Finance Act 1989

1. Introductory Text

2. Part I Customs and Excise, Value Added Tax and Car Tax

   1. Chapter I Customs and Excise

      1. Hydrocarbon oil duties

         1. 1. Rates

         2. 2. Reliefs

      2. Alcoholic liquor duties

         1. 3. Original gravity of beer

         2. 4. Blending made-wines etc

         3. 5. Description as beer

      3. Vehicles excise duty

         1. 6. Rates

         2. 7. Community buses

         3. 8. Special machines

         4. 9. Recovery vehicles

         5. 10. Powers of Secretary of State with respect to assignment of registration marks

         6. 11. Retention of registration mark pending transfer to another vehicle

         7. 12. Sale by Secretary of State of rights to particular registration marks

         8. 13. Registration documents

         9. 14. Dishonoured cheques

      4. General

         1. 15. Estimation of excise duty

         2. 16. Time limits for proceedings

         3. 17. Disbursements in Port of London

   2. Chapter II Value Added Tax

      1. Zero-rating etc.

         1. 18. Buildings and land

         2. 19. Sewerage services and water

         3. 20. News services

         4. 21. Fuel and power

         5. 22. Protective boots and helmets

         6. 23. Incorrect certificates

      2. Other provisions

         1. 24. Recovery of overpaid VAT

         2. 25. Administration etc.

         3. 26. Input tax on self-supplies

   3. Chapter III Miscellaneous

      1. 27. Relief where vehicle leased to the handicapped.

      2. 28. Reliefs from duties and taxes for persons enjoying certain immunities and privileges

      3. 29. Recovery of overpaid excise duty and car tax

3. Part II Income Tax, Corporation Tax and Capital Gains Tax

   1. Chapter I General

      1. Income tax rates and allowances

         1. 30. Charge and rates of income tax for 1989-90

         2. 31. Age allowance

         3. 32. Operative date for PAYE

         4. 33. Married couples

      2. Corporation tax rates etc.

         1. 34. Charge and rate of corporation tax for financial year 1989

         2. 35. Corporation tax: small companies

      3. Receipts basis etc.

         1. 36. Schedule E: revised Cases

         2. 37. Schedule E: assessment on receipts basis

         3. 38. Schedule E: unpaid emoluments

         4. 39. Schedule E: unremitted emoluments

         5. 40. Schedule E: emoluments already paid

         6. 41. Schedule E: pensions etc

         7. 42. Schedule E: supplementary

         8. 43. Schedule D: computation

         9. 44. Investment and insurance companies: computation

         10. 45. PAYE: meaning of payment

      4. Interest

         1. 46. Relief for interest

         2. 47. Close company loans: business expansion scheme

         3. 48. Close company loans: material interest

      5. Benefits in kind

         1. 49. Car benefits

         2. 50. Security assets and services

         3. 51. Assets used partly for security

         4. 52. Security: supplementary

         5. 53. Employees earning £8,500 or more and directors

      6. Medical insurance

         1. 54. Relief

         2. 55. Eligible contracts

         3. 56. Certification of contracts

         4. 57. Medical insurance: supplementary

      7. Charities

         1. 58. Payroll deduction scheme

         2. 59. Covenanted subscriptions

         3. 60. British Museum and Natural History Museum

      8. Profit-related pay, share schemes etc.

         1. 61. Profit-related pay

         2. 62. Savings-related share option schemes

         3. 63. Profit sharing schemes

         4. 64. Share option and profit sharing schemes: shares of consortium member

         5. 65. Employee share schemes: material interest

         6. 66. Priority share allocations for employees etc

      9. Employee share ownership trusts

         1. 67. Tax relief

         2. 68. Principal charges to tax

         3. 69. Chargeable events

         4. 70. Chargeable amounts

         5. 71. Further charges to tax: borrowing

         6. 72. Limit on chargeable amount

         7. 73. Information

         8. 74. Interpretation

      10. Pensions etc.

          1. 75. Retirement benefits schemes

          2. 76. Non-approved retirement benefits schemes

          3. 77. Personal pension schemes

      11. Unit trusts etc.

          1. 78. Certified unit trusts

          2. 79. . Funds of funds.

