Finance Act 1949

1. Introductory Text

2. PART I Customs and Excise

   1. 1. Tea

   2. 2. Reduction of duties on beer

   3. 3. Continuation of duties on hops, etc., and beer

   4. 4. Wines

   5. 5. Sweets

   6. 6. Sugar

   7. 7. Matches

   8. 8. Mechanical lighters

   9. 9. Amendment of rates of entertainments duty

   10. 10. Exemption from entertainments duty of amateur entertainments

   11. 11. Extension of relief from entertainments duty for rural entertainments

   12. 12. Pool betting duty

   13. 13. Duration of dog licences

   14. 14. Abolition of excise duties on licences for appraisers, auctioneers, house agents and plate dealers

   15. 15. Transfer of duties on certain excise licences to county councils

   16. 16. Remission of customs duties on certain aircraft and parts and equipment therefor

   17. 17. Continuation of relief for vehicles fitted with to Wing contrivances

3. PART II Income Tax

   1. 18. Charge of income tax for 1949-50

   2. 19. Higher rates of income tax for 1948-49

   3. 20. Increase in initial allowances, etc., in respect of machinery or plant, etc.

   4. 21. Miscellaneous provisions as to allowances in respect of machinery or plant

   5. 22. Annual allowances, etc., for overseas mineral rights

   6. 23. Interest payable abroad to be deductible in computing profits in certain cases

   7. 24. Amendment of Finance Act, 1946, s. 27

   8. 25. Borrowings against life policies to be treated as income in certain cases

   9. 26. Amendment as to double taxation relief

4. PART III Death Duties and Corporation Duty

   1. 27. Abolition of duties

   2. 28. Increase in estate duty and modification of provisions related to legacy or succession duty

   3. 29. Allowance for, or repayment of, legacy or succession duty paid on capital of settled fund

   4. 30. Corporation duty (modification of provisions related to legacy or succession duty)

   5. 31. Exemption from estate duty of maintenance funds given to National Trust

   6. 32. Extension of relief on compulsory acquisitions

   7. 33. Extension of exemption for small gifts inter vivos

5. PART IV Stamp Duties

   1. 34. Abolition of duty on bonus issues of securities

   2. 35. Abolition of and exemptions from other duties

   3. 36. Amendments as to conveyances on sale

6. PART V Land Tax

   1. 37. Stabilisation of charge for tax, and procedure for assessment

   2. 38. Exoneration of certain properties

   3. 39. Liability to and date for compulsory redemption

   4. 40. Amount of, and liability and charge for, redemption money

   5. 41. Payment for voluntary redemption

   6. 42. Land tax redeemed but not exonerated

   7. 43. Regulations

   8. 44. Interpretation of Part V

   9. 45. Application of Part V to Scotland

7. PART VI National Debt

   1. 46. Provisions as to permanent annual charge for the National Debt and as to the Old Sinking Fund

   2. 47. Unclaimed dividends account

   3. 48. Transfer of Government stock on production of Isle of Man or Channel Islands probates, etc.

8. PART VII Miscellaneous

   1. 49. Extension of special contribution to Northern Ireland

   2. 50. Taxation of Lloyd's and other underwriters who set up special reserve funds

   3. 51. Settling of appeals, etc., by agreement

   4. 52. Short title, construction, extent and repeals

9. SCHEDULES

   1. FIRST SCHEDULE

      Beer (Rates of Duty and Drawback)

      1. PART I Rate of Excise Duty

      2. PART II Rate of Excise Drawback

      3. PART III Rate of Customs Duty in case of Beer being an Empire Product

      4. PART IV Rate of Customs Duty in case of Beer not being an Empire Product

      5. PART V Rate of Customs Drawback in case of Beer being an Empire Product

      6. PART VI Rate of Customs Drawback in case of Beer not being an Empire Product

   2. SECOND SCHEDULE

      Wines (Rates of Customs Duty)

   3. THIRD SCHEDULE

      Sweets (Rates of Excise Duty)

   4. FOURTH SCHEDULE

      Sugar, etc. (Rates of Duty and Drawback)

      1. PART I Full Rates of Customs Duty and of General Preferential Reductions

      2. PART II Rates of Customs Duty on Certificated Colonial Sugar

      3. PART III Rates of Excise Duty

      4. PART IV Rates of Drawback

   5. FIFTH SCHEDULE

      Matches (Rates of Duty)

      1. PART I Rates of Customs Duties

      2. PART II Rates of Excise Duties

   6. SIXTH SCHEDULE

      Allowances in respect of Machinery or Plant

      1. PART I Calculation of Annual Allowances

         1. The normal method

            1. 1. (1) Subject to the provisions of this Schedule, the annual...

         2. Alternative method

            1. 2. (1) Subject to the provisions of this Schedule, the annual...

            2. 3. An election under paragraph 2 of this Part of this...

            3. 4. (1) Where an election under paragraph 2 of this Part...

         3. Special method for machinery or plant used in connection with mines, etc.

            1. 5. (1) Subject to the provisions of this Schedule, the annual...

         4. Adjustments for special circumstances

            1. 6. If the Commissioners of Inland Revenue are satisfied that the...

            2. 7. (1) If an annual allowance falls to be made to...

         5. Applications to Commissioners of Inland Revenue or Board of Referees

            1. 8. (1) If, within such time and in such manner as...

         6. Amendments of existing enactments

            1. 9. (1) In paragraph (1) of Rule 6 of the Rules...

