Finance Act 1971

Section 69.

SCHEDULE 14 Enactments Repealed

Section 21.

PART I Occupational Pension Schemes

Chapter	Short Title	Extent of Repeal
The above repeals of sections 209 and 211(5) of the Taxes Act take effect from the date appointed by the Treasury for the repeal of section 209.
The other repeals of the Taxes Act and the repeals of the Taxes Management Act 1970 take effect on 6th April 1980.
1970 c. 9.	The Taxes Management Act 1970.	In the Table in section 98(3) the entry (in each column) relating to section 224 of the Taxes Act, but not as regards any penalty incurred before this repeal takes effect.
1970 c. 10.	The Income and Corporation Taxes Act 1970.	Section 19(4)(b).
		Sections 208 and 209.
		Section 211(5).
		Chapter II of Part IX.
		Section 283(4)(b).
		Section 303(3)(i)
		Section 393(2)(b).
1970 c. 24.	The Finance Act 1970.	Section 21(10)(11).
		Section 22(4).
		Section 23(6).
		In section 26(1), in the definition of “administrator ” the words “resident in the United Kingdom ”.
		In Schedule 5, Part I, in Part II, paragraph 5, and in Part III, paragraph 12(2), and in paragraph 12(7) the words “by this Act”.
		In Part III of Schedule 8 the repeals in the Taxes Act (which did not take effect before the passing of this Act).

Section 37.

