Part II Income Tax, Corporation Tax and Capital Gains Tax

Chapter I General

Miscellaneous

53 Car fuel: cash equivalents.

(1)

Section 158 of the Taxes Act 1988 (car fuel) shall be amended as follows.

(2)

For subsection (2) (cash equivalents) there shall be substituted—

“(2)

Subject to the provisions of this section, the cash equivalent of that benefit shall be ascertained from—

(a)

Table A below where the car has an internal combustion engine with one or more reciprocating pistons and is not a diesel car;

(b)

Table AB below where the car has an internal combustion engine with one or more reciprocating pistons and is a diesel car;

(c)

Table B below where the car does not have an internal combustion engine with one or more reciprocating pistons.

TABLE A

Cylinder capacity of car in cubic centimetres

Cash equivalent

1,400 or less

£500

More than 1,400 but not more than 2,000

£630

More than 2,000

£940

TABLE AB

Cylinder capacity of car in cubic centimetres

Cash equivalent

2,000 or less

£460

More than 2,000

£590

TABLE B

Original market value of car

Cash equivalent

Less than £6,000

£500

£6,000 or more but less than £8,500

£630

£8,500 or more

£940

(2A)

For the purposes of subsection (2) above a diesel car is a car which uses heavy oil as fuel; and “heavy oil” here means heavy oil as defined by section 1(4) of the Hydrocarbon Oil Duties Act 1979.

(2B)

For the purposes of Tables A and AB in subsection (2) above a car’s cylinder capacity is the capacity of its engine calculated as for the purposes of the Vehicles (Excise) Act 1971.”

(3)

In subsection (4) (Treasury orders) for “either" there shall be substituted “ any ”.

(4)

This section shall have effect for the year 1992-93 and subsequent years of assessment.

F154 Foreign earnings.

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55 Oil extraction activities: extended transportation.

(1)

In section 502 of the Taxes Act 1988 (defined expressions for Chapter V of Part XII of that Act - petroleum extraction activities), in subsection (1), in the definition of “oil extraction activities", in paragraph (c)—

(a)

the words “as far as dry land in the United Kingdom" shall be omitted; and

(b)

after the words “so held" there shall be inserted

“where the transportation is—

(i)

to the place where the oil is first landed in the United Kingdom, or

(ii)

to the place in the United Kingdom or, in the case of oil first landed in another country, the place in that or any other country (other than the United Kingdom) at which the seller in a sale at arm’s length could reasonably be expected to deliver it or, if there is more than one such place, the one nearest to the place of extraction”.

(2)

Subsection (1) above has effect with respect to chargeable periods ending after 27th November 1991.

(3)

In so far as the amendments made by paragraph 3 of Schedule 15 to this Act amend the definitions of “initial storage" and “initial treatment" as they have effect, by virtue of section 502(2) of the Taxes Act 1988, for the purposes of Chapter V of Part XII of that Act, those amendments have effect with respect to chargeable periods ending after 27th November 1991.

56 Friendly societies.

Schedule 9 to this Act (which makes provision in relation to friendly societies) shall have effect.

F257. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F358. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F459 Furnished accommodation.

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F560 Deduction on account of certain payments.

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F661 Qualifying maintenance payments: extension to member States.

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F762 Qualifying maintenance payments: maintenance assessments etc.

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63 Paying and collecting agents etc.

Schedule 11 to this Act (which makes provision in relation to the payment of income tax on foreign dividends etc.) shall have effect.

F864 Reduced and composite rate.

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F965 Life assurance business: I minus E basis.

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66 Banks etc. in compulsory liquidation.

Schedule 12 to this Act (which makes provision in relation to companies that are or have been carrying on a deposit-taking business and are in compulsory liquidation) shall have effect.