragraphs 1(2), 2(2), 3 and 11. 1989 c. 26. The Finance Act 1989. Section 3. These repeals have effect in accordance with section 7 of this Act.
Chapter Short title Extent of repeal 1971 c. 10. The Vehicles (Excise) Act 1971. In section 4(1)(ka), the words “(other than mowing machines)””. Section 7(4). Section 38(4). Schedule 6. 1972 c. 10 (N.I.). The Vehicles (Excise) Act (Northern Ireland) 1972. In section 4(1)(ka), the words “(other than mowing machines)””. Section 7(4). Section 35(4). Schedule 7. 1982 c. 39. The Finance Act 1982. Section 5(6). Section 6(7). 1985 c. 54. The Finance Act 1985. In Schedule 2, in Part I, paragraph 1.
The repeals in section 4 of each of the Vehicles (Excise) Act 1971 ( “the 1971 Act) and the Vehicles (Excise) Act (Northern Ireland) 1972 ( “the 1972 Act) are deemed to have come into force on 20th March 1991.
The repeals of section 7(4) of each of the 1971 Act and the 1972 Act come into force on 1st October 1991.
The repeals of section 38(4) of, and Schedule 6 to, the 1971 Act, section 35(4) of, and Schedule 7 to, the 1972 Act and sections 5(6) and 6(7) of the Finance Act 1982, so far as relating to the application of those provisions for the purpose of section 4(1)(g) of either the 1971 Act or the 1972 Act, are deemed to have come into force on 20th March 1991.
The repeal in Schedule 2 to the Finance Act 1985, and the repeals mentioned in note 3 above so far as relating to the application of the repealed provisions for the purpose of any provision of the 1971 Act or the 1972 Act other than section 4(1)(g), have effect in relation to licences taken out after 20th March 1991.
Chapter Short title Extent of repeal Acts of the Parliament of the United Kingdom 1971 c. 10. The Vehicles (Excise) Act 1971. Section 7(5). 1974 c. 39. The Consumer Credit Act 1974. In Schedule 4, paragraph 50. 1975 c. 7. The Finance Act 1975. Section 58. 1975 c. 45. The Finance (No. 2) Act 1975. Section 6. 1977 c. 36. The Finance Act 1977. Section 6. 1978 c. 42. The Finance Act 1978. Section 9. 1979 c. 5. The Hydrocarbon Oil Duties Act 1979. In Schedule 1, paragraph 5. 1980 c. 48. The Finance Act 1980. Section 5. 1981 c. 35. The Finance Act 1981. Section 8. 1982 c. 39. The Finance Act 1982. Sections 6 and 7(2) and (4). Schedule 4 and, in Schedule 5, Part B. 1983 c. 28. The Finance Act 1983. Section 4(6) and (7). In Schedule 3, paragraphs 7 and 12. 1984 c. 43. The Finance Act 1984. Section 5(4). 1986 c. 41. The Finance Act 1986. Section 3(5). In Schedule 2, Part II. 1987 c. 16. The Finance Act 1987. Section 2(4). In Schedule 1, paragraphs 6, 9, 11, 13, 15, 17, 19 and 21. 1988 c. 39. The Finance Act 1988. Section 4(5). In Schedule 2, paragraph 6. 1989 c. 26. The Finance Act 1989. Section 14(2), (4) and (6). 1990 c. 29. The Finance Act 1990. Section 5(4) and (6). In Schedule 2, Part III. Act of the Parliament of Northern Ireland 1972 c. 10 (N.I.). The Vehicles (Excise) Act (Northern Ireland) 1972. The whole Act. Orders in Council S.I. 1972/1100 (N.I. 11). The Finance (Northern Ireland) Order 1972. Article 1(4). Part IV. S.I. 1980/704 (N.I. 6). The Criminal Justice (Northern Ireland) Order 1980. In Schedule 1, paragraphs 62 and 63. S.I. 1981/154 (N.I. 1). The Road Traffic (Northern Ireland) Order 1981. In Schedule 7, paragraphs 14 and 15. S.I. 1981/1675 (N.I. 26). The Magistrates’ Courts (Northern Ireland) Order 1981. In Schedule 6, paragraphs 126 and 127. These repeals have effect in accordance with section 10 of this Act.