          3. 80. Gilt unit trusts

          4. 81. Offshore funds operating equalisation arrangements

      12. Life assurance

          1. 82. Calculation of profits

          2. 83. Receipts to be brought into account

          3. 84. Interpretation of sections 85 to 89 and further provisions about insurance companies

          4. 85. Charge of certain receipts of basic life assurance business

          5. 86. Spreading of relief for acquisition expenses

          6. 87. Management expenses

          7. 88. Corporation tax: policy holders' fraction of profits

          8. 89. Shareholders' and policy holders' fractions

          9. 90. Life policies etc. held by companies

      13. Underwriters

          1. 91. Premiums trust funds: stock lending

          2. 92. Regulations about underwriters etc

      14. Securities

          1. 93. Deep discount securities: amendments

          2. 94. Deep gain securities

          3. 95. Treasury securities issued at a discount

          4. 96. Securities: miscellaneous

      15. Groups of companies

          1. 97. Set-off of ACT where companies remain in same group

          2. 98. Restriction on set-off of ACT

          3. 99. Dividends etc. paid by one member of a group to another

          4. 100. Change in ownership of company

          5. 101. Treatment of convertible shares or securities for purposes relating to group relief etc

          6. 102. Surrender of company tax refund etc. within group

      16. Close companies

          1. 103. Repeal of apportionment provisions

          2. 104. Meaning of “close company”

          3. 105. Small companies' rate not available to certain close companies

          4. 106. Restriction on payment of tax credits.

          5. 107. Close companies: consequential amendments

      17. Settlements etc.

          1. 108. Outright gifts etc. between husband and wife

          2. 109. Settlements where settlor retains interest in settled property

          3. 110. Residence of trustees.

          4. 111. Residence of personal representatives.

      18. Miscellaneous

          1. 112. Security: trades etc

          2. 113. Security: trades etc. (supplementary)

          3. 114. Relief for pre-trading expenditure

          4. 115. Double taxation: tax credits

          5. 116. Interest payments to Netherlands Antilles subsidiaries

   2. Chapter II Capital Allowances

      1. 117. Security

      2. 118. Security: supplementary

      3. 119. Expenditure on stands at sports grounds

      4. 120. Forestry land: abolition of agricultural buildings allowances

      5. 121. Miscellaneous amendments

   3. Chapter III Capital Gains

      1. Exemptions

         1. 122. Annual exempt amount for 1989-90

         2. 123. Increase of chattel exemption

      2. Gifts

         1. 124. Relief for gifts

         2. 125. Gifts to housing associations

      3. Non-residents etc.

         1. 126. Non-resident carrying on profession or vocation in the United Kingdom

         2. 127. Non-residents: deemed disposals

         3. 128. Non-residents: post-cessation disposals

         4. 129. Non residents: roll-over relief

         5. 130. Exploration or exploitation assets: definition

         6. 131. Exploration or exploitation assets: deemed disposals

         7. 132. Dual resident companies: deemed disposal

         8. 133. Dual resident companies: roll-over relief

         9. 134. Non-payment of tax by non-resident companies

      4. Value shifting and groups of companies

         1. 135. Value shifting.

         2. 136. Value shifting: reductions attributable to distributions within a group

         3. 137. Value shifting: transactions treated as a reorganisation of share capital.

         4. 138. Groups of companies.

