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Finance Act 1980

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  1. Introductory Text

  2. Part I Excise Duties

    1. 1, 2.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 3. Hydrocarbon oil etc.

    3. 4. Vehicles excise duty Great Britain.

    4. 5. Vehicles excise duty: Northern Ireland.

    5. 6.(1) Subject to the provisions of this section, the duty...

    6. 7.(1) Sections 21 to 26 of the Betting and Gaming...

    7. 8.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    8. 9.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    9. 10. Regulator powers.

  3. Part II Value Added Tax

    1. 11–16.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 17. Mutual recovery and disclosure of information between member States.

  4. Part III Income Tax, Corporation Tax and Capital Gains Tax

    1. Chapter I General

      1. 18–56.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. 57. Registered friendly societies and trade unions.

      3. 58.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      4. 59, 60.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      5. 61. Dates for payment of tax.

      6. 62. Interest on unpaid tax.

      7. 63.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. Chapter II Capital Allowances

      1. 64–69.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. 70.(1) . . . . . . . . ....

      3. 71–76.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. Chapter III Capital Gains

      1. 77. Exemption for first £3,000 of gains of individuals.

      2. 78. Exemption for first £1,500 of gains of trusts.

      3. 79. General relief for gifts.

      4. 80. Exemption for private residences.

      5. 81. Exemption for authorised unit trusts etc.

      6. 82.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      7. 83. Consideration on disposal of assets.

      8. 84. Traded options.

  5. Part IV Capital Transfer Tax

    1. 85–87.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 88.(1) . . . . . . . . ....

    3. 89–91.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. 92, 93.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    5. 94. Delivery of accounts.

  6. Part V Stamp Duty

    1. 95. Reduction of stamp duty on conveyances and leases.

    2. 96.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. 97. Shared ownership transactions.

    4. 98. Maintenance funds for historic buildings.

    5. 99.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    6. 100.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    7. 101.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    8. 102. Conveyance in consideration of debt.

    9. 103. Admission of Northern Ireland barristers etc.

  7. Part VI Oil Taxation

    1. 104. Increase of petroleum revenue tax.

    2. 105. Advance payments of tax.

    3. 106. Transfers of interests in oil fields.

    4. 107. Transmedian fields.

    5. 108. Gas banking schemes.

    6. 109. Fractionation.

  8. Part VII Development Land Tax

    1. 110–116.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  9. Part VIII Miscellaneous and Supplementary

    1. 117. Demergers.

    2. 118. National Heritage Memorial Fund.

    3. 119.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. 120.(1) Subject to subsection (2) below, all sums received by...

    5. 121.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    6. 122. Short title, interpretation, construction and repeals.

  10. SCHEDULES

    1. SCHEDULES 1, 2

    2. SCHEDULES 3, 4

    3. SCHEDULE 5

      Gaming Licence Duty

      1. Gross gaming yield

        1. 1.(1) Subject to sub-paragraph (2) below, the gross gaming yield...

      2. Returns and payment

        1. 2.(1) The Commissioners may make regulations— (a) requiring returns to...

      3. Power to estimate duty

        1. 3.(1) Where an amount is due on account of gaming...

      4. Recovery of duty

        1. 4.(1) The duty payable in accordance with paragraph (b) of...

      5. Enforcement

        1. 5.(1) At the end of paragraph 12(1)(b) of the said...

        2. 6.In paragraph 15(1) of the said Schedule 2 (search of...

      6. Changes of ownership

        1. 7.(1) Paragraph 4 of Schedule 2 to the said Act...

      7. Charge of duty in respect of short licence periods

        1. 8.(1) The parts of gross gaming yield which in accordance...

        2. 9.(1) Where a licence is one of two or more...

      8. Alteration and surrender of licences etc.

        1. 10.(1) In relation to a licence for a period beginning...

      9. Co-operation with Gaming Board

        1. 11.(1) No obligation as to secrecy or other restriction on...

      10. Modification of agreements

        1. 12.Paragraph 17 of the said Schedule 2 (modification of agreements...

      11. Regulations

        1. 13.Regulations under this Schedule shall be made by statutory instrument...

      12. Interpretation

        1. 14.In this Schedule— “ the Commissioners ” means the Commisioners...

    4. SCHEDULE 6

      Gaming Machine Licence Duty

    5. SCHEDULE 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    6. SCHEDULES 8–11

    7. SCHEDULE 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    8. SCHEDULE 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    9. SCHEDULES 14, 15

    10. SCHEDULE 16

    11. SCHEDULE 17

      Transfers of Interests in Oil Fields

      1. Part I Preliminary

        1. Interpretation

          1. 1.(1) For the purposes of this Schedule a participator in...

          2. 2.This Schedule shall be construed as one with Part I...

        2. Notice of transfer

          1. 3.(1) The old and new participators shall within two months...

        3. Exclusion of transfer rules

          1. 4.(1) Parts II and III of this Schedule shall not...

