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Income and Corporation Taxes Act 1970


This is the original version (as it was originally enacted).

  1. Introductory Text

  2. Part I Charge of Income Tax, and General Provisions relating only to income tax

    1. Chapter I The Charge, and Dates for Payment

      1. 1.The charge

      2. 2.Fractions of a pound, and yearly assessments

      3. 3.Effect of charging at a standard rate, and at higher rates for larger incomes

      4. 4.Dates for payment

    2. Chapter II Personal Reliefs

      1. The reliefs

        1. 5.General

        2. 6.Relief for small incomes

        3. 7.Relief for persons over sixty-five with small incomes

        4. 8.Personal relief

        5. 9.Earned income and old age reliefs

        6. 10.Children

        7. 11.Double claim for children

        8. 12.Widower's or widow's housekeeper

        9. 13.Relative taking charge of unmarried person's young brother or sister

        10. 14.Additional relief for widows and others in respect of children

        11. 15.Claims under ss. 12 to 14 for year of marriage

        12. 16.Dependent relatives

        13. 17.Claimant depending on services of a daughter

        14. 18.Relief for blind persons

        15. 19.Premiums under post-1916 life policies etc.

        16. 20.Premiums under pre-1916 life policies etc., and certain other payments

        17. 21.Limits on relief under ss. 19 and 20

        18. 22.Reduced rate relief

      2. Supplemental

        1. 23.Meaning of " relative "

        2. 24.Reduction in reliefs on account of family allowances

        3. 25.No relief to be given in respect of charges on income

        4. 26.Partners

        5. 27.Non-residents

    3. Chapter III Surtax

      1. General reliefs

        1. 28.Earned income and other personal reliefs

        2. 29.Relief on death in year for which rates increased

      2. Special provisions as to accrual of income

        1. 30.Provisions for preventing avoidance of surtax by sales cum dividend, etc.

        2. 31.Relief where income attributable to a period exceeding a year is received in a year

        3. 32.Relief in case of purchases cum dividend

        4. 33.Supplemental

      3. Other special provisions

        1. 34.Surtax to be charged on consideration for certain restrictive covenants etc.

        2. 35.Expenses of Crown servants abroad

        3. 36.Recovery of surtax due from beneficiary under discretionary trust

    4. Chapter IV Aggregation of Income—Husband and Wife

      1. 37.General rule for aggregation of wife's income

      2. 38.Options for separate assessment

      3. 39.Effect of separate assessment on personal reliefs (including those running for surtax)

      4. 40.Collection from wife of tax assessed on husband but attributable to her income

      5. 41.Right of husband to disclaim liability for tax on deceased wife's income

      6. 42.Construction of references to married women living with their husbands, etc.

    5. Chapter V Aggregation of Income—Parent and Child

      1. 43.General rule for aggregation of investment etc. income of unmarried infants not regularly working

      2. 44.Detailed rules

      3. 45.Consequences of aggregation as respects certain payments involving tax reliefs

      4. 46.Right of parent to recover tax on aggregated income

      5. 47.Accountability of parent for tax repayments attributable to aggregation

      6. 48.Supplemental

    6. Chapter VI Residence

      1. 49.British subjects etc. temporarily abroad

      2. 50.Residence of persons working abroad

      3. 51.Temporary residents in United Kingdom

  3. Part II Annual Payments and Interest

    1. Deduction of income tax at standard rate

      1. 52.Payments out of profits or gains brought into charge to income tax

      2. 53.Payments not out of profits or gains brought into charge to income tax

      3. 54.Annual interest

      4. 55.Certificates of deduction

      5. 56.Construction of references to payments not out of profits or gains brought into charge

    2. Interest paid: relief from income tax

      1. 57.Loans for purchase or improvement of land

      2. 58.Loan applied in acquiring interest in close company

      3. 59.Loan applied in acquiring interest in a partnership

      4. 60.Loan to purchase machinery or plant used by a partnership

      5. 61.Loan to pay estate duty

      6. 62.Certain pre-1970 loans

      7. 63.Supplemental: overdrafts

      8. 64.Other supplemental provisions

    3. Special types of payment

      1. 65.Small maintenance payments

      2. 66.Tithe annuities

  4. Part III Schedule A, and Associated Charges under Schedule D

    1. The Schedule A charge

      1. 67.Schedule A

      2. 68.Persons chargeable

      3. 69.Assessment

      4. 70.Collection from lessees and agents

    2. Deductions and allowances

      1. 71.Deductions: introductory

      2. 72.Deductions from rents: general rules

      3. 73.Deductions from rents: land managed as one estate

      4. 74.Deductions from receipts other than rent

      5. 75.Sporting rights

      6. 76.Expenditure on making sea walls

      7. 77.Deductions: supplemental

      8. 78.Capital allowances for machinery and plant used in estate management

      9. 79.Agricultural land: allowance for excess maintenance etc expenditure

    3. Premiums, leases at undervalue etc. (Schedules A and D)

      1. 80.Treatment of premiums etc. as rent or Schedule D profits

      2. 81.Schedule D charge on assignment of lease granted at undervalue

      3. 82.Schedule D charge on sale of land with right to reconveyance

      4. 83.Premiums paid etc.: deduction from premiums and rents received

      5. 84.Rules for ascertaining duration of leases

      6. 85.Saving for pre-1963 leases, and special relief for individuals

    4. Supplemental (Schedules A and D)

      1. 86.Tax treatment of receipts and outgoings on sale of land

      2. 87.Relief for rent etc. not paid

      3. 88.Allowances for betterment levy

      4. 89.Non-residents

      5. 90.Interpretation

  5. Part IV Schedule B

    1. 91.Schedule B

    2. 92.Supplemental

  6. Part V Schedule C, and General Provisions about Government Securities

    1. The Schedule C charge

      1. 93.Schedule C

      2. 94.Income tax: mode of charge

    2. Government securities: exemptions from tax

      1. 95.United Kingdom savings certificates

      2. 96.Ulster savings certificates held by persons resident and domiciled in Northern Ireland

      3. 97.Ulster savings certificates issued to persons resident in Northern Ireland

      4. 98.Tax reserve certificates

      5. 99.United Kingdom government securities held by nonresidents

      6. 100.Securities of foreign states held by non-residents

    3. Government securities: payment of interest without deduction of income tax, and other provisions

      1. 101.United Kingdom securities: Treasury directions for payment without deduction

      2. 102.Treasury directions as respects Northern Ireland securities

      3. 103.Information to be given where interest paid without deduction

      4. 104.Taxation of interest on converted government securities, and interest which becomes subject to deduction

      5. 105.Subscriptions by banks to war loans

    4. Miscellaneous and supplemental

      1. 106.Exemption for stock and dividends in name of Treasury etc.

