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Textual Amendments
F1S. 117 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
Textual Amendments
F2Ss. 118–123 repealed by Finance Act 1985 (c. 54), s. 98(6), Sch. 27 Pt. X Note 2
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Textual Amendments
F3S. 124 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 12 (with Sch. 9 paras. 1-9, 22)
(1)For section 4 of the M1National Loans Act 1968 (power to make local loans) there shall be substituted the following section—
(1)The aggregate of—
(a)any commitments of the Loan Commissioners outstanding in respect of undertakings entered into by them to grant local loans; and
(b)any amount outstanding in respect of the principal of any local loans;
shall not at any time exceed £28,000 million or such other (lower or higher) sum, not exceeding £35,000 million, as the Treasury may from time to time specify by order made by statutory instrument.
(2)No order shall be made under this section unless a draft of it has been laid before and approved by a resolution of the Commons House of Parliament.”
(2)In section 3 of that Act—
(a)in subsection (5), the words from “and" to “future Act" shall be omitted; and
(b)in subsection (11), for the words from the beginning to “those" there shall be substituted the words “ Subject to the limit in this Act, the Loan Commissioners may make loans of the descriptions ”.
Marginal Citations
(1)Where—
(a)the United Kingdom or any of [F4the European Union] is a member of an international organisation; and
(b)the agreement under which it became a member provides for exemption from tax, in relation to the organisation, of the kind for which provision is made by this section; the Treasury may, by order made by statutory instrument, designate that organisation for the purposes of this section.
(2)Where an organisation has been so designated, the provisions mentioned in subsection (3) below shall, with the exception of any which may be excluded by the designation order, apply in relation to that organisation.
(3)The provisions are—
(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5
(b)any security issued by the organisation shall be taken, for the purposes of capital transfer tax F6. . ., to be situated outside the United Kingdom; and
(c)no stamp duty shall be chargeable under [F7Schedule 15 to the Finance Act 1999 (bearer instruments)in Schedule 1 to the Stamp Act 1891] on the issue of any instrument by the organisation or on the transfer of the stock constituted by, or transferable by means of, any instrument issued by the organisation.
[F8(d)no stamp duty reserve tax shall be chargeable under section 93 (depositary receipts) or 96 (clearance services) of the Finance Act 1986 in respect of the issue of securities by the organisation.]
[F9(4)The Treasury may, by order made by statutory instrument, designate any of [F4the European Union] or the European Investment Bank for the purposes of this section, and references in subsections (2) and (3) above to an organisation designated for the purposes of this section include references to a body so designated by virtue of this subsection.]
[F10(5)Subsection (3) above, as it applies by virtue of subsection (4) above, shall be read as if the words [F11Schedule 15 to the Finance Act 1999 (bearer instruments)] were omitted]
Subordinate Legislation Made
P1S. 126: power previously exercised by S.I. 1984/1215 and 1634; 1985/1172.
P2S. 126(1): s. 126(1) power exercised by S.I. 1991/1202.
Textual Amendments
F4Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 4 (with arts. 3(2)(3), 4(2), 6(4)(5))
F5S. 126(3)(a) repealed by Income and Corporation Taxes Act 1988 (c. 1), s. 844, Sch. 31
F6Words in s. 126(3)(b) repealed (in relation to tax for the year 1992-1993 and subsequent years subject as mentioned in s. 289 of the amending Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 101(1), 201(3), Sch. 11 paras. 20, 22, 26, 27).
F7Words in s. 126(3)(c) substituted (with application in accordance with s. 113(4) of the amending Act) by Finanace Act 1999 (c. 16) s. 113(3), {Sch. 16 para. 4}
F8S. 126(3)(d) added by Finance Act 1990 s. 114(1)
F9S. 126(4) inserted by Finance Act 1985 s. 96(1)
F10S. 126(5) inserted by Finance Act 1985 s. 96(1)
F11Words in s. 126(5) substituted (with application in accordance with s. 113(4) of the amending Act) by Finanace Act 1999 (c. 16) s. 113(3) {Sch. 16 para. 4}
Modifications etc. (not altering text)
C1The Asian Development Bank so designated by S.I. 1984 No. 1215 and the African Development Bank by S.I. 1984 No. 1634
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Textual Amendments
F12S. 127 omitted (1.4.2009) by virtue of The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 106
(1)This Act may be cited as the Finance Act 1984.
(2)In this Act “the Taxes Act” means the Income and Corporation Taxes Act [F131970 and “the Taxes Act 1988” means the Income and Corporation Taxes Act 1988].
(3)Part II of this Act, 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 and, so far as it relates to capital gains tax, shall be construed as one with the Capital Gains Tax Act 1979.
(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14
(5)Part V of this Act shall be construed as one with Part I of the Oil Taxation Act 1975 and references in Part V of this Act to the principal Act are references to that Act.
(6)The enactments specified in Schedule 23 to this Act 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.
Textual Amendments
F13Words substituted by Income and Corporation Taxes Act 1988 (c. 1), Sch. 29 para. 32