Finance Act 1978

PART I E+W+S+N.I. CUSTOMS AND EXCISE

1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1 E+W+S+N.I.

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Amendments (Textual)

F1 S. 1 repealed by Tobacco Products Duty Act 1979 (c. 7), s. 11(1), Sch. 2

2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2 E+W+S+N.I.

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Amendments (Textual)

F2 S. 2 repealed by Alcoholic Liquor Duties Act 1979 (c. 4), s. 92(2), Sch. 4 Pt. I

3—5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3 E+W+S+N.I.

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Amendments (Textual)

F3 Ss. 3–5 repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I

6 Anti-dumping measures on ECSC products. E+W+S+N.I.

(1) In relation to any product covered by the ECSC treaty, the Secretary of State may by order make such provision as appears to him to be appropriate for the purpose of giving effect to any Recommendation or other Community obligation arising under that treaty and relating to the imposition, amendment, suspension, revocation or annulment of anti-dumping measures, that is to say, measures for affording protection against dumping or the grantingof bounties or subsidies by countries which are not members of the Coal and Steel Community.

(2) Without prejudice to the generality of the power conferred by subsection (1) above, so far as may be necessary for giving effect to Community obligation, an order under that subsection may, in circumstances specified in the order,—

(a) require the provision of security of an amount determined under the order by way of provisional duty;

(b) provide for the collection of the whole or a particular proportion of any amount so secured;

(c) charge a duty of customs; and

(d) make provisions of the order applicable to goods imported into the United Kingdom or another member State before the order comes into force ;

and the power to make an order under that subsection includes power to vary or revoke an order previously made in the exercise of that power and shall be exercisable by statutory instriment which shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament.

(3) Where the application or amount of any charge imposed by an order under subsection (1) above depends in some factor other than the country of origin, the Commissioners may require the importer of any goods to state such facts as they may think necessary in order to determine the duty chargeable on those goods ; and if any facts so required are not stated, the duty chargeavle shall be determined on the basis that the facts are such as the Commissioners may determine.

(4) . . . F4 any duty chargeable on goods by virtue of subsection (1) above,. . . shall be addition to any other duty of customs for the time being chargeable on those goods.

F5 (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6

(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Amendments (Textual)

F4 Words repealed by Excise Duties (Surcharges or Rebates) Act 1979 (c. 8), s. 4, Sch. 2

F5 S. 6(5)-(7)(9) repealed (31.7.1998) by 1998 c. 36, s. 165, Sch. 27 Pt. V(4)

F6 S. 6(8) repealed by Customs and Excise Duties (General Relief) Act (c. 3), Sch. 3 Pt. I

7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7 E+W+S+N.I.

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Amendments (Textual)

F7 S. 7 repealed by Finance Act 1980 (c. 48), s. 122, Sch. 20 Pt. I

8 Vehicles Excise Duty: Great Britain. E+W+S+N.I.

F8 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Amendments (Textual)

F8 S. 8(1)(4)(5) repealed (1.9.1994) by 1994 c. 22, s. 65, Sch. 5 Pt. I (with s. 57(4))

F9 S. 8(2)(3) and words in s. 8(4) repealed (13.10.1993) by Finance (No.2) Act 1992 (c. 48), s. 82, Sch. 18 Pt. IV; S.I. 1993/2272, reg. 2.

Modifications etc. (not altering text)

C1 The text of ss. 8, 9, 77, 80(3)(b) and Schs. 1, 11 and 13 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

F10 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E+W+S+N.I.

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Amendments (Textual)

F10 S. 9 repealed(1.10.1991) by Finance Act 1991 (c. 31, SIF 63:1), ss. 10, 123, Sch. 19 Pt.IV; S.I. 1991/2021, art.2

10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11 E+W+S+N.I.

