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Finance Act 1990
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- 1990 c. 29
- SCHEDULE 5
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Section 30.
SCHEDULE 5U.K. Building Societies and Deposit-Takers
IntroductionU.K.
1U.K.The Taxes Act 1988 shall be amended as mentioned in paragraphs 2 to 14 below.
Building societiesU.K.
2(1)Section 476 (building societies: regulations for payment of tax) shall cease to have effect.U.K.
(2)This paragraph shall apply as regards the year 1991-92 and subsequent years of assessment.
3(1)Section 477 (investments becoming or ceasing to be relevant building society investments) shall cease to have effect.U.K.
(2)This paragraph shall apply as regards any time falling on or after 6th April 1991.
F14U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Sch. 5 para. 4 repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
Deposit-takersU.K.
5(1)Section 479 (interest paid on deposits with banks etc.) shall cease to have effect.U.K.
(2)This paragraph shall apply as regards interest paid or credited on or after 6th April 1991.
6(1)Section 480 (deposits becoming or ceasing to be composite rate deposits) shall cease to have effect.U.K.
(2)This paragraph shall apply as regards any time falling on or after 6th April 1991.
F27U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Sch. 5 paras. 7-11 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
F28U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Sch. 5 paras. 7-11 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
F29U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Sch. 5 paras. 7-11 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
GeneralU.K.
F210U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Sch. 5 paras. 7-11 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
F211U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Sch. 5 paras. 7-11 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
12(1)In section 483 (determination of reduced rate for building societies and composite rate for banks etc.) subsections (1) to (3) and (5) shall cease to have effect.U.K.
(2)This paragraph shall apply where the first year of assessment mentioned in section 483(1) is 1990-91 or a subsequent year of assessment.
13(1)In section 686 (liability to additional rate tax of certain income of discretionary trusts) subsection (5) shall cease to have effect.U.K.
(2)This paragraph shall apply as regards a sum paid or credited on or after 6th April 1991.
14(1)In section 687 (payments under discretionary trusts) in subsection (3) the words following paragraph (i) shall cease to have effect.U.K.
(2)This paragraph shall apply as regards an amount paid or credited on or after 6th April 1991.
ManagementU.K.
15U.K.In the Table in section 98 of the M1Taxes Management Act 1970 (penalties for failure to comply with notices etc.) there shall be inserted in the first and second columns, after the entry relating to regulations under section 476(1) of the Taxes Act 1988— “ regulations under section 477A(1); ”.
Transitional provisionU.K.
F316U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3Sch. 5 para. 16 repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
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