Search Legislation

Finance Act 1970

Status:

This is the original version (as it was originally enacted).

7Decimal currency: customs and excise

(1)This subsection has effect as respects the enactments specified in subsection (2) below (which mention amounts of money in the old currency the equivalent of which in the new currency consist of or include inconvenient fractions of a new penny). The Treasury may by order substitute for any amount so mentioned the nearest lesser amount, expressed in the new currency, which appears to them suitable and convenient.

(2)The said enactments are—

Schedule 5 to the Finance Act 1969 and section 181(1) of the Customs and Excise Act 1952 (tobacco; duty, drawback and allowance). Section 4 of the Finance Act 1951 as amended by section 4 of the Finance Act 1963 (duties on matches). So much of Schedule 3 to the Finance Act 1969 as relates to wine exceeding 42 degrees proof spirit. Table 2 in Schedule 1 to the Finance Act 1964 (imported perfumed spirits). Section 104 of the Customs and Excise Act 1952 (export of British compounded spirits).

(3)An order made under this section shall not have effect from a date earlier than the appointed day.

(4)If and so far as an order made under this section amends any of the rates of drawback in Table 3 in Schedule 5 to the Finance Act 1969 (tobacco), the rate of drawback as so amended shall apply (from the date when the amendment has effect) to all tobacco on which duty has been paid at the appropriate rate in the said Schedule 5 either as originally enacted, or as amended by an order under this section.

(5)In section 273(3) of the Customs and Excise Act 1952 (odd fractions of a penny) for the words " a penny " substitute

a new penny. This subsection shall come into force on the appointed day, and shall extend to the Isle of Man.

(6)An order under this section—

(a)may include such consequential, supplementary or transitional provisions as the Treasury think fit, and

(b)may be revoked or varied by a subsequent order.

(7)An order under this section shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament.

(8)In this section " the appointed day ", " the new currency " and " the old currency " have the meanings given by section 16(1) of the Decimal Currency Act 1969.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources