Finance Act 1982

Part I U.K. Customs and Excise

1 Duties on spirits, beer, wine, made-wine and cider. U.K.

(1) In section 5 of the M1 Alcoholic Liquor Duties Act 1979 (excise duty on spirits) for the words from “at the rates” to the end of the section there shall be substituted the words “ at the rate of £14.47 per litre of alcohol in the spirits ”.

(2) In section 36 of that Act (excise duty on beer) for “£18.00” and “£0.60” there shall be substituted “ £20.40 ” and “ £0.68 ” respectively.

(3) For the provisions of Schedule 1 to that Act (rates of excise duty on wine) there shall be substituted the provisions of Schedule 1 to this Act.

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(5) In section 62(1) of that Act (excise duty on cider) for “£7.20” there shall be substituted “ £8.16 ”.

(6) This section shall be deemed to have come into force on 10th March 1982.

Textual Amendments

F1 S. 1(4) repealed by Finance Act 1984 (c. 43, SIF 40:1), s. 128(6), Sch. 23 Pt. I

Modifications etc. (not altering text)

C1 Part of the text of s. 1 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991

Marginal Citations

M1 1979 c. 4

2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2 U.K.

Textual Amendments

F2 S. 2 repealed by Finance Act 1984 (c. 43, SIF 40:1), s. 128(6), Sch. 23 Pt. IV

3 Hydrocarbon oil, etc. U.K.

(1) In subsection (1) of section 6 of the M2 Hydrocarbon Oil Duties Act 1979 (rates of duty on hydrocarbon oil) for the words “£0.1382 a litre” (light oil) there shall be substituted the words “£0.1554 a litre” and for the words “£0.1191 a litre” (heavy oil) there shall be substituted the words “£0.1325 a litre”.

(2) In Schedule 1 to that Act (vehicles which are not road vehicles within the meaning of that Act) in sub-paragraph (a) of paragraph 2 (exclusions by reference to exemptions from duty under the M3 Vehicles (Excise) Act 1971) for the word “or” there shall be substituted the words “section 4(1)(i) of that Act (gritting vehicles)” and at the end of that sub-paragraph there shall be added the words “or section 7(3) of that Act (snow ploughs etc.)”.

(3) Subsection (1) above shall be deemed to have come into force at 6 o’clock in the evening of 9th March 1982.

Modifications etc. (not altering text)

C2 Part of the text of ss. 3 and 4 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

Marginal Citations

M2 1979 c. 5.

M3 1971 c. 10.

4 Aviation gasoline. U.K.

(1) M4 The Hydrocarbon Oil Duties Act 1979 shall have effect subject to the following modifications.

(2) In section 6 (rates of duty on hydrocarbon oils)—

(a) in subsection (1) for the words “subsection (2)” there shall be substituted the words “ subsections (2) and (3) ”; and

(b) at the end of the section there shall be inserted the following subsections—

“(3) In the case of aviation gasoline, the duty of excise charged under subsection (1) above shall be at one half of the rate specified in that subsection in relation to light oil.

(4) In this Act “aviation gasoline” means light oil which—

(a) is specially produced as fuel for aircraft; and

(b) is not normally used in road vehicles: and

(c) is delivered for use solely as fuel for aircraft.”

(3) In section 24 (power to control use of duty-free oil etc.) in subsection (1) after the words “for the purposes of” there shall be inserted the words “ section 6(3) ”.

(4) In subsection (1) of section 27 (interpretation) after the words “In this Act” there shall be inserted the words— “ “aviation gasoline” has the meaning given by section 6(4) above ”.

(5) In Part I of Schedule 3 (regulations under section 21 relating to hydrocarbon oil) after paragraph 10 there shall be inserted the following paragraphs—

“1OA Amending the definition of “aviation gasoline” in subsection (4) of section 6 of this Act.

1OB Conferring power to require information relating to the supply or use of aviation gasoline to be given by producers, dealers and users.

1OC Requiring producers and users of and dealers in aviation gasoline to keep and produce records relating to aviation gasoline.”

(6) In Schedule 4 (regulations under section 24) after paragraph 18 there shall be inserted the following paragraphs—

“18A Prohibiting the use of aviation gasoline otherwise than as a fuel for aircraft.

18B Prohibiting the taking of aviation gasoline into fuel tanks for engines other than aircraft engines.”

(7) Subsections (1) and (2) above shall be deemed to have come into force at 6 o’clock in the evening of 9th March 1982.

Modifications etc. (not altering text)

C3 Part of the text of ss. 3 and 4 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

Marginal Citations

M4 1979 c. 5.

5 Vehicles excise duty: Great Britain. U.K.

(1) The M5 Vehicles (Excise) Act 1971 shall be amended as follows.

(2) For the provisions of Part II of Schedules 1 to 5 (annual rates of duty) there shall be substituted the provisions set out in Schedule 3 to this Act.

(3) In subsection (5) of section 16 (rates of duty for trade licences), including that subsection as set out in paragraph 12 of Part I of Schedule 7, for “£35” and “£7” there shall be substituted respectively “£40” and “£8”.

(4) For Schedule 4 (annual rates of duty on goods vehicles) there shall be substituted the provisions of Part A of Schedule 5 to this Act (which shall, accordingly. have effect as Schedule 4 to the Act of 1971).

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

F4 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) Subsections (2) and (3) above apply in relation to licences taken out after 9th March 1982 and subsections (4) to (6) above apply in relation to licences first having effect after 30th September 1982.

Textual Amendments

F3 S. 5(5) repealed by Finance Act 1988 (c. 39, SIF 107:2), s. 148, Sch. 14 Pt. II

F4 Ss. 5(6) and 6(7) deemed partly repealed retrospectively (20.3.1991) for a specified purpose and repealed fully (25.7.1991) by Finance Act 1991 (c. 31, SIF 107:2), s. 123, Sch. 19 Pt.III, Note 3

Modifications etc. (not altering text)

C4 Part of the text of ss. 5 and 6 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

Marginal Citations

M5 1971 c. 10.

F5 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

Textual Amendments

F5 S. 6 repealed(1.10.1991) by Finance Act 1991 (c. 31, SIF 107:2), ss. 10, 123, Sch. 19 Pt.IV; S.I. 1991/2021, art.2.

7 Additional liability in relation to alteration of vehicle or its use. U.K.

(1) In the Vehicles (Excise) Act 1971 the following section shall be inserted after section 18—

“18A Additional liability in relation to alteration of vehicle or its use.

(1) Where a person convicted of an offence under section 18 of this Act is the person by whom the vehicle in respect of which the offence was committed was kept at the time it was committed, the court shall, in addition to any penalty which it may impose under that section, order him to pay an amount (the “additional duty”) calculated in accordance with this section.

(2) The additional duty shall, subject to subsections (7) and (8) below, be an amount equal to one three-hundred-and-sixty-fifth of the appropriate annual rate of duty for each day in the relevant period.

(3) The following Cases are referred to in sub-sections (5) and (6) below—

CASE A

• Where—

  (a)

  at the time of the offence the vehicle in question had a plated weight (the “higher plated weight” which exceeds the plated weight (the “previous plated weight”) which it had when the current licence was taken out; and

  (b)

  the current licence was taken out at the rate of duty applicable to the previous plated weight.

  CASE B

• Where—

  (a)

  the vehicle in question is a tractor unit (within the meaning of paragraph 15 of Schedule 4 to this Act);

  (b)

  the current licence was taken out at a rate of duty applicable to the use of the vehicle only with semi-trailers having not less than two axles or, as the case may be, only with semi-trailers having not less than three axles; and

  (c)

  the offence consisted in using the vehicle with a semi-trailer with a smaller number of axles than that mentioned in paragraph (b) above, in circumstances in which it was not treated by virtue of paragraph 14(2) of Schedule 4 to this Act as being licensed in accordance with the requirements of this Act.

  CASE C

• Where—

  (a)

  the current licence was taken out at the rate of duty applicable, by virtue of paragraph 8 of Schedule 4 to this Act, to a weight lower than the plated weight of the vehicle in question; and

  (b)

  the offence consisted in using the vehicle in contravention of a condition imposed by virtue of paragraph 8(3) of Schedule 4.

  CASE D

• Where the current licence was taken out at a rate of duty lower than that applicable to the vehicle in question by reference to its plated weight and the circumstances of the case do not bring it within Case A, B or C.

  CASE E

• Where the current licence was taken out at a rate of duty lower than that at which duty was chargeable in respect of that condition or manner of use of the vehicle which constituted the offence and the circumstances of the case do not bring it within Case A, B, C or D.

(4) In this section “current licence” means the licence in relation to which the offence was committed.

(5) In this section “appropriate annual rate of duty” means the difference between the rate of duty at which the current licence was taken out and—

(a) in Case A, the rate which would have been applicable had the current licence been taken out by reference to the higher plated weight;

(b) in Case B, the rate which would have been applicable had the current licence been taken out by reference to that use of the vehicle which constituted the offence;

(c) in Case C, the rate which would have been applicable had the current licence been taken out by reference to the plated weight of the vehicle;

(d) in Case D, the rate which would have been applicable had the current licence been taken out by reference to the plated weight of the vehicle; and

(e) in Case E, the rate which would have been applicable had the current licence been taken out by reference to that condition or use of the vehicle which constituted the offence.

(6) In this section “relevant period” means the period ending with the day on which the offence was committed and beginning—

(a) in relation to Case A, with the day on which the vehicle in question was plated with the higher plated weight; and

(b) in relation to each of the other Cases, with the day on which the current licence first took effect.

(7) Where the person convicted proves—

(a) that throughout any day comprised in the relevant period he was not the keeper of the vehicle in question;

(b) that throughout any such day the vehicle in question was neither used nor kept by him on a public road and that he was exempt by virtue of section 10(2)(b) or (c) of this Act from liability under subsection (1) of that section in respect of that day;

(c) that he had, before his conviction, paid the higher of the two rates of duty referred to in the relevant paragraph of subsection (5) above in respect of the vehicle for any such day, whether or not on a licence; or

(d) that throughout any such day the vehicle was not chargeable with duty;

the additional duty shall be calculated as if that day were not comprised in the relevant period.

(8) Where a person is convicted of more than one contravention of section 18 of this Act in respect of the same vehicle (whether or not in the same proceedings) the court shall, in calculating the additional duty payable in respect of any one of those offences, reduce the amount calculated in accordance with the preceding provisions of this section in relation to a particular period by the amount of the additional duty ordered to be paid under this section in relation to that period in respect of the other offence or, as the case may be, offences.

(9) Except so far as it is proved to have fallen within some other description for the whole of any day comprised in the relevant period, the vehicle in question shall be taken for the purposes of this section to have belonged throughout the relevant period to that description of vehicle to which it belonged for the purposes of duty at the date of the offence.

(10) Where, on a person’s conviction of an offence under section 18 of this Act, an order is made under Part I of the Powers of Criminal Courts Act 1973 placing him on probation or discharging him absolutely or conditionally, this section shall apply as if the conviction were deemed to be a conviction for all purposes.

(11) This section shall have effect subject to the provisions (applying with the necessary modifications) of any enactment relating to the imposition of fines by magistrates’ courts, other than one conferring a discretion as to their amount; and any sum payable by virtue of an order under this section shall be treated as a fine, and the order as a conviction, for the purposes of Part III of the Magistrates’ Courts Act 1980 (including any enactment having effect as if contained in that Part) and of any other enactment relating to the recovery or application of sums ordered to be paid by magistrates’ courts.

(12) In its application to Scotland, this section shall have effect as if for subsections (10) and (11) there were substituted the following subsections—

(10) Where a person is convicted on indictment of, or is charged before a court of summary jurisdiction with, an offence under section 18 of this Act, and an order is made under section 182 or 383 of the Criminal Procedure (Scotland) Act 1975 discharging him absolutely, or under section 183 or 384 of that Act placing him on probation, this section shall apply as if the making of the order were a conviction for all purposes.

(11) Any sum payable by virtue of an order under this section shall be treated as a fine imposed by a court of summary jurisdiction.

(13) This section is subject to Schedule 7 to this Act.”.

F6 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) In Schedule 7 to the Act of 1971 (transitional provisions), the following paragraph shall be inserted after paragraph 17—

“17A Section 18A shall have effect as if—

(a) in subsection (2) for the words “one three-hundred-and-sixty-fifth” there were substituted the words “one twelfth” and for the words “day in the relevant period” there were substituted the words “calendar month or part of a calendar month in the relevant period”;

(b) in subsection (7)—

(i) in paragraph (a), for the word “day” there were substituted the words “month or part of a month”;

(ii) in paragraph (b), for the word “day” there were substituted the words “month or part” and the words from “and that he was exempt” onwards were omitted;

(iii) in paragraphs (c) and (d) and in the words following paragraph (d), for the word “day” there were in each case substituted the words “month or part”;

(c) in subsection (9), for the words “any day comprised in the relevant period” there were substituted the words “any month or part of a month comprised in the relevant period.”.”

F6 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F6 S. 7(2)(4) repealed(1.10.1991) by Finance Act 1991 (c. 31, SIF 107:2), ss. 10, 123, Sch. 19 Pt.IV, Note; S.I. 1991/2021, art.2.

Modifications etc. (not altering text)

C5 The text of s. 7 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

8 Betting and gaming duties. U.K.

(1) Schedule 6 to this Act shall have effect for the purposes of—

(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7

(b) increasing gaming licence duty;

(c) amending the law relating to bingo duty ; and

(d) increasing, and otherwise amending the law relating to, gaming machine licence duty.

(2) Part II of Schedule 6 shall have effect in relation to bets made at any time by reference to an event taking place after 31st March 1982, Part Ill of that Schedule shall have effect in relation to gaming licences for any period beginning after 31st March 1982, Part IV of that Schedule shall have effect in relation to bingo played after 26th September 1982 and Part V of that Schedule shall have effect in relation to gaming machine licences for any period beginning after 30th September 1982.

Textual Amendments

F7 S. 8(1)(a) repealed by Finance Act 1990 (c. 29, SIF 12:2), s. 132, Sch. 19 Pt. I

9 Immature spirits for home use and loss allowance for imported beer. U.K.

(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8

(3) At the end of section 40 of the Alcoholic Liquor Duties Act 1979 (charge of duty on imported beer) there shall be added the following subsection:—

“(3) The duty chargeable on beer to which subsection (1) above applies and which is imported or removed into the United Kingdom in containers having a capacity of more than 10 litres shall be charged on a quantity which is 2 per cent. less than the quantity so imported or removed.”

(4) Subsection (3) above has effect in relation to beer imported or removed into the United Kingdom on or after 1st October 1982.

Textual Amendments

F8 S. 9(1)(2) repealed by Finance Act 1990 (c. 29, SIF 40:1), s. 132, Sch. 19 Pt. I

Modifications etc. (not altering text)

C6 The text of ss. 9(3), 10, 11(2)(3), 12 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

10 Regulator powers. U.K.

(1) In subsection (2) of section 1 of the M6 Excise Duties (Surcharges or Rebates) Act 1979 (regulator powers) for the words from “groups of duties” to “every right” there shall be substituted the words “duties to which this section applies, provide for an adjustment—

(a) of any liability to such a duty; and

(b) of any right”.

(2) For subsections (3) and (4) of section 2 of that Act there shall be substituted the following subsection—

“(3) An order—

(a) may specify different percentages for different cases; but

(b) may not provide for both an addition to any amount payable and a deduction from any other amount payable.”.

(3) In subsection (7) of that section (procedure for certain orders) for the words from “with respect to” to the end of paragraph (b) there shall be substituted the words “—

(a) specifies a percentage by way of addition to any amount payable or increases a percentage so specified; or

(b) withdraws or reduces a percentage specified by way of deduction from any amount payable,”.

Modifications etc. (not altering text)

C7 The text of ss. 9(3), 10, 11(2)(3), 12 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

Marginal Citations

M6 1979 c. 8.

11 Power of Commissioners with respect to agricultural levies etc. U.K.

(1) Notwithstanding that—

(a) agricultural levies, within the meaning of section 6 of M7 the European Communities Act 1972, which are charged on goods exported from the United Kingdom are, in accordance with subsection (4) of that section, paid to and recoverable by the Intervention Board for Agricultural Produce, and

(b) payments made by virtue of Community arrangements to which subsection (3) of that section applies are made by that Board,

proceedings for an offence under the M8 Theft Act 1968, the M9 Theft Act 1978, the M10 Theft Act (Northern Ireland) 1969 or the M11 Theft (Northern Ireland) Order 1978 relating to any such levies or payments may be instituted by the Commissioners.

(2) At the end of Part V of the M12 Customs and Excise Management Act 1979 (control of exportation) there shall be added the following section:—

“68A Offences in relation to agricultural levies.

(1) Without prejudice to section 11(1) of the Finance Act 1982, if any person is, in relation to any goods, in any way knowingly concerned in any fraudulent evasion or attempt at evasion of any agricultural levy chargeable on the export of the goods, he shall be guilty of an offence and may be detained.

(2) Any person guilty of an offence under this section shall be liable, on summary conviction, to a penalty of three times the value of the goods or £200, whichever is the greater.

(3) Any goods in respect of which an offence under this section is committed shall be liable to forfeiture.

(4) In this section “agricultural levy” has the same meaning as in section 6 of the European Communities Act 1972 and the provisions of this section apply notwithstanding that any such levy may be payable to the Intervention Board for Agricultural Produce.”

(3) At the end of section 136 of the M13 Customs and Excise Management Act 1979 (offences in connection with claims for drawback etc.) there shall be inserted the following subsection:—

“(6) Without prejudice to section 6(5) of the European Communities Act 1972 (which provides for the application of certain enactments, including this section, if the Commissioners are charged with the performance on behalf of the Intervention Board for Agricultural Produce, of certain duties in relation to the payment of refunds or allowances on goods exported or to be exported from the United Kingdom)—

(a) references in this section to amounts by way of drawback include amounts payable by the Intervention Board for Agricultura1 Produce by virtue of Community arrangements to which section 6(3) of that Act applies; and

(b) in relation to such amounts, subsection (3) above shall have effect with the omission of the words from “but in the case” onwards.”

Modifications etc. (not altering text)

C8 The text of ss. 9(3), 10, 11(2)(3), 12 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

Marginal Citations

M7 1972 c. 68.

M8 1968 c. 60.

M9 1978 c. 31.

M10 1969 c. 16 (N.I.).

M11 S.I. 1978/1407 (N.I. 23.).

M12 1979 c. 2.

M13 1979 c. 2.

12 Delegation of Commissioners’ functions. U.K.

In subsection (1) of section 8 of the Customs and Excise Management Act 1979 (functions of Commissioners may be exercised by secretaries, assistant secretaries, etc.) for paragraphs (b) and (c) there shall be substituted the following paragraph:—

“(b) any officer or other person acting under the authority of the Commissioners”;

and at the end of that subsection there shall be added the words “ and any statement signed by one or more of the Commissioners certifying that a person specified in the statement was, at a time or for a purpose so specified, acting under the authority of the Commissioners shall be admissible in evidence, and in Scotland shall be sufficient evidence, of the fact so certified. ”

Modifications etc. (not altering text)

C9 The text of ss. 9(3), 10, 11(2)(3), 12 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 II U.K.

13—17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9 U.K.

Textual Amendments

F9 Ss. 13–17 repealed by Value Added Tax Act 1983 (c. 55), s. 50(2), Sch. 11

18, 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F10 U.K.

Textual Amendments

F10 Ss. 18 and 19 repealed by Car Tax Act 1983 (c. 53), s. 10(4), Sch. 3

Part III U.K. Income Tax, Corporation Tax and Capital Gains Tax

Chapter I U.K. General

20—26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11 U.K.

Textual Amendments

F11 Ss. 20–26 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

27 Termination of the option mortgage schemes. U.K.

(1) Subject to the provisions of this section, Part II of the 1967 Act (assistance for house purchase and improvement in Great Britain) and Part VIII of the 1981 Order (option mortgages in Northern Ireland) shall cease to have effect on 1st April 1983.

(2) Nothing in [F12 this Act or the Taxes Act 1988] affects the continuing operation of—

(a) sections 24(2)(a) and 28 of the 1967 Act (entitlement to and calculation of subsidy) with respect to payments falling to be made by the Secretary of State and related to amounts due from the borrower before 1st April 1983 or treated as so due by virtue of section 28(1A) of that Act; or

(b) section 28A of the 1967 Act (recovery of subsidy in certain cases) in its application to any such payments; or

(c) Articles 142(2)(a) and 149 of the 1981 Order (entitlement to and calculation of subsidy) with respect to payments falling to be made by the Department of the Environment for Northern Ireland and related to amounts due from the borrower before 1st April 1983 or treated as so due by virtue of Article 149(2) of that Order; or

(d) Article 150 of the 1981 Order (recovery of subsidy in certain cases) in its application to any such payments.

(3) Nothing in [F12 this Act or the Taxes Act 1988] affects the continuing operation of Part II of the 1967 Act in relation to a loan in respect of which an option notice is in force on 31st March 1983 if—

(a) on that date the residence condition in section 24B of that Act is not fulfilled ; and

(b) as a result either of the lender having first become aware of the fact on or before that date or of a notification having been given on or before that date, the option notice will (assuming the continuation in force of the said Part II) cease to have effect after that date by virtue of paragraph (ix) or paragraph (x) of subsection (3) of section 24 of that Act.

(4) Nothing in [F12 this Act or the Taxes Act 1988] affects the continuing operation of Part VIII of the 1981 Order in relation to a loan in respect of which an option notice is in force on 31st March 1983 if—

(a) on that date the residence condition in Article 145 of that Order is not fulfilled; and

(b) as a result either of the lender having first become aware of that fact on or before that date or of a notification having been given on or before that date, the option notice will (assuming the continuation in force of the said Part VIII) cease to have effect after that date by virtue of sub-paragraph (i) or sub-paragraph (j) of paragraph (4) of Article 142 of that Order.

(5) In this section— “the 1967 Act” means the M14 Housing Subsidies Act 1967; and “the 1981 Order” means the M15 Housing (Northern Ireland) Order 1981.

Textual Amendments

F12 Words substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32

Modifications etc. (not altering text)

C10 See Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 370(3)(a)

Marginal Citations

M14 1967 c. 29.

M15 S.I. 1981/156 (N.I. 3).

28—67. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13 U.K.

Textual Amendments

F13 Ss. 28–67 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31 (and see Finance Act 1988 (c. 39, SIF 63:1, 2), s. 148 and Sch. 14 Pt. VI for partial repeal of s. 41 in relation to acquisitions on or after 26 October 1987)

68 Postponement of recovery of tax. U.K.

(1) In section 55 of the M16 Taxes Management Act 1970 (postponement of recovery of tax) in subsection (2) for the words “If no application is made under subsection (3) below” there shall be substituted the words “ Except as otherwise provided by the following provisions of this section ”.

(2) After subsection (3) of that section there shall be inserted the following subsection—

“(3A) An application under subsection (3) above may be made more than thirty days after the date of the issue of the notice of assessment if there is a change in the circumstances of the case as a result of which the appellant has grounds for believing that he is over-charged to tax by the assessment.”

(3) In subsection (6) of that section (determination of application) in paragraph (a) after the words “subsection (3) above” there shall be inserted the words “ other than an application made by virtue of subsection (3A) above ”.

(4) This section has effect in relation to notices of assessment to tax issued after the passing of this Act.

Modifications etc. (not altering text)

C11 Part of the text of s. 68 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

Marginal Citations

M16 1970 c. 9.

[F14 69

(1) In section 86 of the Taxes Management Act 1970 (interest on overdue tax) in subsection (3) (date when interest becomes payable)—

(a) the following paragraph shall be inserted after paragraph (a)—

“(aa) in relation to any tax payable in accordance with the determination of an appeal against an assessment but which had not been charged by the assessment, the date which if it had been charged would by virtue of paragraph (a) above have been the reckonable date; and”; and

(b) in paragraph (b) after the words “paragraph (a)” there shall be inserted the words “ or paragraph (aa) ”.

(2) This section has effect in relation to notices of assessment to tax issued after the passing of this Act.]

Textual Amendments

F14 S. 69 repealed by Finance Act 1989 (c. 26), s. 187 and Sch. 17 Pt. VIII in relation to tax charged by any assessment notice of which is issued after 30 July 1982

Chapter II U.K.

70–79 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F15 U.K.

Textual Amendments

F15 Ss. 70–79 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4) and Sch. 2

Chapter III U.K. Capital Gains

Modifications etc. (not altering text)

C12 See Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 28 para. 2(2) re computation of offshore income gains

80 Increase and indexation of annual exempt amount. U.K.

(1) In section 5 of the Capital Gains Tax Act 1979 (exemption for first £3,000 of gains)—

(a) for “£3,000”, in each place where it occurs, there shall be substituted “ the exempt amount for the year ”; and

(b) for “£5,000”, where it occurs in subsection (5)(b), there shall be substituted “ an amount equal to twice the exempt amount for the year. ”

(2) After subsection (1) of that section there shall be inserted the following subsections—

“(1A) Subject to subsection (1B) below, the exempt amount for any year of assessment shall be £5,000.

(1B) If the retail prices index for the month of December preceding the year 1983–84 or any subsequent year of assessment is higher than it was for the previous December, then, unless Parliament otherwise determines, subsection (1A) above shall have effect for that year as if for the amount specified in that subsection as it applied for the previous year (whether by virtue of this subsection or otherwise) there were substituted an amount arrived at by increasing the amount for the previous year by the same percentage as the percentage increase in the retail prices index and, if the result is not a multiple of £100, rounding it up to the nearest amount which is such a multiple.

(1C) The Treasury shall, before the year 1983–84 and each subsequent year, make an order specifying the amount which by virtue of this section is the exempt amount for that year; and any such order shall be made by statutory instrument”.

(3) In Schedule 1 to that Act—

(a) the heading shall be changed to “ APPLICATION OF EXEMPT AMOUNT IN PARTICULAR CASES ”;

(b) for the words “the amount of £3,000”, where they occur in paragraphs . . . F16 5(1D), and for “£3,000” in every other place where it occurs, there shall be substituted the words “the exempt amount for the year”;

(c) for “£300”, where it occurs in paragraphs 5(1B) and 6(4), there shall be substituted the words “ one tenth of that exempt amount ”;

(d) for “£1,500”, in each place where it occurs in sub-paragraphs (2) and (4) of paragraph 6, and for “the amount of £1,500”, where it occurs in sub-paragraph (6) of that paragraph, there shall be substituted the words “ one half of the exempt amount for the year ”; and

(e) in sub-paragraph (3) of paragraph 6 for the words from “£5,000” onwards there shall be substituted the words “ “twice the exempt amount for the year” of “one half of the exempt amount for the year” and “the exempt amount for the year” respectively ”.

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F17

(5) This section has effect for the year 1982–83 and subsequent years of assessment.

Textual Amendments

F16 Words repealed by Finance Act 1988 (c. 39, SIF 107:2), s. 148, Sch. 14 Pt. VIII for 1990–91 and subsequent years

F17 S. 80(4) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

Modifications etc. (not altering text)

C13 Part of the text of ss. 80(1)–(3), 83, 84 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

[F18 81 Increase of chattel exemption. U.K.

(1) In the following enactments, namely,—

(a) section 128 of the Capital Gains Tax Act 1979 (chattel exemption by reference to consideration of £2,000),

(b) section 12(2)(b) of the M17 Taxes Management Act 1970 (information about assets acquired), and

(c) section 25(7) of that Act (information about assets disposed of),

for “£2,000”, in each case where it occurs, there shall be substituted “ £3,000 ”.

(2) This section applies to disposals on or after 6th April 1982 and, accordingly, in relation to subsection (1)(b) above, to assets acquired on or after that date.]

Textual Amendments

F18 S. 81 repealed by Finance Act 1989 (c. 26), s. 187 and Sch. 17 Pt. VII in relation to disposals on or after 6 April 1989 (and s. 81(1)(b) repealed in relation to assets acquired on or after 6 April 1989)

Marginal Citations

M17 1970 c. 9.

[F19 82 Extension of general relief for gifts. U.K.

(1) Section 79 of the M18 Finance Act 1980 (which gives relief for disposals between individuals and, by virtue of section 78 of the M19 Finance Act 1981, disposals by individuals to trustees) shall have effect as if references to an individual included references to the trustees of a settlement; but a claim for relief under that section in respect of a disposal to the trustees of a settlement shall be made by the transferor alone (instead of by the transferor and the transferee).

(2) In subsection (4) of that section, the words from “or” onwards shall cease to have effect.

(3) In subsection (5) of that section—

(a) in paragraph (a), for the words from “chargeable” to “purposes” there shall be substituted the words “ attributable to the value of the asset ”; and

(b) the words from “and where” onwards shall cease to have effect.

(4) In section 78 of the Finance Act 1981 (subsections (1) and (3) of which are superseded by this section) in subsection (2) for the words “that section” there shall be substituted the words “ section 79 of the Finance Act 1980 ”.

(5) This section applies to disposals on or after 6th April 1982.]

Textual Amendments

F19 S. 82 repealed by Finance Act 1989 (c. 26), s. 187 and Sch. 17 Pt. VII in relation to disposals on or after 14 March 1989 (except where relief given under Finance Act 1980 (c. 48) s. 79 in respect of a disposal made on or after that date)

Marginal Citations

M18 1980 c. 48.

M19 1981 c. 35.

83 Relief on compulsory purchase. U.K.

After section 111 of the M20 Capital Gains Tax Act 1979 there shall be inserted the foIlowing sections—

“111A Rollover relief on compulsory acquisition.

(1) This section applies where—

(a) on or after 6th April 1982 land (in this section referred to as “the old land”) is disposed of by any person (in this section referred to as “the landowner”) to an authority exercising or having compulsory powers; and

(b) the landowner did not take any steps, by advertising or otherwise, to dispose of the old land or to make his willingness to dispose of it known to the authority or others; and

(c) the consideration for the disposal is applied by the landowner in acquiring other land (in this section referred to as “the new land”) not being land excluded from this paragraph by section 111B below.

(2) Subject to section 111B below, in a case where the whole of the consideration for the disposal was applied as mentioned in subsection (1)(c) above, the landowner, on making a claim as respects the consideration so applied, shall be treated for the purposes of this Act—

(a) as if the consideration for the disposal of the old land were (if otherwise of a greater amount or value) of such amount as would secure that on the disposal neither a gain nor a loss accrues to him; and

(b) as if the amount or value of the consideration for the acquisition of the new land were reduced by the excess of the amount or value of the actual consideration for the disposal of the old land over the amount of the consideration which he is treated as receiving under paragraph (a) above.

(3) If part only of the consideration for the disposal of the old land was applied as mentioned in subsection (1)(c) above, then, subject to section 111B below, if the part of the consideration which was not so applied (in this subsection referred to as “the unexpended consideration”) is less than the amount of the gain (whether all chargeable gain or not) accruing on the disposal of the old land, the landowner, on making a claim as respects the consideration which was so applied, shall be treated for the purposes of this Act—

(a) as if the amount of the gain so accruing were reduced to the amount of the unexpended consideration (and, if not all chargeable gain, with a proportionate reduction in the amount of the chargeable gain); and

(b) as if the amount or value of the consideration for the acquisition of the new land were reduced by the amount by which the gain is reduced (or, as the case may be, the amount by which the chargeable gain is proportionately reduced) under paragraph (a) above.

(4) Nothing in subsection (2) or subsection (3) above affects the treatment for the purposes of this Act of the authority by whom the old land was acquired or of the other party to the transaction involving the acquisition of the new land.

(5) For the purposes of this section—

(a) subsection (2) of section 115 below shall apply in relation to subsection (2)(a) and subsection (2)(b) above as it applies in relation to subsection (1)(a) and subsection (1)(b) of that section; and

(b) subsection (3) of that section shall apply as if any reference to the new assets were a reference to the new land, any reference to the old assets were a reference to the old land and any reference to that section were a reference to this.

(6) Where this section applies, any such amount as is referred to in subsection (2) of section 110 above shall be treated as forming part of the consideration for the disposal of the old land and, accordingly, so much of that subsection as provides for a deemed disposal of other land shall not apply.

(7) The provisions of this Act fixing the amount of the consideration deemed to be given for the acquisition or disposal of assets shall be applied before this section is applied.

(8) In this section— “land” includes any interest in or right over land; and “authority exercising or having compulsory powers” shall be construed in accordance with section 108(5) above.

111B Provisions supplementary to section 111A.

(1) Land is excluded from paragraph (c) of subsection (1) of section 111A above if—

(a) it is a dwelling-house or part of a dwelling-house (or an interest in or right over a dwelling-house), and

(b) by virtue of, or of any claim under, any provision of sections 101 to 105 above (private residences) the whole or any part of a gain accruing on a disposal of it by the landowner at a material time would not be a chargeable gain;

for the purposes of this subsection “a material time” means any time during the period of six years beginning on the date of the acquisition referred to in the said paragraph (c).

(2) If, at any time during the period of six years referred to in subsection (1) above, land which at the beginning of that period was not excluded from section 111A(1)(c) above by virtue of that subsection becomes so excluded, the amount of any chargeable gain accruing on the disposal of the old land shall be redetermined without regard to any relief previously given under section 111A above by reference to the amount or value of the consideration for the acquisition of that land; and all such adjustments of capital gains tax, whether by way of assessment or otherwise, may be made at any time, notwithstanding anything in section 34 of the Taxes Management Act 1970 (time limit for assessments).

(3) Where the new land is a depreciating asset, within the meaning of section 117 below, that section has effect as if—

(a) any reference in subsection (1) or subsection (3) to section 115 or section 116 were a reference to subsection (2) or subsection (3) respectively of section 111A above; and

(b) paragraph (b) of subsection (2) were omitted; and

(c) the reference in subsection (4) to section 115(3) were a reference to that provision as applied by section 111A(5) above.

(4) No claim may be made under section 108 above in relation to a transfer which constitutes a disposal in respect of which a claim is made under section 111A above.

(5) Expressions used in this section have the same meaning as in section 111A above.”

Modifications etc. (not altering text)

C14 Part of the text of ss. 80(1)–(3), 83, 84 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

Marginal Citations

M20 1979 c. 14.

84 Termination of life interest etc. U.K.

(1) In section 55 of the M21 Capital Gains Tax Act 1979, in subsection (1), for the words from the beginning to “market value of the asset” there shall be substituted—

“On the termination, on the death of the person entitled to it, of a life interest in possession in all or any part of settled property—

(a) the whole or a corresponding part of each of the assets forming part of the settled property and not ceasing at that time to be settled property shall be deemed for the purposes of this Act at that time to be disposed of and immediately re-acquired by the trustee for a consideration equal to the whole or a corresponding part of the market value of the asset; but

(b) no chargeable gain shall accrue on that disposal.”;

and subsection (2) of that section shall cease to have effect.