      5. Miscellaneous

         1. 139. Corporate bonds

         2. 140. Collective investment schemes

         3. 141. Re-basing to 1982 etc

   4. Chapter IV Management

      1. Information

         1. 142. Power to call for documents and information

         2. 143. Power to call for papers of tax accountant

         3. 144. Restrictions on powers under TMA ss.20 and 20A

         4. 145. Falsification etc. of documents

         5. 146. Entry with warrant to obtain documents

         6. 147. Procedure where documents etc. are removed

         7. 148. Interpretation

      2. Assessments, claims etc.

         1. 149. Assessments founded on fraudulent or negligent conduct

         2. 150. Further assessments: claims etc

         3. 151. Assessment of trustees etc

      3. Distress and poinding etc.

         1. 152. Distress for non-payment of tax

         2. 153. Priority in cases of distraint by others

         3. 154. Recovery of tax from debtor in Scotland

         4. 155. Priority in cases of poinding etc. by others in Scotland

      4. Interest etc.

         1. 156. Interest on overdue tax

         2. 157. Effect of certain claims on interest

         3. 158. Small amounts of interest

         4. 159. Interest on tax in case of failure or error

         5. 160. Determinations under TMA

         6. 161. Tax carrying interest under TMA ss. 86 and 88

      5. Penalties

         1. 162. Failure to make return

         2. 163. Incorrect return, accounts etc

         3. 164. Special returns, information etc

         4. 165. Special penalties in the case of certain returns

         5. 166. Assisting in preparation of incorrect return etc

         6. 167. Determination of penalties

         7. 168. Amendments consequential on section 167

         8. 169. Time limits

         9. 170. Up-rating of certain penalties

4. Part III Miscellaneous and General

   1. Inheritance tax

      1. 171. Gifts to housing associations.

      2. 172. Abatement of exemption where claim settled out of beneficiary’s own resources.

   2. Stamp duty etc.

      1. 173. Insurance: abolition of certain duties

      2. 174. Unit trusts.

      3. 175. Stamp duty: stock exchange nominees

      4. 176. Stamp duty reserve tax: stock exchange nominees

      5. 177. Stamp duty reserve tax: information.

   3. Interest etc.

      1. 178. Setting of rates of interest

      2. 179. Provisions consequential on section 178.

      3. 180. Repayment interest: period of accrual.

   4. Miscellaneous

      1. 181. Broadcasting: additional payments by programme contractors.

      2. 182. Disclosure of information

      3. 183. Government securities: redemption and transfer.

      4. 184. National savings accounts

      5. 185. Winding up of Redemption Annuities Account

   5. General

      1. 186. Interpretation etc

      2. 187. Repeals

      3. 188. Short title

5. SCHEDULES

   1. SCHEDULE 1

      Vehicles Excise Duty: Rates

      1. Part I Table substituted in Part II of Schedule 2 to the 1971 and 1972 Acts

      2. Part II Tables substituted in Part II of Schedule 4 to the 1971 and 1972 Acts

         1. Table A Rates of Duty on Rigid Goods Vehicles exceeding 12 tonnes Plated Gross Weight

         2. Table A(1) Rates of Duty on Rigid Goods Vehicles exceeding 12 tonnes Plated Gross Weight

         3. Table A(2) Rates of Duty on Rigid Goods Vehicles exceeding 12 tonnes Plated Gross Weight

   2. SCHEDULE 2

      Vehicles Excise Duty: Special Machines

      1. 1. The Vehicles (Excise) Act 1971 and the Vehicles (Excise) Act...

      2. 2. In Part I of Schedule 3 to each Act (annual...

      3. 3. In Part II of Schedule 3 to each Act, in...

      4. 4. In Part I of Schedule 4 to each Act (annual...

   3. SCHEDULE 3

      Value Added Tax: Buildings and Land

      1. Zero-rating

         1. 1. For Group 8 (construction of buildings etc.) of Schedule 5...

         2. 2. (1) Group 8A (protected buildings) of that Schedule shall be...

         3. 3. In Group 11 (caravans and houseboats) of that Schedule, for...

      2. Exemptions

         1. 4. (1) For Group 1 (land) of Schedule 6 (exemptions) to...

