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Finance Act 1982

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  1. Introductory Text

  2. Part I Customs and Excise

    1. 1. Duties on spirits, beer, wine, made-wine and cider.

    2. 2.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. 3. Hydrocarbon oil, etc.

    4. 4. Aviation gasoline.

    5. 5. Vehicles excise duty: Great Britain.

    6. 6. Vehicles excise duty: Northern Ireland.

    7. 7. Additional liability in relation to alteration of vehicle or its use.

    8. 8. Betting and gaming duties.

    9. 9. Immature spirits for home use and loss allowance for imported beer.

    10. 10. Regulator powers.

    11. 11. Power of Commissioners with respect to agricultural levies etc.

    12. 12. Delegation of Commissioners’ functions.

  3. Part II

    1. 13—17.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 18, 19.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  4. Part III Income Tax, Corporation Tax and Capital Gains Tax

    1. Chapter I General

      1. 20—26.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. 27. Termination of the option mortgage schemes.

      3. 28—67.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      4. 68. Postponement of recovery of tax.

      5. 69.(1) In section 86 of the Taxes Management Act 1970...

    2. Chapter II

      1. 70–79.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. Chapter III Capital Gains

      1. 80. Increase and indexation of annual exempt amount.

      2. 81. Increase of chattel exemption.

      3. 82. Extension of general relief for gifts.

      4. 83. Relief on compulsory purchase.

      5. 84. Termination of life interest etc.

      6. 85.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      7. 86. Indexation allowance on certain disposals.

      8. 87. Calculation of indexation allowance.

      9. 88. Identification of securities etc. disposed of: general rules.

      10. 89.(1) Where, in a case of a man and his...

  5. Part IV

    1. 90—127.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  6. Part V Stamp Duty

    1. 128. Reduction of duty on conveyances and leases.

    2. 129. Exemption from duty on grants, transfers to charities, etc.

    3. 130.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. 131.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  7. Part VI Oil Taxation

    1. Chapter I General

      1. 132. Increase of petroleum revenue tax and ending of supplementary petroleum duty.

      2. 133. Export sales of gas.

      3. 134. Alternative valuation of ethane used for petrochemical purposes.

      4. 135. Determination of oil fields.

      5. 136.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      6. 137. Expenditure met by regional development grants to be disregarded for certain purposes.

      7. 138.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. Chapter II Advance Petroleum Revenue Tax

      1. 139. Liability for APRT and credit against liability for petroleum revenue tax.

      2. 140. Increase of gross profit by reference to royalties in kind.

      3. 141. Reduction of gross profit by reference to exempt allowance.

      4. 142. Consequences of crediting APRT against liability for petroleum revenue tax.

  8. Part VII Miscellaneous and Supplementary

    1. 143.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 144.(1) . . . . . . . . ....

    3. 145. Certificates of tax deposit: extension of interest period.

    4. 146.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    5. 147.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    6. 148. Transfer of assets of Hops Marketing Board.

    7. 149. Recovery of overpayment of tax, etc.

    8. 150. Investment in gilt-edged unit trusts.

    9. 151. National savings accounts.

    10. 152. Additional power of Treasury to borrow.

    11. 153. Variable rates of interest for government lending.

    12. 154.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    13. 155.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    14. 156. Dissolution of Board of Referees.

    15. 157. Short title, interpretation, construction and repeals.

  9. Schedules

    1. SCHEDULE 1

      Wine: Rates of Duty

    2. SCHEDULE 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. SCHEDULE 3

      1. I Provisions Substituted for Part II of Schedule 1

      2. II Provisions Substituted for Part II of Schedule 2

      3. III Provisions Substituted for Part II of Schedule 3

      4. IV Provisions Substituted for Part II of Schedule 4Tables Showing Annual Rates of Duty on Goods Vehicles

        1. Table A General Rates of Duty

        2. Table B Rates of Duty on Goods Vehicles Used for Drawing Trailers

      5. V Provisions Substituted for Part II of Schedule 5

    4. Schedule 4

      (repealed 1.10.1991) . . .

      1. I Provisions Substituted for Part II of Schedule 1

      2. II Provisions Substituted for Part II of Schedule 2

      3. III Provisions Substituted for Part II of Schedule 3

      4. IV Provisions Substituted for Part II of Schedule 4Tables Showing Annual Rates of Duty on Goods Vehicles

        1. Table A General Rates of Duty

      5. V Provisions Substituted for Part II of Schedule 5

    5. Schedule 5

      Annual Rates of Duty on Goods Vehicles

      1. Part A

      2. Part I General Provisions

        1. Vehicles chargeable at the basic rate of duty

          1. 1.(1) Subject to paragraphs 5 and 6 below, the annual...

