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Finance Act 1966

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. PART I Customs and Excise

    1. Reliefs, drawback, exemptions, etc.

      1. 1.Relief from duty on imported goods.

      2. 2.Reliefs for shipbuilders in respect of certain duties.

      3. 3.Drawback on tobacco.

      4. 4.Exemption of E.F.T.A. goods from duties on hop oil and hop extracts.

      5. 5.Removal of restriction on delivery of imported vodka for home use.

      6. 6.Rebate of duty on heavy oils.

      7. 7.Eligibility of imported goods for rates of revenue duties applicable to goods of Republic of Ireland.

    2. Vehicles excise duty.

      1. 8.Unladen weight of vehicles: special bodies.

    3. Export rebates.

      1. 9.Restriction on export rebates for goods consigned to Convention area.

    4. Hover vehicles and pipe-lines.

      1. 10.Customs procedures: hover vehicles and related matters.

      2. 11.Pipe-lines.

    5. Duties relating to betting and gaming.

      1. 12.General betting duty.

      2. 13.Gaming licence duty.

      3. 14.Gaming machine licence duty.

      4. 15.Additional or supplementary provisions as to duties on betting or gaming.

    6. Surcharges and rebates in respect of revenue duties.

      1. 16.Continuation of powers under s. 9 of Finance Act 1961.

  3. PART II Income Tax

    1. 17.Charge of income tax for 1966-67.

    2. 18.Surtax rates for 1965-66.

    3. 19.Exemption from tax of social security benefit.

    4. 20.Exclusion from relief of interest on Post Office investment deposits.

    5. 21.Personal reliefs for non-residents.

    6. 22.India, Pakistan and Burma pensions.

    7. 23.Surtax on income under certain settlements: exceptions to s. 415(1) of Act of 1952.

    8. 24.Dividend increases etc. in 1965-66: exclusion of surtax relief under s. 238 of Act of 1952.

    9. 25.Directors and employees of companies granted rights to acquire shares.

  4. PART III Corporation Tax Acts

    1. 26.Rate of corporation tax for financial years 1964 and 1965, and provisional collection of corporation tax.

    2. 27.Amendments of Corporation Tax Acts.

    3. 28.Dividends paid out of pre-1966-67 profits.

    4. 29.Registered friendly societies carrying on life or endowment business.

    5. Double taxation relief.

      1. 30.Unilateral relief for underlying tax etc.

      2. 31.Transitory provisions for company dividends paid to non-residents.

      3. 32.Transitory provisions for interest and royalties paid to non-residents.

      4. 33.Transitory provisions for double taxation agreements having retrospective effect.

      5. 34.Regulations relating to double taxation relief.

  5. PART IV Income Tax and Corporation Tax

    1. 35.Abolition of investment allowances and amendments as to initial allowances.

    2. 36.Termination of free depreciation in development districts.

    3. 37.Vehicles which are to be eligible for initial allowances.

    4. 38.Statutory redundancy payments.

    5. 39.Cancellation of tax advantages from certain transactions in securities.

  6. PART V Estate Duty and Capital Gains

    1. 40.Estate duty: interests limited to cease on death.

    2. 41.Restriction of exemption from estate duty for certain government securities.

    3. 42.Gifts inter vivos, etc.: relief from estate duty and other tax.

    4. 43.Capital gains.

  7. PART VI Selective Employment Tax

    1. 44.Selective employment tax.

  8. PART VII Miscellaneous

    1. 45.Harbour reorganisation schemes: corporation tax and stamp duty.

    2. 46.Stamping of contract notes etc.

    3. 47.Stamp duty on life policies not exceeding two years.

    4. 48.Licence not required to deal in postage stamps.

    5. 49.Power to inspect books of agents concerned with foreign dividends etc.

    6. 50.Information relating to stock jobbers' transactions.

    7. 51.Members of Parliament of Northern Ireland: Pension Fund and annuity premiums.

    8. 52.Amendments of Sugar Act 1956.

    9. 53.Short title, construction, extent and repeals.

  9. SCHEDULES.

    1. SCHEDULE 1

      Reliefs for Shipbuilders.

      1. PART I Determination of Open Market Value

        1. 1.(1) The open market value of any vessel or other...

      2. PART II Reductions in Purchase Price or Open Market Value

        1. 2.(1) Where the amount payable in respect of any vessel...

        2. 3.If, after consultation with the Board of Trade, it appears...

      3. PART III Supplemental

        1. 4.The following provisions of the Act of 1952 shall apply...

        2. 5.(1) Any officer or person authorised by the Commissioners may...

        3. 6.(1) Any dispute as to the determination for the purposes...

        4. 7.The making by the Commissioners of a payment under the...

