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Finance Act 1986

1986 CHAPTER 41

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.

[25th July 1986]

X1X2Most Gracious Sovereign, WE, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

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Editorial Information

X1The following sections and Schedules are from the following SIF groups: ss. 6, 7, 114(1)(b), Schs. 4, 23 Pt. III (SIF group 12); ss. 100–107, 114(1)(5)(6), Schs. 19, 20, 23 Pt. X (SIF group 65); ss. 1, 2, 4, 5, 8, 114(1)(6), Schs. 3, 5, 23 Pts. I, IV (SIF group 40(1)); ss. 9–15, 114(1), Sch. 6 (SIF group 40(2)); ss. 16–57, 61&–63, 108–110, 114(1)(2)(3)(6), Schs. 7–18, 21, 23 Pts. V, VI, VIII (SIF group 63(1)); ss. 58–60, 114(1)(2)(3)(6), Sch. 23 Pt. VIII (SIF group 63(2)); ss. 111, 114(1)(6), Schs. 22, 23 Pt. XI (SIF group 96); ss. 112, 114(1) (SIF group 99(3)); ss. 113, 114(1) (SIF group 99(7)); ss. 3, 114(1)(6), Schs. 1, 2, 23 Pt. II (SIF group 107); ss. 64–99, 114(1)(4)(6), Sch. 23 Pt. IX (SIF group 114).

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, see individual sections; all provisions so far as unrepealed wholly in force at 1.2.1991. Some provisions came into force at specific times of the day.

PART IE+W+S+N.I. Customs and Excise and Value Added Tax

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

The rates of dutyE+W+S+N.I.

1 Tobacco products.E+W+S+N.I.

(1)For the Table in Schedule 1 to the M1Tobacco Products Duty Act 1979 there shall be substituted—

Table
1.CigarettesAn amount equal to 21 per cent. of the retail price plus £30·61 per thousand cigarettes.
2.Cigars£47·05 per kilogram.
3.Hand-rolling tobacco£49·64 per kilogram.
4.Other smoking tobacco and chewing tobacco£24·95 per kilogram.

(2)This section shall be deemed to have come into force on 21st March 1986.

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Marginal Citations

2 Hydrocarbon oil.E+W+S+N.I.

(1)In section 6(1) of the M2Hydrocarbon Oil Duties Act 1979 for “£0·1794” (light oil) and “£0·1515” (heavy oil) there shall be substituted “£0·1938” and “£0·1639” respectively.

(2)In subsection (1) of section 11 of that Act (rebate on heavy oil) for paragraphs (a) and (b) there shall be substituted—

(a)in the case of fuel oil, of £0·0077 a litre less than the rate at which the duty is for the time being chargeable;

(b)in the case of gas oil, of £0·0110 a litre less than the rate at which the duty is for the time being chargeable; and

(c)in the case of heavy oil other than fuel oil and gas oil, equal to the rate at which the duty is for the time being chargeable.

(3)For subsection (2) of section 11 of that Act (definition of types of heavy oil), there shall be substituted—

(2)In this section—

  • fuel oil” means heavy oil which contains in solution an amount of asphaltenes of not less than 0·5 per cent. or which contains less than 0·5 per cent. but not less than 0·1 per cent. of asphaltenes and has a closed flash point not exceeding 150½C; and

  • gas oil” means heavy oil of which not more than 50 per cent. by volume distils at a temperature not exceeding 240½C and of which more than 50 per cent. by volume distils at a temperature not exceeding 340½C.

(4)This section shall be deemed to have come into force at 6 o’oclock in the evening of 18th March 1986.

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Marginal Citations

3 Vehicles excise duty.E+W+S+N.I.

F1(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Amendments (Textual)

F1S. 3(1)-(4)(6)-(8) repealed (1.9.1994) by 1994 c. 22, ss. 64, 65, 66, Sch. 4, Sch. 5 Pt. I (with s. 57(4))

Other provisionsE+W+S+N.I.

4 Beer duty: minor amendments.E+W+S+N.I.

F3(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)After section 49 of the Alcoholic Liquor Duties Act 1979 there shall be inserted the following section—

49 Drawback allowable to brewer for sale.

(1)For the purpose of any claim for drawback by a brewer for sale in respect of duty charged on beer, duty which has been determined in accordance with regulations under section 49(1)(bb) above shall be deemed to be duty which has been paid (whether or not it is in fact paid by the time the claim is made).

(2)Subject to such conditions as the Commissioners see fit to impose, drawback allowable to a brewer for sale in respect of beer may be set against any amount to which the brewer is chargeable under section 38 above and, in relation to a brewer for sale, any reference in this Act or the Management Act to drawback payable shall be construed accordingly.

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Amendments (Textual)

5 Warehousing regulations.E+W+S+N.I.

Schedule 3 to this Act (which contains amendments about warehousing regulations) shall have effect.

6 Betting duties and bingo duty in Northern Ireland.E+W+S+N.I.

(1)The M3Betting and Gaming Duties Act 1981 (in this section referred to as “the 1981 Act”) shall have effect subject to the amendments in Part I of Schedule 4 to this Act, being amendments designed to extend to Northern Ireland—

(a)the provisions of the 1981 Act relating to general betting duty and pool betting duty (in place of the provisions of Part III of the M4Miscellaneous Tranferred Excise Duties Act (Northern Ireland) 1972 relating to those duties); and

(b)the provisions of the 1981 Act relating to bingo duty.

(2)Part II of Schedule 4 to this Act shall have effect for the purpose of making consequential amendments of certain Northern Ireland legislation; and Part III of that Schedule shall have effect for the purpose of extending to Northern Ireland certain subordinate legislation made under the 1981 Act.

(3)Schedule 4 to this Act,—

(a)so far as it relates to general betting duty or pool betting duty, shall come into force on the betting commencement date, but shall not have effect in relation to duty in respect of bets made before that date; and

(b)so far as it relates to bingo duty, shall come into force on the bingo commencement date, but shall not impose any charge to duty in respect of bingo played in Northern Ireland before that date.

(4)Part III of the M5Miscellaneous Transferred Excise Duties Act (Northern Ireland) 1972 shall cease to have effect on the betting commencement date except in relation to duty in respect of bets made before that date.

(5)In this section and Schedule 4 to this Act—

  • the betting commencement date” means 29th September 1986 or, if later, the day appointed for the coming into operation of Part II (betting) of the M6Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order 1985; and

  • the bingo commencement date” means 29th September 1986 or, if later, the day appointed for the coming into operation of Chapter II of Part III (gaming on bingo club premises) of that Order.

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Marginal Citations

7 Betting and gaming duties: evidence by certificate, etc.E+W+S+N.I.

After section 29 of the M7Betting and Gaming Duties Act 1981 there shall be inserted the following section—

29A Evidence by certificate, etc.

(1)A certificate of the Commissioners—

(a)that any notice required by or under this Act to be given to them had or had not been given at any date, or

(b)that any permit, licence or authority required by or under this Act had or had not been issued at any date, or

(c)that any return required by or under this Act had not been made at any date, or

(d)that any duty shown as due in any return or estimate made in pursuance of this Act had not been paid at any date,

shall be sufficient evidence of that fact until the contrary is proved.

(2)A photograph of any document furnished to the Commissioners for the purposes of this Act and certified by them to be such a photograph shall be admissible in any proceedings, whether civil or criminal, to the same extent as the document itself.

(3)Any document purporting to be a certificate under subsection (1) or (2) above shall be deemed to be such a certificate until the contrary is proved.

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Marginal Citations

8 Licences under the customs and excise Acts.E+W+S+N.I.

(1)No excise licence duty shall be chargeable on the grant after 18th March 1986 of an excise licence under any of the provisions of the M8Alcoholic Liquor Duties Act 1979 (licensing of various activities relating to the production of alcoholic liqour) or under section 2 of the M9Matches and Mechanical Lighters Duties Act 1979 (licensing of manufacture of matches).

(2)The following enactments shall cease to have effect—

(a)sections 12(2), 18(3), F4. . . and 75(3) of the Alcoholic Liquor Duties Act 1979 and section 2(2) of the Matches and Mechanical Lighters Duties Act 1979 (which provide for certain excise licences, the duty on which is abolished by subsection (1) above, to expire on a specific date in each year); and

(b)section 81 of the Alcoholic Liquor Duties Act 1979 (under which a licence is required for the leeping or using of a still by any person otherwise than as a distiller, rectifier or compounder).

(3)The holder of a licence under any of the enactments specified in subsection (5) below may suurender the licence to the Commissioners of Customs and Excise at any time.

(4)The Commissioners of Customs and Excise may at any time revoke a licence granted in respect of any premises under any of the enactments specified in subsection (5) below if it appears to them that the holder of the licence has ceased to carry on at those premises the activity in respect of which the licence was granted.

(5)The enactments referred to in subsections (3) and (4) above are—

(a)section 12 of the Alcoholic Liquor Duties Act 1979 (distillers),

(b)section 18 of that Act (rectifiers),

(c)section 47 of that Act (brewers),

(d)section 48 of that Act (persons using premises for adding solutions to beer),

(e)section 54 of that Act (wine producers),

(f)section 55 of that Act (made-wine producers), and

F5(g). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)Schedule 5 to this Act shall have effect for the purpose of supplementing the provisions of this section.

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Amendments (Textual)

Marginal Citations

Chapter IIE+W+S+N.I. Value Added Tax

F69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F6S. 9 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15 (with Sch. 13 para. 9)

F710. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F7S. 10 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15 (with Sch. 13 para. 9)

F811. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F8S. 11 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15 (with Sch. 13 para. 9)

F912. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F9S. 12 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15 (with Sch. 13 para. 9)

F1013. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F10S. 13 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15 (with Sch. 13 para. 9)

F1114. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F11S. 14 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15 (with Sch. 13 para. 9)

F1215. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F12S. 15 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15 (with Sch. 13 para. 9)

Part IIE+W+S+N.I. Income Tax, Corporation Tax and Capital Gains Tax

Chapter IE+W+S+N.I. General

Tax rates and main reliefsE+W+S+N.I.

16—22.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13E+W+S+N.I.
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Amendments (Textual)

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Amendments (Textual)

23 Employee share schemes: general amendments.E+W+S+N.I.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14

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Amendments (Textual)

24 Approved profit sharing schemes: workers’ co-operatives.E+W+S+N.I.

(1)—(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F15

(4)Where, for the purpose of securing (and maintaining) approval of its profit sharing scheme in accordance with Part I of Schedule 9 to the Finance Act 1978, the rules of a society which is a workers’ co-operative or which is seeking to be registered under the industrial and provident societies legislation as a workers’ co-operative contain—

(a)provision for membership of the society by the trustees of the scheme,

(b)provision denying voting rights to those trustees, or

(c)other provisions which appear to the registrar to be reasonably necessary for that purpose,

those provisions shall be disregarded in determining whether the society should be or continue to be registered under the industrial and provident societies legislation as a bona fide co-operative society.

(5)In subsection (4) above “the industrial and provident societies legislation” means—

(a)the M10Industrial and Provident Societies Act 1965, or

(b)the M11Industrial and Provident Societies Act (Northern Ireland) 1969,

and “registrar” has the same meaning as in each of those Acts and “co-operative society” has the same meaning as in section 1 of those Acts.

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Amendments (Textual)

Marginal Citations

25—32.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F16E+W+S+N.I.
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Amendments (Textual)

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Amendments (Textual)

F1733. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.
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Amendments (Textual)

Foreign element: expensesE+W+S+N.I.

34—54.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F18E+W+S+N.I.
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Amendments (Textual)

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Amendments (Textual)

Chapter IIE+W+S+N.I. Capital Allowances

55—57.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F19E+W+S+N.I.
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Amendments (Textual)

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Amendments (Textual)

Chapter IIIE+W+S+N.I. CAPITAL GAINS

F2058. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F20S. 58 repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with s. 201(3), Sch. 11 paras. 22, 26(2), 27).

59F21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F21S. 59 repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with s. 201(3), Sch. 11 paras. 22, 26(2), 27).

60F22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F22S. 60 repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with s. 201(3), Sch. 11 paras. 22, 26(2), 27).

Chapter IVE+W+S+N.I. Securities

61—63.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F23E+W+S+N.I.
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Amendments (Textual)

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Amendments (Textual)

PART IIIE+W+S+N.I.STAMP DUTY

F2464. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F24S. 64 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(2) Notes 1, 2 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2)

X365–72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F25E+W+S+N.I.
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Amendments (Textual)

F25Ss. 64(1), 65–72 repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI and subject to amendments by 1996 c. 8, s. 196(1)(6); 1997 c. 16, ss. 99, 113, Sch. 18 Pt. VII, Note 2; 1999 c. 16, ss. 112(4)(6), 114(1)(2), 122, 139, Sch. 14 paras. 12-13, Sch. 17 Pt. I para. 8, Sch. 20 Pt. V(1)(2) Notes 1-2, Sch. 20 Pt. V(3) Note (which Sch. 14 paras. 12-13 and Sch. 17 para. 8 are repealed by 1999 c. 16, ss. 123(3)(4), 139, Sch. 20, Pt. V(6) Note); 2000 c. 17, ss. 134(3)(5), 156, Sch. 40 Pt. III Note 3 (which s. 134 is repealed by 2000 c. 17, s. 156, Sch. 40, Pt. III, Note)

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Editorial Information

X3The repeal of ss. 66-72 has effect in relation to events taking place on or after a date to be appointed by the Treasury by order. No such date has been appointed as at the end of 2011. The text of these provisions will be restored, and any subsequent amendment history reconstructed, in the early part of 2012.

Amendments (Textual)

F25Ss. 64(1), 65–72 repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI and subject to amendments by 1996 c. 8, s. 196(1)(6); 1997 c. 16, ss. 99, 113, Sch. 18 Pt. VII, Note 2; 1999 c. 16, ss. 112(4)(6), 114(1)(2), 122, 139, Sch. 14 paras. 12-13, Sch. 17 Pt. I para. 8, Sch. 20 Pt. V(1)(2) Notes 1-2, Sch. 20 Pt. V(3) Note (which Sch. 14 paras. 12-13 and Sch. 17 para. 8 are repealed by 1999 c. 16, ss. 123(3)(4), 139, Sch. 20, Pt. V(6) Note); 2000 c. 17, ss. 134(3)(5), 156, Sch. 40 Pt. III Note 3 (which s. 134 is repealed by 2000 c. 17, s. 156, Sch. 40, Pt. III, Note)

[F26 Transfers between depositary receipt system and clearance systemE+W+S+N.I.

72AF27Transfers between depositary receipt system and clearance system.E+W+S+N.I.

(1)Where an instrument transfers relevant securities of a company incorporated in the United Kingdom between a depositary receipt system and a clearance system—

(a)the provisions of section 67(2) to (5) or, as the case may be, section 70(2) to (5) above shall not apply, and

(b)the stamp duty chargeable on the instrument is £5.

(2)A transfer between a depositary receipt system and a clearance system means a transfer—

(a)from (or to) a company that at the time of the transfer falls within section 67(6) above, and

(b)to (or from) a company that at that time falls within section 70(6) above.

(3)This section does not apply to a transfer from a clearance system (that is, from such a company as is mentioned in subsection (2)(b) above) if at the time of the transfer an election is in force under section 97A below in relation to the clearance services for the purposes of which the securities are held immediately before the transfer.]

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Amendments (Textual)

F27S. 72A and cross-heading inserted (28.7.2000 with effect as mentioned in s. 134(5)(a) of the amending Act) by 2000 c. 17, s. 134(1)(5) (which inserting provision is repealed by 2000 c. 17, s. 156, Sch. 40 Pt. III Note 3)

Reconstructions and acquistionsE+W+S+N.I.

73. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F28E+W+S+N.I.
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Amendments (Textual)

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Amendments (Textual)

74 Reconstructions etc: repeals.E+W+S+N.I.

(1)The following provisions shall cease to have effect—

(a)section 55 of the M12Finance Act 1927 and section 4 of the M13Finance Act (Northern Ireland) 1928 (reconstructions and amalgamations);

(b)paragraph 12(1) and (1A) of Schedule 18 to the M14Finance Act 1980 (demergers);

(c)sections 78, 79 and 80 of the Finance Act 1985 (takeovers and winding-up).

(2)In paragraph 12(3) of Schedule 18 to the Finance Act 1980 for the words “sub-paragraph (2) above” there shall be substituted the words “this paragraph”.

(3)This section applies to any instrument executed in pursuance of a contract made on or after the day on which the rule of The Stock Exchange that prohibits a person from carrying on business as both a broker and a jobber is abolished.

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Marginal Citations

75 Acquisitions: reliefs.E+W+S+N.I.

(1)This section applies where a company (the acquiring company) acquires the whole or part of an undertaking of another company (the target company) in pursuance of a scheme for the reconstruction of the target company.

(2)If the first and second conditions (as defined below) are fulfilled, stamp duty under [F29Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale)shall not be chargeable on an instrument executed for the purposes of or in connection with the transfer of the undertaking or part.

(3)An instrument on which stamp duty is not chargeable by virtue only of subsection (2) above shall not be taken to be duly stamped unless it is stamped with the duty to which it would be liable but for that subsection or it has, in accordance with section 12 of the Stamp Act 1891, been stamped with a particular stamp denoting that it is not chargeable with any duty.

(4)The first condition is that the registered office of the acquiring company is in the United Kingdom and that the consideration for the acquisition—

(a)consists of or includes the issue of [F30non-redeemable]shares in the acquiring company to all the shareholders of the target company;

(b)includes nothing else (if anything) but the assumption or discharge by the acquiring company of liabilities of the target company.

[F31In paragraph (a) above, “non-redeemable shares” means shares which are not redeemable shares.

.]

(5)The second condition is that—

(a)the acquisition is effected for bona fide commercial reasons and does not form part of a scheme or arrangement of which the main purpose, or one of the main purposes, is avoidance of liability to stamp duty, income tax, corporation tax or capital gains tax,

(b)after the acquisition has been made, each shareholder of each of the companies is a shareholder of the other, and

(c)after the acquisition has been made, the proportion of shares of one of the companies held by any shareholder is the same as the proportion of shares of the other company held by that shareholder.

(6)This section applies to any instrument which is executed after 24th March 1986 unless it is executed in pursuance of an unconditional contract made on or before 18th March 1986.

(7)This section shall be deemed to have come into force on 25th March 1986.]

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Amendments (Textual)

F29Words in s. 75(2) substituted (27.7.1999 with effect as mentioned in s. 112(6) of the amending Act) by 1999 c. 16, ss. 112(4)(6), 122, Sch. 14 para. 14

F30Words in s. 75(4)(a) inserted (28.7.2000 with effect as mentioned in s. 127(5) of the amending Act) by 2000 c. 17, s. 127(2)

F31Words in s. 75(4) added (28.7.2000 with effect as mentioned in s. 127(5) of the amending Act) by 2000 c. 17, s. 127(3)

Modifications etc. (not altering text)

C1S. 75 excluded (28.4.1997) by S.I. 1997/1156, reg. 12

76 Acquisitions: further provisions about reliefs.E+W+S+N.I.

(1)This section applies where a company (the acquiring company) acquires the whole or part of an undertaking of another company (the target company).

(2)If [F32the first and second conditions (as defined below)] is fulfilled, and stamp duty under [F33Part I of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale)] is chargeable on an instrument executed for the purposes of or in connection with—

(a)the transfer of the undertaking or part, or

(b)the assignment to the acquiring company by a creditor of the target company of any relevant debts (secured or unsecured) owed by the target company,

the rate at which the duty is charged under that heading shall not exceed that mentioned in subsection (4) below.

(3)[F34The first condition] is that the registered office of the acquiring company is in the United Kingdom and that the consideration for the acquisition—

(a)consists of or includes the issue of [F35non-redeemable shares (within the meaning of section 75(4)(a) above)] in the acquiring company to the target company or to all or any of its shareholders;

(b)includes nothing else (if anything) but cash not exceeding 10 per cent. of the nominal value of those shares, or the assumption or discharge by the acquiring company of liabilities of the target company, or both.

[F36(3A)The second condition applies only in relation to an instrument transferring land in the United Kingdom and is that the acquiring company is not associated with another company that is a party to arrangements with the target company relating to shares of the acquiring company issued in connection with the transfer of the undertaking or part.

F36(3B)Where an instrument transfers land in the United Kingdom together with other property, the provisions of this section apply as if there were two separate instruments, one relating to land in the United Kingdom and the other relating to other property.]

