Finance Act 1971

Part I U.K. Customs and Excise

1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1 U.K.

Textual Amendments

F1 S. 1 repealed by European Communities Act 1972 (c. 68), s. 4, Sch. 3 Pt. I; Finance Act 1977 (c. 36), s. 59(5), Sch. 9 Pt. I

2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2 U.K.

Textual Amendments

F2 S. 2 repealed by Finance Act 1977 (c. 36), s. 59(5), Sch. 9 Pt. I

3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3 U.K.

Textual Amendments

F3 S. 3 repealed by Hydrocarbon Oil Duties Act 1979 (c. 5), s. 28(2), Sch. 7; Excise Duties (Surcharges or Rebates) 1979 (c. 8), s. 4(3), Sch. 2

4, 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4 U.K.

Textual Amendments

F4 S. 4, 5 repealed by Finance Act 1972 (c. 41), ss. 54(8), 134(7), Sch. 28 Pt. II

6 Agricultural machines—vehicles excise duty and customs and excise duty. U.K.

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5

(2) As from the said 1st September, in Schedule 1 to the M1 Hydrocarbon Oil (Customs & Excise) Act 1971 (vehicles in which heavy oil may be used without repayment of rebate)—

(a) the reference in paragraph 2(b) to the said Schedule 3 shall be construed as a reference to that Schedule as amended by subsection (1) above, and

(b) the reference to an agricultural machine in paragraph 3(b) shall not include any vehicle which does not satisfy the conditions specified in paragraphs (a) and (b) of section 6(1) of the M2 Finance Act (Northern Ireland) 1971 (which makes provision corresponding to that made by subsection (1) above).

Textual Amendments

F5 S. 6(1) repealed by Finance Act 1989 (c. 26, SIF 107:2), s. 187(1), Sch. 17 Pt. II (in relation to licences taken out after 14.3.1989)

Modifications etc. (not altering text)

C1 The text of ss. 6(2), 68, Sch. 6 paras. 83, 87 to 90 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Marginal Citations

M1 1971 c. 12.

M2 1971 c. 27 (N.I.).

7 Disabled passengers—vehicles excise duty. U.K.

A mechanically propelled vehicle . . . F6 [F7 suitable] for use by persons having a particular disability that so incapacitates them in the use of their limbs that they have to be driven and cared for by a full-time constant attendant and registered in the name of such a disabled person under the Vehicles (Excise) Act 1971 shall not be chargeable with any duty under that Act by reason of its use by or for the purposes of that disabled person or by reason of its being kept for such use where—

(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8

(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8

(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9 the disabled person is sufficiently disabled to be eligible under the [F10 National Health Service Act 1977] for an invalid tricycle but too disabled to drive it. [F11 and

(d) no vehicle exempted from duty under section 7(2) of the Vehicles Excise Act 1971 is (or by virtue of that provision is deemed to be) registered in his name under that Act.]

and where regulations under section 23 of the M3 Vehicles (Excise) Act 1971 requires a person to furnish particulars as to a vehicle exempted from duty by this section, they may require him to furnish in addition such evidence of the facts giving rise to the exemption as is prescribed by the regulations.

Textual Amendments

F6 Words repealed by Finance Act 1972 (c. 41), s. 128(2), Sch. 28 Pt. XII

F7 Word substituted by Finance Act 1974 (c. 30, SIF 107:2), s. 50

F8 S. 7(a)(b) repealed by Finance Act 1972 (c. 41), s. 128(2), Sch. 28 Pt. XII

F9 Words repealed by Finance Act 1974 (c. 30, SIF 107:2), s. 50

F10 Words substituted by National Health Service Act 1977 (c. 49, SIF 113:2), s. 129, Sch. 15 para. 54

F11 S. 7(d) and “and” preceding it added by Finance Act 1978 (c. 42), s. 8(3)

Marginal Citations

M3 1971 c. 10.

8—10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12 U.K.

Textual Amendments

F12 S. 8–10 repealed by Betting and Gaming Duties Act 1972 (c. 25), s. 29(2), Sch. 7

11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13 U.K.

Textual Amendments

F13 S. 11 repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I

12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14 U.K.

Textual Amendments

F14 S. 12 repealed by Finance Act 1973 (c. 51), s. 59(7), Sch. 22 Pt.I

PART II U.K. INCOME TAX AND CORPORATION TAX

CHAPTER I U.K. GENERAL

13.to 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F15 U.K.

Textual Amendments

F15 Ss. 13 to 20 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31.

21 Occupational pension schemes U.K.

(1)to (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F16

(6) [F17 Part II of Schedule 3 to this Act shall have effect]

Textual Amendments

F16 S. 21(1) to (5) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF: 63:1)

F17 Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32

22—28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F18 U.K.

