S. 1 repealed by Finance (No. 2) Act 1979 (c. 47, SIF 63:1), s. 25(5), sch. 5 pt. I

S. 2 repealed by Finance (No. 2) Act 1975 (c. 45, SIF 63:1), ss. 17(7), 75(5), sch. 14 pt. IV

S. 3 repealed by Value Added Tax Act 1983 (c. 55, SIF 40:2), s. 50(2), sch. 11

S. 4 repealed by Customs and Excise Management Act 1979 (c. 2, SIF 40:1), s. 177(3), sch. 6 pt. I

Ss. 5–12, 16, 17 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

Ss. 13–15 repealed by Capital Allowances Act (c. 1, SIF 63:1), s. 164(4), Sch. 2

Ss. 5–12, 16, 17 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

S. 18 repealed by Finance Act 1981 (c. 35, SIF 63:1) s. 139(6), Sch. 19 Pt. VII, in relation to any period of account ending on or after 14 November 1980; See Finance Act 1981 (c. 35, SIF 63:1) s. 35, Schs. 9, 10 (transitional)

S. 19(1) repealed by Capital Transfer Tax Act 1984 (c. 51, SIF 18), Sch. 9

Ss. 20–47, 49(3)(5), 51 repealed by Capital Transfer Tax Act 1984 (c. 51, SIF 65) ss. 274, 277, schs. 7, 9

Words in s. 48(1) substituted (21.7.2009) by Finance Act 2009 (c. 10), s. 105(4)(a)

Ss. 20–47, 49(3)(5), 51 repealed by Capital Transfer Tax Act 1984 (c. 51, SIF 65) ss. 274, 277, schs. 7, 9

Ss. 20–47, 49(3)(5), 51 repealed by Capital Transfer Tax Act 1984 (c. 51, SIF 65) ss. 274, 277, schs. 7, 9

S. 53 repealed with savings by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 158, Sch. 8

S. 54 repealed (29.4.1996 with effect as in accordance with Sch. 22) by 1996 c. 8, s. 205, Sch. 41 Pt. V(12)

S. 55 repealed by Finance Act 1984 (c. 43, SIF 99:3), s. 128(6), Sch. 23 Pt. XIV

S. 56 repealed (1.4.2001) by 2000 c. 20, ss. 3(4), 29(2), Sch. 2; S.I. 2000/3349, art. 3(1)(b) (with transitional provisions in art. 5)

S. 57 omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 67

S. 58 repealed (1.10.1991) by Finance Act 1991 (c. 31, SIF 107:2), ss. 10, 123, Sch. 19, Pt.IV; S.I. 1991/2021, art.2 .

S. 59(3)(a) repealed by Value Added Tax Act 1983 (c. 55, SIF 40:2), s. 50(2), sch. 11

Pt. III (ss. 19–52) modified by Finance Act 1977 (c. 36, SIF 63:1), s. 49(2)(5)

Pt. III (ss. 19–52) applied by Finance Act 1978 (c. 42, SIF 63:1), s. 68

The text of s. 48 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

S. 48 amended by Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27), sch. 2, and (retrosp.) by Finance Act 1989 (c. 26, SIF 63:1), s. 180(1)(4)

S. 49 amended by Capital Transfer Tax Act 1984 (c. 51, SIF 65), s. 276, sch. 8 para. 4

The text of ss. 50, 52(3), 54(1), 57(1)(a)(b), (2)(in part), 58, Sch. 4 para. 38(2), Sch. 8 Pt. II (ss. 12–16), Sch. 11, Sch. 13 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

The text of ss. 50, 52(3), 54(1), 57(1)(a)(b), (2)(in part), 58, Sch. 4 para. 38(2), Sch. 8 Pt. II (ss. 12–16), Sch. 11, Sch. 13 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

1971 c. 68.

1971 c. 27 (N.I.).

1948 c. 38.

1894 c. 30.

1910 c. 8

1894 c. 30.

1881 c. 12.

http://www.legislation.gov.uk/ukpga/1975/7/body/2009-10-01Finance Act 1975An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.1991-02-01texttext/xmlenStatute Law Database2015-08-16Expert Participation2009-10-01PART I Value Added Tax
1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART II INCOME TAX AND CORPORATION TAX
5—12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13—15.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16,17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART III CAPITAL TRANSFER TAX Main charging provisions
19 Capital transfer tax.(1)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)

Schedule 4 to this Act shall have effect with respect to the administration and collection of the tax.

20—47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Estate duty and obsolete death duties
48 Interest on repayment of estate duty and on instalments of duty. (1)

In relation to any period falling after 12th November 1974 any sums repayable as sums paid in excess of estate duty or interest on estate duty shall carry interest at the rate applicable under section 178 of the Finance Act 1989.