            2. 10. Save as aforesaid, all the enactments relating to the computation...

      2. PART II Miscellaneous Amendments as to Initial, Annual and Balancing Allowances, and Balancing Charges

         1. Initial allowances

            1. 1. An initial allowance may be made to a person in...

            2. 2. Subject to the provisions of this paragraph, no initial allowance...

         2. Annual allowances

            1. 3. An annual allowance may be made in respect of any...

            2. 4. Subject to the provisions of this paragraph, no annual allowance...

            3. 5. Where an initial allowance has been made to a person...

            4. 6. (1) In determining whether any, and if so what, annual...

         3. Balancing allowances and charges

            1. 7. Where any machinery or plant which has been used by...

            2. 8. Subject to the provisions of this paragraph, no balancing allowance...

            3. 9. (1) Subject to the provisions of this paragraph, the provisions...

      3. PART III Special Provisions as to Annual Allowances for 1947-48 and 1948-49

         1. 1. Any annual allowance in respect of machinery or plant for...

         2. 2. So much of the said Part I as requires any...

         3. 3. Where— (a) an annual allowance for the year 1947-48 or...

         4. 4. Where— (a) an annual allowance for the year 1947-48 or...

         5. 5. The references to the years 1948-49 and 1949-50 in sub-paragraph...

         6. 6. The preceding provisions of this Part of this Schedule shall...

   7. SEVENTH SCHEDULE

      General Scale of Rates of Estate Duty

   8. EIGHTH SCHEDULE

      Stamp Duties Abolished

      1. PART I Charges under Stamp Act, 1891, and Consequential Exemptions

         1. 1. All headings relating to Admissions.

         2. 2. The heading Affidavit and Statutory Declaration.

         3. 3. The heading Appraisement or Valuation.

         4. 4. The heading Apprenticeship, instrument of; (an instrument of apprenticeship shall...

         5. 5. The heading Articles of Clerkship; (articles of clerkship to a...

         6. 6. The headings Award, and Award or Decreet Arbitral.

         7. 7. The heading Bill of Lading.

         8. 8. The headings Bond given pursuant to the directions of any...

         9. 9. The heading Charter Party; (a charter party shall be exempt...

         10. 10. The heading Commission of Lunacy.

         11. 11. The heading Conditional Surrender.

         12. 12. Both headings relating to Copies or Extracts.

         13. 13. The heading Copyhold and Customary Estates—instruments relating thereto.

         14. 14. The heading Deputation or Appointment of a gamekeeper.

         15. 15. Both headings relating to Exemplifications.

         16. 16. The heading Grant or Licence and the three following headings...

         17. 17. The headings Letter of Allotment and Letter of Renunciation, and...

         18. 18. Paragraph (1) of the heading Letter or Power of Attorney;...

         19. 19. The heading Letters of Marque and Reprisal.

         20. 20. The headings relating to Licences.

         21. 21. The heading Memorial.

         22. 22. The heading Notarial Act

         23. 23. The heading Passport.

         24. 24. The beading Protest.

         25. 25. The heading Transfer, any request or authority to the purser...

         26. 26. The heading Voting Paper.

         27. 27. The heading Warrant for Goods; (a warrant for goods shall...

      2. PART II Charges under other Acts

         1. 1. The composition payable by the Bank of England under section...

         2. 2. The duties charged under section twenty-eight of the Lunacy (Scotland)...

         3. 3. The duties charged under section nine of the Charitable Trustees...

         4. 4. The duties charged under section fourteen of the Habitual Drunkards...

         5. 5. The duties charged under section two hundred and sixteen of...

         6. 6. The duty charged under subsection (2) of section five of...

   9. NINTH SCHEDULE

      Provisions which may be Applied to Compulsory Redemption of Land Tax

   10. TENTH SCHEDULE

       Provisions as to Arrangements for Special Reserve Funds in relation to Lloyd's and Other Underwriters

       1. Adherence to, and withdrawal from, arrangements

          1. 1. (1) The arrangements must provide that an underwriting member who...

          2. 2. (1) The arrangements must enable the underwriter, if he thinks...

          3. 3. Where the underwriter has given a notice of withdrawal, he...

       2. Setting up and management of, and payments into and out of, special reserve funds

          1. 4. The arrangements must provide for the setting up, in relation...

          2. 5. The arrangements must provide for the income arising from the...

          3. 6. (1) The arrangements must be such as to secure that...

          4. 7. (1) The arrangements must be such as to secure that,...

          5. 8. The arrangements must provide that, on the underwriter ceasing to...

       3. Income tax consequences

          1. 9. (1) Where such a payment as is mentioned in sub-paragraph...

       4. Profits tax consequences

          1. 10. (1) Section thirty-one of the Finance Act, 1947 (which exempts...

       5. Supplemental

          1. 11. The arrangements may from time to time be varied with...

          2. 12. If, after giving notice in writing of their intention so...

          3. 13. (1) In this Schedule— " business ", in relation to...

   11. ELEVENTH SCHEDULE

       1. PART I Repeals of Provisions as to Appraisers etc.

       2. PART II Repeals as to transferred Excise Licences

       3. PART III Miscellaneous Customs and Excise Repeals

       4. PART IV Death Duty Repeals

       5. PART V Stamp Duty Repeals

       6. PART VI Land Tax Repeals

       7. PART VII National Debt Repeals