    2. SCHEDULE 2

      Application of Customs and Excise Act 1952 To Hover Vehicles.

      1. Tonnage limits.

        1. 1.The tonnage of a hover vehicle shall be regarded for...

      2. Forfeiture of vessels.

        1. 2.Sections 107(4) and 173(3) of the said Act (enforcement of...

      3. Passenger vessel licences.

        1. 3.Section 153 of the said Act (excise licences) shall apply...

      4. Oils used in boats and vessels.

        1. 4.(1) Paragraphs (b) and (c) of section 205 of the...

    3. SCHEDULE 3

      Supplementary Provisions as to Duties relating to Betting and Gaming.

      1. PART I Duties relating to Betting

        1. 1.(1) The general betting duty shall be under the care...

        2. 2.(1) Subject to sub-paragraph (2) of this paragraph, and without...

        3. 3.Where in the case of any track or other premises...

        4. 4.Where an officer— (a) has reason to believe that any...

        5. 5.Where an amount is due on account of the general...

        6. 6.In Schedule 1 to the Betting, Gaming and Lotteries Act...

      2. PART II Duties relating to Gaming

        1. Gaming and gaming machine licences.

          1. 7.An application for a gaming licence or a gaming machine...

          2. 8.The Commissioners may by regulations provide for the adjustment (by...

          3. 9.Section 234 of the Customs and Excise Act 1952 (which...

          4. 10.The proper officer may, in such manner as the Commissioners...

          5. 11.If while a gaming licence or gaming machine licence is...

          6. 12.Where a gaming licence is granted after 30th June and...

          7. 13.Where the holder of a gaming licence or gaming machine...

        2. Provision of information, etc.

          1. 14.Where at or at any time after the passing of...

          2. 15.Any person who engages in Great Britain by way of...

          3. 16.Any officer may enter on any premises in respect of...

        3. Modification of agreements.

          1. 17.(1) Where a person who is granted a gaming licence...

      3. PART III Enforcement and General

        1. 18.(1) Without prejudice to any other provision of this Schedule,...

        2. 19.Paragraphs 4, 5 and 6 of Schedule 1 to the...

        3. 20.(1) Where, on the conviction by virtue of paragraph 19...

        4. 21.(1) If any premises are used for the purposes of...

        5. 22.(1) If any gaming machine is brought onto or kept...

        6. 23.(1) If a justice of the peace is satisfied on...

        7. 24.(1) If a person, on written demand by the proper...

        8. 25.(1) There shall be included among the debts which—

        9. 26.Any regulations of the Commissioners under this Schedule shall be...

    4. SCHEDULE 4

      Directors and Employees of Companies Granted Rights to Acquire Shares.

      1. Exclusion and modification of other charges to tax.

        1. 1.(1) Where tax may by virtue of section 25 of...

        2. 2.(1) If a gain chargeable to tax under subsection (1)...

      2. Power to acquire information from body corporate.

        1. 3.(1) Where in the year 1966-67 or any subsequent year...

    5. SCHEDULE 5

      Amendments of Corporation Tax Acts.

      1. Payments without deduction of income tax: trading companies owned through a holding company.

        1. 1.(1) Section 48(3)(b) of the Finance Act 1965 (under which,...

      2. Payments by parent company to subsidiary.

        1. 2.In the said section 48(7) of the Finance Act 1965...

      3. Exemptions in respect of income tax under Schedule F.

        1. 3.(1) For the purposes of section 48(4) of the Finance...

      4. Covenanted donations to charity.

        1. 4.A covenanted donation to charity as defined in section 52(4)...

      5. Cases IV and V: interest and other annual payments before 1966-67 to be allowed as a deduction.

        1. 5.The amount of any income assessed under Case IV or...

      6. Interest payable overseas before 1966-67 to be allowed as a deduction.

        1. 6.At the end of section 54(3) of the Finance Act...

      7. Chargeable gains: assets vested in company liquidator.

        1. 7.Where assets of a company are vested in a liquidator...

      8. Chargeable gains attributable to investments in life assurance business held for policy holders.

        1. 8.(1) The limit on the rate of corporation tax imposed...

      9. Annuity business of assurance companies.

        1. 9.(1) Paragraph (b) of section 69(7) of the Finance Act...

      10. Apportionment for surtax of close company's income.

        1. 10.(1) In section 78(4) of the Finance Act 1965 (which...

        2. 11.(1) For the purposes of section 78(5) of the Finance...

      11. Termination of capital gains tax on companies.

        1. 12.(1) Section 82(1) of the Finance Act 1965 (which relates...

      12. Meaning of " distribution ".

        1. 13.(1) Schedule 11 to the Finance Act 1965 (which defines...