(2) In section 56 of that Act, after subsection (1) there shall be inserted—

“(1A) Where the life interest referred to in subsection (1) above is an interest in part only of the settled property to which section 54 applies, subsection (1)(a) above shall not apply but any chargeable gain accruing on the disposal shall be reduced by a proportion corresponding to that represented by the part.

(1B) The last sentence of subsection (1) of section 55 above, and subsection (6) of that section, shall apply for the purposes of subsection (1A) above as they apply for the purposes of section 55(1).”;

and subsection (2) of section 56 shall cease to have effect.

(3) After section 56 of that Act there shall be inserted—

“56A Effect on sections 55 and 56 of relief under Finance Act 1980, section 79.

(1) This section applies where—

(a) a claim for relief was made under section 79 of the Finance Act 1980 in respect of the disposal of an asset to a trustee, and

(b) the trustee is deemed to have disposed of the asset, or part of it, by virtue of section 54(1) or 55(1)(a) above.

(2) Sections 56(1)(a) and 55(1)(b) shall not apply to the disposal of the asset or part by the trustee, but any chargeable gain accruing to the trustee on the disposal shall be restricted to the amount of the held-over gain (or a corresponding part of it) on the disposal of the asset to him.

(3) Subsection (2) above shall not have effect in a case within section 56(1A) above; but in such a case the reduction provided for by section 56(1A) above shall be diminished by an amount equal to the proportion there mentioned of the held-over gain.

(4) In this section “held-over gain” has the same meaning as in section 79(1) of the Finance Act 1980.”

(4) This section applies in relation to interests terminating on or after 6th April 1982.

Modifications etc. (not altering text)

C15 Part of the text of ss. 80(1)–(3), 83, 84 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

Marginal Citations

M21 1979 c. 14.

85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F20 U.K.

Textual Amendments

F20 S. 85 repealed by Finance Act 1984 (c. 43, SIF 40:1), s. 128(6), Sch. 23 Pt. VIII for disposals on or after 6 April 1984; Ss. 83-88 repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with s. 201(3), Sch. 11 paras. 20, 22, 26(2), 27)

86 Indexation allowance on certain disposals. U.K.

(1) This section applies to any disposal of an asset—

(a) which occurs on or after 6th April 1982, or, if the disposal is by a company, on or after 1st April 1982; [F21 and]

[F21 (b) which occurs after the expiry of the period of twelve months beginning on the date on which the asset in question was acquired or provided (which period is in the following provisions of this Chapter referred to, in relation to a disposal, as “the qualifying period”; and

(c) on which, disregarding the indexation allowance for which provision is made below, a gain would accrue (whether or not that gain would be wholly a chargeable gain)].

(2) In relation to a disposal to which this section applies—

[F22 (a) “the unindexed gain or loss” means the amount of the gain or loss on the disposal computed in accordance with Chapter II of Part II of the Capital Gains Tax Act 1979 and, if there is neither a gain nor a loss on the disposal as so computed, the unindexed gain or loss shall be nil]; and

(b) “relevant allowable expenditure” means, subject to subsection (3) below, any sum which, in the computation of the [F23 unindexed gain or loss], was taken into account by virtue of paragraph (a) or paragraph (b) of subsection (1) of section 32 of that Act.

(3) In determining what sum (if any) was taken into account as mentioned in subsection (2)(b) above, account shall be taken of any provision of any enactment which, for the purpose of the computation under the said Chapter II, increases, excludes or reduces the whole or any part of any item of expenditure falling within the said section 32 or provides for it to be written-down.

(4) The following provisions of this Chapter have effect to provide for an allowance (in those provisions referred to as “the indexation allowance”) which, on a disposal to which this section applies, is to be [F24 set against the unindexed gain or, as the case may be, added to the unindexed loss so as to give the gain or loss for the purposes of the Capital Gains Tax Act 1979 as follows,—

(a) if there is an unindexed gain, the indexation allowance shall be deducted from the gain and, if the allowance exceeds the unindexed gain, the excess shall constitute a loss;

(b) if there is an unindexed loss, the indexation allowance shall be added to it so as to increase the loss; and

(c) if the unindexed gain or loss is nil, there shall be a loss equal to the indexation allowance];

and, accordingly, at the end of subsection (1) of section 28 of that Act (computation of gains accruing on the disposal of assets) there shall be added the words “and sections 86 and 87 of the Finance Act 1982”.

[F25 (5) Notwithstanding anything in section 29 of the Capital Gains Tax Act 1979 (losses to be computed in like manner as gains)—

(a) this section does not apply to a disposal on which a loss accrues ; and

(b) in any case where, on a disposal to which this section does apply, the indexation allowance exceeds the gross gain, no loss shall result and, accordingly, the disposal shall be one on which, after taking account of the indexation allowance, neither a gain nor a loss accrues.]

(6) The provisions of Schedule 13 to this Act have effect for supplementing this section and the following provisions of this Chapter and the preceding provisions of this section have effect subject to the provisions of that Schedule.

Textual Amendments

F21 S. 86(1)(b)(c) and the word preceding them repealed by Finance Act 1985 (c. 54), ss. 68, 98(6), Schs. 19 Pt. I and 27 Pt. VII for disposals made on or after 6 April 1985 or 1 April 1985 for companies, 2 July 1986 for gilt-edged securities (Capital Gains Tax Act 1979 (c. 14, SIF 63:2) Sch. 2) and qualifying corporate bonds (Finance Act 1984 (c. 43, SIF 40:1) s. 64), or 28 February 1986 for other securities within the meaning of Finance Act 1985 (c. 54) Part II Ch. IV

F22 S. 86(2)(a) substituted by Finance Act 1985 (c. 54), s. 68 and Sch. 19 Pt. I for disposals made on or after 6 April 1985, or 1 April 1985 for companies, or 28 February 1986 for securities within the meaning of Finance Act 1985 (c. 54) Part II Ch. IV other than gilt-edged securities (Capital Gains Tax Act 1979 (c. 14, SIF 63:2) Sch. 2) and qualifying corporate bonds (Finance Act 1984 (c. 43, SIF 40:1) s. 64), which are not affected

F23 Words substituted by Finance Act 1985 (c. 54), s. 68 and Sch. 19 Pt. I for disposals made on or after 6 April 1985, or 1 April 1985 for companies, or 28 February 1986 for securities within the meaning of Finance Act 1985 (c. 54) Part II Ch. IV other than gilt-edged securities (Capital Gains Tax Act 1979 (c. 14, SIF 63:2) Sch. 2) and qualifying corporate bonds (Finance Act 1984 (c. 43, SIF 40:1) s. 64), which are not affected

F24 S. 86(4)(a)–c and the preceding words substituted for words by Finance Act 1985 (c. 54), s. 68 and Sch. 19 Pt. I for disposals made on or after 6 April 1985, or 1 April 1985 for companies, or 28 February 1986 for securities within the meaning of Finance Act 1985 (c. 54) Part II Ch. IV other than gilt-edged securities (Capital Gains Tax Act 1979 (c. 14, SIF 63:2) Sch. 2) and qualifying corporate bonds (Finance Act 1984 (c. 43, SIF 40:1) s. 64), which are not affected

F25 S. 86(5) repealed by Finance Act 1985 (c. 54), ss. 68, 98(6), Schs. 19 Pt. I and 27 Pt. VII for disposals made on or after 6 April 1985 or 1 April 1985 for companies, 2 July 1986 for gilt-edged securities (Capital Gains Tax Act 1979 (c. 14, SIF 63:2) Sch. 2) and qualifying corporate bonds (Finance Act 1984 (c. 43, SIF 40:1) s. 64), or 28 February 1986 for other securities within the meaning of Finance Act 1985 (c. 54) Part II Ch. IV

Modifications etc. (not altering text)

C16 See Finance Act 1985 (c. 54), s. 68(3)(e) and Sch. 19 para. 23

C17 See Finance Act 1983 (c. 28), s. 34 and Sch. 6 para. 3(6) for application of s. 86(1) where election for pooling under Sch. 6 of that Act

C18 See—Finance Act 1988 (c. 39, SIF 107:2), s. 113Finance Act 1990 (c. 29, SIF 40:1), s. 54

C19 See also Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 28 para. 4(3) re computation of offshore income gains

87 Calculation of indexation allowance. U.K.

(1) The provisions of this section have effect for the purpose of computing the indexation allowance on a disposal to which section 86 above applies.

(2) The indexation allowance is the aggregate of the indexed rise in each item of relevant allowable expenditure ; and, in relation to any such item of expenditure, the indexed rise is a sum produced by multiplyiing the amount of that item by a figure expressed as a decimal and determined, subject to subsections (3) and (4) below, by the formula (RD-RI)PRI where—

RD is the retail prices index for the month in which the disposal occurs ; and

RI is the retail prices index for March 1982 or the month [F26 which is the twelfth month after that] in which the expenditure was incurred, whichever is the later.

(3) If, in relation to any item of expenditure,—

[F27 (a) the expenditure is attributable to the acquisition of relevant securities, within the meaning of section 88 below, which are disposed of within the period of ten days beginning on the day on which the expenditure was incurred, or]

(b) RD, as defined in subsection (2) above, is equal to or less than RI, as so defined,

the indexed rise in that item is nil.

(4) If, in relation to any item of expenditure, the figure determined in accordance with the formula in subsection (2) above would, apart from this subsection, be, a figure having more than three decimal places, it shall be rounded to the nearest third decimal place.

(5) For the purposes of this section—

(a) relevant allowable expenditure falling within paragraph (a) of subsection (1) of section 32 of the M22 Capital Gains Tax Act 1979 shall be assumed to have been incurred at the time when the asset in question was acquired or provided; and

(b) relevant allowable expenditure falling within paragraph (b) of that subsection shall be assumed to have been incurred at the time when that expenditure became due and payable.

Textual Amendments

F26 Words repealed by Finance Act 1985 (c. 54), ss. 68, 98(6), Schs. 19 Pt. I and 27 Pt. VII for disposals made on or after 6 April 1985 or 1 April 1985 for companies, 2 July 1986 for gilt-edged securities (Capital Gains Tax Act 1979 (c. 14, SIF 63:2) Sch. 2) and qualifying corporate bonds (Finance Act 1984 (c. 43, SIF 40:1) s. 64), or 28 February 1986 for other securities within the meaning of Finance Act 1985 (c. 54) Part II Ch. IV

F27 S. 87(3)(a) substituted by Finance Act 1985 (c. 54), s. 68 and Sch. 19 Pt. I for disposals made on or after 6 April 1985, or 1 April 1985 for companies, or 28 February 1986 for securities within the meaning of Finance Act 1985 (c. 54) Part II Ch. IV other than gilt-edged securities (Capital Gains Tax Act 1979 (c. 14, SIF 63:2) Sch. 2) and qualifying corporate bonds (Finance Act 1984 (c. 43, SIF 40:1) s. 64), which are not affected

Modifications etc. (not altering text)

C20 See—Finance Act 1988 (c. 39, SIF 107:2), s. 113Finance Act 1990 (c. 29, SIF 40:1), s. 54

C21 See—Finance Act 1983 (c. 28), s. 34 and Sch. 6 para. 5(1)Finance Act 1985 (c. 54), s. 68(3)(b) and Sch. 19 para. 11(1)

C22 See Finance Act 1988 (c. 39, SIF 107:2), Sch. 11 para. 1(2)

C23 S. 87(2) applied (with modifications) (16.1.1992) by S.I. 1992/58, art. 9, Sch. 2 para. 12(1)

C24 See Finance Act 1985 (c. 54), s. 68(3)(c) and Sch. 19 para. 18(4)

C25 See Finance Act 1985 (c. 54), s. 68(3)(a) and Sch. 19 para. 7(3)

Marginal Citations

M22 1979 c. 14.