      2. 107.Interpretation

  7. Part VI Schedule D

    1. Chapter I The Charge

      1. The Schedule, and the seven Cases

        1. 108.Schedule D

        2. 109.Tax to be charged under seven Cases

      2. Supplementary charging provisions

        1. 110.Farming, and other commercial occupation of land (except woodlands)

        2. 111.Woodlands managed on a commercial basis

        3. 112.Mines, quarries and other concerns

        4. 113.Foreign pensions

        5. 114.Persons chargeable

    2. Chapter II Cases I to VI: Income Tax: Basis of Assessment etc.

      1. Cases I and II

        1. 115.Assessment on preceding year basis

        2. 116.Special basis at commencement of trade, profession or vocation

        3. 117.Special basis for two years following commencement

        4. 118.Special basis on discontinuance

      2. Case III

        1. 119.Assessment on preceding year basis

        2. 120.Special rules for fresh income

        3. 121.Special rules where source of income ceases

      3. Cases IV and V

        1. 122.Assessment on preceding year basis, but, in certain cases, only on sums received in United Kingdom

        2. 123.Special rules for fresh income

        3. 124.Special rules where source of income ceases

      4. Case VI

        1. 125.Assessment on current year basis unless otherwise directed

      5. Miscellaneous

        1. 126.Tax computed on profits of previous period to be charged though no profits in year of assessment

        2. 127.Apportionments etc. for purposes of Cases I, II and VI

        3. 128.Single assessments for purposes of Cases III, IV and V

    3. Chapter III Cases I to VI: Corporation Tax :Basis of Assessment etc.

      1. 129.Basis of assessment, apportionments, single assessments, and miscellaneous special provisions

    4. Chapter IV Trades, Professions and Vocations: Computational Provisions

      1. General provisions

        1. 130.General rules as to deductions not allowable

        2. 131.Income tax: deduction of interest paid to non-residents

        3. 132.Deduction of patent etc. fees and expenses

        4. 133.Deduction of payments for technical education

        5. 134.Deductions where premiums etc. taxable

        6. 135.Deduction for debts proving irrecoverable after event treated as discontinuance

        7. 136.Debts set off against profits and subsequently released

        8. 137.Valuation of trading stock on discontinuance of trade

        9. 138.Valuation of work in progress at discontinuance of profession or vocation

      2. Special provisions

        1. 139.Treatment of farm animals etc.

        2. 140.Tied premises

        3. 141.Cemeteries etc.: deduction of certain capital expenditure

        4. 142.Dealers in land: purchase and sale of woodlands, and special rules where premiums etc. taxable

    5. Chapter V Trades, Professions and Vocations : Post-Cessation etc. Receipts

      1. Case VI charges on receipts after discontinuance or change in basis of computation

        1. 143.Receipts after discontinuance: earnings basis charge, and related charge affecting conventional basis

        2. 144.Conventional basis: general charge on receipts after discontinuance or change of basis

        3. 145.Allowable deductions

        4. 146.Application of charges on events treated as discontinuances

        5. 147.Application of charges where rights to payments transferred

      2. Reliefs

        1. 148.Treatment of receipts as earned income

        2. 149.Election for carry-back

        3. 150.Charge under s. 144: relief for individuals born before 6th April 1917

      3. Supplemental

        1. 151.Interpretation etc.

    6. Chapter VI Partnerships and Successions

      1. 152.Partnership assessments to income tax

      2. 153.Partnerships controlled abroad

      3. 154.Effect, for income tax, of change in ownership of trade, profession or vocation

      4. 155.Special rules for partnerships involving companies

    7. Chapter VII Mining etc. Rents and Royalties: Foreign Dividends

      1. 156.Rent etc. payable in connection with mines, quarries and similar concerns

      2. 157.Rent etc. payable in respect of electric line wayleaves

      3. 158.Management expenses of owner of mineral rights

      4. 159.Foreign dividends

    8. Chapter VIII Case VII: Income Tax on Short Term Capital Gains

      1. 160.Scope of charge under Case VII

      2. 161.Chargeable assets

      3. 162.General operation of charge

      4. 163.Operation in special cases (trust assets, devolution on death, enforcement of securities etc.)

      5. 164.Computation of gains

      6. 165.Exemption for chattels sold for ñ,000 or less, and marginal relief

      7. 166.Miscellaneous exemptions and reliefs

      8. 167.Interpretation, and other supplementary provisions

  8. Part VII Loss Relief

    1. Chapter I Income Tax

      1. Trade etc. losses

        1. 168.Set-off against general income

        2. 169.Extension of right of set-off, to capital allowances

        3. 170.Restrictions on right of set-off

        4. 171.Carry-forward against subsequent profits

        5. 172.Carry-forward where business transferred to a company

        6. 173.Carry-forward as losses of amounts taxed under s. 53

        7. 174.Carry-back of terminal losses

        8. 175.Treatment of interest as a loss for purposes of carry forward and carry-back

      2. Case VI losses

        1. 176.Case VI losses

    2. Chapter II Corporation Tax

      1. Trade etc. losses

        1. 177.Losses other than terminal losses

        2. 178.Terminal losses

      2. Case VI losses

        1. 179.Case VI losses

    3. Chapter III Income Tax and Corporation Tax

      1. 180.Restriction of relief under ss. 168 and 177 in case of farming and market gardening

  9. Part VIII Schedule E

    1. Chapter I The Charge

      1. The Schedule

        1. 181.Schedule E

      2. Supplementary charging provisions

        1. 182.Voluntary pensions

        2. 183.Offices and employments: scope of charge

        3. 184.Offices and employments: place of performance, and meaning of emoluments received in United Kingdom

        4. 185.Accommodation occupied by holder of office or employment

        5. 186.Directors and employees of companies granted rights to acquire shares

        6. 187.Payments on retirement or removal from office or employment

        7. 188.Exemptions and reliefs in respect of tax under s. 187

      3. Reliefs

        1. 189.Relief for necessary expenses

        2. 190.Interest on loans to purchase machinery or plant

        3. 191.Expenses necessarily incurred, and defrayed from official emoluments

        4. 192.Fees and subscriptions to professional bodies, learned societies etc.

        5. 193.Travelling expenses due to war of 1939

        6. 194.Expenditure and houses of ministers of religion

    2. Chapter II Expenses Allowances to Directors and Others

      1. 195.Expenses allowances, etc.

