Finance Act 1962

1962 CHAPTER 44 10 and 11 Eliz 2

An 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.

[1st August 1962]X1

Editorial Information

X1 Ss. 30, 34(1)–(4) were taken from S.I.F. Group 114 (Stamp Duty), ss. 33, 34(1)(3)(4)(6)(7) and Sch. 11 from S.I.F. Group 99:3 (Public Finance and Economic Controls: National Debt); ss. 32, 34(1)(3)(4) from S.I.F. Group 98:5 (Property, England and Wales: Tithe); provisions omitted from S.I.F. have been dealt with as referred to in other commentary.

Extent Information

E1 For extent of this Act in relation to Northern Ireland see s. 34(4)-(6)

Modifications etc. (not altering text)

C1 Words of enactment omitted under authority of Statute Law Revision Act 1948 (c. 62), s. 3

Commencement Information

I1 Act partly in force at Royal Assent, partly retrospective, see individual sections; all provisions so far as unrepealed wholly in force at 1.2.1991.

Finance Act 1962

1962 CHAPTER 44 10 and 11 Eliz 2

An 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.

[1st August 1962]X2

Editorial Information

X2 Ss. 30, 34(1)–(4) were taken from S.I.F. Group 114 (Stamp Duty), ss. 33, 34(1)(3)(4)(6)(7) and Sch. 11 from S.I.F. Group 99:3 (Public Finance and Economic Controls: National Debt); ss. 32, 34(1)(3)(4) from S.I.F. Group 98:5 (Property, England and Wales: Tithe); provisions omitted from S.I.F. have been dealt with as referred to in other commentary.

Modifications etc. (not altering text)

C4 Words of enactment omitted under authority of Statute Law Revision Act 1948 (c. 62), s. 3

1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1 U.K.

Textual Amendments

F1 S. 1 repealed by Statute Law (Repeals) Act 1975 (c. 10), s. 1(1), Sch. Pt. VII; Finance (No. 2) Act 1975 (c. 45), s. 75(5), Sch. 14 Pt. I

2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2 U.K.

Textual Amendments

F2 S. 2 repealed by Finance Act 1973 (c. 51), s. 59(7), Sch. 22 Pt. I

3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3 U.K.

Textual Amendments

F3 S. 3 repealed (in part) by Finance Act 1962 (c. 44), s. 34(7), Sch. 11 Pt. II; residue repealed by European Communities Act 1972 (c. 68), s. 4, Sch. 3 Pt. II

4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4 U.K.

Textual Amendments

F4 S. 4 repealed by Hydrocarbon Oil (Customs & Excise) Act 1971 (c. 12), s. 24(2), Sch. 7

5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5 U.K.

Textual Amendments

F5 S. 5 repealed by Vehicles (Excise) Act 1971 (c. 10), Sch. 8 Pt. I

6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6 U.K.

Textual Amendments

F6 S. 6 repealed by Purchase Tax Act 1963 (c. 9), Sch. 4 Pt. I

7–26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7 U.K.

Textual Amendments

F7 Pt. II (ss. 7–26) repealed (with saving) by Income and Corporation Taxes Act 1970 (c. 10), ss. 537(1), 538(1), 539(1), Sch. 14 para. 21(1)(b)(2), Sch. 16

27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8 U.K.

Textual Amendments

F8 S. 27 repealed by Finance Act 1963 (c. 25), Sch. 14 Pts. III, VI

28, 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9 U.K.

Textual Amendments

F9 Ss.28, 29 repealed (with savings) by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), 59, Sch. 13 Pt. I

Part IV U.K.

30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F10 U.K.

Textual Amendments

F10 S. 30 repealed by Finance Act 1988 (c. 39), ss. 140(1)(c)(2)(6), 148, Sch. 14 Pt. XI

31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11 U.K.

Textual Amendments

F11 S. 31 repealed by Finance Act 1970 (c. 24), s. 36(8), Sch. 8 Pt. IV

Part V U.K. Miscellaneous

32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12 U.K.

Textual Amendments

F12 S. 32 repealed by Finance Act 1977 (c. 36, SIF 98:5), s. 59(5), Sch. 9 Pt. V

33 Termination of powers under Government Annuities Act 1929. U.K.

(1) Subject to subsection (2) below, no new annuities or insurances shall be granted under the M1 Government Annuities Act 1929, . . . F13

(2) Subsection (1) above shall not prevent the grant of an annuity under section forty-five of the Government Annuities Act 1929, by way of commutation of a savings bank insurance, or the grant of an insurance or annuity under section forty-six of that Act on the surrender of a savings bank insurance or on default in the payment of premiums in respect of a savings bank insurance.

