Finance Act 1999

Part III U.K. Income tax, corporation tax and capital gains tax

(1)

Capital gains tax rates

These repeals have effect for the year 1999-00 and subsequent years of assessment.
Chapter	Short title	Extent of repeal
1992 c. 12.	The Taxation of Chargeable Gains Act 1992.	In section 4— (a) subsections (1A), (1B), (3A) and (3B); and (b) in subsection (4), the words “(disregarding subsection (3B)(a) above)”.
1992 c. 48.	The Finance (No. 2) Act 1992.	Section 23.
1993 c. 34.	The Finance Act 1993.	In Schedule 6, paragraph 22.
1996 c. 8.	The Finance Act 1996.	In Schedule 6, paragraph 27.
1997 c. 58.	The Finance (No. 2) Act 1997.	In Schedule 4, paragraph 24(4) and (5).

(2)

Corporation tax rates

This repeal has effect for the financial year 2000 and subsequent financial years.
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 13(9).

(3)

Married couple’s allowance

1.The repeal in section 257A(5) of the Taxes Act 1988 has effect for the year 1999-00 and subsequent years of assessment.
2.The other repeals have effect for the year 2000-01 and subsequent years of assessment.
Chapter	Short title	Extent of repeal
1970 c. 9.	The Taxes Management Act 1970.	In section 37A, “, 257D”.
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 257A— (a) subsection (1); (b) in subsection (2), the words from “(instead of” to the end; (c) in subsection (3), the words “(1) or”; and (d) in subsection (5), the words from “(but not” to the end. In section 257BA(2), the words from “(to nil” to the end. Sections 257D to 257F. Section 278(2A).
1989 c. 26.	The Finance Act 1989.	In section 33— (a) subsection (6); (b) in subsection (10), the words “257B(2), 257D(8) and”; and (c) subsections (11) to (13).
1992 c. 48.	The Finance (No. 2) Act 1992.	In Schedule 5, paragraphs 3 and 4.
1994 c. 9.	The Finance Act 1994.	Section 77(2)(a). In Schedule 8, paragraphs 4 and 5.
1996 c. 8.	The Finance Act 1996.	In Schedule 20, paragraphs 14(2), 15 and 16. In Schedule 21, paragraph 5.

(4)

Income tax relief in respect of children

These repeals have effect for the year 2000-01 and subsequent years of assessment.
Chapter	Short title	Extent of repeal
1970 c. 9.	The Taxes Management Act 1970.	In section 58(3)(b), “260(3),”.
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 256(3), the words after paragraph (c). Sections 259 to 261A.
1988 c. 39.	The Finance Act 1988.	Section 30. Section 134(3). In Schedule 3, paragraphs 5 and 6.
1992 c. 48.	The Finance (No. 2) Act 1992.	In Schedule 5, paragraphs 5 and 6.
1994 c. 9.	The Finance Act 1994.	Section 77(3) and (4). In Schedule 8, paragraphs 6 to 8.
1996 c. 8.	The Finance Act 1996.	In Schedule 20, paragraphs 17 and 18.
1998 c. 36.	The Finance Act 1998.	Section 26.

(5)

Widow’s bereavement allowance

1.The repeal of section 262 of the Taxes Act 1988 and the repeal in Schedule 3 to the Finance Act 1988 have effect in relation to deaths occurring on or after 6th April 2000.
2.The other repeals have effect for the year 2001-02 and subsequent years of assessment.
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 256(3)(b). Section 262.
1988 c. 39.	The Finance Act 1988.	In Schedule 3, paragraph 7(3).
1992 c. 48.	The Finance (No. 2) Act 1992.	In Schedule 5, paragraph 7.
1994 c. 9.	The Finance Act 1994.	Section 77(5). In Schedule 8, paragraph 9.

