Finance Act 1980

SCHEDULES

F1 F1 SCHEDULES 1, 2 U.K.

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Textual Amendments

F1 Schs. 1, 2 repealed by Finance Act 1981 (c. 35, SIF 40:1), s. 139(6), Sch. 19 Pt. III

F2 F2 SCHEDULES 3, 4 U.K.

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Textual Amendments

F2 Schs. 3, 4 repealed by Finance Act 1981 (c. 35, SIF 40:1), s. 139(6), Sch. 19 Pt. III Note 3

Section 6(4).

[F3 SCHEDULE 5 U.K. Gaming Licence Duty

Textual Amendments

F3 Sch. 5 repealed (E.W.S.) (with saving) by Betting and Gaming Duties Act 1981 (c. 63, SIF 12:2), s. 34(1)(2), Sch. 6 para. 3, Sch. 7

Gross gaming yield U.K.

1 (1) Subject to sub-paragraph (2) below, the gross gaming yield from any premises in any period shall consist of— U.K.

(a) the receipts in that period from charges made in connection with gaming on the premises by way of games to which section 13 of the M1 Betting and Gaming Duties Act 1972 for the time being applies, being charges authorised by regulations under section 14(2) of the M2 Gaming Act 1968 but exclusive of value added tax and of any charge the payment of which does no more than entitle a person to admission to the premises; and

(b) where a provider of the premises (or a person acting on his behalf) is banker in relation to any such gaming as aforesaid, the difference between—

(i) the value in money or money’s worth of the stakes staked with the banker in such gaming; and

(ii) the value in money or money’s worth of the winnings paid by the banker to those taking part in such gaming otherwise than on behalf of a provider of the premises.

(2) The Treasury may by order made by statutory instrument amend sub-paragraph (1) above; and subsection (3) of section 15 of the said Act of 1972 (affirmative procedure for orders amending list of chargeable games) shall apply in relation to an order under this sub-paragraph as it applies to an order under subsection (1) of that section.

Marginal Citations

M1 1972 c. 25.

M2 1968 c. 65.

Returns and payment U.K.

2 (1) The Commissioners may make regulations— U.K.

(a) requiring returns to be made of the gross gaming yield from any premises in any period, being returns certified in such manner as may be specified in the regulations;

(b) requiring returns to be made of expenses incurred in providing facilities for, or in providing anything in connection with, gaming on premises in respect of which a gaming licence is or has been in force and of bad debts incurred in the provision of such gaming;

(c) requiring gaming licence duty chargeable by reference to gross gaming yield to be paid at such time and in such manner as may be specified in the regulations.

(2) Sub-paragraph (1) above is without prejudice to paragraph 8 of Schedule 2 to the said Act of 1972 (general power to make regulations in connection with gaming licence duty) and paragraph 13(1) of that Schedule (penalties) shall apply to regulations under this paragraph as it applies to regulations under the said paragraph 8.

(3) Regulations under sub-paragraph (1) above or under the said paragraph 8 may be framed by reference to requirements for the time being in force under the M3 Gaming Act 1968.

Marginal Citations

M3 1968 c. 65.

Power to estimate duty U.K.

3 (1) Where an amount is due on account of gaming licence duty chargeable by reference to gross gaming yield but the Commissioners are unable to ascertain the amount of the duty properly due because— U.K.

(a) returns, accounts, records or other documents have not been made, kept, preserved or produced as required by regulations made under this Schedule or the said Schedule 2; or

(b) it appears to the Commissioners that any returns, accounts, records or other documents are incomplete or incorrect,

they may estimate the amount due.

(2) Without prejudice to the recovery of the full amount due or to the making of a further estimate, the amount estimated shall be recoverable as duty properly due unless in any action relating thereto the person liable proves the amount properly due and that amount is less than the amount estimated.

Recovery of duty U.K.

4 (1) The duty payable in accordance with paragraph (b) of section 6(1) or (2) of this Act on a gaming licence in respect of any premises for any period shall be payable by the person who was the holder of the licence but, if not paid by him as required by regulations under paragraph 2(1)(c) above, shall be recoverable from each of the persons mentioned in sub-paragraph (2) below. U.K.

(2) The persons referred to above are—

(a) the person who was the holder of the licence;

(b) any other person who was a provider of the premises in the period;

(c) any other person concerned in the organisation or management of the gaming on the premises in the period; and

(d) any director of a company which falls within paragraphs (a), (b) or (c) above.

(3) In paragraphs 10(1) and 11 of the said Schedule 2 (recovery by distress and priority in bankruptcy etc.) after the words “by virtue of paragraph 1 or 12(2)(b) of this Schedule” there shall be inserted the words “or of section 6 of the Finance Act 1980 or Schedule 5 to that Act”.

(4) Where under paragraph 10 of the said Schedule 2 distress is levied for any amount estimated under paragraph 3 above and it is afterwards proved that the amount properly due was less than the amount estimated, that shall not affect the legality of the distress or anything done under paragraph 10 in connection therewith but the proceeds of sale shall be applied under sub-paragraph (3) of that paragraph in accordance with the amount properly due and not in accordance with the amount estimated.

Enforcement U.K.

5 (1) At the end of paragraph 12(1)(b) of the said Schedule 2 (under which there is a contravention of section 13(3) of the said Act of 1972 unless a provider of the premises in question is the holder of an appropriate licence) there shall be added the words “and has paid all amounts of gaming licence duty which are payable (or which he reasonably believes are payable) by him before that time”. U.K.

(2) In paragraph 12(2)(a) of the said Schedule 2 (penalties) for the words from “be liable” onwards there shall be substituted the words “be liable—

(i) on summary conviction, to a penalty of the prescribed sum (as defined in section 171(2) of the Customs and Excise Management Act 1979) or to imprisonment for a term not exceeding six months or to both;

(ii) on conviction on indictment, to a penalty of any amount or to imprisonment for a term not exceeding two years or to both.”

(3) Sub-paragraph (2) above has effect from 1st October 1981.

6 U.K. In paragraph 15(1) of the said Schedule 2 (search of premises) after the words “any premises” there shall be inserted the words “or that evidence of any such contravention is to be found there”.

Changes of ownership U.K.

7 (1) Paragraph 4 of Schedule 2 to the said Act of 1972 (transfer of licences) shall cease to have effect and section 13(2) of that Act and paragraph 3 of Schedule 2 to that Act (under which gaming licences expire on 31st March and 30th September) shall have effect subject to the following provisions. U.K.

(2) A gaming licence in respect of any premises shall expire if the holder ceases to be a provider of the premises.

(3) Where a licence in respect of any premises expires by virtue of sub-paragraph (2) above another gaming licence may be granted in respect of the premises, and any such licence—

(a) shall be expressed to take effect on the day following that on which the previous licence expired; and

(b) subject to that sub-paragraph, shall expire when the previous licence would have expired apart from the provisions of this paragraph.

(4) The Commissioners may allow an application for a licence under sub-paragraph (3) above to be made later than required by paragraph 3(1) of the said Schedule 2.

Charge of duty in respect of short licence periods U.K.

8 (1) The parts of gross gaming yield which in accordance with the Table in section 6(1)(b) of this Act are chargeable at rates other than the highest shall, in the case of a licence to which this paragraph applies, be reduced in accordance with regulations made by the Commissioners. U.K.

(2) This paragraph applies to a licence if it is one of two or more licences which by virtue of paragraph 7 above are in force in respect of the same premises for consecutive periods all of which expire in the six months ending with 31st March or 30th September in any year.

(3) This paragraph also applies to a licence in respect of any premises if—

(a) the licence is not for the whole of the period of six months ending with 31st March or 30th September in any year; and

(b) a club has in the course of those six months transferred gaming from those premises to other premises or from other premises to those premises.

9 (1) Where a licence is one of two or more licences which by virtue of paragraph 7 above are in force in respect of the same premises for consecutive periods all of which expire in the six months ending with 31st March 1981 or 30th September 1981— U.K.

(a) the amount referred to in paragraph (a) of subsection (2) of section 6 of this Act shall be payable only when applying for the first of those licences; but

(b) paragraph (b) of that subsection shall have effect in relation to each of the licences as if there had been paid when applying for it a part of that amount (after any increase or reduction under subsection (3) of that section) proportionate to the duration of the licence.

(2) If the holder of any of the licences referred to in sub-paragraph (1) above other than the first makes an application under paragraph 5 of the said Schedule 2—

(a) the amount of additional duty shall be calculated under sub-paragraph (3) of that paragraph as if the amount referred to in section 6(2)(a) of this Act had been payable on the licence; and

(b) any additional duty paid shall for the purposes of sub-paragraph (1)(b) above be added to the part apportioned to the licence.

Alteration and surrender of licences etc. U.K.

10 (1) In relation to a licence for a period beginning on or after 1st October 1980 any reference to the duty paid or payable on a licence in paragraph 5 or 6 of the said Schedule 2 shall be construed as a reference to the duty paid or payable without reference to gross gaming yield. U.K.

(2) The said paragraph 6 shall not apply to any licence for a period beginning on or after 1st October 1981.

Co-operation with Gaming Board U.K.

11 (1) No obligation as to secrecy or other restriction on the disclosure of information imposed by statute or otherwise shall prevent— U.K.

(a) the Commissioners or an authorised officer of the Commissioners from disclosing to the Gaming Board for Great Britain or to an authorised officer of that Board, or

(b) that Board or an authorised officer of that Board from disclosing to the Commissioners or to an authorised officer of the Commissioners,

information for the purpose of assisting the Commissioners in the performance of their duties with respect to gaming licence duty or, as the case may be, the Board in the performance of their duties under the said Act of 1968.

(2) Information obtained in pursuance of this paragraph shall not be disclosed except—

(a) to the Commissioners or the Board or an authorised officer of the Commissioners or the Board; or

(b) for the purpose of any proceedings connected with a matter in relation to which the Commissioners or the Board perform such duties as aforesaid.

Modification of agreements U.K.

12 U.K. Paragraph 17 of the M4 said Schedule 2 (modification of agreements made before 1st October 1970 where additional duty is payable under the Finance Act 1970 as compared with section 13 of the M5 Finance Act 1966) shall have effect in relation to section 6 of this Act as if for references to 1st October 1970, the Finance Act 1970 and section 13 of the Finance Act 1966 there were substituted respectively references to 1st October 1980, the said section 6 and section 14 of the said Act of 1972.

Marginal Citations

M4 1970 c. 24.

M5 1966 c. 18.

Regulations U.K.

13 U.K. Regulations under this Schedule shall be made by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.

Interpretation U.K.

14 U.K. In this Schedule—

• “the Commissioners” means the Commisioners of Customs and Excise;

• “gaming” has the same meaning as in the said Act of 1968;

• “provider”, in relation to any premises used for gaming, means any person having a right to control the admission of persons to those premises, whether or not he also has a right to control the admission of persons to the gaming.]

Section 7.

F4 SCHEDULE 6 U.K. Gaming Machine Licence Duty

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Textual Amendments

F4 Sch. 6 Pt. I repealed by Betting and Gaming Duties Act 1981 (c. 63), s. 34(2), Sch. 7 and Sch. 6 Pt. II repealed by Finance Act 1985 (c. 54), s. 98, Sch. 27 Pt. II

SCHEDULE 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5 U.K.

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Textual Amendments

F5 Sch. 7 repealed by Finance Act 1981 (c. 35), s. 139 and Sch. 19 Part VII in relation to any period of account ending on or after 14 November 1980. see Finance Act 1981 (c. 35), s. 35 and Sch. 10 para.4 in relation to relief deferred to a period ending on or including 14 November 1980.

F6 F6 SCHEDULES 8–11 U.K.

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Textual Amendments

F6 Schedules 8–11 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31.

SCHEDULE 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7 U.K.

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Textual Amendments

F7 Schedules 12, 13 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4) and Sch. 2.

SCHEDULE 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8 U.K.

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Textual Amendments

F8 Schedules 12, 13 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4) and Sch. 2.

F9 F9 SCHEDULES 14, 15 U.K.

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Textual Amendments

F9 Schedules 14, 15 repealed by Capital Transfer Tax Act 1984 (c. 51), ss. 274, 277, Schs. 7, 9

F10 F10 SCHEDULE 16 U.K.

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Textual Amendments

F10 Schedule 16 repealed by Finance Act 1982 (c. 39), s. 157, Sch. 22 Pt. VII Note 3

Section 106.

SCHEDULE 17 U.K. Transfers of Interests in Oil Fields

Modifications etc. (not altering text)

C1 Definitions applied for purposes of Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 64—transfers of interests in oil fields.

Sch. 17 applied (27.7.1999) by 1999 c. 16, s. 97(3)

C2 See also Finance Act 1981 (c. 35), s. 112 for application of s. 111 of that Act (restriction of expenditure supplement) and Oil Taxation Act 1975 (c. 22), s. 9 (limit on amount of tax payable) in case of a transfer.

Part I U.K. Preliminary

Modifications etc. (not altering text)

C3 See also—

Interpretation U.K.

1 (1) For the purposes of this Schedule a participator in an oil field transfers the whole or part of his interest in the field whenever as a result of a transaction or event other than— U.K.

(a) the making of an agreement or arrangement of the kind mentioned in paragraph 5 of Schedule 3 to the Oil Taxation Act 1975; or

(b) a re-determination under a unitisation agreement,

the whole or part of his share in the oil to be won and saved from the field becomes the share or part of the share of another person who is or becomes a participator in the field.

(2) In sub-paragraph (1) above a “unitisation agreement” means an agreement for the exploitation of—

(a) an oil field falling within two or more licensed areas; or

(b) any such area as is mentioned in subsection (1)(a) of section 107 of this Act,

and a “re-determination” means, in a case within paragraph (a) above, a re-determination of the apportionment of oil from the field as between the different licensed areas and, in a case within paragraph (b) above, a re-determination of the apportionment mentioned in subsection (1)(b) of that section.

(3) In this Schedule “the old participator” means the participator whose interest is wholly or partly transferred, “the new participator” means the person to whom it is transferred and [F11 “the transfer period” means the chargeable period in which the transfer takes place.]

