Finance Act 1920

1. Introductory Text

2. PART I Customs and Excise

   1. 1. Continuation of customs duties imposed under 5 & 6 Geo.5 c.89

   2. 2. Continuation of increased medicine duties

   3. 3. Increased duties on spirits

   4. 4. Spirits used in medical preparations or for scientific purposes

   5. 5. Increased customs duties on beer

   6. 6. Increased excise duty on beer

   7. 7. Increased duties on wine

   8. 8. Amendment of s.45 of 10 Edw.7 c.8

   9. 9. Additional duty on cigars

   10. 10. Calculation of value for purposes of ad valorem duty on wines and cigars

   11. 11. Provisions as to spirits used for generating mechanical power

   12. 12. Repeal of customs duties on motor spirit and motor spirit dealers' licence duties

   13. 13. Duty on licences for mechanically propelled vehicles

3. PART II Income Tax

   1. 14. Income tax for 1920-21

   2. 15. Super-tax for 1920-21

   3. 16. Allowance in respect of earned income

   4. 17. Deductions to be allowed in ascertaining taxable income

   5. 18. Personal allowance

   6. 19. Deduction in respect of relatives taking charge of widower's or widow's children

   7. 20. Deduction in respect of widowed mother, &c

   8. 21. Deduction in respect of children

   9. 22. Deduction in respect of dependent relatives

   10. 23. Reduced rate of tax on first two hundred and twenty-five pounds of taxable income

   11. 24. No relief where individual not resident in the United Kingdom

   12. 25. Right of husband and wife to claim relief separately

   13. 26. Amendment of s.32 of 8 & 9 Geo.5 c.40

   14. 27. Relief in respect of Dominion income tax

   15. 28. Exemption in respect of income from scholarship

   16. 29. Amendment of 9 & 10 Geo.5 c.32 s.19

   17. 30. Extension of s.25 of 9 & 10 Geo.5 c.32

   18. 31. Computation of profits and gains for purposes of income tax in relation to corporation profits tax

   19. 32. Consequential and minor amendments to 8 & 9 Geo.5 c.40

   20. 33. Interpretation

4. PART III Stamps

   1. 34. Stamp duty on receipts

   2. 35. Stamp duty on scrip certificates, &c

   3. 36. Stamp duty on transfers of stocks and marketable securities

   4. 37. Stamp duty on transfer of certain colonial and foreign stocks

   5. 38. Stamp duty on marketable securities transferable by delivery, &c

   6. 39. Stamp duty on statements as to capital of companies, &c

   7. 40. Stamp duty on accident and indemnity policies

   8. 41. Stamp duty on policies of sea insurance

   9. 42. Reduction of duty in the case of certain transfers of stocks and marketable securities

   10. 43. Interpretation and commencement

5. PART IV Excess Profits Duty

   1. 44. Continuance and increase of rate of excess profits duty

   2. 45. Amendment as respects pre-war standard in accounting periods ending after 31st December 1919

   3. 46. Amendment of ss.(3) of s.38 of 5 & 6 Geo.5 c.89, with respect to munitions exchequer payments

   4. 47. Amendments of s.26 of 7 & 8 Geo.5 c.31 as respects accounting periods ending after 31st December 1919

   5. 48. Allowance in respect of charitable contributions

   6. 49. Increase of rate of excess mineral rights duty

   7. 50. Apportionment of accounting periods and years

   8. 51. Interpretation

6. PART V Corporation Profits Tax

   1. 52. Charge of corporation profits tax

   2. 53. Determination of profits

   3. 54. Determination of accounting period

   4. 55. Returns for purpose of Part V and penalty for fictitious transactions

   5. 56. Supplementary provisions as to corporation profits tax

7. PART VI Land Values Duties

   1. 57. Repeal of land values duties

8. PART VII General

   1. 58. Reduction of debt

   2. 59. Power to borrow on national savings certificates for purposes of investment in local loans stock and redemption of loans

   3. 60. Amendment of s.1 of 9 &10 Geo.5 c.6

   4. 61. Provision for cases where assessments, returns, & c. have been lost, destroyed, or damaged

   5. 62. Charge for road improvement grant

   6. 63. Amendment of s.12 of 61 & 62 Vict. c.10

   7. 64. Construction, short title, and repeal

9. SCHEDULES.

   1. FIRST SCHEDULE

      1. PART I Ordinary Customs Duties on Spirits

      2. PART II Additional Customs Duties in respect op Immature Spirits

      3. PART III Additional Excise Duties in respect op Immature Spirits

   2. SECOND SCHEDULE

      Duties on Mechanically Propelled Vehicles

   3. THIRD SCHEDULE

      Consequential and Minor Amendments of Income Tax Act, 1918

   4. FOURTH SCHEDULE

      Enactments repealed