Ss. 1–51 repealed by Value Added Tax Act 1983 (c. 55), Sch 11

S. 52 repealed by Car Tax Act 1983 (c. 53), Sch 3

Ss. 53, 54 repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1) Sch. 1 Pt. III

S. 56 repealed by Finance Act 1973 (c. 51), s. 59(7), Sch. 22 Pt. I

S. 57 repealed by Finance (No. 2) Act 1975 (c. 45), s. 75(5), Sch. 14 Pt. I and the Alchoholic Liquor Duties Act 1979 (c. 4), s. 92(2), Sch. 4 Pt. I

S. 58 repealed with savings by Betting and Gaming Duties Act 1981 (c. 63) s. 34(1)(2), Sch. 6 para. 3 Sch. 7

S. 59 repealed by Finance (No. 2) Act 1975 (c. 45), s. 75(5), Sch. 14 Pt. II

Ss. 60, 61 repealed by Finance Act 1973 (c. 51), s. 59(7), Sch. 22 Pt. I

Ss. 62–66 repealed by Income and Corporation Taxes Act 1988 (c. 1) s.844, Sch. 31. See 1987 edition for these provisions.

Ss. 67–69 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), ss. 82, 164(4)(5), Sch. 2

Ss. 70–77 repealed by Income and Corporation Taxes Act 1988 (c. 1) s.844, Sch. 31. See 1987 edition for these provisions. And see Finance Act 1988 (c. 39, SIF 63:1, 2), Sch. 6 para. 3 in connection with relief for interest under s. 75–abolition of Schedule Delection for commercial woodlands from 15 March 1988.

S. 78 repealed by Finance Act 1974 (c. 30), s. 20(1), 57(6), Sch. 14 Part. II except where the right referrd to was exercised before 27 March 1974

Ss. 79–95 repealed by Income and Corporation Taxes Act 1988 (c. 1), s. 844, Sch. 31. See 1987 edition for these provisions. And see–Finance Act 1988 (c. 39, SIF 63:1, 2), s. 88–amendment to s. 79 (share incentive schemes) reaquisitions of shares made on or after 26 October 1987. Finance Act 1988 (c. 39, SIF 63:1, 2), s. 61–amendment to s. 87 (income tax on distributions) for years 1986-87 and 1987-88. Finance Act 1988 (c. 39 SIF 63: 1, 2), s. 117(2)–cancellation of repeal of s. 93(6) (investment trust) by Finance (No. 2) Act 1987.

Ss. 79–95 repealed by Income and Corporation Taxes Act 1988 (c. 1), s. 844, Sch. 31. See 1987 edition for these provisions. And see–Finance Act 1988 (c. 39, SIF 63:1, 2), s. 88–amendment to s. 79 (share incentive schemes) reaquisitions of shares made on or after 26 October 1987. Finance Act 1988 (c. 39, SIF 63:1, 2), s. 61–amendment to s. 87 (income tax on distributions) for years 1986-87 and 1987-88. Finance Act 1988 (c. 39 SIF 63: 1, 2), s. 117(2)–cancellation of repeal of s. 93(6) (investment trust) by Finance (No. 2) Act 1987.

S. 96 repealed by Finance Act 1984 ss. 20(3), 128(6), Sch. 23 Part V for the financial year 1985 et seq.

See Finance Act 1984 s. 20(4) for apportionment where s. 96 applies to part of an accounting period of a body but not to the other part by virtue of Finance Act 1984 s. 20(3)

Words inserted by Finance Act 1973 (c. 51), s. 34, Sch. 14 paras. 1, 3

See Finance Act 1973 s. 34, Sch. 14 paras. 1, 4— inspector's powers under Finance Act 1972 Sch. 16 para. 19 may be exercised for purposes of ss. 95, 96

Words added by Finance Act 1974 (c. 30), s. 44, Sch. 7 para. 3(2). Repealed by Finance Act 1985 s. 98(6), Sch. 27 Part X in respect of disposals taking place on or after 19 March 1985.

Ss. 97–110 repealed by Income and Corporation Taxes Act 1988 (c. 1) s. 844, Sch. 31. See 1987 edition for these provisions.

S. 111(2) repealed by Income and Corporation Taxes Act 1988 (c. 1) s. 844, Sch. 31.

Ss. 112–119 repealed (with savings) by Capital Gains Tax Act 1979 (c. 14), ss. 157(1), 158, Sch. 6 paras. 10(2)(b), 27, Sch. 8

S. 120 repealed (with savings) by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), 59, Sch. 13 Pt I

S. 121 repealed (with savings) by Finance Act 1975 (c. 7), ss. 49(1), 50, 52(2)(3), 59, Sch. 11 Pt. I para. 2(1), Sch. 13 Pt. I

S. 122 repealed by Statute Law (Repeals) Act 1986 (c. 12), s. 1(1), Sch. 1 Pt. III

S. 123 repealed by Finance Act 1974 ss. 28(2), 57(6), Sch. 14 Part VI

S. 124 repealed by Income and Corporation Taxes Act 1988 (c. 1) s. 844, Sch. 31. See 1987 edition for these provisions

S. 125 repealed by Finance Act 1980 (c. 48, SIF 63:1), s. 122(4), Sch. 20 Pt. XII

The text of s. 131 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

1959 c. 28.

1941 c. 30.

S. 131(3A) inserted by Finance Act 1976 (c. 40), s. 59

1941 c. 30

1959 c. 28.

S. 132 repealed by Finance Act 1984 (c. 43, SIF 99:3), s. 128(6), Sch. 23 Pt. XIV

S. 133 repealed by Trustee Savings Banks Act 1981 (c. 65, SIF 110), s. 55(3), Sch. 8

“1988” substituted by Income and Corporation Taxes Act 1988 (c. 1) Sch. 29 para. 32

S. 134(a) repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I

S. 134(3)(c) repealed by Capital Gains Tax Act 1979 (c. 14, SIF 63:2) s. 158, Sch. 8 for 1979–80 et seq.

S. 134(d) repealed by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), Sch. 13 Pt. I

S. 134(5) repealed (1.1.1992) by Finance Act 1991 (c. 31, SIF 12:2), s. 123, Sch. 19, Pt.VIII

The text of ss. 55(1)(5)(6)(7), 128(2)(3) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

1947 c. 44.

S. 55(2)(3) repealed by Customs and Excise Duties (General Reliefs) Act 1979 (c. 3), s. 19(2), Sch. 3 Pt. I

S. 55(4) repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I

1968 c. 48.

1971 c. 10.

1963 c. 9

1891 c. 39.

1815 c. 184.