      3. Other provisions

         1. 5. The following section shall be substituted for section 21 (refund...

         2. 6. (1) The following section shall be inserted in the Value...

         3. 7. In section 42 (adjustment of consideration on changes in tax)...

         4. 8. In section 45(4) (orders etc.) of the Value Added Tax...

         5. 9. In section 48 (interpretation) of the Value Added Tax Act...

         6. 10. In Schedule 1 (registration) to the Value Added Tax Act...

         7. 11. In Schedule 2 (supplies of goods and services) to the...

      4. Commencement

         1. 12. (1) Subject to sub-paragraphs (2) and (3) and paragraph 13...

         2. 13. (1) Subject to sub-paragraph (3) below, the amendments made by...

   4. SCHEDULE 4

      Profit-Related Pay

      1. 1. The Taxes Act 1988 shall be amended in accordance with...

      2. 2. (1) In section 171(4) (limit on pay of which half...

      3. 3. After section 177 there shall be inserted— Death of scheme...

      4. 4. (1) Section 178 (cancellation of registration) shall be amended as...

      5. 5. At the end of section 179 (recovery of tax) there...

      6. 6. At the end of section 180 (annual returns) there shall...

      7. 7. At the end of section 181 (information) there shall be...

      8. 8. (1) Section 182 (appeals) shall be amended as follows.

      9. 9. (1) Paragraph 7 of Schedule 8 (no payments for employees...

      10. 10. (1) Paragraphs 13(2) and 14(2) of Schedule 8 (which provide...

      11. 11. At the end of paragraph 13 of Schedule 8 (calculation...

      12. 12. In paragraph 14 of Schedule 8 (calculation of distributable pool...

      13. 13. At the end of paragraph 14 of Schedule 8 there...

      14. 14. (1) Paragraph 19 of Schedule 8 (profit and loss account...

      15. 15. After paragraph 20 of Schedule 8 there shall be inserted—...

   5. SCHEDULE 5

      Employee Share Ownership Trusts

      1. Qualifying trusts

         1. 1. A trust is a qualifying employee share ownership trust at...

      2. General

         1. 2. (1) The trust must be established under a deed (the...

      3. Trustees

         1. 3. (1) The trust deed must provide for the establishment of...

      4. Beneficiaries

         1. 4. (1) The trust deed must contain provision as to the...

      5. Trustees' functions

         1. 5. (1) The trust deed must contain provision as to the...

      6. Sums

         1. 6. (1) The trust deed must require that any sum received...

      7. Securities

         1. 7. (1) Subject to paragraph 8 below, the trust deed must...

         2. 8. The trust deed may provide that the trustees may acquire...

         3. 9. (1) The trust deed must provide that—

      8. Other features

         1. 10. The trust deed must not contain features which are not...

      9. Rules about acquisition etc.

         1. 11. (1) The trust deed must provide that, for the purposes...

      10. Position after trust’s establishment

          1. 12. A trust which was at the time it was established...

          2. 13. A trust is an employee share ownership trust at a...

      11. Interpretation

          1. 14. For the purposes of this Schedule the following are securities—...

          2. 15. For the purposes of this Schedule, the question whether one...

          3. 16. (1) For the purposes of this Schedule a person shall...

   6. SCHEDULE 6

      Retirement Benefits Schemes

      1. Part I Amendments of Taxes Act

         1. Preliminary

            1. 1. The Taxes Act 1988 shall be amended as mentioned in...

         2. Amendments

            1. 2. In section 431(4) (pension business of insurance companies) for paragraph...

            2. 3. (1) Section 590 (conditions for approval of schemes) shall be...

            3. 4. The following sections shall be inserted after section 590— Section...

            4. 5. (1) Section 592 (exempt approved schemes) shall be amended as...

            5. 6. (1) Section 594 (exempt statutory schemes) shall be amended as...

            6. 7. Section 595(2) and (3) (charge to tax in certain cases)...

