Finance (No. 2) Act 1987

1. Introductory Text

2. Part I Income Tax, Corporation Tax and Capital Gains Tax

   1. Chapter I Profit-Related Pay

      1. Preliminary

         1. 1—17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

   2. Chapter II Personal Pension Schemes

      1. 18—57. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

   3. Chapter III General

      1. 58—63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

      3. 65—68. Controlled foreign companies: acceptable distribution policy.

      4. Miscellaneous

         1. 69. Disclosure of employment information obtained from Inland Revenue.

         2. 70, 71. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

         3. 72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

         4. 73. Recognised investment exchanges.

   4. Chapter IV Capital Gains

      1. Companies’ chargeable gains

         1. 74—77. General rules.

      2. Miscellaneous

         1. 78. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

         2. 79. Building societies: groups of companies.

         3. 80. Roll-over relief not available for gains on oil licences.

         4. 81. Commodity and financial futures and options.

   5. Chapter V Taxes Management Provisions

      1. Company returns

         1. 82. Return of profits.

         2. 83. Failure to make return for corporation tax.

         3. 84. (1) . . . . . . . . ....

         4. 85. Interest on overdue corporation tax etc.

         5. 86. Supplementary provisions as to interest on overdue tax.

         6. 87. Interest on tax overpaid.

         7. 88. Recovery of overpayment of tax etc.

         8. 89. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. Miscellaneous

         1. 90. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

         2. 91. Close companies: loans to participators.

         3. 92, 93. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

         4. 94. Failure to do things within a limited time.

         5. 95. Interpretation of Chapter V and consequential and supplementary provisions.

3. Part II Inheritance Tax etc.

   1. 96. Interests in possession.

   2. 97. Acceptance in lieu: capital transfer tax and estate duty.

   3. 98. Personal pension schemes.

4. Part III Miscellaneous and Supplementary

   1. 99. Stamp duty: options etc.

   2. 100. Stamp duty reserve tax.

   3. 101. Oil taxation.

   4. 102. Government fees and charges.

   5. 103. Consumption in port of goods transhipped for use as stores etc.

   6. 104. Short title, interpretation, construction and repeals.

5. SCHEDULES

   1. SCHEDULES 1—5

      . . .

   2. SCHEDULE 6

      Management Provisions: Supplementary and Consequential Provisions

      1. Companies’ capital gains

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

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

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

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

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

      2. Relief for unremittable income

         1. 6. . . . . . . . . . ....

         2. 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      3. Lloyd’s underwriting agents

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

   3. SCHEDULE 7

      Inheritance Tax: Interests in Possession

      1. 1. After section 54 of the Inheritance Tax Act 1984 (in...

      2. 2. In section 56 of the 1984 Act (exclusion of certain...

      3. 3. (1) Section 201 of the 1984 Act (liability for tax...

      4. 4. (1) Section 216 of the 1984 Act (delivery of accounts)...

      5. 5. In section 265 of the 1984 Act (chargeable transfers affecting...

   4. SCHEDULE 8

      Amendments of Schedule 10 to Finance Act 1987

      1. 1. At the end of paragraph 1 (interpretation) there shall be...

      2. 2. (1) In paragraph 5 (content of nomination) in sub-paragraph (1)(b)—...

      3. 3. (1) In paragraph 8 (revision of nominations) after sub-paragraph (2)...

      4. 4. In paragraph 9 (effective volume for nominated transactions) for sub-paragraph...

      5. 5. (1) In paragraph 11 (which defines the aggregate nominated proceeds...

      6. 6. In paragraph 12 (nominations of blended oil by a participator...

   5. SCHEDULE 9

      Repeals

      1. Part I Income Tax and Corporation Tax: General

         1. 1. The repeals in sections 21 and 22 of the Finance...

         2. 2. The repeal in section 65 of the Finance Act 1982...

      2. Part II Capital Gains

         1. 1. The repeals of section 84(2) to (4) of the Finance...

         2. 2. The remaining repeals have effect with respect to accounting periods...

      3. Part III Inheritance Tax

      4. Part IV Stamp Duty Reserve Tax

      5. Part V Oil Taxation