88 Identification of securities etc. disposed of: general rules. U.K.

(1) With respect to [F28 relevant securities] held on, or acquired on or after, 6th April 1982 or, in the case of a company, 1st April 1982 the provisions of this section (other than subsection (8)) [F29 and section 89 below] have effect in place of sections 65 and 66 of the Capital Gains Tax Act 1979 (pooling and other rules for identification of securities) ; and, in taking account of those provisions,—

(a) this section, [F29 section 89 below] and Part II of Schedule 13 shall have effect subject to section 58 of the M23 Finance (No. 2) Act 1975 (disposal of shares and securities within prescribed period of acquisition); [F30 and]

[F30 (b) the reference in section 68(4) of the Capital Gains Tax Act 1979 (general identification rules for gilt-edged securities) to section 66(1) of that Act shall be construed as including a reference to subsection (4) below].

(2) Where a person disposes of [F28 relevant securities], the securities disposed of shall be identified in accordance with the rules contained in this section with the securities of the same class acquired by him which could be comprised in that disposal, and shall be so identified notwithstanding that they are otherwise identified by the disposal or by a transfer or delivery giving effect to it (but so that where a person disposes of securities in one capacity, they shall not be identified with securities which he holds or can, dispose of only in some other capacity).

(3) [F28 Relevant securities] disposed of on an earlier date shall be identified before securities disposed of on a later date, and the identification of the securities first disposed of shall accordingly determine the securities which could be comprised in the later disposal.

(4) [F28 Relevant securities] disposed of for transfer or delivery on a particular date or in a particular period—

(a) shall not be identified with securities acquired for transfer or delivery on a later date or in a later period and

(b) shall be identified with securities acquired for transfer or delivery on or before that date or in or before that period, but on or after the date of the disposal, rather than with securities not so acquired.

(5) The [F28 relevant securities] disposed of shall be identified—

(a) with securities acquired within the twelve months preceding the disposal rather than with securities not so acquired, and with securities so acquired on an earlier date rather than with securities so acquired on a later date, and

(b) subject to paragraph (a) above, with securities acquired on a later date rather than with securities acquired on an earlier date ; and

(c) with securities acquired at different times on any one day in as nearly as may be equal proportions.

[F31 (5A) If an election has been made under Schedule 6 to the Finance Act 1983, securities disposed of shall be identified with securities comprised in a holding, within the meaning of paragraph 3 of that Schedule, rather than with securities of a description specified in paragraph 1(2)(b) thereof.]

(6) The rules contained in the preceding subsections shall have priority according to the order in which they are so contained.

(7) Notwithstanding anything in subsections (3) to (5) above, where, under arrangements designed to postpone the transfer or delivery of [F28 relevant securities] disposed of, a person by a single bargain acquires securities for transfer or delivery on a particular date or in a particular period and disposes of them for transfer or delivery on a later date or in a later period, then—

(a) the securities disposed of by that bargain shall be identified with the securities thereby acquired ; and

(b) securities previously disposed of which, but for the operation of paragraph (a) above in relation to acquisitions for transfer or delivery on the earlier date or in the earlier period, would have been identified with the securities acquired by that bargain—

(i) shall, subject to subsection (3) above, be identified with any available securities acquired for such transfer or delivery (that is to say, any securities so acquired other than securities to which paragraph (a) above applies and other than securities with which securities disposed of for such transfer or delivery would be identified apart from this subsection) ; and

(ii) in so far as they cannot be so identified shall be treated as disposed of for transfer or delivery on the later date, or in the later period, mentioned above.

(8) The provisions of Part 11 of Schedule 13 to this Act have effect with respect to [F28 relevant securities] acquired before 6th April 1982 or, in the case of a company, before 1st April 1982.

(9) In this section and Schedule 13 to this Act [F32 “relevant securities” means—

(a) securities, within the meaning of [F33 section 710 of the Taxes Act 1988];

(b) deep discount secuities, within the meaining of [F33 Schedule 4 to that Act]; and

(c) securities which are, or have at any time been, material interests in a non-qualifying offshore fund, within the meaning of Chapter [F33 V of Part XVII of the Taxes Act 1988]]

and shares or securities of a company shall not be treated for the purposes of this section and that Schedule as being of the same class unless they are so treated by the practice of The Stock Exchange or would be so treated if dealt with on The Stock Exchange.

Textual Amendments

F28 Words substituted by Finance Act 1985 (c. 54), s. 68 and Sch. 19 Pt. I for disposals made on or after 6 April 1985, or 1 April 1985 for companies, or 28 February 1986 for securities within the meaning of Finance Act 1985 (c. 54) Part II Ch. IV other than gilt-edged securities (Capital Gains Tax Act 1979 (c. 14, SIF 63:2) Sch. 2) and qualifying corporate bonds (Finance Act 1984 (c. 43, SIF 40:1) s. 64), which are not affected

F29 Words repealed by Finance Act 1985 (c. 54), ss. 68, 98(6), Schs. 19 Pt. I and 27 Pt. VII for disposals made on or after 6 April 1985 or 1 April 1985 for companies, 2 July 1986 for gilt-edged securities (Capital Gains Tax Act 1979 (c. 14, SIF 63:2) Sch. 2) and qualifying corporate bonds (Finance Act 1984 (c. 43, SIF 40:1) s. 64), or 28 February 1986 for other securities within the meaning of Finance Act 1985 (c. 54) Part II Ch. IV

F30 S. 88(1)(b) and the word preceding it repealed by Finance Act 1985 (c. 54), s. 98(6) and Sch. 27 Pt. VII for disposals made on or after 6 April 1985 or 1 April 1985 for companies, 2 July 1986 for gilt-edged securities (Capital Gains Tax Act 1979 (c. 14, SIF 63:2) Sch. 2) and qualifying corporate bonds (Finance Act 1984 (c. 43, SIF 40:1) s. 64), or 28 February 1986 for other securities within the meaning of Finance Act 1985 (c. 54) Part II Ch. IV

F31 S. 88(5A) inserted by Finance Act 1983 (c. 28), s. 34(2) and repealed by Finance Act 1985 (c. 54), ss. 68, 98(6), Schs. 19 Pt. I and 27 Pt. VII for disposals made on or after 6 April 1985 or 1 April 1985 for companies, 2 July 1986 for gilt-edged securities (Capital Gains Tax Act 1979 (c. 14, SIF 63:2) Sch. 2) and qualifying corporate bonds (Finance Act 1984 (c. 43, SIF 40:1) s. 64), or 28 February 1986 for other securities within the meaning of Finance Act 1985 (c. 54) Part II Ch. IV

F32 S. 88(9)(a)–(c) and the preceding words substituted for s. 88(9)(a)(b) and the preceding words by Finance Act 1985 (c. 54), s. 68 and Sch. 19 Pt. I for disposals made on or after 6 April 1985, or 1 April 1985 for companies, or 28 February 1986 for securities within the meaning of Finance Act 1985 (c. 54) Part II Ch. IV other than gilt-edged securities (Capital Gains Tax Act 1979 (c. 14, SIF 63:2) Sch. 2) and qualifying corporate bonds (Finance Act 1984 (c. 43, SIF 40:1) s. 64), which are not affected

F33 Words substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32

Modifications etc. (not altering text)

C26 See—Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 149C(4)Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 57 and Sch. 4 para. 12Finance Act 1989 (c. 26), Sch. 11 para. 19Finance Act 1990 (c. 29, SIF 40:1), s. 56 and Sch. 10 para. 24

Marginal Citations

M23 1975 c. 45.

[F34 89

(1) Where, in a case of a man and his wife living with him, one of them—

(a) disposes of securities to his wife or her husband on or after 6th April 1982, and

(b) disposes of other securities, which are of the same kind as those disposed of to the wife or husband, to another person (in this section referred to as “a third party”), the provisions of subsections (3) and (4) below have effect with respect to any securities acquired by the person making those disposals which, but for the provisions of section 88 above, could have been comprised in either of those disposals.

(2) Where a company which is a member of a group of companies—

(a) disposes of securities to another member of the group on or after 1st April 1982, and

(b) disposes of other securities, which are of the same kind as those disposed of to that other company, to another person (in this section referred to as a “third party”) not being another member of the same group, the provisions of subsections (3) and (4) below have effect with respect to any securities acquired by the company making those disposals which, but for the provisions of section 88 above, could have been comprised in either of those disposals.

(3) If, apart from the provisions of this subsection, securities disposed of to a third party—

(a) would be indexed securities, and

(b) but for the disposal referred to in subsection (1)(a) or, as the case may be, subsection (2)(a) above would be unindexed securities,

the identification shall be reversed so that the securities disposed of to the third party (or, if the quantity disposed of to the third party was greater than the quantity disposed of to the wife or husband or, as the case may be, to the other company, a part of them equal to the quantity so disposed of) shall be unindexed securities.

(4) If there is more than one disposal falling within subsection (1)(a) or, as the case may be, subsection (2)(a) above, or more than one disposal to a third party, the provisions of subsection (3) above shall be applied to securities disposed of on an earlier date before being applied to securities disposed of on a later date, and the re-identification of the securities first disposed of shall accordingly determine the way in which this section applies to the securities comprised in the later disposal.

(5) In this subsection “indexed securities” means securities which were acquired or provided more than twelve months before the date of the disposal concerned and “unindexed securities” shall be construed accordingly.

(6) Section 272 of the Taxes Act (groups of companies) shall apply for the purpose of this section as it applies for the purposes of sections 273 to 281 of that Act.

(7) Subsection (9) of section 88 above applies for the purposes of this section as it applies for the purposes of that].

Textual Amendments

F34 S. 89 repealed by Finance Act 1985 (c. 54), ss. 68, 98(6), Schs. 19 Pt. I and 27 Pt. VII for disposals made on or after 6 April 1985 or 1 April 1985 for companies, 2 July 1986 for gilt-edged securities (Capital Gains Tax Act 1979 (c. 14, SIF 63:2) Sch. 2) and qualifying corporate bonds (Finance Act 1984 (c. 43, SIF 40:1) s. 64), or 28 February 1986 for other securities within the meaning of Finance Act 1985 (c. 54) Part II Ch. IV

Modifications etc. (not altering text)

C27 See—Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss. 57, 289 and Sch. 4 para. 12Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 149C

Part IV U.K.

90—127. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F35 U.K.

Textual Amendments

F35 Part IV (ss. 90–127) repealed by Capital Transfer Tax Act 1984 (c. 51), ss. 274, 277, Schs. 7, 9

Part V U.K. Stamp Duty

128 Reduction of duty on conveyances and leases. U.K.

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F36

(2) ln subsection (2) of the said section 55 and of the said section 4 (under which the relief afforded by subsection (1) of those sections is not available as respects the duty chargeable in respect of the premium for a lease if the consideration includes rent exceeding £250 a year) for “£250” there shall be substituted “ £300 ”.

(3) In the heading “Lease or Tack” in Schedule 1 to the M24 Stamp Act 1891 as it applies throughout the United Kingdom—

(a) in paragraph (2)(a) (duty where definite term less than a year of furnished dwelling-house and rent exceeds £400) for “£400” there shall be substituted “ £500 ”, and

(b) in the Table in paragraph (3) (which provides for duty on rent in the case of any other term and the first column of which indicates the rent, the second column the duty where the term does not exceed 7 years or is indefinite, the third column the duty where the term exceeds 7 years but not 35 years, the fourth column the duty where the term exceeds 35 years but not 100 years and the fifth column the duty where the term exceeds 100 years) for the last entry there shall be substituted—

“Exceeding £400 and not exceeding £450.	Nil	9.00	54.00	108.00
Exceeding £450 and not exceeding £500.	Nil	10.00	60.00	120.00
Exceeding £500:
for any full sum of £50 and also for any fractional part thereof.	0.50	1.00	6.00	12.00”

(4) This section applies to instruments executed on or after 22nd March 1982 and shall be deemed to have come into force on that date.