PART II New Method of Charging Tax

Chapter	Short Title	Extent of Repeal
These repeals have effect subject to section 38 of this Act.
1965 c. 25.	The Finance Act 1965.	In section 21, in subsections (1), (2) and (4), the words “including surtax”, in subsection (2), the words from “as applied” to “surtax ” and in subsection (4), the words “at the standard rate or to surtax ”.
1970 c. 9.	The Taxes Management Act 1970.	In section 7(2), the words from “or in the case ” to the end.
		In section 8, subsections (5) and (6) and in subsection (8), the words from “which are required” to “standard rate ” and the words "for either or both of those purposes."
		In section 12(1), the words “at the standard rate ”.
		In section 22, the words “for the purpose of charging surtax ”.
		In section 29, in subsections (4) and (7), the words "at the standard rate."
		In section 31(3)(a), the words “assessment to surtax, or any other ”.
		In section 33(2), the words from “including ” to “surtax ”.
		In section 55(1), paragraph (b).
		In section 77(1), the words “chargeable at the standard rate ”.
		In section 91(3), paragraph (a) and in paragraph (b), sub-paragraph (i).
1970 c. 10.	The Income and Corporation Taxes Act 1970.	In section 4(1), the words “other than surtax ”.
		Section 6.
		Section 9.
		In section 12(1), in paragraph (iii) of the proviso, the words “of tax”.
		In section 18(1) and (2), the words “seven-ninths of” in the first place where they occur.
		Section 19(8).
		In section 24(1), the words “from tax ”.
		In section 27, the words “other than surtax ” in both places.
		Sections 28 and 29.
		In section 30, in subsection (1), the words from “whether an assessment ” to “years of assessment” and in subsections (3) and (5), the words “for the purposes of surtax ”.
		Sections 31 and 32.
		Section 35.
		Section 37(5).
		In section 38, in subsection (1), the words “other than surtax ” (in both places), and in subsection (3) the words “or (2)”.
		In section 39, in subsection (1), paragraphs (a) and (b) and the words “other than surtax”, in subsection (2) the words “(other than surtax) ”, in both places, and subsection (4).
		In section 40(1)(b), the words “or 38(2)”.
		In section 41(2)(b), the words “whether to income tax other than surtax or to surtax ” and “or 38(2)”.
		In section 42(2), in the proviso, the words “including surtax ”.
		In section 52, in subsection (1), paragraph (a) and in paragraph (c), the words from “at the standard rate ” to “due ” and in subsection (2), the words after “income tax thereon ”.
		In section 53(1), the words after “income tax thereon ”.
		Section 193.
		In section 204(3), the words “other than surtax ”.
		In section 227(5), the words at the standard rate ".
		In section 232(1), in paragraph 2 of Schedule F, the words “thereon at the standard rate ”.
		In section 238(2), the words “other than surtax ”.
		In section 250(2), the words “other than surtax ”.
		In section 286, in subsection (6), the words from “at the standard rate ” to “to the standard rate ” and in subsection (7), the words “for the purposes of surtax ”.
		In section 287(2), the words “as regards surtax ”.
		In section 296(2), the words “for surtax ”.
		In section 297(8), the words “for the purposes of surtax ”.
		In section 298(3), the words “for the purposes of surtax ”.
		In section 299(5), the words for the purposes of surtax ".
		In section 343(2)(b), the words “at the standard rate for the year of assessment”.
		In section 380(2), in paragraph (iii) of the proviso, the words “other than surtax ” in both places.
		In section 381(1), (2)(b) and (3), the words “(including surtax) ” where they occur.
		In section 384, in subsection (1), the words “at standard rate ” and in subsections (1) and (3), the words “(including surtax) ” where they occur.
		In section 390(5), the words “(including surtax) ” where they occur.
		In section 399, in subsection (1) (a), the words from “for the purposes” to “information ”, in subsection (1)(b)(ii), the word “surtax ” and in subsection (1)(c), the words “as regards surtax ”.
		In section 403(1), the words for the purposes of surtax ".
		In section 414, in subsection (1), the words “surtax or” and subsection (2).
		In section 422(2), the words surtax for the year preceding ".
		In section 431(4), the words preceding “an inspector ”.
		In section 432, in subsection (7), the words “As regards surtax” and “surtax ”, in subsection (10), the words from “in the application ” to “surtax ” and subsection (11).
		In section 435(1)(b), the words from “the Board ” to “standard rate ”.
		In section 440(2), the words at the standard rate ".
		In section 441(1)(b), the words from “the Board ” to “standard rate ”.
		In section 443, the words preceding “an inspector ”.
		In section 449, in subsection (1), the words “at the standard rate ” and in subsection (3)(b), the words from “the Board ” to “standard rate ”.
		In section 450(1), the words “for the purposes of surtax ”.
		In section 451(6), the words “at the standard rate ”.
		In section 453, the words preceding “an inspector ”.
		In section 456(4), the words “at the standard rate ”.
		In section 469(1)(ii), the words “at the standard rate” in the first place where they occur.
		In section 480(1), the words “at the standard rate ” in the last place where they last occur.
		In section 481(1) and (2)(b), the words from “or, for the purpose ” to “inspector ”.
		In section 496(6), the words “at the standard rate ”.
		In section 528, in subsection (4), the words “at the standard rate ” and in subsection (5), the words “for the purpose of estimating total income for the purposes of surtax ”.
		In Schedule 3, in paragraph 1, the words “if it relates to surtax or ” and in paragraph 6, the words “tax at the standard rate on ”.
		In Schedule 8, in paragraph 2, the words “at the standard rate ”.
		In Schedule 10, in paragraph 11(1)(b), the words “at the standard rate for that year of assessment ”, in paragraph 11(2)(b) the words “at the standard rate ”, in paragraph 11(3)(b), the words from “at the standard rate ” to the end, in paragraph 11(4), the words from “and nothing ” to the end and in paragraph (12)(2)(b), the words from “at the standard rate ” to the end.
1970 c. 24.	The Finance Act 1970.	Section 11(2).
		In section 14(1), sub-paragraphs (i) to (iii) of paragraph (a) and paragraphs (b) and (d).
		In section 29, in subsection (1)(a), the words “(including surtax) ” and in subsection (4) the words “exclusive of surtax ”.
1970 c. 54.	The Income and Corporation Taxes (No. 2) Act 1970.	In section 2 the words “6(2) and ” and paragraph (a).

Section 55.

PART III Betterment Levy

Chapter	Short Title	Extent of Repeal
These repeals have effect subject to section 55(2) of this Act.
1967 c. 54.	The Finance Act 1967.	Sections 33 and 34.
		Schedules 14 and 15.
1968 c. 44.	The Finance Act 1968.	In Schedule 12, paragraph 6 and the proviso to paragraph 11(4).
1969 c. 32.	The Finance Act 1969.	In Schedule 19, paragraphs 10(7), 11(4), 15(5) and 23.
1970 c. 9.	The Taxes Management Act 1970.	Section 57(2).
1970 c. 10.	The Income and Corporation Taxes Act 1970.	Section 88.
		Section 158(3).
		Section 269(2).
		In section 489(11) the words from “and paragraph ” to “1967 ”.
		Schedule 4.
		In Schedule 15 the entry relating to Schedule 14 to the Finance Act 1967.
1970 c. 24.	The Finance Act 1970.	In section 29, in subsection (2)(b) the words from “including ” to “Act”, and in subsection (3) paragraphs (b) and (c).
		In Schedule 6, Part I; and in paragraph 4(1) the words from “but without prejudice ” to the end.