      2. 196.Benefits in kind to be taken into account

      3. 197.Valuation of benefits in kind

      4. 198.Meaning of " director ", " employment ", and " employment to which this Chapter applies "

      5. 199.Saving for certain payments and expenses

      6. 200.Additional information

      7. 201.Charities and non-trading bodies

      8. 202.Interpretation

      9. 203.Unincorporated bodies and partnerships

    3. Chapter III Assessment, Collection, Recovery and Appeals

      1. 204.Pay as you earn

      2. 205.Formal assessments to be unnecessary in certain cases

      3. 206.Additional provision for certain Schedule E assessments

      4. 207.Disputes as to domicile or ordinary residence

  10. Part IX Pension Schemes, Life Annuities Etc

    1. Chapter I Pension Schemes Generally, and Social Security Benefits and Contributions

      1. 208.Approved superannuation funds

      2. 209.Contributions under statutory pension schemes

      3. 210.Disallowance of contributions for widows' and other pensions

      4. 211.Parliamentary pension funds

      5. 212.National insurance supplementary schemes etc.

      6. 213.Indian family pension funds

      7. 214.Indian, Pakistan and colonial pensions and pension funds

      8. 215.Pensions under Overseas Service Act 1958

      9. 216.Central African Pension Fund

      10. 217.Overseas Service Pensions Fund

      11. 218.Pension funds for overseas employees

      12. 219.Social security benefits and contributions

    2. Chapter II Pension Rights of Directors and Employees

      1. 220.Taxation of provision for retirement benefits etc. for directors and employees of bodies corporate

      2. 221.Exemptions from charge to tax under s. 220

      3. 222.Approval of retirement benefits schemes

      4. 223.Aggregation and severance of schemes

      5. 224.Supplementary provisions

      6. 225.Application to unincorporated societies, etc.

    3. Chapter III Retirement Annuities

      1. 226.Approval of retirement annuity contracts and trust schemes

      2. 227.Nature and amount of relief for qualifying premiums

      3. 228.Application of the proviso to s. 227(1) to holders of pensionable offices, etc. and persons born in or before 1915

      4. 229.Annuity premiums of Ministers and other officers

    4. Chapter IV Purchased Life Annuities

      1. 230.Purchased life annuities, other than retirement annuities

      2. 231.Supplementary

  11. Part X Schedule F and Company Distributions

    1. 232.Schedule F

    2. Meaning of "distribution"

      1. 233.Matters to be treated as distributions

      2. 234.Bonus issues following repayment of share capital

      3. 235.Matters to be treated or not treated as repayments of share capital

      4. 236.Stock dividend options

      5. 237.Distributions: supplemental

  12. Part XI Company Taxation

    1. Chapter I Main Provisions

      1. General system of taxation

        1. 238.Charge to corporation tax

        2. 239.U.K. company distributions not chargeable to corporation tax

        3. 240.Income tax on distributions, etc., received by U.K company

        4. 241.Claims for repayment of income tax deducted from receipts

        5. 242.Explanation of income tax deductions to be annexed to dividend warrants, etc.

      2. Corporation tax

        1. 243.General scheme of corporation tax

        2. 244.Time for payment of corporation tax: companies trading before financial year 1965

        3. 245.Tax on company in liquidation

        4. 246.Companies not resident in United Kingdom

        5. 247.Basis of, and periods for, assessment

        6. 248.Allowance of charges on income

        7. 249.Charges on income: interest payable to non-residents

        8. 250.Computation of income: application of income tax principles

        9. 251.Computation of income: special rules

        10. 252.Company reconstructions without change of ownership

        11. 253.Company reconstructions: supplemental

      3. Franked investment income

        1. 254.Set-off of losses etc. against surplus of franked investment income

        2. 255.Set-off of loss brought forward, or terminal loss

      4. Group income

        1. 256.Group income, etc.

        2. 257.Election for group income, etc.

      5. Group relief

        1. 258.Group relief

        2. 259.Kinds of group relief

        3. 260.Relation of group relief to other relief

        4. 261.Corresponding accounting periods

        5. 262.Companies joining or leaving group or consortium

        6. 263.Exclusion of double allowances, etc.

        7. 264.Claims and adjustments

    2. Chapter II Companies' Capital Gains

      1. General provisions

        1. 265.Computation of chargeable gains

        2. 266.Corporation tax attributable to chargeable gains: recovery from shareholder

        3. 267.Company reconstruction or amalgamation: transfer of assets

        4. 268.Postponement of charge on transfer of assets to nonresident company

        5. 269.Interest charged to capital

      2. Gilt-edged securities: restrictions on exemptions

        1. 270.Charge to tax on certain disposals of United Kingdom securities

        2. 271.Charge to tax on certain disposals of Guaranteed Stock issued at a discount

      3. Groups of companies

        1. 272.Groups of companies: definitions

        2. 273.Transfers within a group

        3. 274.Transfers within a group: trading stock

        4. 275.Disposal or acquisition outside a group

        5. 276.Replacement of business assets by members of a group

        6. 277.Tax on company recoverable from other members of group

        7. 278.Company ceasing to be member of a group

        8. 279.Shares in subsidiary member of a group

      4. Losses attributable to depreciatory transactions

        1. 280.Transactions in a group

        2. 281.Dividend stripping

    3. Chapter III Close Companies

      1. Meaning of close company

        1. 282.Meaning of close company

        2. 283.Certain companies with quoted shares not to be close companies

      2. Additional matters to be treated as distributions

        1. 284.Payments etc. to participators and associates

        2. 285.Interest paid to directors and directors' associates

      3. Charges to tax in connection with loans and covenants

        1. 286.Loans to participators etc.

        2. 287.Effect of release, etc., of debt in respect of loan under s. 286

        3. 288.Covenants by participators

      4. Charges to tax in respect of shortfall

        1. 289.Shortfall in distributions

        2. 290.Determination of shortfall: required standard

        3. 291.Distributions to be taken into account, and meaning of " distributable income " etc.

        4. 292.Meaning of "trading company" and "member of a trading group"

        5. 293.Requirements of the company's business

        6. 294.Cessations and liquidations

        7. 295.The shortfall charge: protection by transmission of accounts

      5. Surtax apportionments

        1. 296.Apportionment for surtax of close company's income

        2. 297.Consequences of apportionment under s. 296

        3. 298.Apportionment of income of non-trading companies

        4. 299.Supplementary provisions as to apportionment of income of non-trading companies

        5. 300.Apportionment of interest paid by certain non-trading companies

      6. Information

        1. 301.Powers of Board and inspectors to obtain information

      7. General definitions

        1. 302.Meaning of " associated company " and " control "

        2. 303.Meaning of "participator", "associate", "director" and "loan creditor"

  13. Part XII Special Classes of Companies and Businesses

    1. Chapter I Investment and Insurance Companies : Expenses of Management and Capital Allowances

      1. 304.Expenses of management of investment companies (including savings banks)

      2. 305.Expenses of management of insurance companies

      3. 306.Capital allowances for machinery and plant

    2. Chapter II Insurance Companies, Etc

      1. Insurance companies

        1. 307.Separation of different classes of business

        2. 308.Case I computation: investment income, etc.

