Finance Act 1952

1. Introductory Text

2. PART I Customs and Excise

   1. 1. Hydrocarbon oils, etc.

   2. 2. Classification of entertainments for purposes of entertainments duty, and rates of duty

   3. 3. Music-hall and other variety entertainments not to be exempted from entertainments duty

   4. 4. Extension of pool betting duty

   5. 5. Prohibition of certain activities for protection of pool betting duty

   6. 6. Permanent provision for imperial preference on sugar, etc., and consequential provision about excise duties

   7. 7. Vehicles (excise)

3. PART II Purchase Tax

   1. 8. Abolition of special provision for utility articles

   2. 9. Discharge or reduction of tax in certain cases

   3. 10. Intermediate rates of tax, and goods chargeable at those rates

   4. 11. Reduction of tax on fur-trimmed garments and fur gloves

   5. 12. Giving of invoices, and taking of samples

4. PART III Income Tax

   1. 13. Charge of income tax for 1952-53

   2. 14. Alterations in existing personal reliefs etc.

   3. 15. Relief for small incomes

   4. 16. Extension of provisions relating to W.R.N.S. to its reserves

   5. 17. Korea gratuity

   6. 18. Sources of income taxable under Case III, IV or V of Schedule D which are disposed of or cease to yield income

   7. 19. Expenditure by mining concerns on abortive exploration

   8. 20. Expenditure by mining concerns on machinery and plant used for exploration

   9. 21. Expenditure by mining concerns on acquisition of land outside the United Kingdom

   10. 22. Contributions by mining concerns to public services, etc., outside the United Kingdom

   11. 23. Fees and expenses in connection with unsuccessful applications for patents

   12. 24. Amendments as to allowances, etc., in respect of machinery or plant and patent rights

   13. 25. Allowances for buildings, etc., of tunnel undertakings

   14. 26. Tied premises

   15. 27. Removal of limit of time for carrying forward of losses and management expenses

   16. 28. Rents for easements for wires etc. of radio relay services

   17. 29. Reserves of marketing boards

   18. 30. Priority in bankruptcy, winding up etc. of employers' liability for tax deducted

   19. 31. Surtax assessments

   20. 32. Meaning of "Income Tax Acts"

5. PART IV Profits Tax

   1. 33. Relation of profits tax to income tax, rates of profits tax, etc.

   2. 34. Increase, in certain cases, of deductions allowable for directors' remuneration

   3. 35. Amendment of Finance Act, 1947, s. 40 (3)

6. PART V The Excess Profits Levy

   1. Principal provisions

      1. 36. Charge of the excess profits levy

      2. 37. Scope of the excess profits levy

      3. 38. Standard profits for a full year where trade or business commenced on or before 1 January, 1947

      4. 39. Standard profits for a full year where trade or business commenced after 1 January, 1947

      5. 40. Effect on standard profits of borrowed money

      6. 41. Minimum standard profits for a full year

      7. 42. Relief in respect of deficiencies of profits

      8. 43. Overriding limit on the amount payable by way of the excess profits levy

   2. Accounting periods, computation of profits and undistributed profits, etc.

      1. 44. Accounting periods for excess profits levy purposes

      2. 45. Computation of profits and losses for excess profits levy purposes

      3. 46. Ascertainment of undistributed profits and over-distributions of profits for excess profits levy purposes

   3. Transfers of trades and businesses, and special provisions as to interconnected bodies corporate

      1. 47. Effect of transfers of going concerns on standard profits and computation of profits and losses

      2. 48. Special provisions as to transfers of trades or businesses to newly created bodies corporate without change of ultimate control

      3. 49. Interconnected bodies corporate

      4. 50. Bodies corporate holding shares in other bodies corporate

      5. 51. New holding companies

   4. Provisions applicable to special cases

      1. 52. Bodies corporate deriving income mainly from investments

      2. 53. Bodies corporate not ordinarily resident in the United Kingdom

      3. 54. Application to bodies corporate without share capital

      4. 55. Minerals: addition to standard profits

      5. 56. Minerals: allowance for additional output

      6. 57. Local and public authorities, statutory undertakers, etc.