Textual Amendments

F36 S. 128(1) repealed by Finance Act 1984 (c. 43, SIF 114), s. 128(6), Sch. 23 Pt. X

Modifications etc. (not altering text)

C28 The text of s. 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

Marginal Citations

M24 1891 c. 39.

129 Exemption from duty on grants, transfers to charities, etc. U.K.

(1) Where any conveyance, transfer or lease is made or agreed to be made to a body of persons established for charitable purposes only or to the trustees of a trust so established or to the Trustees of the National Heritage Memorial Fund, no stamp duty shall be chargeable by virtue of—

(a) any of the following headings in Schedule 1 to the Stamp Act 1891, namely, “Conveyance or Transfer on Sale”, “Conveyance or Transfer of any kind not hereinbefore described” and “Lease or Tack”, . . . F37

(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F38

on the instrument by which the conveyance, transfer or lease, or the agreement for it, is effected.

(2) An instrument in respect of which stamp duty is not chargeable by virtue only of subsection (1) above shall not be treated as duly stamped unless it is stamped in accordance with section 12 of the M25 Stamp Act 1891 with a stamp denoting that it is not chargeable with any duty.

(3) This section applies to instruments executed on or after 22nd March 1982 and shall be deemed to have come into force on that date.

Textual Amendments

F37 Word repealed by Finance Act 1985 (c. 54, SIF 114), s. 98(6), Sch. 27 Pt. IX(1)

F38 S. 129(1)(b) repealed by Finance Act 1985 (c. 54, SIF 114), s. 98(6), Sch. 27 Pt. IX(1)

Modifications etc. (not altering text)

C29 S. 129 modified by Finance Act 1983 (c. 28, SIF 63:1), s. 46(3)(c)

C30 S. 129 excluded (6.5.1992) by Further and Higher Education Act 1992 (c. 13), s. 88(2); S.I. 1992/831, art. 2, Sch.1

Marginal Citations

M25 1891 c. 39.

130 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F39 U.K.

Textual Amendments

F39 S. 130 repealed by Finance Act 1989 (c. 26, SIF 114), s. 187(1), Sch. 17 Pt. IX

131 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F40 U.K.

Textual Amendments

F40 S. 131 repealed by Capital Transfer Tax Act 1984 (c. 51, SIF 65), s. 277, Sch. 9

Part VI U.K. Oil Taxation

Chapter I U.K. General

132 Increase of petroleum revenue tax and ending of supplementary petroleum duty. U.K.

(1) With respect to chargeable periods ending after 31st December 1982, section 1(2) of the principal Act (rate of petroleum revenue tax) shall be amended by substituting for the words “70 per cent.” the words “ 75 per cent. ”.

(2) At the end of subsection (5) of section 122 of the M26 Finance Act 1981 (the chargeable periods for which supplementary petroleum duty is chargeable) for the words “and 30th June 1982” there shall be substituted the words “ 30th June 1982 and 31st December 1982 and to no other periods ”.

Modifications etc. (not altering text)

C31 Part of the text of ss. 132(2), 133(1) 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

Marginal Citations

M26 1981 c. 35.

133 Export sales of gas. U.K.

(1) In section 2 of the principal Act (assessable profits and allowable losses) at the beginning of subsection (5) there shall be inserted the words “ Subject to subsection (5A) below ” and at the end of that subsection there shall be inserted the following subsection—

“(5A) In any case where oil consisting of gas is disposed of in a sale at arm’s length and the terms of the contract are such that the seller is required to transport the gas from a place on land in the United Kingdom for delivery at a place outside the United Kingdom or to meet some or all of the costs of or incidental to its transportation from and to such places then, for the purposes of this Part of this Act—

(a) the price received or receivable for the gas shall be deemed to be that for which it would have been sold, and

(b) the gas shall be deemed to be delivered at the time it would have been delivered,

if the terms of the contract required the gas to be delivered as mentioned in paragraph 2(2)(b) of Schedule 3 to this Act and did not require the seller to meet any such costs as are mentioned above.”

(2) In section 122(3) of the M27 Finance Act 1981 (gross profit for Purposes of supplementary petroleum duty) for “2(4) and (5)” there shall be substituted “ 2(4) to (5A) ”.

(3) This section has effect with respect to chargeable periods ending after 31st December 1981.

Modifications etc. (not altering text)

C32 Part of the text of ss. 132(2), 133(1) 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

Marginal Citations

M27 1981 c. 35.

134 Alternative valuation of ethane used for petrochemical purposes. U.K.

(1) Where an election is made under this section and accepted by the Board, the market value for taxation purposes of any ethane to which the election applies shall be determined, not in accordance with paragraphs 2, 2A and 3 of Schedule 3 to the principal Act (value under a notional contract), but in accordance with a price formula specified in the election; and, in relation to any such ethane, any reference to market value in any other provision of the principal Act [F41 or in Chapter V of Part XII of the Taxes Act 1988] shall be construed accordingly.

(2) Subject to subsection (3) below, an election under this section applies only to ethane—

(a) which, during the period covered by the election, is either disposed of otherwise than in sales at arm’s length or relevantly appropriated; and

(b) which is used or to be used for petrochemical purposes by or on behalf of the person to whom it is so disposed of or, as the case may be, by or on behalf of the participator by whom it is appropriated; and

(c) which is not subjected to fractionation between the time at which it is disposed of or appropriated as mentioned in paragraph (a) above and the time at which it is used as mentioned in paragraph (b) above.

(3) In any case where—

(a) at a time during the period covered by an election, market value falls to be determined for ethane to which subsection (4)(b) or subsection (5)(d) of section 2 of the principal Act applies (oil stocks at the end of chargeable periods), and

(b) after the expiry of the chargeable period in question, the ethane is disposed of or appropriated and used as mentioned in subsection (2) above,

the market value of that ethane at the time referred to in paragraph (a) above shall be determined as if it were then ethane to which the election applies.

(4) Where any ethane is used principally for the petro-chemical purposes specified in the election but some of it is used for fuel, as an incident of the principal use, the whole of it shall be regarded as ethane to which the election applies; but, subject thereto, the market value of ethane used otherwise than for those purposes shall be determined as if no election had been made.

(5) The provisions of Schedule 18 to this Act shall have effect for supplementing this section.

(6) In the preceding provisions of this section—

(a) “ethane” means oil consisting of gas of which the largest component by volume over any chargeable period is ethane and which—

(i) before being disposed of or appropriated as mentioned in subsection (2)(a) above either is not subjected to initial treatment or is subjected to initial treatment which does not include fractionation, or

(ii) results from the fractionation of gas before it is disposed of or relevantly appropriated;

(b) “taxation purposes” means the purposes of Part I of the principal Act and of Part VIII of the M28 Finance Act 1981 (supplementary petroleum duty).

(7) In this section “fractionation” means the treatment of gas in order to separate gas of one or more kinds as mentioned in Paragraph 2A(3) of Schedule 3 to the principal Act; and for the purposes of subsection (6)(a) above,—

(a) the proportion of ethane in any gas shall be determined at a temperature of 15 degrees centigrade and at a pressure of one atmosphere; and

(b) “component” means ethane, methane or liquified petroleum gas.

Textual Amendments

F41 Words inserted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 29

Marginal Citations

M28 1981 c. 35.

135 Determination of oil fields. U.K.

(1) In any case where a determination of an oil field is made under Schedule 1 to the principal Act and before the date of the determination oil has been won from the oil field so determined,—

(a) Part I of the principal Act, except Schedule 7, and Part VIII of the M29 Finance Act 1981 (supplementary petroleum duty) shall apply as if the determination had been made immediately before oil was first won from the field;

(b) where the actual date of the determination is later than the date which by virtue of paragraph (a) above is the end of a chargeable period for the oil field, then as respects that chargeable period sections 33(1) and 34 of the M30 Taxes Management Act 1970 (in their application by virtue of paragraph 1 of Schedule 2 to the principal Act), paragraphs 2(1), 5(1) and 13 of Schedule 2 to the principal Act and paragraph 9 of Schedule 16 to the Finance Act 1981 shall have effect as if any reference to the end of a chargeable period were a reference to the actual date of the determination;

(c) where the actual date of the determination is later than the date which by virtue of paragraph (a) above is the end of a claim period in relation to the oil field, then as respects that claim period paragraph 2(1) of Schedule 5 to the principal Act and paragraph 1(2) of Schedule 6 to that Act shall have effect as if any reference to the end of the claim period in which the expenditure is incurred were a reference to that actual date; and

(d) where the actual date of the determination is later than the date which by virtue of paragraph (a) above is the end of the transfer period, within the meaning of Schedule 17 to the M31 Finance Act 1980, in relation to the oil field, then as respects that transfer period paragraph 3(1) of that Schedule shall have effect as if the reference to the end of the transfer period were a reference to that actual date.

(2) In any case where—

(a) a determination is made under paragraph 5 of Schedule 1 to the principal Act (variation of fields) varying an earlier determination; and

(b) in consequence of that variation an existing oil field is altered to any extent;

then Part I of the principal Act and Part VIII of the M32 Finance Act 1981 shall apply in relation to the oil field subject only to the modifications provided by subsection (3) below.

(3) Where subsection (2) above applies—

(a) the time allowed—

(i) by paragraph 2 or paragraph 5 of Schedule 2 to the principal Act for making returns, or

(ii) by paragraph 3 of Schedule 17 to the M33 Finance Act 1980 for delivering notices—

shall as respects returns or notices containing such particulars as may be required in consequence of the later determination be extended to a period ending, in the case of a return under paragraph 2 or a notice under paragraph 3, two months and, in the case of a return under paragraph 5, one month after the actual date of that determination;

(b) any claim falling to be made in accordance with Schedule 5 or 6 to the principal Act in respect of any expenditure incurred before the actual date of the later determination which could not have been made before that determination may be made at any time before the expiry of the period of six years beginning with that date;

(c) section 1 of the M34 Petroleum Revenue Tax Act 1980 (payments of tax on account). section 105 of the Finance Act 1980 (advance payments of tax) and paragraph 10 of Schedule 16 to the Finance Act 1981 (payments on account of supplementary petroleum duty) shall not apply in relation to any return made under paragraph 2 of Schedule 2 to the principal Act in so far as it is made by virtue of paragraph (a) above; and

(d) section 139 below (advance petroleum revenue tax) shall not apply in relation to so much of the gross profit as accrues to any person in a chargeable period ending before the actual date of the later determination by virtue only of that later determination.

(4) In subsection (3) of section 12 of the principal Act (references to things done etc. before determination of field) the words from “as regards” to “any oil field” shall cease to have effect.

(5) This section has effect in relation to determinations made after 31st December 1981.

Marginal Citations

M29 1981 c. 35.

M30 1970 c. 9.

M31 1980 c. 48.

M32 1981 c. 35.

M33 1980 c. 48.

M34 1980 c. 1.

136 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F42 U.K.

Textual Amendments

F42 S. 136 repealed by Income and Corporation Taxes 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

137 Expenditure met by regional development grants to be disregarded for certain purposes. U.K.

(1) In paragraph 8 of Schedule 3 to the principal Act (certain subsidised expenditure to be disregarded) in sub-paragraph (1) the words from “unless it is so met by a grant” onwards shall be omitted.