        3. 309.Case I computation: profits reserved for policy holders and annuitants

        4. 310.Rate relief: investment income reserved for policy holders

        5. 311.Rate relief: chargeable gains reserved for policy holders

        6. 312.Annuity business: separate charge on profits

        7. 313.General annuity business

        8. 314.Pension annuity business

        9. 315.Foreign life assurance funds

        10. 316.Overseas life insurance companies: charge on investment income

        11. 317.Management expenses of overseas life insurance companies

        12. 318.Overseas life insurance companies: annuity business

        13. 319.Set-off of income tax against corporation tax by overseas life insurance companies

        14. 320.Overseas life insurance companies: double taxation agreements

        15. 321.Life policies carrying rights not in money

        16. 322.Benefits from life policies issued before 5th August 1965: deduction for tax on chargeable gains

        17. 323.Interpretation

      2. Capital redemption business

        1. 324.Capital redemption business

      3. Dealers in securities: conversions

        1. 325.3J per cent. war loan

        2. 326.Exchange of securities in connection with conversion operations, nationalisation, etc.

        3. 327.Other provisions as to issues of securities in connection with nationalisation, etc.

      4. Non-resident banks, insurance companies and dealers in securities

        1. 328.Treatment of tax-free income

        2. 329.Tax-free Treasury securities: exclusion of interest on borrowed money

      5. Underwriters

        1. 330.Underwriters

    3. Chapter III Friendly Societies and Trade Unions

      1. Unregistered friendly societies

        1. 331.Unregistered friendly societies

      2. Registered friendly societies

        1. 332.Registered friendly societies

        2. 333.Life or endowment business: distinction between old and new societies

        3. 334.Conditions for tax exempt business

        4. 335.Life or endowment business: further provisions

        5. 336.Saving for contracts made not later than 3rd May 1966

        6. 337.Interpretation

      3. Trade unions

        1. 338.Exemption for trade unions

    4. Chapter IV Savings Banks, Industrial and Provident Societies, Building Societies and Mutual Business

      1. 339.Savings banks

      2. 340.Industrial and provident societies, etc.

      3. 341.Co-operative housing associations

      4. 342.Disposals of land between the Housing Corporation and housing societies

      5. 343.Building societies

      6. 344.Building societies: time for payment of corporation tax

      7. 345.Companies trading with their members, and certain industrial and provident societies

      8. 346.Companies carrying on mutual business, or not carrying on a business

      9. 347.Distribution of assets of body corporate carrying on mutual business

    5. Chapter V Statutory Bodies

      1. 348.Reserves of marketing boards

      2. 349.Electricity Council and Boards

      3. 350.Gas Council and Area Boards

      4. 351.Atomic Energy Authority and National Radiological Protection Board

      5. 352.Harbour reorganisation schemes

      6. 353.Local authorities

    6. Chapter VI Unit Trusts and Investment Trusts

      1. Unit trusts

        1. 354.Authorised unit trusts

        2. 355.Cancellation and creation of units

      2. Unit trusts and investment trusts

        1. 356.Rate of tax on chargeable gains

        2. 357.Apportionment of chargeable gains

      3. Interpretation

        1. 358.Definitions of authorised unit trust and unit holder

        2. 359.Definition of investment trust

  14. Part XIII Special Exemptions

    1. 360.Charities

    2. 361.Agricultural societies

    3. 362.Scientific research associations

    4. 363.British Museum

    5. 364.Funds for reducing National Debt

    6. Armed forces and Victoria Cross and other awards

      1. 365.Wounds and disability pensions

      2. 366.Allowances, bounties and gratuities

    7. Women's Services

      1. 4.The sums known as training expenses allowances payable out of...

      2. 5.Any sum which, in pursuance of the scheme as to...

      3. 367.Visiting forces

      4. 368.Victoria Cross and other awards

    8. Crown servants

      1. 369.Foreign service allowance

    9. Central banks

      1. 370.Government securities held by non-resident central banks

      2. 371.Issue departments of Reserve Bank of India and State Bank of Pakistan

    10. Commonwealth and foreign representatives

      1. 372.Commonwealth Agents-General and official agents, etc.

      2. 373.Consuls and other official agents

      3. 374.Consular officers and employees

    11. Other exemptions

      1. 375.Scholarship income

      2. 376.Housing grants

      3. 377.Compensation for National-Socialist persecution

  15. Part XIV Miscellaneous Special Provisions

    1. Chapter I Patents and Know-How

      1. Patents

        1. 378.Writing-down allowances for capital expenditure on purchase of patent rights

        2. 379.Effect of lapses of patent rights, sales, etc.

        3. 380.Taxation as income of capital sums received for sale of patent rights

        4. 381.Capital sums: death, winding-up or partnership change

        5. 382.Relief for expenses

        6. 383.Patent income to be earned income in certain cases

        7. 384.Spreading of patent royalties over several years

        8. 385.Manner of making allowances and charges

      2. Know-how (income tax, corporation tax and capital gains tax)

        1. 386.Dealings in know-how

      3. Supplemental

        1. 387.Application of Capital Allowances Act 1968

        2. 388.Interpretation of provisions about patents

    2. Chapter II Copyright and Artists' Receipts

      1. Copyright

        1. 389.Relief for copyright payments

        2. 390.Relief where copyright sold after ten years or more

        3. 391.Taxation of copyright royalties where owner's usual place of abode is abroad

      2. Artists' receipts

        1. 392.Relief for painters, sculptors and other artists

    3. Chapter III Life Policies, Life Annuities and Capital Redemption Policies

      1. 393.Introductory

      2. 394.Life policies: chargeable event

      3. 395.Life policies: computation of gain

      4. 396.Life annuity contracts: chargeable event

      5. 397.Life annuity contracts: computation of gain

      6. 398.Capital redemption policies

      7. 399.Method of charging gain to tax

      8. 400.Relief where gain charged directly to surtax

      9. 401.Right of individual to recover tax from trustees

      10. 402.Information: duty of insurers

    4. Chapter IV Insurance: Borrowing to pay Premiums and Borrowing against Life Policies

      1. 403.Interest on loans used for payment of premiums, etc.: disallowance as deduction for surtax

