Introductory Text
Part I Customs and Excise
Chapter I General
Rates of duty
1. Wine, made-wine and cider.
2. Tobacco products.
3. Hydrocarbon oil.
4. Vehicles excise duty.
Other provisions
5. Vehicles excise duty: miscellaneous provisions.
6. Gaming machine licence duty.
Chapter II Appeals and Penalties
VAT and duties tribunals
7. VAT and duties tribunals.
Civil penalties
8. Penalty for evasion of excise duty.
9. Penalties for contraventions of statutory requirements.
10. Exceptions to liability under section 9.
11. Breaches of walking possession agreements.
Assessments to excise duty or to penalties
12. Assessments to excise duty.
12A. Other assessments relating to excise duty matters.
12B. Section 12A: supplementary provisions.
13. Assessments to penalties.
Customs and excise reviews and appeals
14. Requirement for review of a decision.
15. Review procedure.
16. Appeals to a tribunal.
Supplemental provisions
17. Interpretation.
18. Consequential modifications of enactments.
19. Commencement of Chapter.
Chapter III Customs: Enforcement Powers
20. Interpretation, etc.
21. Requirements about keeping records.
22. Records and rules of evidence.
23. Furnishing of information and production of documents.
24. Power of entry.
25. Order for production of documents.
26. Procedure when documents are removed.
27. Failure of officer to comply with requirements under section 26.
Chapter IV Air Passenger Duty
The duty
28. Air passenger duty.
29. Chargeable aircraft.
30. The rate of duty.
31. Passengers: exceptions.
32. Change of circumstances after ticket issued etc.
Persons liable for the duty
33. Registration of aircraft operators.
34. Fiscal representatives.
34A. Administrative representatives.
35. Fiscal representatives: supplementary.
36. Security for payment of duty.
37. Handling agents.
38. Accounting for and payment of duty.
39. Schemes for simplifying operation of reliefs etc.
Administration and enforcement
40. Administration and enforcement.
41. Offences.
Supplementary
42. Regulations and orders.
43. Interpretation.
44. Commencement.
Part II Value Added Tax
45. Misdeclaration etc.
46. Repayment supplement.
47. Set-off of credits.
Part III Insurance Premium Tax
The basic provisions
48. Insurance premium tax.
49. Charge to tax.
50. Chargeable amount.
51. Rate of tax.
51A. Premiums liable to tax at the higher rate.
52. Liability to pay tax.
52A. Certain fees to be treated as premiums under higher rate contracts.
Administration
53. Registration of insurers.
53AA. Registration of taxable intermediaries.
53A. Information required to keep register up to date.
54. Accounting for tax and time for payment.
55. Credit.
56. Power to assess.
Tax representatives
57. Tax representatives.
58. Rights and duties of tax representatives.
Review and appeal
59. Review of Commissioners’ decisions.
60. Appeals.
61. Review and appeal: commencement.
Miscellaneous
62. Partnership, bankruptcy, transfer of business, etc.
63. Groups of companies.
64. Information, powers, penalties, etc.
65. Liability of insured in certain cases.
66. Directions as to amounts of premiums.
67. Deemed date of receipt of certain premiums.
67A. Announced increase in rate of tax: certain premiums treated as received on date of increase.
67B. Announced increase in rate of tax: certain contracts treated as made on date of increase.
67C. Announced increase in rate of tax: exceptions and apportionments.
