Finance (No. 2) Act 1987

Chapter III U.K. General

58—63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1 U.K.

Textual Amendments

F1 Ss. 58–63 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31; See Finance Act 1988 (c. 39, SIF 63:1, 2), s. 65, Sch. 6 para. 3(6)—abolition of Schedule D election for commercial woodlands.

64 Limitation of other reliefs in dealings involving dual resident investing companies. U.K.

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

(3) In section 273 of the Taxes Act (disposals of assets within a group of companies to be on a no-gain/no-loss basis) in subsection (2) (exclusions) at the end of paragraph (c) there shall be inserted the words “or

(d) a disposal to a dual resident investing company, within the meaning of section 63 of the Finance (No. 2) Act 1987”

(4) In section 276 of the Taxes Act (replacement of business assets by members of a group) at the beginning of subsection (1) there shall be inserted the words “Subject to subsection (1A) below” and at the end of that subsection there shall be inserted the following subsection—

“(1A) Subsection (1) above does not apply where so much of the consideration for the disposal of the old assets as is applied in acquiring the new assets or the interest in them is so applied by a member of the group which is a dual resident investing company; and in this subsection—

(a) “the old assets” and “the new assets” have the same meaning as in section 115 of the M1 Capital Gains Tax Act 1979; and

(b) “dual resident investing company” has the same meaning as in section 63 of the Finance (No. 2) Act 1987.”

(5)(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

(7) In this section—

(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

(b) subsections (2) and (6) above apply where the successor in question begins to carry on the trade on or after that date;

(c) subsection (3) above applies in relation to disposals on or after that date; and

(d) subsection (4) above applies where the new assets (within the meaning of section 115 of the M2 Capital Gains Tax Act 1979) are acquired on or after that date.

Textual Amendments

F2 S. 64(1)(5)–(7)(a) repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4)(5), Sch. 2

F3 S. 64(2) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

Marginal Citations

M1 1979 c. 14.

M2 1979 c. 14.

65—68. Controlled foreign companies: acceptable distribution policy. U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

Textual Amendments

F4 Ss. 65–68 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

Miscellaneous U.K.

69 Disclosure of employment information obtained from Inland Revenue. U.K.

(1) Section 58 of the M3 Finance Act 1969 (disclosure of information for statistical purposes by Board of Inland Revenue) shall be amended in accordance with this section.

(2) At the end of subsection (4) (cases in which information obtained under the section may be disclosed by officers of the Department of Employment or Manpower Services Commission to other persons) there shall be added “or

(c) to an authorised officer of any body specified in the first column of the following Table for the purposes of functions of that body under any enactment specified in relation to it in the second column of the Table.

Table

Body	Enactment
A local education authority in England and Wales.	Section 8 of the M4 Employment and Training Act 1973.
An education authority in Scotland.	Section 126 of the M5 Education (Scotland) Act 1980.
The Northern Ireland Training Authority.	The M6 Industrial Training (Northern Ireland) Order 1984.
A local planning authority within the meaning of the M7 Town and Country Planning Act 1971 and any board which exercises for any area the functions of such an authority.	Part II of the Town and Country Planning Act 1971.
A planning authority as defined in section 172(3) of the M8 Local Government (Scotland) Act 1973.	Part II of the M9 Town and Country Planning (Scotland) Act 1972.
The Welsh Development Agency.	The M10 Welsh Development Agency Act 1975.
The Scottish Development Agency.	The M11 Scottish Development Agency Act 1975.
The Development Board for Rural Wales.	The M12 Development of Rural Wales Act 1976.
The Highlands and Islands Development Board.	The M13 M14 Highlands and Islands Development (Scotland) Acts 1965 and 1968.
A development corporation within the meaning of the M15 New Towns Act 1981.	Section 4 of the New Towns Act 1981.
A development corporation within the meaning of the M16 New Towns (Scotland) Act 1968.	Section 3 of the New Towns (Scotland) Act 1968.
A new town commission within the meaning of the M17 New Towns Act (Northern Ireland) 1965.	Section 7 of the New Towns Act (Northern Ireland) 1965.”

(3) In subsection (6) for the words “or paragraph (b) of subsection (4)” there shall be substituted “ paragraph (b) or paragraph (c) of subsection (4) above ”.

Marginal Citations

M3 1969 c. 32.

M4 1973 c. 50.

M5 1980 c. 44.

M6 S.I. 1984/1159 (N.I. 9).

M7 1971 c. 78.

M8 1973 c. 65.

M9 1972 c. 52.

M10 1975 c. 70.

M11 1975 c. 69.

M12 1976 c. 75.

M13 1965 c. 46.

M14 1968 c. 51.

M15 1981 c. 64.

M16 1968 c. 16.

M17 1965 c. 13 (N.I.).

70, 71. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5 U.K.

Textual Amendments

F5 Ss. 70, 71, 74–77 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31; See Finance Act 1988 (c. 39, SIF 63:1, 2), s. 60 for amendments to s. 70 for years 1985–86 to 1987–88

72 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6 U.K.

Textual Amendments

F6 S. 72 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4)(5), Sch. 2

73 Recognised investment exchanges. U.K.

(1) The Board may by regulations make provision securing that enactments relating to . . . F7 capital gains tax and referring to The Stock Exchange have effect, for such purposes and subject to such modifications as may be prescribed by the regulations, in relation to all other recognised investment exchanges (within the meaning of the M18 Financial Services Act 1986), or in relation to such of those exchanges as may be so prescribed.

(2) The power to make regulations under this section shall be exercisable by statutory instrument, which shall be subject to annulment in pursuance of a resolution of the House of Commons.

Textual Amendments

F7 Words repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

Marginal Citations

M18 1986 c. 60.