      2. 404.Exceptions from disallowance for surtax

      3. 405.Borrowings against life policies to be treated as income in certain cases

    5. Chapter V Schemes for Rationalizing Industry

      1. 406.Deduction from profits of contributions paid under certified schemes

      2. 407.Repayment of contributions

      3. 408.Payments under certified schemes which are not repayments of contributions

      4. 409.Cancellation of certificates of Board of Trade

      5. 410.Application to statutory redundancy schemes

    6. Chapter VI Other Provisions

      1. 411.Business entertaining expenses

      2. 412.Statutory redundancy payments

      3. 413.Funds in court

      4. 414.Relief from income tax on certain savings bank interest

      5. 415.Contractual savings schemes: income tax and capital gains tax

      6. 416.Local authority borrowing in foreign currency

      7. 417.Funding bonds issued in respect of interest on certain debts

      8. Unremittable overseas income

        1. 418.Relief for unremittable income

        2. 419.Relief from tax on delayed remittances

      9. War risks and war injuries

        1. 420.Disallowance of deductions for war risk premiums

        2. 421.Disallowance of certain payments in respect of war injuries to employees

      10. Pre-war provisions for tax free annuities, salaries, pensions, etc.

        1. 422.Modification of pre-war provisions for tax free annuities, etc.

        2. 423.Modification of pre-war provisions for tax free salaries, pensions, etc.

        3. 424.Interpretation of last two preceding sections

      11. Arrangements for payment of interest less tax or of fixed net amount

        1. 425.Application to interest payable without deduction of tax

  16. Part XV Estates of Deceased Persons in Course of Administration

    1. 426.Limited interests in residue

    2. 427.Absolute interests in residue

    3. 428.Supplementary provisions as to absolute interests in residue

    4. 429.Special provisions as to certain interests in residue

    5. 430.Relief from surtax for estate duty on accrued income

    6. 431.Adjustments and information

    7. 432.Interpretation

    8. 433.Application to Scotland

  17. Part XVI Settlements

    1. Chapter I Dispositions for Short Periods

      1. 434.Disposition for period which cannot exceed six years

      2. 435.Adjustments between disponor and trustees

      3. 436.Application of Chapter I to dispositions where there is more than one disponor

    2. Chapter II Settlements on Children

      1. 437.The general rule

      2. 438.Accumulation settlements

      3. 439.Meaning of "irrevocable"

      4. 440.Interest paid by trustees

      5. 441.Adjustments between disponor and trustees

      6. 442.Application of Chapter II to settlements with more than one settlor

      7. 443.Power to obtain information under Chapter II

      8. 444.Interpretation of Chapter II

    3. Chapter III Revocable Settlements, Etc

      1. 445.Revocable settlements allowing release of obligation

      2. 446.Revocable settlements allowing reversion of property

      3. 447.Settlements where settlor retains an interest

      4. 448.Settlements: discretionary power for benefit of settlor, etc.

      5. 449.Provisions supplemental to preceding provisions of Chapter III

      6. 450.Disallowance of deduction from total income of certain sums paid by settlor

      7. 451.Sums paid to settlor otherwise than as income

      8. 452.Application of Chapter III to settlements where there is more than one settlor

      9. 453.Power to obtain information for purposes of Chapter III

      10. 454.Interpretation of Chapter III

      11. 455.Ascertainment of undistributed income

      12. 456.Ascertainment of undistributed income: interest paid by trustees

    4. Chapter IV Surtax Liability of Settlors in Certain Cases

      1. 457.Settlements made on or after 7th April 1965

      2. 458.Settlements made before 7th April 1965, but on or after 10th April 1946

      3. 459.Supplemental provisions for Chapter IV

  18. Part XVII Tax Avoidance

    1. Chapter I Cancellation of Tax Advantages from certain Transactions in Securities

      1. 460.Cancellation of tax advantage

      2. 461.The prescribed circumstances

      3. 462.Appeal against Board's notice

      4. 463.The tribunal

      5. 464.Procedure for clearance in advance

      6. 465.Power to obtain information

      7. 466.Meaning of " tax advantage "

      8. 467.Further interpretation

      9. 468.Commencement and other transitory provisions

    2. Chapter II Other Provisions about Securities

      1. 469.Sale and repurchase of securities

      2. 470.Transfers of income arising from securities

      3. Purchase and sale of securities

        1. 471.Application of following sections

        2. 472.Dealers in securities

        3. 473.Persons entitled to exemptions

        4. 474.Persons other than dealers in securities

        5. 475.Meaning of " appropriate amount in respect of" interest

      4. Miscellaneous

        1. 476.Company dealing in securities: distribution materially reducing value of holding

        2. 477.Manufactured dividends: treatment of tax deducted

    3. Chapter III Transfer of Assets Abroad

      1. 478.Provisions for preventing avoidance of income tax by transactions resulting in the transfer of income to persons abroad

      2. 479.Persons resident in Republic of Ireland: application of Chapter III to premiums on leases, etc.

      3. 480.Supplemental provisions

      4. 481.Power to obtain information

    4. Chapter IV Miscellaneous

      1. Companies

        1. 482.Migration, etc., of companies

        2. 483.Change in ownership of company: disallowance of trading losses

        3. 484.Rules for ascertaining change in ownership of company

      2. Transactions between associated persons

        1. 485.Sales, etc., at undervalue or overvalue

        2. 486.Transactions between dealing company and associated company

      3. Other provisions

        1. 487.Sale by individual of income derived from his personal activities

        2. 488.Artificial transactions in land

        3. 489.Sale of income and land transactions (sections 487 and 488): supplemental

        4. 490.Sale of income and land transactions (sections 487 and 488): power to obtain information

        5. 491.Land sold and leased back: limitation on tax reliefs

        6. 492.Assets leased to traders and others

        7. 493.Leased assets: special cases

        8. 494.Leased assets: supplemental

        9. 495.Leased assets subject to hire-purchase agreements

        10. 496.Transactions associated with loans or credit

  19. Part XVIII Double Taxation Relief

    1. Chapter I The Principal Reliefs

      1. 497.Relief by agreement with other countries

      2. 498.Unilateral relief

      3. 499.Application to corporation tax on chargeable gains

    2. Chapter II Rules Governing Relief by way of Credit

      1. General

        1. 500.Interpretation of credit code

        2. 501.Relief to be given by reducing U.K. taxes by amount of credit due

        3. 502.Requirement as to residence

        4. 503.Computation, for purposes of U.K. taxes, of income subject to foreign tax

        5. 504.Limits on credit: income tax

        6. 505.Limit on credit: corporation tax

      2. Underlying tax on dividends

        1. 506.Computation of underlying tax

        2. 507.Extension of relief to certain dividends not covered by arrangements where paid between related companies

        3. 508.Extension of relief to U.K. and third country taxes where dividends paid between related companies

        4. 509.U.K. insurance companies trading overseas

      3. Miscellaneous rules

        1. 510.Relief against income tax in respect of income arising in years of commencement

        2. 511.Elections against credit

        3. 512.Time limit for claims etc.