68. Special accounting schemes.
69. Charge to tax where different rates of tax apply.
Supplementary
70. Interpretation: taxable insurance contracts.
71. Taxable insurance contracts: power to change definition.
72. Interpretation: premium.
73. Interpretation: other provisions.
74. Orders and regulations.
Part IV Income Tax, Corporation Tax and Capital Gains Tax
Chapter I General
Income tax: charge, rates and reliefs
75. Charge and rates of income tax for 1994-95.
76. Personal allowance.
77. Rate of relief to married couples etc.
78. Amount by reference to which MCA is reduced.
79. Relief for maintenance payments.
80. Limit on relief for interest.
81. Mortgage interest relief etc.
82. Relief for blind persons.
83. Medical insurance.
84. Relief for vocational training.
Corporation tax charge and rate
85. Charge and rate of corporation tax for 1994.
86. Small companies.
Benefits in kind
87. Car fuel.
88. Beneficial loan arrangements.
89. Vouchers and credit-tokens.
Chargeable gains
90. Annual exempt amount for 1994-95.
91. Relief on re-investment.
92. Relief on retirement.
93. Indexation losses.
94. Set-off of pre-entry losses.
95. Commodity and financial futures.
96. Cash-settled options.
97. Settlements with foreign element: information.
Profit-related pay
98. The distributable pool.
99. Parts of undertakings.
Profit sharing schemes
100. Relevant age for purpose of appropriate percentage.
101. Acceptance of qualifying corporate bonds for shares.
Employee share ownership trusts
102. Employee share ownership trusts.
Retirement benefits schemes
103. The administrator.
104. Default of administrator etc.
105. Information.
106. False statements etc.
107. Discretionary approval.
108. Taxation of benefits of non-approved schemes.
Annuities
109. Annuities derived from personal pension schemes.
110. Annuities derived from retirement benefits schemes.
Authorised unit trusts
111. Rate of corporation tax.
112. Distributions of authorised unit trusts.
113. Umbrella schemes.
Exchange gains and losses
114. Assets and liabilities.
115. Currency contracts: net payments.
116. Currency contracts: matching.
Capital allowances
117. Expenditure on machinery or plant.
118. Expenditure on machinery or plant: notification.
119. Transactions between connected persons.
120. Balancing charge on realisation of capital value.
121. Used buildings etc. in enterprise zones.
Securities
122. Sale and repurchase of securities: deemed manufactured payments.
123. Manufactured payments.
124. Overseas dividend manufacturers: limitation of double taxation relief.
PAYE
125. Payment by intermediary.
126. Employees working for persons other than their employers, etc.
127. Tradeable assets.
128. Non-cash vouchers.
129. Credit-tokens.
130. Cash vouchers.
131. Supplementary.
132. Payments etc. received free of tax.
133. PAYE regulations: past cases.
Miscellaneous provisions about companies
134. Controlled foreign companies.
135. Prevention of avoidance of corporation tax.
136. Parts of trades: computations in different currencies.
Miscellaneous
137. Enterprise investment scheme.
138. Foreign income dividends.
139. Taxation of incapacity benefit.
140. Restriction on deduction from income.
141. Expenditure involving crime.
142. Mortgage interest payable under deduction of tax: qualifying lenders.
143. Premiums referred to pension business.
144. Debts released in voluntary arrangement: relief from tax.
145. Relief for business donations.
146. Minor corrections.
Chapter II Interest Rate and Currency Contracts
Qualifying contracts
147. Qualifying contracts.
147A. Debt contracts and options to be qualifying contracts.
148. Contracts which may become qualifying contracts.
Interest rate and currency contracts and options
149. Interest rate contracts and options.
150. Currency contracts and options.
150A. Debt contracts and options.
151. Provisions which may be included.
152. Provisions which may be disregarded.
Other basic definitions
153. Qualifying payments.
154. Qualifying companies.
Accrual of profits and losses
155. Accrual of profits and losses.
156. Basis of accounting: general.
157. Basis of accounting for linked currency options.
158. Adjustments for changes in basis of accounting.
Treatment of profits and losses
159. Trading profits and losses.
160. Non-trading profits and losses.
Special cases
161. Termination etc. of qualifying contracts.
162. Exchange gains and losses on currency contracts.
163. Irrecoverable payments.
164. Released payments.
Anti-avoidance and related provisions
165. Transfers of value by qualifying companies.
166. Transfers of value to associated companies.
167. Transactions not at arm’s length.
168. Qualifying contracts with non-residents.
168A. Qualifying contracts for unallowable purposes
Miscellaneous
169. Insurance and mutual trading companies.
170. Investment trusts.
171. Charities.
172. Partnerships involving qualifying companies.
Supplemental
173. Prevention of double charging etc.
174. Prevention of deduction of tax.
175. Transitional provisions.
176. Minor and consequential amendments.
177. Interpretation of Chapter II.
Chapter III Management: Self-Assessment etc.
Income tax and capital gains tax
178. Personal and trustee’s returns.
179. Returns to include self-assessment.
180. Power to enquire into returns.
Corporation tax
181. Return of profits.
182. Return of profits to include self-assessment.
183. Power to enquire into return of profits.
Partnerships
184. Partnership return.
185. Partnership return to include partnership statement.
186. Power to enquire into partnership return.
Enquiries: procedure
187. Power to call for documents.
188. Amendment of self-assessment.
189. Amendment of partnership statement.
Determinations and assessments to protect revenue
190. Determination of tax where no return delivered.
191. Assessment where loss of tax discovered.
Payment of tax
192. Payments on account of income tax.
193. Payment of income tax and capital gains tax.
194. Surcharges on unpaid income tax and capital gains tax.
195. Payment of corporation tax.
Miscellaneous and supplemental
196. Management: other amendments.
197. Construction of certain references.
198. Transitional provisions.
199. Interpretation and commencement of Chapter III.
Chapter IV Changes for Facilitating Self-Assessment
Assessment under Cases I and II of Schedule D
200. Assessment on current year basis.
201. Basis of assessment at commencement.
202. Change of basis period.
203. Conditions for such a change.
204. Basis of assessment on discontinuance.
205. Overlap profits and overlap losses.
Assessment under Cases III to VI of Schedule D
206. Basis of assessment under Case III.
207. Basis of assessment under Cases IV and V.
208. Basis of assessment under Case VI.
Loss relief
209. Loss relief: general.
210. Relief for losses on unquoted shares.
Capital allowances
211. Income tax allowances and charges in taxing a trade etc.
212. Chargeable periods for income tax purposes.
213. Other amendments of Capital Allowances Act 1990.
214. Amendments of other enactments.
Miscellaneous and supplemental
215. Treatment of partnerships.
216. Effect of change in ownership of trade, profession or vocation.
217. Double taxation relief in respect of overlap profits.
218. Commencement, transitional provisions and savings.
Chapter V Lloyd’s Underwriters: Corporations etc.
Main provisions
219.Taxation of profits.
220. Accounting period in which certain profits or losses arise.
221. Assessment and collection of tax.
Trust funds
222.Premium trust funds.
223. Ancillary trust funds.
Other special cases
224. Reinsurance to close.
225. Stop-loss and quota share insurance.
Miscellaneous
226. Provisions which are not to apply.
227. Cessation: final underwriting year.
228. Lloyd’s underwriters: individuals.
Supplemental
229. Regulations.
230. Interpretation and commencement.
Part V Oil Taxation
Chapter I Election by Reference to Pipe-Line Usage
231. Election by reference to pipe-line with excess capacity.
232. Restriction on electing participator’s allowable expenditure on elected assets.
233. Tax relief for certain receipts of an electing participator.
234. Interpretation of Chapter and supplementary provisions.
Chapter II Miscellaneous
235. Valuation of oil.
236. Valuation of certain light gases.
237. Abortive exploration expenditure.
238. Disposals of assets producing tariff receipts.
Part VI Stamp Duty
239. Execution of deeds.
240. Time for presenting agreement for lease.
240A. Requirements before lease treated as duly stamped.