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Amendments (Textual)

F11 S. 10 repealed by Excise Duties (Surcharges or Rebates) Act 1979 (c. 8), s. 4(3), Sch. 2

PART II E+W+S+N.I. VALUE ADDED TAX

11 Registration. E+W+S+N.I.

(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12

[F13 (3) After paragraph 10 of that Schedule (cancellation of registration) there shall be inserted—

“10A Where a registered person who has at any time ceased to be liable to be registered by virtue of paragraph 2 of this Schedule has before that time failed or subsequently failsto make any return or account for or pay any tax as required by or under this Act, the Commissioners may, if they think fit, cancel his registration with effect from such date as they may determine.”

(4) In paragraph 11 of that Schedule (discretionary registration) the existing provisions shall become sub-paragraph (1) and after those provisions there shall be inserted—

“(2) Where the Commissioners refuse to act or to continue to act on a request made by a person under sub-paragraph (1)(b) above, they shall give him written notice of their decision and of the grounds on which it was made.”;

and in section 40(1) of the said Act of 1972 (appeals) after paragraph (g) ther shall be inserted—

“(g) any refusal to act or to continue to act on a request under paragraph 11(1)(b) of Schedule 1 to this Act;”.]

(5)(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Amendments (Textual)

F12 S. 11 (1)(2)(5)(6) repealed by Finance Act 1980 (c. 48), s. 122, Sch. 20 Pt. IV

F13 S. 11 (3)(4) repealed (E.W.S.) by Value Added Tax Act 1983 (c. 55), s. 50(2), Sch. 11

Modifications etc. (not altering text)

C2 “that Schedule” is Schedule 1 to the Finance Act 1972 (c. 41)

12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14 E+W+S+N.I.

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Amendments (Textual)

F14 S. 12 repealed by Value Added Tax Act 1983 (c. 55), s. 50(2), Sch. 11

PART III E+W+S+N.I. INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX

E+W+S+N.I. CHAPTER IGENERAL

13—28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F15 E+W+S+N.I.

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Amendments (Textual)

F15 Ss. 13–28 repealed (with savings) by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Schs. 30, 31

29 Divers and diving supervisors. E+W+S+N.I.

(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F16

(3) In paragraph 2(b) of Schedule 15 to the Finance Act 1973 (information about emoluments paid or payable in respect of duties performed in connection with exploration or exploitation activities) for the words “emoluments paid or payable in respect of duties” there shall be substituted the words—[for substituted words see 1973 Sch.15 para.2(b)].

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F17

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Amendments (Textual)

F16 S. 29(1)(2) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31.

F17 S. 29(4) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

30—36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F18 E+W+S+N.I.

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Amendments (Textual)

F18 Ss. 30–36 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

37—40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F19 E+W+S+N.I.

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Amendments (Textual)

F19 Ss. 37–40 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4)(5), Sch. 2

41—43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F20 E+W+S+N.I.

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Amendments (Textual)

F20 Ss. 41–43 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31.

CHAPTER II E+W+S+N.I. CAPITAL GAINS

44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F21 E+W+S+N.I.

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Amendments (Textual)

F21 S. 44 repealed by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 158, Sch. 8

45 Chattel exemption. E+W+S+N.I.

(1)-(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F22

(5) In sections 12(2)(b) and 25(7) of the Taxes Management Act 1970 (information about chargeable gains) for “£1,000” there shall be substituted “£2,000”.

(6) This section applies for the year 1978-79 and subsequent years of assessment; . . . F23

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Amendments (Textual)

F22 S. 45(1)–(4) repealed by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 158, Sch. 8

F23 Words repealed by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s.158, Sch.8

46—52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F24 E+W+S+N.I.

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Amendments (Textual)

F24 Ss. 46–52 repealed with savings by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 158, Sch. 8

CHAPTER III E+W+S+N.I. PROFIT SHARING SCHEMES

F25 53—61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E+W+S+N.I.

Annotations:

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Amendments (Textual)

F25 Ss. 53-61 repealed with savings by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31.

PART IV E+W+S+N.I. CAPITAL TRANSFER TAX

62, 63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F26 E+W+S+N.I.