            7. 8. (1) Section 596 (exceptions from section 595) shall be amended...

            8. 9. The following section shall be inserted after section 596— Charge...

            9. 10. In section 598(1)(b) (charge to tax: repayment of employee’s contributions)...

            10. 11. (1) Section 599 (charge to tax: commutation of entire pension...

            11. 12. (1) The following section shall be inserted after section 599—...

            12. 13. (1) Section 600 (charge to tax: unauthorised payments to or...

            13. 14. In section 605 (information) the word “relevant” shall be inserted...

            14. 15. The following section shall be inserted after section 611— Definition...

            15. 16. In section 828(4) (orders) after “377(8)” there shall be inserted...

            16. 17. Paragraph 8 of Schedule 23 (benefits under scheme for additional...

         3. Effect of amendments

            1. 18. (1) Paragraphs 2, 6(2), 8(2)(b), 10, 11(2), 14 and 15...

      2. Part II Approved Schemes: General

         1. Preliminary

            1. 19. (1) This Part of this Schedule shall be deemed to...

         2. Remuneration

            1. 20. (1) This paragraph applies— (a) where the scheme came into...

            2. 21. (1) The rules of the scheme shall have effect (notwithstanding...

            3. 22. (1) This paragraph applies— (a) where the scheme came into...

         3. Accelerated accrual

            1. 23. (1) This paragraph applies where the scheme allows a member...

            2. 24. (1) This paragraph applies where the scheme provides a lump...

         4. Associated employments

            1. 25. (1) This paragraph applies— (a) where the scheme came into...

         5. Connected schemes

            1. 26. (1) This paragraph applies— (a) where the scheme came into...

         6. Augmentation

            1. 27. (1) This paragraph applies— (a) where the scheme came into...

         7. Centralised schemes

            1. 28. (1) Where the scheme is a centralised scheme, sub-paragraph (1)(a)...

         8. Election

            1. 29. (1) In a case where— (a) an employee became a...

         9. Supplementary

            1. 30. In this Part of this Schedule “relevant annual remuneration” means...

      3. Part III Approved Schemes: Additional Voluntary Contributions

         1. Preliminary

            1. 31. (1) Subject to sub-paragraphs (2) to (4) below, this Part...

         2. Abatement of benefits

            1. 32. (1) The scheme shall have effect (notwithstanding anything in it...

         3. Return of surplus funds

            1. 33. (1) The scheme shall have effect (notwithstanding anything in it...

            2. 34. The scheme shall have effect (notwithstanding anything in it to...

         4. Supplementary

            1. 35. In this Part of this Schedule— (a) “administrator”, “approved scheme”,...

   7. SCHEDULE 7

      Personal Pension Schemes

      1. Part I Amendments of Taxes Act

         1. 1. Chapter IV of Part XIV of the Taxes Act 1988...

         2. 2. (1) Section 635 (lump sum to member) shall be amended...

         3. 3. (1) In section 640 (maximum amount of deductions) the following...

         4. 4. (1) The following section shall be inserted after section 640—...

         5. 5. (1) Section 644 (meaning of relevant earnings) shall be amended...

         6. 6. (1) Section 645 (earnings from pensionable employment) shall be amended...

         7. 7. (1) In section 646 (“net relevant earnings”) in subsection (1)...

         8. 8. (1) The following section shall be inserted after section 646—...

         9. 9. In section 655(5) (provisional approval in the case of applications...

      2. Part II Schemes Approved Before Passing of This Act

         1. Interpretation

            1. 10. In this Part of this Schedule— (a) “personal pension scheme”...

         2. Lump sum to member

            1. 11. (1) This paragraph applies as regards arrangements made by a...

            2. 12. (1) This paragraph applies where on or after the day...

   8. SCHEDULE 8

      1. Amendments of Chapter I of Part XII of Taxes Act 1988 (Insurance Companies)

         1. 1. In section 431 (interpretative provisions relating to insurance companies), at...