S. 128(1) repealed by Finance Act 1978 (c. 42), s. 80(5), Sch. 13 Pt. I

The text of ss. 55(1)(5)(6)(7), 128(2)(3) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

1971 c. 68.

The text of of s. 129(1) is , in the form in which it was originally enacted: it was not reproduced in full in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

http://www.legislation.gov.uk/ukpga/1972/41/body/1991-07-25Finance Act 1972An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.texttext/xmlenStatute Law Database2011-05-261991-07-25Part I
1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part II Car Tax and Purchase Tax
52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

55Amendments consequential on replacement of purchase tax.1

In section 14(2) of the Crown Proceedings Act 1947 (summary applications to High Court for payment of purchase tax and furnishing of information relating thereto) and in section 14 of that Act as it applies in Northern Ireland for the words “purchase tax” in paragraphs (c) and (d) there shall be substituted the words “value added tax”; but without prejudice to the operation of that section as originally enacted (or of the section substituted for Northern Ireland) with respect to purchase tax becoming due before the coming into force of this section or with respect to so much of the enactments relating to purchase tax as remains in force thereafter.

2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5

In section 9 of the International Organisations Act 1968 for the words “or of purchase tax” there shall be substituted the words “value added tax or car tax” and in paragraph 7 of Schedule 1 to that Act for the words “purcahse tax paid on any goods” there shall be substituted the words “car tax paid on any vehicles and value added tax paid on the supply of any goods or services”; but without prejudice to the operation of that section or paragraph as originally enacted with respect to purchase tax becoming due before the coming into force of this section.

6

In section 6 of the Vehicles (Excise) Act 1971 (exemption from vehicles excise duty of vehicles acquired by overseas residents) the following shall be substituted for subsection (1), but without prejudice to the operation of that subsection as originally enacted in relation to purchase tax remitted under section 23 of the Purchase Tax Act 1963:—

1

A mechanically propelled vehicle shall not be chargeable with any duty under this Act if it has been supplied to the person keeping it by a taxable person within the meaning of section 4 of the Finance Act 1972 and the supply has been zero-rated in pursuance of subsection (7) of section 12 of that Act; but if, at any time, the value added tax that would have been chargeable on the supply but for the zero-rating becomes payable under subsection (8) of that section, or would have become so payable but for any authorisation or waiver under that subsection, then the provisions of subsection (3) below shall apply in relation to that vehicle.

7

This section shall come into force on 1st April 1973.

Part III
56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

57. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

58. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART IV Income Tax and Corporation Tax
62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

67. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

78. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

79. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part VTaxation of Companies and Company Distributions
84. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

96 Mitigation of corporation tax liability of industrial and provident societies, housing associations and building societies.1

Where in any accounting period of a body to which this section applies the rate of corporation tax exceeds such special rate as Parliament may fix for the purposes of this section, the body may claim that the corporation tax charged on the income of that body for that period shall be calculated as if the rate of corporation tax were equal to that special rate.

2

The bodies to which this section applies are—

a

any registered industrial and provident society as defined in section 340 of the Taxes Act and any such co-operative association as is mentioned in subsection (8) of that section;

b

any housing association for the time being approved for the purposes of section 341 of that Act;

c

any building society as defined in section 343 of that Act and any company to which that section applies by virtue of subsection (9) of that section.

not being a society, association or company under the control (within the meaning of section 302 of that Act) of one or more companies which are not themselves bodies to which this section applies.

3

For the purposes of this section the income of a company for an accounting period is its income charged to corporation tax for that period as defined in section 85(6) above as originally enacted.

97. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

111 Consequential amendments.1

The enactments specified in Schedule 24 to this Act shall have effect with the amendments there specified, being amendments adapting and supplementing those enactments in consequence of the provisions of this Part of this Act.

2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

This section has effect from 6th April 1973 and does not affect the operation of any enactment in relation to any previous time ; and no amendment in the said Schedule 24 adapting an enactment so as to make it apply or refer to a provision of this Act instead of a provision repealed thereby shall be construed as affecting the operation of that enactment in relation to the repealed provision so far as concerns matters occurring before the repeal or otherwise unaffected by it.

PART VI Tax on Capital Gains and Estate Duty
112. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

120. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

121. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART VII Miscellaneous
122. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

124. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

125. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

126 Abolition of stamp duty on bank notes and of bankers’ licences.1

The following are hereby abolished—

a

the stamp duty chargeable by virtue of the heading “BANK NOTE” in Schedule 1 to the Stamp Act 1891;

b

the licences required to be taken out under section 24 of the Stamp Act 1815 (licences for bankers etc. issuing certain promissory notes).

2

This section takes effect on 25th June 1972; and if on or after that date and before the passing of this Act a person pays any duty in respect of a licence of the kind mentioned in subsection (1)(b) above which would not have been payable if this Act had then been in force the Commissioners of Inland Revenue shall, on application made to them within two years after the date of payment, repay the duty.

127 Disclosure of information between revenue departments.1

No obligation as to secrecy or other restriction upon the disclosure of information imposed by statute or otherwise shall prevent either—

a

the Commissioners of Inland Revenue or an authorised officer of those Commissioners; or

b

the Commissioners of Customs and Excise or an authorised officer of those Commissioners;

from disclosing information to the other Commissioners or an authorised officer of the other Commissioners for the purpose of assisting them in the performance of their duties.

2

Information obtained in pursuance of this section shall not be disclosed except—

a

to the Commissioners or a authorised officer of the Commissioners on whose behalf it was obtained; or

b

for the purpose of any proceedings connected with a matter in relation to which those Commissioners perform duties.

128Vehicle excise duty— disabled persons1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2

In section 7 of the Finance Act 1971 the words from “fitted with controls” to “or a vehicle” and paragraphs (a) and (b) shall be omitted.

3

In section 4(1)(g) of the Vehicles (Excise) Act 1971 (vehicles not exceeding eight hundredweight for invalids) for the word “eight” there shall be substituted the word “ten”.

129 Summary award of penalties.1

In section 53(1) of the Taxes Management Act 1970 (summary award of penalties) there shall be substituted, for the words from “section 98(3)” to “awarded” the words “section 98 of this Act shall have effect, in relation to a penalty so awarded, as if subsection (3) were omitted and the reference in subsection (1)(ii) to the Commissioners before whom proceedings for the penalty have been commenced were a reference to the Commissioners by whom the penalty has been awarded”.

2

This section does not apply in relation to a penalty awarded before the commencement of this Act.

130Compensation for loss of office etc. by clerks to General Commissioners.1

The Commissioners of Inland Revenue may, with the concurrence of the Minister for the Civil Service, by regulations provide for the payment out of money provided by Parliament of compensation to or in respect of any clerk to the General Commissioners for any division who suffers or has suffered loss of office or loss or diminution of emoluments which is attributable to any order affecting that division made (whether before or after the passing of this Act) under section 2(6) of the Taxes Management Act 1970 (alteration and abolition of divisions).

