Finance Act 1946

1. Introductory Text

2. PART I Customs and Excise.

   1. 1. Extension of key industry duty.

   2. 2. Coffee and chicory extracts, etc.

   3. 3. Drawback on rock cocoa, etc., used in manufacture of theobromine.

   4. 4. Imperial preference for sugar, etc.

   5. 5. Rebate on light oils used in refineries for producing gas.

   6. 6. Relief from duty on imported legacies, etc.

   7. 7. Reduction of entertainments duty on certain games and sports, etc.

   8. 8. Entertainments duty on certain entertainments provided by bodies which are not profit making.

   9. 9. Passenger aircraft licences for sale of intoxicating liquor and tobacco.

   10. 10. Continuation of relief under Finance Act, 1942, ss. 13 and 14.

   11. 11. Allowance for artificial silk used in tyres.

   12. 12. Provisions for relief from duty on liquor licences, and suspension of justices' licences, where licensed premises compulsorily acquired.

   13. 13. Provisions for relief from duty on liquor licences and suspension of certificates granted under the Licensing (Scotland) Act, 1903, where premises compulsorily acquired.

   14. 14. Excise duty on mechanically propelled vehicles.

3. PART II Purchase Tax.

   1. 15. Cesser of charge and reduction of rates of purchase tax in respect of certain goods.

   2. 16. Definition of chargeable process.

   3. 17. Purchase tax to be charged on goods resulting from chargeable processes.

   4. 18. Registration, etc., of persons who carry out chargeable processes.

   5. 19. Commencement of the three last preceding sections.

   6. 20. Accounts, information, etc.

   7. 21. Reduction of tax charged on certain chargeable processes.

   8. 22. Remission of purchase tax on exported vehicles.

   9. 23. Amendments of Finance (No. 2) Act, 1940, s. 28.

4. PART III Income Tax.

   1. 24. Increase of earned income reliefs, etc.

   2. 25. Continuation of certain expiring reliefs.

   3. 26. Repayment of post-war credits in certain cases.

   4. 27. Insurance contributions, family allowances and insurance benefit.

   5. 28. Surtax on income under settlements.

   6. 29. Relief for payments for technical education.

   7. 30. Armed forces, etc.

   8. 31. Relief from tax on dividends from companies resident abroad.

   9. 32. Assessment for penultimate year of trades discontinued in consequence of nationalisation schemes.

   10. 33. Increase of balancing allowances under Part I of Income Tax Act, 1945.

   11. 34. Amendment of Income Tax Act, I945, s. 59.

   12. 35. Amendment of. Income Tax Act. 1918. s. 146.

5. PART IV Excess Profits Tax and the National Defence Contribution.

   1. 36. Termination of excess profits tax.

   2. 37. Relief from excess profits tax for terminal expenses.

   3. 38. Relief for losses on sales of stock.

   4. 39. Supplementary provisions as to relief for terminal expenses and losses on sales of stock.

   5. 40. Replacement of buildings provided before 1937.

   6. 41. Rehabilitation costs incurred before end of 1946.

   7. 42. Cancellation costs.

   8. 43. Matters occurring after certain dates.

   9. 44. Renaming of the national defence contribution.

   10. 45. Payments for technical education.

6. PART V Death Duties.

   1. 46. Altered rates of estate duty.

   2. 47. Gifts inter vivos etc.

7. PART VI The National Land Fund.

   1. 48. The National Land Fund.

   2. 49. Extension of power to accept property in satisfaction of death duties.

   3. 50. Disposition of property accepted in satisfaction of death duty.

   4. 51. Supplemental provisions.

8. PART VII Stamp Duty.

   1. 52. Exemption from stamp duty of documents connected with nationalisation schemes.

   2. 53. Stamp duty on trust instruments under unit trust schemes.

   3. 54. Units under unit trust schemes to be treated as stock.

   4. 55. Special provisions as to certificates to bearer under unit trust schemes.

   5. 56. Supplemental provisions.

   6. 57. Interpretation of Part VII.