(2) Subject to subsection (3) below, in any case where, by virtue of the said paragraph 8 as amended by subsection (1) above, expenditure which has been or is to be met by a regional development grant is not to be regarded for any of the purposes of Part I of the principal Act as having been incurred by any person, that particular grant shall be regarded as not falling within the reference to a regional development grant in [F43 section 153(1) of the Capital Allowances Act 1990 (treatment of subsidies etc.)].

(3) If, in a case falling within subsection (2) above, only a proportion of the expenditure which has been or is to be met by a regional development grant is expenditure which, if it were not so met, would be allowable under section 3 or section 4 of the principal Act, only a corresponding proportion of the grant shall be regarded as not falling within the reference to regional development grant in the provisions referred to in subsection (2) above.

(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F44

(6) In this section “regional development grant” means a grant made [F45 under the provisions of Part II of the Industrial Development Act 1982 or Part I] of the M35 Industry Act 1972 or such grant made under an enactment of the Parliament of Northern Ireland or Measure of the Northern Ireland Assembly as has been or may be declared by the Treasury under section [F46 153 of the Capital Allowances Act 1990] to correspond to a grant made under [F45 those provisions].

(7) This section applies in any case where—

(a) the expenditure to which the regional development grant relates is incurred after 9th March 1982 ; and

(b) the regional development grant concerned is paid after that date.

Textual Amendments

F43 Words substituted for s. 137(2)(a)(b) by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164 and Sch. 1 para. 4(a)

F44 S. 137(4)(5) repealed by Income and Corporation Taxes 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

F45 Words substituted by Industrial Development Act 1982 (c. 52), s. 19 and Sch. 2 para. 18

F46 Words substituted by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164 and Sch. 1 para. 4(b)

Marginal Citations

M35 1972 c. 63.

138 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F47 U.K.

Textual Amendments

F47 S. 138 repealed by Income and Corporation Taxes 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

Chapter II U.K. Advance Petroleum Revenue Tax

139 Liability for APRT and credit against liability for petroleum revenue tax. U.K.

(1) For each of the following chargeable periods, namely—

(a) the first chargeable period ending after 31st December 1982 [F48 and before 1st January 1987] in which, subject to sections 140 and 141 below, a gross profit accrues to a participator from an oil field, and

(b) every one out of the [F49 immediately succeeding chargeable periods (if any) which ends before 1st January 1987 and] in which, subject to those sections, a gross profit accrues to him from that field,

the participator shall be liable to pay an amount of petroleum revenue tax (to be known as “advance petroleum revenue tax” and in this Chapter referred to as “APRT”) in accordance with this section.

(2) Subject to sections 140 and 141 below, APRT shall be payable on the gross profit accruing to the participator in the chargeable period in question and shall be payable

[F50 (a) for the chargeable period ending on 30th June 1983, at the rate of 20 per cent.;

(b) for subsequent chargeable periods ending on or before 31st December 1984, at the rate of 15 per cent.;

(c) for chargeable periods ending in 1985, at the rate of 10 per cent.; and

(d) for chargeable periods ending in 1986, at the rate of 5 per cent.].

(3) The aggregate of—

(a) [F51 any APRT which is payable and paid] by a participator in respect of any chargeable period and not repaid, and

(b) any APRT which is carried forward from the previous chargeable period by virtue of subsection (4) below,

shall be set against the participator’s liability for petroleum revenue tax charged in any assessment made on him in respect of the assessable profit accruing to him in the period referred to in paragraph (a) above from the oil field in question (which liability is in this Chapter referred to as his liability for petroleum revenue tax for a chargeable period) and shall, accordingly, discharge a corresponding amount of that liability.

(4) If, for any chargeable period, the aggregate of—

(a) [F51 any APRT which is payable and paid] by a participator for that period and not repaid, and

(b) any APRT carried forward from the previous chargeable period by virtue of this subsection,

exceeds the participator’s liability for petroleum revenue tax for that period, the excess shall be carried forward as an accretion to [F51 any APRT paid] (and not repaid) for the next chargeable period; and any reference in this Chapter to a participator’s APRT credit for a chargeable period is a reference to the aggregate of [F51 any APRT paid] for that period and not repaid and any APRT carried forward from the previous chargeable period by virtue of this subsection.

(5) The references in section 1 of the M36 Provisional Collection of Taxes Act 1968 to petroleum revenue tax include a reference to APRT.

(6) The provisions of Schedule 19 to this Act shall have effect for supplementing this section and, accordingly, section 105 of the M37 Finance Act 1980 (advance payments of petroleum revenue tax) shall cease to have effect with respect to chargeable periods ending after 30th June 1983.

(7) This Chapter shall be included in the Oil Taxation Acts for the purposes of sections 107 and 108 of the Finance Act 1980 (transmedian fields and gas banking schemes).

Textual Amendments

F48 Words inserted by Finance Act 1983 (c. 28), s. 35(1)

F49 Words substituted by Finance Act 1983 (c. 28), s. 35(1)

F50 S. 139(2)(a)–(d) substituted for words by Finance Act 1983 (c. 28), s. 35(2)

F51 Words substituted by Finance Act 1983 (c. 28), s. 35(3)

Marginal Citations

M36 1968 c. 2.

M37 1980 c. 48.

140 Increase of gross profit by reference to royalties in kind. U.K.

(1) This section applies where part of a participator’s share of the oil won and saved from an oil field is delivered by him in a chargeable period to the Secretary of State pursuant to a requirement imposed under the terms of a licence granted under the M38 Petroleum (Production) Act 1934.

(2) In determining for the purposes of APRT the gross profit accruing to the participator from the field in the chargeable period the aggregate of the amounts mentioned in paragraphs (a), (b) and (c) of subsection (5) of section 2 of the principal Act shall be increased by multiplying it by a fraction of which—

(a) the numerator is the total of the quantity of oil won from the field which is delivered or relevantly appropriated by him in the period including the oil delivered to the Secretary of State; and

(b) the denominator is that total excluding the oil delivered to the Secretary of State.

(3) Where oil is delivered pursuant to a requirement which relates to oil of one or more kinds but not to others, subsection (2) above shall apply only in relation to oil of the kind or kinds to which the requirement relates ; and where oil is delivered pursuant to a requirement which specifies different proportions in relation to different kinds of oil, that subsection shall apply separately in relation to each of those kinds.

(4) For the purposes of subsection (5) of section 2 of the principal Act as it applies in determining for the purposes of APRT the gross profit accruing to a participator, the exclusion by paragraph 4 of Schedule 3 to that Act of oil delivered to the Secretary of State under the terms of a licence granted under the said Act of 1934 shall be deemed to extend to oil which is inadvertently delivered to him in excess of the amount required ; and oil so delivered shall be treated for the purposes of this section as delivered pursuant to a requirement imposed under the terms of such a licence.

(5) Any reference in this section or in section 141 below to the purposes of APRT includes a reference to the purpose of determining whether APRT is payable for a chargeable period by virtue of section 139(1) above.

Marginal Citations

M38 1934 c. 36.

141 Reduction of gross profit by reference to exempt allowance. U.K.

(1) For the purposes of APRT there shall be for each oil field in each chargeable period an exempt allowance of 500,000 metric tonnes of oil divided between the participators in shares proportionate to their shares of the oil won and saved from the field during the period.

(2) If the gross profit accruing to a participator in a chargeable period from a field exceeds the cash equivalent of his share of the exempt allowance, the gross profit shall be reduced to an amount equal to the excess.

(3) If the gross profit accruing to a participator in a chargeable period from a field does not exceed the cash equivalent of his share of the exempt allowance, the gross profit shall be reduced to nil.

(4) Subject to subsection (5) below, the cash equivalent of a participator’s share of the exempt allowance for an oil field for a chargeable period shall be equal to such proportion of the gross profit accruing to him from the field in that period (before any reduction under this section) as his share of the exempt allowance bears to his share, exclusive of excluded oil within the meaning of section 10 of the principal Act, of the oil won and saved from the field during the period.

(5) If a participator in an oil field so elects by notice in writing given to the Board at the time when he makes his return under paragraph 2 of Schedule 2 to the principal Act for a chargeable period, the cash equivalent of his share of the exempt allowance for the field for that period shall be determined under subsection (4) above—

(a) to the extent that his share of that exempt allowance does not exceed his share of the oil (other than gas) won and saved from the field in the period, as if in computing the gross profit accruing to him in the period all amounts relating to gas fell to be disregarded; and

(b) to the extent, if any, that his share of that allowance exceeds his share of the oil (other than gas) so won and saved, as if in computing the gross profit so accruing all amounts relating to oil other than gas fell to be disregarded.

(6) In this section references to a participator’s share of the oil won and saved from a field are to his share as expressed in metric tonnes and for that purpose 1,100 cubic metres of oil consisting of gas at a temperature of 15 degrees centigrade and pressure of one atmosphere shall be counted as equivalent to one metric tonne of oil other than gas.

142 Consequences of crediting APRT against liability for petroleum revenue tax. U.K.

(1) If it appears to the Board—

(a) that any amount of APRT credit which has been set off against a participator’s assessed liability to petroleum revenue tax for any chargeable period ought not to have been so set off, or that the amount so set off has become excessive, or

(b) that, disregarding any liability to or credit for APRT, a participator is entitled to a repayment of petroleum revenue tax for any chargeable period,

then, for the purpose of securing that the liabilities of the participator to petroleum revenue tax and APRT (including interest on unpaid tax) for the chargeable period in question are what they ought to have been, the Board may make such assessments to, and shall make such repayments of, petroleum revenue tax and APRT as in their judgment are necessary in the circumstances.

(2) In a case falling within paragraph (a) of subsection (1) above, any necessary assessment to petroleum revenue tax may, where the revised amount of set off is ascertained as a result of an appeal, be made at any time before the expiry of the period of six years beginning at the end of the chargeable period in which the appeal is finally determined; and in a case falling within paragraph (b) of that subsection any necessary assessment to APRT may be made at any time before the expiry of the period of six years beginning at the end of the chargeable period in which the participator became entitled as mentioned in that paragraph.

(3)(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F52

(5) Paragraphs 13, 14 and 15 of Schedule 2 to the principal Act (payment of tax, appeals and interest on tax) apply in relation to an assessment to petroleum revenue tax under subsection (1) above as they apply to an assessment under that Schedule.

Textual Amendments

F52 S. 142(3)(4) repealed by Finance Act 1987 (c. 16), s. 72(7) and Sch. 16 Part VII

Part VII U.K. Miscellaneous and Supplementary

143 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F53 U.K.

Textual Amendments

F53 S. 143 repealed by Finance Act 1984 (c. 43), s. 128(6), Sch. 23 Pts. XI, XIV

144

(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F54

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F55

(4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F54

Textual Amendments

F54 S. 144(1)(2)(4)(5) repealed by Finance Act 1989 (c. 26), s. 187(1), Sch. 17 Pt. XI

F55 S. 144(3) repealed by Broadcasting Act 1990 (c. 42), s. 203(3), Sch. 21

145 Certificates of tax deposit: extension of interest period. U.K.

For the purposes of certificates of tax deposit issued by the Treasury under section 12 of the M39 National Loans Act 1968 on terms published before 31st July 1980, the date which is the due date in relation to—

(a) income tax charged at a rate other than the basic rate, and

(b) capital gains tax,

is by virtue of this section postponed, with respect to the year 1980-81 and any subsequent year of assessment, from the date specified in the prospectuses concerned to 1st December following the end of the year of assessment for which the tax is payable.

Marginal Citations

M39 1968 c. 13.

146 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F56 U.K.