(3) For the purposes of sections forty-five and forty-six of the M2 Government Annuities Act 1929, and of any other enactment or instrument passed or made before this Act under which the amount of any payment is to be determined directly or indirectly by reference to the terms on which a savings bank annuity might for the time being be purchased under that Act, the tables in force under section fifty-three of that Act at the commencement of this Act shall, subject to subsection (4) below, apply as if this Act had not been passed.

(4) The Treasury may from time to time, if it appears to them that the tables in force for the purposes mentioned in subsection (3) above have ceased in any respect to be appropriate or sufficient, by order vary those tables or add or substitute new tables, and any such order shall state the rules observed in making the variation or in framing new tables, and shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.

Textual Amendments

F13 Words repealed by Statute Law (Repeals) Act 1974 (c. 22), Sch. Pt. II

Marginal Citations

M1 1929 c. 29.

M2 1929 c. 29.

34 Short title, construction, extent and repeal. U.K.

(1) This Act may be cited as the Finance Act 1962.

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14 Part IV shall be construed as one with the M3 Stamp Act 1891.

(3) Any reference in this Act to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended or applied by or under any other enactment, including this Act.

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F15 , such of the provisions of this Act as relate to matters in respect of which the Parliament of Northern Ireland has power to make laws shall not extend to Northern Ireland.

(5) This Act, in so far as it affects the operation of the Sugar Act, 1956, shall extend to the Isle of Man.

(6) This Act, in so far as it relates to the M4 Government Annuities Act 1929, shall extend to the Channel Islands and the Isle of Man, and the Royal Courts of the Channel Islands shall register it accordingly.

(7) The enactments mentioned in the Eleventh Schedule to this Act are hereby repealed to the extent mentioned in the third column of that Schedule, but subject as regards the repeals contained in any Part of that Schedule to any provision made in that Part as to the date of operation or effect of those repeals.

Textual Amendments

F14 Words repealed by Purchase Tax Act 1963 (c. 9), s. 41(1). Sch.4 Pt. I; Income and Corporation Taxes Act 1970 (c. 10), ss. 538(1), 539(1), Sch. 16; Finance Act 1975 (c. 7), Sch. 13 Pt. I; Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I

F15 Words repealed by Finance Act 1975 (c. 7), Sch. 13 Pt. I

Modifications etc. (not altering text)

C2 The text of s. 34(5) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Marginal Citations

M3 1891 c. 39.

M4 1929 c. 29.

SCHEDULES

SCHEDULES 1–4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F16 U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F16 Schs. 1–4 repealed and superseded by Finance Act 1964 (c. 49), ss. 1(1)(6), 2(1)(4), 3(1)(5), 4(1)(5), Schs. 1–5, 9

SCHEDULE 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F17 U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F17 Sch. 5 repealed by Finance Act 1962 (c. 44), Sch. 11 Pt. II; European Communities Act 1972 (c. 68), s. 4, Sch. 3 Pt. II

SCHEDULE 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F18 U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F18 Sch. 6 repealed by Finance Act 1962 (c. 44), Sch. 11 Pt. II

SCHEDULE 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F19 U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F19 Sch. 7 repealed by Hydrocarbon Oil (Customs & Excise) Act 1971 (c. 12), Sch. 7

SCHEDULE 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F20 U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F20 Sch. 8 repealed by Purchase Tax Act 1963 (c. 9), Sch. 4 Pt. I

SCHEDULES 9, 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F21 U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F21 Schs. 9, 10 repealed by Income and Corporation Taxes Act 1970 (c. 10), s. 539(1), Sch. 16

Section 34.F22

ELEVENTH SCHEDULE U.K. Repeals

Textual Amendments

F22 Sch. 11 Pt. VI repealed by Statute Law (Repeals) Act 1974 (c. 22) Sch. Pt. II

Modifications etc. (not altering text)

C3 The text of Sch. 11 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and (except as specified) does not reflect any amendments or repeals which may have been made prior to 1.2.1991; this provision has been amended by Statute Law (Repeals) Act 1974 (c. 22)