9. PART VIII Miscellaneous.

   1. 58. Exceptional depreciation.

   2. 59. Exchange of securities in connection with conversion operations, nationalisation, etc.

   3. 60. Other provisions as to issues of securities in connection with - nationalisation, etc.

   4. 61. Receipts by joint authorities to meet deficits.

   5. 62. Abolition of land tax assessors and income tax assessors, etc.

   6. 63. Exchange Equalisation Account.

   7. 64. Provisions as to permanent annual charge for the National Debt.

   8. 65. Amendment as to deficit for 1945-46.

   9. 66. Mode of repayment of principal moneys in the case of certain government stock.

   10. 67. Short title, construction, extent and repeals.

10. SCHEDULES.

    1. FIRST SCHEDULE

       Provisions as to Justices' Licences in Suspense by Reason of Compulsory Acquisition.

       1. Transfer of licences in suspense.

          1. 1. (1) If while a licence is in suspense the licensing...

       2. Restoration to full force of licences in suspense.

          1. 2. (1) The provisions of the Licensing Act and the Licensing...

          2. 3. (1) Where a licence is in suspense and it is...

          3. 4. (1) A licence in force for all purposes after being...

       3. Extinguishment of licences in suspense.

          1. 5. Where the licensing justices for any district are satisfied as...

          2. 6. Where the premises in respect of which a licence in...

          3. 7. (1) Where the licensing justices for any district are of...

          4. 8. (1) If a discontinuance of business by virtue of which...

          5. 9. If His Majesty by Order in Council declares that the...

          6. 10. The licensing justices may, if application is made to them...

       4. Supplementary Provisions.

          1. 11. The provisions of sections twenty-nine to thirty-two. of the Licensing...

          2. 12. Any power exercisable by licensing justices under paragraph 3, 5...

          3. 13. Paragraph 15 of Part I of the Sixth Schedule to...

          4. 14. (1) In this Schedule the following expressions have the meanings...

    2. SECOND SCHEDULE

       Rates of Excise Duty on certain Mechanically Propelled Goods Vehicles Chargeable under the Second Schedule to the Finance Act, 1920.

    3. THIRD SCHEDULE

       PURCHASE TAX.

       1. Exemptions and Reductions of Rates.

          1. PART I Classes of Goods Becoming Exempt on 10th April, 1946.

          2. Classes of Goods becoming exempt on 22nd July, 1946.

          3. PART II Classes of Goods becoming chargeable at reduced rate on 10th April, 1946.

          4. Class of Goods becoming chargeable at reduced rate on 22nd July, 1946.

          5. PART III Classes of Goods becoming chargeable at basic rate on 10th April, 1946.

          6. Classes of Goods becoming chargeable at basic rate on 22nd July, 1946.

          7. PART IV Consequential Amendments of Seventh Schedule to Finance (No. 2) Act, 1940.

             1. Amendments of First Column.

             2. Amendments of Second Column.

             3. Amendments of Third Column.

          8. PART V Consequential Amendments of Seventh Schedule to Finance Act, 1942.

    4. FOURTH SCHEDULE

       PURCHASE TAX.

       1. Chargeable Processes : Relevant Classes of Goods.

          1. 1. Apparel and rugs made wholly or partly of fur skin...

          2. 2. Fur skins other than of rabbit (including any skin with...

          3. 3. Jewellery, imitation jewellery and other goldsmiths' and silversmiths' wares.

          4. 4. Road vehicles and cycles (whether mechanically propelled or not).

    5. FIFTH SCHEDULE

       Modification of Enactments Relating to Purchase Tax.

       1. 1. For subsection (3) of section twenty of the Finance (No....

       2. 2. At the end of section twenty-seven of the said Act...

       3. 3. For subsection (1) of section twenty-nine of the said Act...

       4. 4. In subsections (1) and (2) of section thirty-one of the...

       5. 5. In subsection (1) of section forty of the said Act,...

       6. 6. In subsection (4) of section eleven of the Finance Act,...

