http://www.legislation.gov.uk/ukpga/1988/39/section/61/2016-09-15Finance Act 1988An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.1988-07-29texttext/xmlenStatute Law Database2024-05-23Expert Participation2016-09-15 Part III Income Tax, Corporation Tax and Capital Gains TaxChapter I General Underwriters Minor and consequential amendments.611. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2In Schedule 10 to the Taxes Act 1970, in paragraph 7(3), for the words “Case I of Schedule D” there shall be substituted the words “ in accordance with Schedule 16 to Finance Act 1973 ” and the words “the investments forming part of the premiums trust fund of the underwriter” shall cease to have effect.3In section 87 of the Finance Act 1972, at the beginning of subsection (3) there shall be inserted the words “ Except as provided by Schedule 16 to Finance Act 1973 (underwriters) ”.4In Schedule 16 to the Finance Act 1973—ain sub-paragraph (1) of paragraph 17, for paragraph (a) there shall be substituted—afor the assessment and collection of tax charged in accordance with the preceding provisions of this Schedule (so far as not provided for by Schedule 16A to this Act);aafor making, in the event of any changes in the rules or practice of Lloyd’s, such amendments of that Schedule as appear to the Board to be expedient having regard to those changes;bafter that sub-paragraph, there shall be inserted—1ARegulations under this paragraph may make provision with respect to the year of assessment next but one preceding the year of assessment in which they are made.5... subsections (2) to (4) above shall have effect for the years 1986-87 and 1987-88.1973 c. 51. 1972 c. 41. 1973 c. 51. S. 61(1) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1Words in s. 61(5) repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
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<dc:title>Finance Act 1988</dc:title>
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<Number>Part III</Number>
<Title> Income Tax, Corporation Tax and Capital Gains Tax</Title>
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<Number>Chapter I</Number>
<Title> General</Title>
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<Title> Underwriters</Title>
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<Title> Minor and consequential amendments.</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/section/61/2016-09-15" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/section/61" id="section-61">
<Pnumber>61</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/ukpga/1988/39/section/61/1/2016-09-15" IdURI="http://www.legislation.gov.uk/id/ukpga/1988/39/section/61/1" id="section-61-1">
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1
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<Text>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</Text>
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<Pnumber>2</Pnumber>
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<Text>
In Schedule 10 to the Taxes Act 1970, in paragraph 7(3), for the words “Case I of Schedule D” there shall be substituted the words
<InlineAmendment>
“ in accordance with Schedule 16 to
<CommentaryRef Ref="c13527511"/>
Finance Act 1973 ”
</InlineAmendment>
and the words “the investments forming part of the premiums trust fund of the underwriter” shall cease to have effect.
</Text>
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<Pnumber>3</Pnumber>
<P2para>
<Text>
In section 87 of the
<CommentaryRef Ref="c13527521"/>
Finance Act 1972, at the beginning of subsection (3) there shall be inserted the words
<InlineAmendment>“ Except as provided by Schedule 16 to Finance Act 1973 (underwriters) ”</InlineAmendment>
.
</Text>
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<P2para>
<Text>
In Schedule 16 to the
<CommentaryRef Ref="c13527531"/>
Finance Act 1973—
</Text>
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<Pnumber>a</Pnumber>
<P3para>
<Text>in sub-paragraph (1) of paragraph 17, for paragraph (a) there shall be substituted—</Text>
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<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>for the assessment and collection of tax charged in accordance with the preceding provisions of this Schedule (so far as not provided for by Schedule 16A to this Act);</Text>
</P3para>
</P3>
<P3>
<Pnumber>aa</Pnumber>
<P3para>
<Text>for making, in the event of any changes in the rules or practice of Lloyd’s, such amendments of that Schedule as appear to the Board to be expedient having regard to those changes;</Text>
</P3para>
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</P3para>
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<Pnumber>b</Pnumber>
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<Text>after that sub-paragraph, there shall be inserted—</Text>
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<P2>
<Pnumber>1A</Pnumber>
<P2para>
<Text>Regulations under this paragraph may make provision with respect to the year of assessment next but one preceding the year of assessment in which they are made.</Text>
</P2para>
</P2>
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</P3para>
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<Pnumber>5</Pnumber>
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... subsections (2) to (4) above shall have effect for the years 1986-87 and 1987-88.
</Text>
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<Commentary id="c13527511" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1973/51" id="c00217" Year="1973" Class="UnitedKingdomPublicGeneralAct" Number="51">1973 c. 51</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c13527521" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1972/41" id="c00218" Year="1972" Class="UnitedKingdomPublicGeneralAct" Number="41">1972 c. 41</Citation>
.
</Text>
</Para>
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<Commentary id="c13527531" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1973/51" id="c00219" Year="1973" Class="UnitedKingdomPublicGeneralAct" Number="51">1973 c. 51</Citation>
.
</Text>
</Para>
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<Para>
<Text>
<CitationSubRef id="crja6hy22-00004" SectionRef="section-61-1" URI="http://www.legislation.gov.uk/id/ukpga/1988/39/section/61/1">S. 61(1)</CitationSubRef>
repealed (31.1.2013) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2013/2" id="crja6hy22-00005" Class="UnitedKingdomPublicGeneralAct" Year="2013" Number="2" Title="Statute Law (Repeals) Act 2013">Statute Law (Repeals) Act 2013 (c. 2)</Citation>
,
<CitationSubRef id="crja6hy22-00006" CitationRef="crja6hy22-00005" SectionRef="section-3-2" URI="http://www.legislation.gov.uk/id/ukpga/2013/2/section/3/2">s. 3(2)</CitationSubRef>
,
<CitationSubRef id="crja6hy22-00007" CitationRef="crja6hy22-00005" SectionRef="schedule-1-part-10" URI="http://www.legislation.gov.uk/id/ukpga/2013/2/schedule/1/part/10" Operative="true">Sch. 1 Pt. 10</CitationSubRef>
Group 1
</Text>
</Para>
</Commentary>
<Commentary id="key-595a45efaa76517988f9a91626592ba8" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="crja6hy22-00013" SectionRef="section-61-5" URI="http://www.legislation.gov.uk/id/ukpga/1988/39/section/61/5">s. 61(5)</CitationSubRef>
repealed (31.1.2013) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2013/2" id="crja6hy22-00014" Class="UnitedKingdomPublicGeneralAct" Year="2013" Number="2" Title="Statute Law (Repeals) Act 2013">Statute Law (Repeals) Act 2013 (c. 2)</Citation>
,
<CitationSubRef id="crja6hy22-00015" CitationRef="crja6hy22-00014" SectionRef="section-3-2" URI="http://www.legislation.gov.uk/id/ukpga/2013/2/section/3/2">s. 3(2)</CitationSubRef>
,
<CitationSubRef id="crja6hy22-00016" CitationRef="crja6hy22-00014" SectionRef="schedule-1-part-10" URI="http://www.legislation.gov.uk/id/ukpga/2013/2/schedule/1/part/10" Operative="true">Sch. 1 Pt. 10</CitationSubRef>
Group 1
</Text>
</Para>
</Commentary>
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