Textual Amendments

F11 Finance Act 1981 (c. 35), s. 114(2)(a) with effect whether the participator's net profit period ends before or after the passing of that Act

Modifications etc. (not altering text)

C4 Sch. 17 para. 1(2) applied (retrospective to 7.3.2001) by 2001 c. 9, s. 101(4)(5), Sch. 32 para. 4(2)

2 U.K. This Schedule shall be construed as one with Part I of the said Act of 1975, and any reference in this Schedule to a section or Schedule not otherwise identified is a reference to that section or Schedule of that Act.

Notice of transfer U.K.

3 (1) The old and new participators shall within two months after the end of the transfer period deliver to the Board a notice in such form and containing such particulars with respect to the transfer as the Board may prescribe. U.K.

(2) Where as a result of the same transaction or event—

(a) the whole or part of the interest of two or more persons in an oil field becomes the interest or part of the interest of another person; or

(b) parts of a participator’s interest in an oil field are transferred to two or more other persons,

a single notice relating to all the transfers shall be given under this paragraph by all the old participators and new participators, and in relation to any such notice references in paragraphs 4 and 5 below to the old and new participators shall be construed accordingly.

Exclusion of transfer rules U.K.

4 (1) Parts II and III of this Schedule shall not apply in relation to a transfer if the old and new participators make an application in that behalf in the notice under paragraph 3 above and the Board consider that those provisions would not materially affect the total tax chargeable in respect of the field. U.K.

(2) The Board shall give notice of their decision under this paragraph to the old and new participators.

Partial transfers U.K.

5 (1) Where the transfer is of part of the old participator’s interest in the field the notice under paragraph 3 above shall state what the old and new participators propose should be the corresponding part of the amounts to be transferred to the new participator under paragraphs 6, 7 and 8 below and of the old participator’s share of oil to be treated as that of the new participator under paragraph 9 below; and subject to the following provisions of this paragraph, the corresponding part shall for the purposes of those provisions be taken to be such part as is determined by the Board and specified in a notice given to the old and new participators. U.K.

(2) If the corresponding part determined by the Board differs from that proposed by the old and new participators they or any of them may by notice in writing given to the Board not more than three months after the notice given by the Board under sub-paragraph (1) above appeal to the Special Commissioners; but the bringing of an appeal shall not affect the operation of the notice given by the Board.

(3) The old participator or the new participator shall, whether or not himself the appellant, be entitled to appear and be heard on the appeal and in any proceedings arising out of it.

(4) An appeal may be abandoned by notice in writing to the Board; and if before an appeal is determined the old and new participators agree with the Board on what should be the corresponding part referred to above the Board’s notice under subsection (1) above shall have effect as if that were the part specified in it.

(5) Where the corresponding part referred to above as specified in the Board’s notice under sub-paragraph (1) is varied on appeal, the Board’s notice shall have effect as if the varied part had been specified in it; and all such assessments or determinations or adjustments shall be made as are necessary in consequence of the variation.

Part II U.K. Transfer of Old Participator’s Expenditure Relief, Losses and Exemptions

Unused expenditure relief U.K.

6 (1) There shall be transferred to the new participator the whole or, if the transfer is of part of the old participator’s interest in the field, a corresponding part of any amount which— U.K.

(a) would, apart from this paragraph, fall to be taken into account under section 2(9)(b) in computing the assessable profit or allowable loss accruing to the old participator from the field in the transfer period or a later chargeable period; and

(b) is attributable to expenditure allowed to the old participator under Schedule 5 in accordance with his interest in the field before the transfer.

(2) If the whole of the old participator’s interest in the field is transferred in the transfer period (whether to one new participator or partly to one and partly to another or others) there shall be transferred to the new participator the whole or, as the case may be, to each of them a corresponding part, of any amount which—

(a) would, apart from this paragraph, fall to be taken into account under section 2(9)(c) in computing the assessable profit or allowable loss accruing to the old participator from the field in the transfer period or a later chargeable period; and

(b) is attributable to expenditure incurred by the old participator before the transfer and allowed to him under Schedule 6.

(3) Any amount transferred to the new participator under this paragraph shall, instead of being taken into account as mentioned in sub-paragraph (1)(a) or (2)(a) above, be taken into account in computing the assessable profit or allowable loss accruing to the new participator from the field.

Unused losses U.K.

7 (1) There shall be transferred to the new participator the whole or, if the transfer is of part of the old participator’s interest in the field, a corresponding part of any loss which the Board have determined under Schedule 2 has accrued to the old participator from the field [F12 in the transfer period or any earlier chargeable period] to the extent that it has not been relieved against assessable profits accruing to him in the transfer period or an earlier chargeable period. U.K.

(2) Any amount of a loss transferred to the new participator under this paragraph may be relieved under section 7 against assessable profits accruing to the new participator in the transfer period or a later chargeable period and shall not be set off against assessable profits of the old participator [F12 and, for the purposes of effecting such relief, subsection (1) of section 7 shall have effect as if the word “succeeding” were omitted].

Textual Amendments

F12 Finance Act 1983 (c. 28), s. 41 in relation to transfer periods (see Sch. 17 Pt. I para. 1, ante) ending after 31 December 1982.

Accumulated capital expenditure U.K.

8 (1) There shall be transferred to the new participator the whole or, if the transfer is of part of the old participator’s interest in the field, a corresponding part of the amount which under section 9(3) is the old participator’s accumulated capital expenditure at the end of [F13 the last chargeable period before the transfer period]. U.K.

(2) Subject to paragraph 18 below, any amount transferred under this paragraph shall be treated for the purposes of section 9(3) as, or as part of, the new participator’s accumulated capital expenditure at the end of the transfer [F14 period] and later [F14 chargeable periods] and not as, or as part of, the old participator’s accumulated capital expenditure at the end of any such [F14 period].

Textual Amendments

F13 Finance Act 1981 (c. 35), s. 114(2)(b) with effect whether the participator's net profit period ends before or after the passing of that Act.

F14 Finance Act 1981 (c. 35), s. 114(2)(c) with effect whether the participator's net profit period ends before or after the passing of that Act.

Excluded oil U.K.

9 U.K. For the purpose of determining under section 10(1)(b) what oil is to be disregarded in computing a participator’s gross profit or loss attributable to oil won from the field after the transfer there shall be treated as if it were the new participator’s, and not the old participator’s, the whole or, if the transfer is of part of the old participator’s interest in the field, a corresponding part of the old participator’s share of oil won and saved from the field before the transfer.

Successive transfers U.K.

10 (1) Where the old participator transfers the whole or part of his interest in a field in which he has himself acquired an interest by a previous transfer, the amounts to be taken into account in determining what is to be transferred to the new participator under paragraphs 6, 7 and 8 above and what is to be the share of oil treated as the new participator’s under paragraph 9 above shall include— U.K.

(a) any amount which falls to be transferred to the old participator under paragraph 6 or 7 above by reference to the previous transfer and has not been taken into account or relieved in relation to him under paragraph 6(3) or 7(2) above; and

(b) any amount or share which falls to be transferred to the old participator or treated as his under paragraph 8 or 9 above by reference to the previous transfer.

(2) Where the old participator makes successive transfers of parts of his interest, the amounts to be transferred to the new participator under paragraphs 6, 7 and 8 above and the share of oil to be treated as the new participator’s under paragraph 9 above by reference to each transfer shall be that amount or share after deducting any of it which falls to be so transferred or treated by reference to a previous transfer.

Part III U.K. Other Rules

Provisional relief for expenditure U.K.