Textual Amendments

F18 Ss. 22 to 28 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1)

Modifications etc. (not altering text)

C2 S. 22(4)-(10): power to continue conferred (1. 7. 1992) by Social Security (Consequential Provisions) Act 1992 (c. 6), ss. 5, 7(2), Sch. 3 Pt. II para.15.

CHAPTER II U.K. SUB-CONTRACTORS IN CONSTRUCTION INDUSTRY

29 (Deductions on account of income tax from payments to certain sub-contractors in construction industry.) U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F19

Textual Amendments

F19 Chapter II, ss. 29-31,ceased to have effect and was replaced byFinance (No. 2) Act 1975 Part III Ch. II, ss. 68-71which was in turn replaced byIncome and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss.559-567.

30 (Exceptions from section 29.) U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F20

Textual Amendments

F20 Chapter II, ss. 29-31,ceased to have effect and was replaced byFinance (No. 2) Act 1975 Part III Ch. II, ss. 68-71which was in turn replaced byIncome and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss.559-567.

31 (Interpretation of Chapter II.) U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F21

Textual Amendments

F21 Chapter II, ss. 29-31,ceased to have effect and was replaced byFinance (No. 2) Act 1975 Part III Ch. II, ss. 68-71which was in turn replaced byIncome and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss.559-567.

CHAPTER III U.K. METHOD OF CHARGING INCOME TAX FOR 1973-74 AND SUBSEQUENT YEARS

32.to 36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F22 U.K.

Textual Amendments

F22 Ss. 32 to 36 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31.

37 Consequential amendments and repeals. U.K.

(1) The enactments mentioned in Schedule 6 to this Act shall have effect subject to the amendments specified therein.

(2) The enactments mentioned in Part II of Schedule 14 to this Act are hereby repealed to the extent specified in the third column of that Part.

38 Commencement of Chapter III and transitional provisions. U.K.

(1) The preceding provisions of this Chapter shall have effect for the year 1973-74 and subsequent years of assessment; and accordingly the amendments and repeals made by those provisions (including those mentioned in section 37 of this Act) shall not be taken to affect tax for an earlier year of assessment or the doing of anything in relation to tax for such a year.

(2) The transitional provisions contained in Schedule 7 to this Act shall have effect.

39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F23 U.K.

Textual Amendments

F23 S. 39 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1)

PART III U.K. INCOME TAX AND CORPORATION TAX: CAPITAL ALLOWANCES

40.to 54. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F24 U.K.

Textual Amendments

F24 Ss. 40 to 54 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4) and Sch. 2.See Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 197D(8)—calculation of taxed mileage profit: vehicles used by employees.

PART IV U.K. TAX ON CAPITAL GAINS AND ESTATE DUTY

55 Restoration of development value in computation of chargeable gains, and repeal of certain provisions made in connection with betterment levy. U.K.

(1)to (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F25

(5) Schedule 9 to this Act shall have effect for supplementing this section.

(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F25

Textual Amendments

F25 S. 55(1) to (4)(6) and 56 repealed by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 158 and Sch. 8for 1979-80et seq.

56 (Taxation of short-term capital gains.) U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F26

Textual Amendments

F26 S. 55(1) to (4)(6) and 56 repealed by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 158 and Sch. 8for 1979-80et seq.

57 (Exemption or relief for small disposals). U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F27

Textual Amendments

F27 S. 57 repealed by Finance Act 1978 (c. 42), ss. 44(7), 80, Sch. 13 Part IVfor 1977-78et seq.]

58 (Disposal of options.) U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F28

Textual Amendments

F28 Ss. 58 to 60 repealed with savings and replaced by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), ss. 157(1), 158, Sch. 6 para. 10(2)(b), Sch. 8 for 1979-80 et seq.

59 (Abolition of charge to capital gains tax on death, etc.) U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F29

Textual Amendments

F29 Ss. 58 to 60 repealed with savings and replaced by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), ss. 157(1), 158, Sch. 6 para. 10(2)(b), Sch. 8 for 1979-80 et seq.

60 (Replacement of business assets.) U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F30

Textual Amendments

F30 Ss. 58 to 60 repealed with savings and replaced by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), ss. 157(1), 158, Sch. 6 para. 10(2)(b), Sch. 8 for 1979-80 et seq.

61, 62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F31 U.K.

Textual Amendments

F31 Ss. 61, 62 repealed with savings by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), 59, Sch. 13 Part I

PART V U.K. MISCELLANEOUS

63 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F32 U.K.

Textual Amendments

F32 Ss. 63 repealed by Finance Act 1972 (c. 41), ss. 122(5), 134(7), Sch. 28 Part VIII

64 Stamp Duty— abolition of duty on bonds, mortgages etc. U.K.

(1) The following stamp duties are hereby abolished—

(a) except as respects any instrument increasing the rent reserved by another instrument, the duties chargeable by virtue of paragraph (1) and paragraph (2) (securities for annuities other than superannuation annuities and for certain other periodic sums) of the heading in Schedule 1 to the M4 Stamp Act 1891 “Bond, Covenant, or Instrument of any kind whatsoever”,

(b) the duties chargeable by virtue of the heading in that Schedule “Bond of any kind whatsoever not specifically charged with any duty”, and

(c) the duties chargeable by virtue of the heading in that Schedule beginning “Mortgage, Bond, Debenture, Covenant”.

(2) Subject to section 4 of the said Act of 1891 (separate charges on instruments containing or relating to several distinct matters) . . . F33 , any instruments which, but for subsection (1) above, would be chargeable with duty under a heading mentioned in that subsection shall not be chargeable with duty under any other heading in the said Schedule 1.

(3) For the avoidance of doubt it is hereby declared that paragraph (c) of subsection (1) above does not affect the amount of any duty chargeable under the said Schedule 1 by reference to the heading mentioned in that paragraph.

(4) This section has effect as from 1st August 1971.

Textual Amendments

F33 Words repealed by Finance Act 1985 (c. 54, SIF 114), s. 98(6), Sch. 27 Pt. IX(1)

Marginal Citations

M4 1891 c. 39.

65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F34 U.K.

Textual Amendments

F34 S. 65 repealed by Finance Act 1976 (c. 40), ss. 126(4), 132(5), Sch. 15 Pt. VI

66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F35 U.K.

Textual Amendments

F35 S. 66 repealed by Finance Act 1982 (c. 39, SIF 63:1), s. 157, Sch. 22 Pt. V

67 Confirmation of health service agreement with Northern Ireland and U.K. contribution towards cost of certain allowances and benefits in Northern Ireland. U.K.

(1) Confirmation is hereby given to the agreement between the Treasury and the Ministry of Finance for Northern Ireland set out in Schedule 13 to this Act (an agreement which, if confirmed by Acts of the Parliaments of the United Kingdom and Northern Ireland, supersedes as from 1st April 1971 an earlier agreement as amended).

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F36

(3) The preceding provisions of this section shall not come into operation unless and until Her Majesty by Order in Council declares that a corresponding provision has been enacted by the Parliament of Northern Ireland.

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F36

Textual Amendments

F36 S. 67(2)(4) repealed by Northern Ireland Constitution Act 1973 (c. 36), Sch. 6 Pt. II

Modifications etc. (not altering text)

C3 Order in Council made under s. 67(3) on 27.10.1971 by S.I. 1971/1749

68 Payments to Banks of England and Ireland in respect of management of Government securities. U.K.

Section 16 of the M5 National Loans Act 1968 (supplemental provisions as to the national debt) shall be amended as follows—

(a) in subsection (7) (under which payments to the Banks of England and Ireland in respect of management of Government securities must relate to management in financial years ending on 31st March), for the words “in the year ending 31st March 1968 or any subseequent financial year” there shall be substiuted the words “in any period”, and

(b) subsection (8) (which governs the calculation of the amount of such payments and the time of payment) shall be omitted.

Modifications etc. (not altering text)

C4 The text of ss. 6(2), 68, Sch. 6 paras. 83, 87 to 90 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.

Marginal Citations

M5 1968 c. 13.

69 Citation, interpretation, construction, extent and repeals. U.K.

(1) This Act may be cited as the Finance Act 1971.

(2) In this Act “the Taxes Act” means the Income and Corporation Taxes Act [F37 1988].

(3) In this Act—

sections 3, 8, 9, 10 and 12 shall be construed as one with the Customs and Excise Act 1952;

Parts II and III, so far as they relate to income tax, shall be construed as one with the Income Tax Acts and, so far as they relate to corporation tax, shall be construed as one with the Corporation Tax Acts;

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F38 .

(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) Except as otherwise expressly provided, such of the provisions of this Act as relate to matters in respect of which the Parliament of Northern Ireland has power to make laws do not extend to Northern Ireland.

(6) If the Parliament of Northern Ireland passes provisions amending or replacing any enactment of that Parliament referred to in this Act the reference shall be construed as a reference to the enactment as so amended or, as the case may be, as a reference to those provisions.

(7) The enactments mentioned in Schedule 14 to this Act (Part VI of which includes certain obsolete enactments) are hereby repealed to the extent mentioned in the third column of that Schedule, but subject to any provision at the end of any Part of that Schedule.

Textual Amendments

F37 Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32

F38 Words omitted repealed by Capital Gains Tax Act 1979 (c. 14, SIF 63:2) s. 158, Sch. 8 for 1979-80 et seq.

Modifications etc. (not altering text)

C5 The text of s. 69(3) and Sch. 6 paras. 84, 85 is in the form in which it was originally enacted: it was not wholly reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.