(2)

Interest paid to any person under this section shall not be income of that person for any tax purposes.

(3)

Subject to the following provisions of this section, where estate duty charged on a death occurring after 12th November 1974 is payable by instalments under section 62 of the Finance Act 1971 or section 3 of the Finance Act (Northern Ireland) 1971—

(a)

as being charged in respect of property falling within paragraph (a) or (b) of subsection (2) of that section ; or

(b)

as being attributable to the net value of a business or an interest in a business ;

it shall, for the purpose of any interest to be added to each instalment, be treated as carrying interest from the date at which the instalment is payable.

(4)

Subsection (3) above does not apply to estate duty payable in respect of shares or securities of a company falling within paragraph (a) of subsection (5) below unless it also falls within paragraph (b) or (c) of that subsection.

(5)

The companies referred to in subsection (4) above are—

(a)

any company whose business consists wholly or mainly of one or more of the following, that is to say, dealing in securities, stocks or shares, land or buildings, or making or holding investments ;

(b)

any company whose business consists wholly or mainly in being a holding company (within the meaning of section 154 of the Companies Act 1948) of one or more companies not falling within paragraph (a) above ; and

(c)

any company whose business is that of a jobber (as defined in section 477 of the Taxes Act) or discount house, and is carried on in the United Kingdom.

(6)

Subsection (3) above does not apply to estate duty charged in respect of property which, by reason of an interest which came to an end, or a gift which was made, before 13th November 1974, passes on death by virtue of section 2(1)(b)(i) or section 2(1)(c) of the Finance Act 1894.

(7)

Subsection (3) above applies only to the extent that the principal value in respect of which the duty is payable as mentioned therein does not exceed £250,000 ; and any excess shall be attributed to duty in respect of the shares, securities, business or interest concerned in proportion to their respective values.

49 Abolition of estate duty and transitional provisions. (1)

Estate duty shall not be levied on the principal value of any property passing on a death occurring after the passing of this Act ; and the enactments relating to estate duty shall have effect in relation to a death occurring before the passing of this Act but after 12th November 1974 subject to the amendments specified in Schedule 11 to this Act.

(2)

Part II of Schedule 8 to this Act shall have effect for making, in relation to deaths occurring after 12th November 1974, provisions with respect to estate duty similar to those made with respect to capital transfer tax by Part I of that Schedule.

(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

Where estate duty is under section 61(5) of the Finance (1909-10) Act 1910 payable on the net moneys received from the sale of timber, trees or wood when felled or cut during the period referred to therein and that period has not ended before the passing of this Act, that period shall end immediately after the first transfer of value made after the passing of this Act in which the value transferred is, or is determined by reference to, the value of the land concerned, other than a transfer exempt by virtue of paragraph 1 of Schedule 6 to this Act.

(5)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

50 Final abolition of obsolete death duties. (1)

After the passing of this Act no person shall in any case be required to account for or pay, and the Board shall not in any case charge, levy, recover or collect—

(a)

any duty described in Schedule 1 to the Finance Act 1894 ;

(b)

any duty imposed on a representation or inventory by any Act in force before the Customs and Inland Revenue Act 1881 ;

(c)

any legacy duty, succession duty or settlement estate duty ;

(including in each case any duty which is then outstanding).

(2)

This section does not affect any right to repayment of or to any allowance in respect of any sum paid before the passing of this Act on account of any such duty.

Supplemental
51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

52 Consequential amendments and repeals.(1)

In consequence of the preceding provisions of this Part of this Act the enactments mentioned in Schedule 12 to this Act shall have effect subject to the amendments specified therein.

(2)

The enactments mentioned in Part I of Schedule 13 to this Act are hereby repealed, to the extent specified in the third column of that Part—

(a)

in relation to deaths occurring after the passing of this Act; and

(b)

so far as they relate to the duties mentioned in section 50 of this Act, in relation to any death.

(3)

The repeal by this section of any enactment relating to a duty mentioned in section 50 of this Act shall not affect its operation for the purposes of any such right to repayment or allowance as is referred to in subsection (2) of that section.

PART IV MISCELLANEOUS AND GENERAL
53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

54. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

57 Appointment of General Commissioners in Scotland, and amendment of declaration to be made by certain officers.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

58. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

59 Citation, interpretation, construction and repeals.(1)

This Act may be cited as the Finance Act 1975.

(2)

In this Act “the Taxes Act” means the Income and Corporation Tax Act 1970.

(3)

In this Act—

(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

Part II, so far as it relates to income tax, shall be construed as one with the Income Tax Acts and, so far as it relates to corporation tax, shall be construed as one with the Corporation Tax Acts.