2

Regulations under this section may—

a

include provision as to the manner in which and the person to whom any claim for compensation under the regulations is to be made, and for the determination of all questions arising under the regulations;

b

make different provision for different classes of persons and for different circumstances, and make, or authorise the Commissioners of Inland Revenue to make, exceptions and conditions;

c

be framed so as to have effect from a date earlier than the making of the regulations,

but so that regulations having effect from a date earlier than their making shall not place any individual in a worse position than he would have been in if the regulations had been so framed as to have effect only from the date of their making.

3

Regulations under this section shall be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.

131Post-war credits. 1

On the repayment of any post-war credit, or payment to a building society of any amount outstanding under section 3 of the Income Tax (Repayment of Post-War Credits) Act 1959, the sum payable, inclusive of the interest, may be taken by the Commissioners of Inland Revenue as amounting to 138 per cent. of the credit as notified under section 7 of the Finance Act 1941 or of the amount so outstanding, as the case may be.

2

An application for such repayment made before the applicant is qualified may, if he later becomes qualified, be treated as made on the date when he does so.

3

No such repayment shall be made unless application therefor is made before such time (not earlier than the beginning of the year 1974) as the Treasury may by order direct.

Any order under this subsection shall be made by statutory instrument, which shall be laid before Parliament after being made, and may be varied by a subsequent order so as to extend the time for applications for repayment.

3A

An order under subsection (3) above may make different provision for different cases or classes of case and may provide that no amount shall be ascertained, recorded or notified under section 7 of the Finance Act 1941 after any such time as may be specified in the order.

4

In this section “post-war credit” has the same meaning as in the Income Tax (Repayment of Post-War Credits) Act 1959.

5

This section shall be deemed to have had effect from the beginning of April 1972.

132. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

133. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

134Citation, interpretation, construction, extent and repeals.1

This Act may be cited as the Finance Act 1972.

2

In this Act “the Taxes Act” means the Income and Corporation Taxes Act 1988.

3

In this Act—

a

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

b

Parts IV and V, so far as they relate to income tax, shall be construed as one with the Income Tax Acts and, so far as they relate to corporation tax, shall be construed as one with the Corporation Tax Acts;

c

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

d

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

Except so far as the context otherwise requires, any reference in this Act to any enactment shall be construed as a reference to that enactment as amended, and as including a reference to that enactment as applied, by or under any other enactment, including this Act.

5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6

If the Parliament of Northern Ireland passes provisions amending or replacing any enactment of that Parliament referred to in this Act the reference shall be construed as a reference to the enactment as so amended or, as the case may be, as a reference to those provisions.

7

The enactments mentioned in Schedule 28 to this Act are hereby repealed to the extent mentioned in the third column of that Schedule, but subject to any provision at the end of any Part of that Schedule.

