Office of Public Sector Information
PART 4 continued
(1) Schedule 6 to the Finance Act 2000 (c. 17) (climate change levy) is amended as follows.
(2) After paragraph 11 insert—
11A A supply of gas is exempt from the levy if—
(a) the supply is made by a gas utility, and
(b) the person to whom the supply is made intends to cause the gas to be burned in Northern Ireland.”.
(3) In paragraph 14(2) (exemption for supplies to electricity producers does not apply to supplies to exempt unlicensed electricity suppliers, no matter what the electricity they produce is used for), at the end insert— “, and
(c) uses the electricity produced otherwise than in exemption-retaining ways.”.
(4) For paragraph 14(3)(c) (uses of electricity produced by an auto-generator that cause auto-generator to lose benefit of exemption for supplies to electricity producers), substitute—
“(c) uses the electricity produced otherwise than in exemption-retaining ways.”.
(5) In paragraph 14, after sub-paragraph (3) insert—
“(3A) For the purposes of this paragraph, electricity is used in an “exemption-retaining” way if it is used—
(a) in making supplies that are excluded under paragraphs 8 to 10 or exempt under any of paragraphs 11, 12 and 18, or
(b) in any of the ways mentioned in sub-paragraphs (i) to (iv) of paragraph 13(b).”.
(6) In paragraph 15(1)(a) (exemption for supplies to combined heat and power stations), for “the commodity is to be used by that person” there is substituted “that person intends to cause the commodity to be used”.
(7) The amendments made by this section have effect in relation to supplies made on or after 1st April 2001.
(1) Section 97 of the Inheritance Tax Act 1984 (c. 51) (transfers within group etc.) is amended as follows.
(2) In subsection (1) (minority participators in close company to be excluded from apportionment under section 94) for paragraph (a) (disposals to which section 171(1) of the Taxation of Chargeable Gains Act 1992 (c. 12) applies which are also transfers of value) substitute—
“(a) there is—
(i) a disposal of an asset by the transferor company, which is a disposal to which section 171(1) of the 1992 Act applies, or
(ii) by virtue of an election under section 171A(2) of that Act, a deemed transfer by the transferor company to another member of the group,
(aa) the disposal is also, or the deemed transfer gives rise to, a transfer of value, and”.
(3) The amendment made by this section has effect, and shall be taken always to have had effect, in relation to disposals made, or transfers deemed to have been made, on or after 1st April 2000.
(1) This section applies in any case where, in exercise of their powers of care and management, the Commissioners of Inland Revenue agree that, by reason of circumstances arising as a result of the outbreak of foot-and-mouth disease, the payment of tax by a person may be deferred.
For this purpose “tax” includes any amount chargeable by way of tax, or as a result of the non-payment of tax, in respect of which interest would, apart from this section, be chargeable.
(2) Where this section applies no interest on the amount deferred shall be chargeable in respect of the period—
(a) beginning with 31st January 2001 or, if the Commissioners so direct in any case, any later date from which the agreement for deferred payment has effect, and
(b) ending with the date on which the agreement for deferred payment ceases to have effect.
(3) An agreement for deferred payment ceases to have effect at the end of the period of deferment specified in the agreement, subject as follows.
An agreement for deferred payment shall be treated as not ceasing to have effect if, or to the extent that, the Commissioners agree (whether before or after the end of the period of deferment specified in the agreement) to extend that period by reason of circumstances arising as a result of the outbreak of foot-and-mouth disease.
(4) For the purposes of subsection (3) as it applies to an agreement for payment by instalments, the period of deferment in relation to each instalment ends with the date on or before which that instalment is to be paid.
But if any instalment is not paid by the agreed date and the Commissioners do not agree in accordance with that subsection to extend the period of deferment, the whole agreement shall be treated as ceasing to have effect on that date.
(5) This section shall cease to have effect on a date specified by the Treasury by order made by statutory instrument.
This is without prejudice to its continued operation in relation to an agreement for deferred payment made by the Commissioners before the specified date.
(6) This section applies—
(a) whether the agreement for deferred payment was made before or after the passing of this Act, and
(b) whether the agreement for deferred payment was made before or after the amount to which it relates became due and payable.
(7) If in any case the Commissioners are satisfied that, although no agreement for deferred payment such as is mentioned in subsection (1) was made, such an agreement could have been made, this section shall apply as if such an agreement had been made.
The terms of the notional agreement shall be assumed to be such as the Commissioners are satisfied would have been agreed in the circumstances.
(1) Section 2C of the Government Trading Funds Act 1973 (c. 63) (limits on borrowing and public dividend capital) is amended as follows.
(2) In subsection (3) (upper limit on aggregate of borrowing etc. maxima of trading funds), for “£2,000 million” substitute “£8,000 million”.
(3) In subsection (4) (power to increase limit in subsection (3) but not above £4,000 million), for “£4,000 million” substitute “£10,000 million”.
In this Act “the Taxes Act 1988” means the Income and Corporation Taxes Act 1988 (c. 1).
(1) The enactments mentioned in Schedule 33 to this Act (which include provisions that are spent or of no practical utility) are repealed or revoked to the extent specified.
(2) The repeals and revocations specified in that Schedule have effect subject to the commencement provisions and savings contained or referred to in the notes set out in that Schedule.
This Act may be cited as the Finance Act 2001.
Finance Act 2001