(6)

Maintenance payments

These repeals have effect in relation to any payment falling due on or after 6th April 2000.
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 347B(4) and (5).
1988 c. 39.	The Finance Act 1988.	In section 38— (a) in subsection (2), the words after “the person liable to make it”; and (b) subsections (3) to (6) and (8). Section 39. In section 40— (a) in subsection (1), the definition of “child of the family”; and (b) subsection (2).
1994 c. 9.	The Finance Act 1994.	In section 79— (a) in subsection (1), the words “and section 38 of the Finance Act 1988”; and (b) subsections (2), (5), (7) and (8).
1995 c. 4.	The Finance Act 1995.	In Schedule 17, paragraph 4(1).
1996 c. 8.	The Finance Act 1996.	Section 149. In Schedule 21, paragraph 25.

(7)

Interest on loans to buy land etc.

1.The repeals in section 375 of the Taxes Act 1988 have effect in accordance with paragraph 18(1) of Schedule 4 to this Act.
2.The repeals in section 488 of that Act have effect in accordance with paragraph 18(2) of that Schedule.
3.The repeal in the Taxation of Chargeable Gains Act 1992 has effect in accordance with paragraph 18(4) of that Schedule.
4.The other repeals have effect in relation to any payment of interest falling within subsection (3) or (4) of section 38 of this Act.
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 160(1C)(a), the words “or section 357(1)(b)”. In section 353(1A) and (1B), the words “354 or”. Sections 354 to 358. In section 367— (a) subsection (1); and (b) in subsection (2), the words “354(1) and”. In section 370— (a) in subsection (1), the words “or (3)”; (b) in subsection (2), the words “354(1) or” and “356A, 357 or”, and paragraph (c) of that subsection and the word “and” immediately preceding it; and (c) subsections (3), (4), (6) and (7). Section 372. In section 373— (a) in subsection (1), the words “section 356A, section 357(1) or”; (b) subsections (3) and (4); (c) in subsection (5), the words from “and” to “also fulfilled”; and (d) in subsection (7), the words from “and” to the end. In section 374, subsection (1)(c) and, in subsection (2), the words “(c) or”. Section 375(9) and (10). Section 375A. In section 376— (a) in subsection (3), the words from “and” to the end; and (b) subsection (6). Section 377. Section 378(1), (2) and (4). In section 379— (a) in the definition of “qualifying lender”, the words “to (6)”; and (b) in the definition of “regulations”, the words “except in sections 378(1) and (2)”. Section 477A(8). In section 488— (a) in subsection (1), paragraph (c); (b) in subsection (2), paragraph (b) and the word “and” immediately preceding it; (c) in subsection (4), the words “a member or of”; and (d) subsection (12). In section 828(4), “377(8)”.
1988 c. 39.	The Finance Act 1988.	Sections 42 to 44. In Schedule 3, paragraph 14.
1990 c. 29.	The Finance Act 1990.	In Schedule 14, paragraph 6.
1992 c. 12.	The Taxation of Chargeable Gains Act 1992.	In section 222(8)(a), the words from “within” to “Act”.
1993 c. 34.	The Finance Act 1993.	Section 56. Section 57(1), (2), (4) and (6).
1994 c. 9.	The Finance Act 1994.	Section 81(3) and (8). In Schedule 9, paragraphs 7(1) and 10(2). In Schedule 17, paragraph 3.
1995 c. 4.	The Finance Act 1995.	In section 42, subsection (1) and, in subsection (2), paragraphs (b) to (e). In Schedule 6, paragraph 18.
1996 c. 8.	The Finance Act 1996.	In Schedule 20, paragraph 28(5). In Schedule 21, paragraphs 8 and 9.
1997 c. 58.	The Finance (No. 2) Act 1997.	Section 15.

(8)

Conditional acquisition of shares

This repeal applies in relation to shares acquired on or after the day on which this Act is passed.
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 140A(2).

