- Latest available (Revised)
- Point in Time (19/03/1997)
- Original (As enacted)
Point in time view as at 19/03/1997. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
There are currently no known outstanding effects for the Finance Act 1996, Section 128.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)In section 42 of the Taxes Management Act 1970 (procedure for making claims etc.)—
(a)subsections (3A) and (3B) (which are superseded by subsection (2) below) shall cease to have effect;
(b)in subsection (7)(a), the words “534, 535, 537A, 538” shall cease to have effect; and
(c)after subsection (11) there shall be inserted the following subsection—
“(11A)Schedule 1B to this Act shall have effect as respects certain claims for relief involving two or more years of assessment.”
(2)After Schedule 1A to that Act there shall be inserted, as Schedule 1B, the provisions set out in Schedule 17 to this Act (claims for reliefs involving two or more years).
(3)For subsection (9) of section 96 of the Taxes Act 1988 (relief for fluctuating profits of farming etc.) there shall be substituted the following subsection—
“(9)Where a person makes a claim under this section, any claim by him for relief under any other provision of the Income Tax Acts for either of the two years of assessment—
(a)shall not be out of time if made before the end of the period during which the claim under this section is capable of being revoked; and
(b)if already made, may be amended or revoked before the end of that period;
and, in relation to a claim made by being included in a return, any reference in this subsection to amending or revoking the claim is a reference to amending the return by amending or, as the case may be, omitting the claim.”
(4)In section 108 of that Act (election for carry-back)—
(a)for the words “the inspector within two years after” there shall be substituted the words “ an officer of the Board within one year from the 31st January next following ”; and
(b)the words from “and, in any such case” to the end shall cease to have effect.
(5)For subsection (5) of section 534 of that Act (relief for copyright payments) there shall be substituted the following subsections—
“(5)A claim under this section with respect to any payment to which it applies by virtue only of subsection (4)(b) above—
(a)shall have effect as a claim with respect to all qualifying payments, that is to say, all such payments in respect of the copyright in the same work which are receivable by the claimant, whether before or after the claim; and
(b)where qualifying payments are so receivable in two or more years of assessment, shall be treated for the purposes of the Management Act as if it were two or more separate claims, each in respect of the qualifying payments receivable in one of those years.
(5A)A claim under this section may be made at any time within one year from the 31st January next following—
(a)in the case of such a claim as is mentioned in subsection (5) above, the latest year of assessment in which a qualifying payment is receivable; and
(b)in the case of any other claim, the year of assessment in which the payment in question is receivable.
(5B)For the purposes of subsections (5) and (5A) above, a payment shall be regarded as receivable in the year of assessment in computing the amount of the profits or gains of which it would, but for this section, be included.”
(6)After subsection (6) of that section there shall be inserted the following subsection—
“(6A)In the case of persons carrying on a trade, profession or business in partnership, no claim may be made under any of the following provisions, namely—
(a)this section and section 535;
(b)section 537 as it has effect in relation to this section and section 535; and
(c)section 537A and section 538,
in respect of any payment or sum receivable on or after 6th April 1996; and nothing in any of those provisions shall be construed as applying to profits chargeable to corporation tax.”
(7)In section 535 of that Act (relief where copyright sold after ten years or more), the following shall cease to have effect, namely—
(a)in subsection (4), the words “Subject to subsection (5) below”;
(b)subsections (5) and (7); and
(c)in subsection (6), the words from “unless the author” to the end.
(8)After subsection (8) of that section there shall be inserted the following subsection—
“(8A)No claim for relief made under subsection (1) above shall be allowed unless it is made within one year from the 31st January next following the year of assessment in which the payment is receivable; and for the purposes of this subsection a payment shall be regarded as receivable in the year of assessment in computing the amount of the profits or gains of which it would, but for this section, be included.”
(9)For subsection (5) of section 537A of that Act (relief for payments in respect of designs) there shall be substituted the following subsections—
“(5)A claim under this section with respect to any payment to which it applies by virtue only of subsection (4)(b) above—
(a)shall have effect as a claim with respect to all qualifying payments, that is to say, all such payments in respect of rights in the design in question which are receivable by the claimant, whether before or after the claim; and
(b)where qualifying payments are so receivable in two or more years of assessment, shall be treated for the purposes of the Management Act as if it were two or more separate claims, each in respect of the qualifying payments receivable in one of those years.
(5A)A claim under this section may be made at any time within one year from the 31st January next following—
(a)in the case of such a claim as is mentioned in subsection (5) above, the latest year of assessment in which a qualifying payment is receivable; and
(b)in the case of any other claim, the year of assessment in which the payment in question is receivable.
(5B)For the purposes of subsections (5) and (5A) above, a payment shall be regarded as receivable in the year of assessment in computing the amount of the profits or gains of which it would, but for this section, be included.”
(10)After subsection (3) of section 538 of that Act (relief for painters, sculptors and other artists) there shall be inserted the following subsection—
“(4)No claim for relief made under subsection (1) above shall be allowed unless it is made within one year from the 31st January next following the year of assessment in which the payment is receivable; and for the purposes of this subsection a payment shall be regarded as receivable in the year of assessment in computing the amount of the profits or gains of which it would, but for this section, be included.”
(11)This section (except subsections (1)(b) and (6) above) and Schedule 17 to this Act have effect as respects claims made (or deemed to be made) in relation to the year 1996-97 or later years of assessment.
(12)Subsection (1)(b) above has effect as respects claims made in relation to the year 1997-98 or later years of assessment.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: