Chwilio Deddfwriaeth

Finance Act 1987

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  1. Introductory Text

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    Part 1 Customs and Excise and Value Added Tax

    1. Chapter I Customs and Excise

      1. Duties of excise

        1. 1. Unleaded petrol.

        2. 2. Part I Vehicles excise duty.

        3. 3. Abolition of general betting duty on on-course bets.

        4. 4. Gaming machine licence duty: rates.

        5. 5. Gaming machine licence duty: other amendments.

      2. Amendments of the Management Act

        1. 6. Access to approved wharves and transit sheds.

        2. 7. Powers of search and access etc. in respect of vehicles. 1979 c. 2.

        3. 8. Local export control.

        4. 9. Records relating to importation and exportation.

        5. 10. Information powers.

    2. Chapter II Value Added Tax

      1. 11. Accounting for and payment of tax.

      2. 12. Credit for input tax.

      3. 13. Supplies abroad etc.

      4. 14. Registration.

      5. 15. Supplies to groups.

      6. 16. Tour operators.

      7. 17. Valuation of supplies at less than market value.

      8. 18. Issue of securities.

      9. 19. Interpretation and miscellaneous further amendments.

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    Part II Income Tax, Corporation Tax and Capital Gains Tax

    1. Chapter I General

      1. 20–39.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. 40. Unit trusts: miscellaneous amendments.

      3. 41–46.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. Chapter II

      1. 47.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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    Part III Stamp Duty and Stamp Duty Reserve Tax

    1. Stamp duty

      1. 48. Unit trusts.

      2. 49. Contract notes.

      3. 50.Warrants to purchase Government stock, etc.

      4. 51.Bearer instruments relating to stock in foreign currencies

      5. 52.Clearance services

      6. 53.Borrowing of stock by market makers

      7. 54. Shared ownership transactions.

      8. 55. Crown exemption.

      9. 56.Stamp duty reserve tax

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    Part IV Inheritance Tax

    1. 57. Reduced rates of tax.

    2. 58. Securities, other business property and agricultural property.

    3. 59. Maintenance funds for historic buildings etc.

    4. 60. Acceptance in lieu: waiver of interest.

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    Part V Oil Taxation

    1. 61. Nomination of disposals and appropriations.

    2. 62. Market value of oil to be determined on a monthly basis.

    3. 63. Blends of oil from two or more fields.

    4. 64. Relief for research expenditure.

    5. 65. Cross-field allowance of certain expenditure incurred on new fields.

    6. 66. Oil allowance: adjustment for final periods.

    7. 67. Variation of decisions on claims for allowable expenditure.

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    Part VI Miscellaneous and Supplementary

    1. 68. Abolition of enactments relating to exchange control.

    2. 69. Regulation of financial dealings.

    3. 70. Arrangements specified in Orders in Council relating to double taxation relief etc.

    4. 71.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    5. 72. Short title, interpretation, construction and repeals.

  8. SCHEDULES

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      SCHEDULE 1

      Vehicles Excise Duty

      1. Part I. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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        Part II Recovery Vehicles

        1. Interpretation

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

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

          3. 3.. . . . . . . . . ....

          4. 4.. . . . . . . . . ....

        2. Exclusion of recovery vehicles from trade licences

          1. 5.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

          2. 6.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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        Part III Miscellaneous Amendments

        1. Introductory

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

        2. Additional liability for evasion of duty

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

          2. 9.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

          3. 10.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

          4. 11.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

          5. 12.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

          6. 13.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        3. Offences relating to trade licences

          1. 14.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

          2. 15.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        4. Regulations concerning transfer etc. of vehicles

          1. 16.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

          2. 17.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        5. Increase of certain penalties for offences under regulations

          1. 18.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

          2. 19.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        6. Dishonoured cheques

          1. 20.In subsection (3) of section 102 of the Customs and...

          2. 21.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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      SCHEDULE 2

      Amendments of Value Added Tax Act 1983

      1. Supplies received from abroad

        1. 1.Section 7 of the principal Act (reverse charge on supplies...

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

      2. Transfers of going concerns

        1. 3.In section 33 of the principal Act (transfers of going...

      3. Appeals

        1. 4.In section 40(1) of the principal Act (appeals) for paragraph...

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      SCHEDULES 3–6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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      SCHEDULE 7

      Stamp Duty Reserve Tax

      1. 1.Part IV of the Finance Act 1986 shall be amended...

      2. Principal charge

        1. 2.(1) In section 87, after subsection (7) there shall be...

      3. Renounceable letters of allotment, etc.

        1. 3.(1) In section 88(3)(a), after the words “subsection (2)” there...

      4. Market makers in options

        1. 4.(1) In section 89, after subsection (1) there shall be...

      5. Clearance services

        1. 5.(1) In section 90, for subsection (5) there shall be...

      6. Charities etc.

        1. 6.(1) In section 90, at the end there shall be...

      7. Interest on tax repayments

        1. 7.(1) In section 92, after subsection (4) there shall be...

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      SCHEDULE 8

      Securities, Other Business Property and Agricultural Property

      1. 1.In section 10 of the 1984 Act (dispositions not intended...

      2. 2.In section 98 of the 1984 Act (effect of alterations...

      3. 3.In section 100 of the 1984 Act (alterations of capital...

      4. 4.In section 104 of the 1984 Act (relief for business...

      5. 5.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      6. 6.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      7. 7.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      8. 8.(1) In section 113A of the 1984 Act (application of...

      9. 9.In section 124A of the 1984 Act (application of agricultural...

      10. 10.In section 136 of the 1984 Act (transactions of close...

      11. 11.In section 140(2) of the 1984 Act (market value for...

      12. 12.(1) In section 168 of the 1984 Act (unquoted shares...

      13. 13.(1) In section 178 of the 1984 Act (sale of...

      14. 14.In section 180 of the 1984 Act (effect of purchases)...

      15. 15.(1) In section 227 of the 1984 Act (payment by...

      16. 16.(1) In section 228 of the 1984 Act (shares etc....

      17. 17.In section 272 of the 1984 Act (general interpretation) after...

      18. 18.(1) In Schedule 20 to the Finance Act 1986 (gifts...

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      SCHEDULE 9

      Maintenance Funds for Historic Buildings etc.

      1. 1.The following section shall be inserted after section 57 of...

      2. 2.At the end of paragraph 3 of Schedule 4 to...

      3. 3.After paragraph 15 of that Schedule there shall be inserted—...

      4. 4.Paragraph 1 above shall have effect in relation to deaths...

      5. 5.Paragraph 2 above shall have effect in relation to directions...

      6. 6.Paragraph 3 above shall have effect where the occasion of...

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      SCHEDULE 10

      Nomination Scheme for Disposals and Appropriation

      1. Interpretation

        1. 1.(1) In this Schedule— “month” means calendar month; “nominal volume”...

      2. Transactions which may be nominated

        1. 2.(1) The proposed transactions which may be nominated by a...

      3. Period for which nomination has effect

        1. 3.(1) Subject to sub-paragraph (3) below, a nomination shall have...

      4. Timing of nominations

        1. 4.(1) If a nomination is made during business hours it...

      5. Content of nomination

        1. 5.(1) The requirements of this paragraph for a nomination in...

        2. 5A.(1) The requirements of this paragraph for a nomination in...

        3. 5B.(1) A nomination of a transaction shall not be effective...

      6. Nominated price

        1. 6.(1) Subject to sub-paragraph (3) below, in the case of...

      7. Nominal volume

        1. 7.(1) Subject to sub-paragraph (3) below, in the case of...

      8. Revision of nominations

        1. 8. Nomination Scheme for Disposals and Appropriation

      9. Effective volume for nominated transactions

        1. 9. Nomination Scheme for Disposals and Appropriation

      10. Aggregate effective volume for a month

        1. 10. Nomination Scheme for Disposals and Appropriation

      11. Aggregate nominated proceeds for a month

        1. 11. Nomination Scheme for Disposals and Appropriation

      12. Blended oil

        1. 12.(1) If a person is a participator in two or...

      13. Interpretation

        1. 12A.For the purposes of section 61 and this Schedule—

      14. Returns

        1. 13.In paragraph 2 of Schedule 2 to the principal Act...

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      SCHEDULE 11

      Market Value of Oil

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        Part I Amendments of Paragraphs 2, 2a and 3 of Schedule 3 to Principal Act

        1. 1.(1) Paragraph 2 of Schedule 3 (definition of market value...

        2. 2.In paragraph 2A of that Schedule (modifications in the case...

        3. 3.In paragraph 3 of that Schedule (aggregate market value of...

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        Part II Consequential Amendments of Principal Act

        1. 4.In section 5A (allowance of exploration and appraisal expenditure) in...

        2. 5.In section 12 (interpretation) in subsection (1) in the definition...

        3. 6, 7. Market Value of Oil

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      SCHEDULE 12

      Supplementary Provisions as to Blended Oil

      1. Interpretation

        1. 1.In this Schedule— (a) “the principal section” means section 63...

      2. Amendments of allocation by the Board

        1. 2.If at any time it appears to the Board that...

      3. Appeals

        1. 3.(1) Where the Board give notice to the participators in...

        2. 4.Any method or amended method of allocation having effect by...

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      SCHEDULE 13

      Relief for Research Expenditure

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        Part I Section to be Inserted After Section 5A of the Principal Act

        1. Allowance of research expenditure. (1) Subject to the following provisions of this section and...

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        Part II Amendments Relating to the New Allowance

        1. The principal Act

          1. 1.In section 2(9) of the principal Act (amounts to be...

          2. 2.In section 3 of that Act, in subsection (3) (expenditure...

          3. 3.In section 9 of that Act (limit on amount of...

          4. 4.In paragraph 2 of Schedule 2 to that Act (returns...

          5. 5.(1) In Schedule 7 to that Act (claim for allowance...

        2. The Petroleum Revenue Tax Act 1980

          1. 6.In the Schedule to the Petroleum Revenue Tax Act 1980...

        3. The Finance Act 1980

          1. 7.In Schedule 17 to the Finance Act 1980 (transfers of...

        4. The Finance Act 1981

          1. 8.In section 111 of the Finance Act 1981 (restriction of...

        5. The Finance Act 1984

          1. 9.(1) In section 113 of the Finance Act 1984 (restriction...

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        Part III Receipts to be Set Against Allowable Expenditure

        1. 10.In this Part of this Schedule— “allowable expenditure” means expenditure...

        2. 11.(1) A return made by a participator for a chargeable...

        3. 12.(1) This paragraph applies where— (a) a claim for allowable...

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      SCHEDULE 14

      Cross-Field Allowance

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        Part I Elections

        1. General

          1. 1.(1) An election shall be made in such form as...

        2. Earliest date for an election

          1. 2.(1) No election may be made in respect of an...

        3. Latest date for election

          1. 3.(1) Subject to sub-paragraph (2) below, an election by a...

        4. Two or more elections relating to same expenditure

          1. 4.Where more than one election is made in respect of...

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        Part II Effect on Receiving Field

        1. 5.(1) In relation to an election, the assessment to tax...

        2. 6.In any case where— (a) an election is made in...

        3. 7.In any case where, following the giving of a notice...

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        Part III Relevant New Fields and Associated Companies

        1. Relevant new fields

          1. 8.(1) For the purposes of the principal section “relevant new...

          2. 9.(1) In paragraph 8 above “development” means—

        2. Associated companies

          1. 10.(1) For the purposes of the principal section, a company...

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        Part IV Supplemental and Consequential Provisions

        1. Notice of variation reducing expenditure qualifying for supplement

          1. 11.(1) This paragraph applies in any case where—

        2. Elections following variation increasing expenditure qualifying for supplement

          1. 12.(1) In any case where— (a) an amount of expenditure...

        3. Limit on amount of tax payable in respect of receiving field

          1. 13.(1) Where an election has been made by a participator,...

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      SCHEDULE 15

      Pre-Consolidation Amendments: Income Tax and Corporation Tax

      1. 1–11.. . . . . . . . . ....

      2. The Interpretation Act 1978 (c. 30)

        1. 12.In Schedule 1 to the Interpretation Act 1978 for the...

        2. 13–17.. . . . . . . . . ....

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      SCHEDULE 16

      Repeals

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        Part I Vehicles Excise Duty

        1. 1.The repeals in section 16 of each of the Vehicles...

        2. 2.The remaining repeals have effect in accordance with section 2(8)...

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        Part II Betting and Gaming Duties

        1. 1.The repeal in section 1 of the Betting and Gaming...

        2. 2.The repeal in the Finance Act 1982 has effect with...

        3. 3.The remaining repeals have effect with respect to gaming machine...

      3. Part III Management of Customs and Excise

      4. Part IV Value Added Tax

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        Part V Income Tax and Corporation Tax: General

        1. 1.The repeals in section 86 of the Taxes Management Act...

        2. 2.Subject to section 37(2) of this Act, the repeals in...

        3. 3.The repeals in Schedule 9 to the Finance Act 1978,...

        4. 4.The repeals of section 27 of the Finance Act 1981...

      6. Part VI Unit Trusts

      7. Part VII Income Tax and Corporation Tax: Pre-Consolidation Amendments

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        Part VIII Stamp Duty

        1. 1.The repeals in section 30 of the Finance Act 1967...

        2. 2.The remaining repeals shall come into force on the day...

      9. Part IX Inheritance Tax

      10. Part X Oil Taxation

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        Part XI Exchange Control

        1. 1.The repeal of the Exchange Control Act 1947 does not...

        2. 2.The repeal of section 150(5) of the Capital Gains Tax...

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