(4)

Except so far as the context otherwise requires, any reference in this Act to any enactment shall be construed as a reference to that enactment as amended, and as including a reference to that enactment as applied, by or under any other enactment, including this Act.

(5)

The enactments mentioned in Schedule 13 to this Act 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.

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,
<ref eId="c00005" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1979/47/section/25/5">s. 25(5)</ref>
,
<ref eId="c00006" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1979/47/schedule/5/part/I">sch. 5 pt. I</ref>
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<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c1008002" marker="F2">
<p>
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,
<ref eId="c00009" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/45/section/17/7">ss. 17(7)</ref>
,
<ref eId="c00010" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/45/section/75/5">75(5)</ref>
,
<ref eId="c00011" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1975/45/schedule/14/part/IV">sch. 14 pt. IV</ref>
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<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c1008003" marker="F3">
<p>
<ref eId="c00012" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/3">S. 3</ref>
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,
<ref eId="c00014" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1983/55/section/50/2">s. 50(2)</ref>
,
<ref eId="c00015" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1983/55/schedule/11">sch. 11</ref>
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<p>
<ref eId="c00016" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/4">S. 4</ref>
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<ref eId="c00017" href="http://www.legislation.gov.uk/id/ukpga/1979/2">Customs and Excise Management Act 1979 (c. 2, SIF 40:1)</ref>
,
<ref eId="c00018" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1979/2/section/177/3">s. 177(3)</ref>
,
<ref eId="c00019" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1979/2/schedule/6/part/I">sch. 6 pt. I</ref>
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<p>
<rref eId="c00020" class="subref" from="http://www.legislation.gov.uk/id/ukpga/1975/7/section/5" upTo="http://www.legislation.gov.uk/id/ukpga/1975/7/section/12">Ss. 5–12</rref>
,
<ref eId="c00021" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/16">16</ref>
,
<ref eId="c00022" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/17">17</ref>
repealed by
<ref eId="c00023" href="http://www.legislation.gov.uk/id/ukpga/1988/1">Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1)</ref>
,
<ref eId="c00024" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1988/1/section/844">s. 844</ref>
,
<ref eId="c00025" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/31">Sch. 31</ref>
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<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c1008006" marker="F6">
<p>
<rref eId="c00026" class="subref" from="http://www.legislation.gov.uk/id/ukpga/1975/7/section/13" upTo="http://www.legislation.gov.uk/id/ukpga/1975/7/section/15">Ss. 13–15</rref>
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</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c1008007" marker="F7">
<p>
<rref eId="c00027" class="subref" from="http://www.legislation.gov.uk/id/ukpga/1975/7/section/5" upTo="http://www.legislation.gov.uk/id/ukpga/1975/7/section/12">Ss. 5–12</rref>
,
<ref eId="c00028" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/16">16</ref>
,
<ref eId="c00029" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/17">17</ref>
repealed by
<ref eId="c00030" href="http://www.legislation.gov.uk/id/ukpga/1988/1">Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1)</ref>
,
<ref eId="c00031" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1988/1/section/844">s. 844</ref>
,
<ref eId="c00032" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/31">Sch. 31</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c1008008" marker="F8">
<p>
<ref eId="c00033" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/18">S. 18</ref>
repealed by
<ref eId="c00034" href="http://www.legislation.gov.uk/id/ukpga/1981/35">Finance Act 1981 (c. 35, SIF 63:1)</ref>
s. 139(6), Sch. 19 Pt. VII, in relation to any period of account ending on or after 14 November 1980;
<ref eId="c00035" href="http://www.legislation.gov.uk/id/ukpga/1981/35">See Finance Act 1981 (c. 35, SIF 63:1)</ref>
s. 35, Schs. 9, 10 (transitional)
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c1008011" marker="F9">
<p>
<ref eId="c00036" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/19/1">S. 19(1)</ref>
repealed by
<ref eId="c00037" href="http://www.legislation.gov.uk/id/ukpga/1984/51">Capital Transfer Tax Act 1984 (c. 51, SIF 18)</ref>
,
<ref eId="c00038" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1984/51/schedule/9">Sch. 9</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c1008012" marker="F10">
<p>