(4)The rate is the rate of[F370.5%] of the amount or value of the consideration for the sale to which the instrument gives effect.

(5)An instrument on which, by virtue only of [F38this section], the rate at which stamp duty is charged is not to exceed that mentioned in subsection (4) above shall not be taken to be duly stamped unless it is stamped with the duty to which it would be liable but for [F38this section] or it has, in accordance with section 12 of the Stamp Act 1891, been stamped with a particular stamp denoting that it is duly stamped.

(6)In subsection (2)(b) above “relevant debts” means—

(a)any debt in the case of which the assignor is a bank or trade creditor, and

(b)any other debt incurred not less than two years before the date on which the instrument is executed.

[F39(6A)For the purposes of subsection (3A) above—

(a)companies are associated if one has control of the other or both are controlled by the same person or persons, and

(b)arrangements” includes any scheme, agreement or understanding, whether or not legally enforceable.

The references in paragraph (a) above to control shall be construed in accordance with section 416 of the Taxes Act 1988.]

(7)This section applies to any instrument executed on or after the day on which the rule of The Stock Exchange that prohibits a person from carrying on business as both a broker and a jobber is abolished.

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Amendments (Textual)

F32Words in s. 76(2) substituted (retrospective to 24.4.2002 and with application as mentioned in s. 112(7)(8) of the amending Act) by 2002 c. 23, s. 112(1)(2)(7)-(9)

F33Words in s. 76(2) substituted (27.7.1999 with effect as mentioned in s. 112(6) of the amending Act) by 1999 c. 16, ss. 112(4)(6), 122, Sch. 14 para. 15(2)

F34Words in s. 76(3) substituted (retrospective to 24.4.2002 and with application as mentioned in s. 112(7)(8) of the amending Act) by 2002 c. 23, s. 112(1)(3)(7)-(9)

F35Words in s. 76(3)(a) substituted (28.7.2000 with effect as mentioned in s. 127(5) of the amending Act) by 2000 c.17, s. 127(4)

F36S. 76(3A)(3B) inserted (retrospective to 24.4.2002 and with application as mentioned in s. 112(7)(8) of the amending Act) by 2002 c. 23, s. 112(1)(4)(7)-(9)

F37Words in s. 76(4) substituted (27.7.1999 with effect as mentioned in s. 112(6) of theamending Act) by 1999 c. 16, ss. 112(4)(6), 122, Sch. 14 para. 15(3)

F38Words in s. 76(5) substituted (retrospective to 24.4.2002 and with application as mentioned in s. 112(7)(8) of the amending Act) by 2002 c. 23, s. 112(1)(5)(7)-(9)

F39S. 76(6A) inserted (retrospective to 24.4.2002 and with application as mentioned in s. 112(7)(8) of the amending Act) by 2002 c. 23, s. 112(1)(6)-(9)

Modifications etc. (not altering text)

C2S. 76 excluded (28.4.1997) by S.I. 1997/1156, reg. 12

s. 76 restricted (retrospective to 24.4.2002) by 2002 c. 23, s. 113(1)(a)(9)

X477. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F40E+W+S+N.I.
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Amendments (Textual)

F40S. 77 repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI and subject to amendment by S.I. 1997/1156, reg. 12; 1999 c. 16, ss. 112(4)(6), 122, Sch. 14 para. 16 (which Sch. 14 para. 16 is repealed by 1999 c. 16, s. 139, Sch. 20 Pt. V(6) Note)

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Editorial Information

X4The repeal of s. 77 has effect in relation to events taking place on or after a date to be appointed by the Treasury by order. No such date has been appointed as at the end of 2011. The text of this provision will be restored, and any subsequent amendment history reconstructed, in the early part of 2012.

Amendments (Textual)

F40S. 77 repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI and subject to amendment by S.I. 1997/1156, reg. 12; 1999 c. 16, ss. 112(4)(6), 122, Sch. 14 para. 16 (which Sch. 14 para. 16 is repealed by 1999 c. 16, s. 139, Sch. 20 Pt. V(6) Note)

Loan capital, letters of allotment etc.E+W+S+N.I.

78 Loan capital.E+W+S+N.I.

F41(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F41(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F41(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F41(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F41(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F41(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)In this section “loan capital” means—

(a)any debenture stock, corporation stock or funded debt, by whatever name known, issued by a body corporate or other body of persons (which here includes a local authority and any body whether formed or established in the United Kingdom or elsewhere);

(b)any capital raised by such a body if the capital is borrowed or has the character of borrowed money, and whether it is in the form of stock or any other form;

(c)stock or marketable securities issued by the government of any country or territory outside the United Kingdom.

F41(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(9)In this section “designated international organisation” means an international organisation designated for the purposes of section [F42324 of the Taxes Act 1988] by an order made under subsection (1) of that section.

F41(10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F41(11). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F41(12). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F41(13). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F41(14). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Amendments (Textual)

F41S. 78(1)-(6)(8)(10)-(14) repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(2) Notes 1, 2 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2)

79 Loan capital: new provisions.E+W+S+N.I.

F43(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2)–(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F44

X5F43(9). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F43(10). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F43(11). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(12)Subsections. . . F45X5F46. . .of section 78 above shall apply as if references to that section included references to this..

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Editorial Information

X5The repeal of s. 79(2)-(8) and words in s. 79(12) by the Finance Act 1990 has effect in relation to events taking place on or after a date to be appointed by the Treasury by order. No such date has been appointed as at the end of 2011. The text of those provisions, and those words, will be restored, and any subsequent amendment history reconstructed, in the early part of 2012.

Amendments (Textual)

F43S. 79(1)(9)-(11) repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(2) Notes 1, 2 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2)

F44S. 79(2)–(8) repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI and subject to amendments by 1999 c. 16, ss. 112(4)(6), 113(3)(4), 122, Sch. 14 para. 17, Sch. 16 para. 5 (which Sch. 14 para. 17 and Sch. 16 para. 5 are repealed by 1999 c. 16, ss. 123(3)(4), 139, Sch. 20 Pt.V(6) Note); 2000 c. 16, s. 133 (which s. 133 is repealed by 2000 c. 17, s. 156, Sch. 40 Pt. III Note 3)

F46Words in s. 79(12) repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(2) Notes 1, 2 of the amending Act) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2)

80. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F47E+W+S+N.I.
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Amendments (Textual)

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Amendments (Textual)

[F4880A Sales to intermediaries.E+W+S+N.I.
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Amendments (Textual)

(1)Stamp duty shall not be chargeable on an instrument transferring stock of a particular kind on sale to a person or his nominee if—

(a)the person is a member of an EEA exchange, or a recognised foreign exchange, on which stock of that kind is regularly traded;

(b)the person is an intermediary and is recognised as an intermediary by the exchange in accordance with arrangements approved by the Commissioners; and

(c)the sale is effected on the exchange.

(2)Stamp duty shall not be chargeable on an instrument transferring stock of a particular kind on sale to a person or his nominee if—

(a)the person is a member of an EEA exchange or a recognised foreign options exchange;

(b)options to buy or sell stock of that kind are regularly traded on that exchange and are listed by or quoted on that exchange;

(c)the person is an options intermediary and is recognised as an options intermediary by that exchange in accordance with arrangements approved by the Commissioners; and

(d)the sale is effected on an EEA exchange, or a recognised foreign exchange, on which stock of that kind is regularly traded or subsection (3) below applies.

(3)This subsection applies if—

(a)the sale is effected on an EEA exchange, or a recognised foreign options exchange, pursuant to the exercise of a relevant option; and

(b)options to buy or sell stock of the kind concerned are regularly traded on that exchange and are listed by or quoted on that exchange.

(4)For the purposes of this section—

(a)an intermediary is a person who carries on a bona fide business of dealing in stock and does not carry on an excluded business; and

(b)an options intermediary is a person who carries on a bona fide business of dealing in quoted or listed options to buy or sell stock and does not carry on an excluded business.

(5)The excluded businesses are the following—

(a)any business which consists wholly or mainly in the making or managing of investments;

(b)any business which consists wholly or mainly in, or is carried on wholly or mainly for the purpose of, providing services to persons who are connected with the person carrying on the business;

(c)any business which consists in insurance business;

(d)any business which consists in managing or acting as trustee in relation to a pension scheme or which is carried on by the manager or trustee of such a scheme in connection with or for the purposes of the scheme;

(e)any business which consists in operating or acting as trustee in relation to a collective investment scheme or is carried on by the operator or trustee of such a scheme in connection with or for the purposes of the scheme.

(6)A sale is effected on an exchange for the purposes of subsection (1) or (2) above if (and only if)—

(a)it is subject to the rules of the exchange; and

(b)it is reported to the exchange in accordance with the rules of the exchange.

(7)An instrument on which stamp duty is not chargeable by virtue only of this section shall not be deemed to be duly stamped unless it has been stamped with a stamp denoting that it is not chargeable with any duty; and notwithstanding anything in section 122(1) of the M15Stamp Act 1891, the stamp may be a stamp of such kind as the Commissioners may prescribe.]

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Modifications etc. (not altering text)

C3S. 80A: power to extend conferred (24.7.2002) by 2002 c. 23, s. 117(2)

C4S. 80A extended (26.7.2002) by S.I. 2002/1975, reg. 2

Marginal Citations

F4980B Intermediaries: supplementary.E+W+S+N.I.

(1)For the purposes of section 80A above the question whether a person is connected with another shall be determined in accordance with the provisions of section 839 of the M16Income and Corporation Taxes Act 1988.

(2)In section 80A above and this section—

  • collective investment scheme” has the meaning given in section 75 of the M17Financial Services Act 1986;

  • EEA exchange” means a market which appears on the list drawn up by an EEA State pursuant to Article 16 of European Communities Council Directive No. 93/22/EEC on investment services in the securities field;

  • EEA State” means a State which is a contracting party to the agreement on the European Economic Area signed at Oporto on the 2nd May 1992 as adjusted by the Protocol signed at Brussels on the 17th March 1993;

  • insurance business” means long term business or general business as defined in section 1 of the M18Insurance Companies Act 1982;

  • quoted or listed options” means options which are quoted on or listed by an EEA exchange or a recognised foreign options exchange;

  • stock” includes any marketable security;

  • trustee” and “the operator” shall, in relation to a collective investment scheme, be construed in accordance with section 75(8) of the Financial Services Act 1986.

(3)In section 80A above “recognised foreign exchange” means a market which—

(a)is not in an EEA State; and

(b)is specified in regulations made by the Treasury under this subsection.

(4)In section 80A above and this section “recognised foreign options exchange” means a market which—

(a)is not in an EEA State; and

(b)is specified in regulations made by the Treasury under this subsection.

(5)In section 80A above “the exercise of a relevant option” means—

(a)the exercise by the options intermediary concerned of an option to buy stock; or

(b)the exercise of an option binding the options intermediary concerned to buy stock.

(6)The Treasury may by regulations provide that section 80A above shall not have effect in relation to instruments executed in pursuance of kinds of agreement specified in the regulations.

(7)The Treasury may by regulations provide that if—

(a)an instrument falls within subsection (1) or (2) of section 80A above, and

(b)stamp duty would be chargeable on the instrument apart from that section,

stamp duty shall be chargeable on the instrument at a rate, specified in the regulations, which shall not exceed 10p for every £100 or part of £100 of the consideration for the sale.

(8)The Treasury may by regulations change the meaning of “intermediary” or “options intermediary” for the purposes of section 80A above by amending subsection (4) or (5) of that section (as it has effect for the time being).

(9)The power to make regulations under subsections (3) to (8) above shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.

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Amendments (Textual)

Marginal Citations

[F5080C Repurchases and stock lending.E+W+S+N.I.
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Amendments (Textual)

(1)This section applies where a person (A) has entered into an arrangement with another person (B) under which—

(a)B is to transfer stock of a particular kind to A or his nominee, and

(b)stock of the same kind and amount is to be transferred by A or his nominee to B or his nominee,

and the conditions set out in subsection (3) below are fulfilled.

(2)Stamp duty shall not be chargeable on an instrument transferring stock to B or his nominee or A or his nominee in accordance with the arrangement.

(3)The conditions are—

(a)that the arrangement is effected on an EEA exchange or a recognised foreign exchange; and

(b)that stock of the kind concerned is regularly traded on that exchange.

(4)An arrangement does not fall within subsection (1) above if—

(a)the arrangement is not such as would be entered into by persons dealing with each other at arm’s length; or

(b)under the arrangement any of the benefits or risks arising from fluctuations, before the transfer to B or his nominee takes place, in the market value of the stock accrues to, or falls on, A.

(5)An instrument on which stamp duty is not chargeable by virtue only of subsection (2) above shall not be deemed to be duly stamped unless it has been stamped with a stamp denoting that it is not chargeable with any duty; and notwithstanding anything in section 122(1) of the M19Stamp Act 1891, the stamp may be a stamp of such kind as the Commissioners may prescribe.

(6)An arrangement is effected on an exchange for the purposes of subsection (3) above if (and only if)—

(a)it is subject to the rules of the exchange; and

(b)it is reported to the exchange in accordance with the rules of the exchange.

(7)In this section—

  • EEA exchange” has the meaning given in section 80B(2) above; and

  • recognised foreign exchange” has the meaning given in section 80B(3) above.

(8)The Treasury may by regulations provide that if stamp duty would be chargeable on an instrument but for subsection (2) above, stamp duty shall be chargeable on the instrument at a rate, specified in the regulations, which shall not exceed 10p for every £100 or part of £100 of the consideration for the transfer.

(9)The Treasury may by regulations amend this section (as it has effect for the time being) in order—

(a)to change the conditions for exemption from duty under this section; or

(b)to provide that this section does not apply in relation to kinds of arrangement specified in the regulations.

(10)The power to make regulations under subsection (8) or (9) above shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.]

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Modifications etc. (not altering text)

C5S. 80C: power to extend conferred (24.7.2002) by 2002 c. 23, s. 117(2)

C6S. 80C extended (26.7.2002) by S.I. 2002/1975, art. 2

Marginal Citations

F5181. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F5282. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F5383. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F54X684. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Editorial Information

X6The repeal of s. 84 has effect in relation to events taking place on or after a date to be appointed by the Treasury by order. No such date has been appointed as at the end of 2011. The text of this provision will be restored, and any subsequent amendment history reconstructed, in the early part of 2012.

Amendments (Textual)

X785. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F55E+W+S+N.I.
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Amendments (Textual)

F55S. 85 repealed by Finance Act 1990 (c. 29, SIF 114), ss. 109(6)(e), 111, 132, Sch. 19 Pt. VI (the provision ceases to have effect as referred to in s. 109(7) and in the notes to Sch. 19 Pt. VI) and subject to an amendment by S.I. 2001/3629, art. 8

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Editorial Information

X7The repeal of s. 85 has effect as provided by the Treasury by order. No such order has been made as at the end of 2011. The text of this provision will be restored, and any subsequent amendment history reconstructed, in the early part of 2012.

Amendments (Textual)

F55S. 85 repealed by Finance Act 1990 (c. 29, SIF 114), ss. 109(6)(e), 111, 132, Sch. 19 Pt. VI (the provision ceases to have effect as referred to in s. 109(7) and in the notes to Sch. 19 Pt. VI) and subject to an amendment by S.I. 2001/3629, art. 8

Part IVE+W+S+N.I.

X886. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F56E+W+S+N.I.
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Amendments (Textual)

F56Pt. IV (ss. 86–99) repealed by Finance Act 1990 (c. 29, SIF 114), ss. 110, 132, Sch. 19 Pt. VII and subject to amendments by S.I. 1992/3286, reg. 3; 1995 c. 4, s. 152(2); 1996 c. 8, ss. 187-196, 205, Sch. 41 Pt. VII Notes 1-3; 1997 c. 16, ss. 97(3), 100-106, 113, Sch. 18 Pt. VII Notes 5-10; S.I. 1997/1156, regs. 4, 4B(2) (as substituted by 1999/3261, reg. 5); S.I. 1998/3177, regs. 25(2), 26(2), 27(2), 28(2), 29(2), 30(2); 1998 c. 22, s. 24(5) and 1998 c. 36, s. 151; by 1999 c. 16, ss. 112(4)(6), 113, 116-123, 139, Sch. 14 para. 20, Sch. 16 paras. 6-9, Sch. 19 Pt. II paras. 10-12, Sch. 20 Pt. V(5) Note 1 (which ss. 113, 116-121, 123(1)(2), Sch. 14 para. 20, Sch. 16 paras. 6-9, Sch. 19 Pt. II are repealed by 1999 c. 16, ss. 123(3)(4), 139, Sch. 20 Pt. V(6) Note); 2000 c. 17, s. 134(2)-(5) (which s. 134 is repealed by 2000 c. 17, s. 156, Sch. 40 Pt. III Note 3); S.I. 2001/3629, arts. 9(1)(5), 10

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Editorial Information

X8The repeal of Pt. IV (ss. 86-99) has effect in relation to events taking place on or after a date to be appointed by the Treasury by order. No such date has been appointed as at the end of 2011. The text of Part IV will be restored, and any subsequent amendment history reconstructed, in the early part of 2012.

Amendments (Textual)

F56Pt. IV (ss. 86–99) repealed by Finance Act 1990 (c. 29, SIF 114), ss. 110, 132, Sch. 19 Pt. VII and subject to amendments by S.I. 1992/3286, reg. 3; 1995 c. 4, s. 152(2); 1996 c. 8, ss. 187-196, 205, Sch. 41 Pt. VII Notes 1-3; 1997 c. 16, ss. 97(3), 100-106, 113, Sch. 18 Pt. VII Notes 5-10; S.I. 1997/1156, regs. 4, 4B(2) (as substituted by 1999/3261, reg. 5); S.I. 1998/3177, regs. 25(2), 26(2), 27(2), 28(2), 29(2), 30(2); 1998 c. 22, s. 24(5) and 1998 c. 36, s. 151; by 1999 c. 16, ss. 112(4)(6), 113, 116-123, 139, Sch. 14 para. 20, Sch. 16 paras. 6-9, Sch. 19 Pt. II paras. 10-12, Sch. 20 Pt. V(5) Note 1 (which ss. 113, 116-121, 123(1)(2), Sch. 14 para. 20, Sch. 16 paras. 6-9, Sch. 19 Pt. II are repealed by 1999 c. 16, ss. 123(3)(4), 139, Sch. 20 Pt. V(6) Note); 2000 c. 17, s. 134(2)-(5) (which s. 134 is repealed by 2000 c. 17, s. 156, Sch. 40 Pt. III Note 3); S.I. 2001/3629, arts. 9(1)(5), 10

F5787. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F57See s. 86 commentary above

F5888. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F58See s. 86 commentary above

[F5988A Section 87: exceptions for intermediaries.E+W+S+N.I.
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Amendments (Textual)

(1)Section 87 above shall not apply as regards an agreement to transfer securities of a particular kind to B or his nominee if—

(a)B is a member of an EEA exchange, or a recognised foreign exchange, on which securities of that kind are regularly traded;

(b)B is an intermediary and is recognised as an intermediary by the exchange in accordance with arrangements approved by the Board; and

(c)the agreement is effected on the exchange.

(2)Section 87 above shall not apply as regards an agreement to transfer securities of a particular kind to B or his nominee if—

(a)B is a member of an EEA exchange or a recognised foreign options exchange;

(b)options to buy or sell securities of that kind are regularly traded on that exchange and are listed by or quoted on that exchange;

(c)B is an options intermediary and is recognised as an options intermediary by that exchange in accordance with arrangements approved by the Board; and

(d)the agreement is effected on an EEA exchange, or a recognised foreign exchange, on which securities of that kind are regularly traded or subsection (3) below applies.

(3)This subsection applies if—

(a)the agreement is effected on an EEA exchange, or a recognised foreign options exchange, pursuant to the exercise of a relevant option; and

(b)options to buy or sell securities of the kind concerned are regularly traded on that exchange and are listed by or quoted on that exchange.

(4)For the purposes of this section—

(a)an intermediary is a person who carries on a bona fide business of dealing in chargeable securities and does not carry on an excluded business; and

(b)an options intermediary is a person who carries on a bona fide business of dealing in quoted or listed options to buy or sell chargeable securities and does not carry on an excluded business.

(5)The excluded businesses are the following—

(a)any business which consists wholly or mainly in the making or managing of investments;

(b)any business which consists wholly or mainly in, or is carried on wholly or mainly for the purpose of, providing services to persons who are connected with the person carrying on the business;

(c)any business which consists in insurance business;

(d)any business which consists in managing or acting as trustee in relation to a pension scheme or which is carried on by the manager or trustee of such a scheme in connection with or for the purposes of the scheme;

(e)any business which consists in operating or acting as trustee in relation to a collective investment scheme or is carried on by the operator or trustee of such a scheme in connection with or for the purposes of the scheme.

(6)An agreement is effected on an exchange for the purposes of subsection (1) or (2) above if (and only if)—

(a)it is subject to the rules of the exchange; and

(b)it is reported to the exchange in accordance with the rules of the exchange.]

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Modifications etc. (not altering text)

C7S. 88A: power to extend conferred (24.7.2002) by 2002 c. 23, s. 117(2)

C8S. 88A extended (26.7.2002) by S.I. 2002/1975, art. 2

F6088B Intermediaries: supplementary.E+W+S+N.I.

(1)For the purposes of section 88A above the question whether a person is connected with another shall be determined in accordance with the provisions of section 839 of the M20Income and Corporation Taxes Act 1988.

(2)In section 88A above and this section—

  • collective investment scheme” has the meaning given in section 75 of the M21Financial Services Act 1986;

  • EEA exchange” means a market which appears on the list drawn up by an EEA State pursuant to Article 16 of European Communities Council Directive No. 93/22/EEC on investment services in the securities field;

  • EEA State” means a State which is a contracting party to the agreement on the European Economic Area signed at Oporto on the 2nd May 1992 as adjusted by the Protocol signed at Brussels on the 17th March 1993;

  • insurance business” means long term business or general business as defined in section 1 of the M22Insurance Companies Act 1982;

  • quoted or listed options” means options which are quoted on or listed by an EEA exchange or a recognised foreign options exchange;

  • recognised foreign exchange” and “recognised foreign options exchange” have the meanings given, respectively, by subsections (3) and (4) of section 80B above;

  • trustee” and “the operator” shall, in relation to a collective investment scheme, be construed in accordance with section 75(8) of the M23Financial Services Act 1986.

(3)In section 88A above “the exercise of a relevant option” means—

(a)the exercise by B of an option to buy securities; or

(b)the exercise of an option binding B to buy securities.

(4)The Treasury may by regulations provide that section 88A above shall not have effect in relation to kinds of agreement specified in the regulations.

(5)The Treasury may by regulations provide that if—

(a)an agreement falls within subsection (1) or (2) of section 88A above, and

(b)section 87 above would, apart from section 88A, apply to the agreement,

section 87 shall apply to the agreement but with the substitution of a rate of tax not exceeding 0.1 per cent. for the rate specified in subsection (6) of that section.

(6)The Treasury may by regulations change the meaning of “intermediary” or “options intermediary” for the purposes of section 88A above by amending subsection (4) or (5) of that section (as it has effect for the time being).

(7)The power to make regulations under subsections (4) to (6) above shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.

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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)

Marginal Citations

F6189. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F61See s. 86 commentary above

F6289A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+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)

F62S. 89A inserted (23.7.1987) by 1987 c. 51, s. 100 and repealed (prosp.) by 1990 c. 29, Sch. 29 Pt. VIII

[F6389AA Section 87: exception for repurchases and stock lending.E+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)

(1)This section applies where a person (P) has entered into an arrangement with another person (Q) under which—

(a)Q is to transfer chargeable securities of a particular kind to P or his nominee, and

(b)chargeable securities of the same kind and amount are to be transferred by P or his nominee to Q or his nominee,

and the conditions set out in subsection (3) below are fulfilled.

(2)Section 87 above shall not apply as regards an agreement to transfer chargeable securities to P or his nominee or Q or his nominee in accordance with the arrangement.

(3)The conditions are—

(a)that the agreement is effected on an EEA exchange or a recognised foreign exchange;

(b)that securities of the kind concerned are regularly traded on that exchange; and

(c)that chargeable securities are transferred to P or his nominee and Q or his nominee in pursuance of the arrangement.

(4)An arrangement does not fall within subsection (1) above if—

(a)the arrangement is not such as would be entered into by persons dealing with each other at arm’s length; or

(b)under the arrangement any of the benefits or risks arising from fluctuations, before the transfer to Q or his nominee takes place, in the market value of the chargeable securities accrues to, or falls on, P.

(5)An agreement is effected on an exchange for the purposes of subsection (3) above if (and only if)—

(a)it is subject to the rules of the exchange; and

(b)it is reported to the exchange in accordance with the rules of the exchange.

(6)In this section—

  • EEA exchange” has the meaning given in section 88B(2) above;

  • recognised foreign exchange” has the meaning given in section 80B(3) above.

(7)The Treasury may by regulations provide that if section 87 would apply as regards an agreement but for subsection (2) above, section 87 shall apply as regards the agreement but with the substitution of a rate of tax not exceeding 0.1 per cent. for the rate specified in subsection (6) of that section.

(8)The Treasury may by regulations amend this section (as it has effect for the time being) in order—

(a)to change the conditions for exemption from tax under this section; or

(b)to provide that this section does not apply in relation to kinds of arrangement specified in the regulations.

(9)The power to make regulations under subsection (7) or (8) above shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.]

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Modifications etc. (not altering text)

C9S. 89AA: power to extend conferred (24.7.2002) by 2002 c. 23, s. 117(2)

C10S. 89AA extended (26.7.2002) by S.I. 2002/1975, art. 2

F6490. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+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)

F64See s. 86 commentary above

F6591. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+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)

F65See s. 86 commentary above

F6692. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+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)

F66See s. 86 commentary above

F6793. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F67See s. 86 commentary above

F6894. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F68See s. 86 commentary above

F6995. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+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)

F69See s. 86 commentary above

F7096. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+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)

F70See s. 86 commentary above

F7197. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F71See s. 86 commentary above

F7298. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+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)

F72See s. 86 commentary above

F7399. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+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)

F73See s. 86 commentary above

PART VE+W+S+N.I. INHERITANCE TAX

100 Capital transfer tax to be known as inheritance tax.E+W+S+N.I.

(1)On and after the passing of this Act, the tax charged under the Capital Transfer Tax Act 1984 (in this Part of this Act referred to as “the 1984 Act”) shall be known as inheritance tax and, accordingly, on and after that passing,—

(a)the 1984 Act may be cited as the Inheritance Tax Act 1984 ; and

(b)subject to subsection (2) below, any reference to capital transfer tax in the 1984 Act, in any other enactment passed before or in the same Session as this Act or in any document executed, made, served or issued on or before the passing of this Act or at any time thereafter shall have effect as a reference to inheritance tax.

(2)Subsection (1)(b) above does not apply where the reference to capital transfer tax relates to a liability arising before the passing of this Act.

(3)In the following provisions of this Part of this Act, any reference to tax except where it is a reference to a named tax is a reference to inheritance tax and, in so far as it occurs in a provision which relates to a time before the passing of this Act, includes a reference to capital transfer tax.

101 Lifetime transfers potentially exempt etc.E+W+S+N.I.

(1)The 1984 Act shall have effect subject to the amendments in Part I of Schedule 19 to this Act, being amendments—

(a)removing liability for tax on certain transfers of value where the transfer occurs at least seven years before the transferor’s death;

(b)providing for one Table of rates of tax;

(c)abolishing exemptions for mutual transfers;

(d)making provision with respect to the amounts of tax to be charged on transfers occurring before the death of the transferor;

(e)making provision with respect to the application of relief under Chapter I (business property) and Chapter II (agricultural property) of Part V of the 1984 Act to such transfers; and

(f)reducing the period during which the values transferred by chargeable transfers are aggregates from ten years to seven;

and amendments making provisions consequential on or incidental to the matters referred to above and to sections 102 and 103 below.

(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F74

(3)Part I of Schedule 19 to this Act has effect, subject to Part II of that Schedule, with respect to transfers of value made, and other events occcurring, on or after 18th March 1986.

(4)The transitional provisions in Part II of Schedule 19 to this Act shall have effect.

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Amendments (Textual)

F74S. 101(2) repealed by Finance Act 1989 (c. 26, SIF 63:2),s. 187(1), Sch. 17 Pt. VII

102 Gifts with reservation.E+W+S+N.I.

(1)Subject to subsections (5) and (6) below, this section applies where, on or after 28th March 1986, an individual disposes of any property by way of gift and either—

(a)possession and enjoyment of the property is not bona fide assumed by the donee at or before the beginning of the relevant period; or

(b)at any time in the relevant period the property is not enjoyed to the entire exclusion, or virtually to the entire exclusion, of the donor and of any benefit to him by contract or otherwise;

and in this section “the relevant period” means a period ending on the date of the donor’s death and beginning seven years before that date or, if it is later, on the date of the gift.

(2)If and so long as—

(a)posession and enjoyment of any property is not bona fide assumed as mentioned in subsection (1)(a) above, or

(b)any property is not enjoyed as mentioned in subsection (1)(b) above,

the property is referred to (in relation to the gift and the donor) as property subject to a reservation.

(3)If, immediately before the death of the donor, there is any property which, in relation to him, is property subject to a reservation then, to the extent that the property would not, apart from this section, form part of the donor’s estate immediately before his death, that property shall be treated for the purposes of the 1984 Act as property to which he was beneficially entitled immediately before his death.

(4)If, at a time before the end of the relevant period, any property ceases to be property subject to a reservation, the donor shall be treated for the purposes of the 1984 Act as having at that time made a disposition of the property by a disposition which is a potentially exempt transfer.

(5)This section does not apply if or, as the case may be, to the extent that the disposal of the property by way of gift is an exempt transfer by virtue of any of the following provisions of Part II of the 1984 Act,—

(a)section 18 (transfers between spouses);

(b)section 20 (small gifts);

(c)section 22 (gifts in consideration of marriage);

(d)section 23 (gifts to charities);

(e)section 24 (gifts to political parties);

[F75(ee)section 24A (gifts to housing associations);]

(f)section 25 (gifts for national purposes, etc);

F76(g). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(h)section 27 (maintenance funds for historic buildings); and

(i)section 28 (employee trusts).

(6)This section does not apply if the disposal of property by way of gift is made under the terms of a policy issued in respect of an insurance made before 18th March 1986 unless the policy is varied on or after that date so as to increase the benefits secured or to extend the term of the insurance; and, for this purpose, any change in the terms of the policy which is made in pursuance of an option or other power conferred by the policy shall be deemed to be a variation of the policy.

(7)If a policy issued as mentioned in subsection (6) above confers an option or other power under which benefits and premiums may be increased to take account of increases in the retail price index (as defined in section 8(3) of the 1984 Act) or any similar index pecified in the policy, then, to the extent that the right to exercise on or before 1st August 1986, the exercise of that option or power before that date shall be disregarded for the purposes of subsection (6) above.

(8)Schedule 20 to this Act has effect for supplementing this section.

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Amendments (Textual)

F75Finance Act 1989 (c. 26, SIF 63:1, 2), s. 171(5), with effect from 14 March 1989

F76S. 102(5)(g) repealed (31.7.1998 with effect as mentioned in Sch. 27 Note 2 of the amending Act) 1998 c. 36, s. 165, Sch. 27 Pt. IV

[F77102A Gifts with reservation: interest in land.E+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)

F77Ss. 102A, 102B, 102C inserted (27.7.1999) by 1999 c. 16, s. 104

(1)This section applies where an individual disposes of an interest in land by way of gift on or after 9th March 1999.

(2)At any time in the relevant period when the donor or his spouse enjoys a significant right or interest, or is party to a significant arrangement, in relation to the land—

(a)the interest disposed of is referred to (in relation to the gift and the donor) as property subject to a reservation; and

(b)section 102(3) and (4) above shall apply.

(3)Subject to subsections (4) and (5) below, a right, interest or arrangement in relation to land is significant for the purposes of subsection (2) above if (and only if) it entitles or enables the donor to occupy all or part of the land, or to enjoy some right in relation to all or part of the land, otherwise than for full consideration in money or money’s worth.

(4)A right, interest or arrangement is not significant for the purposes of subsection (2) above if—

(a)it does not and cannot prevent the enjoyment of the land to the entire exclusion, or virtually to the entire exclusion, of the donor; or

(b)it does not entitle or enable the donor to occupy all or part of the land immediately after the disposal, but would do so were it not for the interest disposed of.

(5)A right or interest is not significant for the purposes of subsection (2) above if it was granted or acquired before the period of seven years ending with the date of the gift.

(6)Where an individual disposes of more than one interest in land by way of gift, whether or not at the same time or to the same donee, this section shall apply separately in relation to each interest.]

F78102B Gifts with reservation: share of interest in land.E+W+S+N.I.

(1)This section applies where an individual disposes, by way of gift on or after 9th March 1999, of an undivided share of an interest in land.

(2)At any time in the relevant period, except when subsection (3) or (4) below applies—

(a)the share disposed of is referred to (in relation to the gift and the donor) as property subject to a reservation; and

(b)section 102(3) and (4) above shall apply.

(3)This subsection applies when the donor—

(a)does not occupy the land; or

(b)occupies the land to the exclusion of the donee for full consideration in money or money’s worth.

(4)This subsection applies when—

(a)the donor and the donee occupy the land; and

(b)the donor does not receive any benefit, other than a negligible one, which is provided by or at the expense of the donee for some reason connected with the gift.

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Amendments (Textual)

F78Ss. 102A, 102B, 102C inserted (27.7.1999) by 1999 c. 16, s. 104

F79102C Sections 102A and 102B: supplemental.E+W+S+N.I.

(1)In sections 102A and 102B above “the relevant period” has the same meaning as in section 102 above.

(2)An interest or share disposed of is not property subject to a reservation under section 102A(2) or 102B(2) above if or, as the case may be, to the extent that the disposal is an exempt transfer by virtue of any of the provisions listed in section 102(5) above.

(3)In applying sections 102A and 102B above no account shall be taken of—

(a)occupation of land by a donor, or

(b)an arrangement which enables land to be occupied by a donor,

in circumstances where the occupation, or occupation pursuant to the arrangement, would be disregarded in accordance with paragraph 6(1)(b) of Schedule 20 to this Act.

(4)The provisions of Schedule 20 to this Act, apart from paragraph 6, shall have effect for the purposes of sections 102A and 102B above as they have effect for the purposes of section 102 above; and any question which falls to be answered under section 102A or 102B above in relation to an interest in land shall be determined by reference to the interest which is at that time treated as property comprised in the gift.

(5)Where property other than an interest in land is treated by virtue of paragraph 2 of that Schedule as property comprised in a gift, the provisions of section 102 above shall apply to determine whether or not that property is property subject to a reservation.

(6)Sections 102 and 102A above shall not apply to a case to which section 102B above applies.

(7)Section 102A above shall not apply to a case to which section 102 above applies.

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Amendments (Textual)

F79Ss. 102A, 102B, 102C inserted (27.7.1999) by 1999 c. 16, s. 104

103 Treatment of certain debts and incumbrances.E+W+S+N.I.

(1)Subject to subsection (2) below, if, in determining the value of a person’s estate immediately before his death, account would be taken, apart from this subsection, of a liability consisting of a debt incurred by him or an incumbrance created by a disposition made by him, that liability shall be subject to abatement to an extent proportionate to the value of any of the consideration given for the debt or incumbrance which consisted of—

(a)property derived from the deceased; or

(b)consideration (not being property derived from the deceased)given by any person who was at the time entitled to, or amongst whose resources there were at any time included, any property derived from the deceased.

(2)If, in the case where the whole or part of the consideration given for a debt or incumbrance consisted of such consideration as is mentioned in subsection (1)(b) above, it is shown that the value of the consideration given, or of that part thereof, as the case may be, exceeded that which could have been rendered available by application of all the property derived from the deceased, other than such (if any) of that property—

(a)as is included in the consideration given, or

(b)as to which it is shown that the disposition of which it, or the property which it represented, was the subject matter was not made with reference to, or with a view to enabling or facilitating, the giving of the consideration or the recoupment in any manner of the cost thereof, no abatement shall be made under subsection (1) above in respect of the excess.

(3)In subsections (1) and (2) above “property derived from” means, subject to subsection (4) below, any property which was the subject matter of a dispostition made by the deceased, either by himself alone or in concert or by arrangement with any other person or which represented any of the subject matter of such a dispostition, whether directly or indirectly, and whether by virtue of on or more intermediate dispostitions.

(4)If the dispostition first-mentioned in subsection (3) above was not a transfer of value and it is shown that the disposition was not part of associated operations which included—

(a)a disposition by the deceased, either alone or in concert or by arrangement with any other person, otherwise than for full consideration in money or money’s worth paid to the deceased for his own use or benefit; or

(b)a dispostition by any other person operating to reduce the value of the property of the deceased,

that first-mentioned dispostition shall be left out of account for the purposes of subsections (1) to (3) above.

(5)If, before a person’s death but on or after 18th March 1986, money or money’s worth is paid or applied by him—

(a)in or towards the satisfaction or discharge of a debt or incumbrance in the case of which subsection (1) above would have effect on his death if the debt or incumbrance had not been satisfied or discharged, or

(b)in reduction of debt or incumbrance in the case of which that subsection has effect on his death,

the 1984 Act shall have effect as if, at the time of the payment or application, the person concerned had made a transfer of value equal to the money or money’s worth and that transfer were a potentially exempt transfer.

(6)Any reference in this section to a debt is a reference to a debt incurred on or after 18th March 1986 and any reference to an incumbrance created by a disposition is a reference to an incumbrance created by an disposition made on or after that date; and in this section “subject matter” includes, in relation to any disposition, any annual or periodical payment made or payable under or by virtue of the disposition

(7)In determining the value of a person’s estate immediately before his death, no account shall be taken (by virtue of section 5 of the 1984 Act) of any liability arising under or in connection with a policy of life insurance issued in respect of an insurance made on or after 1st July 1986 unless the whole of the sums assured under that policy form part of that person’s estate immediately before his death.

104 Regulations for avoiding double charges etc.E+W+S+N.I.

(1)For the purposes of the 1984 Act the Board may by regulations make such provision as is mentioned in subsection (2) below with respect to transfers of value made, and other events occurring, on or after 18th March 1986 where—

(a)a potentially exempt transfer proves to be a chargeable transfer and, immediately before the death of the transferor, his estate includes property acquired by him from the transferee otherwise than for full consideration in money or money’s worth;

(b)an individual disposes of property by a transfer of value which is or proves to be a chargeable transfer and the circumstances are such that subsection (3) or subsection (4) of section 102 above applies to the property as being or having been property subject to a reservation;

(c)in determining the value of a person’s estate immediately before his death, a liability of his to any person is abated as mentioned in section 103 above and, before his death, the deceased made a transfer of value by virtue of which the estate of that other person was increased or by virtue of which property becomes comprised in a settlement of which that other person is a trustee; or

(d)the circumstances are such as may be specified in the regulations for the purposes of this subsection, being circumstances appearing to the Board to be similar to those referred to in paragraphs (a) to (c) above.

(2)The provision which may be made by regulations under this section is provision for either or both of the following,—

(a)treating the value transferred by a transfer of value as reduced by reference to the value transferred by another transfer of value ; and

(b)treating the whole or any part of the tax paid or payable on the value transferred by a transfer of value as a credit against the tax payable on the value transferred by another transfer of value.

(3)The power to make regulations under this section shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the Commons House of Parliament.

105 Application of business and agricultural relief where transfer partly exempt.E+W+S+N.I.

With respect to transfers of value made on or after 18th March 1986, after section 39 of the 1984 Act there shall be inserted the following section—

39A Operation of sections 38 and 39 in cases of business or agricultural relief.

(1)Where any part of the value transferred by a transfer of value is attributable to—

(a)the value of the relavant business property, or

(b)the agricultural value of agricultural property,

then, for the purpose of attributing the value transferred (as reduced in accordance with section 104 or 116 below), to specific gifts and gifts of residue, sections 38 and 39 above shall have effect subject to the following provisions of this section.

(2)The value of any specific gifts of relevant business property or agricultural property shall be taken to be their value as reduced in accordance with section 104 or 116 below.

(3)The value of any specific gifts not falling within subsection (2) above shall be taken to be the appropriate fraction of their value.

(4)In subsection (3) above “the appropriate fraction” means a fraction of which—

(a)the numerator is the difference between the value transferred and the value, reduced as mentioned in subsection (2) above, of any gifts falling within that subsection, and

(b)the denominator is the difference between the unreduced value transferred and the value, before the reduction mentioned in subsection (2) above, of any gifts falling within that subsection;

and in paragraph (b) above “the unreduced value transferred” means the amount which would be the value transferred by the transfer but for the reduction required by sections 104 and 116 below.

(5)If or to the extent that specific gifts fall within paragraphs (a) and (b) of subsection (1) of section 38 above, the amount corresponding to the value of the gifts shall be arrived at in accordance with subsections (3) to (5) of that section by reference to their value reduced as mentioned in subsection (2) or, as the case may be, subsection (3) of this section.

(6)For the purposes of this section the value of a specific gift of relevant business property or agricultural property does not include the value of any other gift out of that property; and that other gift shall not itself be treated as a specific gift of relevant business property or agricultural property.

(7)In this section—

  • agricultural property” and “the agricultural value of agricultural property” have the samemeaning as in Chapter II of Part V of this Act; and

  • relevant business property” has the same meaing as in Chapter I of that Part.

106 Changes in financial institutions business property.E+W+S+N.I.

(1)In section 105 of the 1984 Act (relevant business property) the following shall be substituted for subsection (4)(a)—

(a)does not apply to any property if the business concerned is wholly that of a market maker or is that of a discount house and (in either case) is carried on in the United Kingdom, and.

(2)At the end of that section there shall be inserted—

(7)In this section “market maker” means a person whom—

(a)holds himself out at all normal times in compliance with the rules of The Stock Exchange as willing to buy and sell securities, stocks and shares at a price specified by him, and

(b)is recognised as doing so by the Council of The Stock Exchange.

(3)Subsections (1) and (2) above apply in relation to transfers of value made, and otehr events occurring, on or after the day of the Stock Exchange reforms.

(4)The Board may by regulations provided that section 105(7) of the 1984 Act (as inserted by subsection (2) above) shall have effect—

(a)as if the reference to The Stock Exchange in paragraph (a) were to any recognised investment exchange (within the meaning [F80given by section 285(1)(a) of the Financial Services and Markets Act 2000]) or to any of those exchanges specified in the regulations, and

(b)as if the reference to the Council of Stock Exchange in paragraph (b) were to the investment exchange concerned.

(5)The Board may by regulations amend section 105 of the 1984 Act so as to secure that section 105(3) does not apply to any property if the business concerned is of such description as is set out in the regulations; and the regulations may include such incidental and consequential provisions as the Board think fit.

(6)Regulations under subsection (4) or (5) above shall apply in relation to transfers of value made, and other events occurring, on or after such day, after the Stock Exchange reforms, as is specified in the regulations.

(7)The power to make regulations under subsection (4) and (5) above shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the Commons House of Parliament.

(8)In this section “the day of the Stock Exchange reforms” means trhe day on which the rule of The Stock Exhcange that prohibits a person from carrying on business as both a broker and a jobber is abolished F81.

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Amendments (Textual)

F80Words in s. 106(4)(a) substituted (1.12.2001) by S.I. 2001/3629, art. 11

F81The “day of The Stock Exchange reforms” was 27 October 1986.

107 Changes in financial institutions: interest.E+W+S+N.I.

(1)In section 234 of the 1984 Act (interest in instalments) the following shall be substituted for subsection (3)(c)—

(c)any company whose business is wholly that of a amrket maker or is that of a discount house and (in either case) is carried on in the United Kingdom.

(2)At the end of that section there shall be inserted—

(4)In this section “market maker” means a person who—

(a)holds himself out at all normal times in compliance with the rules of The Stock Exchange as willing to buy and sell securities, stocks or shares at a price specified by him, and

(b)is recognised as doing so by the Council of The Stock Exchange.

(3)Subsections (1) and (2) above apply in relation to chargeable transfers made, and other events occurring, on or after the day of The Stock Exchange reforms.

(4)The Board may by regulations provide that section 234(4) of the 1984 Act (as inserted by subsection (2) above) shall have effect—

(a)as if the reference to The Stock Exchange in paragraph (a) were to any recognised investment exchange (within the meaning [F82given by section 285(1)(a) of the Financial Services and Markets Act 2000]) or to any of those exchanges specified in the regulations, and

(b)as if the reference to the Council of The Stock Exchange in paragraph (b) were to the investment exchange concerned.

(5)The Board may by regulations amend section 234 of the 1984 Act so as to secure that companies of a description set out in the regulations fall within section 234(3)(c); and the regulations may include such incidental and consequential provisions as the Board think fit.

(6)Regulations under subsection (4) or (5) above shall apply in relation to chargeable transfers made, and by other events occurring, on or after such day, after the day of The Stock Exchange reforms, as is specified in the regulations.

(7)The power to make regulations under subsection (4) or (5) above shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the Commons House of Parliament.

(8)In this section “the day of The Stock Exchange reforms” has the same meaning as in section 106 above.

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Amendments (Textual)

F82Words in s. 107(4)(a) substituted (1.12.2001) by S.I. 2001/3629, art. 11

PART VIE+W+S+N.I. OIL TAXATION

108 The on-shore/off-shore boundary.E+W+S+N.I.

(1)For the purposes of the enactments relating to oil taxation, land lying between the landward boundary of the territorial sea and the shoreline of the United Kingdom (as defined below) shall be treated as part of the bed of the territorial sea of the United Kingdom and any reference in those enactments to the territorial sea or the subsoil beneath it shall be construed accordingly.

(2)Any reference to the United Kingdom in the enactments relating to oil taxation, where that reference is a reference to a geographical area, shall be treated as a reference to the United Kingdom exclusive of the land referred to in subsection (1) above and of any waters for the time being covering that land.

(3)In this section—

(a)the landward boundary of the territorial sea” means the line for the time being ordered by Her Majesty in Council to be the baseline from which the breadth of the territorial sea is measured; and

(b)the shoreline of the United Kingdom” means, subject to subsection (4) below, the high-water line along the coast, including the coast of all islands comprised in the United Kingdom.

(4)In the case of waters adjacent to a bay, as defined in the Territorial Waters Order in Council 1964, the shoreline means—

(a)if the bay has only one mouth and the distance between the high-water lines of the natural entrance points of the bay does not exceed 5,000 metres, a straight line joining those high-water lines;

(b)if, because of the presence of islands, the bay has more than one mouth and the distances between the high-water lines of the natural entrance points of each mouth added together do not exceed 5,000 metres, a series of straight lines across each of the mouths drawn so as to join those high-water lines; and

(c)if neither paragraph (a) nor paragraph (b) above applies, a straight line 5,000 metres in length drawn from high-water line to high-water line within the bay in such a manner as to enclose the maximum area of water that is possible with a line of that length.

(5)If, by virtue of this section, it becomes necessary at any time to establish the high-water line at any place, it shall be taken to be the line which, on the current Admiralty chart showing that place, is depicted as “the coastline”, and for this purpose,—

(a)an Admiralty chart means a chart published under the superintendence of the Hydrographer of the Navy;

(b)if there are two or more Admiralty charts of different scales showing the place in question and depicting the coastline, account shall be taken only of the largest scale chart; and

(c)subject to paragraph (b) above, the current Admiralty chart at any time is that most recently published before that time.

(6)In this section “the enactments relating to oil taxation” means Part I of the M24Oil Taxation Act 1975 and any enactment which is to be construed as one with that Part.

(7)This section shall be deemed to have come into force on 1st April 1986.

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Modifications etc. (not altering text)

Marginal Citations

109 Alternative valuation of light gases.E+W+S+N.I.

(1)Where an election is made under this section [F83before 1st January 1994] and accepted by the Board, the market value for the purposes of the Oil Taxation Acts of any light gases to which the election applies shall be determined, not in accordance with paragraphs 2, 2A and 3 of Schedule 3 to the principal Act (value under a notional contract), but by reference to a price formula specified in the election; and, in relation to any such light gases, any reference to market value in any other provision of the Oil Taxation Acts shall be construed accordingly.

(2)No election may be made under this section in respect of light gases which are “ethane” as defined in subsection (6)(a) of section 134 of the M25Finance Act 1982 (alternative valuation of ethane used for petrochemical purposes) if the principal purpose for which the gases are being or are to be used is that specified in subsection (2)(b) of the said section 134 (use for petrochemical purposes).

(3)Subject to subsection (4) below, an election under this section applies only to light gases—

(a)which, during the period covered by the election, are either disposed of otherwise than in sales at arm’s length or relevantly appropriated; and

(b)which are not subject to fractionation between the time at which they are so disposed of or appropriated and the time at which they are applied or used for the purposes specified in the election.

(4)In any case where,—

(a)at a time during the period covered by an election, a market value falls to be determined for light gases to which subsection (4)(b) or (5)(d) of section 2 of the principal Act applies (oil stocks at the end of chargeable periods), and

(b)after the expiry of the chargeable period in question, the light gases are disposed of or appropriated as mentioned in subsection (3) above,

the market value of those light gases at the time referred to in paragraph (a) above shall be determined as if they were gases to which the election applies.

(5)Schedule 18 to the M26Finance Act 1982 (which applies to elections under section 134 of that Act relating to ethane used or to be used for petrochemical purposes) shall have effect for supplementing this section but subject to the modifications in Schedule 21 to this Act (in which “the 1982 Schedule” means the said Schedule 18).

(6)This section shall be construed as one with Part I of the principal Act and in this section—

(a)light gases” means oil consisting of gas of which the largest component by volume over any chargeable period is methane or ethane or a combination of those gases and which—

(i)results from the fractionation of gas before it is disposed of or appropriated as mentioned in subsection (3)(a) above, or

(ii)before being so disposed of or appropriated, is not subjected to initial treatment or is subjected to initial treatment which does not include fractionation;

(b)the principal Act” means the M27Oil Taxation Act 1975; and

(c)the Oil Taxation Acts” means Part I of the principal Act and any enactment which is to be construed as one with that Part.

(7)In this section “fractionation” means the treatment of gas in order to separate gas of one or more kinds as mentioned in paragraph 2A(3) of Schedule 3 to the principal Act; and for the purposes of subsection (6)(a) above,—

(a)the proportion of methane, ethane or a combination of the two in any gas shall be determined at a temperature of 15[2B]dgC and at a pressure of one atmosphere; and

(b)any component other than methane, ethane or liquified petroleum gas shall be disregarded.

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Amendments (Textual)

F83Words in s. 109(1) inserted (3.5.1994) by 1994 c. 9, s. 236(3)(b)

Modifications etc. (not altering text)

C12S. 109 restricted (3.5.1994) by 1994 c. 9, s. 236(3)

Marginal Citations

110 Attribution of certain receipts and expenditure between oil fields.E+W+S+N.I.

(1)Section 8 of the M28Oil Taxation Act 1983 (qualifying assets) shall have effect, and be deemed always to have had effect, subject to the amendments in subsections (2) and (3) below.

(2)In subsection (3) (which determines the oil field to which are attributable tariff receipts or disposal receipts referable to a qualifying asset) after the word “above”, both where it occurs in paragraph (c) and also in the words following paragraph (c), there shall be inserted “and subsection (3A) below”.

(3)After subsection (3) there shall be inserted the following subsection—

(3A)If development decisions were first made in relation to two or more oil fields on the same day, then, for the purposes of subsection (3)(c) above, it shall be conclusively presumed that the first of those decisions was made in relation to that one of those fields in connection with which it appeared—

(a)at the time of the decision, or

(b)if it is later, at the time the asset was acquired or brought into existence by the participator in question for use in connection with an oil field,

that the participator in question would make the most use of the asset.

(4)Paragraph 6 of Schedule 1 to the Oil Taxation Act 1983 (attribution of allowable expenditure) shall have effect and be deemed always to have had effect with the addition of the following sub-paragraph—

(3)Subsection (3A) of section 8 of this Act applies for the purposes of sub-paragraph (1) above as it applies for the purposes of subsection (3)(c) of that section.

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Marginal Citations

Part VIIE+W+S+N.I. Miscellaneous and Supplementary

[F84111 Broadcasting: additional payments by programme contractors.E+W+S+N.I.
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Amendments (Textual)

(1)The M29Broadcasting Act 1981 shall have effect with respect to additional payments payable by programme contractors under that Act subject to the amendments made by Part I of Schedule 22 to this Act.

(2)The transitional provisions made by Part II of that Schedule shall have effect.

(3)This section shall be deemed to have come into force on 1st April 1986.]

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Marginal Citations

112 Limit for local loans.E+W+S+N.I.

In section 4(1) of the M30National Loans Act 1968 (which provides that the aggregate of any commitments of the Public Works Loan Commissioners in respect of undertakings to grant local loans and any amount outstanding in respect of the principal of such loans shall not exceed £28,000 million or such other sum not exceeding £35,000 million as the Treasury may specify by order) for the words “£28,000 million” and “£35,000 million” there shall be substituted respectively “£42,000 million” and “£50,000 million”.

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Marginal Citations

113“Securities” for purposes of Exchange Equalisation Account Act 1979.E+W+S+N.I.

—At the end of section 3 of the M31Exchange Equalisation Account Act 1979 (investment of the funds of the Exchange Equalisation Account) there shall be added the following subsection—

(4)Without prejudice to the reference in subsection (1)(b) above to special drawing rights, the reference in subsection (3) above to currency of any country includes a reference to units of account defined by reference to more than one currency.

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Marginal Citations

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

(1)This Act may be cited as the Finance Act 1986.

(2)In this Act “the Taxes Act” means the M32Income and Corporation Taxes Act 1970.

(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 M33Capital Gains Tax Act 1979.

(4)Part III of this Act shall be construed as one with the M34Stamp Act 1891.

(5)Part V of this Act, other than section 100, shall be construed as one with the M35Capital Transfer Tax Act 1984.

(6)The enactments and Orders 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.

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Marginal Citations

F85SCHEDULE 1E+W+S+N.I.

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

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Amendments (Textual)

F85Sch. 1 repealed (1.9.1994) by 1994 c. 22, ss. 64, 65, 66, Sch. 4, Sch. 5 Pt. I (with s. 57(4))

Section 3(7).

SCHEDULE 2E+W+S+N.I. Vehicles Excise Duty: Miscellaneous Amendments

F86Part IE+W+S+N.I.

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

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Amendments (Textual)

F86Sch. 2 Pt. I repealed (1.9.1994) by 1994 c. 22, ss. 64, 65, 66, Sch. 4, Sch. 5 Pt. I (with s. 57(4))

F90Part IIE+W+S+N.I.

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Amendments (Textual)

Additional days to be included in duration of certain licencesE+W+S+N.I.

F917. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

Tower wagons used by street lighting authorities etc.E+W+S+N.I.

F928. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

Trade licencesE+W+S+N.I.

F939. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

Surrender of licencesE+W+S+N.I.

F9410. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

Removal of fee for duplicate registration documentE+W+S+N.I.

F9511. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

Section 5.

SCHEDULE 3E+W+S+N.I. Warehousing Regulations

1Section 93 of the M37Customs and Excise Management Act 1979 (warehousing regulations) shall be amended in accordance with paragraphs 2 to 7 below.E+W+S+N.I.

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Marginal Citations

F962. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

3The following shall be inserted after subsection (2)(e)—E+W+S+N.I.

(ee)providing that goods which are to be warehoused, or which have been lawfully permitted to be removed from a warehouse without payment of duty, are to be treated as if, for all or any prescribed purposes of the customs and excise Acts, they were warehoused;.

4The following shall be substituted for subsection (2)(g) (business records)—E+W+S+N.I.

(g)imposing or providing for the imposition under the regulations of requirements on the occupier of a warehouse or the proprietor of goods in a warehouse or goods which have been in or are to be deposited in a warehouse to keep and preserve such records as may be prescribed relating to his occupation of the warehouse or proprietorship of the goods;

(h)imposing or providing for the imposition under the regulations of requirements on such an occupier or proprietor to preserve all other records kept by him for the purposes of any relevant business or activity, except any records which (or records of a class which) the Commissioners specify as not needing preservation;

(j)imposing or providing for the imposition under the regulations of requirements on such an occupier or proprietor to produce or cause to be produced any records which he has been required to preserve by virtue of paragraph (g) or (h) above to an officer when required to do so for the purpose of allowing the officer to inspect them, to copy or take extracts from them or to remove them at a reasonable time and for a reasonable period;

(k)imposing or providing for the imposition under the regulations of requirements on such an occupier or proprietor to furnish the Commissioners with any information relating to any relevant business or activity which they specify as information which they think it is necessary or expedient for them to be given for the protection of the revenue;

(l)allowing a requirement to preserve any records which has been imposed by virtue of paragraph (h) above to be discharged by the preservation in a form approved by the Commissioners of the information contained in the records.

5The following shall be inserted at the end of subsection (2)—E+W+S+N.I.

In this subsection ”relevant business or activity’ means, in relation to an occupier or proprietor, any business or activity of his which includes occupation of a warehouse or (as the case may be) proprietorship of goods in a warehouse or goods which have been in or are to be deposited in a warehouse, where the goods are of a kind in which the proprietor trades or deals.

F976. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

7The following shall be substituted for subsection (7) (interpretation)—E+W+S+N.I.

(7)In this section—

(a)prescribed” means prescribed by warehousing regulations;

(b)references to goods which are to be warehoused are references to goods which have been entered for warehousing on importation, which have been removed from a producer’s premises for warehousing without payment of duty or which are to be warehoused on drawback.

8In consequence of the amendments made by the preceding provisions of this Schedule, the following provisions of section 15 of the M38Alcoholic Liquor Duties Act 1979 (which relate to regulations about distillers’ warehouses) shall cease to have effect—E+W+S+N.I.

(a)subsections (6A) and (6B), and

(b)the words “restriction or requirement” in subsection (7) and in subsection (8).

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Marginal Citations

Section 6.

SCHEDULE 4E+W+S+N.I. Extension to Northern Ireland of Provisions of Betting and Gaming Duties Act 1981

Part IE+W+S+N.I. Amendments of the Betting and Gaming Duties Act 1981

General betting duty and pool betting dutyE+W+S+N.I.

1(1)In section 1 (general betting duty) in subsection (1) for the words “Great Britain” there shall be substituted “the United Kingdom”.E+W+S+N.I.

(2)In subsection (3) of that section after the words “Act 1963” there shall be inserted the words “or Article 37 of the Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order 1985”.

2F98(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

F99(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Amendments (Textual)

F98Sch. 4 para. 2(1) repealed (retrospective to 31.3.2002) by 2002 c. 23, ss. 12, 141, Sch. 40 Pt. 1(4) Note 2

3(1)In section 9 (prohibitions for protection of revenue) for the words “Great Britain”, wherever they occur, there shall be substituted “the United Kingdom”.E+W+S+N.I.

(2)In subsection (3)(a) of that section the words “Northern Ireland or” and “of the Parliament of Northern Ireland or, as the case may be,” shall be omitted.

4In section 12(4) (interpretation of provisions relating to betting duties)—E+W+S+N.I.

(a)before the definition of “meeting” there shall be inserted the following definitions—

betting office licence”—

(a)in Great Britain, has the meaning given by section 9(1) of the Betting, Gaming and Lotteries Act 1963, and

(b)in Northern Ireland, means a bookmaking office licence as defined in Article 2(2) of the Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order 1985;

bookmaker”—

(a)in Great Britain, has the meaning given by section 55(1) of the said Act of 1963, and

(b)in Northern Ireland, has the meaning given by Article 2(2) of the said Order of 1985;

and (in either case) the expression ”bookmaking’ shall be construed accordingly;

bookmaker’s permit”—

(a)in Great Britain, has the meaning given by section 2(1) of the said Act of 1963, and

(b)in Northern Ireland, means a bookmaker’s licence as defined in Article 2(2) of the said Order of 1985;;

(b)after the definition of “promoter” there shall be inserted the following definitions—

sponsored pool betting” has the meaning given by section 55(1) of the said Act of 1963;

totalisator” has the meaning given by section 55(1) of the said Act of 1963 and Article 2(2) of the said Order of 1985;

track”—

(a)in Great Britain, has the meaning given by section 55(1) of the said Act of 1963, and

(b)in Northern Ireland, has the meaning given by Article 2(2) of the said Order of 1985;; and

(c)the words from “and ”betting office licence”’to the end shall be omitted.

Bingo dutyE+W+S+N.I.

5In section 17(1) (charge of bingo duty) for the words “Great Britain” there shall be substituted “the United Kingdom”.E+W+S+N.I.

6In section 19(2) (bingo played in more than one place)—E+W+S+N.I.

(a)for the words “Great Britain”, in both places where they occur, there shall be substituted “the United Kingdom”; and

(b)the words “Northern Ireland or” and the words “the Parliament of Northern Ireland or, as the case may be,” shall be omitted.

7In section 20(2) (interpretation of provisions relating to bingo duty) the definition of “Great Britain” shall be omitted and after the definition of “the promoter” there shall be inserted the following definition—E+W+S+N.I.

”United Kingdom’ includes the territorial waters of the United Kingdom;.

GeneralE+W+S+N.I.

F1008. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F1019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

10(1)In section 35, for subsection (3) (extent) there shall be substituted—E+W+S+N.I.

(3)The following provisions of this Act do not extend to Northern Ireland—

(a)sections 13 to 16;

(b)sections 29 and 30;

(c)Schedule 2;

(d)paragraph 15 of Schedule 4;

and sections 27 and 31 do not extend there in their application to the enactment relating to gaming licence duty.

(2)Subsection (4) of that section shall be omitted.

Administration of betting dutiesE+W+S+N.I.

11(1)In Schedule 1 (betting duties) in paragraph 7 (production of records) after the words “Act 1963” there shall be inserted the words “or Schedule 8 to the Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order 1985”.E+W+S+N.I.

(2)In paragraph 15 of that Schedule—

(a)in sub-paragraph (2) after the words “England or Wales” there shall be inserted the words “or Northern Ireland”;

(b)in sub-paragraph (4) after the word “premises” there shall be inserted the words “in England, Wales or Scotland”; and

(c)after that sub-paragraph there shall be inserted the following sub-paragraphs—

(5)Subject to sub-paragraph (6) below, where under sub-paragraph (1) above a court orders that a betting office licence held by a person in respect of premises in Northern Ireland shall be forfeited and cancelled, no court of summary jurisdiction shall entertain an application by that person for the grant (or provisional grant) of a new betting office licence in respect of those premises or any other premises situated in the same petty sessions district as those premises made less than twelve months after that forfeiture and cancellation.

(6)Sub-paragraph (5) above—

(a)shall not prejudice the right of such a person as is mentioned in that sub-paragraph to seek the renewal of any betting office licence (other than that which is forfeited) which he holds; and

(b)applies notwithstanding anything in Article 12 of the Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order 1985..

Exemptions from, and administration of, bingo dutyE+W+S+N.I.

12(1)In Schedule 3 in paragraph 2(1) (small-scale bingo) after the words “Act 1968” there shall be inserted the words “or under Chapter II of Part III of the Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order 1985”.E+W+S+N.I.

(2)In paragraph 5 of that Schedule (small-scale amusements provided commercially) in sub-paragraph (1) after paragraph (a) there shall be inserted the following paragraph—

(aa)on any premises in Northern Ireland in respect of which an amusement permit under Article 111 of the Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order 1985 or a pleasure permit under Article 157 of that Order has been granted;.

(3)In paragraph 10(2) of that Schedule (registration of bingo-promoters) after the words “Act 1968” there shall be inserted the words “or under Chapter II of Part III of the Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order 1985”.

Part IIE+W+S+N.I. Consequential Amendments of Northern Ireland Legislation

13In section 287(1)(a) of the M39Companies Act (Northern Ireland) 1960 (preferential payments), for head (iv) there shall be substituted the following head—E+W+S+N.I.

(iv)any amount due from the company at the relevant date by way of general betting duty or bingo duty, or by virtue of section 12(1) of the Betting and Gaming Duties Act 1981, which became due within 12 months next before that date;.

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Marginal Citations

14In Article 19(a) of the M40Bankruptcy Amendment (NorthernIreland) Order 1980 (preferential payments), for head (v) there shall be substituted the following head—E+W+S+N.I.

(v)any amount due from the bankrupt at the relevant date by way of general betting duty or bingo duty, or by virtue of section 12(1) of the Betting and Gaming Duties Act 1981, which became due within 12 months next before that date;.

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Marginal Citations

15(1)The M41Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order 1985 shall be amended as follows.E+W+S+N.I.

(2)In Article 7, after paragraph (4), there shall be inserted the following paragraph—

(4A)In considering the fitness of any applicant to hold a bookmaker’s licence, the court shall have regard to—

(a)any failure of the applicant or of any other person mentioned in paragraph (3)(b); and

(b)where the applicant is a body corporate, any failure of any director of the applicant or of any other person mentioned in paragraph (4);

to pay any amount due from him or it by way of general betting duty or pool betting duty..

(3)In Article 61, after paragraph (4) there shall be inserted the following paragraph—

(4A)In considering the fitness of any applicant to hold a bingo club licence, a court shall have regard to—

(a)any failure of the applicant or of any other person mentioned in paragraph (3)(b); and

(b)where the applicant is a body corporate, any failure of any director of the applicant or of any other person mentioned in paragraph (4);

to pay any amount due from him or it by way of bingo duty..

(4)In Article 174 (registration of licences, etc)—

(a)in paragraph (2), after head (g) there shall be inserted the following head—

(gg)particulars of the forfeiture and cancellation of any bookmaking office licence in consequence of an order made under paragraph 15(1) of Schedule 1 to the Betting and Gaming Duties Act 1981;;

(b)in paragraph (4), after head (b) there shall be inserted the following—

or

(c)orders the forfeiture and cancellation of a book-making office licence under paragraph 15(1) of Schedule 1 to the Betting and Gaming Duties Act 1981;.

(5)In the following provisions, namely—

(a)Article 2(16), in so far as it is relevant for the purposes of the provisions mentioned in heads (b) and (c);

(b)Article 185(3) and Schedule 7, in so far as those provisions relate to a bookmaker’s licence, a bookmaking office licence or a bingo club licence; and

(c)Schedules 1 to 6 and Schedules 9 and 10;

any reference to the sub-divisional commander of the police sub-division shall be construed as including a reference to the Collector of Customs and Excise for the area, and any reference to the police sub-division shall be construed as including a reference to the area for which the Collector is responsible.

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Marginal Citations

Part IIIE+W+S+N.I. Subordinate Legislation

16(1)Any regulations made under Schedule 1 (betting duties) to the M42Betting and Gaming Duties Act 1981, in so far as they have effect immediately before the betting commencement date, shall have effect on and after that date in relation to Northern Ireland as if—E+W+S+N.I.

(a)that Act extended to Northern Ireland at the time when the regulations were made, and

(b)the regulations were made in relation to Northern Ireland as well as to Great Britain.

(2)Any orders or regulations made under Schedule 3 (bingo duty) to that Act, in so far as they have effect immediately before the bingo commencement date, shall have effect on and after that date in relation to Northern Ireland as if—

(a)that Act extended to Northern Ireland at the time when the orders or regulations were made, and

(b)the orders or regulations were made in relation to Northern Ireland as well as to Great Britain.

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Marginal Citations

SCHEDULE 5E+W+S+N.I. Licences Under the Customs and Excise Acts

General provisions as to payment of duty on excise licencesE+W+S+N.I.

1In section 101 of the M43Customs and Excise Management Act 1979 (grant of excise licences)—E+W+S+N.I.

(a)in subsection (1), for the words “the appropriate duty” there shall be substituted “any appropriate duty”; and

(b)in subsection (3), for the words “taken out” there shall be substituted “held” and for the words “in any one licence year” there shall be substituted “at any one time”.

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Marginal Citations

2In sections 102(1) and 104(3) of the Customs and Excise Management Act 1979 (payment for and transfer of excise licences), for the words “the duty” there shall be substituted “any duty”.E+W+S+N.I.

Licences to manufacture spiritsE+W+S+N.I.

3(1)Section 12 of the M44Alcoholic Liquor Duties Act 1979 (distillers’ licences) shall be amended in accordance with this paragraph.E+W+S+N.I.

(2)At the end of subsection (4) there shall be added the words “and they may at any time revoke a licence in respect of any premises if, by reason of circumstances arising since the grant of the licence, they could by virtue of this subsection refuse to grant a licence in respect of those premises”.

(3)At the end of subsection (5) there shall be added the words “and where the largest still so used on any premises in respect of which a licence is held is of less than that capacity, the Commissioners may revoke the licence or attach to it such conditions as they see fit to impose”.

(4)(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F102

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Amendments (Textual)

Marginal Citations

Licences relating to hydrocarbon oil etc.E+W+S+N.I.

4In Schedule 3 to the M45Hydrocarbon Oil Duties Act 1979 (subjects for regulations under section 21 of that Act), in paragraphs 2, F103. . . and 18 (which relate to licences for the production etc. of hydrocarbon oil, petrol substitutes and road fuel gas respectively) for the words “Fixing the date of expiration of any such licence” there shall be substituted “Specifying the circumstances in which any such licence may be surrendered or revoked”.E+W+S+N.I.

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Amendments (Textual)

Marginal Citations

Licences to manufacture mechanical lightersE+W+S+N.I.

F1045. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F105SCHEDULE 6E+W+S+N.I.

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

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Amendments (Textual)

F105Sch. 6 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15 (with Sch. 13 para. 9 and subject to an amendment by 1994 c. 22, s. 63, Sch. 3 para. 21)

SCHEDULES 7, 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F109E+W+S+N.I.

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Amendments (Textual)

F109Schs. 7, 8, 9 Pt. I paras. 1–21, Pt. II para. 23, Schs. 10–12, 17, 18 paras. 1–6, 9(1)(a)(2) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

Section 40.

SCHEDULE 9E+W+S+N.I. Business Expansion Scheme

Part IE+W+S+N.I.

1—21.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F110E+W+S+N.I.

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Amendments (Textual)

F110Schs. 7, 8, 9 Pt. I paras. 1–21, Pt. II para. 23, Schs. 10–12, 17, 18 paras. 1–6, 9(1)(a)(2) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

Part IIE+W+S+N.I. Consequential Amendments

22In the M48Taxes Management Act 1970 the following section shall be inserted after section 47A—E+W+S+N.I.

47B Special jurisdiction relating to Business Expansion Scheme.

If and so far as the question in dispute on any appeal against the refusal of relief under Schedule 5 to the Finance Act 1983 (relief for investment in corporate trades), or against an assessment withdrawing any such relief, is a question of the value of an interest in land (within the meaning of paragraph 5A(5) of that Schedule), it shall be determined—

(a)if the land is in England and Wales, on a reference to the Lands Tribunal;

(b)if the land is in Scotland, on a reference to the Lands Tribunal for Scotland; and

(c)if the land is in Northern Ireland, on a reference to the Lands Tribunal for Northern Ireland

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Marginal Citations

23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F111E+W+S+N.I.

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Amendments (Textual)

F111Schs. 7, 8, 9 Pt. I paras. 1–21, Pt. II para. 23, Schs. 10–12, 17, 18 paras. 1–6, 9(1)(a)(2) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

SCHEDULES 10–12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F112E+W+S+N.I.

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Amendments (Textual)

F112Schs. 7, 8, 9 Pt. I paras. 1–21, Pt. II para. 23, Schs. 10–12, 17, 18 paras. 1–6, 9(1)(a)(2) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

SCHEDULES 13–:16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F113E+W+S+N.I.

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Amendments (Textual)

SCHEDULE 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F114E+W+S+N.I.

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Amendments (Textual)

F114Schs. 7, 8, 9 Pt. I paras. 1–21, Pt. II para. 23, Schs. 10–12, 17, 18 paras. 1–6, 9(1)(a)(2) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

Section 63.

SCHEDULE 18E+W+S+N.I. Securities: Other Provisions

Sale and re-purchase of securitiesE+W+S+N.I.

1—6.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F115E+W+S+N.I.

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Amendments (Textual)

F115Schs. 7, 8, 9 Pt. I paras. 1–21, Pt. II para. 23, Schs. 10–12, 17, 18 paras. 1–6, 9(1)(a)(2) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

InformationE+W+S+N.I.

F1167. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F116Sch. 18 para. 7 repealed (19.3.1997 with effect as mentioned in Sch. 10 para. 16, Sch. 18 Pt. VI(10) Note 1 of the amending Act) by 1997 c. 16, ss. 76, 113, Sch. 10 Pt. II para. 15, Sch. 18 Pt. VI(10); S.I. 1997/991, art. 2

8(1)In section 25 of the Taxes Management Act 1970 (information: chargeable gains) in subsection (4) for the word “jobber” there shall be substituted the words “market maker”.E+W+S+N.I.

(2)At the end of section 25 there shall be inserted—

(10)In this section “market maker”, in relation to shares or securities, means a person who—

(a)holds himself out at all normal times in compliance with the rules of The Stock Exchange as willing to buy and sell shares or securities of the kind concerned at a price specified by him, and

(b)is recognised as doing so by the Council of The Stock Exchange.

(3)Sub-paragraphs (1) and (2) above apply in relation to transactions on or after the day of The Stock Exchange reforms.

(4)The Board may by regulations provide that—

(a)subsections (4) and (5) of section 25 and paragraph (a) of subsection (10) (as inserted by sub-paragraph (2) above) shall have effect as if references to The Stock Exchange were to any recognised investment exchange or to any of those exchanges specified in the regulations, and

(b)paragraph (b) of subsection (10) shall have effect as if the reference to the Council of The Stock Exchange were to the investment exchange concerned.

(5)Regulations under sub-paragraph (4) above shall apply in relation to transactions effected on or after such day, after the day of The Stock Exchange reforms, as is specified in the regulations.

MiscellaneousE+W+S+N.I.

F1179. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .E+W+S+N.I.

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Amendments (Textual)

F117Sch. 18 para. 9 repealed (19.3.1997 with effect as mentioned in Sch. 10 para. 16, Sch. 18 Pt. VI(10) Note 1 of the amending Act) by 1997 c. 16, ss. 76, 113, Sch. 10 Pt. II para. 15, Sch. 18 Pt. VI(10); S.I. 1997/991, art. 2

GeneralE+W+S+N.I.

10(1)In this Schedule “the day of The Stock Exchange reforms” means the day on which the rule of The Stock Exchange that prohibits a person from carrying on business as both a broker and a jobber is abolished.E+W+S+N.I.

(2)In this Schedule “recognised investment exchange” means a recognised investment exchange within the meaning of the Financial Services Act 1986.

(3)Any power to make regulations under this Schedule shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.

Section 101.

SCHEDULE 19E+W+S+N.I. INHERITANCE TAX

PART IE+W+S+N.I. AMENDMENTS OF 1984 ACT

1After section there shall be inserted the following section—E+W+S+N.I.

3A Potentially exempt transfers.

(1)Any reference in this Act to a potentially exempt transfer is a reference to a transfer of value—

(a)which is made by an individual on or after 18th March 1986; and

(b)which, apart from this section, would be a chargeable transfer (or to the extent to which, apart from this section, it would be such a transfer); and

(c)to the extent that it constitutes either a gift to another individual or a gift into an accumulation andmaintenance trust or a disabled trust;

but this subsection has effect subject to any provision of this Act which provides that a disposition (or transfer of value) of a particular description is not a potentially exempt transfer.

(2)Subject to subsection (6) below, a transfer of value falls within subsection (1)(c) above, as a gift to another individual,—

(a)to the extent that the value transferred is attributable to property which, by virtue of the transfer, becomes comprised in the estate of that other individual, otherwise than as settled property, or

(b)so far as that value is not attributable to property which becomes comprised in the estate of another person, to the extent that, by virtue of the transfer, the estate of that other individual is increased, otherwise than by an increase in the value of settled property comprised in this estate.

(3)Subject to subsection (6) below, a transfer of value falls within subsection (1)(c) above, as a gift into an accumulation and maintenance trust or a disabled trust, to the extent that the value transferred is attributable to property which, by virtue of the transfer, becomes settled property to which section 71 or 89 of this Act applies.

(4)A potentially exempt transfer which is made seven years or more before the death of the transferor is an exempt transfer and any other potentially exempt transfer is a chargeable transfer.

(5)During the period beginning on the date of a potentially exempt transfer and ending immediately before—

(a)the seventh anniversary of that date, or

(b)if it is earlier, the death of the transferor,

it shall be assumed for the purposes of this Act that the transfer will prove to be an exempt transfer.

(6)Where, under any provision of this Act, tax is in any circumstances to be charged as if a trnafer of value had been made, that transfer shall be taken to be a transfer which is not a potentially exempt transfer.

2(1)In section 7 (rates of tax), in subsection (1)—E+W+S+N.I.

(a)at the beginning there shall be inserted the words “Subject to subsections (2), (4) and (5) below”;

(b)for the words “ten years” there shall be substituted “ seven years ”; and

(c)the word “appropriate” shall be omitted.

(2)For subsection (2) of that section there shall be substituted the following subsection—

(2)Except as provided by subsection (4) below, the tax charged on the value transferred by a chargeable transfer made before the death of the transferor shall be charged at one-half of the rate or rates referred to in subsection (1) above.

(3)In subsection (3) of that section for the words “each of the Tables” there shall be substituted “ Table ”.

(4)After subsection (3) of that section there shall be inserted the following subsections—

(4)Subject to subsection (5) below, subsection (2) does not apply in the case of a chargeable transfer made at any time within the period of seven years ending with the death of the transferor but, in the case of a chargeable transfer made within that period but more that three years before the death, the tax charged on the value transferred shall be charged at the following percentage of the rate or rates referred to in subsection (1) above—

(a)where the transfer is made more than three but not more than four years before the death, 80 per cent;

(b)where the transfer is made more than four but not more than five years before the death, 60 per cent;

(c)where the transfer is made more than five but not more than six years before the death, 40 per cent; and

(d)where the transfer is made more than six but not more than seven years before the death, 20 per cent.

(5)If, in the case of a chargeable transfer made before the death of the transferor, the tax which would fall to be charged in accordance with subsection (4) above is less than the tax which would have been chargeable (in accordance with subsection (2) above) if the transferor had not died within the period of seven years beginning with the date of the transfer, subsection (4) above shall not apply in the case of that transfer.

3(1)In section 8 (indexation) in subsection (1) for the words “new Tables for the Tables” there shall be substituted “ a new Table for the Table ”.E+W+S+N.I.

(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F118

(3)In subsection (2) of that section for the word “Tables”, in each place where it occurs, there shall be substituted “ Table ” and for the words “they replace” there shall be substituted “ it replaces ”.

(4)In subsection (4) of that section, for the word “Tables” there shall be substituted “ Table ”.

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Amendments (Textual)

4In section 9 (transitional provisions on reduction of tax) for the words “new Tables” there shall be substituted “ a new Table ”.E+W+S+N.I.

5In section 19 (annual exemption), after subsection (3) there shall be inserted the following subsection—E+W+S+N.I.

(3A)A transfer of value which is a potentially exempt transfer—

(a)shall in the first instance be left out of account for the purposes of subsections (1) to (3) above; and

(b)if it proves to be a chargeable transfer, shall for the purposes of those subsections be taken into account as if, in the year in which it was made, it was made later than any transfer of value which was not a potentially exempt transfer.

6After section 26 there shall be inserted the following section—E+W+S+N.I.

26A Potentially exempt transfer of property subsequently held for national purposes etc.

A potentially exempt transfer which would (apart from this section) have proved to be a chargeable transfer shall be an exempt transfer to the extent that the value transferred by it is attributable to property which has been or could be designated under section 31(1) below and which, during the period beginning with the date of the transfer and ending with the death of the transferor,—

(a)has been disposed of by sale of private treaty to a body mentioned in Schedule 3 to this Act or has been disposed of to such a body otherwise than by sale, or

(b)has been disposed of in pursuance of section 230 below.

7In section 30 (conditionally exempt transfers) after subsection (3) there shall be inserted the following subsections—E+W+S+N.I.

(3A)The provisions of this section shall be disregarded in determining under section 3A above whether a transfer of value is a potentially exempt transfer.

(3B)No claim may be made under subsection (1) above with respect to a potentially exempt transfer until the transferor has died.

(3C)Subsection (1) above shall not apply to a potentially exempt transfer to the extent that the value transferred by it is attributable to property which has been disposed of by sale during the period beginning with the date of the transfer and ending with the death of the transferor.

8(1)In section 31 (designation and undertakings) after subsection (1) there shall be inserted the following subsection—E+W+S+N.I.

(1A)Where the transfer of value in relation to which the claim for designation is made is a potentially exempt transfer which (apart from section 30 above) has proved to be a chargeable transfer, the question whether any property is appropriate for designation under this section shall be determined by reference to circumstances existing after the death of the transferor.

(8)After subsection (4F) of that section there shall be inserted the following subsection—

(4G)In a case where—

(a)the transfer of a value in question is a potentially exempt transfer which, (apart from section 30 above) has proved to be a chargeable transfer, and

(b)at the time of the transferor’s death an undertaking by such a person as is mentioned in section 30(1)(b) above given under paragraph 3(3) of Schedule 4 to this Act or under section 147 of the Capital Gains Tax Act 1979 is in force with respect to any property to which the value transferred by the transfer is attributable,

that undertaking shall be treated for the purposes of this Chapter as an undertaking given under section 30 above.

9In section 32 (chargeable events) in subsection (1) after the words “after the transfer” there shall be inserted “ (or, if the transfer was a potentially exempt transfer, after the death of the transferor) ”.E+W+S+N.I.

10In section 32A (associated properties) in subsection (2) after the words “after the transfer” there shall be inserted “ (or, if the transfer was a potentially exempt transfer, after the death of the transferor) ”.E+W+S+N.I.

11(1)In section 33 (amount of the charge in relation to conditionally exempt transfers) in subsection (1)(b)—E+W+S+N.I.

(a)in sub-paragraph (i) for the words “under the second Table in Schedule 1 to this Act” there shall be substituted “ in accordance with section 7(2) above ”; and

(b)in sub-paragraph (ii) for the words “under the appropriate Table” there shall be substituted “ in accordance with the appropriate provision of section 7 above ”.

(2)For subsection (2) of that section there shall be substituted the following subsections—

(2)For the purposes of subsection (1)(b)(ii) above the appropriate provision of section 7 above is—

(a)if the conditionally exempt transfer by the relevant person made on eath (but the property was not treated as forming part of his estate immediately before his death only by virtue of section 102(3) of the Finance Act 1986) subsection (1) of section 7; and

(b)in any other case, subsection (2) of section 7.

(2A)The rate or rates of tax determined under subsection (1)(b)(i) above in respect of any charegable event shall not be affected by the death of the relevant person after that event..

(3)In subsection (7) of that section at the beginning there shall be inserted the words “ Subject to subsection (8) below ”.

(4)After that subsection there shall be added the following subsection—

(8)Where after a conditionally exempt trnafer of any property there is a potentially exempt transfer the value transferred by which is w h olly or partly attributable to that property and either—

(a)the potentially exempt transfer is a chargeable event with respect to the property, or

(b)after the potentially exempt transfer, but before the death of the person who is the transferor in relation to the potentially exempt transfer, a chargeable event occurs with respect to the property,

the tax charged in accordance with this section by reference to that chargeable event shall be allowed as a credit against any tax which may become chargeable, by reason of the potentially exempt transfer proving to be a chargeable transfer, on so much of the value transferred by that transfer as is attributable to the property; and subsection (7) above shall not apply with respect to any tax so becoming chargeable.

12In section 35 (conditional exemption on death before 7th April 1976) in subsection (3) for the words “section 33(7) above, the reference” there shall be substituted “ section 33(7) and (8) above, references ”, and for the words “includes a reference” there shall be substituted “ include references ”.E+W+S+N.I.

13In section 38 (attribution of value to specific gifts) in subsection (6) after the words “section 5(5) above” there shall be inserted “ or by virtue of section 103 of the Finance Act 1986 ” and at the end of that subsection there shall be added “ and, to the extent that any liability of the transferor is abated under the said section 103, that liability shall be treated as a specific gift ”.E+W+S+N.I.

14At the end of section 49 (treatment of interests in possession) there shall be added the following subsection— [F119For text see IHTA 1984 s. 49(3).]E+W+S+N.I.

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Amendments (Textual)

F119Repealed by Finance Act 1987 (No. 2) (c. 51, SIF 63:1), s. 96(4)(5) respectively and Sch. 9, Part III in relation to transfers of value made on or after 17 March 1987.

15In section 55 (reversionary interst acquired by beneficiary) at the end of subsection (2) there shall be added “and such a dispostition is not a potentially exempt transfer”.F120E+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)

F120Repealed by Finance Act 1987 (No. 2) (c. 51, SIF 63:1), s. 96(4)(5) respectively and Sch. 9, Part III in relation to transfers of value made on or after 17 March 1987.

16(1)In section 66 (rate of ten-yearly charge) in subsection (3)(b) for the words “preceding ten years” there shall be substituted “ preceding seven years ”.E+W+S+N.I.

(2)For paragraph (c) of subsection (3) of that section there shall be substituted—

(c)on which tax is charged in accordance with section 7(2) of this Act.

(3)In subsection (5)(a) of that section for the word “ten” there shall be substituted “ seven ”.

17In section 67 (added property etc.) in subsections (3)(b) and (4) for the word “ten” there shall be substituted “ seven ”.E+W+S+N.I.

18(1)In section 68 (rate before first-year anniversary) in subsection (4)(b) for the word “ten”, in both places where it occurs, there shall be substituted “ seven ”.E+W+S+N.I.

(2)For paragraph (c) of subsection (4) and for paragraph (c) of subsection (6) of that section there shall be substituted—

(c)on which tax is charged in accordance with section 7(2) of this Act.

(3)In subsection (6)(b) of that section—

(a)for the word “ten”, in the first place where it occurs, there shall be substituted “ seven ”; and

(b)in sub-paragraph (i) for the words “that period of ten years” there shall be substituted “ the period of ten years ending with that day ”.

19(1)In section 78 (conditionally exempt occasions) in subsection (4) for the words from “and the appropriate Table” to the end there shall be substituted “ and the appropriate provision of section 7 for the purposes of section 33(1)(b)(ii) is, if the settlement was created on his death, subsection (1) and, if not, subsection (2). ”E+W+S+N.I.

(2)In subsection (5) of that section, in the substituted sub-paragraph (ii) for section 33(1)(b), for the words “under the appropriate Table” there shall be substituted “ in accordance with the appropriate provision of section 7 above. ”

20At the end of section 98 (effect of alteration of capital of close company etc.) there shall be added the following subsection—E+W+S+N.I.

(3)The disposition referred to in subsection (1) above shall be ataken to be one which is not a potentially exempt transfer.

21After section 113 there shall be inserted the following sections—E+W+S+N.I.

113A Transfers within seven years before death of transferor.

(1)Where any part of the value transferred by a potentially exempt transfer which proves to be a chargeable transfer would (apart from this section) be reduced in accordance with the preceding provisions of this Chapter, it shall not be so reduced unless the conditions in subsection (3) are satisfied.

(2)Where—

(a)any part of the value transferred by any chargeable transfer, other than a potentially exempt transfer, is reduced in accordance with the preceding provisions of this Chapter, and

(b)the transfer is made within seven years of the death of the transferor,

then, unless the conditions in subsection (3) are satisfied, the additional tax chargeable by reason of the death shall be calculated as if the value transferred had not been so reduced.

(3)The conditions referred to in subsections (1) and (2) above are—

(a)that the original property was owned by the transferee throughout the period beginning with the date of the chargeable transfer and ending with the death of the transferor; and

(b)that, in relation to a notional transfer of value made by the transferee immediately before the death, the original property would (apart from section 106 above) be relevant business property.

(4)If the transferee has dies before the transferor, the reference in subsection (3) above to the death of the transferor shall have effect as a reference to the death of the transferee.

(5)If the conditions in subsection (3) above are satisfied only with respect to part of the orginal property, then—

(a)in a case falling within subsection (1) above, only a proprtionate part of so much of the value tranferred as is attributable to the original property shall be reduced in accordance with the preceding provisions of this Chapter, and

(a)in a case falling within subsection (2) above, the additional tax shall be calculated as if only a proportionate part of so much of the value transferred was attributable to the original property had been so reduced.

(6)Where any shares owned by the transferee immediately before the death in question—

(a)would under any of the provisions of sections 77 to 86 of the Capital Gains Tax Act 1979 be identified with the original property (or part of it), or

(b)were issued to him in consideration of the transfer of a business or interest in a business consisting of the original property (or part of it),

they shall be treated for the purposes of this section as if they were the original property (or that part of it).

(7)This section has effect subject to section 113B below.

(8)In this section—

  • the original property” means the property which was relevant business property in relation to the chargeable transfer referred to in subsection (1) or subsection (2) above; and

  • the transferee” means the person whose property the original property became on that chargeable transfer or, where on the transfer the original property became or remained settled property in which no qualifying interest in possession (within the meaning of Chapter III of Part III of this Act) subsists, the trustees of the settlement.

113B Applciation of section 113A to replacement property.

(1)Subject to subsection (2) below, this section applies where—

(a)the transferee has disposed of all or part of the original property before the death of the transferor; and

(b)the whole of the consideration received by him for the disposal has been applies by him in acquiring other property (in this section referred to as “the replacement property”).

(2)This section does not apply unless—

(a)the replacement property is acquired, or binding contract for its acquisition is entered into, within twelve months after the disposal of the original property (or, as the case may be, the part concerned); and

(b)the disposal and acquisition are both made in transactions at arm’s length or on terms such as might be expected to be included in a transaction at arm’s length.

(3)Where this section applies, the conditions in section 113A(3) above shall be taken to be satisfied in relation ro the original proeprty (or, as the case may be, the part concerned) if—

(a)the replacement property is owned by the transferee immediately before the death of the transferor; and

(b)throughout the period beginning with the date of the chargeable transfer and ending with the death (disregarding any period between the disposal and acquisition) either the original property or the replacement property was owned by the transferee; and

(c)in relation to notional transfer of value made by the transferee immediately before the death, the replacement property would (apart from section 106 above) be relevant business property.

(4)If the transferee has dies before the transferor, any reference in subsections (1) to (3) above to the death of the transferor shall have effect as a reference to the death of the transferee.

(5)In any case where—

(a)all or part of the original property has been disposed of before the death of the transferor or is excluded by section 113 above from being relevant business property in relation to the notional transfer of value referred to in section 113A(b) abvoe, and

(b)the replacement property is acquired, or a binding contract for its acquisition is entered into, after the death of the transferor but within twelve months after the disposal of the original property or part, and

(c)the transferor dies before the transferee,

subsection (3) above shall have effect with the omission of paragraph (a), and as if any reference to a time immediately before the death of the transferor or to the death were a reference to the time when the replacement property is acquired.

(6)Section 113A(6) above shall have effect in relation to the replacement property as it has effect in relation to the original property.

(7)Where a binding contract for the disposal of any property is entered into at any time before the disposal of the property, the disposal shall be regarded for the purposes of subections (2)(a) and (5)(b) above as taking place at that time.

(8)In this section “the original property” and “the transferee” have the same meaning as in section 113A above.

22After section 124 there shall be inserted the following sections—E+W+S+N.I.

124A Transfers within seven years before the death of the transferor.

(1)Where any part of the value transferred by a potentially exempt transfer which proves to be a chargeable transfer would (apart from this section) be reduced in accordance with the preceding provisions of this Chapter, it shall be is reduced unless the conditions in subsection (3) below are satisfied.

(2)Where—

(a)any part of the value transfered by any chargeable transfer, other than a potentially exempt transfer, is reduced in accordance with the preceding provisions of this Chapter, and

(b)the transfer is made within seven years of the death of the transferor,

then, unless the conditions in subsection (3) below are satisfied, the additional tax chargeable by reason of the death shall be calculated as if the value transferred had not been so reduced.

(3)The conditions referred to in subsections (1) and (2) are—

(a)that the original property was owned by the transferee throughout the period beginning with the date of the chargeable transfer and ending with the death of the transferor (in this subsection referred to as “the relevant period”) and it is not at the time of the death subject to a binding contract for sale; and

(b)except in a case falling within paragraph (c) below, that the original property is agricultural property immediately before the death and has been occupied (by the transferee or another) for the purpsoes of agriculture throughout the relevant period; and

(c)where the original property consists of shares in or securities of a company, that throughout the relevant period the agricultural property to which section 116 above applies by virtue of section 122(1) above on the chargeable transfer was owned by the company and occupied (by the company or another) for the purposes of agriculture.

(4)If the transferee has died before the transferor, the reference in subsection (3) above to the death of the transferor shall have effect as a reference to the death of the transferee.

(5)If the conditions in subsection (3) above are satisfied only with respect to part of the orginal property, then,—

(a)in a case falling within subsection (1) abvoe, only a proportionate part of so much of the value transferred as is attributable to the original property shall be reduced in accordance with the preceding provisions of this Chapter, and

(b)in a case falling within subsection (2) above, the additional tax shall be calculated as if only a proprtionate part of so much of the value transferred as was attributable to the orginal property had been so reduced.

(6)Where any shares owned by the transferee immediately before the death in question—

(a)would under any of the provisions of section 77 to 86 of the Capital Gains Tax Act 1979 be identified with the original property (or part of it), or

(b)were issued to him in consideration of the transfer of agricultural property consisting of the orginal property or (part of it),

they shall be treated for the purposes of this section as if they were the orginal property (or part of it).

(7)This section has effect subject to section 124B below.

(8)In this section—

  • the prginal property” means the property which, in relation to the chargeable transfer referred to in subsection (1) or subsection (2) above, was either agricultural property to which section 116 above applied or shares or securities of a company owning agricultural property to which that section applies by virtue of section 122(1) above; and

  • the transferee” means the person whose property the original property became on that chargeable transfer or, where on the transfer the original property became or remained settled property in which no qualifying interest in possession (within the meaning of Chapter III of Part III of this Act) subsists, the trustees of the settlement.

124B Application of section 124A to replacement property.

(1)Subject to subsection (2) below, this section applies where—

(a)the transferee has disposed of all or part of the original property before the death of the transferor; and

(b)the whole of the consideration received by him for the disposal has been applied by him in acquiring other property (in this section referred to as “the replacement property”).

(2)This section does not apply unless—

(a)the replacement property is acquired, or binding contract for its acquisition is entered into, within twelve months after the disposal of the original property (or, as the case may be, the part concerned); and

(b)the disposal and acquisition are both made in transactions at arm’s length or on terms such as might be expected to be included in a transaction at arm’s length.

(3)Where this section applies, the conditions in section 124A(3) above shall be taken to be satisfied in relation to the original property (or, as the case may be, the part concerned) if—

(a)the replacement property is owned by the transferee immediately before the death of the transferor and is not at that time subject to a binding contract for sale; and

(b)throughout the period beginning with the date of the chargeable transfer and ending with the disposal, the original property was owned by the transferee and occupied (by the transferee or another) for the purposes of agriculture; and

(c)throughout the period beginning with the date when the transferee acquired the replacement property and ending with the death, the replacement property was owned by the transferee and occupied (by the transferee or another) for the purposes of agriculture; and

(d)the replacement property is agricultural property immediately before the death.

(4)If the transferee has dies before the transferor, any reference in subsections (1) to (3) above to the death of the transferor shall have effect as a reference to the death of the transferee.

(5)In any case where—

(a)all or part of the original property has been disposed of before the death of the transferor or is subject to a binding contract for sale at the time of the death, and

(b)the replacement property is acquired, or a binding contract for its acquisition is entered into, after the death of the transferor but within twelve months after the disposal of the original property or part, and

(c)the transferor dies before the transferee,

subsection (3) above shall have effect with the omission of paragraphs (a) and (c), and as if any reference to a time immediately before the death of the transferor were a reference to the time when the replacement property is acquired.

(6)Section 124A(6) above shall have effect in relation to the replacement property as it has effect in relation to the original property.

(7)Where a binding contract for the disposal of any property is entered into at any time before the disposal of the property, the disposal shall be regarded for the purposes of subsections (2)(a) and (5)(b) above as taking place at that time.

(8)In this section “the original property” and “the transferee” have the same meaning as in section 124A above.

23(1)In section 131 (relief in respect of additional tax payable on transfers within three years of death), in subsection (1) for the words from “(by virtue” to “transfer and” there shall be substituted “ because of the transferor’s death within seven years of the transfer, tax becomes chargeable in respect of the value transferred by a potentially exempt transfer or (by virtue of section 7(4) above) additional tax becomes chargeable in respect of the value transferred by any other chargeable transfer and (in either case) ”.E+W+S+N.I.

(2)In subsection (2) of that section for the words “additional tax” in each place where they occur, there shall be substituted “ the tax or, as the case may be, additional tax ”.

(3)After that subsection there shall be inserted the following subsection—

(2A)Where so much of the value transferred as is attributable to the value, or agricultural value, of the transferred property is reduced by any percentage (in this subsection referred to as “the appropriate percentage”), in accordance with Chapter I of thi Part of this Act, references in subsection (2) above to the market value of the transferred property at any time shall have effect—

(a)in a case within chapter I, as references to that market value reduced by the appropriate percentage; and

(b)in a case within Chapter II, as references to that market value less the appropriate percentage of the agricultural value of the transferred property at that time.

24In section 142 (alteration of dispositions taking effect on death) at the end of subsection (5) there shall be added “ or section 102 of the Finance Act 1986 ”.E+W+S+N.I.

25Sections 148 and 149 (exemptions for mutual transfers) shall not apply if the donee’s transfer (as defined in section 148) is made on or after 18th March 1986.E+W+S+N.I.

26In section 199 (liability for tax etc. on dispositions by transferor) for subsection (2) there shall be substituted the following subsection—E+W+S+N.I.

(2)Subsection (1)(a) above shall apply in relation to—

(a)the tax on the value transferred by a potentially exempt transfer; and

(b)so much of the tax on the value transferred by any other chargeable transfer made within seven years of the transferor’s death as exceeds what it would have been had the transferor died more than seven years after the transfer,

with the substitution for the reference to the transferor of a reference to his personal representatives.

27In section 201 (liability for tax in respect of settled property), in subsection (2) for the words “three years”, in each place where they occur, there shall be substituted “ seven years ”.E+W+S+N.I.

28(1)In section 204 (limitation of liability), subsection (4) shall be omitted.E+W+S+N.I.

(2)In subsection (6)(a) of that section, after the word “transferor” there shall be inserted “ or personal representative of the transferor ”.

(3)For subsection (7) of that section there shall be substituted the following subsections—

(7>Where the tax exceeds what it would have been had the transferor dies more than seven years after the transfer, subsection (6) above shall not apply in relation to the excess.

(8)A person liable by virtue of section 199(2) above for any tax as personal representative of the transferor shall be liable only to the extent that either—

(a)in consequence of subsections (2), (3) and (5) above, no person falling within paragraphs (b) to (d) of section 199(1) above is liable for the tax, or

(b)the tax remains unpaid twelve months after the end of the month in which the death of the transferor occurs,

and, subject to that, shall be liable to the extent of the assets mentioned in subsection (1) above.

(9)Where by virtue of subsection (3) of section 102 of the Finance Act 1986 the estate of a deceased person is treated as including property which would not apart from that subsection form part of his estate, a person shall be liable under section 200(1)(a) above as personal representatice for tax attributable to the value of the property only if the tax remains unpaid twelve months after the end of the month in which the death occurs and, subject to that, only to the extent of the assets mentioned in subsection (1) above.

29(1)In section 216 (delivery of accounts) in subsection (1) after paragraph (b) there shall be inserted the following paragraphs—E+W+S+N.I.

(bb)is liable under section 199(1)(b) above for tax on the value transferred by a potentially exempt transfer which proves to be a chargeable transfer, or would be so liable if tax were chargeable on that value, or

(bc)is liable under section 200(1)(c) above for tax on the value transferred by a chargeable transfer made on death, so far as the tax is attributable to the value of the property which, apart from section 102(3) of the Finance Act 1986, would not form part of the deceased’s estate, or would be so liable if tax were chargeable on the value transferred on the death, or

(2)In subsection (3) of that section after the words “his death” there shall be inserted “ other than property which would not, apart from section 102(3) of the Finance Act 1986, form part of his estate ”.

(3)In subsection (6) of that section after paragraph (a) there shall be inserted the following paragraphs—

(aa)in the case of an account to be delivered by a person within subsection (1)(bb) above, before the expiration ot the period of twelve months from the end of the month in which the death occurs;

(ab)in the case of an account to be delivered by a person within subsection (1)(bc) above, before the expiration of the period of twelve months from the end of the month in which the death occurs.

30(1)In section 226 (payment: general rules), in subsection (3) for the words “three years”, in each place where they occur, there shall be substituted “ seven years ”.E+W+S+N.I.

(2)After subsection (3) of that subsection there shall be inserted the following subsections—

(3A)Without prejudice to subsection (3) above, the tax chargeable on the value transferred by a potentially exempt transfer which proves to be a chargeable transfer shall be due six months after the end of the month in which the transferor’s death occurs.

(3B)So much (if any) of the tax chargeable on the value transferred by a chargeable transfer made under Chapter III of Part III of this Act within the period of seven years ending with the settlor’s death as exceeds what it would have been had the settllor died more than seven years after the date of the transfer shall be due six months after the end of the month in which the death occurs.

31(1)In section 227 (payment by instalments) after subsection (1) there shall be inserted the following subsections—E+W+S+N.I.

(1A)Subsection (1) above does not apply to tax payable on the value transferred by a potentially exempt transfer which proves to be a chargeable transfer, except to the extent that the tax is attributable to qualifying property which is owned by the transferee immediately before the death of the transferor (or, if earlier, his own death).

(1B)In subsection (1A) above “the transferee” means the person whose property the qualifying property became on the transfer or, where on the transfer the qualifying property became comprised in a settlement in which no qualifying interest in possession (within the meaning of Chapter III of Part III of this Act) subsists, the trustees of the settlement.

(2)In subsection (5) of that section after the words “subsection (1)(b) above” there shall be inserted “ other than a case within subsection (1A) above where the transferee dies before the transferor ”.

32In section 233 (interest on unpaid tax) in subsection (2) for paragraphs (a) and (b) there shall be substituted— [F121For substitution see IHTA 1985 s. 233(2)(a) and (b)] E+W+S+N.I.

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Amendments (Textual)

F121Repealed by Finance Act 1989 (c.26, SIF 63:1, 2), s. 187 and Sch. 17, Part X and S.I. 1989 No. 1298 with effect from 18 August 1989.

33(1)In section 236 (application of section 233 in special cases etc.), in subsection (1)(a), for the words “three years”, in each place where they occur, there shall be substituted “ seven years ”.E+W+S+N.I.

(2)After subsection (1) of that section there shall be inserted the following subsection—

(1A)Section 233 above shall apply in relation to the amount (if any) by which—

(a)the tax chargeable on the value transferred by a chargeable transfer made under Chapter III of Part III of this Act within the period of seven years ending with the settlor’s death,

exceeds

(b)what that tax would have been had the settlor dies more than seven years after the date of the transfer,

as if the chargeable transfer had been made on the death of the settlor.

34In section 237 (imposition of charge) after subsection (3) there shall be inserted the following subsection—E+W+S+N.I.

(3A)In the case of a potentially exempt transfer which proves to be a chargeable transfer—

(a)property concerned, or an interest in property concerned, which has been disposed of to a purchaser before the transferor’s death is not subject to the Inland Revenue charge, but

(b)property concerned which has been otherwise disposed of before the death and property which at the death represents any property or interest falling within paragraph (a) above shall be subject to the charge;

and in this subsection “property concerned” means property to the value of which the value transferred by the transfer is wholly or partly attributable.

35In section 239 (certificates of discharge) after subsection (2) there shallbe inserted the following subsection—E+W+S+N.I.

(2A)An application under subsection (1) or (2) above with respect to tax which is or may become chargeable on the value trnaferred by a potentially exempt transfer may not be made before the expiration of two years from the death of the transferor (except where the Board think fit to entertain the application an earlier time after the death).

36For Schedule 1 (rates of tax) there shall be substituted—E+W+S+N.I.

SCHEDULE 1E+W+S+N.I. TABLE OF RATES OF TAX

Portionof valueRate of tax
Lower limitUpper limitPer cent
££
071,000Nil
71,00095,00030
95,000129,00035
129,000164,00040
164,000206,00045
206,000257,00050
257,000317,00055
317,00060

37(1)In Schedule 2 (provisions applying on reduction of tax),—E+W+S+N.I.

(a)for the words “new Tables”, wherever occurring, there shall be substituted “ a new Table ”; and

(b)for the words “the Tables”, wherver occurring, there shall be substituted “ the Table ”.

(2)In paragraph (1)(b) of that Schedule for the word “come” there shall be substituted “ comes ”.

(3)After paragraph 1 of that Schedule there shall be inserted the following paragraph—

Death within seven years of potentially exempt transferE+W+S+N.I.

1AWhere a person who has made a potentially exempt transfer before a reduction dies after that reduction (or after that and one or more subsequent reductions) and within the period of seven years beginning with the date of the transfer, tax shall be chargeable by reason of the transfer proving to be a chargeable transfer only if, and to the extent that, it would have been so chargeable if the Table in Schedule 1 as substituted by that reduction (or by the most recent of those reductions) had applies to that transfer.

(4)In paragraph 2 of that Schedule,—

(a)for the words “three years”, wherever occurring, there shall be substituted “ seven years ”; and

(b)after the words “chargeable transfer” there shall be inserted “ (other than a potentially exempt transfer) ”; and

(c)the words “the first of” shall be omitted.

(5)In paragraph 3 of that Schedule, the words “the second of” shall be omitted.

(6)In paragraph 4 of that Schedule, the words “the first of” shall be omitted.

38(1)In Schedule 4 (maintenance funds for historic buildings etc.) in paragraph 14 (rates of charge) in sub-paragraphs (1) to (3), for the words “under the appropriate Table”, wherever occurring, there shall be substituted “ in accordance with the appropriate provision of section 7 of this Act ”.E+W+S+N.I.

(2)After sub-paragraph (1) of that paragraph there shall be inserted the following sub-paragraph—

(1A)The rate of tax determined under sub-paragraph (1) above in respect of any occasion shall not be affected by the death of the settlor after that occasion.

(3)In sub-paragraph (6) of that paragraph for the words “ten years” there shall be substituted “ seven years ”.

(4)For sub-paragraph (9) of that paragraph there shall be substituted the following sub-paragraph—

(9)For the purposes of sub-paragraph (1) above the appropriate provision of section 7 of this Act is subsection (2), and for the purposes of sub-paragraphs (2) and (3) above it is (if the settlement was made on death) subsection (1) and (if not) subsection (2).

39In Schedule 6 (transition from estate duty) in paragraph 4(3) after the words “sections 33(7)” there shall be inserted the words “ and (8). ”E+W+S+N.I.

PART IIE+W+S+N.I. TRANSITIONAL PROVISIONS

40(1)Notwithstanding that Part of this Schedule has effect with respect to events occurring on or after 18th March 1986, where a death or other event occurs on or after that date, nothing in that Part shall affect the tax chargeable on a transfer of value occurring before that date.E+W+S+N.I.

(2)Sub-paragraph (1) above does not authorise the making of a claim under section 149 of the 1984 Act where the donee’s transfer, as defined in section 148 of that Act, occurs on or after 18th March 1986.

41Where tax is chargeable under section 32 or section 32A of the 1984 Act by reason of a chargeable event occurring on or after 18th March 1986 and the rate or rates at which it is charged fall to be determined under the provisions of section 33(1)(b)(ii) of the 1984 Act by reference to a death which occurred before that date, those provisions shall apply (subject to paragraph 5 of Schedule 2 to that Act) as if the amendments of section 7 of, and Schedule 1 to, that Act contained in Part I of this Schedule had been in force at the time of the death.E+W+S+N.I.

42Where tax is chargeable under paragraph 8 of Schedule 4 to the 1984 Act on any occasion on or after 18th March 1986 and the rate at which it is charged falls to be determined under paragraph 14 of that Schedule by reference to a death which occurred before that date, that paragraph shall apply (subject to paragraph 6 of Schedule 2 to the 1984 Act) as if the amendments of section 7 of, and Schedule 2 to, the 1984 Act contained in Part I of this Schedule had been in force at the time of the death.E+W+S+N.I.

43(1)This paragraph applies if, in the case of a settlement,—E+W+S+N.I.

(a)tax is charged under section 65 of the 1984 Act on an occasion falling on or after 18th March 1986; and

(b)the rate at which tax is so charged falls to be determined under section 69 of that Act (rate between ten-year anniversaries) by reference to the rate (in this paragraph referred to as “the last ten-year rate”) at which tax was last charged under section 64 of that Act (or would have been charged apart from section 66(2) there of); and

(c)the most recent ten-year anniversary fell before 18th March 1986.

(2)For the purpose of determining the rate at which tax is charged on the occasion referred to in sub-paragraph (1)(a) above, it shall be assumed that the last ten-year rate was what that rate would have been if, immediately before the ten-year anniversary referred to in sub-paragraph (1)(c) above, the amendments of sections 66 and 67 of the 1984 Act contained in Part I of this Schedule had been in force.

(3)Where this paragraph applies, paragraph 3 of Schedule 2 to the 1984 Act shall have effect as if—

(a)references to a reduction included reference to a reduction by the substitution of a new Table in Schedule 1 to the 1984 Act; and

(b)in relation to a reduction resulting from the subsitution of such a new Table, the reference to the second of the Tbles in Schedule 1 to the 1984 Act were a reference to a Table in which the rates of tax were one-half of those specified in the new Table.

(4)In this paragraph “ten-year anniversary” has the same meannig as in Chapter III of Part III of the 1984 Act.

44In relation to a death on or after 18th March 1986, paragraph 2 of Schedule 2 to the 1984 Act (provisions applying on reduction of tax) shall have effect, in a case where the chargeable transfer in question was made before 18th March 1986, as if—E+W+S+N.I.

(a)references to a reduction included references to a reduction by the substitution of a new Table in Schedule 1 to the 1984 Act; and

(b)the Tble in Schedule 1 to the Act was the first Table in that Schedule.

45In relation to a disposal of trees or underwood on or after 18th March 1986, paragraph 4 of Schedule 2 to the 1984 Act shall have effect, in a case where the death in question occurred before 18th March 1986, as mentioned in paragraphs (a) and (b) of paragraph 44 above.E+W+S+N.I.

46Notwithstanding anything in section 3A of the 1984 Act, a transfer of value which is made on or after 1st July 1986 and which, by virtue of subsection (4) of section 49 of the M49Finance Act 1975 (transitional provision relating to estate duty deferment in respect of timber etc.), brings to an end of the period during which estate duty is payable on the net moneys received from the sale of timber etc. is not a potentially exempt transfer.E+W+S+N.I.

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Marginal Citations

Section 102.

SCHEDULE 20E+W+S+N.I. GIFTS WITH RESERVATION

Interpretation and applicationE+W+S+N.I.

1(1)In this Schedule—E+W+S+N.I.

  • the material date”, in relation to any property means, in the case of property falling within subsection (3) of the principal section, the date of the donor’s death and, in the case of property falling within subsection (4) of that section, the date on which the property ceases to be a property subject to a reservation;

  • the principal section” means section 102 of this Act; and

  • property subject to reservation” has the same meaning as in the principal section.

(2)Any reference in this Schedule to a disposal by way of gift is a reference to such a disposal which is made on or after 18th March 1986.

(3)This Schedule has effect for the purposes of the principal section and the 1984 Act.

2(1)Where the disposal by way of gift and, at any time before the material date, the donee ceases to have possession and enjoyment of any of the property comprised in the gift, then on and after that time the principal section and the following provisions of this Schedule shall apply as if the property, if any, received by the donee in substitution for that property had been conprised in the gift instead of that property (but in addition to any other property comprised in the gift).E+W+S+N.I.

(2)Tis paragraph does not apply if the property disposed of by the gift—

(a)becomes settled property by virtue of the gift; or

(b)is a sum of money in sterling or any other currency.

(3)In sub-paragraph (1) above the reference to the property received by the donee in substitution for property comprised in the gift includes in particular—

(a)in relation to property sold, exchanged or otherwise disposed of by the donee, any benefit received by him by way if consideration for the sale, exchange or other disposition; and

(b)in relation to a debt or security, any benefit received by the donee in or towards the satisfaction or redemption thereof; and

(c)in relation to any right to acquire property, any property acquired in pursuance of that right.

(4)Where, at a time before the material date, the donee makes a gift of property comprised in the gift to him, or itherwise voluntarily divestd himself of such property otherwise than for a consideration in money or money’s worth not less than the value of the property at that time, then, unless he does so in favour of the donor, he shall be treated for the purposes of the principal section and sub-paragraph (1) above as continuing to have possession and enjoyment of that property.

(5)For the purposes of sub-paragraph (4) above—

(a)a disposition made by the donee by agreement shall nto be deemed to be made voluntarily if it made to any authority who, when the agreement is made, is authorised by, or is or can be authorised under, any enactment to acquire the property compulsorily; and

(b)a donee shall be tretaed as divesting himself, voluntarily and without consideration, of any interest in property which merges or is extinguished in another interest held or acquired by him in the same property.

(6)Where any shares in or debentures of a body corporate are comprised in a gift and the donee is, as the holder if those shares or debentures, issued with shares in or debentures of the same or any other body corproate, or granted any right to acquire any such shares or debentures, then, unless the issue or grant is made by way of exchange for the first-mentioned shares or debentures, teh shares or debentures so issued, or the right granted, shall be treated for the purposes of the principal section and this Schedule as having been comprised in the gift in addition to any other property so comprised.

(7)In sub-paragraph (6) above the reference to an issue being made or right being granted to the donee as the holder of shares or debentures shall be taken to include any case in which an issue or grant is made to him as having been the holder of those shares or debentures, or is made to him in pursuance of an offer or invitation made to him as being or having been the holder of those shares or debentures, or of an offer oe invitation in connection with which any preference is given to him as being or having been the holder thereof.

3(1)Where either sub-paragraph (3)(c) or sub-paragraph (6) of paragraph 2 above applies to determine, for the purposes of the principal section, the property comprised in a gift made by the donor—E+W+S+N.I.

(a)the value of any consideration in monry or money’s worth given by the donee for the acquisition in pursuance of the right referred to in the said sub-paragraph (3)(c) or for the issue or grant referred to in the said sub-paragraph (6), as the case may be, shall be allowed as a deduction in valuing the property comprised in the gift at any time after the consideration is given, but

(b)if any part (not being a sum of money) of that consideration consists of property comprisedin the same as another gift from the donor and treated for the purposes of the 1984 Act as forming part of the donor’s estate immediately before his death or as being attributable to the value transferred by a potentially exempt transfer made by him, no deduction shall be made in respect of it under this sub-paragraph.

(2)For the purposes of sub-paragraph (1) above, there shall be left out of account so much (if any) of the consideration for any shares in debentures of a body corporate, or for the grant of any right to be issued with any shares or debentures, as consists in the capitalisation of reserves of that body corporate, or in the retention by that body corporate, by way of set-off or otherwise, of any property distributable by it, or os otherwise provided directly or indirectly out of the assets or at the expenses of that or any associated body corporate.

(3)For the purposes of sub-paragraph (2) above, two bodies corporate shall be deemed to be associated as if one has control of the other or if another person has control of both.

Donee predeceasing the material dateE+W+S+N.I.

4Where there is a disposal by way of gift and the donee dies before the date which is the material date in relation to any property comprised in the gift, paragraphs 2 and 3 above shall apply as if—E+W+S+N.I.

(a)he had not dies and the acts of his personal representatives were his acts; and

(b)property taken by another person under his testamentary dispositions or his intestacy (or partial intestacy) were taken under a gift made by him at the time of his death.

Settled giftsE+W+S+N.I.

5(1)Where there is a disposal by way of gift and the property comprised in the gift becomes settled property by virtue of the gift, paragraphs 2 to 4 aboe shall not apply but, subject to the following provisions of this paragraph, the principal section and the following provisions of this Schedule shall apply as if the property comprised in the gift consisted of the property comprised in the settlement on the material date, except in so far as that property neither is, not represents, nor is derived from, property originally comprised in the gift.E+W+S+N.I.

(2)If the settlement comes to an end at some time before the material date as respects all or any of the property which, if the donor had dies immediately before that time, would be treated as comprised in the gift,—

(a)the property in question other than property to which the donor then becomes absolutely and beneficially entitled in possession, and

(b)any consideration (not consisting of rights under the settlement) given by the donor for any purposes of the property to which he so becomes entitled,

shall be treated as comprised in the gift (in addition to any other property so comprised).

(3)Where property comprised in a gift does not become settled property by virtue of the gift, but is before the material date settled by the donee, sub-paragraphs (1) and (2) above shall apply in relation to property comprised in the settlement as if the settlement had been made by the gift; and for this purpose property which becomes settled property under any testamentary disposition of the donee or on his intestacy (or partial intestacy) shall be treated as settled by him.

(4)Where property comprised in a gift becomes settled property either by virtue of the gift or as mentioned in sub-paragraph (3) above, any property which—

(a)on the material date is comprised in the settlement, and

(b)is derived, directly or indirectly, from a loan made by the donor to the trustees of the settlement,

shall be treated for the purposes of sub-paragraph (1) above as derived from property originally comprised in the gift.

(5)Where, under any trust or power relating to settled property, income arising from that property after the material date is accumulated, the accumulations shall not be treated for the purposes of sub-paragraph (1) above as derived from that property.

Exclusion of benefitE+W+S+N.I.

6(1)In determining whether any property which is disposed of by way of gift is enjoyed to the entire exclusion, or virtually to the entire exclusion, of the donor and of any benefit to him by contract or otherwise—E+W+S+N.I.

(a)in the case of property which is an interest in land or a chattel, retention or assumption by the donor of actual occupation of the land or actual enjoyment of an incorporeal right over the land, or actual possession of the chattel shall be disregarded if it is for full consideration in money or money’s worth;

(b)in the case of property which is an interest in land, any occupation by the donor of the whole or any part of the land shall be disregarded if—

(i)it results from a change in circumstances of the donor since the time of the gift, being a change which was unforseen at the time and was not brought about by the donor to receive the benefit of this provision; and

(ii)it occurs at a time when the donor has become unable to maintain himself through old age, infirmity or otherwise; and

(iii)it represtns a reasonable provision by the donee for the care and maintenance of the donor; and

(iv)the donee is a relative of the donor or his spouse;

(c)a benefit which the donor obtained by virtue of any associated operations (as defined in section 268 of the 1984 Act) of which the disposal by way of gift is one shall be treated as a benefit to him by contract or otherwise.

(2)Any question whether any property comprised in a gift was at any time enjoyed to the entire exclusion, or virtually to the entire exclusion, of the donor and of the benefit to him shall (so far as that question depends upon the identity of the property) be determind by reference to the property which is at that time treated as property comprised in the gift.

(3)In the application of this paragraph to Scotland, references to a chattel shall be construed as references to a corporeal moveable.

7(1)Where arrangements are entered into under which—E+W+S+N.I.

(a)there is a disposal by way of gift which consists of or includes, or is made in connection with, a policy of insurance on the life of the donor or his spouse or on their joint lives, and

(b)the benefits which will or may accrue to the donee as a result of the gift vary by reference to benefits accruing to the donor or his spouse (or both of them) under that policy or under anpother policy (whether issued before, at the same time as or after that referred to in paragraph (a) above),

the property comprised in the gift shall be treated for the purposes of the principal section as not enjoyed to the entire exclusion, or virtually to the entire exclusion, of the donor.

(2)In sub-paragraph (1) above—

(a)the reference in paragraph (a) to a policy on the joint lives of the donor and his spouse includes a reference to a policy on their joint lives and on the life of the survivor; and

(b)the reference in paragraph (b) to the benefits accruing to the donor or his spouse (or both of them) includes a reference to benefits which accrue by virtue of the exercise of rights conferred on either or both of them.

Agricultural property and business propertyE+W+S+N.I.

8(1)[F122This paragraph applies where] there is a disposal by way of gift of property which, in relation to the donor, is at that time—E+W+S+N.I.

(a)relevant business property within the meaning of Chapter I of Part V of the 1984 Act, or

(b)agricultural property, within the meaning of Chapter II of that Part, to which section 116 of that Act applies, or

(c)shares or securities to which section 122(1) of that Act applies (agricultural property of companies),

and that property is property subject to a reservation F123. . .

[F124(1A)Where this paragraph applies—

(a)any question whether, on the material transfer of value, any shares or securities fall [F125within paragraph (b), (bb) or (cc) of section 105(1) of the 1984 Act (certain shares or securities qualifying for relief)] shall be determined, subject to the following provisions of this paragraph, as if the shares or securities were owned by the donor and had been owned by him since the disposal by way of gift; and

(b)subject to paragraph (a), any question whether, on the material transfer of value, relief is available by virtue of Chapter I or Chapter II of Part V of the 1984 Act and, if relief is available by virtue of Chapter II, what is the appropriate percentage of that relief, shall be determined, subject to the following provisions of this paragraph, as if, so far as it is attributable to the property comprised in the gift, that transfer were a transfer of value by the donee.]

(2)For the purpose only of determining whether, on the transfer of value which, by virtue of sub-paragraph [F126(1A)(b)] above, the donee is assumed to make, the requirement of section 106 or, as the case may be, section 117 of the 1984 Act (minimum period of ownership or occupation) is fulfilled,—

(a)ownership by the donor prior to the disposal by way of gift shall be treated as ownership by the donee; and

(b)occupation by the donor prior to the disposal and any occupation by him after that disposal shall be treated as occupation by the donee.