         2. 2. Section 433 (profits reserved for policy holders or annuitants) shall...

         3. 3. (1) In section 434 (franked investment income etc.), for subsection...

         4. 4. After section 434 there shall be inserted the following section—...

         5. 5. Section 435 (taxation of gains reserved for policy holders and...

         6. 6. In section 436 (annuity and pension business: separate charge on...

         7. 7. In section 441 (foreign life assurance funds) in subsection (5)(b)...

   9. SCHEDULE 9

      Life Policies Etc. Held by Companies

      1. 1. Chapter II of Part XIII of the Taxes Act 1988...

      2. 2. At the end of section 539 there shall be added—...

      3. 3. (1) Section 540 shall be amended as follows.

      4. 4. (1) Section 541 shall be amended as follows.

      5. 5. (1) Section 547 shall be amended as follows.

      6. 6. (1) Section 548 shall be amended as follows.

      7. 7. In section 552, in subsection (2), after paragraph (b) there...

      8. 8. Paragraph 5 above shall have effect in relation to chargeable...

   10. SCHEDULE 10

       Deep Discount Securities: Amendments

       1. 1. Schedule 4 to the Taxes Act 1988 (deep discount securities)...

       2. 2. (1) Paragraph 1 shall be amended as follows.

       3. 3. The following sub-paragraph shall be inserted after paragraph 4(7)—

       4. 4. In paragraph 11(1) after the words “deep discount security” there...

       5. 5. The following paragraph shall be inserted after paragraph 11— Where any deep discount security issued by a public body...

       6. 6. The following sub-paragraph shall be inserted after paragraph 13(2)—

       7. 7. The following shall be inserted after paragraph 14— Retirement benefit...

   11. SCHEDULE 11

       Deep Gain Securities

       1. Deep gain securities

          1. 1. (1) For the purposes of this Schedule a deep gain...

       2. Qualifying indexed securities

          1. 2. (1) For the purposes of paragraph 1 above a qualifying...

       3. Convertible securities

          1. 3. (1) For the purposes of paragraph 1 above a security...

       4. Meaning of transfer etc.

          1. 4. (1) This paragraph has effect for the purposes of this...

       5. Charge to tax on transfer

          1. 5. (1) This paragraph applies if— (a) there is a transfer...

       6. Redemption

          1. 6. (1) Paragraph 5 above applies where there is a redemption...

       7. Death

          1. 7. (1) Where an individual who is entitled to a security...

       8. Connected persons

          1. 8. (1) This paragraph applies where a security is transferred from...

       9. Market value

          1. 9. (1) This paragraph applies where a security is transferred from...

       10. Underwriters

           1. 10. (1) An underwriting member of Lloyd’s shall be treated for...

       11. Trustees

           1. 11. (1) Where on a transfer or redemption of a security...

       12. Foreign currency

           1. 12. (1) Where, for the purposes of paragraph 5 above and...

       13. Receipts in United Kingdom

           1. 13. (1) Sub-paragraph (2) below applies where— (a) by virtue of...

       14. Retirement benefit schemes

           1. 14. In a case where— (a) paragraph 5 above would apply...

       15. Charities

           1. 15. (1) In a case where— (a) paragraph 5 above would...

       16. Stock lending

           1. 16. In a case where— (a) a security is the subject...

       17. Accrued income scheme

           1. 17. In a case where— (a) a security is the subject...

       18. Other provisions excluded

           1. 18. In a case where paragraph 5 above applies to the...

       19. Identification of securities

           1. 19. Section 88 of the Finance Act 1982 shall apply to...

       20. Gilts: special rules

           1. 20. (1) In a case where— (a) securities have been issued...

       21. Non-gilts: special rules

           1. 21. (1) In a case where— (a) all the securities issued...

       22. Indexed securities: special rules

           1. 22. (1) Sub-paragraph (2) below applies where— (a) a qualifying indexed...