<rref eId="c00039" class="subref" from="http://www.legislation.gov.uk/id/ukpga/1975/7/section/20" upTo="http://www.legislation.gov.uk/id/ukpga/1975/7/section/47">Ss. 20–47</rref>
,
<ref eId="c00040" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/49/3/5">49(3)(5)</ref>
,
<ref eId="c00041" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/51">51</ref>
repealed by
<ref eId="c00042" href="http://www.legislation.gov.uk/id/ukpga/1984/51">Capital Transfer Tax Act 1984 (c. 51, SIF 65)</ref>
ss. 274, 277, schs. 7, 9
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-0573640bb96b1a7403c9a91828a6451a" marker="F11">
<p>
Words in
<ref eId="cv10n0a41-00006" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/48/1">s. 48(1)</ref>
substituted (21.7.2009) by
<ref eId="cv10n0a41-00007" href="http://www.legislation.gov.uk/id/ukpga/2009/10">Finance Act 2009 (c. 10)</ref>
,
<ref eId="cv10n0a41-00008" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2009/10/section/105/4/a">s. 105(4)(a)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c1008020" marker="F12">
<p>
<rref eId="c00056" class="subref" from="http://www.legislation.gov.uk/id/ukpga/1975/7/section/20" upTo="http://www.legislation.gov.uk/id/ukpga/1975/7/section/47">Ss. 20–47</rref>
,
<ref eId="c00057" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/49/3/5">49(3)(5)</ref>
,
<ref eId="c00058" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/51">51</ref>
repealed by
<ref eId="c00059" href="http://www.legislation.gov.uk/id/ukpga/1984/51">Capital Transfer Tax Act 1984 (c. 51, SIF 65)</ref>
ss. 274, 277, schs. 7, 9
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c1008026" marker="F13">
<p>
<rref eId="c00063" class="subref" from="http://www.legislation.gov.uk/id/ukpga/1975/7/section/20" upTo="http://www.legislation.gov.uk/id/ukpga/1975/7/section/47">Ss. 20–47</rref>
,
<ref eId="c00064" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/49/3/5">49(3)(5)</ref>
,
<ref eId="c00065" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/51">51</ref>
repealed by
<ref eId="c00066" href="http://www.legislation.gov.uk/id/ukpga/1984/51">Capital Transfer Tax Act 1984 (c. 51, SIF 65)</ref>
ss. 274, 277, schs. 7, 9
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c1008028" marker="F14">
<p>
<ref eId="c00073" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/53">S. 53</ref>
repealed with savings by
<ref eId="c00074" href="http://www.legislation.gov.uk/id/ukpga/1979/14">Capital Gains Tax Act 1979 (c. 14, SIF 63:2)</ref>
,
<ref eId="c00075" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1979/14/section/158">s. 158</ref>
,
<ref eId="c00076" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1979/14/schedule/8">Sch. 8</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c1008030" marker="F15">
<p>
<ref eId="c00077" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/54">S. 54</ref>
repealed (29.4.1996 with effect as in accordance with Sch. 22) by
<ref eId="c00078" href="http://www.legislation.gov.uk/id/ukpga/1996/8">1996 c. 8</ref>
,
<ref eId="c00079" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1996/8/section/205">s. 205</ref>
,
<ref eId="c00080" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1996/8/schedule/41/part/V/12">Sch. 41 Pt. V(12)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c1008031" marker="F16">
<p>
<ref eId="c00081" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/55">S. 55</ref>
repealed by
<ref eId="c00082" href="http://www.legislation.gov.uk/id/ukpga/1984/43">Finance Act 1984 (c. 43, SIF 99:3)</ref>
,
<ref eId="c00083" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1984/43/section/128/6">s. 128(6)</ref>
,
<ref eId="c00084" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1984/43/schedule/23/part/XIV">Sch. 23 Pt. XIV</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c1008035" marker="F17">
<p>
<ref eId="c00085" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/56">S. 56</ref>
repealed (1.4.2001) by
<ref eId="c00086" href="http://www.legislation.gov.uk/id/ukpga/2000/20">2000 c. 20</ref>
,
<ref eId="c00087" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2000/20/section/3/4">ss. 3(4)</ref>
,
<ref eId="c00088" class="subref" href="http://www.legislation.gov.uk/id/ukpga/2000/20/section/29/2">29(2)</ref>
,
<ref eId="c00089" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/2000/20/schedule/2">Sch. 2</ref>
;
<ref eId="c00090" href="http://www.legislation.gov.uk/id/uksi/2000/3349">S.I. 2000/3349</ref>
,
<ref eId="c00091" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2000/3349/article/3/1/b">art. 3(1)(b)</ref>
(with transitional provisions in
<ref eId="c00092" class="subref" href="http://www.legislation.gov.uk/id/uksi/2000/3349/article/5">art. 5</ref>
)
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="key-f51eed44440e690df911d4c1846059ca" marker="F18">
<p>
<ref eId="cv10jg7e1-00004" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/57">S. 57</ref>
omitted (1.4.2009) by virtue of
<ref eId="cv10jg7e1-00005" href="http://www.legislation.gov.uk/id/uksi/2009/56">The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56)</ref>
,
<ref eId="cv10jg7e1-00006" class="subref" href="http://www.legislation.gov.uk/id/uksi/2009/56/article/1/2">art. 1(2)</ref>
,
