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E+W+S+N.I.

Finance Act 1978

1978 CHAPTER 42

An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.

[31st July 1978]X1X2

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Editorial Information

X1The text of ss. 6, 80(1)(3)(4), Sch. 1 was taken from SIF Group 40:1 (Customs and Excise: Customs and Excise Duties); ss. 13–61, 77, 80, Schs. 2–9, 13 from SIF group 63: 1 (Income, Corporation and Capital Gains Taxes: Income and Corporation Taxes); provisions omitted from SIF have been dealt with as referred to in other commentary.

X2General amendments to Tax Acts, Income Tax Acts, and/or Corporation Tax Acts made by legislation after 1.2.1991 are noted against Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) but not against each Act

Commencement Information

I1Act partly in force at Royal Assent, partly retrospective; all provisions so far as unrepealed wholly in force at 1.2.1991.

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

1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1E+W+S+N.I.

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Amendments (Textual)

2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2E+W+S+N.I.

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Amendments (Textual)

3—5.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3E+W+S+N.I.

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Amendments (Textual)

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,. . . F4 shall be addition to any other duty of customs for the time being chargeable on those goods.

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

F5(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F5(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

F5(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Amendments (Textual)

F5S. 6(5)-(7)(9) repealed (31.7.1998) by 1998 c. 36, s. 165, Sch. 27 Pt. V(4)

F6S. 6(8) repealed by Customs and Excise Duties (General Relief) Act (c. 3), Sch. 3 Pt. I

7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7E+W+S+N.I.

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Amendments (Textual)

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

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

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

F9(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Amendments (Textual)

F8S. 8(1)(4)(5) repealed (1.9.1994) by 1994 c. 22, s. 65, Sch. 5 Pt. I (with s. 57(4))

F9S. 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)

C1The 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.

F109. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11E+W+S+N.I.

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Amendments (Textual)

PART IIE+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—

10AWhere 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). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12

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Amendments (Textual)

Modifications etc. (not altering text)

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

12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14E+W+S+N.I.

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Amendments (Textual)

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

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

13—28.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F15E+W+S+N.I.

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Amendments (Textual)

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)

30—36.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F18E+W+S+N.I.

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Amendments (Textual)

37—40.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F19E+W+S+N.I.

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Amendments (Textual)

41—43.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F20E+W+S+N.I.

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Amendments (Textual)

CHAPTER IIE+W+S+N.I. CAPITAL GAINS

44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F21E+W+S+N.I.

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Amendments (Textual)

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)

46—52.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F24E+W+S+N.I.

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Amendments (Textual)

CHAPTER IIIE+W+S+N.I. PROFIT SHARING SCHEMES

F2553—61.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

PART IVE+W+S+N.I. CAPITAL TRANSFER TAX

62, 63.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F26E+W+S+N.I.

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Amendments (Textual)

64—74.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F27E+W+S+N.I.

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Amendments (Textual)

75. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F28E+W+S+N.I.

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Amendments (Textual)

76. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F29E+W+S+N.I.

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Amendments (Textual)

PART VE+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)

C4The 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F30E+W+S+N.I.

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Amendments (Textual)

79. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F31E+W+S+N.I.

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Amendments (Textual)

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 [F32the M1Customs and Excise Management Act 1979];

(b)Part II shall be construed as one with Part I of the M2Finance 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.

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Amendments (Textual)

Modifications etc. (not altering text)

C5The 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

SCHEDULES

F35SCHEDULE 1E+W+S+N.I.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Amendments (Textual)

F35Sch. 1 repealed (31.7.1998) by 1998 c. 36, s. 165, Sch. 27 Pt. V(4)

SCHEDULES 2—5E+W+S+N.I. . . . F36

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Amendments (Textual)

SCHEDULE 6E+W+S+N.I. . . . F37

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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)

SCHEDULES 7 AND 8E+W+S+N.I. . . . F38

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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)

SCHEDULE 9E+W+S+N.I. . . . F39

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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)

SCHEDULE 10E+W+S+N.I. . . . F40

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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)

Section 67.

SCHEDULE 11E+W+S+N.I. EMPLOYEE TRUSTS

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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.

Modifications etc. (not altering text)

C6The 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.

The M3Finance Act 1975E+W+S+N.I.

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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.

Marginal Citations

1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F41E+W+S+N.I.

