Finance Act 1985

PART II Consequential Amendments

The Taxes Management Act 1970

4 In section 38 of the [1970 c. 9.] Taxes Management Act 1970 (modification of section 37 in relation to partnerships) in subsection (3) for the words "subsections (3A) and (5)" (which were substituted by paragraph 8 of Schedule 8 to the [1976 c. 24.] Development Land Tax Act 1976) there shall be substituted " subsection (5)".

5 In section 40 of that Act (assessment on personal representatives) in subsection (3) for the words "subsections (1) and (2) above " (which were substituted by paragraph 9(1) of Schedule 8 to the said Act of 1976) there shall be substituted " this section".

6 In section 70 of that Act (evidence) in subsection (2) for the words " 86A or 87 " (which were substituted by section 115 of the [1980 c. 48.] Finance Act 1980) there shall be substituted " or 87".

The Taxes Act

7 In section 313 of the Taxes Act (general annuity business) in subsection (2) for paragraph (a) (which incorporates amendments from the [1974 c. 30.] Finance Act 1974 and the [1984 c. 43.] Finance Act 1984) there shall be substituted—

“(a) taxed income, group income and income attributable to offshore income gains, within the meaning of Chapter VII of Part II of the Finance Act 1984, shall not be taken into account as part of those profits, and”.

8 In section 316 of the Taxes Act (overseas life insurance companies: charge on investment income) for subsection (1A) (which was inserted by paragraph 7 of Schedule 7 to the Finance Act 1974 and amended by the [1984 c. 43.] Finance Act 1984) there shall be substituted the following subsection—

“(1A) In subsection (1) above, " income " shall not include income attributable to offshore income gains, within the meaning of Chapter VII of Part II of the Finance Act 1984 (but without prejudice to any claim under section 310 of this Act).”

The Finance Act 1972

9 In Part II of Schedule 16 to the [1972 c. 41.] Finance Act 1972 (provisions for determining relevant income and distributions etc. of close companies) in paragraph 10(8), (which was amended by paragraph 5 of Schedule 7 to the [1974 c. 30.] Finance Act 1974) for paragraphs (b) onwards there shall be substituted—

“(b) secondly, so far as it cannot be made under (a) above, from the company's estate or trading income so charged; and

(c) thirdly, so far as it cannot be made under (a) or (b) above, from the amount included in the company's profits in respect of chargeable gains”.

The Finance Act 1981

10 In section 135 of the [1981 c. 35.] Finance Act 1981 (Chevening estate) in subsection (1) for the words "capital transfer tax and development land tax" there shall be substituted " and capital transfer tax".