Finance Act 1977

1977 CHAPTER 36

An 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.

[29th July 1977]

Modifications etc. (not altering text)

C1 EDITORIAL NOTE1984 (C) = Capital Transfer Tax Act 1984/Inheritance Tax Act 1984 (c. 51, SIF 65)

C2 ss. 1-3, 7, 10, 11, 59(1)(3)(4), Sch. 3 from Group 40:1 (Customs and Excise: Customs and Excise Duties), ss. 17-39, 41, 42, 45-48, 54, 59(1)(2)(3)(c)(4)(5), Schs. 7,8,9 Pts. IV,VI from Group 63:1 (Income, Corporation and Capital Gains Taxes: Income and Corporation Taxes), ss. 56, 59(1)(4)(5), Sch. 9 Pt. V from Group 98:5 (Property, England and Wales: Tithe)

Commencement Information

I1 Act partly in force at Royal Assent, partly retrospective, see individual sections; all provisions so far as unrepealed wholly in force at 1.2.1991. Some provisions came into force at specific times of the day.

Part I U.K. Customs and excise

1

(1)–(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(6)(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

(8)(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

Textual Amendments

F1 S. 1(1)–(5)(8)(9) repealed by Alcholic Liquor Duties Act 1979 (c. 4), Sch. 4 Pt. I

F2 Ss. 1(6)(7), 2(1)(3) repealed by Finance Act 1977 (c. 36), Sch. 9 Pt. II (without prejudice to drawback by virtue of events occurring on or before 30. 6. 1978)

2

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

(4)–(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

Textual Amendments

F3 Ss. 1(6)(7), 2(1)(3) repealed by Finance Act 1977 (c. 36), Sch. 9 Pt. II (without prejudice to drawback by virtue of events occurring on or before 30. 6. 1978)

F4 Ss. 2(2)(4)–(8), 3(1)(5) repealed by Tobacco Products Duty Act 1979 (c. 7), Sch.2

F5 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F5 S. 3 repealed (29.4.1996) by 1996 c. 8, ss. 24(a), 205, Sch. 41 Pt.III

4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6 U.K.

Textual Amendments

F6 S. 4 repealed by Hydrocarbon Oil Duties 1979 (c. 5), s. 28(2), Sch. 7

5 Vehicles excise duty : Great Britain. U.K.

F7 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2), (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9

F7 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F7 S. 5(1)(5) repealed (1.9.1994) by 1994 c. 22, ss. 65, 66(1), Sch. 5 Pt.I (with s. 57(4))

F8 Ss. 5(2)(3), 6(2)(3) repealed by Finance Act 1980, (c. 48), s. 122, Sch. 20 Pt. III

F9 Ss. 5(4), 6(4) repealed by Finance Act 1985 (c. 54), s. 98(6), Sch. 27 Pt. II

F10 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F10 S. 6 repealed (1.10.1991) by Finance Act 1991 (c. 31), ss. 10, 123, Sch. 19 Pt. IV; S.I. 1991/2021, art. 2

7 Units and methods of measurement in customs and excise Acts. U.K.

(1) The Treasury may by order amend the customs and excise Acts for the purpose of—

(a) replacing any unit of measurement by a metric unit;

(b) replacing the proof system of ascertaining the alcoholic strength of spirits and other liquids by a system of measurement by reference to percentages of alcohol by volume;

(c) replacing any temperature expressed in degrees Fahrenheit by a temperature expressed in degrees Celsius;

(d) replacing any pressure expressed in atmospheres by a pressure expressed in millibars.

(2) Any amendment of an enactment under this section shall be such as to preserve the effect of the enactment except to such extent as the Treasury consider necessary to enable a substituted unit or method of measurement to be applied in a convenient and suitable manner.

(3) An order under this section may contain such transitional and other supplementary provisions as the Treasury think necessary.

(4) The power to make orders under this section includes power to vary or revoke a previous order and shall be exercisable by statutory instrument.

(5) Subject to subsection (6) below, any order under this section shall be laid before the House of Commons after being made; and unless it is approved by that House before the expiration of twenty-eight days beginning with the date on which it was made, it shall cease to have effect on the expiration of that period, but without prejudice to anything previously done thereunder or to the making of a new order.

In reckoning any such period no account shall be taken of any time during which Parliament is dissolved or prorogued or during which the House of Commons is adjourned for more than four days.

(6) Subsection (5) above shall not apply to any order containing a statement by the Treasury that the order does not involve a greater charge to duty or a reduction of any relief, drawback, rebate or allowance; and any such order shall be subject to annulment in pursuance of a resolution of the House of Commons.