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Amendments (Textual)

F26 Ss. 62, 63 repealed (with savings) by Finance Act 1980 (c. 48), s. 122, Sch. 20 Pt. XI

64—74. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F27 E+W+S+N.I.

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Amendments (Textual)

F27 Ss. 64–74 repealed by Capital Transfer Tax Act 1984 (c. 51, SIF 65), ss. 274, 277, Schs. 7, 9

75 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F28 E+W+S+N.I.

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Amendments (Textual)

F28 S. 75 repealed by Finance Act 1984 (c. 42), s. 128(6), Sch. 23 Pt. XI

76 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F29 E+W+S+N.I.

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Amendments (Textual)

F29 S. 76 repealed by Finance (No. 2) Act 1979 (c. 47), s. 25(5), Sch. 5 Pt. IV

PART V E+W+S+N.I. MISCELLANEOUS AND SUPPLEMENTARY

77 Disclosure of information to tax authorities in other member States. E+W+S+N.I.

(1) No obligation as to secrecy imposed by statute or to otherwise shall preclude the Commissioners of Inland Revenue or an authorised officer of those Commissioners from disclosing to the competent authorities of another member State any information required to be so disclosed by virtue of the Directive of the Council of the European Communities dated 19th December 1977 No. 77/799/EEC.

(2) Neither the Commissioners nor an authorised officer shall disclose any information in pursuance of the said Directive unless satisfied that the competent authorities of the other State are bound by, or have undertaken to observe, rules of confidientiality with respect to the information which are not less strict than those applying to it in the United Kingdom.

(3) Nothing in this section shall permit the Commissioners of Inland Revenue or an authorised officer of those Commissioners to authorise the use of information disclosed by virtue of the said Directive other than for the purposes of taxation or to facilitate legal proceedings for failure to observe the tax laws of the receiving State.

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Modifications etc. (not altering text)

C3 S. 77 extended by Finance Act 1990 (c. 48), s. 17(2) and by Finance Act 1990 (c. 29), s. 125(5)(6)

C4 The text of ss. 8, 9, 77, 80(3)(b) and Schs. 1, 11 and 13 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

78 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F30 E+W+S+N.I.

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Amendments (Textual)

F30 S. 78 repealed by Finance Act 1984 (c. 43), s. 128(6), Sch. 23 Pt. XIV

79 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F31 E+W+S+N.I.

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Amendments (Textual)

F31 S. 79 repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I

80 Short title, interpretation, construction and repeals. E+W+S+N.I.

(1) This Act may be cited as the Finance Act 1978.

(2) In this Act “the Taxes Act” means the Income and Corporation Taxes Act 1970.

(3) In this Act—

(a) Part I (except sections 8 and 9) shall be construed as one with [F32 the M1 Customs and Excise Management Act 1979];

(b) Part II shall be construed as one with Part I of the M2 Finance Act 1972;

(c) Part III, so far as it relates to income tax, shall be construed as one with the Income Tax Acts, so far as it relates to corporation tax shall be construed as one with the Corporation Tax Acts . . . F33 ;

(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F34

(4) Except so far as the context otherwise requires, any reference in this Act to any enactment shall be construed as a reference to that enactment as amended, and as including a reference to that enactment as applied, by or under any other enactment, including this Act.

(5) The enactments mentioned in Schedule 13 to this Act (which include spent enactments) are hereby repealed to the extent specified in the third column of that Schedule, but subject to any provision at the end of any Part of that Schedule.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F32 Words substituted by Customs and Excise Management Act 1979 (c. 2), Sch. 4 para. 12 Table Pt. I

F33 Words repealed by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 158, Sch.8

F34 S. 80(3)(d) repealed by Capital Transfer Tax Act 1984 (c. 51, SIF 65), s. 277, Sch. 9

Modifications etc. (not altering text)

C5 The text of ss. 8, 9, 77, 80(3)(b) and Schs. 1, 11 and 13 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Marginal Citations

M1 1979 c. 2.

M2 1972 c. 41.