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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)

2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F42E+W+S+N.I.

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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)

3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F43E+W+S+N.I.

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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)

SCHEDULE 12E+W+S+N.I. . . . F44

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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)

Section 80.

SCHEDULE 13E+W+S+N.I. REPEALS

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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.

Modifications etc. (not altering text)

C7The 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.

PART IE+W+S+N.I. Customs and Excise

ChapterShort titleExtent of repeal
9 & 10 Geo. 5. c. 32.The Finance Act 1919.Section 8.
Section 38(1).
15 & 16 Geo. 6 & 1 Eliz. 2. c. 44.The Customs and Excise Act 1952.In section 37(1), the proviso.
Section 70.
In section 221(2), the words “and the component parts of any such mechanical lighters” and the words “or component parts thereof”.
In section 222, in subsection (1)(a), the words from “(other” to “flint)”, in subsection (2) the words “Subject to the next following subsection” and subsection (3).
In section 248(2), the words “manufacturer of glucose or saccharin”.
In section 249(5), the words “manufacturers of glucose or saccharin”.
In section 307(1), the definitions of “excise trade”, “excise trader”, “tobacco” and “tobacco refuse” and, in the definition of “importer”, the word “customs”.
Section 308(1) and (2).
In section 309, in subsection (3), the words from “such part” to the end and, in subsection (5), the words “customs or”.
Section 311.
Schedule 8.
1 & 2 Eliz. 2. c. 34.The Finance Act 1953.In section 3(3) the words from “other” to “domestic use”.
5 & 6 Eliz. 2. c. 49.The Finance Act 1957.In Schedule 2, in paragraph 1(2) the words from “and for the purposes” to the end, paragraph 1(3), paragraph 2 and paragraph 4(2)(b).
6 & 7 Eliz. 2 c. 6.The Import Duties Act 1958.In section 5(1), the words from “which” to the end.
1964 c. 92.The Finance (No. 2) Act 1964Sections 3 to 6.
Schedules 1 and 2.
1966 c. 18.The Finance Act 1966.Section 7.
1969 c. 16.The Customs Duties (Dumping and Subsidies) Act 1969.In section 5, subsection (2) and in subsection (3) the words from “shall be determined” to “except that”.
Section 10(2) and (5).
Sections 11 and 12.
In section 13(1) the words “growing or”.
Section 14(1) and (3).
1971 c. 12.The Hydrocarbon Oil (Customs & Excise) Act 1971.In paragraph 4 of Schedule 1, the words from “or, in Northern Ireland” to the end.
1972 c. 41.The Finance Act 1972.Section 128(1).
1972 c. 68.The European Communities Act 1972.In Part I of Schedule 3 the entry relating to the Customs Duties (Dumping and Subsidies) Act 1969.
In Schedule 4, paragraph 2(4).
1976 c. 40.The Finance Act 1976.Section 13.
1977 c. 36.The Finance Act 1977.Section 13.

1. The repeals in the Customs Duties (Dumping and Subsidies) Act 1969 take effect subject to section 6(7) of this Act.

2. The repeals in the Finance Act 1972 and the Finance Act 1976 take effect on 1st December 1978.

PART IIIE+W+S+N.I. Value Added Tax

ChapterShort titleExtent of repeal
1975 c. 45.The Finance (No. 2) Act 1975.Section 19(2).
1977 c. 36.The Finance Act 1977.Section 15.

PART IIIE+W+S+N.I. Income Tax

ChapterShort titleExtent of repeal
1970 c. 10.The Income and Corporation Taxes Act 1970.In section 12 the word “female” wherever it occurs.
In section 13(a) the words “mother or other”.
Section 18(3) and (4).
In section 83, in subsections (1), (2) and (3) the words “estate or interest” (wherever they occur), subsection (4)(b)(iii) and subsection (6).
In section 134, subsection (1)(iii) (together with the word “and” immediately preceding it), in subsection (2) the words “estate or interest” and subsection (7).
In Schedule 1, in paragraph 11, in sub-paragraph (1) the words “Subject to sub-paragraph (3) below” and in sub-paragraph (3) the words from the beginning to “receipt of the request; and”.
1974 c. 30.The Finance Act 1974.In section 15(1) the words “the first £1,500 of”.
1976 c. 40.The Finance Act 1976.In Schedule 4, paragraph 6.
1977 c. 36.The Finance Act 1977.Section 21.
In section 22, in subsection (1), paragraphs (a), (b) and (d) and in paragraph (c) the words from “for” (where it first occurs) to “respectively, and”, and in subsection (3) the words from the beginning to “; and”.
Section 24.
Section 26(5).
Section 28.
In section 35(3) the words after the semi-colon.
1977 c. 53.The Finance (Income Tax Reliefs) Act 1977.Section 1.

1. The repeals in sections 83 and 134 of the Income and Corporation Taxes Act 1970 take effect as mentioned in section 32(4) of this Act.

2. The repeal in Schedule 1 to the said Act of 1970 applies where the qualifying policy is issued or varied after 5th April 1979.

3. The repeals in Schedule 4 to the Finance Act 1976 and in section 35(3) of the Finance Act 1977 have effect for the year 1979-80 and subsequent years of assessment.

4. The repeals in section 22 of the Finance Act 1977 do not affect the construction of the remainder of that section.

PART IVE+W+S+N.I. Capital Gains

ChapterShort titleExtent of repeal
1965 c. 25.The Finance Act 1965.In section 20(3), the words “Subject, in the case of an individual, to the next following section”.
Section 21.
In Schedule 10, in paragraph 13 the words “section 21 of this Act or”.
1966 c. 18.The Finance Act 1966.In Schedule 10, paragraph 2(3).
1970 c. 10.The Income and Corporation Taxes Act 1970.Section 265(3)(b).
In Schedule 15, in paragraph 11, in Part 11 of the Table the entry relating to section 21(2) of the Finance Act 1965.
1971 c. 68.The Finance Act 1971.Section 57.
Schedule 11.
1972 c. 41.The Finance Act 1972.In section 112(3)(c), the words “(or would have been chargeable apart from section 21 of the Finance Act 1965)”.
In section 119(2)(a), the words “but not for the purposes of section 57 of the Finance Act 1971 (exemption or relief for small disposals)”.
1974 c. 30.The Finance Act 1974.Section 34.
1975 c. 45.The Finance (No. 2) Act 1975.Section 55.
1976 c. 40.The Finance Act 1976.Section 51.
Section 52(2) and (4).
In section 56(2)(a), the words “(but not for the purposes of section 57 of the Finance Act 1971)”.
1977 c. 36.The Finance Act 1977.Section 44.

1. The repeals in the Finance Act 1971, in section 119(2)(a) of the Finance Act 1972 and in the Finance Act 1976 (except section 52(2)) and the repeal of section 44(2) of the Finance Act 1977 have effect for the year 1977-78 and subsequent years of assessment.

2. The repeals in the Finance Act 1966, the Finance Act 1974 and the Finance (No. 2) Act 1975 have effect in relation to disposals after 11th April 1978.

3. The repeal of section 44(1) of the Finance Act 1977 does not affect gains accruing on disposals before 6th April 1979.

4. The other repeals mentioned above have effect for the year 1978-79 and subsequent years of assessment.

PART VE+W+S+N.I. Capital Transfer Tax

ChapterShort titleExtent of repeal
1975 c. 7.The Finance Act 1975.Section 47(1), (2) and (5).
In Schedule 4, in paragraph 13(7) the words “or on any particular question”.
In Schedule 6, in paragraph 15(4A) the words “or body” (in both places).
1976 c. 40.The Finance Act 1976.In section 73(b) the words “made” and “treated as made”.
In section 90, subsection (2), in subsection (3)(a) the words “or, as the case may be, the company whose shares are disposed of” and in subsection (3)(c) the words “or, as the case may be, the disposition of its shares”.
In Schedule 10, in paragraph 1 the words “made” and “treated as made”, in paragraph 3(1)(b) the word “and” and paragraph 9.
In Schedule 14, paragraph 19.

1. The repeal of subsections (1) and (2) of section 47 of the Finance Act 1975 does not affect any variation or disclaimer made before 11th April 1978, and the repeal of subsection (5) of that section does not affect any deed or instrument made as provided by that subsection.

2. The repeal in paragraph 13(7) of Schedule 4 to that Act has effect subject to section 66(3) of this Act.

3. The repeal in Schedule 6 to that Act applies where the acquisition of the interest is after 11th April 1978.

4. The repeals in section 90 of the Finance Act 1976 do not affect dispositions made before 11th April 1978.

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