8, 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11 U.K.

Textual Amendments

F11 S. 8, 9 repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I

10 Duties or levies on goods passing into free circulation etc. U.K.

(1) In any case where—

(a) goods which are not for the time being in free circulation in member States are imported into the United Kingdom from another member State, and

(b) in accordance with the Treaties the goods either are allowed to be put on the market in the United Kingdom or to be destroyed or otherwise cease to be subject to special arrangements involving the suspension of, or the giving of relief from, duties or levies in another member State,

then, in such circumstances as may be prescribed, duties of customs or levies shall be charged on or in respect of the goods by virtue of this section.

(2) Any question whether goods are at any time in free circulation in member States shall be determined in accordance with the Treaties.

(3) The amount of the duty of customs or levy which, in any particular prescribed circumstances, is charged on or in respect of any goods by virtue of this section shall be such as, in accordance with the Treaties, may either be prescribed or determined in a prescribed manner.

(4) Duties of customs charged by virtue of this section shall be treated as [F12 EU] customs duties charged under subsection (1) of section 5 of the M1 European Communities Act 1972 and levies charged by virtue of this section shall be treated as agricultural levies, as defined in subsection (8) of section 6 of that Act; and the provisions of, and of the enactments referred to in, [F13 the said section 6] shall apply accordingly.

(5) In this section “prescribed” means prescribed by regulations [F14 made by statutory instrument by the Commissioners which shall be subject to annulment in pursuance of a resolution of either House of Parliament].

(6) This section and, except in so far as any such regulations otherwise provide, any regulations made under it shall have effect in relation to goods imported into the United Kingdom on or after 1st July 1977.

Textual Amendments

F12 Word in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 6 (with arts. 3(2)(3), 4(2), 6(4)(5))

F13 Words substituted by Customs and Excise Duties (General Reliefs) Act 1979 (c. 3), Sch. 2 para. 6

F14 Words substituted by Customs and Excise Management Act 1979 (c. 2), s. 177, Sch. 4 para. 12 Table Pt. I

Marginal Citations

M1 1972 c. 68.

F15 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F15 S. 11 repealed (24.7.2002) by 2002 c. 23, s. 141, Sch. 40 Pt. 5

12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F16 U.K.

Textual Amendments

F16 S. 12 repealed by Customs and Excise Duties(General Reliefs), Act 1979 (c. 3), s. 19(2), Sch. 3 Pt. I

13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F17 U.K.

Textual Amendments

F17 S. 13 repealed by Finance Act 1978 (c. 42), s. 80(5), Sch. 13 Pt. I

Part II U.K.

14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F18 U.K.

Textual Amendments

F18 S. 14 repealed by Value Added Tax Act 1983 (c. 55), s.50(2), Sch. 11

15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F19 U.K.

Textual Amendments

F19 S. 15 repealed by Finance Act 1978 (c. 42), s. 80(5), Sch. 13 Pt. IV

16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F20 U.K.

Textual Amendments

F20 Ss. 16, 59(3)(b) repealed (savings) by Value Added Tax Act 1983 (c. 55), s.50(2), Sch. 11

PART III U.K. INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX

17–39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F21 U.K.

Textual Amendments

F21 Ss.17–39 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31.

40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F22 U.K.

Textual Amendments

F22 S. 40 repealed with savings by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 158, Sch. 8

F23 41 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F23 S. 41 repealed (in relation to tax for the year 1992-93 and subsequent years subject as mentioned in s. 289 of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 290, 289, Sch.12 (with ss. 60, 101(1) and 203(3))

F24 42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F24 S. 42 repealed (in relation to tax for the year 1992-93 and subesquent years subject as mentioned in s. 289 of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 290, 289, Sch.12 (with ss. 60, 101(1) and 203(3))

43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F25 U.K.

Textual Amendments

F25 S. 43 repealed with savings by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 158, Sch. 8

44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F26 U.K.

Textual Amendments

F26 S. 44 repealed (pt. retrosp.)by Finance Act 1978 (c. 42), s. 80(5), Sch. 13 Pt. IV

45–48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F27 U.K.

Textual Amendments

F27 Ss. 45–48 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31.

Part IV U.K. CAPITAL TRANSFER TAX

49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F28 U.K.

Textual Amendments

F28 S. 49 repealed (retrosp.) by Finance (No. 2) Act 1983 (c. 49), s. 16(4), Sch. 2 Pt. II

50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F29 U.K.

Textual Amendments

F29 S. 50 repealed by Finance Act 1982 (c. 39), s. 157, Sch. 22 Pt. VII Note 3

[F30 51

(1) Paragraph 19 of Schedule 5 to the Finance Act 1975 (trusts for mentally disabled persons) shall be amended as follows.