11 U.K. Where at the end of the transfer period the old participator has no interest in the field—

(a) the assessable profit or allowable loss accruing to him from the field in the transfer period shall be computed as if—

(i) the amount referred to in section 2(8)(b) were increased by any amount taken into account under section 2(9)(a) in computing the assessable profit or allowable loss accruing to him from the field in the preceding chargeable period; and

(ii) the amount referred to in section 2(9)(a) were nil; and

(b) the assessable profit or allowable loss accruing to him from the field in any later chargeable period in which he has no such interest shall be computed as if the amount referred to in section 2(8)(b) and (9)(a) were nil.

Royalty payments U.K.

12 (1) Where at the end of the transfer period the old participator has no interest in the field— U.K.

(a) any licence debit or credit which, apart from this paragraph, would fall to be taken into account under subsection (6) of section 2 in computing the assessable profit or allowable loss accruing to him from the field in any later chargeable period in which he has no such interest shall not be so taken into account; but

(b) that subsection shall have effect in relation to the transfer period as if the amount of—

(i) any such licence debit or credit as is mentioned in paragraph (a) above; and

(ii) any licence debit or credit that would have fallen to be taken into account as there mentioned for a later chargeable period if the old participator were still a participator,

were an amount to be included in the sum referred to in paragraph (a) or, as the case may be, paragraph (b) of that subsection.

(2) Sub-paragraph (1) above does not affect the amount of any loss transferred under paragraph 7 above.

(3) Notwithstanding anything in section 34 of the Taxes Management Act 1970 (ordinary time limit for assessments) any further assessment or determination or amendment of an assessment or determination required in consequence of sub-paragraph (1) above may be made at any time not later than six years after the end of the later chargeable period referred to in sub-paragraph (1)(a) or (b)(ii) above.

Payments on account and advance payments U.K.

13 (1) For the purpose of computing under the Schedule to the Petroleum Revenue Tax Act 1980 (computation of payment on account) whether any, and if so what, amount of tax is payable under that Act by the old participator and the new participator for the transfer period or any later chargeable period— U.K.

(a) it shall be assumed that any application or proposal made in relation to the transfer under paragraph 4 or 5(1) above and in respect of which the Board have not notified their decision will be accepted by the Board; and

(b) the computation under that Schedule shall be made as if paragraph 6 above applied in relation to expenditure which under paragraph 2(4) of that Schedule is treated as having been allowed under Schedule 5 or 6 as well as to expenditure which has been so allowed.

(2) Where at the end of the transfer period the old participator has no interest in the field he shall not be liable under section 105 of this Act to pay any amount as an advance payment of tax in respect of the field for any subsequent chargeable period in which he has no such interest.

(3) The old participator shall not be entitled to interest under subsection (7) of that section by reason of any such excess as is there mentioned for the transfer period or either of the next two chargeable periods if he and the new participator are connected within the meaning of section [F15 839 of the Taxes Act 1988].

Textual Amendments

F15 Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32

Losses of new participator U.K.

14 (1) Where the Board have determined under Schedule 2 that an allowable loss has accrued to the new participator from the field in the transfer period or a later chargeable period, then, if— U.K.

(a) the loss has been computed by reference to an amount taken into account by virtue of paragraph 6 above; and

(b) the old participator has no interest in the field at the end of the transfer period,

the old and new participators may jointly elect that the loss shall be surrendered to the old participator to the extent that it does not exceed whichever is the lesser of the amount referred to in paragraph (a) above and the total assessable profits as reduced under section 7 that accrued to the old participator from the field in chargeable periods up to and including the chargeable period after the transfer period.

(2) Where any amount of a loss is surrendered under this paragraph it shall be treated—

(a) in relation to the old participator, as an allowable loss accruing to him in the chargeable period next but one after the transfer period; and

(b) in relation to the new participator, as if it has been relieved against assessable profits accruing to him from the field in chargeable periods before that in which it accrued.

Terminal losses U.K.

15 (1) So much of an allowable loss accruing to the new participator from the field as falls to be relieved under section 7(3) but cannot be so relieved against assessable profits accruing to him from the field— U.K.

(a) shall be treated as an allowable loss which falls to be relieved under section 7(3) against assessable profits accruing to the old participator from the field; and

(b) shall not be regarded as an allowable unrelievable field loss in relation to the new participator except to the extent to which it cannot be relieved as mentioned in paragraph (a) above.

(2) Relief by virtue of sub-paragraph (1)(a) above shall be given against the assessable profit accruing to the old participator in an earlier chargeable period only to the extent to which it cannot be given against the assessable profit accruing to him in a later chargeable period.

(3) Where a person is the new participator in relation to two or more old participators—

(a) sub-paragraph (2) above shall have effect as if the reference to the assessable profit accruing to the old participator in a later chargeable period were a reference to the assessble profit accruing to him or any other of the old participators in a later chargeable period; and

(b) the amount to be relieved against the assessable profits of the old participators for any chargeable period shall (if it is less than the aggregate of those profits) be divided in such manner as is just and reasonable having regard to the interests respectively transferred by them to the new participator.

(4) Where a person is the old participator in relation to two or more new participators and amounts in respect of which relief can be given under this paragraph are derived from two or more of them, the relief shall be given in such manner as is just and reasonable having regard to the interests respectively transferred by him to those new participators.

Abortive exploration expenditure U.K.

16 (1) Subject to sub-paragraph (2) below, there shall be allowed under section 5 in the case of the new participator, in connection with any field in which an interest is transferred to him by the old participator, any expenditure incurred— U.K.

(a) by the old participator; or

(b) if the old participator is a company, by a company which is within the meaning of that section associated with the old participator in respect of the expenditure,

if no claim in respect of it has been made under Schedule 7 by the old participator or any such company and the expenditure would be allowable under that section in the case of the new participator if he had himself incurred it.

(2) Sub-paragraph (1) above—

(a) does not apply so long as the old participator or, if the old participator is a company, any company associated with the old participator has an interest in a licence; and

(b) applies to the new participator only if the transfer to him was the last transfer made by the old participator.

(3) For the purposes of sub-paragraph (2) above a company is associated with the old participator if—

(a) one is a 51 per cent. subsidiary of the other and the other is not a 51 per cent. subsidiary of any company; or

(b) each of them is a 51 per cent. subsidiary of a third company which is not itself a 51 per cent. subsidiary of any company;

and section [F16 838 of the Taxes Act 1988] (subsidiaries) shall apply for the purposes of this sub-paragraph.

(4) This paragraph is without prejudice to the application of section 5 in cases where the old participator is a company and the new participator is within the meaning of that section a company associated with the old participator in respect of the expenditure in question.

Textual Amendments

F16 Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32

[F17 Exploration and appraisal expenditure U.K.

Textual Amendments

F17 Finance Act 1983 (c. 28), s. 37(2) and Sch. 8 Part II para. 8.

16A U.K. In relation to exploration and appraisal expenditure to which section 5A applies, paragraph 16 above has effect as if any reference therein to section 5 were a reference to section 5A.]

[F18 Research expenditure U.K.

Textual Amendments

F18 Finance Act 1987 (c. 16, SIF 114), s. 64(2) and Sch. 13 Part II para. 7.

16B U.K. In relation to research expenditure to which section 5B applies, paragraph 16 above has effect as if any reference therein to section 5 were a reference to section 5B.]

Oil allowance U.K.

17 U.K. If the transfer period is one of the first three chargeable periods of the field section 8 shall not apply to the old participator for that period or any earlier period.

Limit on tax payable in transfer year U.K.

18 (1) For the purposes of section 9 in its application to the transfer [F19 period], the accumulated capital expenditure at the end of that [F19 period] of the old participator and the new participator respectively shall be treated as equal to the aggregate of— U.K.

(a) the pre-transfer fraction of what (apart from this paragraph) would be the amount of his accumulated capital expenditure for the purposes of that section at the end of that [F19 period] if any transfer from or to him under paragraph 6 or 8 above were disregarded; and

(b) the post-transfer fraction of what (apart from this paragraph) would be that amount having regard to any transfer from or to him in that [F19 period] under those paragraphs.

(2) For the purposes of this paragraph the pre-transfer and post-transfer fractions are respectively the fractions of the [F19 period] (reckoned in days) which elapse before and begin with the date of the transfer; and if there are two or more transfers in the [F19 period] those fractions shall be determined—

(a) for a participator who is the old participator as respects any of the transfers, by reference to the first transfer as respects which he is the old participator;

(b) for a participator who is the new participator as respects any of the transfers, by reference to the last transfer as respects which he is the new participator;

(c) for a participator who is the old participator as respects one or more of the transfers and the new participator as respects another or others, by reference to whichever results in the smallest amount of accumulated capital expenditure under this paragraph.

Textual Amendments

F19 Finance Act 1981 (c. 35), s. 114(2)(d) with effect whether the participator's net profit period ends before or after the passing of that Act.

Disposal of long-term assets U.K.

19 (1) [F20 Neither] paragraph 4 of Schedule 4 [F21 nor section 7 of the Oil Taxation Act 1983 shall] apply to the disposal of an asset used in connection with an oil field if the disposal is by the old participator (or a person connected with him) to the new participator (or a person connected with him) and the disposal is in pursuance of the transfer by the old participator to the new participator of an interest in the field. U.K.

(2) Section [F22 839 of the Taxes Act 1988] (connected persons) shall apply for the purposes of this paragraph.

Textual Amendments

F20 Oil Taxation Act 1983 (c. 56), Sch. 2 para. 6.

F21 Oil Taxation Act 1983 (c. 56), Sch. 2 para. 6.

F22 Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32

Transfers of oil U.K.

20 U.K. Where in pursuance of the transfer of the whole or part of his interest in the field the old participator transfers his right to any oil already won from the field to the new participator, that oil—

(a) shall not be taken into account under section 2(5) in computing the old participator’s assessable profit or allowable loss in the transfer period; but

(b) shall be taken into account under section 2(5) in computing the new participator’s assessable profit or allowable loss as if it were included in his share of the oil won from the field.

Retention of share of oil U.K.

21 U.K. Where the old participator retains a share of the oil won from the field in pursuance of an agreement between him and the new participator under which the latter undertakes to be responsible for carrying out the old participator’s obligations in connection with the field so far as they relate to that share—

(a) that share shall be taken to belong to the new participator; and

(b) any oil comprised in that share shall be treated as oil acquired by the old participator under an agreement to which paragraph 6 of Schedule 3 applies.

Section 117.

SCHEDULE 18 U.K. Demergers

Part I U.K.

F23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

1–8

Textual Amendments

F23 Schedule 18 Pt. I paras. 1–8 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31.

Part II U.K. Relief From Tax in Respect of Capital Gains

9 Where a company makes an exempt distribution which falls within [F24 Section 213(3)(a) of the Taxes Act 1988]

(a) the distribution shall not be a capital distribution for the purposes of section 72 of the Capital Gains Tax Act 1979 (disposal on receipt of capital distribution); and

(b) sections 77 to 81 of that Act shall, with the necessary modifications, apply as if that company and the subsidiary whose shares are transferred were the same company and the distribution were a reorganisation of its share capital.

Textual Amendments

F24 Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32

10 Subject to paragraph 15 below, neither section 278 nor section 279 of the Taxes Act (charge of tax where company ceases to be a member of a group) shall apply in a case where a company ceases to be a member of a group by reason only of an exempt distribution.

Part III U.K. Relief From Development Land Tax

11 Subject to paragraph 16 below, section 21 of the M6 Development Land Tax Act 1976 (chargeable disposal where company ceases to be a member of a group) shall not apply where a company ceases to be a member of a group by reason only of an exempt distribution.

Marginal Citations

M6 1976 c. 24.

Part IV U.K.

12 (1)(1A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F25

(2)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F26

Textual Amendments

F25 Schedule 18 Pt. IV para. 12(1)(1A) repealed by Finance Act 1986 (c. 41, SIF 114), ss. 74(1)(b)(3), 114 and Sch. 23 Pt. IX(1)

F26 Schedule 18 Pt. IV para. 12(2)(3) repealed by Finance Act 1988 (c. 39, SIF 114), s. 148 and Sch. 14 Pt. XI

Part V U.K. Prevention of Tax Avoidance

F27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

13, 14.

Textual Amendments

F27 Schedule 18 Pt. V paras. 13, 14 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31.

Re-instatement of charge in respect of capital gains U.K.

15 Paragraph 10 above does not apply if within five years after the making of the exempt distribution there is chargeable payment; and the time for making an assessment under section 278 or 279 of the Taxes Act by virtue of this paragraph shall not expire before the end of three years after the making of the chargeable payment.

Re-instatement of development land tax charge U.K.

16 Paragraph 11 above does not apply if within five years after the making of the exempt distribution there is a chargeable payment; and the time for making an assessment under section 21 of the M7 Development Land Tax Act 1976 by virtue of this paragraph shall not expire before the end of three years after the making of the chargeable payment.

Marginal Citations

M7 1976 c. 24.

Part VI U.K.

F28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

17–22

Textual Amendments

F28 Schedule 18 Pt. VI paras. 17–22 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31.

Part VII U.K. Interpretation

23 (1) In this Schedule—

• “chargeable payment” has the meaning given in [F29 Section 214(2) of the Taxes Act 1988];

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F30

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F30

• “exempt distribution” means a distribution which is exempt by virtue of [F29 Section 213(2) of that Act];

• “group”, F31 , means a company which has one or more 75 per cent. subsidiaries together with that or those subsidiaries F32 ;

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F33

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F33

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F33

• “shares” includes stock;

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F33

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F33

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F33

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F33

• . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F33

(2) In determining for the purposes of paragraphs 2 to 6 above whether a company whose shares are transferred by the distributing company is a 75 per cent. subsidiary of the distributing company there shall be disregarded any share capital of the first-mentioned company which is owned indirectly by the distributing company.

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F34

(4) Section 533 of the Taxes Act (meaning of connected persons) applies for the purposes of this Schedule.

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F34

Textual Amendments

F29 Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32

F30 Definitions repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31.

F31 Words repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch.31.

F32 Words repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch.31.

F33 Definitions repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1)

F34 Schedule 18 Pt. VII para. 23(3)(5) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1)

Section 120.

SCHEDULE 19 U.K. National Savings Bank

Payments to National Loans Fund U.K.