      13. Bonus issues following repayment of share capital to be treated as distributions : exclusion of repayment of preference shares.

        1. 14.(1) Paragraph 1(3) of the .said Schedule 11 (repayment of...

      14. Chargeable gains of groups of companies.

        1. 15.(1) In Part I of Schedule 13 to the Finance...

      15. Transitory provisions as to right to set capital allowances against general income.

        1. 16.(1) Section 20 of the Finance Act 1954 (under which,...

      16. Dividend stripping: transition from Income Tax Acts to Corporation Tax Acts.

        1. 17.(1) This paragraph has effect as respects the application by...

      17. Close companies: meaning of " associate ".

        1. 18.(1) Paragraph 5(c) of Schedule 18 to the Finance Act...

      18. Transitional relief for company with overseas trading income which is a member of a group.

        1. 19.In paragraph 3(3) of Schedule 20 to the Finance Act...

      19. Commencement.

        1. 20.This Schedule so far as it affects corporation tax shall...

    6. SCHEDULE 6

      Administration of Corporation Tax Acts.

      1. Duty to give notice of liability to corporation tax.

        1. 1.(1) Every company which is chargeable to corporation tax for...

      2. Returns.

        1. 2.(1) A company may be required by a notice served...

        2. 3.(1) If any company has been required by a notice...

        3. 4.(1) Where a company fraudulendy or negligently—

        4. 5.(1) Section 66 of the Income Tax Act 1952 (relief...

      3. Assessments to corporation tax.

        1. 6.(1) Section 5 of the Income Tax Management Act 1964...

        2. 7.(1) Subject to the two next following paragraphs, and to...

        3. 8.(1) The proviso to section 47(1) of the Income Tax...

        4. 9.(1) Where, for the purpose of making good to the...

        5. 10.For the purpose of making assessments to income tax for...

      4. Claims relating to corporation tax.

        1. 11.(1) Section 9 of the Income Tax Management Act 1964...

      5. Proceedings before Commissioners, etc.

        1. 12.(1) Sections 11, 12, 14 and 15 of the Income...

      6. Application of income tax administrative provisions to corporation tax.

        1. 13.The provisions of the Income Tax Acts specified in this...

      7. Priority of corporation tax and other tax in liquidation.

        1. 14.In section 319(1)(a)(ii) of the Companies Act 1948 and in...

      8. Procedure for determining certain apportionments.

        1. 15.Section 329(1) of the Income Tax Act 1952 (which relates...

      9. Claims for repayment of income tax deducted from receipts.

        1. 16.Effect shall be given to section 46(2) of the Finance...

      10. Income tax on company distributions, etc.

        1. 17.(1) In section 5 of the Income Tax Management Act...

      11. Franked investment income.

        1. 18.(1) Section 9 of the Income Tax Management Act 1964...

        2. 19.(1) A claim for relief under section 85 of the...

      12. Tax on close companies at standard rate of income tax.

        1. 20.(1) Tax assessable under section 75, 76 or 77 of...

        2. 21.(1) Relief under section 75(2) of the Finance Act 1965...

      13. Apportionment for surtax of close company's income.

        1. 22.(1) An assessment under section 77 of the Finance Act...

      14. Transitional relief for existing companies with overseas trading income.

        1. 23.(1) If a company fraudulently or negligently—

      15. Responsibility of company officers.

        1. 24.(1) Everything to be done by a company under the...

      16. Alteration of accounting periods.

        1. 25.So much of section 51(7) of the Finance Act 1965...

      17. Service of documents by post.

        1. 26.Any notice or other document required or authorised to be...

      18. Interpretation.

        1. 27.(1) In the provisions of the Income Tax Acts as...

    7. SCHEDULE 7

      Amendments of s. 85 of Finance Act 1965.

      1. PART I Three Year Surplus of Members of Groups of Companies

        1. Reduction of three year surplus of company paying dividends to fellow member of a group.

          1. 1.The three year surplus of a company which is a...

        2. Increase in certain circumstances of three year surplus of company receiving dividends from fellow member of a group.

          1. 2.(1) Where— (a) the distributable profits of a company which...

        3. Election for three year surplus instead of one year surplus.

          1. 3.A company having a three year surplus which is reduced...

        4. Three year surplus: subsidiary retaining part of distributable profits.

          1. 4.(1) Where throughout a period consisting of the whole or...

        5. Three year surplus: subsidiary paying dividends in 1965-66 in excess of standard amount.

          1. 5.(1) Where dividends received by a company which is a...

      2. PART II The One Year Surplus

        1. Companies carrying on life assurance businesses.

          1. 6.The one year surplus of a company carrying on life...