241. Exchange, partition, etc.
242. Where consideration not ascertainable from conveyance or lease.
243. Agreements to surrender leases.
244. Production of documents on transfer of land in Northern Ireland.
245. Production of documents: supplementary.
Part VII Inheritance Tax
246. Rate bands: no indexation in 1994.
247. Business and agricultural relief.
248. Corporate Lloyd’s underwriters.
Part VIII Miscellaneous and General
Companies treated as non-resident
249. Certain companies treated as non-resident.
250. Companies treated as non-resident: supplementary.
251. Companies treated as non-resident: repeals.
Privatisations
252. Railways.
253. Northern Ireland Airports Limited.
Management
254. Practice and procedure in connection with appeals.
255. Calling for documents of taxpayers and others.
Assigned matters
256. Minor corrections.
General
257. Interpretation and construction.
258. Repeals.
259. Short title.
SCHEDULES
SCHEDULE 1
Table of rates of duty on wine and made-wine
SCHEDULE 2
Vehicles excise duty: miscellaneous provisions
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24.In Article 34 of the Road Traffic (Northern Ireland) Order...
25.In section 47 of the Road Traffic Act 1988 (obligatory...
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29.Paragraphs . . ., 24 and 25 shall come into...
SCHEDULE 3
Amendments about gaming machine licence duty
Licences for periods beginning on or after 1st May 1994
1.(1) The Betting and Gaming Duties Act 1981 shall be...
Special licences
2.No special licence (as defined in section 21(2) of the...
3.(1) Accordingly, that Act shall be amended as follows.
Seasonal licences
4.(1) In Part I of Schedule 4 to that Act...
Amendment and surrender of licences
5.(1) Part II of Schedule 4 to that Act shall...
SCHEDULE 4
Penalties for statutory contraventions
Part I Contraventions under the Management Act
1.The Management Act shall be amended in accordance with the...
2.(1) In subsection (6) of section 92 (offence of making...
3.In section 93(6) (offence of failing to comply with any...
4.In section 100J (offence and forfeiture in the case of...
5.In section 101(4) (offence of failing to produce licence after...
6.(1) In subsection (2) of section 107 (offence of failing...
7.In section 108(4) (offence of contravening directions in relation to...
8.(1) In subsection (1) of section 111 (using premises or...
9.In section 114(2) (offence of using prohibited substance or liquor),...
10.(1) In subsection (4) of section 115 (offence of tampering...
11.In section 116(3) (offence of failing to pay duty on...
12.In section 118G (offences in connection with record keeping etc....
13.(1) In subsection (1) of section 170A (offence of handling...
Part II Contraventions under the Alcoholic Liquor Duties Act 1979
14.The Alcoholic Liquor Duties Act 1979 shall be amended in...
15.In section 8(2) (offence of contravening condition of remission of...
16.In section 10(2) (offence of contravening condition of remission of...
17.(1) In subsection (3) of section 13 (offence and forfeiture...
18.(1) In subsection (4) of section 15 (offence of failing...
19.(1) In subsection (2) of section 16 (offence and forfeiture...
20.In section 18(6) (rectifying or compounding spirits in contravention of...
21.(1) In subsection (2) of section 19 (offence and forfeiture...
22.In each of subsections (1) and (2) of section 20...
23.(1) In subsection (3) of section 21 (offences in the...
24.In section 22(9) (offence and forfeiture in the case of...
25.In section 24(4) (offence of contravening provisions restricting the carrying...
26.(1) In subsection (1) of section 33 (offence and forfeiture...
27.For subsection (2) of section 34 (offence of contravening prohibition...
28.In section 35(3) (contravention of regulations as to returns etc....
29.In section 41A(8) (offence and forfeiture in the case of...
30.In section 44(2) (offence of contravening condition imposed in connection...
31.In section 46(2) (offence of contravening regulations relating to the...
32.(1) In subsection (4) of section 47 (offence of failing...
33.For subsection (3) of section 49 (offence and forfeiture in...
34.In section 54(5) (offence of producing wine on unlicensed premises),...
35.In section 55(6) (offence of producing made-wine on unlicensed premises),...
36.In section 55A(3) (offence of contravening regulations relating to wine...
37.In section 56(2) (offence and forfeiture in the case of...
38.For subsection (2) of section 59 (offence of rendering wine...
39.In section 61(2) (offence of contravening regulations relating to the...
40.(1) In subsection (4) of section 62 (offence of producing...
41.In section 64(2) (offence of contravening regulations relating to the...
42.In section 67(2) (offence and forfeiture in the case of...
43.(1) In subsection (3) of section 69 (offences relating to...
44.(1) In subsection (1) of section 71 (penalty of misdescribing...
45.In section 75(5) (offence of unlicensed methylation of spirits)—
46.(1) In subsection (3) of section 77 (offence of contravening...
47.In section 78(4) (offence and forfeiture in the case of...
48.In section 82(2) (offence and forfeiture in the case of...
Part III Contraventions under the Hydrocarbon Oil Duties Act 1979
49.The Hydrocarbon Oil Duties Act 1979 shall be amended in...
50.(1) In subsection (3) of section 10 (offences in connection...
51.(1) In subsection (1) of section 13 (offences in connection...
52.(1) In subsection (4) of section 14 (offences in connection...
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54.In section 20AA(4) (offence and forfeiture in the case of...
55.In section 21(3) (offence and forfeiture in the case of...
56.(1) In subsection (1) of section 22 (offence and forfeiture...
57.(1) In subsection (1) of section 23 (offence and forfeiture...
58.In section 24(4) (offence and forfeiture in the case of...
Part IV Contraventions under the Tobacco Products Duty Act 1979
59.In section 7(2) of the Tobacco Products Duty Act 1979...