(2) In sub-paragraph (1) after the words “a mentally disabled person" there shall be inserted the words “ or of a person in receipt of an attendance allowance".

F31 (3)(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) At the end of Sub-paragragh (4) there shall be added the words “and“ attendance allowance" means an allowance under section 35 of the Social Security Act 1975 or the Social Security (Northern Ireland) Act 1975"]

Textual Amendments

F30 S. 51 repealed (in relation to property transferred into settlement on or after 10th March 1981) by Finance Act 1981 (c. 35), s.139, Sch. 19 Pt. IX Note 6

F31 S. 51(3)(4) repealed by Finance Act 1982 (c. 39), s. 157, Sch. 22 Pt. VII Note 3

F32 52,53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F32 Ss. 52, 53 repealed by Capital Transfer Tax Act 1984 / Inheritance Tax Act 1984 (c. 51, SIF 65), ss.274, 277, Schs. 7, 9

PART V U.K. MISCELLANEOUS AND SUPPLEMENTARY

54 Petroleum revenue tax. U.K.

(1) After paragraph 6 of Schedule 3 to the M2 Oil Taxation Act 1975 there shall be inserted—

“ Effect of certain transactions between participators

6A Where the whole or part of the share of a participator (“the transferor") of oil won from an oil field became the share, or part of the share, of another participator (“the transferee") in pursuance of an agreement between them under which the transferor undertook to remain responsible for carrying out the transferee’s obligations in connection with the field so far as they relate to the transferred share or part, then, for the purposes of this Part of this Act—

(a) the shares of the transferor and the transferee of oil won from the field shall be taken to be the same as they would have been if the transfer had not occurred, and

(b) any oil comprised in the transferred share or part and taken up by or on the authority of the transferee in pursuance of the agreement shall be regarded as being disposed of and delivered to him by the transferor at the time when it is taken up.”.

(2) In the said paragraph 6, in sub-paragraph (1), for the words “another person (in this paragraph referred to as “the owner")" there shall be substituted the words “a person (in this paragraph referred to as “the owner") who is not a participator and".

Marginal Citations

M2 1975 c. 22.

55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F33 U.K.

Textual Amendments

F33 S. 55 repealed by Finance Act 1985 (c. 54), s. 98(6), Sch. 27 Pt. X, Note II

F34 56 Annuities under Tithe Acts 1936 and 1951. U.K.

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

Textual Amendments

F34 S. 56 repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 6 Group 3

57 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F35 U.K.

Textual Amendments

F35 S. 57 repealed by Finance Act 1984 (c. 43), s. 128(6), Sch. 23 Pt. XI

58 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F36 U.K.

Textual Amendments

F36 S. 58 repealed by Finance Act 1987 (c. 16), s. 72, Sch. 16 Pt. XI

59 Citation, interpretation, construction and repeals. U.K.

(1) This Act may be cited as the Finance Act 1977.

(2) In this Act “the Taxes Act” means the Income and Corporation Taxes Act 1970.

(3) In this Act—

(a) Part I (except sections 5 and 6) shall be construed as one with [F37 such of the Customs and Excise Acts 1979 as the provision in question requires.]

(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F38

(c) Part III, so far as it relates to income tax, shall be construed as one with the Income Tax Acts, so far as it relates to corporation tax shall be construed as one with the Corporation Tax Acts . . . F39

(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F40

(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 9 to this Act (which include spent enactments) 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.

Textual Amendments

F37 Words substituted by Customs and Excise Management Act 1979 (c. 2), s. 177, Sch. 4 para. 12 Table Pt. I

F38 Ss. 16, 59(3)(b) repealed (savings) by Value Added Tax Act 1983 (c. 55), s.50(2), Sch. 11

F39 Words repealed with savings by Capital Gains Tax Act 1979 (c.14, SIF 63:2), ss. 157(1),158, Sch. 6 para.10(2)(b), Sch. 8

F40 S. 59(3)(d) repealed (savings) by Capital Transfer Tax Act 1984/Inheritance Tax Act 1984 (c.51, SIF 65), ss.274, 277, Schs. 7, 9

Modifications etc. (not altering text)

C3 The text of ss. 41(1), 51, 59 is in the form in which it was originally enacted: it was not 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

SCHEDULES

SCHEDULES 1,2 U.K. . . . F41

Textual Amendments

F41 Schs. 1, 2 repealed by Alcholic Liquor Duties Act 1979 (c. 4),s. 92(2), Sch. 4 Pt. I

Section 3.

SCHEDULE 3 U.K. Rates of Repayment under section 3

	Unmanufactured tobacco
Period in which duty paid (all dates inclusive)	Containing 10 per cent. or more by weight of moisture	Containing less than 10 per cent. by weight of moisture	Manufactured tobacco
	£ per pound	£ per pound	£ per pound
10th May 1976 to 15th December 1976	5·8150	5·8560	5·9000
16th December 1976 to 29th March 1977	6·3965	6·4416	6·4900
30th March 1977 to 31st December 1977	6·4000	6·4410	6·4850

SCHEDULES 4, 5 U.K. . . . F42

Textual Amendments

F42 Schs. 4, 5 repealed by Finance Act 1980, (c. 48), s. 122, Sch. 20 Pt. III

SCHEDULE 6 U.K. . . . F43

Textual Amendments

F43 Sch. 6 repealed by Value Added Tax Act 1983 (c. 55), s.50(2), Sch. 11

SCHEDULES 7,8 U.K. . . . F44

Textual Amendments

F44 Schs. 7, 8 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31.

Section 59.

SCHEDULE 9 U.K. REPEALS

Modifications etc. (not altering text)

C4 The text of ss. 3(4), 6(2)(3), 56, Schs. 1, 2, 4–6, 9 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.

Part I U.K. Customs and Excise

Chapter	Short title	Extent of repeal
15 & 16 Geo. 6 & 1 Eliz. 2. c. 44.	The Customs and Excise Act 1952.	In section 255A the words “for securing that the goods will be so used or otherwise".
6 & 7 Eliz. 2. c. 6.	The Import Duties Act 1958.	Section 9.
		Section 10(2).
		In section 11(5) the words “and nine".
		In section 15(1) the definition of “registered shipbuilding yard".
		In Schedule 3, paragraphs 1, 2, 3, 6, 7, 9, 10 and 11.
		Schedule 5.
7 & 8 Eliz. 2. c. 58.	The Finance Act 1959.	Section 9.
1964 c. 28.	The Agriculture and Horticulture Act 1964.	In the Schedule, paragraph 1(3)(b).
1965 c. 25.	The Finance Act 1965.	Section 2(5).
1971 c. 68.	The Finance Act 1971.	Section 1(4).
		Section 2.
1975 c. 45.	The Finance (No. 2) Act 1975.	Section 5(2) and (3).
		Section 6(2) and (3).
		Schedules 1 and 2.
1976 c. 40.	The Finance Act 1976.	Section 1.
		Section 14(3).
		Section 16.
		Schedules 1 and 2.

1 U.K. The repeal in section 255A of the Customs and Excise Act 1952 takes effect on such day as may be appointed by regulations under section 8 of this Act.

2 U.K. The repeals in the Import Duties Act 1958 (except section 10(2)), the Finance Act 1959, the Finance Act 1965 and the Finance Act 1971 take effect on 1st July 1977.

3 U.K. The repeals in the Finance (No. 2) Act 1975 and of section 14(3) of the Finance Act 1976 take effect on 30th March 1977.

Part II U.K. Tobacco

Chapter	Short title	Extent of repeal
15 & 16 Geo. 6 & 1 Eliz. 2 c. 44.	The Customs and Excise Act 1952.	Part V.
1964 c. 49.	The Finance Act 1964.	Section 4.
		Section 8(2)(a).
		Schedule 5.
1966 c. 18.	The Finance Act 1966.	Section 3.
		In Schedule 2, in paragraph 1 the words “section 173(1)(b) (importation of tobacco)" and in paragraph 2 the words “and 173(3)" and “and tobacco".
1967 c. 54.	The Finance Act 1967.	In section 4, in subsection (1), paragraph (d) and the word “or" before it and the words “and 175" and in subsection (2) the words “or (d)" and the words following the semi-colon.
1970 c. 24.	The Finance Act 1970.	Section 4.
		Section 5(a).
		In Schedule 2, paragraphs 1 to 4.
1973 c. 51.	The Finance Act 1973.	Section 1 so far as unrepealed.
		Schedule 5.
1974 c. 30.	The Finance Act 1974.	Section 1(6).
1975 c. 45.	The Finance (No. 2) Act 1975.	Section 1(6).
1976 c. 40.	The Finance Act 1976.	Section 8.
1977 c. 36.	The Finance Act 1977.	Section 1(6) and (7).
		Section 2(1) and (3).

The above repeals take effect on 1st January 1978 but do not affect drawback by virtue of events occurring on or before 30th June 1978.