       23. Power to modify

           1. 23. (1) The Treasury may make regulations amending paragraph 2 above...

   12. SCHEDULE 12

       Close Companies

       1. Part I Administrative Provisions

          1. Interpretation

             1. 1. . In this Part of this Schedule “the relevant provisions” means—...

          2. Provision of information by company

             1. 2. The inspector may, by notice, require any company which is,...

          3. Provision of information by shareholders

             1. 3. (1) If for the purposes of the relevant provisions any...

          4. Information about bearer securities

             1. 4. (1) The inspector may, for the purposes of the relevant...

       2. Part II Amendments Connected with Repeal of Chapter III of Part XI of Taxes Act 1988

          1. The Taxes Management Act 1970 (c. 9)

             1. 5. . In the first column of the Table in section 98...

          2. The Capital Gains Tax Act 1979 (c. 14)

             1. 6. (1) In section 136 of the Capital Gains Tax Act...

          3. The Income and Corporation Taxes Act 1988 (c. 1)

             1. 7. . In section 13 of the Taxes Act 1988 (small companies'...

             2. 8. (1) In section 168(11) of the Taxes Act 1988 (cases...

             3. 9. (1) In section 187(3) of the Taxes Act 1988 (cases...

             4. 10. (1) In section 214 of the Taxes Act 1988 (chargeable...

             5. 11. In section 234 of the Taxes Act 1988 (information relating...

             6. 12. (1) Section 360 of the Taxes Act 1988 (loan to...

             7. 13. (1) Section 360A of the Taxes Act 1988 (cases in...

             8. 14. (1) In section 576 of the Taxes Act 1988 (which...

             9. 15. (1) In section 623 of the Taxes Act 1988 (meaning...

             10. 16. (1) In section 644 of the Taxes Act 1988 (meaning...

             11. 17. In section 745 of the Taxes Act 1988 (power to...

             12. 18. (1) Paragraph 7 of Schedule 8 to the Taxes Act...

   13. SCHEDULE 13

       Capital Allowances: Miscellaneous Amendments

       1. Buildings etc. bought after use

          1. 1. (1) In the Capital Allowances Act 1968 (“the 1968 Act”)...

       2. Roads on industrial estates

          1. 2. (1) In section 7 of the 1968 Act (definition of...

       3. Contributions to expenditure

          1. 3. (1) Section 84 of the 1968 Act (under which certain...

          2. 4. (1) In section 85 of the 1968 Act (which gives...

          3. 5. (1) This paragraph applies where allowances are made in respect...

          4. 6. (1) In its application in relation to allowances under Schedule...

       4. Scientific research

          1. 7. (1) In section 91 of the 1968 Act (allowances for...

          2. 8. The amendments made in section 92 of the 1968 Act...

          3. 9. (1) In section 94 of the 1968 Act (interpretation of...

       5. Hire-purchase, leases etc.

          1. 10. (1) In section 45(1) of the Finance Act 1971 (machinery...

          2. 11. In section 46 of the Finance Act 1971 (machinery and...

          3. 12. (1) In section 48 of the Finance Act 1971, after...

       6. Gifts of machinery or plant

          1. 13. (1) Paragraph 7 of Schedule 8 to the Finance Act...

       7. Allowances for ships

          1. 14. (1) In paragraph 8A of Schedule 8 to the Finance...

          2. 15. (1) In section 58 of the Finance Act 1985 (extension...

       8. Sales etc. and succession to trades between connected persons

          1. 16. (1) In paragraph 13 of Schedule 8 to the Finance...

          2. 17. In section 68(4) of the Finance Act 1972 (which modifies...

       9. Leased assets

          1. 18. In section 73(5) of the Finance Act 1980 (application of...

          2. 19. In Schedule 11 to the Finance Act 1982, in paragraph...

       10. Dwelling-houses

           1. 20. (1) In paragraph 4(5)(c) of Schedule 12 to the Finance...

