Finance Act 1986

1. Introductory Text

2. PART I Customs and Excise and Value Added Tax

   1. CHAPTER I Customs and Excise

      1. The rates of duty

         1. 1. Tobacco products

         2. 2. Hydrocarbon oil

         3. 3. Vehicles excise duty

      2. Other provisions

         1. 4. Beer duty: minor amendments

         2. 5. Warehousing regulations

         3. 6. Betting duties and bingo duty in Northern Ireland

         4. 7. Betting and gaming duties: evidence by certificate, etc.

         5. 8. Licences under the customs and excise Acts

   2. CHAPTER II Value Added Tax

      1. 9. Fuel for private use

      2. 10. Registration of two or more persons as one taxable person

      3. 11. Long-stay accommodation

      4. 12. Conditions for zero-rating of goods exported etc.

      5. 13. Transfer of import relief

      6. 14. Penalty for tax evasion: liability of directors etc.

      7. 15. Breaches of Treasury orders etc.

3. PART II Income Tax, Corporation Tax and Capital Gains Tax

   1. CHAPTER I General

      1. Tax rates and main reliefs

         1. 16. Charge of income tax for 1986-87

         2. 17. Rate of advance corporation tax

         3. 18. Corporation tax: small companies

         4. 19. Personal reliefs: operative date for PAYE

         5. 20. Relief for interest

         6. 21. Deduction rate for sub-contractors in construction industry

      2. Employee shareholding

         1. 22. Employee share schemes: shares subject to restrictions

         2. 23. Employee share schemes: general amendments

         3. 24. Approved profit sharing schemes: workers' co-operatives

         4. 25. Savings-related share option schemes

         5. 26. Shares and rights to acquire shares obtained by directors and employees

      3. Charities

         1. 27. Relief for donations under payroll deduction scheme

         2. 28. Payroll deduction scheme: further provisions

         3. 29. Donations by companies to charities etc.

         4. 30. Certain payments to charities

         5. 31. Charities: restriction of tax exemptions

         6. 32. Higher rate relief for covenanted payments

         7. 33. Disclosure of information to Charity Commissioners

      4. Foreign element: expenses

         1. 34. Expenses connected with work abroad

         2. 35. Expenses connected with foreign trades etc.

         3. 36. Travel between trades etc.

         4. 37. Travelling expenses of employees not domiciled in UK

         5. 38. Section 37: commencement

      5. Miscellaneous

         1. 39. Personal equity plans

         2. 40. Business expansion scheme

         3. 41. Enterprise allowance

         4. 42. Company reconstructions: restriction of relief

         5. 43. Loans to participators

         6. 44. Entertainers and sportsmen

         7. 45. Payments on retirement or removal from office or employment etc.

         8. 46. Pension scheme surpluses

         9. 47. Building societies

         10. 48. Foreign dividends in recognised clearing system

         11. 49. Double taxation relief: advance corporation tax

         12. 50. Offshore funds: conditions for certification

         13. 51. Pensions paid to victims of National-Socialist persecution

         14. 52. Temporary disregard of increases in certain pensions and allowances

         15. 53. Tax treatment of VAT penalties etc. and repayment supplement

         16. 54. Associated companies: oil and gas industry

   2. CHAPTER II Capital Allowances

      1. 55. New code of allowances for capital expenditure on mineral extraction

      2. 56. Agricultural land and buildings

      3. 57. New expenditure on leased assets etc.

   3. CHAPTER III Capital Gains

      1. 58. Gifts into dual resident trusts

      2. 59. Disposals of options and contracts for gilt-edged securities etc.

      3. 60. Small part disposals

   4. CHAPTER IV Securities

      1. 61. Stock lending

      2. 62. Amendments of Finance Act 1985

      3. 63. Other provisions

4. PART III Stamp Duty

   1. Securities

      1. 64. Stock or marketable securities: reduction of rate

      2. 65. Bearers: consequential provisions etc.