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repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1983/55">Value Added Tax Act 1983 (c. 55)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1983/55/schedule/11">Sch 11</ref>
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<note class="commentary F" eId="c855194">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/52">S. 52</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1983/53">Car Tax Act 1983 (c. 53)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1983/53/schedule/3">Sch 3</ref>
</p>
</note>
<note class="commentary F" eId="c855195">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/53">Ss. 53</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/54">54</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1986/12">Statute Law (Repeals) Act 1986 (c. 12)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1986/12/section/1/1/schedule/1/part/III">s. 1(1) Sch. 1 Pt. III</ref>
</p>
</note>
<note class="commentary F" eId="c855214">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/56">S. 56</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/51">Finance Act 1973 (c. 51)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/51/section/59/7">s. 59(7)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/51/schedule/22/part/I">Sch. 22 Pt. I</ref>
</p>
</note>
<note class="commentary F" eId="c855215">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/57">S. 57</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/45">Finance (No. 2) Act 1975 (c. 45)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/45/section/75/5">s. 75(5)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/45/schedule/14/part/I">Sch. 14 Pt. I</ref>
and the
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/4">Alchoholic Liquor Duties Act 1979 (c. 4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/4/section/92/2">s. 92(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/4/schedule/4/part/I">Sch. 4 Pt. I</ref>
</p>
</note>
<note class="commentary F" eId="c855216">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/58">S. 58</ref>
repealed with savings by
<ref href="http://www.legislation.gov.uk/id/ukpga/1981/63">Betting and Gaming Duties Act 1981 (c. 63)</ref>
s. 34(1)(2), Sch. 6 para. 3 Sch. 7
</p>
</note>
<note class="commentary F" eId="c855217">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/59">S. 59</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/45">Finance (No. 2) Act 1975 (c. 45)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/45/section/75/5">s. 75(5)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/45/schedule/14/part/II">Sch. 14 Pt. II</ref>
</p>
</note>
<note class="commentary F" eId="c855218">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/60">Ss. 60</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/61">61</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/51">Finance Act 1973 (c. 51)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/51/section/59/7">s. 59(7)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/51/schedule/22/part/I">Sch. 22 Pt. I</ref>
</p>
</note>
<note class="commentary F" eId="c855219">
<p>
<rref from="http://www.legislation.gov.uk/id/ukpga/1972/41/section/62" upTo="http://www.legislation.gov.uk/id/ukpga/1972/41/section/66">Ss. 62–66</rref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/1">Income and Corporation Taxes Act 1988 (c. 1)</ref>
s.844, Sch. 31. See 1987 edition for these provisions.
</p>
</note>
<note class="commentary F" eId="c855220">
<p>
<rref from="http://www.legislation.gov.uk/id/ukpga/1972/41/section/67" upTo="http://www.legislation.gov.uk/id/ukpga/1972/41/section/69">Ss. 67–69</rref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/1">Capital Allowances Act 1990 (c. 1, SIF 63:1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/1/section/82">ss. 82</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/1/section/164/4/5">164(4)(5)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/1/schedule/2">Sch. 2</ref>
</p>
</note>
<note class="commentary F" eId="c855221">
<p>
<rref from="http://www.legislation.gov.uk/id/ukpga/1972/41/section/70" upTo="http://www.legislation.gov.uk/id/ukpga/1972/41/section/77">Ss. 70–77</rref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/1">Income and Corporation Taxes Act 1988 (c. 1)</ref>
s.844, Sch. 31. See 1987 edition for these provisions. And see
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/39">Finance Act 1988 (c. 39, SIF 63:1, 2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/39/schedule/6/paragraph/3">Sch. 6 para. 3</ref>
in connection with relief for interest under s. 75–abolition of Schedule Delection for commercial woodlands from 15 March 1988.
</p>
</note>
<note class="commentary F" eId="c855222">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/78">S. 78</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1974/30">Finance Act 1974 (c. 30)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1974/30/section/20/1">s. 20(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1974/30/section/57/6">57(6)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1974/30/schedule/14">Sch. 14</ref>
Part. II except where the right referrd to was exercised before 27 March 1974
</p>
</note>
<note class="commentary F" eId="c855223">
<p>
<rref from="http://www.legislation.gov.uk/id/ukpga/1972/41/section/79" upTo="http://www.legislation.gov.uk/id/ukpga/1972/41/section/95">Ss. 79–95</rref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/1">Income and Corporation Taxes Act 1988 (c. 1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/1/section/844">s. 844</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/31">Sch. 31</ref>
. See 1987 edition for these provisions. And see–
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/39">Finance Act 1988 (c. 39, SIF 63:1, 2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/39/section/88">s. 88</ref>
–amendment to s. 79 (share incentive schemes) reaquisitions of shares made on or after 26 October 1987.
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/39">Finance Act 1988 (c. 39, SIF 63:1, 2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/39/section/61">s. 61</ref>
–amendment to s. 87 (income tax on distributions) for years 1986-87 and 1987-88. Finance Act 1988 (c. 39 SIF 63: 1, 2), s. 117(2)–cancellation of repeal of s. 93(6) (investment trust) by Finance (No. 2) Act 1987.
</p>
</note>
<note class="commentary F" eId="c855224">
<p>
<rref from="http://www.legislation.gov.uk/id/ukpga/1972/41/section/79" upTo="http://www.legislation.gov.uk/id/ukpga/1972/41/section/95">Ss. 79–95</rref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/1">Income and Corporation Taxes Act 1988 (c. 1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/1/section/844">s. 844</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/1/schedule/31">Sch. 31</ref>
. See 1987 edition for these provisions. And see–
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/39">Finance Act 1988 (c. 39, SIF 63:1, 2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/39/section/88">s. 88</ref>
–amendment to s. 79 (share incentive schemes) reaquisitions of shares made on or after 26 October 1987.
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/39">Finance Act 1988 (c. 39, SIF 63:1, 2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/39/section/61">s. 61</ref>
–amendment to s. 87 (income tax on distributions) for years 1986-87 and 1987-88. Finance Act 1988 (c. 39 SIF 63: 1, 2), s. 117(2)–cancellation of repeal of s. 93(6) (investment trust) by Finance (No. 2) Act 1987.
</p>
</note>
<note class="commentary F" eId="c855225">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/96">S. 96</ref>
repealed by Finance Act 1984 ss. 20(3), 128(6), Sch. 23 Part V for the financial year 1985 et seq.
</p>
</note>
<note class="commentary C" eId="c855226">
<p>See Finance Act 1984 s. 20(4) for apportionment where s. 96 applies to part of an accounting period of a body but not to the other part by virtue of Finance Act 1984 s. 20(3)</p>
</note>
<note class="commentary F" eId="c855227">
<p>
Words inserted by
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/51">Finance Act 1973 (c. 51)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/51/section/34">s. 34</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/51/schedule/14/paragraph/1">Sch. 14 paras. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1973/51/schedule/14/paragraph/3">3</ref>
</p>
</note>
<note class="commentary C" eId="c855228">
<p>See Finance Act 1973 s. 34, Sch. 14 paras. 1, 4— inspector's powers under Finance Act 1972 Sch. 16 para. 19 may be exercised for purposes of ss. 95, 96</p>
</note>
<note class="commentary F" eId="c855229">