1 (1) There shall be paid into the National Loans Fund by the Director of Savings an amount equal to the sums which at the end of 1980 are held by him in respect of investment deposits or are so held to his account otherwise than by the National Debt Commissioners (hereinafter referred to as “the Commissioners”). U.K.

(2) There shall be paid in to that Fund by the Commissioners an amount equal to the sums which at the end of 1980 are held by them or to their account and were paid to them under section 22 of the M8 National Savings Bank Act 1971 or received by them in respect of the investments held by them under that section at the end of that year (hereinafter referred to as “the residual investments”).

(3) The amounts referred to in this paragraph shall be determined by agreement between the Director of Savings, the Commissioners and the Treasury and certified by the Comptroller and Auditor General.

Marginal Citations

M8 1971 c. 29.

Liability to National Loans Fund U.K.

2 (1) The Commissioners shall on 1st January 1981 assume a liability to the National Loans Fund of an amount equal to the excess of— U.K.

(a) the sums charged on the Fund on that date by virtue of section 120 of this Act, over

(b) the aggregate of the amounts required to be paid into the Fund under paragraph 1 above.

(2) The amount of the liability shall be determined by agreement between the Director of Savings, the Commissioners and the Treasury and certified by the Comptroller and Auditor General.

Discharge of liability U.K.

3 (1) The Commissioners shall discharge their liability under paragraph 2 above— U.K.

(a) by paying into the Fund any interest on the residual investment which is received by them after the end of 1980 in respect of periods before the end of that year ;

(b) by paying into the Fund from time to time in accordance with directions given by the Treasury any sums received by them on the redemption of any of those investments ;

(c) by selling any of those invstments at such time and in such manner as the Treasury may direct and paying the proceeds into the Fund.

(2) If all the residual investments have been redeemed or sold but the liability has not been fully discharged under sub-paragraph (1) above, the sum required for discharging the balance shall be issued to the Commissioners out of the Consolidated Fund and paid by them into the National Loans Fund.

(3) If any of the residual investments remain after the liability has been fully discharged any interest received by the Commissioners in respect of those investments shall be paid into the Consolidated Fund and the Treasury may direct that any sums received on the redemption of the investments shall be paid into that Fund or that any of the investments shall be sold in such a manner as the Treasury may specify and the proceeds paid into that Fund.

Interest on residual investments U.K.

4 U.K. Subject to paragraph 3(3) above, the Commissioners shall pay into the National Loans Fund any interest on the residual investment received by them in respect of periods after the end of 1980.

Re-investment U.K.

5 (1) Subject to paragraphs 3 and 4 above, the Commissioners may, if the Treasury so direct, re-invest any sums received by them in respect of the residual investments (whether on redemption or as proceeds of sale) and this Schedule shall apply to the resulting investments as if they were included in the residual investments.

(2) Any sums to be re-invested shall be re-invested, in accordance with any directions given by the Treasury, ina ny such manner for the time being specified in Part II of Schedule 1 to the M9 Trustee Investments Act 1961 as the Treasury may by order specify.

(3) A draft of any statutory instrument containing an order under this paragraph shall be liad before Parliament.

(4) In section 133(3) of the M10 Social Security Act 1975, section 127(3) of the M11 Social Security (Northern Ireland) Act 1975 and sections 37(3). . . F35 of the M12 Employment Protection (Consolidation) Act 1978 for the words “as may be specified by an order of the Treasury for the time being in force under section 22(1) of the National Savings Bank Act 1971” there shall be substituted the words “for the time being specified in Part II of Schedule 1 to the Trustee Investments Act 1961 as the Treasury may specify by an order of which a draft has been laid before Parliament”.

(5) Any order in force under the said section 22(1) at the end of 1980 shall have effect as if made under this paragraph and the provisions amended by sub-paragraph (4) above.

Textual Amendments

F35 Words repealed by Employment Act 1990 (c. 38, SIF 43:5), s. 16(2), Sch. 3

Modifications etc. (not altering text)

C5 The text of Sch. 19 para. 5(4) 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

C6 The “said section 22(1)” means National Savings Bank Act 1971 (c. 29), s. 22(1)

Marginal Citations

M9 1961 c. 62.

M10 1975 c. 14.

M11 1975 c. 15.

M12 1978 c. 44.

Expenses U.K.

6 U.K. The expenses of the Commissioenrs in connection with the residual investments (as agreed between them and the Treasury) shall be deducted in accordance with directions given by the Treasury from the sums payable by the Commissioners under paragraphs 3 and 4 above.

Accounts U.K.

7 (1) The Commissioners shall keep an account of all sums received and paid by them after the end of 1980 in respect of the residual investments and of the re-investments made by them after the end of that year and shall furnish to the Treasury such information relating to the investment as the Treasury may require. U.K.

(2) The Commissioners shall prepare, as respects each year ending with 31st December, a statement of the account referred to in sub-paragraph (1) above and that statement shall, before the end of May next following the expiration of that year, be transmitted to the Comptroller and Auditor General who shall examine, certify and report on it and lay copies of it, together with copies of his report, before Parliament.

Section 122.

SCHEDULE 20 U.K. Repeals

Modifications etc. (not altering text)

C7 The text of Sch. 20 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

Part I U.K. Gaming Licence Duty

Chapter	Short title	Extent of repeal
1972 c. 25.	The Betting and Gaming Duties Act 1972.	Section 14.
		In section 16(2) the definitions of “rateable value” and “valuation list”.
		In Schedule 2, paragraphs 1 and 2, paragraphs 4, 5 and 6, paragraph 8(2)(e), in paragraphs 10(1) and 11 the words “paragraph 1 or 12(2)(b) of this Schedule or of”, and in paragraph 12, in sub-paragraph (1)(b) the words from “and which” to “gaming tables” and sub-paragraphs (2)(b) and (3).
1975 c. 45.	The Finance (No. 2) Act 1975.	Section 2.
1978 c. 42.	The Finance Act 1978.	Section 7.

The repeal of paragraph 4 of Schedule 2 to the Betting and Gaming Duties Act 1972 does not affect licences for periods beginning before 1st October 1980 and the other repeals do not affect licences for periods beginning before 1st October 1981.

Part II U.K. Gaming Machine Licence Duty

Chapter	Short title	Extent of repeal
1972 c. 25.	The Betting and Gaming Duties Act 1972.	In section 21(2) the words “(a) an ordinary licence, being”, paragraph (b) together with the word “or” immediately preceding it and the words from “and where a licence” onwards.
		Section 24.
		In section 25, in subsection (2) the word “ordinary” in both places, in subsection (4)(b) the word “ordinary” and subsection (5).
		In section 26(4), paragraph (a) and in paragraph (b) the words “penny machine or any other”.
		In section 27(2), in the definition of “penny machine”, paragraph (c) together with the word “or” immediately preceding it.
		In Schedule 4, paragraph 4(2), paragraph 5(3) to (5), in paragraph 7(b) the words “in the case of an ordinary licence”, paragraph 8(3) and in paragraph 9(2) the word “either”, sub-paragraph (b) together with the word “or” immediately preceding it.
1972 c. 11 (N.I.).	The Miscellaneous Transferred Excise Duties Act (Northern Ireland) 1972.	In section 43(3) the words “(a) in the case of a licence chargeable under section 44 or 45” and paragraph (b) together with the word “or” immediately preceding it.
		In section 44(1), the words “other than gaming machine licences to which section 45 applies”.
		Section 45.
		In section 46, in subsection (1) the words from the beginning to “applies” and in subsection (2) the words “in the case of a gaming machine licence to which section 44 applies.”
		Section 47(4).
		In Schedule 3, Part II, in paragraph 9(2) the words “an eight-month licence shall expire at the end of 31st October next after that date;” and in paragraph 11(2) the words “(a) in the case of a licence authorising the provision of a gaming machine to which section 44 applies” and sub-paragraph (b) together with the word “and” immediately preceding it.
1975 c. 45.	The Finance (No. 2) Act 1975.	Section 4(1), (2) and (5).