    3. Chapter III Other Provisions

      1. 513.Relief under agreements with Republic of Ireland

      2. 514.Relief under agreements about shipping, air transport and agency profits

      3. 515.Postponement of capital allowances to secure double taxation relief

      4. 516.Deduction for foreign tax where no credit allowable

      5. 517.Power to make regulations for carrying out s. 497

      6. 518.Disclosure of information

  20. Part XIX Supplemental

    1. 519.Deductions not to be allowed in computing profits or gains

    2. Income tax provisions

      1. 520.Application of Income Tax Acts from year to year

      2. 521.Under-deductions from payments made before passing of annual Act

      3. 522.Over-deductions from interest on loan capital or preference dividends made before passing of annual Act

      4. 523.Adjustment of reliefs where reliefs not all given at the same time

      5. 524.Application of Income Tax Acts to public departments

      6. 525.No exemption from tax under letters patent or statutes

    3. Interpretation

      1. 526.Definitions for income tax and corporation tax

      2. 527.Interpretation of Corporation Tax Acts

      3. 528."Total income" in Income Tax Acts

      4. 529."Highest part of income": effect of top-slicing relief

      5. 530."Earned income" in Income Tax Acts

      6. 531."Annual value" of land

      7. 532.Subsidiaries

      8. 533.Connected persons

      9. 534.Meaning of "control" in certain contexts

      10. 535."Recognised stock exchange"

  21. Part XX General

    1. 536.Commencement

    2. 537.Savings, transitory provisions and consequential amendments

    3. 538.Repeals

    4. 539.Continuity and construction of references to old and new law

    5. 540.Short title and construction

    1. Schedule 1

      Life Policies : Qualification for Relief on Premiums

      1. Part I Qualifying Conditions

        1. General rules applicable to whole life and term assurances

          1. 1.(1) Subject to the following provisions of this Part of...

        2. General rules applicable to endowment assurances

          1. 2.(1) Subject to the following provisions of this Part of...

        3. Special types of policy

          (i) Friendly Society policies

          1. 3.A policy issued by any friendly society, or branch of...

        4. (ii) Industrial Assurance policies

          1. 4.(1) A policy issued in the course of an industrial...

        5. (iii) Family income policies and mortgage protection policies

          1. 5.(1) The following provisions apply to any policy which is...

        6. Other special provisions

          (i) Exceptional mortality risk

          1. 6.For the purpose of determining whether any policy is a...

        7. (ii) Connected policies

          1. 7.Where the terms of any policy provide that it is...

        8. (iii) Premiums paid out of sums due under previous policies

          1. 8.(1) Where, in the case of a policy under which...

        9. (iv) Substitutions and variations

          1. 9.(1) Where one policy (hereafter referred to as "the new...

          2. 10.(1) Subject to the provisions of this paragraph, where the...

      2. Part II Certification of Qualifying Policies

        1. 11.(1) Subject to sub-paragraph (3) below, a body issuing any...

    2. Schedule 2

      Restrictions on Schedule A Deductions

      1. Expenditure before 1964-65: deductions from rents

        1. 1.(1) Except as provided by sub-paragraphs (2) and (3) below,...

      2. Expenditure before 1964-65: deductions from other receipts

        1. 2.(1) Subject to sub-paragraph (2) below, no payment shall be...

      3. Expenditure before 1964-65: sea walk

        1. 3.(1) Section 76 of this Act shall apply in relation...

      4. Tithe redemption annuities

        1. 4.No part of any payment made as an instalment, or...

    3. Schedule 3

      Premiums etc. Taxable under Schedules A and D: Special Relief for Individuals

      1. 1.A claim for relief under this Schedule shall be made...

      2. 2.The relief shall be computed in accordance with paragraphs 3...

      3. 3.There shall be computed— (a) the amount of the tax...

      4. 4.(1) Where the relief is to be given in respect...

      5. 5.A provision of paragraph 3 or 4 above requiring tax...

      6. 6.A provision of paragraph 3 or 4 above shall apply...

    4. Schedule 4

      Schedules A and D: Allowances for Betterment Levy

      1. Part I Premiums etc.

        1. 1.(1) Subject to paragraph 5 of this Schedule, for the...

        2. 2.Subject to paragraph 5 of this Schedule, any taxable amount...

        3. 3.Any reduction to be effected under any of the provisions...

        4. 4.(1) Where for the purposes of Part III of the...

      2. Part II Mining Leases

        1. 5.Part I of this Schedule shall not apply to betterment...

        2. 6.Where betterment levy is charged as mentioned in paragraph 5...

        3. 7.Where betterment levy is charged as mentioned in paragraph 5...

        4. 8.The Land Commission shall afford to any officer of the...

    5. Schedule 5

      Machinery for Assessment, Charge and Payment of Income Tax under Schedule C, and, in certain cases, Schedule D

      1. Part I Public Revenue Dividends, etc., payable to the Bank of England and the Bank of Ireland, or entrusted for payment to the Bank of England, the Bank of Ireland or the National Debt Commissioners

        1. 1.The Bank of England and the Bank of Ireland, as...

        2. 2.(1) In the case of dividends and profits attached thereto...

        3. 3.Money set apart or retained under paragraph 2 above, and...

        4. 4.No deduction of income tax under this Part of this...

      2. Part II Public Revenue Dividends payable by Public Offices and Departments

        1. 5.Where any payment is made of public revenue dividends payable...

      3. Part III Other Public Revenue Dividends, Foreign Dividends, and Proceeds of Coupons

        1. 6.The following persons are chargeable persons for the purposes of...

        2. 7.The Board shall have all necessary powers in relation to...

        3. 8.The chargeable person shall out of moneys in his hands...

        4. 9.The chargeable person shall pay the income tax into the...

        5. 10.A chargeable person who does all such things as are...

        6. 11.Nothing in the preceding provisions of this Part of this...

        7. 12.Where income tax in respect of the proceeds of the...

        8. 13.(1) Without prejudice to the generality of paragraph 7 above,...

      4. Part IV Interpretation of Parts I to III above

        1. 14.Section 107 of this Act (which defines, amongst other expressions,...

    6. Schedule 6

      Schedule D, Case I: Treatment of Farm etc. Animals

      1. Farming: the general rule

        1. 1.(1) Subject to the provisions of this Schedule, in computing...

      2. Farming: election for the herd basis

        1. 2.(1) An election for the herd basis shall apply to...