Part III U.K. Value Added Tax

Chapter	Short title	Extent of repeal
1972 c. 41.	The Finance Act 1972.	In section 8, in subsection (1) the words “or services"; and subsections (4) to (7).
		Section 17(3).
		Section 30(1).
		In Schedule 4, Group 8, Note (3).
1974 c. 30.	The Finance Act 1974.	Section 5.
1976 c. 40.	The Finance Act 1976.	Section 18.
		In section 19, the words “11(b) and".
		Section 20.

The above repeals take effect on 1st January 1978.

Part IV U.K. Child Benefit etc.

Chapter	Short title	Extent of repeal
1970 c. 10.	The Income and Corporation Taxes Act 1970.	In section 8(2)(b) the words before “except".
		Section 24(1), (3) and (4).
		In section 219(1), paragraph (b) together with the word “and" immediately preceding it.
		In section 530(2)(c) the words “family allowances and other".
1971 c. 68.	The Finance Act 1971.	Section 15(7).
		Section 33(4).
		In Schedule 4, in paragraph (1)(b) the words before “any payment or benefit".
1974 c. 30.	The Finance Act 1974.	Section 14(6).
1975 c. 18.	The Social Security (Consequential Provisions) Act 1975.	In Schedule 2, paragraph 37.
1976 c. 40.	The Finance Act 1976.	Section 32(1), (2), (3)(a), (c) and (d), (4), (5) and (6).

1 U.K. The repeal of section 32(2), (3)(a) and (d), (4), (5) and (6) of the Finance Act 1976 shall be deemed to have come into force on 4th April 1977.

2 U.K. The repeal of the other provisions mentioned above does not affect their operation in relation to any allowance or benefit payable in respect of a period before 4th April 1977.

F45 Part V U.K. Annuities under Tithe Acts 1936 and 1951

Textual Amendments

F45 Sch. 9 Pt. V repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 6 Group 3

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

Part VI U.K. Miscellaneous

Chapter	Short title	Extent of repeal
1965 c. 25.	The Finance Act 1965.	In Schedule 7, in paragraph 5, in sub-paragraph (1) the words “Subject to sub-paragraph (2) below" and sub-paragraph (2).
1968 c. 44.	The Finance Act 1968.	In section 55, in subsection (1) the words “securities and" and “in section 42(1) of the Exchange Control Act 1947 and" and (in paragraph (c)) the words “of the Exchange Control Act 1947, or" and “or both" ; subsection (2); in subsection (3), in the definition of “prescribed" the words from “(a)" to “1964"; in subsection (4) the words “securities and"; in subsection (5) the words from “(a)" to “1964"; and in subsection (6) the words before “this section shall apply" and the words “that Act, or as the case may be".
		In Schedule 12 paragraph 9.
1969 c. 32.	The Finance Act 1969.	Section 41(7).
1970 c. 10.	The Income and Corporation Taxes Act 1970.	Section 185.
		In section 270(4)(a) the words “(and Schedule 9 to the Finance Act 1965)".
		Section 271(4).
1971 c. 68.	The Finance Act 1971.	In Schedule 10—
		paragraph 3.
		in paragraph 4(1) the words from “section 27(3)" to “(conversion of such stock)".
		in paragraph 5 the words from “or to securities" to “paragraph 4 above".
		in paragraph 7(1) the words from “and for determining" to the end of paragraph 7(1).
		paragraph 13.
1973 c. 51.	The Finance Act 1973.	Section 13.
		In Schedule 16, in paragraph 7, the words from “securities of any" to “1965 or of".
1974 c. 30.	The Finance Act 1974.	Section 21(2).
		In Schedule 2, paragraphs 1 and 2.
1975 c. 7.	The Finance Act 1975.	In Schedule 9, in paragraph 5, in sub-paragraph (1) the words from “and, subject" onwards, and sub-paragraph (2).
1975 c. 45.	The Finance (No. 2) Act 1975.	Section 29.
1976 c. 40.	The Finance Act 1976.	Section 28.
		Section 29(1) and (4).
		Section 30(1).
		Section 63(7).

1 U.K. The repeal of section 185 of the Income and Corporation Taxes Act 1970 has effect for the year of assessment 1977-78 and subsequent years of assessment.

2 U.K. The repeal of section 13 of the Finance Act 1973 does not affect relief for any year of assessment before the year 1977-78.

3 U.K. The repeals in the Finance Act 1974 have effect for the year of assessment 1977-78 and subsequent years of assessment.

4 U.K. The repeal of section 30(1) of the Finance Act 1976 does not affect relief for any year of assessment before the year 1977-78.

5 U.K. The repeal of section 63(7) of the Finance Act 1976 has effect for the year of assessment 1977-78 and subsequent years of assessment.