<ref eId="cv10jg7e1-00007" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2009/56/schedule/1/paragraph/67">Sch. 1 para. 67</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c1008042" marker="F19">
<p>
<ref eId="c00093" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/58">S. 58</ref>
repealed (1.10.1991) by
<ref eId="c00094" href="http://www.legislation.gov.uk/id/ukpga/1991/31">Finance Act 1991 (c. 31, SIF 107:2)</ref>
,
<ref eId="c00095" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1991/31/section/10">ss. 10</ref>
,
<ref eId="c00096" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1991/31/section/123">123</ref>
,
<ref eId="c00097" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/19">Sch. 19</ref>
,
<ref eId="c00098" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1991/31/part/IV">Pt.IV</ref>
;
<ref eId="c00099" href="http://www.legislation.gov.uk/id/uksi/1991/2021">S.I. 1991/2021</ref>
,
<ref eId="c00100" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/1991/2021/article/2">art.2</ref>
.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="F" class="commentary F" eId="c1008043" marker="F20">
<p>
<ref eId="c00101" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/59/3">S. 59(3)</ref>
(
<i>a</i>
) repealed by
<ref eId="c00102" href="http://www.legislation.gov.uk/id/ukpga/1983/55">Value Added Tax Act 1983 (c. 55, SIF 40:2)</ref>
,
<ref eId="c00103" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1983/55/section/50/2">s. 50(2)</ref>
,
<ref eId="c00104" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1983/55/schedule/11">sch. 11</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="C" class="commentary C" eId="c1008009" marker="C1">
<p>
<ref eId="c00067" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/part/III">Pt. III</ref>
(ss. 19–52) modified by
<ref eId="c00068" href="http://www.legislation.gov.uk/id/ukpga/1977/36">Finance Act 1977 (c. 36, SIF 63:1)</ref>
,
<ref eId="c00069" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1977/36/section/49/2/5">s. 49(2)(5)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="C" class="commentary C" eId="c1008010" marker="C2">
<p>
<ref eId="c00070" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/part/III">Pt. III</ref>
(ss. 19–52) applied by
<ref eId="c00071" href="http://www.legislation.gov.uk/id/ukpga/1978/42">Finance Act 1978 (c. 42, SIF 63:1)</ref>
,
<ref eId="c00072" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1978/42/section/68">s. 68</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="C" class="commentary C" eId="c1008013" marker="C3">
<p>The text of s. 48 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.</p>
</note>
<note ukl:Name="Commentary" ukl:Type="C" class="commentary C" eId="c1008014" marker="C4">
<p>
S. 48 amended by
<ref eId="c00044" href="http://www.legislation.gov.uk/id/ukpga/1985/9">Companies Consolidation (Consequential Provisions) Act 1985 (c. 9, SIF 27)</ref>
,
<ref eId="c00045" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1985/9/schedule/2">sch. 2</ref>
, and (
<i>retrosp.</i>
) by
<ref eId="c00046" href="http://www.legislation.gov.uk/id/ukpga/1989/26">Finance Act 1989 (c. 26, SIF 63:1)</ref>
,
<ref eId="c00047" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1989/26/section/180/1/4">s. 180(1)(4)</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="C" class="commentary C" eId="c1008019" marker="C5">
<p>
<ref eId="c00052" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/49">S. 49</ref>
amended by
<ref eId="c00053" href="http://www.legislation.gov.uk/id/ukpga/1984/51">Capital Transfer Tax Act 1984 (c. 51, SIF 65)</ref>
,
<ref eId="c00054" class="subref" href="http://www.legislation.gov.uk/id/ukpga/1984/51/section/276">s. 276</ref>
,
<ref eId="c00055" class="subref operative" href="http://www.legislation.gov.uk/id/ukpga/1984/51/schedule/8/paragraph/4">sch. 8 para. 4</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="C" class="commentary C" eId="c1008023" marker="C6">
<p>The text of ss. 50, 52(3), 54(1), 57(1)(a)(b), (2)(in part), 58, Sch. 4 para. 38(2), Sch. 8 Pt. II (ss. 12–16), Sch. 11, Sch. 13 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.</p>
</note>
<note ukl:Name="Commentary" ukl:Type="C" class="commentary C" eId="c1008027" marker="C7">
<p>The text of ss. 50, 52(3), 54(1), 57(1)(a)(b), (2)(in part), 58, Sch. 4 para. 38(2), Sch. 8 Pt. II (ss. 12–16), Sch. 11, Sch. 13 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c1008015" marker="M1">
<p>
<ref eId="c00048" href="http://www.legislation.gov.uk/id/ukpga/1971/68">1971 c. 68</ref>
.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c1008016" marker="M2">
<p>
<ref eId="c00049" href="http://www.legislation.gov.uk/id/apni/1971/27">1971 c. 27 (N.I.)</ref>
.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c1008017" marker="M3">
<p>
<ref eId="c00050" href="http://www.legislation.gov.uk/id/ukpga/1948/38">1948 c. 38</ref>
.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c1008018" marker="M4">
<p>
<ref eId="c00051" href="http://www.legislation.gov.uk/id/ukpga/1894/30">1894 c. 30</ref>
.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c1008021" marker="M5">
<p>
<ref eId="c00060" href="http://www.legislation.gov.uk/id/ukpga/1910/8">1910 c. 8</ref>