      3. 66. Company's purchase of own shares

   2. Depositary receipts

      1. 67. Depositary receipts

      2. 68. Depositary receipts: notification

      3. 69. Depositary receipts: supplementary

   3. Clearance services

      1. 70. Clearance services

      2. 71. Clearance services: notification

      3. 72. Clearance services: supplementary

   4. Reconstructions and acquisitions

      1. 73. Reconstructions etc: amendments

      2. 74. Reconstructions etc: repeals

      3. 75. Acquisitions: reliefs

      4. 76. Acquisitions: further provisions about reliefs

      5. 77. Acquisition of target company's share capital

   5. Loan capital, letters of allotment etc.

      1. 78. Loan capital

      2. 79. Loan capital: new provisions

      3. 80. Bearer letters of allotment etc.

   6. Changes in financial institutions

      1. 81. Sales to market makers

      2. 82. Borrowing of stock by market makers

      3. 83. Composition agreements

      4. 84. Miscellaneous exemptions

      5. 85. Supplementary

5. PART IV Stamp Duty Reserve Tax

   1. Introduction

      1. 86. The tax: introduction

   2. The principal charge

      1. 87. The principal charge

      2. 88. Section 87: special cases

      3. 89. Section 87: exceptions for market makers etc.

      4. 90. Section 87: other exceptions

      5. 91. Liability to tax

      6. 92. Repayment or cancellation of tax

   3. Other charges

      1. 93. Depositary receipts

      2. 94. Depositary receipts: supplementary

      3. 95. Depositary receipts: exceptions

      4. 96. Clearance services

      5. 97. Clearance services: exceptions

   4. General

      1. 98. Administration etc.

      2. 99. Interpretation

6. PART V Inheritance Tax

   1. 100. Capital transfer tax to be known as inheritance tax

   2. 101. Lifetime transfers potentially exempt etc.

   3. 102. Gifts with reservation

   4. 103. Treatment of certain debts and incumbrances

   5. 104. Regulations for avoiding double charges etc.

   6. 105. Application of business and agricultural relief where transfer partly exempt

   7. 106. Changes in financial institutions: business property

   8. 107. Changes in financial institutions: interest

7. PART VI Oil Taxation

   1. 108. The on-shore/off-shore boundary

   2. 109. Alternative valuation of light gases

   3. 110. Attribution of certain receipts and expenditure between oil fields

8. PART VII Miscellaneous and Supplementary

   1. 111. Broadcasting: additional payments by programme contractors

   2. 112. Limit for local loans

   3. 113. "Securities" for purposes of Exchange Equalisation Account Act 1979

   4. 114. Short title, interpretation, construction and repeals

9. SCHEDULES

   1. SCHEDULE 1

      Vehicles Excise Duty: Hackney Carriages and Farmers' Goods Vehicles

      1. PART I Provision Substituted for Part II of Schedule 2 to the Acts of 1971 and 1972

      2. PART II Tables Substituted in Part II of Schedule 4 to the Acts of 1971 and 1972

   2. SCHEDULE 2

      Vehicles Excise Duty: Miscellaneous Amendments

      1. PART I Amendments of Vehicles (Excise) Act 1971

         1. Additional days to be included in duration of certain licences

            1. 1. (1) In the Vehicles (Excise) Act 1971 (in this Part...

         2. Tower wagons used by street lighting authorities etc.

            1. 2. In section 4 of the 1971 Act (exemptions from duty)...

         3. Visiting forces

            1. 3. In section 7 of the 1971 Act (miscellaneous exemptions from...

         4. Trade licences

            1. 4. (1) Section 16 of the 1971 Act (trade licences) shall...

         5. Surrender of licences

            1. 5. In section 17(2) of the 1971 Act (surrender of licences)...

         6. Removal of fee for duplicate registration document

            1. 6. Section 23 of the 1971 Act (regulations with respect to...

      2. PART II Amendments of Vehicles (Excise) Act (Northern Ireland) 1972

         1. Additional days to be included in duration of certain licences

            1. 7. (1) In the Vehicles (Excise) Act (Northern Ireland) 1972 (in...

         2. Tower wagons used by street lighting authorities etc.

            1. 8. In section 4 of the 1972 Act (exemptions from duty)...

         3. Trade licences

            1. 9. (1) Section 16 of the 1972 Act (trade licences) shall...

         4. Surrender of licences

            1. 10. In section 17(2) of the 1972 Act (surrender of licences)...