Section 56.

PART IV Case VII

Chapter	Short Title	Extent of Repeal
These repeals have effect subject to section 56(4) of this Act.
1965 c. 25.	The Finance Act 1965.	Section 17(15).
		In section 27(2), the words from “and section 166(1) ” to “1970 ” and the word “together ”.
		In Schedule 6, paragraph 3, except sub-paragraphs (5), (7) and (8), and paragraph 26(5).
		In Schedule 7, paragraph 2(4).
1968 c. 44.	The Finance Act 1968.	In Schedule 11, paragraph 1(8).
		In Schedule 12, paragraphs 10 to 12.
1969 c. 32.	The Finance Act 1969.	In Schedule 18, paragraphs 4 and 5.
		In paragraph 15 of Schedule 19, in sub-paragraph (1), the words from “and of Chapter ” to “1970 ”, in sub-paragraph (2), the words from “plus” to the end, in sub-paragraph (3), the words “or short-term gain” and, in paragraph (b), the words from “or, as the case may be ” to “disposal ”, in sub-paragraph (7), the words from " ' short-term gains ' means “to the end, and in sub-paragraph (9), the words ” and short-term gains ".
1970 c. 9.	The Taxes Management Act 1970.	Section 9(5).
		In section 98, in Table I, the words “section 167(4)”.
1970 c. 10.	The Income and Corporation Taxes Act 1970.	In section 109(2), the words from “Case VII ” to the end.
		Sections 160 to 167.
		In section 186(12), paragraph (b) and the preceding “and ”.
		In section 208(2), the words from the beginning to “fund, and” and in the proviso the words “from tax or ”.
		In section 211(3), the words from “shall be” to “Schedule D, and ”.
		In section 212(4), the words from “shall be ” to “Schedule D, and ”.
		In section 213(2), the words from “shall be” to “Schedule D, and ”.
		In section 214(4), the words from “shall be” to “Schedule D, and ”.
		In section 216(3), the words from “shall be” to “Schedule D, and ”.
		In section 217(3), the words from “shall be” to “Schedule D, and ”.
		In section 218(2), the words from “shall be” to “Schedule D, and ”.
		In section 226(6), the words from “shall be” to “Schedule D, and”.
		In section 250(6), paragraph (c) and the preceding “or ”.
		In section 270, subsections (1) and (2).
		In section 271, subsections (1) to (3).
		In section 321(1), paragraph (c) and the preceding “and ”.
		In section 360(2), the words from “be exempt from” to “assets, and” and the word “shall” in the second place where it occurs.
		In section 374(1), the words “or VII” and the words “and to short-term capital gains ”.
		Section 418(7).
		Section 444(3) and (4).
		Section 454(2).
		In section 478(8), the words following paragraph (e).
		Schedule 7.
		In Schedule 10, paragraphs 7(4) and 15.
		In Schedule 14, paragraphs 7 and 8.
1970 c. 24.	The Finance Act 1970.	Section 21(6).

Section 59.

PART V Capital Gains—Abolition of Charge on Death etc.

Chapter	Short Title	Extent of Repeal
These repeals have effect in relation to a death occurring or any fifteen years ending, after 30th March 1971.
1965 c. 25.	The Finance Act 1965.	In section 24, subsections (2) to (4).
		Section 24A.
		In section 25, subsections (5), (5A), (6), (7) and (13), and, in subsection (12), the references to subsections (5), (6) and (7).
		In section 31, in subsection (1) the words from “or accruing” to “deceased” the words “or bequest ” (in both places) and the words from “or in the case ” to “from estate duty”; subsection (2); and in subsection (4) the words “subsection (2) or ”.
		In section 32, in subsection (1), the words from “or accruing” to “deceased ”, the words “devise or bequest” (in both places) and the words “or in the case of an asset exempt from estate duty”; and subsection (2).
		In section 34(4), paragraphs (a) and (b) and the word “and ” preceding them.
		In section 44(2), the proviso.
		In section 45(10) the words preceding “references to profits ”.
		In Schedule 6, in paragraph 16, sub-paragraph (1) and, in sub-paragraph (2)(b), the words preceding “any such ”.
		In Schedule 10, in paragraph 4, in sub-paragraph (1), paragraphs (a) and (c) and the word “or ” preceding paragraph (c), and sub-paragraph (3); in paragraph 12(2) the words “and section 24A”; and paragraph 12(3).
1966 c. 18.	The Finance Act 1966.	Section 42(3).
		In Schedule 10, in paragraph 1(2) the words from “and section ” to “death”, in paragraph 1(4) the words “(5), (6) and (7)”; and paragraphs 5 and 10(4).
1968 c. 44.	The Finance Act 1968.	In Schedule 12, in paragraph 4, sub-paragraph (2)(a), in sub-paragraph (2)(b) the words from “(i) in the case” to “those assets”, and sub-paragraphs (3) to (9).
1969 c. 32.	The Finance Act 1969.	In Schedule 17, in Part II, paragraph 13.
		In Schedule 19, paragraph 5 and, in paragraph 8, sub-paragraphs (1) and (2).