Chapter Short title Extent of repeal 1970 c. 9. The Taxes Management Act 1970. Section 78(4). Section 86(2A). 1985 c. 54. The Finance Act 1985. In section 68(7A), the word “and”” at the end of paragraph (f). 1988 c. 1. The Income and Corporation Taxes Act 1988. In section 76(1)(d), the words “general annuity business””. In section 114(3), paragraph (c) and the word “and”” immediately preceding it. In section 243, in subsection (1), the words “or 394”” and subsections (5) and (6)(b). Section 339A. In section 343, in subsection (3), the words from the beginning to “subsection (6) below; and””, subsection (6) and, in subsection (7), the words from “then no relief”” to “subject to th at””. Section 349(3)(e). Section 354(3). In section 367(1), the definition of the expression “large carav a n””. In section 393, subsections (2) to (6) and, in subsection (11), the words from “and a claim under subsection (2)”” onwards. Section 394. Section 432A(2)(b) and (d). In section 436, in subsection (1), the words “general annuity business or””, in subsection (3), in paragraph (c), the words “or general annuity business”” and, in paragraph (e), the words “general annuity business or””, and in subsection (4), the words “general annuity business or””. Section 437(2) to (5). In section 446, in subsection (1), the words “and general annuity business”” and subsections (2) and (3). In section 447, subsection (3) and, in subsection (4), the words “or 446””. Section 448(3)(a). In section 465(3) the words “and (c)””. In section 474(1)(b), the words “and general annuity business””. Section 518(6). In section 590, subsections (5) and (6). Section 726. In section 737, in subsection (2), the words “otherwise than by virtue of section 476(5)(a)””, and subsection (4). Section 738(2). In section 843(4), the words “394””. In Schedule 5, in paragraph 2(3)(a), the word “or”” immediately following the words “section 380””. In Schedule 7, paragraphs 3(2) and (3) and 6. In Schedule 15, paragraph 3(1)(c) and the word “and”” immediately preceding it. In Schedule 28, paragraph 3(4)(a). In Schedule 29, in the Table in paragraph 32, the entry relating to section 78(4) of the Taxes Management Act 1970. In Schedule 30, in paragraph 2(2)(a), the word “or”” where first occurring and, in paragraph 3(1)(b), the word “or””. 1988 c. 39. The Finance Act 1988. In Schedule 8, in paragraph 1(3), the word “and”” at the end of paragraph (g). 1989 c. 26. The Finance Act 1989. Section 62(2). Section 63. Sectio n 87(3). 1990 c. 1. The Capital Allowances Act 1990. In section 2(1), the word “and”” at the end of paragraph (a). In section 3(3), the words “(as defined in section 8(1))””. In section 26(1), the word “and”” at the end of paragraph (e). In Schedule 1, paragraph 8(16). 1990 c. 29. The Finance Act 1990. Section 25(2)(h). In section 27, subsections (1) and (3). Section 61. In Schedule 6, paragraph 6. In Schedule 7, paragraph 8. In Schedule 14, paragraph 7.
The repeal of section 78(4) of the Taxes Management Act 1970 and the repeal in Schedule 29 to the Income and Corporation Taxes Act 1988 have effect in accordance with section 81 of this Act.
The repeal in section 86 of the Taxes Management Act 1970 has effect in accordance with paragraph 1(2) of Schedule 15 to this Act.
The repeals in sections 76, 432A, 436, 437, 446, 447, 448 and 474 of, and Schedule 28 to, the Income and Corporation Taxes Act 1988 and in Schedules 6 and 7 to the Finance Act 1990 have effect for accounting periods beginning on or after 1st January 1992.
The following repeals have effect in relation to losses incurred in accounting periods ending on or after 1st April 1991—
the repeals in sections 114, 243, 343, 393, 518 and 843 of, the repeals in Schedules 5 and 30 to, and the repeal of section 394 of, the Income and Corporation Taxes Act 1988;
the repeal in Schedule 1 to the Capital Allowances Act 1990;
the repeal of section 61 of, and the repeal in Schedule 14 to, the Finance Act 1990.