Part V Contraventions under the Betting and Gaming Duties Act 1981
60.The Betting and Gaming Duties Act 1981 shall be amended...
61.In section 24(5) (offence where gaming machine provided without there...
62.(1) In paragraph 13 of Schedule 1 (enforcement), for sub-paragraphs...
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64.(1) In sub-paragraph (3) of paragraph 16 of Schedule 3...
65.(1) In sub-paragraph (1) of paragraph 16 of Schedule 4...
Part VI Contraventions relating to lottery duty
66.Chapter II of Part I of the Finance Act 1993...
67.In section 27(4) (offence of failing to pay duty)—
68.In each of sections 28(3) and 29(8) (offences of contravening...
SCHEDULE 5
Decisions subject to review and appeal
The Community Customs Code etc.
1.The following decisions, so far as they are made for...
The Management Act
2.(1) The following decisions under or for the purposes of...
The Alcoholic Liquor Duties Act 1979
3.(1) The following decisions under or for the purposes of...
The Hydrocarbon Oil Duties Act 1979
4.(1) The following decisions under or for the purposes of...
The Tobacco Products Duty Act 1979
5.Any decision which is made under or for the purposes...
The Betting and Gaming Duties Act 1981
6.(1) The following decisions under or for the purposes of...
The Finance Act 1993
7.Any decision as to whether or not any person is...
Chapter III of Part I of this Act
8.(1) Any decision made under or for the purposes of...
Chapter IV of Part I of this Act
9.The following decisions under or for the purposes of Chapter...
9A.The Finance Act 2001
Interpretation of Schedule
10.(1) In this Schedule references to any decision as to...
SCHEDULE 6
Air passenger duty: administration and enforcement
Application of excise enactments
1.(1) The Customs and Excise Management Act 1979 shall have...
2.Section 118B of that Act shall have effect for the...
3.(1) A notice may require any person to whom paragraph...
4.In relation to any person to whom paragraph 1 or...
Information
5.(1) Any person having the management of an airport shall,...
Application of Chapter II
6.An appeal which relates to duty shall not be entertained...
Interest payable to Commissioners
7.(1) Where an assessment of duty due from any person...
8.(1) Where on an appeal by any person (“the appellant”)...
Interest payable by the Commissioners
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Interest: specified rate
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Assessment of interest
11A.(1) Where by virtue of paragraph 7 above duty due...
Evidence by certificate
12.(1) A certificate of the Commissioners— (a) that a person...
Preferential debt
13.(1) In Schedule 6 to the Insolvency Act 1986 (categories...
SCHEDULE 6A
Premiums liable to tax at the higher rate
Part I Interpretation
1.(1) In this Schedule— “ insurance-related service ” means any...
Part II Descriptions of premium
Insurance relating to motor cars or motor cycles
2.(1) A premium under a taxable insurance contract relating to...
Insurance relating to domestic appliances etc.
3.(1) A premium under a taxable insurance contract relating to...
Travel insurance
4.(1) A premium under a taxable insurance contract falls within...
SCHEDULE 7
Insurance premium tax
Part I Information
Records
1.(1) Regulations may require registrable persons to keep records.
Other provisions
2.(1) Every person who is concerned (in whatever capacity) in...
3.(1) Every person who is concerned (in whatever capacity) in...
Part II Powers
Entry, arrest, etc.
4.(1) For the purpose of exercising any powers under this...
Order for access to recorded information etc.
4A.(1) Where, on an application by an authorised person, a...
Removal of documents etc.
5.(1) An authorised person who removes anything in the exercise...
6.(1) Where, on an application made as mentioned in sub-paragraph...
Part III Recovery
Recovery of tax etc.
7.(1) Tax due from any person shall be recoverable as...
Recovery of overpaid tax
8.(1) Where a person has paid an amount to the...
Part IV Penalties
Criminal offences
9.(1) A person is guilty of an offence if—
Criminal penalties
10.(1) A person guilty of an offence under paragraph 9(1)...
Criminal proceedings etc.
11.Sections 145 to 155 of the Customs and Excise Management...
Civil penalties
12.(1) In a case where— (a) for the purpose of...
13.(1) Where a person is liable to a penalty under...
14.(1) A person who fails to comply with section 53(2)...
15.(1) This paragraph applies if a person fails to comply...
16.(1) This paragraph applies where— (a) by virtue of regulations...
17.(1) If a person fails to comply with—
18.(1) A person who— (a) by virtue of subsection (3),...
19.(1) This paragraph applies where— (a) in accordance with regulations...
20.For the purposes of paragraphs 14(3), 15(5), 17(3), 18(2) and...
Part V Interest
Interest on tax etc.
21.(1) Where an assessment is made under any provision of...
Interest payable by Commissioners
22.(1) Where, due to an error on the part of...
23.(1) In a case where— (a) any interest is payable...
Part VI Miscellaneous
Security for tax
24.Where it appears to the Commissioners requisite to do so...
Assessments to penalties etc.
25.(1) Where a person is liable— (a) to a penalty...
Assessments: time limits
26.(1) Subject to the following provisions of this paragraph, an...
Supplementary assessments
27.If, otherwise than in circumstances falling within subsection (5)(b) of...
Disclosure of information
28.(1) Notwithstanding any obligation not to disclose information that would...
28A.(1) Notwithstanding any obligation not to disclose information that would...
Evidence by certificate
29.(1) A certificate of the Commissioners— (a) that a person...
Service of notices etc.
30.Any notice, notification or requirement to be served on, given...
No deduction of penalties or interest
31.In section 827 of the Taxes Act 1988 (no deduction...
Destination of receipts
32.All money and securities for money collected or received for...
Provisional collection of tax
33.In section 1(1) of the Provisional Collection of Taxes Act...
34.(1) In a case where— (a) by virtue of a...
Adjustment of contracts
35.(1) Where, after the making of a contract of insurance...
SCHEDULE 7A
INSURANCE PREMIUM TAX: CONTRACTS THAT ARE NOT TAXABLE
PART I DESCRIPTIONS OF CONTRACT
Contracts of reinsurance
1.A contract falls within this paragraph if it is a...
Contracts constituting long term business
2.(1) Subject to sub-paragraph (3) below, a contract falls within...
Contracts relating to motor vehicles for use by handicapped persons
3.(1) A contract falls within this paragraph if it relates...
Contracts relating to commercial ships
4.(1) A contract falls within this paragraph if it relates...
Contracts relating to lifeboats and lifeboat equipment
5.(1) A contract falls within this paragraph if it relates...
6.(1) A contract falls within this paragraph if it relates...
Contracts relating to commercial aircraft
7.(1) A contract falls within this paragraph if it relates...
Contracts relating to risks outside the United Kingdom
8.(1) A contract falls within this paragraph if it relates...
Contracts relating to foreign or international railway rolling stock
9.(1) A contract falls within this paragraph if it relates...
Contracts relating to the Channel tunnel
10.(1) A contract falls within this paragraph if it relates...
11.(1) A contract falls within this paragraph if it relates...
Contracts relating to goods in foreign or international transit
12.(1) A contract falls within this paragraph if it relates...
Contracts relating to credit
13.(1) A contract falls within this paragraph if it relates...
Contracts relating to exchange losses
14.(1) A contract falls within this paragraph if—
Contracts relating to the provision of financial facilities
15.(1) A contract falls within this paragraph if it relates...
PART II INTERPRETATION
16.(1) This Part of this Schedule applies for the purposes...
16A.Paragraphs 2, 4, 5, 7, 8, 9, 10, 11 and...
SCHEDULE 8
Supplemental provisions relating to personal reliefs
The Taxes Act 1988
1.In section 257A(6) of the Taxes Act 1988 (relief confined...
2.(1) In subsections (1) and (2) of section 257BA of...
3.(1) In subsection (1) of section 257BB of that Act...
4.(1) Where the year in question for the purposes of...
5.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.(1) In subsection (1)(b) of section 259 of that Act...
7.(1) In subsection (1)(b) of section 260 of that Act...
8.(1) In subsection (2) of section 261A of that Act...
9.(1) In subsection (2) of section 262 of that Act...
10.In section 265(3)(b) of that Act (blind person’s allowance), the...
11.In section 276 of that Act (effect of relief on...
12.In section 796(1) of that Act (limits on credit for...
The Taxes Management Act 1970 (c. 9)
13.In section 37A of the Taxes Management Act 1970 (effect...
SCHEDULE 9
Mortgage interest relief etc.
The Taxes Act 1988
1.For paragraph (o) of section 74 of the Taxes Act...
2.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.Subsections (4) and (5) of section 353 of the Taxes...
4.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.(1) In sections 356D(1) and 357(1) of the Taxes Act...
8.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.In section 368(1) of the Taxes Act 1988 (interest in...
10.(1) In subsection (2) of section 370 of the Taxes...
11.In section 375(3) of the Taxes Act 1988 (liability of...
The Finance Act 1993 (c. 34)
12.Subsection (7) of section 57 of the Finance Act 1993...
SCHEDULE 10
Medical insurance
Introductory
1.In this Schedule “the 1989 Act” means the Finance Act...
Reduction of relief
2.(1) Section 54 of the 1989 Act (relief on premiums...
3.(1) In sections 257D(8) and 265(3) of the Taxes Act...
Surviving spouse
4.(1) In section 54 of the 1989 Act the following...
Small benefits and abolition of certification
5.(1) Section 55 of the 1989 Act (eligible contracts) shall...
6.The Board shall not certify a contract under section 56...
SCHEDULE 11
Extension of roll-over relief on re-investment
1.Chapter IA of Part V of the Taxation of Chargeable...
Disposals on which relief available
2.In section 164A— (a) in subsection (1)(a), for the words...
3.For section 164B there is substituted— Roll-over relief on re-investment...
4.Sections 164C to 164E are omitted.
5.In section 164H(1), “within the meaning of section 164C” is...
6.In section 164L(10), for the words following “trustees or” there...
Acquisitions on which relief available
7.For section 164A(8) there is substituted— (8) For the purposes...
Retirement relief
8.Section 164A(11) is omitted and after section 164B there is...
Clawback
9.(1) In section 164F— (a) for subsection (1) there is...
Anti-avoidance
10.In section 164L— (a) after subsection (10) there is inserted—...
Miscellaneous
11.In section 164N, after subsection (1) there is inserted—
SCHEDULE 12
Indexation losses: transitional relief
Introductory
1.This Schedule applies in relation to chargeable gains and allowable...
2.(1) This paragraph applies for the purposes of this Schedule,...
3.(1) The cases in which the appropriation of an asset...
Capital gains tax
4.(1) Where in the case of any taxpayer—
5.(1) Where in the case of any taxpayer—
Income tax
6.(1) This paragraph applies where, at any time in the...
7.(1) This paragraph applies where, at any time in the...
Supplementary
8.(1) In this Schedule— “the 1992 Act” means the Taxation...
SCHEDULE 13
Employee share ownership trusts
Introduction
1.The Finance Act 1989 shall be amended as provided in...
Trustees
2.In Schedule 5, in paragraph 3 (trustees) the following sub-paragraph...
3.In Schedule 5, the following paragraphs shall be inserted after...
4.In Schedule 5, the following shall be inserted at the...
