Finance Act 1956

1. Introductory Text

2. PART I Customs, Excise and Purchase Tax

   1. Customs and excise

      1. 1. Tobacco

      2. 2. Excise duty on strengthened cider and perry

      3. 3. Retail sales of small quantities of wines and spirits

      4. 4. Customs preference on Empire goods consigned from Beira or Lourenso Marques

      5. 5. Amendment of Vehicles (Excise) Act, 1949

      6. 6. Exemption from customs duties of films produced by the United Nations

   2. Purchase tax

      1. 7. Charge of purchase tax on conversion of goods vehicle to passenger vehicle or the like

3. PART II Income Tax (Charge of Tax, and General)

   1. 8. Charge of income tax for 1956-57

   2. 9. Relief from income tax on certain savings bank interest

   3. 10. Offices and employments

   4. 11. Residence of persons working abroad

   5. 12. Relief from tax on delayed remittances of overseas income

   6. 13. Relief for contributions to House of Commons Members' Fund

   7. 14. Victoria Cross

   8. 15. Suspension of investment allowances (with certain exceptions)

   9. 16. Capital allowances for industrial buildings (expenditure on cutting, tunnelling, etc.)

   10. 17. Capital allowances for expenditure on dredging

   11. 18. Further continuation of mills, factories allowances

   12. 19. Relief from surtax for estate duty on accrued income

   13. 20. Power to obtain information as to fees, commissions, etc.

   14. 21. Place of assessment under Schedule D

4. PART III Income Tax (Retirement and other Annuities)

   1. Retirement annuities and related matters

      1. 22. Retirement annuities (relief for premiums, and earned income relief)

      2. 23. Nature and amount of relief for qualifying premiums

      3. 24. Taxation of assurance companies doing annuity business

      4. 25. Application to new exemptions of Finance (No. 2) Act, 1955, s. 4

      5. 26. Amendments as to friendly societies and trade unions

   2. Annuities other than retirement annuities

      1. 27. Purchased life annuities, other than retirement annuities

   3. Supplementary

      1. 28. Procedure

5. PART IV The Profits Tax

   1. 29. Increase of profits tax

   2. 30. Groups of companies

   3. 31. Extent to which sums applied in reducing share capital etc are to be treated as distributions

6. PART V Death Duties

   1. 32. Settled property charged with annuity

   2. 33. Relief in cases of compulsory purchase

   3. 34. Acceptance of works of art in satisfaction of death duties, and amendment as to exemption

   4. 35. Aggregation of certain annuity contracts, etc.

   5. 36. Settled property passing on death of husband and wife

7. PART VI Stamp Duties

   1. 37. Conveyances on sale

   2. 38. Annuity contracts and life insurance policies

   3. 39. Composition for duty on cheques, etc.

8. PART VII Miscellaneous

   1. 40. Indian, Pakistan and colonial pensions (income tax and estate duty)

   2. 41. Interests in unadministered estates (income tax and estate duty)

   3. 42. Exchequer advances to nationalised industries and undertakings

   4. 43. Amendment of National Loans Act, 1939

   5. 44. Short title, etc.

9. SCHEDULES

   1. FIRST SCHEDULE

      Tobacco (Rates of Duty and Drawback)

      1. PART I

         1. Customs Duties

      2. PART II

         1. Excise Duties

      3. PART III

         1. Drawback

   2. SECOND SCHEDULE

      Offices and Employments (Provisions applicable to Cases I, II, and III of Schedule E)

      1. General

         1. 1. (1) Tax under Case I, II or III shall, except...

      2. Expenses and capital allowances

         1. 2. (1) Subject to the following sub-paragraph, where the emoluments for...

      3. Provisions defining scope of charge

         1. 3. For the purposes of Cases i; II and III, a...

         2. 4. Where a person ordinarily performs the whole or part of...

         3. 5. Where an office or employment is in substance one of...

         4. 6. For the purposes of Cases I and II (including the...

         5. 7. (1) For any year of assessment for which the double...

         6. 8. For the purposes of Case III, emoluments shall be treated...

      4. Application of general rules relating to Schedule E

         1. 9. The rules relating to Schedule E contained in the Ninth...

   3. THIRD SCHEDULE

      Retirement Annuities (Adjustments of Limit on Qualifying Premiums)

      1. PART I Holders of Pensionable Office or Employment

         1. 1. Subject to the following paragraphs, in the case of an...

         2. 2. Where an individual is the holder of a pensionable office...

         3. 3. For the purposes of this Part of this Schedule an...

      2. PART II Persons born in or before 1915

         1. 4. Subject to the following paragraph, in the case of an...

         2. 5. (1) This Part of this Schedule shall not apply in...

   4. FOURTH SCHEDULE

      Profits Tax (Provisions consequential on change of rate of tax or of relief for non-distribution)

      1. Provisions applying on any change of rate

         1. 1. (1) Where an enactment changes any rate of tax or...

         2. 2. Where, under either of the following provisions of the Finance...

         3. 3. (1) In subsection (3) of section thirty-six of the Finance...

      2. Provisions applying only to changes under this Act

         1. 4. Subsection (3) of section sixty-nine of the Finance Act, 1948,...

         2. 5. (1) If, in the case of any accounting period of...

         3. 6. (1) Where the dividends of a body corporate, unincorporated society...

   5. FIFTH SCHEDULE

      Repeals

      1. PART I General

      2. PART II Repeals Effective from 1st August, 1956

      3. PART III Repeals Effective from 1st January, 1957