        2. 3.(1) Where an election for the herd basis has effect,...

      3. Farming : provisions applicable to special cases

        1. 4.A farmer who, having kept a production herd of a...

        2. 5.(1) Where a farmer transfers to another person all or...

        3. 6.(1) Where the whole or a substantial part of a...

      4. Exclusion of working animals, and interpretation of preceding provisions

        1. 7.Nothing in this Schedule applies to any animals kept wholly...

        2. 8.(1) In this Schedule " herd " includes a flock,...

      5. Application of preceding provisions to trades other than farming, creatures other than animals, and animals and creatures kept singly

        1. 9.(1) The preceding provisions of this Schedule shall, with the...

      6. Supplemental

        1. 10.Where an election for the herd basis is made, every...

        2. 11.Where an election for the herd basis has effect for...

    7. Schedule 7

      Schedule D, Case VII: Miscellaneous Rules

      1. Discharge and assignment of contracts; options and other conditional contracts, etc.

        1. 1.(1) Save as provided by paragraph 2 below, a person's...

        2. 2.(1) Subject to paragraph 21 of this Schedule, a person...

      2. Gifts, settled property and bargains not at arm's length

        1. 3.(1) Where a person resident and ordinarily resident in the...

        2. 4.(1) Section 162(4) of this Act and paragraph 3 above...

        3. 5.(1) Subject to sub-paragraph (4) below, where a person resident...

        4. 6.(1) Where, in the case of a man and his...

      3. Appropriations to and from stock in trade

        1. 7.(1) Subject to sub-paragraph (3) below, where an asset acquired...

      4. Identification of shares etc. disposed of

        1. 8.(1) Subject to paragraph 9 below, where a person disposes...

        2. 9.(1) Where, in the case of a man and his...

      5. Re-acquisition of shares etc. after sale at a loss

        1. 10.(1) Subject to sub-paragraph (3) below, where a loss accrues...

        2. 11.(1) Where, in the case of a man and his...

      6. Reorganisation or reduction of share capital

        1. 12.(1) This paragraph shall apply in relation to any reorganisation...

        2. 13.(1) This paragraph applies to a new holding, as defined...

      7. Conversion of securities

        1. 14.(1) Subject to sub-paragraph (2) below, paragraphs 12 and 13...

      8. Company amalgamations

        1. 15.(1) Subject to sub-paragraph (2) below, where a company issues...

        2. 16.(1) Where under any arrangement between a company and the...

      9. Debts

        1. 17.(1) Subject to paragraph 18 below, where a person incurs...

        2. 18.(1) Subject to sub-paragraph (2) below, paragraph 17(1) above shall...

      10. Disposals of land to authorities with compulsory powers

        1. 19.(1) A person shall not be chargeable under Case VII...

      11. Additional provisions as to computation of gains

        1. 20.(1) Where a single bargain comprises two or more transactions...

      12. Treatment of one person's acquisition as another's

        1. 21.(1) Where under this Schedule a person acquiring an asset...

      13. Supplementary

        1. 22.(1) Where any sum falls to be apportioned for the...

        2. 23.(1) An election under this Schedule shall be made by...

    8. Schedule 8

      Schedule E: Relief as Respects Tax on Payments on Retirement or Removal from Office or Employment

      1. Preliminary

        1. 1.Relief shall be allowed in accordance with the following provisions...

        2. 2.A person shall not be entitled to relief under this...

      2. Relief by reduction of sums chargeable

        1. 3.In computing the charge to tax in respect of a...

        2. 4.In this Schedule " the standard capital superannuation benefit", in...

        3. 5.Where tax is chargeable under section 187 of this Act...

        4. 6.In computing the charge to tax in respect of a...

      3. Relief by reduction of tax

        1. 7.In the case of any payment in respect of which...

        2. 8.(1) Where the income of the holder or past holder...

        3. 9.In this Schedule " the appropriate fraction " (except in...

        4. 10.Where tax is chargeable under section 187 of this Act...

        5. 11.Where tax is chargeable under section 187 of this Act...

      4. Supplemental

        1. 12.Any reference in the preceding provisions of this Schedule to...

        2. 13.In this Schedule— " payment of compensation for loss of...

        3. 14.Any reference in this Schedule to the emoluments of an...

        4. 15.In this Schedule "the relevant date" means, in relation to...

        5. 16.In this Schedule "foreign service", in relation to an office...

        6. 17.Any reference in this Schedule to the amount of tax...

    9. Schedule 9

      Income Tax Payable by Companies on Distributions, Etc

      1. Liability of company for income tax on distributions and other payments made by it

        1. 1.(1) Any income tax for which a company resident in...

      2. Payments made in course of year

        1. 2.(1) A company shall from time to time make to...

      3. Set-off of income tax borne on company income against tax payable

        1. 3.(1) Where in any year of assessment a company resident...

        2. 4.(1) Where a claim has been made under paragraph 3...

        3. 5.Income tax set against other tax under paragraph 3 above...

      4. Assessment and due date of tax

        1. 6.(1) All the provisions of the Income Tax Acts as...

      5. Saving

        1. 7.Nothing in the preceding provisions of this Schedule shall be...

      6. Regulations

        1. 8.Subject to the provisions of this Schedule, the Board may...

    10. Schedule 10


      1. Part I Special Reserve Funds

        1. 1.If, in the case of Lloyd's or any approved association...

        2. Adherence to, and withdrawal from, arrangements

          1. 2.(1) The arrangements must provide that an underwriting member who...

          2. 3.(1) The arrangements must enable the underwriter, if he thinks...

          3. 4.Where the underwriter has given a notice of withdrawal, he...

        3. Setting up and management of, and payments into and out of, special reserve funds

          1. 5.The arrangements must provide for the setting up, in relation...

          2. 6.The arrangements must provide for the income arising from the...

          3. 7.(1) The arrangements must be such as to secure that...

          4. 8.(1) The arrangements must be such as to secure that,...

          5. 9.(1) The arrangements may authorise the making of payments pursuant...

          6. 10.The arrangements must provide that, on the underwriter ceasing to...

        4. Income tax consequences

          1. 11.(1) Where such a payment as is mentioned in paragraph...

          2. 12.(1) In this paragraph "the lower limit" means the limit...

        5. Supplemental

          1. 13.The arrangements may from time to time be varied with...

          2. 14.If, after giving notice in writing of their intention so...

      2. Part II Short Term Capital Gains

        1. 15.(1) An underwriting member of Lloyd's or of an approved...

      3. Part III Interpretation

        1. 16.(1) In this Schedule— " approved association of underwriters "...

    11. Schedule 11

      Tax reliefs in connection with redundancy schemes

      1. Part I Preliminary

        1. 1.(1) In this Schedule— " scheme " means a scheme...

      2. Part II Relief in Respect of Certain Payments

        1. 2.The question whether any, and if so, what, relief is...

        2. 3.No relief shall be given in respect of the payment...

        3. 4.No relief shall be given in respect of the payment...

        4. 5.The amount of the reduction to be made in respect...

        5. 6.(1) For the purposes of this Schedule, damage shall be...

      3. Part III Exclusion of Relief in respect of Contributions Paid after Relief has been given under Part II of this Schedule

        1. 7.The provisions of this Part of this Schedule shall have...

        2. 8.There shall be ascertained— (a) the total amount of the...

        3. 9.For the purpose of determining what deduction is to be...

        4. 10.When two or more contributions are paid at the same...

    12. Schedule 12

      Double Taxation Relief : Republic of Ireland

      1. Part I Text of Agreements

        1. Agreement of 14th April 1926

        2. Agreement of 25th April 1928

        3. Agreement of 4th April 1959

        4. Article 1

        5. Article 2

        6. Agreement of 23rd June 1960

        7. Article 1

        8. Article 2

        9. Article 3

      2. Part II Section 27 of the Finance Act 1920 as it applies in the United Kingdom in relation to Republic of Ireland Income Tax

        1. 27.(1) If any person who has paid, by deduction or...

      3. Part III Provisions for giving effect to Agreements set out in Part I of this Schedule

        1. 1.The provisions of this Part of this Schedule shall have...

        2. 2.(1) Notwithstanding anything in sections 122 or 123 of this...

        3. 3.(1) Any duties of an office or employment performed in...

        4. 4.Any claim for exemption from tax on the ground that...

        5. 5.(1) Any claim under section 27 of the Finance Act...

        6. 6.(1) Any person who is entrusted with the payment of...

    13. Schedule 13

      Returns of Total Income

    14. Schedule 14

      Savings and Transitory Provisions

      1. Personal reliefs: income accumulated under trusts

        1. 1.The repeals made by this Act shall not be taken...

      2. Interest on debt secured on land in Scotland

        1. 2.The repeals made by this Act shall not be taken...

      3. Duration of leases

        1. 3.(1) Subject to sub-paragraph (2) below, section 84 of this...

        2. 4.(1) Where section 84 of this Act does not have...

      4. Allowance of interest as a business expense

        1. 5.(1) In computing for the purposes of income tax for...

      5. Repeal of section 136 of the Income Tax Act 1952: allowance of annual value of land as a business expense

        1. 6.(1) This paragraph has effect for allowing deductions by reference...

      6. Case VII of Schedule D

        1. 7.(1) Section 164(3) of this Act (disallowance of interest in...

        2. 8.Where, on or before 19th June 1969—

      7. Carry forward and backward of losses, etc.

        1. 9.(1) The substitution of this Act for the corresponding enactments...

      8. Interest paid by companies

        1. 10.(1) Sections 248(6) and 300 of this Act shall not...

      9. Company reconstruction or amalgamation: transfer of assets

        1. 11.The repeal by this Act of paragraph 7(2) of Schedule...

      10. Meaning of "distribution" for close companies

        1. 12.Section 285 of this Act shall apply in relation to...

      11. Tax on close companies at standard rate of income tax

        1. 13.(1) For the avoidance of doubt it is hereby declared...

      12. Directors' remuneration: provisions repealed by Finance Act 1969

        1. 14.(1) The repeal by this Act of section 28 of...

        2. 15.Any power which the Board may exercise under section 301...

      13. Close company's distributable income

        1. 16.As respects accounting periods beginning before the year 1971-72, at...

      14. Close companies: meaning of "associate"

        1. 17.(1) As respects any time before 15th April 1969 proviso...

      15. Children's settlements: irrevocable dispositions made before 22nd April 1936

        1. 18.(1) This paragraph shall not apply in relation to any...

      16. Cancellation of tax advantages and transfer of assets abroad

        1. 19.(1) In paragraph A(a) of section 461 of this Act...

      17. Dividend stripping and bond washing

        1. 20.With respect to distributions made before 30th April 1969, the...

      18. Tax avoidance: provisions repealed by Finance Act 1969

        1. 21.(1) This paragraph applies to the following provisions (which by...

      19. Disallowance of interest as a deduction

        1. 22.As respects annual interest paid before 6th April 1970 on...

      20. Transitional relief for companies existing in 1965 with overseas trading income

        1. 23.(1) In section 84 of the Finance Act 1965 "...

      21. Transitional relief for companies existing in 1965 on cessation of trade, etc.

        1. 24.(1) In section 87(7) of the Finance Act 1965 the...

      22. Investment allowances

        1. 25.Nothing in the repeals made by this Act shall affect...

      23. Capital allowances: free depreciation

        1. 26.Nothing in the repeals made by this Act shall affect...

      24. Expired taxes

        1. 27.(1) Nothing in the repeals made by this Act shall...

      25. Functions of the Minister for the Civil Service

        1. 28.If and so far as any functions conferred on the...

      26. Validity of subordinate legislation

        1. 29.So far as this Act or the Taxes Management Act...

    15. Schedule 15

      Consequential Amendments

      1. Betterment levy

        1. 1.In section 51 of the Land Commission Act 1967 (interest...

      2. Reserved taxes for purposes of Government of Ireland Act 1920

        1. 2.In the Government of Ireland Act 1920, after section 22(1)...

      3. Friendly societies and trade unions

        1. 3.(1) In section 26(2) of the Finance Act 1956, for...

      4. Post-war credits

        1. 4.In the Income Tax (Repayment of Post-War Credits) Act 1959,...

      5. Capital allowances

        1. 5.(1) The Capital Allowances Act 1968 shall be amended as...

      6. Chargeable gain

        1. 6.(1) In section 39 of the Finance Act 1965—

        2. 7.Section 207 of this Act (residence) shall apply in relation...

      7. Estate Duty

        1. 8.In section 37(3) of the Finance Act 1958, for the...

        2. 9.(1) In section 88(2) of the Finance Act 1965 (consequential...

      8. General powers of amendment in Acts relating to overseas countries

        1. 10.Where under any Act passed before this Act and relating...

      9. Translation of references to enactments repealed and re-enacted

        1. 11.In the enactments specified in column 1 of the following...

      10. Amendments converting references about capital allowances to references to the Capital Allowances Act 1968

        1. 12.(1) In Schedule 6 to the Finance Act 1965—

      11. Regulations about double taxation relief

        1. 13.In Regulation 6 of the Double Taxation Relief (Taxes on...

    16. Schedule 16


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