5.In Schedule 5, the following paragraph shall be inserted after...
Securities
6.(1) Section 69 (chargeable events) shall be amended as follows....
7.(1) Paragraph 9 of Schedule 5 (transfer of securities) shall...
Interpretation
8.In Schedule 5, the following paragraph shall be inserted after...
SCHEDULE 14
Distributions of authorised unit trusts
1.Chapter III of Part XII of the Taxes Act 1988...
The new sections
2.The following sections shall be inserted immediately before section 469—...
Other amendments
3.(1) Section 468 (authorised unit trusts) shall be amended as...
4.Sections 468F and 468G shall cease to have effect.
5.In section 469 (other unit trusts), in subsection (6) (meaning...
6.In section 834(3) of the Taxes Act 1988 (date on...
Commencement
7.(1) Subject to sub-paragraph (2) below, this Schedule shall have...
SCHEDULE 15
Enterprise investment scheme
Amendments of the Taxes Act 1988
1.Chapter III of Part VII of the Taxes Act 1988...
2.For section 289 (the relief) and the heading preceding it...
3.(1) In section 290 (minimum and maximum subscriptions), for subsection...
4.(1) In section 290A (restriction of relief)—
5.For section 291 (individuals qualifying for relief) there is substituted—...
6.In section 292 (parallel trades)— (a) in subsection (1), for...
7.In section 293 (qualifying companies)— (a) for subsections (1) to...
8.In section 294 (companies with interests in land), in subsection...
9.In section 296 (provisions supplementary to section 294), subsection (6)...
10.In section 297 (qualifying trades)— (a) in subsection (1), “(6)...
11.In section 298 (supplementary provisions)— (a) for subsection (4) there...
12.For section 299 (disposal of shares) there is substituted— Disposal...
13.In section 299A (loan linked investments)— (a) in subsection (1),...
14.In section 300 (value received from company)—
15.In section 301 (provisions supplementary to section 300)—
16.In section 302 (replacement capital)— (a) for subsection (1) there...
17.In section 303 (value received by persons other than claimants)—...
18.For section 304 (husband and wife) there is substituted— Husband...
19.For section 305 (re-organisation of share capital) there is substituted—...
20.After section 305 there is inserted— Relief for loss on...
21.In section 306 (claims)— (a) in subsection (1)—
22.In section 307 (withdrawal of relief)— (a) in subsection (1),...
23.In section 308 (application to subsidiaries)— (a) after subsection (5)...
24.Section 309 (further provisions as to subsidiaries) is omitted.
25.In section 310 (information)— (a) in subsection (1), for “304(2)...
26.In section 311 (nominees, etc.)— (a) in subsection (2), for...
27.In section 312 (interpretation)— (a) in subsection (1)—
Amendments of the Taxation of Chargeable Gains Act 1992
28.The Taxation of Chargeable Gains Act 1992 shall be amended...
29.In section 150 (business expansion schemes), at the end of...
30.After that section there is inserted— Enterprise investment scheme. (1) For the purpose of determining the gain or loss...
31.At the end of section 164M of that Act (exclusion...
32.(1) After that section there is inserted— Exclusion of double...
33.In section 164N(1), in the definition of “eligible shares”, for...
34.In section 231(1)(d), “(business expansion scheme)” is omitted.
SCHEDULE 16
Foreign income dividends
Part I The new Chapter
1.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part II Liability for and collection of advance corporation tax
2.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.(1) Schedule 13 to the Taxes Act 1988 (collection of...
Part III Insurance companies etc.
4.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.(1) Section 434 of the Taxes Act 1988 (franked investment...
6.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.(1) Section 802 of the Taxes Act 1988 (UK insurance...
9.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part IV Other provisions
Penalties
10.In the first column of the Table in section 98...
Small companies’ relief
11.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expenses of management
12.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Group income
13.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mutual business etc.
14.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Discretionary trusts
15.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Personal representatives
16.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Purchase and sale of securities
17.(1) Section 731 of the Taxes Act 1988 (application and...
Manufactured dividends
18.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest on tax overpaid
20.(1) Section 826 of the Taxes Act 1988 shall be...
SCHEDULE 17
Minor corrections
1.Section 43(1) of the Taxes Act 1988 shall have effect,...
2.(1) Subsection (1) of section 271 of that Act shall...
3.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.Section 561(2)(c) of that Act shall have effect, and be...
6.Section 576(5) of that Act (in its application as amended...
7.Section 768(6) of that Act (in its application as amended...
8.Sections 842(4) and 843(2) of that Act (in their application...
9.Paragraph 8(b) of Schedule 11 to that Act (in its...
SCHEDULE 18
Application of insurance companies provisions relating to loan relationships
1.(1) Part I of Schedule 11 to the Finance Act...
1A.(1) Where the I minus E basis is applied for...
Life assurance business: Case I of Schedule D
2.(1) Subject to sub-paragraph (2) below, sub-paragraphs (3) and (4)...
Non-life mutual business
3.(1) Subject to sub-paragraph (2) below, sub-paragraph (3) below applies...
Interpretation
4.In this Schedule— . . . . . . “non-life...
SCHEDULE 19
Management: other amendments
Part I Amendments of Management Act
Notice of liability to income tax and capital gains tax
1.(1) For section 7 of the Management Act there shall...
European Economic Interest Groupings
2.In subsection (2) of section 12A of the Management Act...
Records for purposes of returns
3.After section 12A of the Management Act there shall be...
Recovery of overpayment of tax etc.
4.(1) After subsection (1A) of section 30 of the Management...
Assessing procedure
5.(1) After section 30 of the Management Act there shall...
Amendment of partnership statement where loss of tax discovered
6.After section 30A of the Management Act there shall be...