These repeals have effect from 1st October 1980.

Part III U.K. Other Excise Duties

Chapter	Short title	Extent of repeal
1975 c. 45.	The Finance (No. 2) Act 1975.	Section 3(1).
1977 c. 36.	The Finance Act 1977.	Section 5(2) and (3).
		Section 6(2) and (3).
		Schedules 4 and 5.
1977 c. 49.	The National Health Service Act 1977.	In Schedule 15, paragraph 52.
1978 c. 29.	The National Health Service (Scotland) Act 1978.	In Schedule 16, paragraph 34.
1979 c. 47.	The Finance (No. 2) Act 1979.	Sections 2, 3 and 4.
S.I. 1979/1489.	The Tobacco Products (Amendment of Units of Measurement) Order 1979.	The whole Order.

1 U.K. The repeal in the Finance (No. 2) Act 1975 has effect from 29th September 1980.

2 U.K. The repeals in the Finance Act 1977 do not affect licences taken out before 27th March 1980.

Part IV U.K. Value Added Tax

Chapter	Short title	Extent of repeal
1972 c. 41.	The Finance Act 1972.	In section 34, subsection (7), in subsection (8) paragraph (c) together with the word “and” immediately preceding it and in subsection (9) the words “or to section 10 of that Act” and “or section 6 of that Act”.
		Section 35(6).
1978 c. 42.	The Finance Act 1978.	Section 11(1), (2), (5) and (6).

Part V U.K. Abolition of Lower Rate

Chapter	Short title	Extent of repeal
1970 c. 10.	The Income and Corporation Taxes Act 1970.	In section 30(3), the words “not charged at a lower rate”.
		In section 34(1)(iii), the words from “as income” to “rate and”.
		In section 36(1), the words “not chargeable at a lower rate”.
		In section 287(1)(c) the words from “be treated as” to “rate and” and “shall” in the second place where it occurs.
		In section 343(3), in paragraph (c) the words from “be treated as” to “rate and” and “those amounts shall” and in paragraph (i) of the proviso the words “ or any lower rate”.
		In section 399(4)(c), the words from “as income” to “rate and”.
		In section 400(3), the words “or any lower rate”.
		In section 403(1), the words “not charged at a lower rate”.
		In section 422(2), the words “or any lower rate” and “not chargeable at a lower rate”.
		In section 424(c), the words “not chargeable at a lower rate”.
		In section 430(1), the words “not chargeable at a lower rate”.
		In section 457(1), the words “not charged at a lower rate”.
		In section 458(1), the words “not charged at a lower rate”.
1971 c. 68.	The Finance Act 1971.	In section 32, in subsection (1)(a) the words “paragraph (aa) or”, subsections (1)(aa), (1A), (1B) and (1C) and in subsection (1D) the words “lower or”, “(aa) or” and “respectively”.
		In Schedule 7, in paragraph 2(2) the words “not charged at a lower rate”.
1972 c. 41.	The Finance Act 1972.	In section 87, in subsection (5)(c) the words from “as income” to “rate and” and in subsection (6) the words “not charged at a lower rate”.
		In Schedule 16, in paragraph 5(2)(d) the words from “as income” to “rate and” and in paragraph 5(6A) the words “not chargeable at a lower rate”.
1973 c. 51.	The Finance Act 1973.	In section 44, the words “not chargeable at a lower rate”.
1975 c. 7.	The Finance Act 1975.	In Schedule 2, in paragraph 19(1A) the words “not chargeable at a lower rate”.
1975 c. 45.	The Finance (No. 2) Act 1975.	In section 34(4)(c), the words from “as income” to “rate and”.
1978 c. 42.	The Finance Act 1978.	In section 14, in subsection (1) the words from “and after” onwards and in subsection (2) the inserted subsections (1A), (1B) and (1C).
		In Schedule 2, paragraphs 2, 5(b), 6, 7, 9, 15(a), 16(a) and 19.

These repeals do not affect the year 1978–79 or 1979–80.

Part VI U.K. Child Tax Allowances

Modifications etc. (not altering text)

C8 Sch. 20 Part VI Section B superseded by Finance Act 1982 (c. 39), s. 157(7)

Section A U.K.

Chapter	Short title	Extent of repeal
1971 c. 68.	The Finance Act 1971.	In Schedule 6, paragraph 9(b).
1974 c. 30.	The Finance Act 1974.	Section 14(3).
1976 c. 40.	The Finance Act 1976.	Section 29(2).
1977 c. 36.	The Finance Act 1977.	Section 26(1) to (4).
1978 c. 42.	The Finance Act 1978.	Section 20(1) and (2).
1979 c. 25.	The Finance Act 1979.	In section 1(4) the words “or 26”.

The repeals in the Finance Act 1971, the Finance Act 1974 and the Finance Act 1978 have effect on the passing of this Act and the other repeals for the year 1981–82 and subsequent years of assessment.

Section B U.K.

Chapter	Short title	Extent of repeal
1970 c. 9.	The Taxes Management Act 1970.	In section 58(3)(b) the figure “11”.
1970 c. 10.	The Income and Corporation Taxes Act 1970.	Sections 10 and 11.
		In section 39(1)(d) the words “relief in respect of a child under section 10(1)(b) or” and the word “child” in the second place where it occurs.
1971 c. 68.	The Finance Act 1971.	In Schedule 4, paragraph 3(1)(a).
		In Schedule 6, paragraph 6.
1976 c. 40.	The Finance Act 1976.	Section 29(3).
1977 c. 36.	The Finance Act 1977.	Section 25.
1978 c. 42.	The Finance Act 1978.	Section 20(3) and (5).
1979 c. 25.	The Finance Act 1979.	Section 1(4).

These repeals have effect for the year 1982–83 and subsequent years of assessment.

Part VII U.K. Retirement Annuities

Chapter	Short title	Extent of repeal
1970 c. 10.	The Income and Corporation Taxes Act 1970.	In section 226(2)(c) the words “to the individual’s personal representatives”.
		In section 226A, in subsection (1)(b) the words “being a lump sum payable to his personal representatives” and in subsections 3(c) and (6) the words “to the individual’s personal representatives.”.
		In section 227, subsections (1C), (2), (2A), (2B) and (3), in subsection (5) the word “either” and subsection (7).
		Section 228(1) to (3).
		In section 229(1) and (2) the words from “and shall accordingly be treated” to “Member”.
1971 c. 68.	The Finance Act 1971.	In Schedule 2, paragraphs 2 to 5 and 7(3).
1977 c. 36.	The Finance Act 1977.	Section 27(1)(a) and (c).