<p>
Words added by
<ref href="http://www.legislation.gov.uk/id/ukpga/1974/30">Finance Act 1974 (c. 30)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1974/30/section/44">s. 44</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1974/30/schedule/7/paragraph/3/2">Sch. 7 para. 3(2)</ref>
. Repealed by Finance Act 1985 s. 98(6), Sch. 27 Part X in respect of disposals taking place on or after 19 March 1985.
</p>
</note>
<note class="commentary F" eId="c855230">
<p>
<rref from="http://www.legislation.gov.uk/id/ukpga/1972/41/section/97" upTo="http://www.legislation.gov.uk/id/ukpga/1972/41/section/110">Ss. 97–110</rref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/1">Income and Corporation Taxes Act 1988 (c. 1)</ref>
s. 844, Sch. 31. See 1987 edition for these provisions.
</p>
</note>
<note class="commentary F" eId="c855231">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/111/2">S. 111(2)</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/1">Income and Corporation Taxes Act 1988 (c. 1)</ref>
s. 844, Sch. 31.
</p>
</note>
<note class="commentary F" eId="c855232">
<p>
<rref from="http://www.legislation.gov.uk/id/ukpga/1972/41/section/112" upTo="http://www.legislation.gov.uk/id/ukpga/1972/41/section/119">Ss. 112–119</rref>
repealed (with savings) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/14">Capital Gains Tax Act 1979 (c. 14)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/14/section/157/1">ss. 157(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/14/section/158">158</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/14/schedule/6/paragraph/10/2">Sch. 6 paras. 10(2)</ref>
(
<em>b</em>
), 27, Sch. 8
</p>
</note>
<note class="commentary F" eId="c855233">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/120">S. 120</ref>
repealed (with savings) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7">Finance Act 1975 (c. 7)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/50">ss. 50</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/52/2/3">52(2)(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/59">59</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7/schedule/13">Sch. 13 Pt I</ref>
</p>
</note>
<note class="commentary F" eId="c855234">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/121">S. 121</ref>
repealed (with savings) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7">Finance Act 1975 (c. 7)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/49/1">ss. 49(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/50">50</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/52/2/3">52(2)(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/59">59</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7/schedule/11/part/I/paragraph/2/1">Sch. 11 Pt. I para. 2(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7/schedule/13/part/I">Sch. 13 Pt. I</ref>
</p>
</note>
<note class="commentary F" eId="c855235">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/122">S. 122</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1986/12">Statute Law (Repeals) Act 1986 (c. 12)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1986/12/section/1/1">s. 1(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1986/12/schedule/1/part/III">Sch. 1 Pt. III</ref>
</p>
</note>
<note class="commentary F" eId="c855236">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/123">S. 123</ref>
repealed by Finance Act 1974 ss. 28(2), 57(6), Sch. 14 Part VI
</p>
</note>
<note class="commentary F" eId="c855237">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/124">S. 124</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/1">Income and Corporation Taxes Act 1988 (c. 1)</ref>
s. 844, Sch. 31. See 1987 edition for these provisions
</p>
</note>
<note class="commentary F" eId="c855238">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/125">S. 125</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1980/48">Finance Act 1980 (c. 48, SIF 63:1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1980/48/section/122/4">s. 122(4)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1980/48/schedule/20/part/XII">Sch. 20 Pt. XII</ref>
</p>
</note>
<note class="commentary C" eId="c855254">
<p>The text of s. 131 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991.</p>
</note>
<note class="commentary M" eId="c855255">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1959/28">1959 c. 28</ref>
.
</p>
</note>
<note class="commentary M" eId="c855256">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1941/30">1941 c. 30</ref>
.
</p>
</note>
<note class="commentary F" eId="c855257">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/131/3A">S. 131(3A)</ref>
inserted by
<ref href="http://www.legislation.gov.uk/id/ukpga/1976/40">Finance Act 1976 (c. 40)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1976/40/section/59">s. 59</ref>
</p>
</note>
<note class="commentary M" eId="c855258">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1941/30">1941 c. 30</ref>
</p>
</note>
<note class="commentary M" eId="c855259">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1959/28">1959 c. 28</ref>
.
</p>
</note>
<note class="commentary F" eId="c855260">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/132">S. 132</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1984/43">Finance Act 1984 (c. 43, SIF 99:3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1984/43/section/128/6">s. 128(6)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1984/43/schedule/23/part/XIV">Sch. 23 Pt. XIV</ref>
</p>
</note>
<note class="commentary F" eId="c855261">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/133">S. 133</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1981/65">Trustee Savings Banks Act 1981 (c. 65, SIF 110)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1981/65/section/55/3">s. 55(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1981/65/schedule/8">Sch. 8</ref>
</p>
</note>
<note class="commentary F" eId="c855266">
<p>
“1988” substituted by
<ref href="http://www.legislation.gov.uk/id/ukpga/1988/1">Income and Corporation Taxes Act 1988 (c. 1)</ref>
Sch. 29 para. 32
</p>
</note>
<note class="commentary F" eId="c855267">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/134">S. 134</ref>
(
<em>a</em>
) repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/2">Customs and Excise Management Act 1979 (c. 2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/2/section/177/3">s. 177(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/2/schedule/6/part/I">Sch. 6 Pt. I</ref>
</p>
</note>
<note class="commentary F" eId="c855268">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/134/3">S. 134(3)</ref>
(
<em>c</em>
) repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/14">Capital Gains Tax Act 1979 (c. 14, SIF 63:2)</ref>
s. 158, Sch. 8 for 1979–80 et seq.
</p>
</note>
<note class="commentary F" eId="c855269">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/134">S. 134</ref>
(
<em>d</em>
) repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7">Finance Act 1975 (c. 7)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/50">ss. 50</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7/section/52/2/3">52(2)(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1975/7/schedule/13/part/I">Sch. 13 Pt. I</ref>
</p>
</note>
<note class="commentary F" eId="c855270">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/134/5">S. 134(5)</ref>
repealed (1.1.1992) by
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31">Finance Act 1991 (c. 31, SIF 12:2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31/section/123">s. 123</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31/schedule/19">Sch. 19</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1991/31/part/VIII">Pt.VIII</ref>
</p>
</note>
<note class="commentary C" eId="c855196">
<p>The text of ss. 55(1)(5)(6)(7), 128(2)(3) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.</p>
</note>
<note class="commentary M" eId="c855197">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1947/44">1947 c. 44</ref>
.
</p>
</note>
<note class="commentary F" eId="c855198">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/55/2/3">S. 55(2)(3)</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/3">Customs and Excise Duties (General Reliefs) Act 1979 (c. 3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/3/section/19/2">s. 19(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/3/schedule/3/part/I">Sch. 3 Pt. I</ref>
</p>
</note>
<note class="commentary F" eId="c855199">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/55/4">S. 55(4)</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/2">Customs and Excise Management Act 1979 (c. 2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/2/section/177/3">s. 177(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1979/2/schedule/6/part/I">Sch. 6 Pt. I</ref>
