Part VU.K. MISCELLANEOUS AND GENERAL
MiscellaneousU.K.
118 Designated international organisations: miscellaneous exemptions.U.K.
(1)The following section shall be inserted after section 582 of the Taxes Act 1988—
“582A Designated international organisations: miscellaneous exemptions.
(1)The Treasury may by order designate for the purposes of any one or more of subsections (2) to (6) below any international organisation of which the United Kingdom is a member; and in those subsections “designated means designated under this subsection.
(2)Section 43 shall not apply in the case of payment made by an organisation designated for the purposes of this subsection.
(3)Section 123(2) and paragraph 6(1)(b) of Schedule 3 shall have effect as if “foreign dividends did not include any interest, dividends or other annual payments payable out of or in respect of the stocks, funds, shares or securities of an organisation designated for the purposes of this subsection.
(4)Section 349(1) shall not apply in the case of a payment of an amount payable by an organisation designated for the purposes of this subsection.
(5)Section 349(2) shall not apply in the case of interest payable by—
(a)an organisation designated for the purposes of this subsection, or
(b)a partnership of which such an organisation is a member.
(6)An organisation designated for the purposes of this subsection shall not be a person to whom section 560(2) applies.”
(2)In section 828(4) of that Act (Treasury orders not subject to annulment in pursuance of a resolution of the House of Commons) after “377(8),” there shall be inserted “582A(1), ”.
119 Trading funds.U.K.
(1)The M1Government Trading Funds Act 1973 shall be amended as follows.
(2)In section 2 (assets and liabilities of funds) in subsections (1)(b) and (2) the words “at values or amounts determined by him in accordance with Treasury directions” shall be omitted.
(3)In that section, the following subsection shall be inserted after subsection (2)—
“(2A)The values or amounts of assets and liabilities which are the subject of provision under subsection (1) or (2) above shall be determined by the responsible Minister in accordance with Treasury directions.”
Marginal Citations
F1120 National savings: date of issue of repayment warrants etc.U.K.
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Textual Amendments
F1S. 120 repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 4
121 Pools payments to support games etc.U.K.
(1)This section applies to any payment which, in consequence of the reduction in pool betting duty effected by section 5 above, is made—
(a)by a person liable to pay that duty, and
(b)to trustees established mainly for the support of athletic sports or athletic games but with power to support the arts.
(2)Where a person carrying on a trade makes a payment to which this section applies, the payment may be deducted in computing for tax purposes the [F2profits] of the trade.
(3)A payment to which this section applies shall not be regarded as an annual payment.
(4)Where a payment to which this section applies is made, the sum received by the trustees and any assets representing it (but not any income or gains arising from them) shall not be relevant property for the purposes of Chapter III of Part III of the M2Inheritance Tax Act 1984.
Textual Amendments
F2Words in s. 121(2) substituted (31.7.1998) by 1998 c. 36, s. 46(3), Sch. 7 para. 6
Marginal Citations
GeneralU.K.
122 Interpretation etc.U.K.
(1)In this Act “the Taxes Act 1988 means the M3Income and Corporation Taxes Act 1988.
(2)Part II of this Act, so far as it relates to capital gains tax, shall be construed as one with the M4Capital Gains Tax Act 1979.
(3)Part III of this Act shall be construed as one with Part I of the M5Oil Taxation Act 1975 and in that Part of this Act “the principal Act means that Act.
123 Repeals.U.K.
The enactments specified in Schedule 19 to this Act (which include certain provisions which are already spent) 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.
124 Short title.U.K.
This Act may be cited as the Finance Act 1991.