Textual Amendments

F56 S. 146 repealed by Oil and Pipelines Act 1985 (c. 62), s. 7(4) and Sch. 4 Part I

147 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F57 U.K.

Textual Amendments

F57 S. 147 repealed by Gas Act 1986 (c. 44), s. 67(4), Sch. 9 Pt. II

148 Transfer of assets of Hops Marketing Board. U.K.

(1) For the purposes of the M40 Capital Gains Tax Act 1979, the transfer by virtue of the M41 Hops Marketing Act 1982 of any asset from the Hops Marketing Board to any person or persons specified as mentioned in section 2(1) of that Act (in this section referred to as “the transferee”) shall be deemed to be for a consideration such that no gain or loss, accrues to the Board; and Schedule 5 to the Capital Gains Tax Act 1979 shall have effect in relation to any asset so transferred as if the acquisition or provision of it by the Board had been the acquisition or provision of it by the transferee.

(2) Any transfer by virtue of the M42 Hops Marketing Act 1982 of any interest in land from the Hops Marketing Board to the transferee shall be deemed to be a disposal to which subsection (1) of section 20 of the M43 Development Land Tax Act 1976 (groups of companies) applies.

Modifications etc. (not altering text)

C33 See Finance Act 1988 (c. 39, SIF 63:1, 2), s. 96 and Sch. 8 para. 1

Marginal Citations

M40 1979 c. 14.

M41 1982 c. 5.

M42 1982 c. 5.

M43 1976 c. 24.

149 Recovery of overpayment of tax, etc. U.K.

(1) The following section shall be substituted for section 30 of the M44 Taxes Management Act 1970—

“30 Recovery of overpayment of tax, etc.

(1) Where an amount of tax has been repaid to any person which ought not to have been repaid to him, that amount of tax may be assessed and recovered as if it were unpaid tax.

(2) In any case where—

(a) a repayment of tax has been increased in accordance with section 47 or 48 of the Finance (No. 2) Act 1975 (supplements added to repayments of tax, etc.); and

(b) the whole or any part of that repayment has been paid to any person but ought not to have been paid to him; and

(c) that repayment ought not to have been increased either at all or to any extent;

then the amount of the repayment assessed under subsection (1) above may include an amount equal to the amount by which the repayment ought not to have been increased.

(3) In any case where—

(a) a payment, other than a repayment of tax to which subsection (2) above applies, is increased in accordance with section 47 or 48 of the Finance (No. 2) Act 1975; and

(b) that payment ought not to have been increased either at all or to any extent;

then an amount equal to the amount by which the payment ought not to have been increased may be assessed and recovered as if it were unpaid income tax or corporation tax.

(4) An assessment to income tax or corporation tax under this section shall be made under Case VI of Schedule D.

(5) An assessment under this section shall not be out of time under section 34 of this Act if it is made before the end of the chargeable period following that in which the amount so assessed was repaid or paid as the case may be.

(6) Subsection (5) above is without prejudice to sections 36, 37 and 39 of this Act.

(7) In this section any reference to an amount repaid or paid includes a reference to an amount allowed by way of set-off.”

(2) Subsection (5) of section 22 of the M45 Finance Act 1978 (recovery of repayments of tax to spouses) shall not apply in relation to any amount repaid on or after 6th April 1982.

(3) Subsection (1) above has effect in relation to any amount repaid or paid on or after 6th April 1982.

Modifications etc. (not altering text)

C34 Part of the text of s. 149(1) 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

Marginal Citations

M44 1970 c. 9.

M45 1978 c. 42.

150 Investment in gilt-edged unit trusts. U.K.

In Part II of Schedule 1 to the M46 Trustee Investments Act 1961 (“narrower-range investments” in which trust property may be invested) the following paragraph shall be inserted after paragraph 10—

“1OA In any units, or other shares of the investments subject to the trusts, of a unit trust scheme which, at the time of investment, is an authorised unit trust, within the the meaning of section 358 of the Income and Corporation Taxes Act 1970, in relation to which, by virtue of section 60 of the Finance Act 1980, section 354 of the said Act of 1970 does not apply.”

Modifications etc. (not altering text)

C35 The text of s. 150 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

Marginal Citations

M46 1961 c. 62.

151 National savings accounts. U.K.

(1) M47 The National Savings Bank Act 1971 shall have effect subject to the amendments specified in Schedule 20 to this Act.

(2) This section and Schedule 20 to this Act shall come into force on the expiry of the period of three months beginning with the day on which this Act is passed.

Marginal Citations

M47 1971 c. 29.

152 Additional power of Treasury to borrow. U.K.

(1) At the beginning of subsection (1) of section 12 of the M48 National Loans Act 1968 (power of Treasury to borrow) there shall be inserted the words “ Any money which the Treasury consider it expedient to raise for the purpose of promoting sound monetary conditions in the United Kingdom and ”.

(2) After the said subsection (1) there shall be inserted the following subsection:

“(1A) The terms (as to interest or otherwise) on which any balance for the time being in the National Loans Fund is to be held shall be such as may be agreed between the Treasury and the Bank of England.”

(3) In section 19(4) of the National Loans Act 1968 (meaning of liabilities and assets of the Fund) after the words “the assets of that Fund shall be” there shall be inserted the words “ the aggregate of any balance in that Fund and ”.

Modifications etc. (not altering text)

C36 The text of s. 152 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

Marginal Citations

M48 1968 c. 13.

153 Variable rates of interest for government lending. U.K.

(1) For section 5 of the National Loans Act 1968 (rates of interest) there shall be substituted the following section—

“5 Rates of interest.

(1) This section has effect as respects any rate of interest—

(a) which under any provision in Schedule 1 to this Act is to be determined in accordance with this Act, or

(b) which is to be determined by the Treasury under section 3 of this Act,

and, where any enactment passed after this Act provides for the payment of interest on advances or loans made out of the National Loans Fund, and for the rate at which that interest is to be payable to be determined or approved by the Treasury, then, except as otherwise expressly provided, this section has effect as respects that rate of interest.

(2) For any loan or class of loans the Treasury may determine or approve either—

(a) a fixed rate of interest, that is to say a specified rate or a formula rate which is to be applied, throughout the period of the loan or any loan of that class, with the value which it has when the loan is made, or

(b) a variable rate of interest, that is to say a formula rate which is to be applied, for each of the successive periods of the loan or any loan of that class which are of a length specified in the determination or approval (in this section referred to as interest periods), with the value which it has at the beginning of that period;

and in this subsection “formula rate” means a rate which is so expressed (whether by means of a formula or otherwise) that it will or may have different values at different times.

(3) The Treasury shall, on each occasion when they determine or approve a fixed rate of interest for a loan or class of loans, satisfy themselves that the rate would be at least sufficient to prevent a loss if—

(a) the loan, or any loan of that class—

(i) were made forthwith, and

(ii) were met out of money borrowed by the Treasury at the lowest rate at which the Treasury are for the time being able to borrow money (of whatever amount) for a comparable period, and on other comparable terms, and

(b) the interest on the money so borrowed, together with the Treasury’s expenses of borrowing, were set off against the interest received on the loan.

(4) The Treasury shall, on, each occasion when they determine or approve a variable rate of interest for a loan or class of loans, satisfy themselves that the rate would be at least sufficient to prevent a loss if—

(a) the loan, or any loan of that class,—

(i) were made forthwith,

(ii) were to be repaid at the end of its first interest period, and

(iii) were met out of money borrowed by the Treasury at the lowest rate at which the Treasury are for the time being able to borrow money (of whatever amount) for a comparable period, and

(b) the interest on the money so borrowed were set off against the interest received on the loan.

(5) If at any time the Treasury are satisfied that a rate of interest determined or approved for a class of loans, or for a loan not yet made, would not meet the requirements of subsection (3) or, as the case may be, subsection (4) above if it were determined or approved at that time, that determination or approval shall be withdrawn; and another rate shall be determined or approved in accordance with that subsection for further loans of that class or, as the case may be, for that loan.

(6) The Treasury may in determining or approving a rate of interest take into account any consideration justifying a rate higher than that required by subsection (3) or (4) above.

(7) Different fixed rates of interest may be determined or approved in respect of loans which are to be made for the same length of time; and different variable rates of interest may be determined or approved for loans which are to have interest periods of the same length.

(8) The Treasury shall cause—

(a) all rates of interest determined from time to time by them in respect of local loans, and

(b) all other rates of interest determined from time to time by them otherwise than by virtue of subsection (6) above,

to be published in the London and Edinburgh Gazettes as soon as may be after the determination of those rates.”

(2) The enactments amended by Schedule 1 to that Act (government lending and advances) shall have effect as if in the third column of that Schedule for the word “fixed”, wherever it occurs, there were substituted the word “ determined ”.

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F58

(4) In subsection (5) of section 20 of the M49 Crown Agents Act 1979 (grants and loans by Minister) for the words “section 5(2) of the National Loans Act 1968 (criteria for fixing” there shall be substituted the words “ section 5(3) and (4) of the National Loans Act 1968 (criteria for determining ”.

Textual Amendments

F58 S. 153(3) repealed by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), s. 3, Sch. 1 Pt. I

Modifications etc. (not altering text)

C37 The text of s. 153 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

Marginal Citations

M49 1979 c. 43.

154 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F59 U.K.

Textual Amendments

F59 S. 154 repealed by Finance Act 1984 (c. 43, SIF 99:3), s. 128(6), Sch. 23 Pt. XIV

155 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F60 U.K.

Textual Amendments

F60 S. 155 repealed by Finance Act 1985 (c. 54), s. 98(6), Sch. 27 Pt. X Note 2

156 Dissolution of Board of Referees. U.K.

(1) The Board of Referees mentioned in section 26 of the M50 Capital Allowances Act 1968 is hereby dissolved and the functions of the Board transferred to the tribunal established under section 463 of the Taxes Act.

(2) Schedule 21 to this Act shall have effect for the purpose of making provision consequential on this section.

Marginal Citations

M50 1968 c. 3.

157 Short title, interpretation, construction and repeals. U.K.

(1) This Act may be cited as the Finance Act 1982.

[F61 (2) In this Act—

(a) “the Taxes Act 1970” means the M51 Income and Corporation Taxes Act 1970; and

(b) “the Taxes Act 1988” means the Income and Corporation Taxes Act 1988].

(3) Part III of this Act, so far as it relates to income tax, shall be construed as one with the Income Tax Acts, so far as it relates to corporation tax, shall be construed as one with the Corporation Tax Acts and, so far as it relates to capital gains tax, shall be construed as one with the M52 Capital Gains Tax Act 1979.

(4) Part IV of this Act shall be construed as one with Part III of the M53 Finance Act 1975.

(5) Part VI of this Act shall be construed as one with Part I of the M54 Oil Taxation Act 1975 . . . F62 and references in Part VI to the principal Act are references to that Act.

(6) The enactments and Orders mentioned in Schedule 22 to this Act (which include spent enactments) are hereby repealed to the extent specified in the third column of that Schedule, but subject to any provision at the end of any Part of that Schedule.

(7) The provisions of Part XI of Schedule 22 to this Act, except in so far as they relate to the M55 Wellington Museum Act 1947 and the M56 Finance (No. 2) Act 1975, shall have effect in substitution for the provisions of Section B of Part VI of Schedule 20 to the Finance Act 1980 and, accordingly, that Section shall be deemed not to have taken effect at the beginning of the year 1982-83.

Textual Amendments

F61 S. 157(2) substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32

F62 Words repealed by Income and Corporation Taxes 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

Modifications etc. (not altering text)

C38 The text of s. 157(4) 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

Marginal Citations

M51 1970 c. 10.

M52 1979 c. 14.

M53 1975 c. 7.

M54 1975 c. 22.

M55 1947 c. 46.

M56 1975 c. 45.