Right of appeal
7.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Error or mistake
8.(1) In subsection (1) of section 33 of the Management...
9.After section 33 of the Management Act there shall be...
Time limits for assessments
10.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11.(1) In subsection (1) of section 36 of the Management...
12.In subsections (1) and (2) of section 40 of the...
Claims etc.
13.For section 42 of the Management Act there shall be...
14.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Determination of Commissioners
16.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Procedure on appeal
17.(1) For subsections (6) and (7) of section 50 of...
Postponement of tax pending appeal
18.(1) For subsection (1) of section 55 of the Management...
Collection and recovery
19.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
20.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21.(1) In subsection (2) of section 70 of the Management...
22.(1) After section 70 of the Management Act there shall...
Interest on overdue tax or tax recovered
23.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
24.In subsection (1) of section 87A of the Management Act...
Penalties
25.For section 93 of the Management Act there shall be...
26.After section 93 of the Management Act there shall be...
27.(1) In subsection (1) of section 95 of the Management...
28.After section 95 of the Management Act there shall be...
29.After section 97 of the Management Act there shall be...
30.(1) For subsection (2) of section 98B of the Management...
31.(1) In subsection (1) of section 100B of the Management...
32.In subsection (2) of section 103 of the Management Act...
33.After section 103 of the Management Act there shall be...
Interpretation
34.(1) In subsection (1) of section 118 of the Management...
Claims etc. not included in returns
35.After Schedule 1 to the Management Act there shall be...
36.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part II Amendments of Taxes Act 1988
Time limits for claims under section 96
37.(1) In subsection (8) of section 96 of the Taxes...
Interest on Schedule E tax
38.In subsection (2)(dd) of section 203 of the Taxes Act...
Time limits for claims under sections 534 and 537A
39.In subsection (5) of section 534 of the Taxes Act...
40.In subsection (5) of section 537A of the Taxes Act...
Repayment supplements: income tax
41.(1) For subsection (1) of section 824 of the Taxes...
Interest on tax overpaid
42.In subsection (2) of section 826 of the Taxes Act...
Time limits for elections under Schedule 5
43.(1) In sub-paragraph (3) of paragraph 2 of Schedule 5...
Part III Amendments of other enactments
Setting of rates of interest
44.In subsection (2)(f) of section 178 of the Finance Act...
Class 4 contributions
45.In subsection (1) of section 16 of the Social Security...
Repayment supplements: capital gains tax
46.(1) In subsection (1) of section 283 of the Taxation...
SCHEDULE 20
Changes for facilitating self-assessment: transitional provisions and savings
Assessment under Cases I and II of Schedule D
1.(1) Subject to paragraph 3(2) below, this paragraph applies in...
2.(1) Subject to paragraph 3(2) and (4) below, this paragraph...
3.(1) In the case of a trade, profession or vocation...
Assessment under Case III of Schedule D
4.(1) Subject to sub-paragraph (3) below, this paragraph applies in...
5.In the case of income which— (a) is from a...
Assessment under Cases IV and V of Schedule D
6.(1) This paragraph applies in the case of income which—...
7.In the case of income which— (a) is from a...
Loss relief
8.Sections 380(1) and 574(1) of the Taxes Act 1988 (as...
Capital allowances
9.(1) This paragraph applies in the case of a trade,...
Double taxation relief
10.(1) Subject to paragraph 12(2) below, this paragraph applies in...
11.(1) Subject to paragraph 12(2) below, this paragraph applies in...
12.(1) In the case of— (a) a trade, profession or...
13.Paragraphs 2(2) and 6(2) above shall have effect as if...
Supplemental
14.(1) In this Schedule— (a) any reference to a source...
SCHEDULE 21
Lloyd’s underwriters: individuals
Year of assessment in which profits or losses arise
1.(1) After subsection (2) of section 171 of the 1993...
2.(1) In subsection (1) of section 172 of the 1993...
Premiums trust funds
3.For subsection (1) of section 174 of the 1993 Act...
Reinsurance to close
4.(1) After subsection (4) of section 177 of the 1993...
Stop-loss and quota share insurance
5.(1) In subsection (2) of section 178 of the 1993...
Cessation etc.
6.(1) In section 179 of the 1993 Act (cessation: final...
Regulations
7.(1) In section 182 of the 1993 Act (regulations), subsections...
Interpretation
8.(1) In subsection (1) of section 184 of the 1993...
Assessment and collection of tax
9.(1) In Schedule 19 to the 1993 Act (assessment and...
10.Part II of that Schedule (payments on account of tax)...
11.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Special reserve funds
12.(1) In Schedule 20 to the 1993 Act (special reserve...
13.(1) For paragraph 8 of that Schedule (entitlement of member...
14.(1) In sub-paragraphs (1) to (4) of paragraph 10 of...
15.(1) In sub-paragraph (2) of paragraph 11 of that Schedule...
16.(1) In sub-paragraph (1) of paragraph 13 of that Schedule...
SCHEDULE 22
Supplementary provisions as to elections by reference to pipe-line usage
Part I Procedure for and in connection with an election
The election
1.(1) An election shall be made by serving it on...
Conditions for acceptance of an election
2.(1) The Board shall reject an election if they are...
Notice of acceptance or rejection
3.(1) Notice of the acceptance or rejection of an election...
Appeals
4.(1) Where the Board serve notice on an electing participator...
Information to the responsible person
5.(1) Within thirty days of the relevant date, the electing...
Penalties for incorrect information
6.Where a participator fraudulently or negligently furnishes any incorrect information...
Re-opening election decisions on grounds of incorrect information
7.(1) Without prejudice to paragraph 6 above, this paragraph applies...
Appeals against re-opening notices
8.(1) This paragraph applies where the Board serve notice under...
Part II Supplementary provisions
Assets used in connection with more than one taxable field
9.(1) The provisions of this paragraph apply where—
Transfer of interests
10.(1) If, while an election is in operation, the electing...
11.(1) This paragraph applies in any case where—
Transfer of elected assets
12.(1) This paragraph applies if there is a disposal of...
Restriction of relief for expenditure incurred after 30th November 1993 and before the date of an election
13.(1) This paragraph applies if, after 30th November 1993 and...
SCHEDULE 23
Amendments of the principal Act relating to valuation of light gases
1.(1) In section 2 (assessable profits and allowable losses), in...
2.In Schedule 2 (management and collection of PRT), in paragraph...
3.(1) In Schedule 3 (miscellaneous provisions relating to PRT), in...
4.After paragraph 3 of Schedule 3 (aggregate market value of...
SCHEDULE 24
Provisions relating to the Railways Act 1993
Interpretation
1.(1) In this Schedule— . . . “the Board” means...
Chargeable gains: transfer to be without gain or loss
2.(1) For the purposes of the Gains Act, where there...
Chargeable gains: receipt of compensation or insurance policies
3.(1) Subsection (4) of section 23 of the Gains Act...
Chargeable gains: section 30 of the Gains Act
4.(1) Nothing in Part II or III of the Railways...
Chargeable gains: section 41 of the Gains Act
5.Subsection (1) of section 174 of the Gains Act (which...
Chargeable gains: roll-over relief
6.(1) Subject to the following provisions of this paragraph, where...
Chargeable gains: agreements and instruments by virtue of section 91(1)(c) of the Railways Act 1993
7.(1) Sub-paragraph (2) below applies to any disposal effected pursuant...
Chargeable gains: group transactions
8.(1) For the purposes of section 179 of the Gains...
Chargeable gains: disposal of debts
9.(1) Where by virtue of any relevant transfer—
Chargeable gains: assets held before 6th April 1965
10.Schedule 2 to the Gains Act (assets held on 6th...
Chargeable gains: miscellaneous disposals and acquisitions
11.(1) In this paragraph, “relevant disposal” means—
Transfers of trading stock
12.(1) This paragraph applies in any case where—
Transfer of rights to receipts
13.Where, by virtue of any relevant transfer, there is transferred...
Transfer of liabilities
14.(1) If the whole or any part of the amount...
Trading losses
15.(1) Subject to the following provisions of this paragraph, where...
No reduction in allowable losses on extinguishment of certain liabilities
16.Where any of the liabilities of a successor company are...
Group relief
17.(1) The existence of the powers of the Secretary of...
Securities issued under section 98 or 106 of the Railways Act 1993
18.(1) Subject to sub-paragraph (2) below, any shares issued by...
Leased assets
19.(1) For the purposes of section 781 of the Taxes...
Continuity in relation to capital allowances etc where trade transferred
20.(1) Subject to the following provisions of this Schedule, where,...
Capital allowances in certain cases where paragraph 20 does not apply
21.(1) The Capital Allowances Act shall have effect in accordance...
Capital allowances: actual consideration to be the disposal value in certain other cases
22.(1) In this paragraph, “relevant disposal” means—
Sale and lease-back: limitation on tax reliefs
23.(1) Section 779 of the Taxes Act 1988 (sale and...
Sales of land with right to reconveyance
24.No charge to tax shall arise by virtue of section...
Modifications of restructuring scheme
25.(1) Subject to sub-paragraph (2) below, where the effect of...
Income tax exemption for certain interest
26.Where liability for a loan made to the Board is...
Employee benefits: transport vouchers
27.(1) This paragraph applies to any person (an “eligible person”)—...
SCHEDULE 25
Northern Ireland Airports Limited
Interpretation
1.(1) In this Schedule— “the final accounting period” means the...
Transfers from NIAL to successor company: general
2.(1) The following shall apply for the purposes of the...
Roll-over relief
3.(1) This paragraph applies where NIAL has, before the transfer...
Transfers from Holding Company to successor company
4.(1) This paragraph applies where under Article 54(2) an asset...
Leasehold interests in industrial buildings or structures
5.(1) This paragraph applies where— (a) NIAL is entitled, under...
Securities of successor company
6.(1) Any share issued by the successor company under Article...
SCHEDULE 26
Repeals
Part I Vehicles excise duty
Part II Gaming machine licence duty
Part III Excise duties: enforcement and appeals
Part IV Value added tax
Part V Income tax, corporation tax and capital gains tax
(1) The repeals in the Income and Corporation Taxes Act...
(4)Vocational training Chapter Short title Extent of repeal 1991 c....
(1) The repeals in sections 188 and 189 have effect...
(13) Authorised unit trusts Chapter Short title Extent of repeal...
(1) The repeal of section 118(3) of the Taxes Management...
(24) Changes for facilitating self-assessment Chapter Short title Extent of...
(1) The repeal in section 65(3) of the Income and...
4.The following repeals, namely— (a) the repeals in sections 113,...
(25) Lloyd’s underwriters Chapter Short title Extent of repeal 1988...
1.The repeals in the Income and Corporation Taxes Act 1988...
2.The repeal in section 171 of the Finance Act 1993...
3.The repeals in section 179 of the Finance Act 1993...
4.The repeals in section 182 of the Finance Act 1993...
5.The repeal in paragraph 13(1) of Schedule 20 to the...
6.The other repeals have effect in accordance with section 228(3)...
Part VI Oil taxation
1.The repeals in the Oil Taxation Act 1975 have effect...
2.The repeal in the Finance Act 1993 has effect in...
Part VII Stamp duty
Part VIII Miscellaneous