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c1008024" marker="M6">
<p>
<ref eId="c00061" href="http://www.legislation.gov.uk/id/ukpga/1894/30">1894 c. 30</ref>
.
</p>
</note>
<note ukl:Name="Commentary" ukl:Type="M" class="commentary M" eId="c1008025" marker="M7">
<p>
<ref eId="c00062" href="http://www.legislation.gov.uk/id/ukpga/1881/12">1881 c. 12</ref>
.
</p>
</note>
</notes>
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<body eId="body" uk:target="true">
<part eId="part-I">
<num>PART I</num>
<heading> Value Added Tax</heading>
<section eId="section-1">
<num>1</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c1008001" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
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<section eId="section-2">
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<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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<section eId="section-3">
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<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c1008003" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
</heading>
<content>
<p/>
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<section eId="section-4">
<num>4</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c1008004" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
</heading>
<content>
<p/>
</content>
</section>
</part>
<part eId="part-II">
<num>PART II</num>
<heading> INCOME TAX AND CORPORATION TAX</heading>
<section eId="section-512">
<num>5—12</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c1008005" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
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<content>
<p/>
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<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c1008006" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
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<p/>
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c1008007" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-18">
<num>18</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c1008008" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
</heading>
<content>
<p/>
</content>
</section>
</part>
<part eId="part-III">
<num>PART III</num>
<heading> CAPITAL TRANSFER TAX</heading>
<hcontainer name="crossheading" ukl:Name="Pblock" eId="part-III-crossheading-main-charging-provisions">
<heading> Main charging provisions</heading>
<section eId="section-19">
<num>19</num>
<heading> Capital transfer tax.</heading>
<subsection eId="section-19-1">
<num>(1)</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c1008011" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
</p>
</content>
</subsection>
<subsection eId="section-19-2">
<num>(2)</num>
<content>
<p>Schedule 4 to this Act shall have effect with respect to the administration and collection of the tax.</p>
</content>
</subsection>
</section>
<section eId="section-2047">
<num>20—47</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c1008012" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
</heading>
<content>
<p/>
</content>
</section>
</hcontainer>
<hcontainer name="crossheading" ukl:Name="Pblock" eId="part-III-crossheading-estate-duty-and-obsolete-death-duties">
<heading> Estate duty and obsolete death duties</heading>
<section eId="section-48">
<num>48</num>
<heading> Interest on repayment of estate duty and on instalments of duty. </heading>
<subsection eId="section-48-1">
<num>(1)</num>
<content>
<p>
In relation to any period falling after 12th November 1974 any sums repayable as sums paid in excess of estate duty or interest on estate duty shall carry interest at
<ins class="substitution first last" ukl:ChangeId="key-0573640bb96b1a7403c9a91828a6451a-1439742483945" ukl:CommentaryRef="key-0573640bb96b1a7403c9a91828a6451a">
<noteRef uk:name="commentary" href="#key-0573640bb96b1a7403c9a91828a6451a" class="commentary"/>
the rate applicable under section 178 of the Finance Act 1989
</ins>
.
</p>
</content>
</subsection>
<subsection eId="section-48-2">
<num>(2)</num>
<content>
<p>Interest paid to any person under this section shall not be income of that person for any tax purposes.</p>
</content>
</subsection>
<subsection eId="section-48-3">
<num>(3)</num>
<intro>
<p>
Subject to the following provisions of this section, where estate duty charged on a death occurring after 12th November 1974 is payable by instalments under section 62 of the
<noteRef href="#c1008015" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
Finance Act 1971 or section 3 of the
<noteRef href="#c1008016" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
Finance Act (Northern Ireland) 1971—
</p>
</intro>
<level class="para1" eId="section-48-3-a">
<num>(a)</num>
<content>
<p>as being charged in respect of property falling within paragraph (a) or (b) of subsection (2) of that section ; or</p>
</content>
</level>
<level class="para1" eId="section-48-3-b">
<num>(b)</num>
<content>
<p>as being attributable to the net value of a business or an interest in a business ;</p>
</content>
</level>
<wrapUp>