       11. Short-life assets

           1. 21. (1) In section 57(6) of the Finance Act 1985 (election...

           2. 22. (1) In Schedule 15 to the Finance Act 1985 (machinery...

       12. Machinery and plant which are fixtures

           1. 23. (1) In Schedule 17 to the Finance Act 1985, in...

       13. Mineral extraction

           1. 24. (1) In Schedule 13 to the Finance Act 1986 (new...

       14. Agricultural land and buildings

           1. 25. At the end of section 56(3) of the Finance Act...

           2. 26. In paragraph 7(3) of Schedule 15 to the Finance Act...

       15. Patent rights

           1. 27. (1) Section 521 of the Taxes Act 1988 shall be...

       16. Exclusion of double allowances

           1. 28. (1) Where an allowance is made to any person in...

       17. Time when expenditure incurred

           1. 29. (1) In section 56 of the Finance Act 1985 (time...

           2. 30. (1) In section 56(8) of the Finance Act 1985 (preservation...

   14. SCHEDULE 14

       Capital Gains Tax: Gifts Etc.

       1. Gifts of business assets

          1. 1. (1) Section 126 of the Capital Gains Tax Act 1979...

          2. 2. After section 126 there shall be inserted— Section 126 relief:...

          3. 3. (1) Schedule 4 to the Capital Gains Tax Act 1979...

       2. Gifts on which inheritance tax is chargeable etc.

          1. 4. The following sections shall be inserted after section 147 of...

       3. Payment of tax by instalments

          1. 5. The following section shall be inserted after section 7 of...

       4. Minor and consequential amendments

          1. 6. (1) In section 56A of the Capital Gains Tax Act...

   15. SCHEDULE 15

       Capital Gains: Re-Basing to 1982 Etc.

       1. Postponed charges etc.: pre-1st April 1982 events

          1. 1. (1) None of the enactments specified in sub-paragraph (2) below...

          2. 2. Paragraph 3(1) of Schedule 9 to the Finance Act 1988...

       2. Reduction of 1982 value in certain cases

          1. 3. (1) Sub-paragraph (2) below applies where— (a) subsection (2) of...

       3. No gain/no loss disposals

          1. 4. (1) Section 68(7A) of the Finance Act 1985 shall have...

       4. Elections

          1. 5. Paragraph 13(5) of Schedule 8 to the Finance Act 1988...

   16. SCHEDULE 16

       Broadcasting: Additional Payments by Programme Contractors

       1. Part I Amendments of the Principal Sections

          1. 1. (1) Section 32 of the Broadcasting Act 1981 (rental payments...

          2. 2. (1) Section 33 of the Broadcasting Act 1981 (supplemental provisions)...

          3. 3. (1) Section 34 of the Broadcasting Act 1981 (instalments payable...

          4. 4. (1) Section 35 of the Broadcasting Act 1981 (provision for...

       2. Part II Provisions Inserted as Schedule 4 to the Broadcasting Act 1981

       3. Part III Transitional Provisions

          1. 1. (1) In this paragraph— “new statutory provisions” means the provisions...

          2. 2. Where any accounting period of a programme contractor begins before...

          3. 3. Where, under the existing statutory provisions, any excess of first...

          4. 4. In this Part of this Schedule, references to programme contractors...

   17. SCHEDULE 17

       Repeals

       1. Part I Customs and Excise

       2. Part II Vehicles Excise Duty

       3. Part III Value Added Tax

       4. Part IV Income and Corporation Tax: General

       5. Part V

       6. Part VI Capital Allowances

       7. Part VII Capital Gains

       8. Part VIII Management

       9. Part IX Stamp Duty: Insurance

       10. Part X Rates of Interest

       11. Part XI Broadcasting

       12. Part XII Government Stock: Redemption

       13. Part XIII National Savings

       14. Part XIV Tithe Redemption