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Finance Act 1981

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Finance Act 1981 is up to date with all changes known to be in force on or before 24 December 2024. There are changes that may be brought into force at a future date. Help about Changes to Legislation

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Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the affected provisions when you open the content using the Table of Contents below.

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Changes and effects yet to be applied to :

  1. Introductory Text

  2. Part I Customs and Excise

    1. 1. Spirits, beer, wine, made-wine and cider.

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

    3. 3. Matches and mechanical lighters.

    4. 4. Increase on duty on hydrocarbon oil etc.

    5. 5. Energy for refineries etc.

    6. 6. Repayment of hydrocarbon oil duty.

    7. 7. Vehicles excise duty: Great Britain.

    8. 8. Vehicles excise duty: Northern Ireland.

    9. 9. Betting and gaming duties.

    10. 10. Import and export procedures.

    11. 11. Miscellaneous customs and excise amendments.

  3. Part II

    1. 12—15.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  4. Part III

    1. 16—18.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  5. Part IV Income Tax, Corporation Tax and Capital Gains Tax

    1. Chapter I General

      1. 19—37.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. 38. Interest charged to capital.

      3. 39—51.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. Chapter II Relief for Investments in New Corporate Trades

      1. 52—67.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. Chapter III Benefits in Kind

      1. 68—72.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. Chapter IV Capital Allowances

      1. 73—77.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    5. Chapter V Capital Gains

      1. 78.(1) . . . . . . . . ....

      2. 79. Emigration of donee.

      3. 80. Gains of non-resident settlements.

      4. 80A. Gains of dual-resident settlements.

      5. 81. Migrant settlements.

      6. 82. Transfers between settlements.

      7. 82A. Payments by and to companies.

      8. 83. Provisions supplementary to sections 80 to 82.

      9. 84. Power to obtain information for purposes of sections 80 to 82.

      10. 85. Non-resident trustees and non-resident companies.

      11. 86. Transfers into settlement.

      12. 87. Appointments to persons under disability.

      13. 88. Disposal of interests in non-resident settlements.

      14. 89. Trusts for the disabled.

      15. 90. Market value.

      16. 91. Consideration on reorganisation of share capital etc.

  6. Part V Capital Transfer Tax

    1. 92—95.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 96.(1) . . . . . . . . ....

    3. 97—106.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  7. Part VI Stamp Duty

    1. 107. Sale of houses at discount by local authorities etc.

    2. 108. Shared ownership transactions.

    3. 109.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. 110. Pooled pension funds.

  8. Part VII Petroleum Revenue Tax

    1. 111. Restriction of expenditure supplement.

    2. 112. Restriction of expenditure supplement: transfers of interest.

    3. 113. Restriction of expenditure supplement: loss following net profit period.

    4. 114. Restriction of limit on amount of tax payable.

    5. 115. Contracts with deferred payment.

    6. 116. Spreading of capital expenditure.

    7. 117. Spreading of capital expenditure: transitional provisions.

    8. 118. Licence payments other than royalties.

    9. 119. Transportation costs for off-shore oil.

    10. 120.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    11. 121. Gas banking schemes.

  9. Part VIII Supplementary Petroleum Duty

    1. 122. Charge of supplementary petroleum duty.

    2. 123. Increase of gross profit by reference to royalties in kind.

    3. 124. Reduction of gross profit by reference to exempt allowance.

    4. 125. Repayment of duty in case of field showing loss on cessation.

    5. 126. Deduction of duty in computing assessable profit or allowable loss for petroleum revenue tax.

    6. 127. Deduction of duty in computing income for corporation tax.

    7. 128. Supplementary Provisions.

  10. Part IX

    1. 129—133.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  11. Part X Miscellaneous and Supplementary

    1. 134. Special tax on banking deposits.

    2. 135. Chevening Estate.

    3. 136. Exchange control.

    4. 137. Irish land Acts.

    5. 138.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    6. 139. Short title, interpretation, construction and repeals.

  12. SCHEDULES

    1. SCHEDULES 1, 2

    2. SCHEDULES 3, 4

    3. SCHEDULE 5

    4. SCHEDULE 6

      Import Procedures: Amendments of Customs and Excise Management Act 1979

      1. Entry of goods on importation

        1. 1.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. Acceptance of incomplete entry

        1. 2.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      3. Examination of goods for purpose of making entry

        1. 3.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      4. Correction and cancellation of entry

        1. 4.After the section inserted by paragraph 3 above there shall...

      5. Removal of uncleared goods

        1. 5.In section 40(1) for paragraph (b) there shall be substituted—...

