(1)Development land tax shall not be charged in respect of any disposal taking place on or after 19th March 1985; and for this purpose “disposal” includes a deemed disposal within the meaning of the M1Development Land Tax Act 1976 (in this section referred to as “the 1976 Act”) and any other event which, but for the repeals effected by Part X of Schedule 27 to this Act, would constitute a disposal of an interest in land for the purposes of that Act.
(2)Without prejudice to subsection (1) above, no realised development value, within the meaning of the 1976 Act, shall accrue to any person on or by reason of any event occurring on or after 19th March 1985.
(3)In any case where, immediately before 19th March 1985, liability for development land tax stands for the time being deferred as mentioned in section 27 of the 1976 Act, that liability shall be extinguished with effect from that date.
(4)In any case where—
(a)by virtue of paragraph 52 of Schedule 8 to the 1976 Act (postponement of tax on incorporation disposal) an amount of tax is not payable until a time determined in accordance with sub-paragraphs (4) to (6) of that paragraph, and
(b)that amount of tax has not become payable before 19th March 1985,
that amount of tax shall be remitted with effect from that date.
(5)Part I of Schedule 25 to this Act shall have effect for supplementing the preceding provisions of this section.
(6)No part of a chargeable gain which accrues to any person on the disposal of an interest in land on or after 19th March 1985 shall be a development gain by virtue of Chapter 1 of Part III of the M2Finance Act 1974; and for this purpose “disposal of an interest in land” means any event which, but for the repeals effected by Part X of Schedule 27 to this Act, would be (or be deemed to be) a disposal of an interest in land to which section 38 of that Act would apply.
(7)In consequence of the preceding provisions of this section and of the repeals effected by Part X of Schedule 27 to this Act, the enactments specified in Part II of Schedule 25 to this Act shall have effect subject to the amendments in that Part; but those amendments do not affect the operation of the enactments concerned in relation to—
(a)a disposal, as defined in subsection (1) above, taking place before 19th March 1985; or
(b)a disposal of an interest in land, as defined in subsection (6) above, taking place before that date.
(1)Schedule 26 to this Act (which contains amendments about conditional exemption) shall have effect.
(2)Those amendments have effect in relation to events on or after 19th March 1985.
(1)The functions of the Treasury under—
(a)Part II, and section 76 of, and Schedules 3 to 5 to, the M3Capital Transfer Tax Act 1984 (exempt transfers);
F1(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(c)the enactments re-enacted by those provisions;
and the corresponding functions of the Treasury under any earlier enactments relating to capital transfer tax or estate duty, are hereby transferred to the Commissioners of Inland Revenue (“the Board”).
(2)This section shall not affect the validity of anything done by or in relation to the Treasury before the passing of this Act ; and anything which at that date is in the process of being done by or in relation to the Treasury may, if it relates to functions transferred by this section to the Board, be continued by or in relation to the Board.
(3)Any authorisation, designation, direction, approval, determination, or other thing given, made or done by the Treasury in connection with functions transferred by this section shall have effect as if given, made or done by the Board in so far as that is required for continuing its effect after the passing of this Act.
(4)Any enactment passed or instrument or other document made before the coming into operation of this section shall have effect, so far as may be necessary, for the purpose or in consequence of the transfer of functions affected by this section as if any reference to the Treasury were or included a reference to the Board.
Textual Amendments
F1S. 95(1)(b) repealed (6.3.1992 with effect as mentioned in s. 289(1) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289(1)(2), 290, Sch.12 (with s. 201(3), Sch. 11 paras. 22, 26(2), 27)
Marginal Citations
M31984 C. 51
X1(1)In section 126 of the M4Finance Act 1984 (tax exemptions in relation to designated international organisations) the following shall be inserted after subsection (3)—
“(4)The Treasury may, by order made by statutory instrument, designate any of [F2the 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 sub-section.
(5)Subsection (3) above, as it applies by virtue of subsection (4) above, shall be read as if the words “under the heading “Bearer Instrument” in Schedule 1 to the Stamp Act 1891” were omitted.”
(2)An order made by virtue of subsection (4) of section 126 of the Finance Act 1984 may revoke or vary the M5European Communities (Loan Stock) (Stamp Duties) Order 1972 (which provides for exemption from stamp duty in respect of issues and transfers of loan stock of the bodies referred to in that subsection, other than the Economic Community).
Editorial Information
X1Part of the text of ss. 67(2), 72(6), 90(3)-(5), 91(1) and (3), 92(2)(4), 96(1), Sch. 19 paras. 1(2)(3), 2(2), 3(3), 5(5)( a ), 20(2), Sch. 27 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 that may have been made prior to 1.2.1991
Textual Amendments
F2Words 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))
Marginal Citations
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Textual Amendments
F3S. 97 repealed (31.1.2013) by Statute Law (Repeals) Act 2013 (c. 2), s. 3(2), Sch. 1 Pt. 10 Group 1
(1)This Act may be cited as the Finance Act 1985.
(2)In this Act “the Taxes Act” means the Income and Corporation Taxes Act [1988 F4].
(3)Part II of this Act, so far as it relates to income tax, shall be construed as one with the Income Tax Acts, sp far as it relates to Corporation Tax Act and, so far as it relates to capital gains tax, shall be construed as one with the M6Capital Gains Tax Act 1979.
(4)Part III of this Act shall be construed as one with the Stamp Act 1891.
(5)Part IV of this Act shall be construed as one with Part I of the M7Oil Taxation Act 1975.
(6)The enactments specified in Schedule 27 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.