</p>
</note>
<note class="commentary M" eId="c855201">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1968/48">1968 c. 48</ref>
.
</p>
</note>
<note class="commentary M" eId="c855203">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1971/10">1971 c. 10</ref>
.
</p>
</note>
<note class="commentary M" eId="c855204">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1963/9">1963 c. 9</ref>
</p>
</note>
<note class="commentary M" eId="c855239">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1891/39">1891 c. 39</ref>
.
</p>
</note>
<note class="commentary M" eId="c855240">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1815/184">1815 c. 184</ref>
.
</p>
</note>
<note class="commentary F" eId="c855242">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1972/41/section/128/1">S. 128(1)</ref>
repealed by
<ref href="http://www.legislation.gov.uk/id/ukpga/1978/42">Finance Act 1978 (c. 42)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1978/42/section/80/5">s. 80(5)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/1978/42/schedule/13/part/I">Sch. 13 Pt. I</ref>
</p>
</note>
<note class="commentary C" eId="c855243">
<p>The text of ss. 55(1)(5)(6)(7), 128(2)(3) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.</p>
</note>
<note class="commentary M" eId="c855244">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1971/68">1971 c. 68</ref>
.
</p>
</note>
<note class="commentary C" eId="c855252">
<p>The text of of s. 129(1) is , in the form in which it was originally enacted: it was not reproduced in full in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.</p>
</note>
</notes>
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<portionBody period="#period4">
<part eId="part-I">
<num>Part I</num>
<section eId="section-151.">
<num>1</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855193" marker="F1" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
</part>
<part eId="part-II">
<num>Part II</num>
<heading> Car Tax and Purchase Tax</heading>
<section eId="section-52">
<num>52</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855194" marker="F2" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-5354.">
<num>53</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855195" marker="F3" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-55" period="#period2">
<num>55</num>
<heading>Amendments consequential on replacement of purchase tax.</heading>
<subsection eId="section-55-1">
<num>
<noteRef href="#c855196" marker="C4" class="commentary C"/>
1
</num>
<content>
<p>
In section 14(2) of the
<noteRef href="#c855197" marker="M5" class="commentary M"/>
Crown Proceedings Act 1947 (summary applications to High Court for payment of purchase tax and furnishing of information relating thereto) and in section 14 of that Act as it applies in Northern Ireland for the words “purchase tax” in paragraphs (
<em>c</em>
) and (
<em>d</em>
) there shall be substituted the words “value added tax”; but without prejudice to the operation of that section as originally enacted (or of the section substituted for Northern Ireland) with respect to purchase tax becoming due before the coming into force of this section or with respect to so much of the enactments relating to purchase tax as remains in force thereafter.
</p>
</content>
</subsection>
<subsection eId="section-55-23">
<num>2</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855198" marker="F35" class="commentary F"/>
</p>
</content>
</subsection>
<subsection eId="section-55-4">
<num>4</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855199" marker="F36" class="commentary F"/>
</p>
</content>
</subsection>
<subsection eId="section-55-5">
<num>
<noteRef href="#c855196" marker="C4" class="commentary C"/>
5
</num>
<content>
<p>
In section 9 of the
<noteRef href="#c855201" marker="M6" class="commentary M"/>
International Organisations Act 1968 for the words “or of purchase tax” there shall be substituted the words “value added tax or car tax” and in paragraph 7 of Schedule 1 to that Act for the words “purcahse tax paid on any goods” there shall be substituted the words “car tax paid on any vehicles and value added tax paid on the supply of any goods or services”; but without prejudice to the operation of that section or paragraph as originally enacted with respect to purchase tax becoming due before the coming into force of this section.
</p>
</content>
</subsection>
<subsection eId="section-55-6">
<num>
<noteRef href="#c855196" marker="C4" class="commentary C"/>
6
</num>
<content>
<p>
In section 6 of the
<noteRef href="#c855203" marker="M7" class="commentary M"/>
Vehicles (Excise) Act 1971 (exemption from vehicles excise duty of vehicles acquired by overseas residents) the following shall be substituted for subsection (1), but without prejudice to the operation of that subsection as originally enacted in relation to purchase tax remitted under section 23 of the
<noteRef href="#c855204" marker="M8" class="commentary M"/>
Purchase Tax Act 1963:—
</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="primary unknown main default" startQuote="" endQuote="">
<subsection eId="d5e164">
<num>1</num>
<content>
<p>A mechanically propelled vehicle shall not be chargeable with any duty under this Act if it has been supplied to the person keeping it by a taxable person within the meaning of section 4 of the Finance Act 1972 and the supply has been zero-rated in pursuance of subsection (7) of section 12 of that Act; but if, at any time, the value added tax that would have been chargeable on the supply but for the zero-rating becomes payable under subsection (8) of that section, or would have become so payable but for any authorisation or waiver under that subsection, then the provisions of subsection (3) below shall apply in relation to that vehicle.</p>
</content>
</subsection>
</quotedStructure>
</mod>
</p>
</content>
</subsection>
<subsection eId="section-55-7">
<num>
<noteRef href="#c855196" marker="C4" class="commentary C"/>
7
</num>
<content>
<p>This section shall come into force on 1st April 1973.</p>
</content>
</subsection>
</section>
</part>
<part eId="part-III">
<num>Part III</num>
<section eId="section-56">
<num>56</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855214" marker="F4" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-57">
<num>57</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855215" marker="F5" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-58">
<num>58</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855216" marker="F6" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-59">
<num>59</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855217" marker="F7" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-6061.">
<num>60</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855218" marker="F8" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
</part>
<part eId="part-IV">
<num>PART IV</num>
<heading> Income Tax and Corporation Tax</heading>
<section eId="section-6266.">
<num>62</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855219" marker="F9" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-6769.">
<num>67</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855220" marker="F10" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-7077.">
<num>70</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855221" marker="F11" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-78">
<num>78</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855222" marker="F12" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-7983.">
<num>79</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855223" marker="F13" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
</part>
<part eId="part-V">
<num>Part V</num>
<heading>Taxation of Companies and Company Distributions</heading>
<section eId="section-8495.">
<num>84</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855224" marker="F14" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-96">
<num>
<ins class="d30p289">96</ins>
</num>
<heading>
<ins class="d30p289 first">
<noteRef href="#c855225" marker="F15" class="commentary attribute F"/>
Mitigation of corporation tax liability of industrial and provident societies, housing associations and building societies.
</ins>
</heading>
<subsection eId="section-96-1">
<num>
<ins class="d30p289">
<noteRef href="#c855226" marker="C1" class="commentary C"/>
1
</ins>
</num>
<content>
<p>
<ins class="d30p289">Where in any accounting period of a body to which this section applies the rate of corporation tax exceeds such special rate as Parliament may fix for the purposes of this section, </ins>
<ins class="d30p289">
<ins class="d30p303 first last">
<noteRef href="#c855227" marker="F16" class="commentary attribute F"/>
the body may claim that
</ins>
</ins>
<ins class="d30p289"> the corporation tax charged on the income of that body for that period shall be calculated as if the rate of corporation tax were equal to that special rate.</ins>
</p>
</content>
</subsection>
<subsection eId="section-96-2">
<num>
<ins class="d30p289">2</ins>
</num>
<intro>
<p>
<ins class="d30p289">The bodies to which this section applies are—</ins>
</p>
</intro>
<paragraph eId="section-96-2-a">
<num>
<ins class="d30p289">a</ins>
</num>
<content>
<p>
<ins class="d30p289">any registered industrial and provident society as defined in section 340 of the Taxes Act and any such co-operative association as is mentioned in subsection (8) of that section;</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-96-2-b">
<num>
<ins class="d30p289">b</ins>
</num>
<content>
<p>
<ins class="d30p289">any housing association for the time being approved for the purposes of section 341 of that Act;</ins>
</p>
</content>
</paragraph>
<paragraph eId="section-96-2-c">
<num>
<ins class="d30p289">c</ins>
</num>
<content>
<p>
<ins class="d30p289">any building society as defined in section 343 of that Act and any company to which that section applies by virtue of subsection (9) of that section.</ins>
</p>
</content>
</paragraph>
<wrapUp>
<p>
<ins class="d30p289">not being a society, association or company under the control (within the meaning of section 302 of that Act) of one or more companies which are not themselves bodies to which this section applies.</ins>
</p>
</wrapUp>
</subsection>
<subsection eId="section-96-3">
<num>
<ins class="d30p289">
<noteRef href="#c855228" marker="C2" class="commentary C"/>
3
</ins>
</num>
<content>
<p>
<ins class="d30p289">For the purposes of this section the income of a company for an accounting period is its income charged to corporation tax for that period as defined in section 85(6) above </ins>
<ins class="d30p289">
<ins class="d30p340 first last">
<noteRef href="#c855229" marker="F17" class="commentary attribute F"/>
as originally enacted
</ins>
</ins>
<ins class="d30p289 last">.</ins>
</p>
</content>
</subsection>
</section>
<section eId="section-97110.">
<num>97</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855230" marker="F18" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-111">
<num>111</num>
<heading> Consequential amendments.</heading>
<subsection eId="section-111-1">
<num>1</num>
<content>
<p>The enactments specified in Schedule 24 to this Act shall have effect with the amendments there specified, being amendments adapting and supplementing those enactments in consequence of the provisions of this Part of this Act.</p>
</content>
</subsection>
<subsection eId="section-111-2">
<num>2</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855231" marker="F19" class="commentary F"/>
</p>
</content>
</subsection>
<subsection eId="section-111-3">
<num>3</num>
<content>
<p>This section has effect from 6th April 1973 and does not affect the operation of any enactment in relation to any previous time ; and no amendment in the said Schedule 24 adapting an enactment so as to make it apply or refer to a provision of this Act instead of a provision repealed thereby shall be construed as affecting the operation of that enactment in relation to the repealed provision so far as concerns matters occurring before the repeal or otherwise unaffected by it.</p>
</content>
</subsection>
</section>
</part>
<part eId="part-VI">
<num>PART VI</num>
<heading> Tax on Capital Gains and Estate Duty</heading>
<section eId="section-112119.">
<num>112</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855232" marker="F20" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-120">
<num>120</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855233" marker="F21" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-121">
<num>121</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855234" marker="F22" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
</part>
<part eId="part-VII" period="#period4">
<num>PART VII</num>
<heading> Miscellaneous</heading>
<section eId="section-122">
<num>122</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855235" marker="F23" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-123">
<num>123</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855236" marker="F24" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-124">
<num>124</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855237" marker="F25" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-125">
<num>125</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855238" marker="F26" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-126" period="#period3">
<num>126</num>
<heading> Abolition of stamp duty on bank notes and of bankers’ licences.</heading>
<subsection eId="section-126-1">
<num>1</num>
<intro>
<p>The following are hereby abolished—</p>
</intro>
<paragraph eId="section-126-1-a">
<num>a</num>
<content>
<p>
the stamp duty chargeable by virtue of the heading “BANK NOTE” in Schedule 1 to the
<noteRef href="#c855239" marker="M9" class="commentary M"/>
Stamp Act 1891;
</p>
</content>
</paragraph>
<paragraph eId="section-126-1-b">
<num>b</num>
<content>
<p>
the licences required to be taken out under section 24 of the
<noteRef href="#c855240" marker="M10" class="commentary M"/>
Stamp Act 1815 (licences for bankers
<abbr title="et cetera" xml:lang="la">etc.</abbr>
issuing certain promissory notes).
</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-126-2">
<num>2</num>
<content>
<p>
This section takes effect on 25th June 1972; and if on or after that date and before the passing of this Act a person pays any duty in respect of a licence of the kind mentioned in subsection (1)(
<em>b</em>
) above which would not have been payable if this Act had then been in force the Commissioners of Inland Revenue shall, on application made to them within two years after the date of payment, repay the duty.
</p>
</content>
</subsection>
</section>
<section eId="section-127" period="#period4">
<num>127</num>
<heading> Disclosure of information between revenue departments.</heading>
<subsection eId="section-127-1">
<num>1</num>
<intro>
<p>No obligation as to secrecy or other restriction upon the disclosure of information imposed by statute or otherwise shall prevent either—</p>
</intro>
<paragraph eId="section-127-1-a">
<num>a</num>
<content>
<p>the Commissioners of Inland Revenue or an authorised officer of those Commissioners; or</p>
</content>
</paragraph>
<paragraph eId="section-127-1-b">
<num>b</num>
<content>
<p>the Commissioners of Customs and Excise or an authorised officer of those Commissioners;</p>
</content>
</paragraph>
<wrapUp>
<p>from disclosing information to the other Commissioners or an authorised officer of the other Commissioners for the purpose of assisting them in the performance of their duties.</p>
</wrapUp>
</subsection>
<subsection eId="section-127-2">
<num>2</num>
<intro>
<p>Information obtained in pursuance of this section shall not be disclosed except—</p>
</intro>
<paragraph eId="section-127-2-a">
<num>a</num>
<content>
<p>to the Commissioners or a authorised officer of the Commissioners on whose behalf it was obtained; or</p>
</content>
</paragraph>
<paragraph eId="section-127-2-b">
<num>b</num>
<content>
<p>for the purpose of any proceedings connected with a matter in relation to which those Commissioners perform duties.</p>
</content>
</paragraph>
</subsection>
</section>
<section eId="section-128" period="#period1">
<num>128</num>
<heading>Vehicle excise duty— disabled persons</heading>
<subsection eId="section-128-1">
<num>1</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855242" marker="F37" class="commentary F"/>
</p>
</content>
</subsection>
<subsection eId="section-128-2">
<num>
<noteRef href="#c855243" marker="C5" class="commentary C"/>
2
</num>
<content>
<p>
In section 7 of the
<noteRef href="#c855244" marker="M11" class="commentary M"/>
Finance Act 1971 the words from “fitted with controls” to “or a vehicle” and paragraphs (
<em>a</em>
) and (
<em>b</em>
) shall be omitted.
</p>
</content>
</subsection>
<subsection eId="section-128-3">
<num>
<noteRef href="#c855243" marker="C5" class="commentary C"/>
3
</num>
<content>
<p>
In section 4(1)(
<em>g</em>
) of the Vehicles (Excise) Act 1971 (vehicles not exceeding eight hundredweight for invalids) for the word “eight” there shall be substituted the word “ten”.
</p>
</content>
</subsection>
</section>
<section eId="section-129" period="#period2">
<num>129</num>