Section 64.

PART VI Stamp Duty

Chapter	Short Title	Extent of Repeal
These repeals have effect as from 1st August 1971.
3 & 4 Vict. c. 110.	The Loan Societies Act 1840.	In section 12, the words “and no bond or security so to be given shall be chargeable with any stamp duty whatsoever ”.
8 & 9 Vict. c. 118.	The Inclosure Act 1845.	In section 163, the word “bond ”.
25 & 26 Vict. c. 53.	The Land Registry Act 1862.	In section 73, the words from “and any agreement ” to the end.
54 & 55 Vict. c. 39.	The Stamp Act 1891.	In section 12(6)(b), the words from “shall extend ” to " limit; or ".
		In section 15(2)(d), in the Table, the entry in column 1 beginning “Mortgage ”, and the words in column 2 relating to that entry.
		Section 23.
		Section 56(4).
		Sections 86 to 89.
		In Schedule 1, the heading “Agreement or Contract, accompanied with a deposit ”; in the heading “Annuity”, the words from “creation of” to “section 87”; in the heading “Assignment or Assignation”, the words from “By way of ” to " See Mortgage, &c"; the heading “Back Bond or Back Letter ”; in the heading “Bill of Sale ”, the words " By way of security. See Mortgage, &c"; in the heading beginning “Bond for securing ”, the words " Mortgage, &c, and "; the headings beginning “Bond of any kind whatsoever”, “Bond, accompanied with a deposit of title deeds ”, “Bond, Declaration, or other Deed or Writing ”, “Conveyance or Transfer by way of security”, and “Covenant for securing”; in the heading beginning " Covenant. Any separate deed “, the words ” or mortgage “, ” or mortgaged “and ” or mortgage money", wherever occurring; in the heading beginning “Debenture”, the words " Mortgage, &c, and "; the heading beginning “Deed whereby any real burden is declared ”; both headings beginning “Deed containing an obligation ”; the heading beginning “Defeazance”; the heading “Deposit of title deeds”; the heading “Dispensation ”; in the second heading beginning “Disposition of heritable property ”, the words " Mortgage, &c. and section 86"; the heading “Disposition in security in Scotland ”; the heading " Disposition of any wadset, heritable bond, &c"; the heading “Eik to a reversion”; the heading “Equitable Mortgage”; the heading “Further Charge or Further Security ”; the heading “Heritable Bond ”; the heading “Letter of Reversion in Scotland ”; in the heading “Marketable Security ”, in paragraph (2), the words" Upon a mortgage thereof—see mortgage of stock or marketable security “, and the words ” than a sale or mortgage"; the heading “Marriage Settlement”; the heading “Mortgage of Stock or Marketable Security ”; the heading “Reconveyance, Release, or Renunciation of any security”; in the heading beginning “Release or Renunciation of any property ”, the words "By way of security. See Mortgage, Sec."', in the heading “Renunciation ”, the words “Reconveyance and”; in the heading beginning “Seisin ”, the words “wadset, heritable bond ”; in the heading “Surrender ”, the words “or a mortgage”; the heading “Tack in Security ”; the heading “Wadset ”; the heading beginning “Warrant of Attorney to confess and enter up a judgment ”; in General Exemption (2) , the words “or by way of mortgage”; General Exemption (3) : General Exemption (5)
57 & 58 Vict. c. 60.	The Merchant Shipping Act 1894.	In section 309, the words “and shall not be liable to stamp duty ”.
59 & 60 Vict. c. 25.	The Friendly Societies Act 1896.	Section 33(c).
2 & 3 Geo. 5. c. 31.	The Pilotage Act 1913.	In section 35(2), the words from “Any bond ” to “and ”.
4 & 5 Geo. 5. c. 59.	The Bankruptcy Act 1914.	In section 148, the words “any mortgage charge or other incumbrance on, or ” and the word “bond ”.
15 & 16 Geo. 5. c. 20.	The Law of Property Act 1925.	In section 115, in subsection (5), the words from “and where it takes” to the end and, in subsection (9), the words from “but nothing in this section ” to the end.
11 & 12 Geo. 6. c. 38.	The Companies Act 1948.	In section 339(1)(a), the words “any mortgage, charge or other encumbrance on, or” and in section 339(1)(b), the word “bond ”.
1 & 2 Eliz. 2. c. 34.	The Finance Act 1953.	In section 31(1)(b), the words “or bond ”.
6 & 7 Eliz. 2. c. 56.	The Finance Act 1958.	In section 35, subsections (1) to (3).
10 & 11 Eliz. 2. c. 37.	The Building Societies Act 1962.	In section 117, in paragraph (f), the words “(other than a mortgage) ” and in paragraph (i) the words “other than a mortgage ”.
1965 c. 12.	The Industrial and Provident Societies Act 1965.	In section 34(4), the words from “and such receipts ” to the end.
1965 c. 51.	The National Insurance Act 1965.	In Schedule 9, paragraph 3, the words “bond or other security ”.
1965 c. 52.	The National Insurance (Industrial Injuries) Act 1965.	In Schedule 6, paragraph 3, the words “bond or other security ”.
1967 c. 54.	The Finance Act 1967.	In section 28(2), the words “trust deed or other ” (where first occurring) and the words "or that beginning ' Mortgage, Bond, Debenture, Covenant'".
1969 c. 50.	The Trustee Savings Bank Act 1969.	In section 89(c), the words ' a surety-bond ".
1970 c. 24.	The Finance Act 1970.	In Schedule 7, paragraphs 1(3)(a) and 8.
1970 c. 35.	The Conveyancing and Feudal Reform (Scotland) Act 1970.	Section 16(3).