         5. Removal of fee for duplicate registration document

            1. 11. Section 23 of the 1972 Act (regulations with respect to...

   3. SCHEDULE 3

      Warehousing Regulations

      1. 1. Section 93 of the Customs and Excise Management Act 1979...

      2. 2. There shall be added at the end of subsection (1)...

      3. 3. The following shall be inserted after subsection (2)(e)—

      4. 4. The following shall be substituted for subsection (2)(g) (business records)—...

      5. 5. The following shall be inserted at the end of subsection...

      6. 6. In subsection (2A) (compensation for lost or damaged documents) for...

      7. 7. The following shall be substituted for subsection (7) (interpretation)—

      8. 8. In consequence of the amendments made by the preceding provisions...

   4. SCHEDULE 4

      Extension to Northern Ireland of Provisions of Betting and Gaming Duties Act 1981

      1. PART I Amendments of the Betting and Gaming Duties Act 1981

         1. General betting duty and pool betting duty

            1. 1. (1) In section 1 (general betting duty) in subsection (1)...

            2. 2. (1) In section 6 (pool betting duty) for the words...

            3. 3. (1) In section 9 (prohibitions for protection of revenue) for...

            4. 4. In section 12(4) (interpretation of provisions relating to betting duties)—...

         2. Bingo duty

            1. 5. In section 17(1) (charge of bingo duty) for the words...

            2. 6. In section 19(2) (bingo played in more than one place)—...

            3. 7. In section 20(2) (interpretation of provisions relating to bingo duty)...

         3. General

            1. 8. In section 28 (recovery of duty by distress in England...

            2. 9. In section 29 (recovery of duty by poinding in Scotland)...

            3. 10. (1) In section 35, for subsection (3) (extent) there shall...

         4. Administration of betting duties

            1. 11. (1) In Schedule 1 (betting duties) in paragraph 7 (production...

         5. Exemptions from, and administration of bingo duty

            1. 12. (1) In Schedule 3 in paragraph 2(1) (small-scale bingo) after...

      2. PART II Consequential Amendments of Northern Ireland Legislation

         1. 13. In section 287(1)(a) of the Companies Act (Northern Ireland) 1960...

         2. 14. In Article 19(a) of the Bankruptcy Amendment (Northern Ireland) Order...

         3. 15. (1) The Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order...

      3. PART III Subordinate Legislation

         1. 16. (1) Any regulations made under Schedule 1 (betting duties) to...

   5. SCHEDULE 5

      Licences Under the Customs and Excise Acts

      1. General provisions as to payment of duty on excise licences

         1. 1. In section 101 of the Customs and Excise Management Act...

         2. 2. In sections 102(1) and 104(3) of the Customs and Excise...

      2. Licences to manufacture spirits

         1. 3. (1) Section 12 of the Alcoholic Liquor Duties Act 1979...

      3. Licences relating to hydrocarbon oil etc.

         1. 4. In Schedule 3 to the Hydrocarbon Oil Duties Act 1979...

      4. Licences to manufacture mechanical lighters

         1. 5. In section 7 of the Matches and Mechanical Lighters Duties...

   6. SCHEDULE 6

      Consideration for Fuel Supplied for Private Use

      1. 1. This Schedule has effect to determine the consideration referred to...

      2. 2. (1) Subject to paragraph 3 below, where the prescribed accounting...

      3. 3. (1) If in the prescribed accounting period a vehicle is...

      4. 4. The Treasury may by order taking effect from the beginning...

      5. 5. (1) Where, by virtue of subsection (8) of the principal...

      6. 6. (1) In the case of a vehicle having an internal...

   7. SCHEDULE 7

      Charities: Qualifying Expenditure, Investments and Loans

      1. PART I Qualifying expenditure

         1. 1. (1) In the principal section "qualifying expenditure", in relation to...

      2. PART II Qualifying Investments

         1. 2. Investments specified in any of the following paragraphs of this...

         2. 3. Any investment falling within Part I, Part II, apart from...

         3. 4. Any investment in a common investment fund established under section...

         4. 5. Any interest in land, other than an interest held as...

         5. 6. Shares in, or securities of, a company which are quoted...

         6. 7. (1) Units, or other shares of the investments subject to...

         7. 8. (1) Deposits with a recognised bank or licensed institution (within...

         8. 9. Certificates of deposit as defined in section 55(3) of the...

         9. 10. (1) Any loan or other investment as to which the...

      3. PART III Qualifying Loans

         1. 11. For the purposes of the principal section, a loan which...

      4. PART IV Attribution of Excess Non-Qualifying Expenditure to earlier Chargeable Periods

         1. 12. This part of this Schedule applies in the circumstances specified...

         2. 13. (1) So much of the unapplied non-qualifying expenditure as is...

         3. 14. (1) Where, in accordance with paragraph 13 above, an amount...

         4. 15. All such adjustments shall be made, whether by way of...

   8. SCHEDULE 8

      Personal Equity Plans

      1. 1. (1) The Treasury may make regulations providing that an individual...

      2. 2. (1) The regulations may include provision that in prescribed circumstances—...

      3. 3. (1) The power to make regulations under this Schedule shall...

   9. SCHEDULE 9

      Business Expansion Scheme

      1. PART I Amendment of Schedule 5 to Finance Act 1983

         1. 1. (1) Schedule 5 to the Finance Act 1983 shall be...

         2. Relevant period

            1. 2. In paragraph 2(7)(b), after "5" there shall be inserted "5A,...

         3. Research and development companies

            1. 3. In paragraph 2A— (a) in sub-paragraph (1)(a), for the words...

            2. 4. (1) After paragraph 2A there shall be inserted the following...

         4. Individuals qualifying for relief

            1. 5. (1) In paragraph 4, the following sub-paragraph shall be added...

         5. Qualifying companies

            1. 6. (1) Paragraph 5 shall be amended as follows.

            2. 7. The following paragraphs shall be inserted after paragraph 5— (1) Subject to paragraph 5C below, a company is not...

         6. Qualifying trades

            1. 8. (1) Paragraph 6 shall be amended as follows.

         7. Disposal of shares

            1. 9. (1) Paragraph 7 shall be amended as follows.

         8. Value received from company

            1. 10. (1) Paragraph 8 shall be amended as follows.

         9. Value received by persons other than claimants

            1. 11. (1) Paragraph 10 shall be amended as follows.

         10. Parallel trades

             1. 12. After paragraph 10 there shall be inserted the following paragraph—...

         11. Claims

             1. 13. In paragraph 13, the following sub-paragraph shall be added at...

         12. Assessments for withdrawing relief

             1. 14. In paragraph 14(2)(a), for the words "or 10(1)" there shall...

         13. Information

             1. 15. (1) After paragraph 15 there shall be inserted the following...

         14. Capital gains tax

             1. 16. (1) Paragraph 16 shall be amended as follows.

         15. Reorganisation of share capital

             1. 17. (1) After paragraph 16 there shall be inserted the following...

         16. Application to subsidiaries

             1. 18. For sub-paragraph (1) of paragraph 17 there shall be substituted...

         17. Miscellaneous

             1. 19. (1) In paragraph 2(9), for the words "to (8A)" there...

         18. Eligible shares held jointly

             1. 20. After paragraph 19 there shall be inserted the following paragraph—...

         19. Interpretation

             1. 21. (1) Paragraph 20 shall be amended as follows.

      2. PART II Consequential Amendments

         1. 22. In the Taxes Management Act 1970 the following section shall...

         2. 23. —The Table in section 98 of the Act of 1970...

   10. SCHEDULE 10

       Company Reconstructions

       1. 1. (1) Section 252 of the Taxes Act (company reconstructions without...

       2. 2. The following shall be inserted at the end of section...

       3. 3. The following shall be inserted after sub-paragraph (5) of paragraph...

   11. SCHEDULE 11

       Entertainers and Sportsmen

       1. Introduction

          1. 1. Where a person who is an entertainer or sportsman of...

       2. Payment of tax

          1. 2. (1) Where a payment is made (to whatever person) and...

          2. 3. (1) Regulations may— (a) make provision enabling the Board to...

          3. 4. (1) Where in accordance with paragraphs 2 and 3 above...

          4. 5. No obligation as to secrecy imposed by statute or otherwise...

       3. Activity treated as part of trade etc.

          1. 6. (1) Where a payment is made (to whatever person) and...

       4. Income attributed to entertainer or sportsman

          1. 7. (1) Where a payment is made to a person who...

       5. Charge on profits or gains

          1. 8. (1) Where income tax is chargeable under Case I or...

       6. Valuation etc.

          1. 9. (1) A payment to which paragraph 2(1) above applies shall...

       7. General

          1. 10. Regulations may make provision generally for giving effect to this...

          2. 11. (1) In this Schedule "prescribed" means prescribed by regulations.

          3. 12. This Schedule shall have effect for the year 1987—88 and...

   12. SCHEDULE 12

       Pension Scheme Surpluses

       1. PART I Payments to Employers

          1. 1. (1) This paragraph applies where a payment is made to...

          2. 2. (1) In relation to an amount recoverable as mentioned in...

          3. 3. (1) In this Part of this Schedule "prescribed" means prescribed...

       2. PART II Reduction of Surpluses

          1. 4. (1) The Board may make regulations providing for this Part...

          2. 5. (1) The administrator of a scheme in relation to which...

          3. 6. (1) Subject to paragraph 7(4) below, where a valuation produced...

          4. 7. (1) Where a valuation has been produced under paragraph 5...

          5. 8. (1) Where particulars have been furnished under paragraph 7 above,...

          6. 9. (1) Where proposals are submitted to the Board under paragraph...

          7. 10. (1) Where this paragraph applies the Board may specify a...

          8. 11. (1) The Board may make regulations providing that an appeal...

   13. SCHEDULE 13

       Mineral Extraction: The New Code of Reliefs

       1. PART I Preliminary

          1. Defined terms

             1. 1. (1) In this Schedule— "development" and "development order" have the...

          2. Application of Capital Allowances Act 1968 etc.

             1. 2. (1) Chapter VI of Part I of the Capital Allowances...

          3. Time when expenditure is incurred

             1. 3. (1) For the purposes of this Schedule, expenditure incurred for...

       2. PART II Qualifying Expenditure

          1. General provisions

             1. 4. (1) Subject to sub-paragraphs (2) to (5) below, in relation...

          2. Pre-trading expenditure on machinery or plant which is sold etc.

             1. 5. (1) This paragraph applies where— (a) capital expenditure is incurred...

          3. Pre-trading exploration expenditure

             1. 6. (1) This paragraph applies to capital expenditure which—

          4. Contributions by mining concerns to public services etc. outside the United Kingdom

             1. 7. (1) Subject to sub-paragraphs (2) and (3) below, expenditure incurred...

          5. Restoration expenditure

             1. 8. (1) Where a person who has ceased to carry on...

       3. PART III Allowances and Charges

          1. Writing-down and balancing allowances

             1. 9. (1) Allowances shall be made in accordance with this paragraph...

          2. Disposal receipts

             1. 10. (1) In any case where— (a) qualifying expenditure has been...

          3. Balancing charges : excess of allowances and disposal receipts over expenditure

             1. 11. (1) If, for any chargeable period for which a person...

          4. Occasions of balancing allowances

             1. 12. (1) For the chargeable period related to the permanent discontinuance...

          5. Treatment of qualifying expenditure on mineral exploration and access

             1. 13. For the purposes of this Part of this Schedule, where...

          6. Demolition costs

             1. 14. (1) The net cost to a person of the demolition...

          7. Manner of making allowances and charges

             1. 15. All allowances and charges falling to be made under this...

       4. PART IV Limitations on Qualifying Expenditure Etc

          1. Expenditure on the acquisition of land: restriction of qualifying expenditure

             1. 16. (1) In so far as capital expenditure falling within paragraph...

             2. 17. In any case where— (a) a person incurs capital expenditure...

          2. Restriction of disposal receipts

             1. 18. (1) Where a disposal receipt to be brought into account...

          3. Assets formerly owned by traders

             1. 19. (1) Subject to sub-paragraph (2) below, paragraph 20 below applies...

          4. Limitation of expenditure on asset by reference to previous acquisition

             1. 20. (1) In this paragraph "the buyer's expenditure" means the capital...

          5. Part of expenditure on mineral asset treated as expenditure on mineral exploration and access

             1. 21. (1) This paragraph applies where, in a case falling within...

          6. Oil licences etc.

             1. 22. (1) Where a person carrying on a trade of mineral...

          7. Transfer of mineral assets within a group

             1. 23. (1) Subject to sub-paragraph (2) below, this paragraph applies where...

          8. Assets formerly owned by non-traders

             1. 24. Where a person incurs expenditure on mineral exploration and access...

       5. PART V Amendments of other Enactments

          1. 25. (1) In section 14(1) of the Capital Allowances Act 1968...

          2. 26. In section 134 of the Taxes Act (deductions where premiums...

          3. 27. In section 174(8) of the Taxes Act for the words...

          4. 28. In section 56 of the Finance Act 1985 (time when...

   14. SCHEDULE 14

       Mineral Extraction: Old Expenditure

       1. Interpretation

          1. 1. (1) In this Schedule— "mineral asset" and "mineral exploration and...

       2. Election to treat certain post March 1986 expenditure as old expenditure

          1. 2. (1) This paragraph applies to expenditure— (a) which is incurred...

       3. Outstanding balances: general rules

          1. 3. (1) If there is an outstanding balance in relation to...

       4. Old expenditure with no outstanding balance

          1. 4. (1) This paragraph applies to old expenditure—

       5. Unrelieved expenditure on mineral exploration and access

          1. 5. (1) This paragraph applies to old expenditure incurred on mineral...

       6. Old expenditure on acquisition of mineral asset

          1. 6. (1) This paragraph applies to old expenditure incurred on the...

       7. Old expenditure on construction of certain works

          1. 7. (1) This paragraph applies to old expenditure which does not...

       8. Balancing charges: old allowances to be brought into account

          1. 8. (1) In any case where— (a) by virtue of any...

   15. SCHEDULE 15

       Agricultural Land and Buildings

       1. Writing-down allowances

          1. 1. (1) If a person having a major interest in any...

       2. Expenditure qualifying for allowances

          1. 2. (1) No expenditure shall be taken into account for the...

       3. Meaning of "the relevant interest"

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

       4. Transfers of relevant interest

          1. 4. (1) In any case where— (a) if a person (in...

       5. Buildings etc. bought unused

          1. 5. (1) This paragraph applies where expenditure falling within paragraph 1(1)...

       6. Balancing allowances and charges

          1. 6. (1) If, in respect of any expenditure falling within paragraph...

       7. Balancing events

          1. 7. (1) Subject to sub-paragraph (2) below, in relation to expenditure...

       8. Exclusion of land values etc.

          1. 8. (1) Any reference in this Schedule to expenditure incurred on...

       9. Special provisions as to certain sales

          1. 9. (1) In its application in relation to any sale which...

       10. Restriction of balancing allowances on sale of buildings

           1. 10. (1) This paragraph has effect where— (a) the relevant interest...

       11. Manner of making allowances and charges

           1. 11. (1) Except as provided below, any allowance or charge made...

   16. SCHEDULE 16

       New Expenditure on Leased Assets and on Certain Vehicles

       1. PART I Amendments of Finance Act 1980, Sections 64 to 68

          1. 1. (1) In section 64, subsection (1) (exclusion of first-year allowances...

          2. 2. (1) In section 65 (writing-down allowances etc. in case of...

          3. 3. Sections 66 and 67 shall be omitted.

          4. 4. (1) In section 68 (joint lessees), at the end of...

       2. PART II Amendments of Finance Act 1982, Section 70 and Schedule 11

          1. 5. (1) In section 70, in subsection (1) (application of section...

          2. 6. In Schedule 11, paragraphs 3, 5 and 6 shall be...

       3. PART III Supplementary Provisions as to Assets Leased Outside the United Kingdom

          1. Interpretation

             1. 7. (1) In this Part of this Schedule—

          2. Recovery of excess relief

             1. 8. (1) Where new expenditure incurred by any person in providing...

          3. Joint lessees

             1. 9. (1) Without prejudice to the operation of paragraph 8 above,...

          4. Information

             1. 10. (1) Where new expenditure is incurred on the provision of...

       4. PART IV Amendment of Finance Act 1980, Section 69

          1. 11. In section 69 (writing-down allowances etc. for cars) for the...