These repeals have effect for the year 1980–81 and subsequent years of assessment but the repeal of section 227(2) to (3) has effect subject to the provisions of section 32(3) and (4) of this Act.

Part VIII U.K. Close Companies

Chapter	Short title	Extent of repeal
1970 c. 10.	The Income and Corporation Taxes Act 1970.	In section 285 subsections (1) to (5) and in subsection (6) the words from “This” to “section” in the third place where it occurs.
		In Schedule 14, paragraph 12.
1974 c. 30.	The Finance Act 1974.	Section 35.
		In section 41(6)(b) the words “for the purposes of that section”.

These repeals have effect for accounting periods ending after 26th March 1980.

Part IX U.K. Income Tax and Corporation Tax: Miscellaneous

Chapter	Short title	Extent of repeal
1970 c. 10.	The Income and Corporation Taxes Act 1970.	Section 414(1)(b) and (3) to (7).
1970 c. 24.	The Finance Act 1970.	Section 34.
1968 c. 3.	The Capital Allowances Act 1968.	In section 1(4) the proviso.
1974 c. 30.	The Finance Act 1974.	In Schedule 1, paragraph 10(b).
1975 c. 45.	The Finance (No. 2) Act 1975.	Section 46(3)(a).
		Section 51.
		In section 70(6) the words from “other than” onwards.
		Section 71(2) and (7).
		In Schedule 9, paragraphs 4 and 8.
		In Schedule 12 in paragraph 2 of Part I and in paragraph 1 of Part II the words “under section 30 of the Finance Act 1971 or” and the words in parenthesis, paragraph 6 of Part I, paragraph 4 of Part III and paragraph 5 of Part IV.
1976 c. 40.	The Finance Act 1976.	Section 63(5)(b).
1977 c. 36.	The Finance Act 1977.	Section 22(2) and (3).
1979 c. 25.	The Finance Act 1979.	Section 1(5).

1 U.K. The repeal of section 414(1)(b) of the Income and Corporation Taxes Act 1970 applies in relation to interest for periods after 20th November 1979.

2 U.K. The repeal in the Finance Act 1974 has effect in relation to interest paid after 26th March 1980.

3 U.K. The repeal of section 46(3)(a) of the Finance (No. 2) Act 1975 does not affect interest on tax charged by assessments notice of which was issued before the passing of this Act.

4 U.K. The repeal of section 51 of the Finance (No. 2) Act 1975 has effect in relation to income or gains which are applicable and applied for provident benefits on or after 1st June 1980.

5 U.K. The repeals in the Finance Act 1976 and the Finance Act 1977 have effect for the year 1981–82 and subsequent years of assessment.

Part X U.K. Capital Gains

Chapter	Short title	Extent of repeal
1970 c. 10.	The Income and Corporation Taxes Act 1970.	In section 267(3), the words “or 97”.
		In section 354 in subsection (1) the words “and chargeable gains” and in subsection (2)(a) the words “out of income or chargeable gains arising as aforesaid”.
		Section 355.
1972 c. 41.	The Finance Act 1972.	In section 93, subsection (1)(b), subsection (2)(b) and in subsection (3) the words “either paragraph of”.
1974 c. 30.	The Finance Act 1974.	Section 43(2).
1976 c. 24.	The Development Land Tax Act 1976.	In Schedule 6, in paragraph 1(5)(b) the words “under section 97 of that Act (unit trusts: in certain cases only one–tenth of gains to be chargeable gains)”.
1978 c. 42.	The Finance Act 1978.	Section 17(1).
1979 c. 14.	The Capital Gains Tax Act 1979.	Sections 94 and 95.
		Section 97.
		Section 100.

The repeals in Acts other than the Capital Gains Tax Act 1979 have effect in relation to disposals after 31st March 1980, the repeal of section 95 of that Act has effect in relation to accounting periods beginning after 5th April 1980 and the other repeals in that Act have effect in relation to disposals after that date.

Part XI U.K. Capital Transfer Tax

Chapter	Short title	Extent of repeal
40 & 41 Vict. c. 13.	The Customs, Inland Revenue, and Savings Banks Act 1877.	In section 12 the words “as often as required”.
1975 c. 7.	The Finance Act 1975.	In Schedule 6, in paragraph 15(1), (2) and (3) the words “and section 84 of the Finance Act 1976”.
1976 c. 40.	The Finance Act 1976.	In section 117(5) the figure “£100,000”.
1978 c. 42.	The Finance Act 1978.	Sections 62 and 63.
		Schedule 10.

The repeal of section 62 of the Finance Act 1978 and Schedule 10 to that Act do not affect chargeable transfers made before 26th March 1980 and the repeal of section 63 of that Act does not affect any transfer of value other than one to which section 86(2) of this Act applies.

Part XII U.K. Stamp Duty

Chapter	Short title	Extent of repeal
16 & 17 Geo. 5. c. 24 (N.I.).	The Finance (Stamp Duty) Act (Northern Ireland) 1926.	The whole Act.
24 & 25 Geo. 5. c. 3 (N.I.).	The Finance (Stamp Duty) Act (Northern Ireland) 1934.	Sections 2 and 3.
1972 c. 41.	The Finance Act 1972.	Section 125.
S.I. 1972/1100 (N.I. 11).	The Finance (Northern Ireland) Order 1972.	Article 12.
1976 c. 40.	The Finance Act 1976.	In section 126(5)(b) the words “within the commonwealth”.

The repeals in the Act and Order of 1972 have effect as from 6th April 1980 and do not affect instruments executed before that date.

Part XIII U.K. Petroleum Revenue Tax

Chapter	Short title	Extent of repeal
1975 c. 22.	The Oil Taxation Act 1975.	In section 5(5) the words “with the omission of sub-paragraphs (2)(b) and (c)”.
1979 c. 47.	The Finance (No. 2) Act 1979.	Section 18.

The repeal in the Finance (No. 2) Act 1979 does not affect chargeable periods ending on or before 31st December 1979.

Part XIV U.K. Development Land Tax

Chapter	Short title	Extent of repeal
1970 c. 9.	The Taxes Management Act 1970.	In section 86A(1) the words “then, except as provided by paragraph 12 of Schedule 7 to the Development Land Tax 1976”.
1976 c. 24.	The Development Land Tax Act 1976.	Section 39.
		In section 40(1) the words “and the disposal is not a disposal falling within section 39(1) above”.
		In Schedule 2, paragraph 8.
		Schedule 7.
		In Schedule 8, paragraph 35(3) and in paragraph 38(1)(a) the words “or sub-paragraph (3)”.
1979 c. 47.	The Finance (No. 2) Act 1979.	In Schedule 4, paragraphs 1 to 3.

1 U.K. The repeal of paragraph 8 of Schedule 2 to the Development Land Tax Act 1976 does not affect realised development value accruing on a disposal before 26th March 1980.

2 U.K. The other repeals do not affect any disposal before 6th August 1980.

Part XV U.K. National Savings Bank

Chapter	Short title	Extent of repeal
1971 c. 29.	The National Savings Bank Act 1971.	Sections 21 to 23.
		Section 24(3).
		In section 25 the words “or investment”.
		In section 26(3) the words “or section 22”.
		Schedule 1.

These repeals have effect from 1st January 1981.