The repeals of section 339A of the Income and Corporation Taxes Act 1988 and section 27(1) and (3) of the Finance Act 1990 have effect in relation to accounting periods beginning on or after 19th March 1991.
The following repeals have effect for the year 1991-92 and subsequent years of assessment—
the repeals of sections 354(3) and 726 of the Income and Corporation Taxes Act 1988;
the repeals in sections 367(1) and 737(2) of, and in Schedule 7 to, that Act;
the repeal of section 63 of the Finance Act 1989.
The repeals in section 465 of, and Schedule 15 to, the Income and Corporation Taxes Act 1988 apply in relation to policies issued in pursuance of contracts made on or after the day on which this Act is passed.
The repeal of section 590(5) and (6) of the Income and Corporation Taxes Act 1988 has effect in accordance with section 36 of this Act.
The repeals of sections 737(4) and 738(2) of the Income and Corporation Taxes Act 1988 have effect in accordance with section 58 of this Act.
The repeal of section 62(2) of the Finance Act 1989 has effect in accordance with section 40 of this Act.
The repeals in sections 2(1), 3(3) and 26(1) of the Capital Allowances Act 1990 have effect in relation to any chargeable period or its basis period ending on or after 6th April 1990.
The repeal of section 25(2)(h) of the Finance Act 1990 has effect in relation to gifts made on or after 19th March 1991.
Chapter Short title Extent of repeal 1970 c. 10. The Income and Corporation Taxes Act 1970. In section 342, the words “or Housing for Wales””, in each place where they occur. In section 342A, the words “or Housing for Wales””, in each place where they occur. 1979 c. 14. The Capital Gains Tax Act 1979. Section 126C. 1980 c. 48. The Finance Act 1980. Section 80(2). 1981 c. 35. The Finance Act 1981. Section 88(2) to (6). 1984 c. 43. The Finance Act 1984. Section 63(3). In section 64(2)(b), the words from “as defined”” to “1973””. 1986 c. 41. The Finance Act 1986. Section 58(5). 1988 c. 39. The Finance Act 1988. In Schedule 9, in paragraph 3(2)(e), the words from “(postponement”” to “asset)””. 1988 c. 50. The Housing Act 1988. In Schedule 17, in Part II, paragraph 93. 1989 c. 26. The Finance Act 1989. In Schedule 14, in paragraph 6(5)(c), the words “and (5)””. 1990 c. 29. The Finance Act 1990. Section 70(5).
The repeals in sections 342 and 342A of the Income and Corporation Taxes Act 1970 and Schedule 17 to the Housing Act 1988 are deemed to have come into force on 1st December 1988.
The repeals of section 80(2) of the Finance Act 1980 and section 63(3) of the Finance Act 1984 have effect in relation to disposals on or after 19th March 1991.
The repeal in section 64 of the Finance Act 1984 has effect in accordance with section 98 of this Act.
The remaining repeals (other than the repeal in Schedule 9 to the Finance Act 1988) have effect in accordance with section 92 of this Act.
Chapter Short title Extent of repeal 9 Geo. 4 c. 80. The Bankers’ Composition (Ireland) Act 1828. The whole Act. 54 & 55 Vict. c. 39. The Stamp Act 1891. Sections 29, 30 and 31. In Schedule 1 the heading “bank note””. 1952 c. 13 (N.I.). The Finance Act (Northern Ireland) 1952. Sections 4 and 5. 1970 c. 21 (N.I.). The Finance Act (Northern Ireland) 1970. Section 7. In Schedule 2, paragraphs 5 and 18. 1972 c. 41. The Finance Act 1972. Section 134(5). These repeals have effect in accordance with section 115 of this Act.
Chapter Short title Extent of repeal 1973 c. 63. The Government Trading Funds Act 1973. In section 2(1)(b) and (2), the words “at values or amounts determined by him in accordance with Treasury directions””.