      6. Failure to comply with provisions as to entry

        1. 6.At the end of section 41 there shall be inserted...

      7. Duties on imported goods

        1. 7.(1) Section 43 shall be amended as follows.

      8. Delivery of imported goods on giving security for duty

        1. 8.In section 119(1) after the words “for home use” there...

      9. Restriction on delivery of goods

        1. 9.In section 128(1) and (2) (power to restrict delivery of...

    5. SCHEDULE 7

      Export Procedures

      1. Part I Sections Substituted in Customs and Excise Management Act 1979

        1. 53. Entry outwards of goods.

        2. 54. Acceptance of incomplete entry.

        3. 55. Correction and cancellation of entry.

        4. 56. Failure to export.

        5. 57. Delivery of entry by owner of exporting ship etc.

        6. 58. Simplified clearance procedure.

        7. 58A. Local export control.

        8. 58B. Provisions supplementary to ss. 58 and 58A.

        9. 58C. Pipe-lines and export of ships and aircraft.

        10. 58D. Operative date for Community purposes.

        11. 58E. Authentication of Community customs documents.

      2. Part II Amendments of Customs and Excise Management Act 1979

        1. Control of movement of goods

          1. 1.(1) Section 31 shall be amended as follows.

        2. Dutiable or restricted goods

          1. 2.(1) Section 52 shall be amended as follows.

        3. Restrictions on putting export goods alongside for loading

          1. 3.In section 59(1) for the words “whether under section 53...

        4. Provisions as to stores

          1. 4.(1) Section 61 shall be amended as follows.

        5. Power to make regulations as to exportation, etc.

          1. 5.In section 66(2) for the words “a penalty of £100”...

    6. SCHEDULE 8

      Miscellaneous Customs and Excise Amendments

      1. Part I Amendments of Customs and Excise Management Act 1979

        1. Definition of “revenue trader”

          1. 1.(1) In the definition of “revenue trader” in subsection (1)...

        2. Warehousing regulations

          1. 2.In section 93— (a) in paragraph (a) of subsection (2)...

        3. Deficiency in warehoused goods

          1. 3.Section 94(2) shall cease to have effect.

        4. Procedure on warehouse ceasing to be approved

          1. 4.In section 98— (a) at the end of subsection (1)...

        5. Excise licences

          1. 5.Sections 105 and 106 shall cease to have effect.

        6. Powers of entry on premises of revenue traders

          1. 6.In section 112— (a) in subsection (1) after the word...

        7. Power to estimate excise duties

          1. 7.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        8. Execution and distress

          1. 8.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        9. Proof of documents

          1. 9.In section 153 after subsection (3) there shall be inserted—...

      2. Part II Amendments of Alcoholic Liquor Duties Act 1979

        1. Ascertainment of volume etc. of alcoholic liquors from labels etc.

          1. 10.After subsection (3) of section 2 there shall be inserted—...

        2. Definitions of “wholesale” and “wholesaler”

          1. 11.For the definitions of “wholesale” and “wholesaler” in section 4(1)...

        3. Regulations about manufacture of spirits

          1. 12.In section 13— (a) after subsection (1) there shall be...

        4. Attenuation charge for distilled spirits

          1. 13.In section 14(2) for the words “8.8 degrees” in both...

        5. Distillers’ warehouses

          1. 14.In section 15— (a) for subsection (2) there shall be...

        6. Rectifying and compounding of spirits

          1. 15.In section 19— (a) after subsection (1) there shall be...

        7. Drawback on British compounds and spirits of wine

          1. 16.In section 22 after subsection (3) there shall be inserted—...

        8. Restrictions on distillers and rectifiers

          1. 17.In section 24— (a) at the beginning of subsection (1)...

        9. Spirits consignment and advice notes

          1. 18.Sections 27 to 30 shall cease to have effect.

        10. Transfer of spirit from distillers’ warehouses

          1. 19.In section 32(1) the words from “and” onwards shall cease...

        11. Abolition of wholesalers’ licences etc.

          1. 20.Sections 65, 68, 70 and 85 to 89 shall cease...

        12. Restrictions on wholesalers of spirits

          1. 21.At the beginning of section 69(1) there shall be inserted...

        13. Methylated spirits

          1. 22.Section 76 shall cease to have effect.

          2. 23.In section 77— (a) in subsection (1) in paragraph (d)...

      3. Part III Amendments of Licensing Acts

        1. The Licensing Act 1964

          1. 24.. . . . . . . . . ....

          2. 25.In the definition of “intoxicating liquor” in section 201(1) of...

          3. 26—28.. . . . . . . . . ....

    7. Schedules 9—12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    8. Schedules 13, 14

    9. Schedule 15

    10. Schedule 16

      Supplementary Petroleum Duty

      1. Management

        1. 1.The duty shall be under the care and management of...

        2. 2.(1) The provisions of the Taxes Managemen Act 1970 which...

      2. Returns and information

        1. 3.The particulars contained in returns made under paragraph 2 or...

      3. Assessments and determinations

        1. 4.(1) Where it appears to the Board that, in accordance...

        2. 5.(1) Where a participator has under paragraph 2 of Schedule...

        3. 6.(1) Where it appears to the Board—

      4. Appeals

        1. 7.(1) A participator may appeal to the Special Commissioners against...

        2. 8.(1) A participator who has given notice of appeal under...

      5. Payment

        1. 9.Subject to paragraphs 7 and 8 above, the duty charged...

        2. 10.(1) Every participator in an oil field shall, at the...

        3. 11.(1) Subject to sub-paragraphs (4) and (6) below, every participator...

        4. 12.Certificates of tax deposit issued by the Treasury under section...

      6. Interest

        1. 13.(1) Duty charged in an assessment for a chargeable period...

      7. Transfers to associated companies

        1. 14.In paragraph 5(2) and (4) of Schedule 3 to the...

    11. Schedule 17

      Special Tax on Banking Deposits

      1. Part I The Base Period and Chargeable Deposits

        1. The base period

          1. 1.(1) The base period for the purposes of section 134...

        2. Chargeable deposits

          1. 2.For the purposes of the principal section and this Schedule...

          2. 3.(1) Subject to the following provisions of this paragraph, a...

          3. 4.(1) Where any amount of the chargeable deposits held by...

          4. 5.(1) The amount of chargeable deposits held by a deposit-taker...

          5. 6.Where a person was carrying on a banking business at...

      2. Part II Management and Collection

        1. Management

          1. 7.The tax shall be under care and management of the...

        2. Notice of liability

          1. 8.(1) Every person who is chargeable with the tax shall...

        3. Returns

          1. 9.(1) Every person who is chargeable with the tax shall...

          2. 10.(1) If a person fails to deliver a return within...

        4. Payment of tax

          1. 11.(1) The tax chargeable in the case of any person...

        5. Assessments

          1. 12.(1) Any tax with which a person is chargeable may...

          2. 13.(1) Where it appears to the Board that the amount...

        6. Right of appeal

          1. 14.(1) An Appeal may be brought against an assessment to...

        7. Interest

          1. 15.(1) Any tax with which a person is chargeable and...

        8. Information

          1. 16.(1) Where the Board are not satisfied that the information...

        9. Incorrect returns, accounts, etc.

          1. 17.(1) Where a person fraudulently or negligently—

        10. Application of Taxes Management Act

          1. 18.(1) The provisions of the Taxes Management Act 1970 specified...

    12. Schedule 18

    13. Schedule 19

      Repeals

      1. Part I Import Procedures

      2. Part II Export Procedures

      3. Part III Customs and Excise: Miscellaneous

        1. 1.The repeals in the Food and Drugs Act 1955, the...

        2. 2.The repeal in section 6 of the Betting and Gaming...

        3. 3.The repeals in the Finance (No. 2) Act 1975 and...

        4. 4.The repeals in the Hydrocarbon Oil Duties Act 1979 have...

      4. Part IV Value Added Tax

      5. Part V Car Tax

      6. Part VI Income Tax and Corporation Tax: General

        1. 1.The repeals in section 188 of and Schedule 8 to...

        2. 2.The repeal in section 269 of the said Act of...

        3. 3.The repeals in section 36 of the Finance (No. 2)...

        4. 4.The repeals in Schedule 6 of the Finance Act 1978...

      7. Part VII Stock Relief

      8. Part VIII Capital Gains

        1. 1.The repeal of section 17 of the Capital Gains Tax...

        2. 2.the repeals in section 19 of that Act and section...

      9. Part IX Capital Transfer Tax

        1. 1.The repeals of section 30 of, and in Schedules 4...

        2. 2.The repeals of section 35 of, and Part I of...

        3. 3.The repeal in Schedule 10 to the Finance Act 1975...

        4. 4.The repeal of section 93 of the Finance Act 1976...

        5. 5.The repeals of sections 115 and 116, and in section...

        6. 6.The repeal of section 51 of the Finance Act 1977...

      10. Part X Petroleum Revenue Tax

      11. Part XI Exchange Control

      12. Part XII Irish Land Acts

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