Finance Act 1994

Recovery of tax etc.U.K.

7(1)Tax due from any person shall be recoverable as a debt due to the Crown.U.K.

(2)In the M1Insolvency Act 1986, in section 386(1) (preferential debts) the words “ insurance premium tax, ” shall be inserted after “VAT,” and in Schedule 6 (categories of preferential debts) the following paragraph shall be inserted after paragraph 3—

“3AAny insurance premium tax which is referable to the period of 6 months next before the relevant date (which period is referred to below as “the 6-month period”).

For the purposes of this paragraph—

(a)where the whole of the accounting period to which any insurance premium tax is attributable falls within the 6-month period, the whole amount of that tax is referable to that period; and

(b)in any other case the amount of any insurance premium tax which is referable to the 6-month period is the proportion of the tax which is equal to such proportion (if any) of the accounting period in question as falls within the 6-month period;

and references here to accounting periods shall be construed in accordance with Part III of the Finance Act 1994.”

(3)In the M2Bankruptcy (Scotland) Act 1985, Schedule 3 (preferred debts) shall be amended as mentioned in sub-paragraphs (4) and (5) below.

(4)In paragraph 2 the following sub-paragraph shall be inserted after sub-paragraph (1)—

“(1A)Any insurance premium tax which is referable to the period of six months next before the relevant date.”

(5)The following shall be inserted after paragraph 8—

“ Periods to which insurance premium tax referableU.K.

8A(1)For the purpose of paragraph 2(1A) of Part I of this Schedule—

(a)where the whole of the accounting period to which any insurance premium tax is attributable falls within the period of six months next before the relevant date (“the relevant period”), the whole amount of that tax shall be referable to the relevant period; and

(b)in any other case the amount of any insurance premium tax which shall be referable to the relevant period shall be the proportion of the tax which is equal to such proportion (if any) of the accounting period in question as falls within the relevant period.

(2)In sub-paragraph (1) above “accounting period” shall be construed in accordance with Part III of the Finance Act 1994.”

(6)In the M3Insolvency (Northern Ireland) Order 1989, in Article 346(1) (preferential debts) the words “ insurance premium tax ” shall be inserted after “VAT” and in Schedule 4 (categories of preferential debts) the following paragraph shall be inserted after paragraph 3—

“3AAny insurance premium tax which is referable to the period of 6 months next before the relevant date (which period is referred to below as “the 6-month period”).

For the purposes of this paragraph—

(a)where the whole of the accounting period to which any insurance premium tax is attributable falls within the 6-month period, the whole amount of that tax is referable to that period; and

(b)in any other case the amount of any insurance premium tax which is referable to the 6-month period is the proportion of the tax which is equal to such proportion (if any) of the accounting period in question as falls within the 6-month period;

and references here to accounting periods shall be construed in accordance with Part III of the Finance Act 1994.”

F1(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

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

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F1(11). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1(12). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Marginal Citations