        4. Partial transfers

          1. 5.(1) Where the transfer is of part of the old...

      2. Part II Transfer of Old Participator’s Expenditure Relief, Losses and Exemptions

        1. Unused expenditure relief

          1. 6.(1) There shall be transferred to the new participator the...

        2. Unused losses

          1. 7.(1) There shall be transferred to the new participator the...

        3. Accumulated capital expenditure

          1. 8.(1) There shall be transferred to the new participator the...

        4. Excluded oil

          1. 9.For the purpose of determining under section 10(1)(b) what oil...

        5. Successive transfers

          1. 10.(1) Where the old participator transfers the whole or part...

      3. Part III Other Rules

        1. ...

          1. 11. Other Rules

        2. Royalty payments

          1. 12.(1) Where at the end of the transfer period the...

        3. Payments on account and advance payments

          1. 13.(1) For the purpose of computing under the Schedule to...

        4. Losses of new participator

          1. 14.(1) Where the Board have determined under Schedule 2 that...

        5. Terminal losses

          1. 15.(1) This paragraph applies in any case where—

        6. Abortive exploration expenditure

          1. 16.(1) Subject to sub-paragraph (2) below, there shall be allowed...

        7. Exploration and appraisal expenditure

          1. 16A.In relation to exploration and appraisal expenditure to which section...

        8. Research expenditure

          1. 16B.In relation to research expenditure to which section 5B applies,...

        9. Oil allowance

          1. 17.If the transfer period is one of the first three...

        10. Limit on tax payable in transfer year

          1. 18.(1) For the purposes of section 9 in its application...

        11. Disposal of long-term assets

          1. 19.(1) Neither paragraph 4 of Schedule 4 nor section 7...

        12. Transfers of oil

          1. 20.Where in pursuance of the transfer of the whole or...

        13. Retention of share of oil

          1. 21.Where the old participator retains a share of the oil...

    12. SCHEDULE 18

      1. Part I

        1. 1–8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. Part II Relief From Tax in Respect of Capital Gains

        1. 9.Where a company makes an exempt distribution which falls within...

        2. 10.Subject to paragraph 15 below, neither section 278 nor section...

      3. Part III Relief From Development Land Tax

        1. 11.Subject to paragraph 16 below, section 21 of the Development...

      4. Part IV

        1. 12.(1) . . . . . . . . ....

      5. Part V Prevention of Tax Avoidance

        1. 13, 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        2. Re-instatement of charge in respect of capital gains

          1. 15.Paragraph 10 above does not apply if within five years...

        3. Re-instatement of development land tax charge

          1. 16.Paragraph 11 above does not apply if within five years...

      6. Part VI

        1. 17–22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      7. Part VII Interpretation

        1. 23.(1) In this Schedule— “chargeable payment” has the meaning given...

    13. SCHEDULE 19

      National Savings Bank

      1. Payments to National Loans Fund

        1. 1.(1) There shall be paid into the National Loans Fund...

      2. Liability to National Loans Fund

        1. 2.(1) The Commissioners shall on 1st January 1981 assume a...

      3. Discharge of liability

        1. 3.(1) The Commissioners shall discharge their liability under paragraph 2...

      4. Interest on residual investments

        1. 4.Subject to paragraph 3(3) above, the Commissioners shall pay into...

      5. Re-investment

        1. 5.(1) Subject to paragraphs 3 and 4 above, the Commissioners...

      6. Expenses

        1. 6.The expenses of the Commissioenrs in connection with the residual...

      7. Accounts

        1. 7.(1) The Commissioners shall keep an account of all sums...

    14. SCHEDULE 20

      Repeals

      1. Part I Gaming Licence Duty

      2. Part II Gaming Machine Licence Duty

      3. Part III Other Excise Duties

        1. 1.The repeal in the Finance (No. 2) Act 1975 has...

        2. 2.The repeals in the Finance Act 1977 do not affect...

      4. Part IV Value Added Tax

      5. Part V Abolition of Lower Rate

      6. Part VI Child Tax Allowances

        1. Section A

        2. Section B

      7. Part VII Retirement Annuities

      8. Part VIII Close Companies

      9. Part IX Income Tax and Corporation Tax: Miscellaneous

        1. 1.The repeal of section 414(1)(b) of the Income and Corporation...

        2. 2.The repeal in the Finance Act 1974 has effect in...

        3. 3.The repeal of section 46(3)(a) of the Finance (No. 2)...

        4. 4.The repeal of section 51 of the Finance (No. 2)...

        5. 5.The repeals in the Finance Act 1976 and the Finance...

      10. Part X Capital Gains

      11. Part XI Capital Transfer Tax

      12. Part XII Stamp Duty

      13. Part XIII Petroleum Revenue Tax

      14. Part XIV Development Land Tax

        1. 1.The repeal of paragraph 8 of Schedule 2 to the...

        2. 2.The other repeals do not affect any disposal before 6th...

      15. Part XV National Savings Bank

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