        2. Vehicles exceeding 7.5 but not exceeding 12 tonnes plated weight

          1. 2.Subject to paragraphs 1(1)(c) above and 6 below, the annual...

        3. Rigid goods vehicles exceeding 12 tonnes plated gross weight

          1. 3.(1) Subject to the provisions of this Schedule, the annual...

        4. Tractor units exceeding 12 tonnes plated train weight

          1. 4.(1) This paragraph applies to a tractor unit which has...

        5. Special types of vehicles

          1. 5.(1) This paragraph applies to a goods vehicle—

        6. Farmer’s goods vehicles and showmen’s goods vehicles

          1. 6.(1) If the unladen weight of— (a) a farmer’s goods...

        7. Smaller goods vehicles

          1. 7.If a goods vehicle— (a) has an unladen weight which...

        8. Vehicles treated as having reduced plated weights

          1. 8.(1) The Secretary of State may by regulations provide that,...

        9. Plated and unladen weights

          1. 9.(1) Any reference in this Schedule to the plated gross...

        10. Goods vehicles used partly for private purposes

          1. 10.(1) Where a goods vehicle is partly used for private...

        11. Exempted vehicles

          1. 11.Duty shall not be chargeable by virtue of this Schedule...

          2. 12.(1) This paragraph and paragraph 13 below apply to agricultural...

          3. 13.(1) This paragraph shall have effect in relation to any...

        12. Tractor units used with semi-trailers having only one axle when duty paid by reference to use with semi-trailers having more than one axle

          1. 14.(1) This paragraph applies in any case where—

        13. Interpretation

          1. 15.(1) In this Schedule, unless the context otherwise requires— “agricultural...

      3. Part B Modifications for Northern Ireland

        2. 16.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    6. Schedule 6

      Betting and Gaming Duties

      1. Part I General

        1. 1.In this Schedule— the “1981 Act” means the Betting and...

      2. Part II

        1. 2.. . . . . . . . . ....

      3. Part III Gaming Licence Duty

        1. 3.In section 14 of the 1981 Act (rate of duty)...

      4. Part IV Bingo Duty

        1. 4.In section 17 of the 1981 Act (bingo duty) in...

        2. 5.(1) Schedule 3 to the 1981 Act (exemptions from bingo...

      5. Part V Gaming Machine Licence Duty

        1. Great Britain

          1. 6—8.. . . . . . . . . ....

          2. 9.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

          3. 10.. . . . . . . . . ....

          4. 11.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

          5. 12.In subsection (6) of section 24 of the 1981 Act...

          6. 13.In subsection (4) of section 25 of the 1981 Act...

          7. 14.(1) In section 26 of the 1981 Act, in subsection...

          8. 15.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

          9. 16.. . . . . . . . . ....

          10. 17.In paragraph 13 of Schedule 4 to the 1981 Act...

        2. 18—24.. . . . . . . . . ....

    7. Schedules 7—10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    8. Schedules 11, 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    9. Schedule 13

      1. Part I

        1. Part disposals

          1. 1.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        2. Disposals on a no-gain/no-loss basis

          1. 2.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        3. Subsequent disposals following no-gain/no-loss disposals

          1. 3.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        4. Receipts etc. which are not treated as disposals but affect relevant allowable expenditure

          1. 4.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        5. Reorganisations, reconstructions etc.

          1. 5.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        6. Calls on shares etc.

          1. 6.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        7. Options

          1. 7.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. Part II

        1. 8.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        2. 9.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        3. 10.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        4. 11.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    10. Schedules 14—17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    11. SCHEDULE 18

      Alternative Valuation of Ethane Used for Petrochemical Purposes

      1. The election

        1. 1.(1) An election shall be made— (a) in so far...

      2. Conditions for acceptance of an election

        1. 2.(1) Subject to sub-paragraphs (2) and (3) below, the Board...

        2. 3.(1) In paragraph 2 above “relevant contract” means a contract...

      3. Notice of acceptance or rejection

        1. 4.(1) Notice of the acceptance or rejection of an election...

      4. Market value ceasing to be readily ascertainable

        1. 5.(1) In any case where— (a) it appears to the...

      5. Price formula ceasing to give realistic market values

        1. 6.(1) If, at any time after the expiry of the...

      6. Acceptance or rejection of new price formula

        1. 7.(1) Subject to sub-paragraph (3) below, the Board shall accept...

        2. 8.(1) Where the Board give notice to any person or...

      7. Returns

        1. 9.In any case where a notice under paragraph 5(1)(b) above...

      8. Penalties for incorrect information etc.

        1. 10.(1) Paragraphs 8 and 9 of Schedule 2 to the...

      9. Interpretation

        1. 11.(1) Subsection (6) of section 134 of this Act has...

    12. Schedule 19

      Supplementary Provisions Relating to APRT

      1. Part I Collection of Tax

        1. Payment of tax

          1. 1.(1) APRT which a participator is liable to pay in...

          2. 2.(1) Subject to sub-paragraph (2) below, if for any chargeable...

          3. 3.(1) Subject to paragraph (1A) below If in any month...

          4. 4.Certificates of tax deposit issued by the Treasury under section...

        2. Assessments and appeals

          1. 5.(1) Where it appears to the Board that any APRT...

          2. 6.(1) Where it appears to the Board that any gross...

          3. 7.(1) A participator may appeal to the Special Commissioners against...

          4. 8.Paragraphs 5(2) to (4) and 7 above shall apply in...

        3. Overpayment of tax

          1. 9.(1) Where in respect of any oil field a participator...

        4. Interest

          1. 10.(1) APRT payable for a chargeable period but not paid...

        5. Transitional provisions

          1. 11.(1) In any case where, by virtue of section 105...

          2. 12.(1) Every participator in an oil field shall in March...

          3. 13.(1) If, in respect of the chargeable period ending on...

      2. Part II Miscellaneous

        1. Repayment of APRT

          1. 14.(1) If a participator in an oil field has an...

        2. Transfer of interest in fields

          1. 15.(1) This paragraph has effect in a case where Part...

        3. Net profit periods

          1. 16.(1) For the purposes of sections 111, 112 and 113...

        4. Abandoned fields

          1. 17.(1) The provisions of this paragraph apply where—

      3. Part III Amendments

        1. 18.In section 2 of the principal Act, at the beginning...

        2. 19.(1) In paragraph 13 of Schedule 2 to the principal...

        3. 20.In sub-paragraph (2) and (4) of paragraph 5 of Schedule...

        4. 21.In section 1 of the Petroleum Revenue Tax Act 1980...

    13. Schedule 20

      National Savings Accounts

      1. 1.The National Savings Bank Act 1971 shall have effect subject...

      2. 2.In subsection (2) of section 3 (provisions as to investment...

      3. 3.(1) In section 4 (power by order to limit amount...

      4. 4.(1) In subsection (1) of section 5 (interest on ordinary...

      5. 5.(1) In section 6 (interest on investment deposits) at the...

      6. 6.In section 7 (withdrawal of deposits)— (a) in subsection (1)...

      7. 7.In subsection (1) of section 8 (matters which may be...

      8. 8.In section 27 (interpretation) after the definition of “the Commissioners”...

    14. SCHEDULE 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    15. SCHEDULE 22

      Repeals

      1. Part I Miscellaneous Customs and Excise and Value Added Tax

      2. Part II Vehicles Excise Duty

        1. The repeals in the Finance Act 1981 do not affect...

      3. Part III Gaming Machine Licence Duty

        1. These repeals do not affect licences for periods beginning before...

      4. Part IV Income and Corporation Tax: General

        1. 1.The repeals of sections 131(6) and 249(5) of the Income...

        2. 2.The repeals in section 36 and 36A of the Finance...

      5. Part V Option Mortgage Schemes

        1. These repeals have effect on 1st April 1983, but subject...

      6. Part VI Capital Gains

        1. The repeals of section 55(2) and 56(2) of the Capital...

      7. Part VII Capital Transfer Tax

        1. 1.The repeals of— (a) section 26(2A) of the Finance Act...

        2. 2.The repeal of paragraph 12(1) and (2) of Schedule 5...

        3. 3.The remaining repeals, except those in section 86 of the...

      8. Part VIII Stamp Duty

      9. Part IX Oil Taxation

        1. 1.The repeal in section 12(3) of the Oil Taxation Act...

        2. 2.The repeal of section 105 of the Finance Act 1980...

        3. 3.The repeal of sections 122 to 128 of and Schedule...

      10. Part X Board of Referees

      11. Part XI Spent Enactments

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