      7. 58. Nationalised undertakings

      8. 59. Bodies corporate whose income is apportioned for surtax purposes

      9. 60. Partnerships

      10. 61. Liquidators, receiverships, etc.

   5. Supplemental provisions

      1. 62. Assessment and collection, etc.

      2. 63. Appeals

      3. 64. Returns and particulars, etc.

   6. Extension of levy to unincorporated societies

      1. 65. Extension of excess profits levy to unincorporated societies

   7. Interpretation, etc.

      1. 66. Interpretation, etc.

7. PART VI Miscellaneous and General

   1. 67. Lloyd's and other underwriters; income tax and profits tax

   2. 68. Bodies corporate liable to surtax (deductions for profits tax and excess profits levy)

   3. 69. Amendment, and extension to excess profits levy, of provisions as to avoidance of liability to tax

   4. 70. Amendments as to relief for double taxation of profits or income

   5. 71. Exemption from estate duty for members of armed forces, etc.

   6. 72. Estate duty (amendments of Finance Act, 1940, Part IV)

   7. 73. Stamp duty on conveyances (extension of relief)

   8. 74. Stamp duties (exemption for certain transfers to joint boards or joint committees of local authorities)

   9. 75. Provisions as to permanent annual charge for the National Debt and as to the Old Sinking Fund

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

8. SCHEDULES

   1. FIRST SCHEDULE

      Entertainments Duty

      1. PART I Second Scale

      2. PART II 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

      Sugar Duties: Rates of General Preferential Reductions

   3. THIRD SCHEDULE

      Purchase Tax: Amendments of Finance Act, 1948, Schedule 8, Part I

      1. 1. (1) The following provisions (which relate to utility articles) shall...

      2. 2. In paragraph (f) of Group 1 for the words "...

   4. FOURTH SCHEDULE

      Purchase Tax: Prescribed Lists for Wearing Apparel and for Cloth, Etc

      1. PART I Wearing Apparel

      2. PART II Cloth, Etc

      3. PART III Modifications of Parts I and II of Schedule for Initial Period

         1. 1. (1) As respects the period up to the end of...

         2. 2. (1) As respects the period up to the end of...

   5. FIFTH SCHEDULE

      Income Tax: Supplementary Provisions as to Certain New Allowances for Mines, Oil Wells etc.

      1. Preliminary

         1. 1. In this Schedule— " Part X " means Part X...

      2. General transitional provisions

         1. 2. In relation to any relevant expenditure— (a) references to the...

      3. Special provisions as to exploration machinery and plant

         1. 3. (1) Where machinery or plant used by any person in...

         2. 4. (1) Where a person carrying on a trade which consists...

      4. Special provisions as to land

         1. 5. (1) Where— (a) a person incurs or has incurred in...

         2. 6. In subsection (1) of section three hundred and twenty-six of...

   6. SIXTH SCHEDULE

      Income Tax: Capital Allowances

      1. PART I Machinery and Plant

         1. 1. (1) The events giving rise to balancing allowances or balancing...

         2. 2. (1) Where an event occurs which gives rise or might...

         3. 3. (1) Subject to the provisions of paragraphs 4 and 6...

         4. 4. (1) References in the two last foregoing paragraphs to the...

         5. 5. Subject to the provisions of the next following paragraph, where...

         6. 6. (1) Where in a case falling within the last foregoing...

         7. 7. Where a person succeeds to a trade as a beneficiary...

         8. 8. The definition of " sale, insurance, salvage or compensation moneys"...

         9. 9. Nothing in the foregoing provisions of this Schedule shall have...

         10. 10. (1) In charging the profits or gains of a trade...

         11. 11. The provisions of the principal Chapter, of Chapter VI of...

         12. 12. (1) Where, after the setting up and on or before...

         13. 13. The foregoing provisions of this Part of this Schedule shall,...

         14. 14. Subsection (3) of section three hundred and thirty-two of the...