        2. Elections as respects double taxation relief.

          1. 7.(1) If a company so elects, its one year surplus...

    8. SCHEDULE 8

      Friendly Societies.

      1. PART I Conditions for Friendly Societies' Tax Exempt Business

        1. 1.(1) The following conditions shall apply to every policy for...

        2. 2.Notwithstanding paragraph 1(1)(a) above, the policy— (a) may provide for...

        3. 3.Notwithstanding paragraph 1(1)(b) above, the policy— (a) may allow a...

        4. 4.Nothing in the foregoing provisions of this Schedule applies to...

      2. PART II Amendments of Friendly Societies Acts

        1. 5.(1) The following limits shall be substituted for the limits...

        2. 6.(1) Subject to this paragraph, the rules of any registered...

        3. 7.This Part of this Schedule shall extend to Northern Ireland....

    9. SCHEDULE 9

      Company Dividends Paid to Non-Residents: Relevant Double Taxation Agreements.

      1. 1.Subject to the following provisions of this Schedule section 31...

      2. Australia.

        1. 2.In applying Article VI(3) in the Double Taxation Relief (Taxes...

      3. Federal Republic of Germany.

        1. 3.In applying Article VI in any Order in Council made...

      4. France.

        1. 4.(1) Article VII of the Double Taxation Relief (Taxes on...

      5. Pakistan.

        1. 5.(1) Article VI of the Double Taxation Relief (Taxes on...

    10. SCHEDULE 10

      Capital Gains.

      1. PART I Capital Gains Tax and Corporation Tax

        1. Life interests in settled property.

          1. 1.(1) Section 25(4) of the Finance Act 1965 (notional disposal...

        2. Transfer of business on retirement.

          1. 2.(1) Subject to sub-paragraph (2) below, section 34(1)(b) of the...

        3. Definition of investment trust.

          1. 3.(1) Section 37(3)(b) of the Finance Act 1965 (which allows...

        4. Part disposal of land to authority with compulsory powers.

          1. 4.(1) This paragraph applies to a transfer after 6th April...

        5. Expenses of valuation, & c., incurred by personal representatives.

          1. 5.In computing under Schedule 6 to the Finance Act 1965...

        6. Assets held on 6th April 1965 and affected by a company amalgamation.

          1. 6.(1) The reference in paragraph 27(1) of Schedule 6 to...

        7. Apportionment of cost of acquisition of new holding of shares, etc.

          1. 7.(1) This paragraph shall apply to a new holding, as...

        8. Disposal of right to acquire shares.

          1. 8.(1) Where a person receives or becomes entitled to receive...

        9. Capital receipts not treated as disposals.

          1. 9.(1) The following provisions (under which the consideration for a...

        10. Insolvents' assets.

          1. 10.(1) In relation to assets held by a person as...

        11. Policies of insurance.

          1. 11.In paragraph 10(1) of Schedule 7 to the Finance Act...

        12. Commencement.

          1. 12.Except as otherwise expressly provided, this Part of this Schedule,...

        13. Construction.

          1. 13.This Part of this Schedule shall be construed as one...

      2. PART II Short-Term Capital Gains

        1. Insolvents' assets.

          1. 14.(1) For the purposes of section 12(5) of the Finance...

        2. Apportionment of cost of acquisition of new holding of shares, etc.

          1. 15.(1) This paragraph shall apply to a new holding, as...

    11. SCHEDULE 11

      Supplementary Provisions as to Selective Employment Tax.

      1. 1.Subject to the following provisions of this Schedule, the relevant...

      2. 2.Nothing in the foregoing paragraph shall be construed—

      3. 3.References in any enactment other than the Insurance Acts to...

      4. 4.In addition to the definitions contained in section 44(9) of...

    12. SCHEDULE 12

      Transfers of Harbour Undertakings.

      1. Capital allowances.

        1. 1.(1) There shall be made to or on the transferee...

      2. Annual value of trade premises.

        1. 2.For the purposes of Schedule 8 to the Finance Act...

      3. Terminal losses.

        1. 3.The transferor shall not be entitled to relief under section...

      4. Chargeable gains.

        1. 4.(1) The transferee shall be entitled to relief from corporation...

      5. Exclusion of transitional relief on cessation of trade.

        1. 5.The transferor shall not be entitled to relief under section...

    13. SCHEDULE 13

      Repeals.

      1. PART I Betting and Gaming Repeals

      2. PART II Other Customs and Excise Repeals

      3. PART III Friendly Societies Repeals

      4. PART IV Investment and Initial Allowances Repeals

      5. PART V Free Depreciation Repeals

      6. PART VI Miscellaneous Repeals

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