<heading> Summary award of penalties.</heading>
<subsection eId="section-129-1">
<num>
<noteRef href="#c855252" marker="C6" class="commentary C"/>
1
</num>
<content>
<p>In section 53(1) of the Taxes Management Act 1970 (summary award of penalties) there shall be substituted, for the words from “section 98(3)” to “awarded” the words “section 98 of this Act shall have effect, in relation to a penalty so awarded, as if subsection (3) were omitted and the reference in subsection (1)(ii) to the Commissioners before whom proceedings for the penalty have been commenced were a reference to the Commissioners by whom the penalty has been awarded”.</p>
</content>
</subsection>
<subsection eId="section-129-2">
<num>2</num>
<content>
<p>This section does not apply in relation to a penalty awarded before the commencement of this Act.</p>
</content>
</subsection>
</section>
<section eId="section-130" period="#period5">
<num>130</num>
<heading>
Compensation for loss of office
<abbr title="et cetera" xml:lang="la">etc.</abbr>
by clerks to General Commissioners.
</heading>
<subsection eId="section-130-1">
<num>1</num>
<content>
<p>The Commissioners of Inland Revenue may, with the concurrence of the Minister for the Civil Service, by regulations provide for the payment out of money provided by Parliament of compensation to or in respect of any clerk to the General Commissioners for any division who suffers or has suffered loss of office or loss or diminution of emoluments which is attributable to any order affecting that division made (whether before or after the passing of this Act) under section 2(6) of the Taxes Management Act 1970 (alteration and abolition of divisions).</p>
</content>
</subsection>
<subsection eId="section-130-2">
<num>2</num>
<intro>
<p>Regulations under this section may—</p>
</intro>
<paragraph eId="section-130-2-a">
<num>a</num>
<content>
<p>include provision as to the manner in which and the person to whom any claim for compensation under the regulations is to be made, and for the determination of all questions arising under the regulations;</p>
</content>
</paragraph>
<paragraph eId="section-130-2-b">
<num>b</num>
<content>
<p>make different provision for different classes of persons and for different circumstances, and make, or authorise the Commissioners of Inland Revenue to make, exceptions and conditions;</p>
</content>
</paragraph>
<paragraph eId="section-130-2-c">
<num>c</num>
<content>
<p>be framed so as to have effect from a date earlier than the making of the regulations,</p>
</content>
</paragraph>
</subsection>
<hcontainer name="wrapper">
<content>
<p>but so that regulations having effect from a date earlier than their making shall not place any individual in a worse position than he would have been in if the regulations had been so framed as to have effect only from the date of their making.</p>
</content>
</hcontainer>
<subsection eId="section-130-3">
<num>3</num>
<content>
<p>Regulations under this section shall be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.</p>
</content>
</subsection>
</section>
<section eId="section-131">
<num>131</num>
<heading>
Post-war credits.
<noteRef href="#c855254" marker="C3" class="commentary C"/>
</heading>
<subsection eId="section-131-1">
<num>1</num>
<content>
<p>
On the repayment of any post-war credit, or payment to a building society of any amount outstanding under section 3 of the
<noteRef href="#c855255" marker="M1" class="commentary M"/>
Income Tax (Repayment of Post-War Credits) Act 1959, the sum payable, inclusive of the interest, may be taken by the Commissioners of Inland Revenue as amounting to 138 per cent. of the credit as notified under section 7 of the
<noteRef href="#c855256" marker="M2" class="commentary M"/>
Finance Act 1941 or of the amount so outstanding, as the case may be.
</p>
</content>
</subsection>
<subsection eId="section-131-2">
<num>2</num>
<content>
<p>An application for such repayment made before the applicant is qualified may, if he later becomes qualified, be treated as made on the date when he does so.</p>
</content>
</subsection>
<subsection eId="section-131-3">
<num>3</num>
<content>
<p>No such repayment shall be made unless application therefor is made before such time (not earlier than the beginning of the year 1974) as the Treasury may by order direct.</p>
<p>Any order under this subsection shall be made by statutory instrument, which shall be laid before Parliament after being made, and may be varied by a subsequent order so as to extend the time for applications for repayment.</p>
</content>
</subsection>
<subsection eId="section-131-3A">
<num>
<ins class="d30p644 first">
<noteRef href="#c855257" marker="F27" class="commentary attribute F"/>
3A
</ins>
</num>
<content>
<p>
<ins class="d30p644">An order under subsection (3) above may make different provision for different cases or classes of case and may provide that no amount shall be ascertained, recorded or notified under section 7 of the </ins>
<ins class="d30p644 last">
<noteRef href="#c855258" marker="M3" class="commentary M"/>
Finance Act 1941 after any such time as may be specified in the order.
</ins>
</p>
</content>
</subsection>
<subsection eId="section-131-4">
<num>4</num>
<content>
<p>
In this section “
<term refersTo="#term-post-war-credit">post-war credit</term>
” has the same meaning as in the
<noteRef href="#c855259" marker="M4" class="commentary M"/>
Income Tax (Repayment of Post-War Credits) Act 1959.
</p>
</content>
</subsection>
<subsection eId="section-131-5">
<num>5</num>
<content>
<p>This section shall be deemed to have had effect from the beginning of April 1972.</p>
</content>
</subsection>
</section>
<section eId="section-132">
<num>132</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855260" marker="F28" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-133">
<num>133</num>
<heading>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855261" marker="F29" class="commentary F"/>
</heading>
<content>
<p/>
</content>
</section>
<section eId="section-134" period="#period6">
<num>134</num>
<heading>Citation, interpretation, construction, extent and repeals.</heading>
<subsection eId="section-134-1">
<num>1</num>
<content>
<p>This Act may be cited as the Finance Act 1972.</p>
</content>
</subsection>
<subsection eId="section-134-2">
<num>2</num>
<content>
<p>
In this Act “
<term refersTo="#term-the-taxes-act">the Taxes Act</term>
” means the Income and Corporation Taxes Act
<ins class="d30p714 first last">
<noteRef href="#c855266" marker="F30" class="commentary attribute F"/>
1988
</ins>
.
</p>
</content>
</subsection>
<subsection eId="section-134-3">
<num>3</num>
<intro>
<p>In this Act—</p>
</intro>
<paragraph eId="section-134-3-a">
<num>a</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855267" marker="F31" class="commentary F"/>
</p>
</content>
</paragraph>
<paragraph eId="section-134-3-b">
<num>b</num>
<content>
<p>Parts IV and V, so far as they relate to income tax, shall be construed as one with the Income Tax Acts and, so far as they relate to corporation tax, shall be construed as one with the Corporation Tax Acts;</p>
</content>
</paragraph>
<paragraph eId="section-134-3-c">
<num>c</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855268" marker="F32" class="commentary F"/>
</p>
</content>
</paragraph>
<paragraph eId="section-134-3-d">
<num>d</num>
<content>
<p>
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
<noteRef href="#c855269" marker="F33" class="commentary F"/>
</p>
</content>
</paragraph>
</subsection>
<subsection eId="section-134-4">
<num>4</num>
<content>
<p>Except so far as the context otherwise requires, any reference in this Act to any enactment shall be construed as a reference to that enactment as amended, and as including a reference to that enactment as applied, by or under any other enactment, including this Act.</p>
</content>
</subsection>
<subsection eId="section-134-5">
<num>
<noteRef href="#c855270" marker="F34" class="commentary F"/>
5
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subsection>
<subsection eId="section-134-6">
<num>6</num>
<content>
<p>If the Parliament of Northern Ireland passes provisions amending or replacing any enactment of that Parliament referred to in this Act the reference shall be construed as a reference to the enactment as so amended or, as the case may be, as a reference to those provisions.</p>
</content>
</subsection>
<subsection eId="section-134-7">
<num>7</num>
<content>
<p>The enactments mentioned in Schedule 28 to this Act are hereby repealed to the extent mentioned in the third column of that Schedule, but subject to any provision at the end of any Part of that Schedule.</p>
</content>
</subsection>
</section>
</part>
</portionBody>
</portion>
</akomaNtoso>