(9)

Mobile telephones

These repeals have effect for the year 1999-00 and subsequent years of assessment.
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 154(2)(b), “159A”. Section 159A. Section 200AA(3).
1991 c. 31.	The Finance Act 1991.	Section 30.
1993 c. 34.	The Finance Act 1993.	Section 74(2). In Schedule 4, paragraph 5.

(10)

PRP and agricultural pay

These repeals have effect in accordance with section 46 of this Act.
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 175(1)(c) and (4). In section 178(1), paragraph (d) and the word “or” immediately preceding it.

(11)

Sub-contractors in the construction industry

This repeal has effect in accordance with section 53 of this Act.
Chapter	Short title	Extent of repeal
1998 c. 36.	The Finance Act 1998.	In Schedule 8, paragraphs 3 to 5.

(12)

Gifts in kind to charities

This repeal has effect in relation to gifts made on or after the day on which this Act is passed.
Chapter	Short title	Extent of repeal
1998 c. 36.	The Finance Act 1998.	Section 47.

(13)

Gifts of money to relieve refugee poverty

These repeals have effect in relation to gifts made on or after 6th April 1999.
Chapter	Short title	Extent of repeal
1998 c. 36.	The Finance Act 1998.	In section 48— (a) in subsection (2), the word “and” at the end of paragraph (a); and (b) in subsection (8), the definition of “the first designation date”.

(14)

Secondment of employees to educational establishments

This repeal has effect in accordance with section 58 of this Act.
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 86(3), the words “and before 1st April 1997”.

(15)

Vocational training relief

Section 59(3)(b) of this Act shall apply in relation to these repeals as it applies in relation to subsection (2) of that section.
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 265(3), paragraph (e) and the word “or” immediately preceding it.
1991 c. 31.	The Finance Act 1991.	Sections 32 and 33.
1994 c. 9.	The Finance Act 1994.	Section 84.
1996 c. 8.	The Finance Act 1996.	In section 129— (a) subsection (1)(b); (b) in subsection (2), the words “section 32(5)(b) of the 1991 Act”; and (c) subsections (4) and (6). Section 144. In Schedule 18, paragraph 14.
1997 c. 44.	The Education Act 1997.	In Schedule 7, paragraph 6.

(16)

Relevant discounted securities

This repeal has effect in accordance with section 65(8) to (12) of this Act.
Chapter	Short title	Extent of repeal
1996 c. 8.	The Finance Act 1996.	In Schedule 13, paragraph 3(5).

(17)

Court common investment funds

The repeal of section 328 of the Taxes Act 1988 and the repeal in 720(5) of that Act have effect in accordance with section 68 of this Act.
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 328. Section 468AA(3). In section 720(5), the second sentence.

(18)

EIS deferred gains

This repeal has effect in accordance with section 73 of this Act.
Chapter	Short title	Extent of repeal
1992 c. 12.	The Taxation of Chargeable Gains Act 1992.	In Schedule 5B, in paragraph 19(1), the definition of “relevant shares”.

(19)

Advance corporation tax: consequences of abolition

These repeals have effect in accordance with section 91 of this Act.
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In Schedule 16— (a) in paragraph 4(1), the words “Subject to sub-paragraph (3) below,”; and (b) paragraph 4(3).
1990 c. 29.	The Finance Act 1990.	In Schedule 14, paragraph 13.

(20)

Group relief: reduction in surrenderable amount.

This repeal has effect in accordance with section 92 of this Act.
Chapter	Short title	Extent of repeal
1990 c. 29.	The Finance Act 1990.	Section 96.

(21)

Company tax returns, etc.

These repeals have effect in accordance with section 93 of this Act.
Chapter	Short title	Extent of repeal
1970 c. 9.	The Taxes Management Act 1970.	In section 43A(1)(a), the word “where”.
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 411A.
1990 c. 1.	The Capital Allowances Act 1990.	In section 145(3), the words “to which section 42 of the Taxes Management Act 1970 applies”.
1990 c. 29.	The Finance Act 1990.	Section 101.