Finance Act 1967

42 Collection of taxes before passing of ways and means resolutions.

(1) This section shall apply if the House of Commons resolves that provisional statutory effect shall be given to one or more motions to be moved by the Chancellor of the Exchequer, or some other Minister, and which, if agreed to by the House, would be resolutions—

(a) to which statutory effect could be given under section 1 of the Provisional Collection of Taxes Act 1913, or

(b) to which section 265 of the Customs and Excise Act 1952 (new duties of customs or excise) could be applied, or

(c) in accordance with which assessments to corporation tax could be made under section 49(6) of the Finance Act 1965.

(2) Subject to subsection (3) below, on the passing of the resolution under subsection (1) above the Provisional Collection of Taxes Acts shall apply as if each motion to which the resolution applies had then been agreed to by a resolution of the House.

(3) Subsection (2) above shall cease to apply to a motion if that motion, or a motion containing the same proposals with modifications, is not agreed to by a resolution of the House (in this section referred to as " a confirmatory resolution ") within the next ten days on which the House sits after the resolution under subsection (1) above is passed, and, if it ceases to apply, all such adjustments, whether by way of discharge or repayment of tax, or discharge of security, or otherwise, shall be made as may be necessary to restore the position to what it would have been if subsection (2) above had never applied to that motion, and to make good any deductions which have become unauthorised deductions.

(4) The Provisional Collection of Taxes Acts shall have effect as if—

(a) any confirmatory resolution passed within the said period of ten sitting days had been passed when the resolution under subsection (1) was passed, and

(b) everything done in pursuance of subsection (2) above by reference to the motion to which the confirmatory resolution relates had been done by reference to the confirmatory resolution,

but any necessary adjustments shall be made, whether by way of discharge or repayment of tax, or modification of the terms of any security, or further assessment, or otherwise, where the proposals in the confirmatory resolution are not the same as those in the original motion to which that resolution relates.

(5) In this section " the Provisional Collection of Taxes Acts " means:—

(a) the [1913 c. 3.] Provisional Collection of Taxes Act 1913 (with subsections (2), (3) and (4) of the last preceding section),

(b) section 265 of the [1952 c. 44.] Customs and Excise Act 1952,

(c) section 49(6) of the [1965 c. 25.] Finance Act 1965, and

(d) section 492 of the [1952 c. 10.] Income Tax Act 1952 (overdeductions from preference dividends before passing of annual Act).