Finance Act 1954

1. Introductory Text

2. PART I Customs and Excise

   1. 1. Reduction of entertainments duty

   2. 2. Extension of certain exemptions to entertainments provided by local authorities or their committees

   3. 3. Chicory (customs duties and drawbacks)

   4. 4. Five-year extension of key industry duty

   5. 5. Relief from silk duties on temporary importations

   6. 6. Exemption of works of art from import duties

3. PART II Purchase Tax

   1. 7. Charge of tax on cessation of registration

   2. 8. Registration of manufacturers making goods to be let out on hire

   3. 9. Power to impose conditions as to use of a certificate of registration

   4. 10. Operations affecting tax classification to be treated as processes of manufacture

   5. 11. Power to define the difference between processes of manufacture and repairs, maintenance or alterations

   6. 12. Tax in respect of unfinished or incomplete goods

   7. 13. Valuation of goods

4. PART III Income Tax and Profits Tax

   1. 14. Charge of income tax for 1954-55

   2. 15. Further provision for repayment of post-war credits

   3. 16. New provision for " investment allowances."

   4. 17. Company reconstructions etc. without change of ownership

   5. 18. Right to carry back loss sustained in last year of business

   6. 19. Carry forward of management expenses by life assurance and other companies

   7. 20. Capital allowances (right to set against general income)

   8. 21. Treatment of demolition costs for purposes of capital allowances etc.

   9. 22. Provision for capital allowances in respect of certain land

   10. 23. Capital allowances etc. (amendment as to certain sales)

   11. 24. Consular officers and employees

   12. 25. Salaries of employees of International Wheat Council

   13. 26. Form of Schedule A assessments etc.

   14. 27. Relief from first assessments on trades, etc., in Isles of Stilly

5. PART IV Estate Duty

   1. 28. Reduced rate of duty on certain business assets

   2. 29. Amendments restricting Finance Act, 1940, s. 55, where deceased did not have voting control of company

   3. 30. Other amendments of, or affecting Finance Act, 1940, s. 55

   4. 31. Interpretation of and provisions supplementary to ss. 28 to 30

   5. 32. Extension of certain exemptions

   6. 33. Aggregation

6. PART V Miscellaneous

   1. 34. Amendments as to Sinking Funds, and as to manner of accounting for issues out of Consolidated Fund

   2. 35. Short title, etc.

7. SCHEDULES

   1. FIRST SCHEDULE

      Rates of Entertainments Duty

      1. PART I First Scale

      2. PART II Second Scale

      3. PART III Third Scale

         1. 1. Where the amount of the payment, excluding the amount of...

         2. 2. Where the amount of the payment, excluding the amount of...

         3. 3. Where the amount of the payment, excluding the amount of...

   2. SECOND SCHEDULE

      Provisions supplementary to s. 16 (new provision for "investment allowances ")

      1. PART I

         1. Withholding and withdrawal of allowances

            1. 1. (1) If, in the case of any expenditure, any such...

            2. 2. Where an investment allowance is made or falls to be...

            3. 3. (1) The person incurring any expenditure in respect of which...

            4. 4. (1) All such additional assessments and adjustments of assessments shall...

            5. 5. (1) For the purposes of this Part of this Schedule—...

      2. PART II

         1. Amendments of ss. 292 and 296 of the Income Tax Act, 1952

            1. 6. In subsection (1) of section two hundred and ninety-two of...

            2. 7. In subsection (1) of section two hundred and ninety-six of...

   3. THIRD SCHEDULE

      Provisions supplementary to s. 17 (company reconstructions, etc., without change of ownership)

      1. 1. (1) In this Schedule— (a) " the principal section "...

      2. 2. (1) Subject to the following provisions of this Schedule, for...

      3. 3. (1) A person engaged in carrying on the trade after...

      4. 4. There shall be made to or on the persons from...

      5. 5. (1) Where, immediately before a relevant change, the trade is...

      6. 6. Section one hundred and forty-three of the Income Tax Act,...

      7. 7. (1) There shall be made such additional assessments, reductions of...

      8. 8. Subsection (1) of section three hundred and twenty-nine of the...

   4. FOURTH SCHEDULE

      Provisions supplementary to s. 18 (right to carry back loss sustained in last year of business)

      1. 1. The following provisions of the Income Tax Act, 1952, relating...

      2. 2. Where a trade, profession or vocation is being carried on...

      3. 3. Subsection (8) of section twenty of the Finance Act, 1953...

      4. 4. Where, on the permanent discontinuance of a trade which consists...

      5. 5. Subsection (2) of section three hundred and fifty of the...

      6. 6. The provisions of the Sixth Schedule to the Income Tax...

   5. FIFTH SCHEDULE

      Amendments consequential on abolition of permanent annual charge for National Debt

      1. 1. In subsection (5) of section four of the Bank Act,...

      2. 2. In section two of the Government Annuities Act, 1929, for...

      3. 3. In section forty-eight of the Finance Act, 1930 (which provides...

      4. 4. Any enactment which provides for sums issued out of the...

   6. SIXTH SCHEDULE

      Enactments Repealed