   17. SCHEDULE 17

       Securities: Amendments of Finance Act 1985

       1. 1. (1) The following shall be inserted at the end of...

       2. 2. (1) Paragraph 15 of that Schedule (transfer of unrealised interest)...

       3. 3. (1) The following shall be inserted after paragraph 15 of...

       4. 4. (1) The following shall be inserted after paragraph 32 of...

       5. 5. (1) In paragraph 43 of that Schedule (manufactured dividends) for...

       6. 6. (1) In paragraph 44 of that Schedule (information) in subparagraph...

   18. SCHEDULE 18

       Securities: Other Provisions

       1. Sale and re-purchase of securities

          1. 1. (1) In section 469 of the Taxes Act (sale and...

       2. Purchase and sale of securities

          1. 2. (1) In section 471 of the Taxes Act (purchase and...

          2. 3. (1) In section 472 of the Taxes Act (dealers in...

          3. 4. (1) The Board may by regulations provide for all or...

       3. Manufactured dividends

          1. 5. (1) Section 477 of the Taxes Act (manufactured dividends) shall...

          2. 6. (1) Section 477 of the Taxes Act shall also be...

       4. Information

          1. 7. (1) In section 21 of the Taxes Management Act 1970...

          2. 8. (1) In section 25 of the Taxes Management Act 1970...

       5. Miscellaneous

          1. 9. (1) The Board may by regulations— (a) substitute for section...

       6. General

          1. 10. (1) In this Schedule "the day of The Stock Exchange...

   19. SCHEDULE 19

       Inheritance Tax

       1. PART I Amendments of 1984 Act

          1. 1. After section 3 there shall be inserted the following section—...

          2. 2. (1) In section 7 (rates of tax), in subsection (1)—...

          3. 3. (1) In section 8 (indexation) in subsection (1) for the...

          4. 4. In section 9 (transitional provisions on reduction of tax) for...

          5. 5. In section 19 (annual exemption), after subsection (3) there shall...

          6. 6. After section 26 there shall be inserted the following section—...

          7. 7. In section 30 (conditionally exempt transfers) after subsection (3) there...

          8. 8. (1) In section 31 (designation and undertakings) after subsection (1)...

          9. 9. In section 32 (chargeable events) in subsection (1) after the...

          10. 10. In section 32A (associated properties) in subsection (2) after the...

          11. 11. (1) In section 33 (amount of charge in relation to...

          12. 12. In section 35 (conditional exemption on death before 7th April...

          13. 13. In section 38 (attribution of value to specific gifts) in...

          14. 14. At the end of section 49 (treatment of interests in...

          15. 15. In section 55 (reversionary interest acquired by beneficiary) at the...

          16. 16. (1) In section 66 (rate of ten-yearly charge) in subsection...

          17. 17. In section 67 (added property etc.) in subsections (3)(b) and...

          18. 18. (1) In section 68 (rate before first ten-year anniversary) in...

          19. 19. (1) In section 78 (conditionally exempt occasions) in subsection (4)...

          20. 20. At the end of section 98 (effect of alteration of...

          21. 21. After section 113 there shall be inserted the following sections—...

          22. 22. After section 124 there shall be inserted the following sections—...

          23. 23. (1) In section 131 (relief in respect of additional tax...

          24. 24. In section 142 (alteration of dispositions taking effect on death)...

          25. 25. Sections 148 and 149 (exemptions for mutual transfers) shall not...

          26. 26. In section 199 (liability for tax etc. on dispositions by...

          27. 27. In section 201 (liability for tax in respect of settled...

          28. 28. (1) In section 204 (limitation of liability), subsection (4) shall...

          29. 29. (1) In section 216 (delivery of accounts) in subsection (1)...

          30. 30. (1) In section 226 (payment: general rules), in subsection (3)...

          31. 31. (1) In section 227 (payment by instalments) after subsection (1)...

          32. 32. In section 233 (interest on unpaid tax) in subsection (2)...

          33. 33. (1) In section 236 (application of section 233 in special...

          34. 34. In section 237 (imposition of charge) after subsection (3) there...

          35. 35. In section 239 (certificates of discharge) after subsection (2) there...

          36. 36. For Schedule 1 (rates of tax) there shall be substituted—...

          37. 37. (1) In Schedule 2 (provisions applying on reduction of tax).—...

          38. 38. (1) In Schedule 4 (maintenance funds for historic buldings etc.)...

          39. 39. In Schedule 6 (transition from estate duty) in paragraph 4(3)...

       2. PART II Transitional Provisions

          1. 40. (1) Notwithstanding that Part I of this Schedule has effect...

          2. 41. Where tax is chargeable under section 32 or section 32A...

          3. 42. Where tax is chargeable under paragraph 8 of Schedule 4...

          4. 43. (1) This paragraph applies if, in the case of a...

          5. 44. In relation to a death on or after 18th March...

          6. 45. In relation to a disposal of trees or underwood on...

          7. 46. Notwithstanding anything in section 3A of the 1984 Act, a...

   20. SCHEDULE 20

       Gifts With Reservation

       1. Interpretation and application

          1. 1. (1) In this Schedule— "the material date", in relation to...

       2. Substitutions and accretions

          1. 2. (1) Where there is a disposal by way of gift...

          2. 3. (1) Where either sub-paragraph (3)(c) or sub-paragraph (6) of paragraph...

       3. Donee predeceasing the material date

          1. 4. Where there is a disposal by way of gift and...

       4. Settled gifts

          1. 5. (1) Where there is a disposal by way of gift...

       5. Exclusion of benefit

          1. 6. (1) In determining whether any property which is disposed of...

          2. 7. (1) Where arrangements are entered into under which—

       6. Agricultural property and business property

          1. 8. (1) Where there is a disposal by way of gift...

   21. SCHEDULE 21

       Modifications of Finance Act 1982, Schedule 18 in Relation to Elections Under Section 109 of this Act

       1. General modifications

          1. 1. (1) For any reference in the 1982 Schedule to ethane...

       2. Specific modifications

          1. 2. (1) In paragraph 1 (provisions as to the election), in...

          2. 3. (1) In paragraph 2 (conditions for acceptance of an election)...

          3. 4. After paragraph 2 there shall be inserted the following paragraph—...

          4. 5. (1) In paragraph 3 (definition of "the relevant contract") in...

          5. 6. After paragraph 3 there shall be inserted the following paragraph—...

          6. 7. After paragraph 6 there shall be inserted the following paragraph—...

          7. 8. (1) In paragraph 7 (acceptance or rejection of new price...

          8. 9. (1) In paragraph 8 (appeals) in sub-paragraph (1) after paragraph...

          9. 10. In paragraph 9 (returns)— (a) after "6(1 )(b)" there shall...

          10. 11. (1) In paragraph 11 (interpretation) sub-paragraph (1) shall be omitted....

   22. SCHEDULE 22

       Broadcasting: Additional Payments by Programme Contractors

       1. PART I Amendment of Broadcasting Act 1981

          1. 1. (1) Section 32 of the Broadcasting Act 1981 (rental payments...

          2. 2. (1) Section 34 of the Act of 1981 (instalments payable...

          3. 3. (1) Section 35 of the Act of 1981 (provision for...

          4. 4. For paragraph 2 of Schedule 4 to the Act of...

          5. 5. In paragraph 3 of Schedule 4 to the Act of...

          6. 6. In paragraph 4(1) of Schedule 4 to the Act of...

          7. 7. In paragraph 7 of Schedule 4 to the Act of...

          8. 8. (1) Paragraph 9 of Schedule 4 to the Act of...

       2. PART II Transitional Provisions

          1. 9. (1) In this paragraph— "new statutory provisions" means the provisions...

          2. 10. (1) This paragraph applies in relation to any accounting period...

   23. SCHEDULE 23

       Repeals

       1. PART I Customs and Excise: Miscellaneous

       2. PART II Vehicles Excise Duty

       3. PART III Betting and Gaming Duties

       4. PART IV Licences Under the Customs and Excise Acts

       5. PART V Income Tax and Corporation Tax: General

       6. PART VI Income Tax and Corporation Tax: Capital Allowances

       7. PART VII Capital Gains

       8. PART VIII Securities

       9. PART IX Stamp Duty

       10. PART X Inheritance Tax

       11. PART XI Broadcasting: Additional Payments by Programme Contractors