         15. 15. In subsection (1) of section three hundred and twenty-eight of...

      2. PART II Patent Rights

         1. 16. (1) Expenditure incurred after the commencement of this Act in...

         2. 17. Section three hundred and eighteen of the Income Tax Act,...

      3. PART III Supplementary

         1. 18. (1) Chapter VI of Part X of the Income Tax...

   7. SEVENTH SCHEDULE

      Profits Tax: Consequential and Transitional Provisions

      1. Rates of Distribution Charges

         1. 1. (1) The rate of any distribution charge in respect of...

      2. Repaid Loans

         1. 2. (1) Where, in the case of any body corporate, society...

      3. Building Societies

         1. 3. Section forty-two of the Finance Act, 1947 (which as amended...

      4. Payments between interconnected companies and payments by statutory undertakers

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

      5. Accounting Periods Divided by this Act

         1. 5. The provisions set out in the third column of the...

   8. EIGHTH SCHEDULE

      Excess Profits Levy: Computation of value of assets and liabilities for purposes of capital standard

      1. Assets

         1. 1. Paragraph 5 of the Tenth Schedule to this Act shall,...

         2. 2. The amount of the debts due to the body corporate...

         3. 3. The value of any hereditament in respect of which a...

         4. 4. The value of any other assets shall be taken to...

         5. 5. The assets of the body corporate shall be deemed to...

      2. Liabilities

         1. 6. The liabilities of the body corporate shall be deemed to...

         2. 7. The liability at the end of the year in respect...

         3. 8. The liability at the end of the year in respect...

         4. 9. The liability at the end of the year in respect...

      3. General

         1. 10. Where no balance sheet is drawn up by the body...

   9. NINTH SCHEDULE

      Excess Profits Levy: Modification of Profits Tax Rules as to Computation of Profits

      1. Computation to be without abatement and investment income to be included

         1. 1. The profits or losses shall be computed without abatement and...

      2. Exclusion of carry-forward of losses and accumulated wear and tear allowances

         1. 2. No loss shall be carried forward from any previous accounting...

      3. Initial allowances

         1. 3. (1) Except where sub-paragraph (2) of this paragraph applies, the...

      4. Annual allowances for expenditure in connection with mines, oil wells, etc.

         1. 4. (1) Except where sub-paragraph (2) of this paragraph applies, such...

      5. Annual allowances in respect of ships

         1. 5. (1) Where the standard profits for a full year of...

      6. Balancing allowances and charges, etc.

         1. 6. The profits or losses shall be computed without regard to...

      7. Exclusion or extension of various enactments

         1. 7. The profits or losses shall be computed as if—

      8. Unreasonable or unnecessary expenses

         1. 8. No deduction shall be allowed in respect of expenses in...

      9. Long term contracts

         1. 9. Where the performance of a contract extends beyond the accounting...

      10. Attribution of expenses to proper periods

          1. 10. Where a deduction would be allowable in computing profits apart...

      11. " Back service " payments

          1. 11. (1) Where— (a) arrangements are in force in connection with...

      12. Repairs and renewals deferred from war years

          1. 12. Where— (a) the body corporate's trade or business commenced before...

      13. Restoration of assets in territory under Japanese occupation

          1. 13. Any deduction which, but for this paragraph, would fall to...

      14. Accounting periods falling partly before 1947

          1. 14. Where the accounting period falls partly before and partly after...

   10. TENTH SCHEDULE

       Excess Profits Levy: Ascertainment of Undistributed Profits or Over-distribution of Profits for an Accounting Period

       1. General rule

          1. 1. (1) If the sum of the amounts mentioned in sub-paragraph...

       2. Exclusion of certain enactments

          1. 2. In computing the profits or loss for the purposes of...

       3. Subsidiary companies within Finance Act, 1937, s. 22 (1)

          1. 3. Where a notice under subsection (1) of section twenty-two of...

       4. Interpretation

          1. 4. (1) Any reference in sub-paragraph (2) or sub-paragraph (3) of...

       5. Valuation of assets

          1. 5. The value of any assets distributed in kind to the...

   11. ELEVENTH SCHEDULE

       Excess Profits Levy: Effect of Certain Transfers of Going Concerns

       1. Transfers before 1952—effect on standard profits

          1. 1. (1) Where the transfer takes place at or before the...

       2. Transfers after 1951—effect on standard profits of transferee

          1. 2. (1) Where the transfer takes place after the beginning of...

       3. Transfers after 1951—effect on standard profits of transferor

          1. 3. (1) Where the transfer takes place after the beginning of...

       4. Valuation of assets, etc.

          1. 4. Where an asset of any of the classes described in...

       5. Appeals

          1. 5. (1) Any person aggrieved by an apportionment made by the...

       6. Transfers from individuals

          1. 6. The preceding provisions of this Schedule, so far as they...

   12. TWELFTH SCHEDULE

       Excess Profits Levy: Interconnected Bodies Corporate

       1. PART I Interpretation and Application

          1. Meaning of "group"

             1. 1. (1) Where, at the beginning of the period of charge...

          2. Principal member

             1. 2. (1) Subject to the provisions, of this paragraph, references in...

          3. Severance of nexus

             1. 3. The references in this Schedule to the severance of the...

          4. Formation of groups after 1951

             1. 4. Where— (a) at some date after the beginning of the...

          5. Subsidiaries

             1. 5. For the purposes of this Schedule, a body corporate shall...

          6. Application of Schedule after severance of nexus etc.

             1. 6. Save as otherwise expressly provided, the provisions of this Schedule...

          7. Chargeable accounting periods

             1. 7. The Commissioners may in their discretion make such alterations, if...

       2. PART II Standard profits for a full year and computation of profits and losses

          1. Method of determining standard profits for a full year

             1. 8. (1) Subject to the provisions of sub-paragraphs (3) to (5)...

          2. Determination of composite figure and share of members therein

             1. 9. (1) Subject to the provisions of sub-paragraphs (4) and (5)...

          3. Borrowed money

             1. 10. Section forty of this Act shall apply in relation to...

          4. Application of ss. 40, 50 and 56 to members of a group

             1. 11. Sections forty, fifty and fifty-six of this Act shall apply...

          5. Sums received or paid in respect of share capital

             1. 12. (1) Subject to the provisions of sub-paragraph (3) of this...

          6. Dividends received by one member from another member and application of Schedule 9, paragraph 12

             1. 13. In computing the profits and losses of a member of...

          7. Director-controlled companies

             1. 14. A member of a group shall be deemed for the...

          8. Elections under Schedule 9, paragraph 3 or 4

             1. 15. Any election under sub-paragraph (2) of paragraph 3 or sub-paragraph...

          9. Addition to certain percentages in respect of certain minerals

             1. 16. Where, in any chargeable accounting period, the trade or business...

       3. PART III Assessment and relief

          1. Assessment

             1. 17. (1) Subject to the provisions of this paragraph, every assessment...

          2. Relief for deficiency of profits

             1. 18. (1) Subject to the provisions of this paragraph, any deficiency...

          3. Overriding limit

             1. 19. (1) Section forty-three of this Act (which provides for an...

          4. Adjustments between members of a group

             1. 20. (1) Where any sum is paid by the principal member...

   13. THIRTEENTH SCHEDULE

       Estate Duty: List of 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 or any reserve...

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

       4. 4. Member of the Auxiliary Territorial Service.

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

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

       7. 7. Woman employed with the Medical Branch or the Dental Branch...

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

   14. FOURTEENTH SCHEDULE

       Repeals

       1. PART I Miscellaneous Customs, Excise and Purchase Tax Repeals

       2. PART II Repeals Relating to Rates of Entertainments Duty

       3. PART III Repeals relating to the Sugar Duties

       4. PART IV Income Tax Repeals

       5. PART V Repeals Relating to Relief from Estate Duty for Members of Armed Forces, etc.

       6. PART VI Stamp Duty Repeals