    6. SIXTH SCHEDULE

       Women's Services.

       1. 1. Member of Queen Alexandra's Royal Naval Nursing Service or any...

       2. 2. Member of the Women's Royal Naval Service.

       3. 3. Woman medical or dental practitioner serving in the Royal Navy...

       4. 4. Member of Queen Alexandra's Imperial Military Nursing Service or any...

       5. 5. Member of the Territorial Army Nursing Service or any reserve...

       6. 6. Member of the Auxiliary Territorial Service.

       7. 7. Woman employed with the Royal Army Medical Corps or the...

       8. 8. Member of Princess Mary's Royal Air Force Nursing Service or...

       9. 9. Member of the Women's Auxiliary Air Force.

       10. 10. Woman employed with the Medical Branch of the Dental Branch...

       11. 11. Member of the Voluntary Aid Detachments employed under the Admiralty,...

    7. SEVENTH SCHEDULE

       Amendments Consequential on Termination of Excess Profits Tax.

       1. 1. The following paragraph shall be substituted for paragraph (e) of...

       2. 2. The following subsection shall be substituted for subsection (4) of...

       3. 3. The following sub-paragraph shall be substituted for sub-paragraph (b) of...

    8. EIGHTH SCHEDULE

       Computation of Losses on Sales of Stock.

       1. 1. For the' purposes of the provisions of Part IV of...

       2. 2. (1) There shall be ascertained— (a) the aggregate cost of...

       3. 3. (1) There shall be ascertained in relation to all the...

    9. NINTH SCHEDULE

       Supplementary Provisions as to Claims for relief for Terminal Expenses and Losses on Sales of Stock.

       1. 1. Any claim for relief in respect of terminal expenses or...

       2. 2. Any surveyor appointed for the purposes of the Income Tax...

       3. 3. Every return furnished in pursuance of the last preceding paragraph...

       4. 4. Pending the determination by the Commissioners of any claim for...

       5. 5. Any person making a claim for relief in respect of...

       6. 6. The provisions of Part II of the Fifth Schedule to...

    10. TENTH SCHEDULE

        1. PART I General Scale of Rates of Estate Duty.

        2. PART II Entries to be substituted for certain entries in the Scale of Rates applicable to the Agricultural Value of Agricultural Property.

        3. PART III Consequential Amendments.

           1. 1. In subsection (1) of section thirty-three of the Customs and...

           2. 2. In subsection (1) of section sixteen of the Finance Act,...

           3. 3. For subsection (3) of the said section sixteen the following...

           4. 4. Subsection (5) of the said section sixteen shall cease to...

           5. 5. Section fourteen of the Revenue Act, 1903, shall cease to...

           6. 6. In subsection (2) of section sixty-one of the Finance (1909-10)...

           7. 7. In subsection (2) of section thirteen of the Finance Act,...

    11. ELEVENTH SCHEDULE

        Amendments as to Gifts inter vivos, etc.

        1. PART I Amendments.

           1. 1. In subsection (1) of section fifty-nine of the Finance (1909-10)...

           2. 2. In subsection (2) of section thirty-one of the Finance Act,...

           3. 3. In subsection (2) of section forty-three of the Finance Act,...

           4. 4. In subsection (1) of section forty-six of the Finance Act,...

           5. 5. In subsection. (1) of section forty-seven of the Finance Act,...

           6. 6. In subsection (3) of section forty-eight of the Finance Act,...

           7. 7. In subsection (1) of section fifty-five and paragraph (a) of...

           8. 8. Section thirty-five of the Finance Act, 1944, shall cease to...

        2. PART II Transitional Provisions.

           1. 1. In the case of persons dying on or after the...

           2. 2. (1) No part of the assets of any company shall...

    12. TWELFTH SCHEDULE

        REPEALS.

        1. PART I Miscellaneous.

        2. PART II Enactments Repealed as respects 1947-48 and subsequent years of assessment.

        3. PART III Enactments repealed as respects persons dying on or after the Tenth day of April, 1946.