PART VII Miscellaneous Repeals

Chapter	Short Title	Extent of Repeal
NOTES: 1. The repeal of the Act of 1949 and of section 59 of and Schedule 19 to the Finance Act 1968 takes effect on the coming into operation of section 67(1) of this Act. 2. The repeals in section 33 of the Finance Act 1965 have effect with respect to acquisitions on or after 20th April 1971. 3. The repeal in section 3(10) of the Finance Act 1969 has effect as from 13th April 1971. 4. The repeal in section 10(5) of the Taxes Act, the repeal of sections 43 to 48 of that Act and the repeals in sections 168(4) and 444(1) of that Act, have effect for the year 1972-73 and subsequent years of assessment.
12, 13 & 14 Geo. 6. c. 23.	The Social Services (Northern Ireland Agreement) Act 1949.	The whole Act.
15 & 16 Geo. 6 & 1 Eliz. 2. c. 44.	The Customs and Excise Act 1952.	Sections 47(2) and 86(3).
1965 c. 25.	The Finance Act 1965.	In section 33, in subsection (1) the words " one and the same one, of; " and subsection (4).
1968 c. 13.	The National Loans Act 1968.	Section 16(8).
1968 c. 44.	The Finance Act 1968.	Section 31, as regards any year of assessment later than 1970-71.
		Section 59.
		Schedule 19.
1969 c. 32.	The Finance Act 1969.	In section 3(10), in the definition of “bingo”, the words from “except” onwards.
		Section 50.
1970 c. 10.	The Income and Corporation Taxes Act 1970.	In section 10(5) proviso, the words from “of any income falling ” to “child, or ”.
		In section 24(1), the words “or allowances ” and the words “for each allowance if more than one ”.
		Sections 43 to 48.
		In section 168(4), the words from “and then ” to " or that person's wife or husband ".
		In section 444(1), all the words after “illegitimate child ”.
		In section 498(4) the words “to the Commonwealth territories and ”.
		In section 500(1) the definition of “Commonwealth territory ”.
		In section 507, subsections (2) and (3).
1970 c. 24.	The Finance Act 1970.	In section 14(1), paragraphs (c) and (e).
1970 c. 54.	The Income and Corporation Taxes (No. 2) Act 1970.	Section 2(b), with effect from 6th April 1972.