<p>it shall, for the purpose of any interest to be added to each instalment, be treated as carrying interest from the date at which the instalment is payable.</p>
</wrapUp>
</subsection>
<subsection eId="section-48-4">
<num>(4)</num>
<content>
<p>Subsection (3) above does not apply to estate duty payable in respect of shares or securities of a company falling within paragraph (a) of subsection (5) below unless it also falls within paragraph (b) or (c) of that subsection.</p>
</content>
</subsection>
<subsection eId="section-48-5">
<num>(5)</num>
<intro>
<p>The companies referred to in subsection (4) above are—</p>
</intro>
<level class="para1" eId="section-48-5-a">
<num>(a)</num>
<content>
<p>any company whose business consists wholly or mainly of one or more of the following, that is to say, dealing in securities, stocks or shares, land or buildings, or making or holding investments ;</p>
</content>
</level>
<level class="para1" eId="section-48-5-b">
<num>(b)</num>
<content>
<p>
any company whose business consists wholly or mainly in being a holding company (within the meaning of section 154 of the
<noteRef href="#c1008017" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
Companies Act 1948) of one or more companies not falling within paragraph (a) above ; and
</p>
</content>
</level>
<level class="para1" eId="section-48-5-c">
<num>(c)</num>
<content>
<p>any company whose business is that of a jobber (as defined in section 477 of the Taxes Act) or discount house, and is carried on in the United Kingdom.</p>
</content>
</level>
</subsection>
<subsection eId="section-48-6">
<num>(6)</num>
<content>
<p>
Subsection (3) above does not apply to estate duty charged in respect of property which, by reason of an interest which came to an end, or a gift which was made, before 13th November 1974, passes on death by virtue of section 2(1)(b)(i) or section 2(1)(c) of the
<noteRef href="#c1008018" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
Finance Act 1894.
</p>
</content>
</subsection>
<subsection eId="section-48-7">
<num>(7)</num>
<content>
<p>Subsection (3) above applies only to the extent that the principal value in respect of which the duty is payable as mentioned therein does not exceed £250,000 ; and any excess shall be attributed to duty in respect of the shares, securities, business or interest concerned in proportion to their respective values.</p>
</content>
</subsection>
</section>
<section eId="section-49">
<num>49</num>
<heading> Abolition of estate duty and transitional provisions. </heading>
<subsection eId="section-49-1">
<num>(1)</num>
<content>
<p>Estate duty shall not be levied on the principal value of any property passing on a death occurring after the passing of this Act ; and the enactments relating to estate duty shall have effect in relation to a death occurring before the passing of this Act but after 12th November 1974 subject to the amendments specified in Schedule 11 to this Act.</p>
</content>
</subsection>
<subsection eId="section-49-2">
<num>(2)</num>
<content>
<p>Part II of Schedule 8 to this Act shall have effect for making, in relation to deaths occurring after 12th November 1974, provisions with respect to estate duty similar to those made with respect to capital transfer tax by Part I of that Schedule.</p>
</content>
</subsection>
<subsection eId="section-49-3">
<num>(3)</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c1008020" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
</p>
</content>
</subsection>
<subsection eId="section-49-4">
<num>(4)</num>
<content>
<p>
Where estate duty is under section 61(5) of the
<noteRef href="#c1008021" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
Finance (1909-10) Act 1910 payable on the net moneys received from the sale of timber, trees or wood when felled or cut during the period referred to therein and that period has not ended before the passing of this Act, that period shall end immediately after the first transfer of value made after the passing of this Act in which the value transferred is, or is determined by reference to, the value of the land concerned, other than a transfer exempt by virtue of paragraph 1 of Schedule 6 to this Act.
</p>
</content>
</subsection>
<subsection eId="section-49-5">
<num>(5)</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c1008020" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
</p>
</content>
</subsection>
</section>
<section eId="section-50">
<num>50</num>
<heading> Final abolition of obsolete death duties. </heading>
<subsection eId="section-50-1">
<num>(1)</num>
<intro>
<p>After the passing of this Act no person shall in any case be required to account for or pay, and the Board shall not in any case charge, levy, recover or collect—</p>
</intro>
<level class="para1" eId="section-50-1-a">
<num>(a)</num>
<content>
<p>
any duty described in Schedule 1 to the
<noteRef href="#c1008024" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
Finance Act 1894 ;
</p>
</content>
</level>
<level class="para1" eId="section-50-1-b">
<num>(b)</num>
<content>
<p>
any duty imposed on a representation or inventory by any Act in force before the
<noteRef href="#c1008025" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
Customs and Inland Revenue Act 1881 ;
</p>
</content>
</level>
<level class="para1" eId="section-50-1-c">
<num>(c)</num>
<content>
<p>any legacy duty, succession duty or settlement estate duty ;</p>
</content>
</level>
<wrapUp>
<p>(including in each case any duty which is then outstanding).</p>
</wrapUp>
</subsection>
<subsection eId="section-50-2">
<num>(2)</num>
<content>
<p>This section does not affect any right to repayment of or to any allowance in respect of any sum paid before the passing of this Act on account of any such duty.</p>
</content>
</subsection>
</section>
</hcontainer>
<hcontainer name="crossheading" ukl:Name="Pblock" eId="part-III-crossheading-supplemental">
<heading> Supplemental</heading>
<section eId="section-51">
<num>51</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c1008026" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-52">
<num>52</num>
<heading> Consequential amendments and repeals.</heading>
<subsection eId="section-52-1">
<num>(1)</num>
<content>
<p>In consequence of the preceding provisions of this Part of this Act the enactments mentioned in Schedule 12 to this Act shall have effect subject to the amendments specified therein.</p>
</content>
</subsection>
<subsection eId="section-52-2">
<num>(2)</num>
<intro>
<p>The enactments mentioned in Part I of Schedule 13 to this Act are hereby repealed, to the extent specified in the third column of that Part—</p>
</intro>
<level class="para1" eId="section-52-2-a">
<num>(a)</num>
<content>
<p>in relation to deaths occurring after the passing of this Act; and</p>
</content>
</level>
<level class="para1" eId="section-52-2-b">
<num>(b)</num>
<content>
<p>so far as they relate to the duties mentioned in section 50 of this Act, in relation to any death.</p>
</content>
</level>
</subsection>
<subsection eId="section-52-3">
<num>(3)</num>
<content>
<p>The repeal by this section of any enactment relating to a duty mentioned in section 50 of this Act shall not affect its operation for the purposes of any such right to repayment or allowance as is referred to in subsection (2) of that section.</p>
</content>
</subsection>
</section>
</hcontainer>
</part>
<part eId="part-IV">
<num>PART IV</num>
<heading> MISCELLANEOUS AND GENERAL</heading>
<section eId="section-53">
<num>53</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c1008028" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-54">
<num>
<noteRef href="#c1008030" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
54
</num>
<heading>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</heading>
<content>
<p/>
</content>
</section>
<section eId="section-55">
<num>55</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c1008031" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-56">
<num>
<noteRef href="#c1008035" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
56
</num>
<heading>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</heading>
<content>
<p/>
</content>
</section>
<section eId="section-57">
<num>
<noteRef href="#key-f51eed44440e690df911d4c1846059ca" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
57
</num>
<heading> Appointment of General Commissioners in Scotland, and amendment of declaration to be made by certain officers.</heading>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</section>
<section eId="section-58">
<num>
<noteRef href="#c1008042" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
58
</num>
<heading>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</heading>
<content>
<p/>
</content>
</section>
<section eId="section-59">
<num>59</num>
<heading> Citation, interpretation, construction and repeals.</heading>
<subsection eId="section-59-1">
<num>(1)</num>
<content>
<p>This Act may be cited as the Finance Act 1975.</p>
</content>
</subsection>
<subsection eId="section-59-2">
<num>(2)</num>
<content>
<p>
In this Act “
<term refersTo="#term-the-taxes-act" eId="term-the-taxes-act">the Taxes Act</term>
” means the Income and Corporation Tax Act 1970.
</p>
</content>
</subsection>
<subsection eId="section-59-3">
<num>(3)</num>
<intro>
<p>In this Act—</p>
</intro>
<level class="para1" eId="section-59-3-a">
<num>(a)</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c1008043" uk:name="commentary" ukl:Name="CommentaryRef" class="commentary"/>
</p>
</content>
</level>
<level class="para1" eId="section-59-3-b">
<num>(b)</num>
<content>
<p>Part II, so far as it relates to income tax, shall be construed as one with the Income Tax Acts and, so far as it relates to corporation tax, shall be construed as one with the Corporation Tax Acts.</p>
</content>
</level>
</subsection>
<subsection eId="section-59-4">
<num>(4)</num>
<content>
<p>Except so far as the context otherwise requires, any reference in this Act to any enactment shall be construed as a reference to that enactment as amended, and as including a reference to that enactment as applied, by or under any other enactment, including this Act.</p>
</content>
</subsection>
<subsection eId="section-59-5">
<num>(5)</num>
<content>
<p>The enactments mentioned in Schedule 13 to this Act 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.</p>
</content>
</subsection>
</section>
</part>
</body>
</act>
</akomaNtoso>