(3)Where the property disposed of by way of gift consists of shares or securities falling within paragraph (c) of sub-paragraph (1) above, [F127relief shall not be available by virtue of Chapter II of Part V of the 1984 Act on the material transfer of value] unless—

(a)section 116 of the 1984 Act applies in relation to the value transferred by the disposal, and

(b)throughout the period beginning with the disposal and ending on the material date, the shares or securities are owned by the donee,

and for the purposes only of determining whether, on the transfer of value which, [F128by virtue of sub-paragraph (1A)(b) above], the donee is assumed to make, the requirements of subsection (1) of section 123 of the 1984 Act are fulfilled, it shall be assumed that the requirement in paragraph (b) of that subsection (as to ownership of the shares or securities) is fulfilled.

(4)In this paragraph, “the material transfer of value” means, as the case may require,—

(a)the transfer of value under section 4 of the 1984 Act on the death of the donor; or

(b)the transfer of value under subsection (4) of the principal section on the property concerned ceasing to be subject to a reservation.

(5)If the donee dies before the material transfer of value, then, as respects any time after his death, any reference to his personal representatives or, as the case may require, the person (if any) by whom the property, shares or securities concerned were taken under a testamentary dispostition made by the donee or under his intestacy (or partial intestacy).

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Amendments (Textual)

F122Words substituted by Finance Act 1987 (c. 16, SIF 63:1), Sch. 8, para. 18(2), with effect from 17 March 1987.

F123Words repealed by Finance Act 1987 (c. 16, SIF 63:1),s. 58 and Sch. 8, para. 18(2), with effect from 17 March 1987.

F124Para. 8(1A) inserted by Finance Act 1987 (c. 16, SIF 63:1), Sch. 8, para. 18(3), with effect from 17 March 1987.

F125Words in Sch. 20 para. 8(1A)(a) substituted (in relation to transfers of value made on or after 10.3.1992) by Finance (No. 2) Act 1992 (c. 48), s. 73, Sch. 14 paras.7, 8, 9.

F126Words substituted by Finance Act 1987 (c. 16, SIF 63:1), Sch. 8, para. 18(4), with effect from 17 March 1987.

F127Words substituted by Finance Act 1987 (c. 16, SIF 63:1), Sch. 8, para. 18(5)(a), with effect from 17 March 1987.

F128Words substituted by Finance Act 1987 (c. 16, SIF 63:1), Sch. 8, para. 18(5)(b), with effect from 17 March 1987.

Section 109.

SCHEDULE 21E+W+S+N.I.M50Modifications of Finance Act 1982, Schedule 18 in Relation to Elections Under Section 109 of this Act

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Marginal Citations

General modificationsE+W+S+N.I.

1(1)For any reference in the 1982 Schedule to ethane there shall be substituted a reference to light gases, as defined in section 109 of this Act.E+W+S+N.I.

(2)Except as provided below, any reference in the 1982 Schedule to section 134 of the Finance Act 1982 shall be construed as a reference to section 109 of this Act.

Specific modificationsE+W+S+N.I.

2(1)In paragraph 1 (provisions as to the election), in sub-paragraph (2)(b) for the words “and not exceeding fifteen years” there shall be substituted “or in the case of an election made before 31st December 1986, beginning on 1st July 1986” and for sub-paragraph (2)(d) there shall be substituted—E+W+S+N.I.

(d)specify the purposes for which the light gases to which the election applies will be applied or used,.

(2)At the end of that paragraph there shall be inserted the following sub-paragraph—

(4)If an election relates to light gases, then, in addition to the matters referred to in sub-paragraph (2) above, the election shall contain—

(a)a description of the characteristics of the supply by which the disposal or appropriation is intended to be effected; and

(b)if that supply is of such a description that, if it were under a contract at arm’s length, it is reasonable to expect that the price of the gas would vary with the level of the supply, a description of the pattern of supply which the party or parties to the election consider most probable.

3(1)In paragraph 2 (conditions for acceptance of an election) in sub-paragraph (1) after the words “and (3)” there shall be inserted “and paragraph 2A”.E+W+S+N.I.

(2)In sub-paragraph (2) of that paragraph, after the words “such that” there shall be inserted “subject to paragraphs 2A and 3A below”.

4After paragraph 2 there shall be inserted the following paragraph—E+W+S+N.I.

2A.

(1)The provisions of this paragraph apply if, having regard to the pattern of supply described in an election as mentioned in paragraph 1(4)(b) above, it is reasonable to assume that, under a contract for the sale at arm’s length of the light gases to which the election applies, the consideration would include—

(a)any such payments as are referred to in subsection (2) of section 114 of the Finance Act 1984 (“take or pay” payments), or

(b)any capacity payments, as defined in subsection (5) of that section.

(2)The relevant contract—

(a)shall be assumed to be for the delivery of gas according to the pattern of supply described in the election; and

(b)shall be assumed to contain provision for such of the payments referred to in sub-paragraph (1) above as are appropriate to that pattern of supply.

(3)Sub-paragraph (1) of paragraph 2 above shall have effect as if for the words following “sale at arm’s length” there were substituted “of the light gases to which the election applies, the total sums payable under the contract in respect of deliveries of gas in any chargeable period would not differ materially from the sums determined in accordance with the price formula specified in the election for gases disposed of or appropriated in that period; and if the Board are not so satisfied they shall reject the election”.

(4)The price formula specified in the election shall contain provisions for determining sums corresponding to such of the payments referred to in sub-paragraph (1) above as, by virtue of sub-paragraph (2) above, are assumed to be provided for by the relevant contract.

5(1)In paragraph 3 (definition of “the relevant contract”[F129in sub-paragraph (1)]) in paragraph (a) after the word “and”, in the first place where it occurs, there shall be inserted the words “which, subject to sub-paragraph (3) below” and in the words following paragraph (b) for the words from “is not” onwards, there shall be substituted “which, subject to paragraph 2A(2) above, is not necessarily a contract for the sale of light gases for the purposes specified in the election”.E+W+S+N.I.

(2)At the end of that paragraph there shall be added the following sub-paragraphs—

(3)In the case of an election which relates to light gases which are “excluded oil”, as defined in section 10(1) of the principal Act, sub-paragraph (1)(a) above shall have effect with the omission of the words from “and which” to “date of the election”.

(4)Sub-paragraph (4) of paragraph 2A of Schedule 3 to the principal Act (assumptions as to consents in determining price under an arm’s length contract) shall apply for the purposes of paragraphs 2 and 2A above as it applies for the purposes of paragraph 2 of that Schedule, substituting a reference to a relevant contract (as defined above) for any reference to the contract mentioned in paragraph 2(2) of that Schedule.

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Amendments (Textual)

6After paragraph 3 there shall be inserted the following paragraph—E+W+S+N.I.

Market value where paragraph 2A appliesE+W+S+N.I.

3A(1)Where an election is accepted by the Board and the price formula contains provision for the determination of sums as mentioned in paragraph 2A(4) above, then, for the purpose of determining the market value of gas to which the election applies, section 114 of the Finance Act 1984 (which deals with the treatment of such payments as are referred to in paragraph 2A(1) above) shall have effect in relation to those sums and that gas as if—

(a)those sums were part of the consideration under a contract for the sale of gas to which the election applies, and

(b)that contract provided for delivery of the gas according to the pattern of supply described in the election,

and where the said section 114 has effect by virtue of this sub-paragraph, subsections (4), (6) and (7) of that section (which provide for and relate to the deemed delivery of one tonne of oil in certain periods) shall be treated for the purposes of the principal Act as providing for and relating to the deemed disposal or appropriation of one tonne of gas to which the election applies.

(2)Where sub-paragraph (1) above applies, the market value of the gas to which the election applies which is disposed of or appropriated in any chargeable period shall consist of—

(a)such amount (if any) as is determined in accordance with the price formula by reference to the quantity of gas disposed of or appropriated in that chargeable period; and

(b)any sums which, by virtue of sub-paragraph (1) above, either are treated as payments for gas supplied free of charge in that period or are treated as an additional element of the price received or receivable for gas disposed of or appropriated in that period.

(3)Where the market value of gas is determined as mentioned in sub-paragraph (2) above, any reference in the following provisions of this Schedule (however expressed) to the market value determined in accordance with the price formula is a reference to that value determined as mentioned in that sub-paragraph (that is to say, in accordance with the formula and section 114 of the Finance Act 1984 as applied by sub-paragraph (1) above).

(4)Where the market value of light gases to which an election applies is determined for a chargeable period as mentioned in sub-paragraph (2) above then, as respects a return for that period under paragraph 2 of Schedule 2 to the principal Act which is made by the participator who is the party or one of the parties to the election,—

(a)sub-paragraphs (2)(a)(iii) and (2)(b)(ii) of that paragraph (which require information with respect to each delivery or relevant appropriation of oil in the period) shall not apply in relation to the light gases to which the election applies; and

(b)there shall be included in his return a statement of the market value (determined as mentioned in sub-paragraph (2) above) of the light gases relevantly appropriated or disposed of by him in that period.

(5)Notwithstanding that, under sub-paragraph (2) above, a market value is determined for all the gas disposed of or appropriated in a particular chargeable period, for the purposes of determining—

(a)the market value referred to in section 2(5)(d) of the principal Act (stocks at the end of a period), and

(b)the market value referred to in subsection (1) or, as the case may be, subsection (2) of section 14 of that Act (valuation for corporation tax purposes of oil disposed of or appropriated),

then, except in a case where the only gas disposed of or appropriated in a particular chargeable period is a single tonne which, by virtue of sub-paragraph (1) above, is treated as being disposed of or appropriated, the market value determined as mentioned in sub-paragraph (2) above shall be apportioned rateably to each quantity of gas disposed of or appropriated in that period.

7After paragraph 6 there shall be inserted the following paragraph—E+W+S+N.I.

Price formula no longer appropriate for pattern of supply, etc.E+W+S+N.I.

6A(1)In any case where it appears to the Board—

(a)that light gases to which an election applies are being disposed of or appropriated in a manner, to an extent or by a pattern of supply which is different from that which was taken into consideration in the acceptance of the election, and

(b)that if, at the time the Board were considering whether the election should be accepted, they had taken into account as a probability the manner, extent or pattern of supply by which the gases are in fact being disposed of, they would have rejected the election,

then, subject to sub-paragraph (4) below, the election shall not have effect with respect to any chargeable period beginning after the date on which the Board give notice under this paragraph to each of the parties to the election.

(2)Without prejudice to the generality of sub-paragraph (1) above, if at any time in a chargeable period the extent to which gases to which an election applies are disposed of or relevantly appropriated (including the case where none is so disposed of or appropriated) is such that, if the gas were being delivered under a contract at arm’s length,—

(a)the seller would be likely to incur financial penalties by reason of a failure to meet requirements arising from the pattern of supply described in the election, and

(b)those penalties would not be insubstantial,

that shall be a ground for the Board to give notice under this paragraph.

(3)A notice under this paragraph shall state that, by reason of the matters referred to in sub-paragraph (1) above, the Board are no longer satisfied that the price formula specified in the election is appropriate to the disposals or appropriations actually being made of gases to which the election applies.

(4)If, within the period of three months beginning on the date of a notice under this paragraph, the party or parties to the election give notice in writing to the Board—

(a)specifying a new price formula taking account of the manner, extent or pattern of supply by which the gases to which the election applies are being disposed of or appropriated, and

(b)containing, if appropriate, a description of the changed pattern of supply which, at the time of the notice, the party or parties to the election consider most probable,

then, if that new price formula is accepted by the Board in accordance with paragraph 7 below, so much of sub-paragraph (1) above as provides that the election shall not have effect with respect to certain periods shall not apply.

(5)If notice has been given under sub-paragraph (4) above and a new price formula has been accepted as mentioned in that sub-paragraph, then, for the purpose of determining, for any chargeable period beginning after the date on which the Board gave notice as mentioned in sub-paragraph (1) above, the market value of light gases to which the election applies, section 109 of the Finance Act 1986 shall have effect as if the new price formula were the formula specified in the election.

8(1)In paragraph 7 (acceptance or rejection of new price formula) in sub-paragraph (2) after the words “paragraph 3” there shall be inserted “and, where appropriate, paragraphs 2A and 3A”; and at the end of paragraph (b) of that sub-paragraph there shall be inserted or E+W+S+N.I.

(c)a new price formula specified in a notice under paragraph 6A(4) above;

and for the words from “were specified” onwards there shall be substituted “had been specified in, and at the time of, the election and as if the circumstances giving rise to the new price formula had been in contemplation at that time”.

(2)In sub-paragraph (5) of that paragraph, after “6(5)(b)” there shall be inserted “or paragraph 6A(4)”.

9(1)In paragraph 8 (appeals) in sub-paragraph (1) after paragraph (d) there shall be inserted the following paragraph—E+W+S+N.I.

(dd)under paragraph 6A above, that a price formula is no longer appropriate.

(2)In sub-paragraph (4)(b) of that paragraph after “6(1)(b)” there shall be inserted “or paragraph 6A”.

10In paragraph 9 (returns)—E+W+S+N.I.

(a)after “6(1)(b)” there shall be inserted “or paragraph 6A”; and

(b)for the words “section 134(3) of this Act” there shall be substituted “section 109(4) of the Finance Act 1986”; and

(c)in paragraph (b) after “6” there shall be inserted “or paragraph 6A”.

11(1)In paragraph 11 (interpretation) sub-paragraph (1) shall be omitted.E+W+S+N.I.

(2)In sub-paragraph (2) of that paragraph the words from “to an election” to “and any reference” shall be omitted.

(3)In sub-paragraph (4) of that paragraph for the words “section 134(2)(a) of this Act” there shall be substituted “section 109(3)(a) of the Finance Act 1986”.

Section 111.

[F130SCHEDULE 22E+W+S+N.I. Broadcasting: Additional Payments by Programme Contractors

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Amendments (Textual)

Part IE+W+S+N.I.M51Amendment of Broadcasting Act 1981

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Marginal Citations

1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F131E+W+S+N.I.

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Amendments (Textual)

2(1)Section 34 of the Act of 1981 (instalments payable on account by programme contractors in respect of additional payments) shall be amended as follows.E+W+S+N.I.

(2)In subsection (2)(b) the words from “when the” to the end shall be omitted.

(3)For subsection (3) there shall be substituted the following subsection—

(3)Where any amount falls to be paid to a programme contractor to adjust any overpayment made by him, that amount shall be paid to him—

(a)if the contract is for the supply of programmes to be broadcast for reception in areas or localities all of which are in Great Britain, out of the Consolidated Fund of the United Kingdom;

(b)if the contract is for the supply of programmes to be broadcast for reception in areas or localities all of which are in Northern Ireland, out of the Consolidated Fund of Northern Ireland; and

(c)if the contract is one which falls within subsection (2) of section 33, out of each of those Funds, apportioned in the same way as receipts are apportioned under subsection (3)(c) of that section.

3(1)Section 35 of the Act of 1981 (provision for supplementing additional payments) shall be amended as follows.E+W+S+N.I.

(2)In paragraph (a) of subsection (1) the words “or is” shall be inserted after the word “is”, where it last occurs.

(3)For paragraph (b) of that subsection there shall be substituted the following paragraph—

(b)the deficiency is, or would be, wholly or mainly attributable to either or both of the following—

(i)excessive expenditure forming part of the expenditure by reference to which those additional payments fall to be calculated;

(ii)in the case of second category profits, the receipt of consideration for the provision of any programme which is less than that which the contractor would have received had the transaction in question been in all respects at arm’s length.

(4)In subsection (4), for the words “the accounting period to which it relates” there shall be substituted the words “the period of six months beginning with the date on which the programme contractor furnishes to the Authority, in accordance with the terms of his contract as a programme contractor, a copy of his audited accounts for the accounting period to which the order relates”.

(5)After subsection (2) there shall be inserted the following subsection—

(2A)In determining, for the purposes of subsection (1) of this section, whether in the case of a programme contractor any consideration received by him for the provision of any programme is less than that which the contractor would have received had the transaction in question been in all respects at arm’s length, the Authority or the Secretary of State, as the case may be, shall have regard to such matters as they or he may consider relevant, and in particular to any available information as to—

(a)the consideration received for the provision by the contractor of the programme in other comparable markets;

(b)the consideration received by that or any other programme contractor for the provision of other comparable programmes in the same market.

4—8.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F132E+W+S+N.I.

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Amendments (Textual)

PART IIE+W+S+N.I. Transitional Provisions

9(1)In this paragraph—E+W+S+N.I.

  • new statutory provisions” means the provisions of the M52Broadcasting Act 1981 as amended by this Act; and

  • existing statutory provisions” means the provisions of that Act as they had effect immediately before the passing of this Act.

(2)Any contract between the Authority and a programme contractor which is in force immediately before the passing of this Act shall, until it is varied or superseded by a further contract between them or expires or is otherwise terminated (whichever first occurs) be deemed to be modified by virtue of this Schedule so as—

(a)to substitute provisions in conformity with the new statutory provisions for so much of the contract as is in accordance with the existing statutory provisions and is not in conformity with the new statutory provisions, and

(b)to incorporate in the contract such additional provisions as a contract between the Authority and a programme contractor is required to include in accordance with the new statutory provisions;

and (subject to paragraph 4 of Schedule 4 to the Act of 1981) any provisions of the contract which provide for arbitration as to any matters contained in the contract in accordance with the existing statutory provisions shall be construed as making the like provision for arbitration in relation to matters deemed to be included in the contract by virtue of this sub-paragraph.

(3)Where it appears to the Authority that the new statutory provisions call for the inclusion of additional terms in any such contract, but do not afford sufficient particulars of what those terms should be, the Authority may, after consulting the programme contractor, decide what those terms are to be.

(4)This paragraph shall not be taken to have effect in relation to any contract entered into by a programme contractor and any person other than the Authority before the passing of this Act.

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Marginal Citations

10(1)This paragraph applies in relation to any accounting period of a programme contractor which begins before 1st April 1986 and ends after 31st March 1986 (“the accounting period”).E+W+S+N.I.

(2)The additional payments payable by the programme contractor under section 32 of the Act of 1981 in relation to his profits for the accounting period shall be the aggregate of the following amounts—

(a)the amount payable by him on the assumption—

(i)that section 111 of this Act was not in force at any time during the accounting period; and

(ii)that his profits for the accounting period were reduced by multiplying them

(b)the amount payable by him on the assumption that that section was in force throughout the accounting period and that both his first category profits for that period and his second category profits for that period were reduced by multiplying them

where (taking any odd four days or more as a week)

  • X is the number of weeks in the accounting period falling before 1st April 1986; and

  • Y is the number of weeks in the accounting period falling after 31st March 1986.

(3)For the purposes of the application of paragraph 2C of Schedule 4 to the Act of 1981 in relation to losses incurred by the programme contractor during the accounting period, those losses shall be reduced by multiplying them

where X and Y have the same meaning as in sub-paragraph (2) above.]

Section 114.

SCHEDULE 23E+W+S+N.I. Repeals

Part IE+W+S+N.I. Customs and Excise: Miscellaneous

ChapterShort titleExtent of repeal
1979 c. 4.The Alcoholic Liquor Duties Act 1979.In section 15, subsections (6A) and (6B), in subsection (7) the words “restriction or requirement” and in subsection (8) the words “restriction or requirement”.
In section 46(2), the word “accidentally”.
1981 c. 35.The Finance Act 1981.In Schedule 8, paragraphs 2(b) and 14(b).
1985 c. 54.The Finance Act 1985.Section 2.

Part IIE+W+S+N.I. Vehicles Excise Duty

ChapterShort titleExtent of repeal
1971 c. 10The Vehicles (Excise) Act 1971.In section 23(f), the words from “and as” to “replacement”.
In paragraph 13 of Part I of Schedule 7, in the text of section 17(2) as modified, paragraph (a) and, in paragraph (b), the words from the beginning to “class”.
In paragraph 20 of Part I of Schedule 7, in the text of section 23 as modified, in subsection (1)(e) the words from “and for” to “book”.
1972 c. 10 (N.I.).The Vehicles (Excise) Act (Northern Ireland) 1972.In section 23(f), the words from “and as” to “replacement”.
In paragraph 13 of Part I of Schedule 9, in the text of section 17(2) as modified, paragraph (a) and, in paragraph (b), the words from the beginning to “class”.
In paragraph 20 of Part I of Schedule 9, in the text of section 23 as modified, in subsection (1)(e) the words from “and for” to “book”.

The repeals in paragraph 13 of Part I of Schedule 7 to the Vehicles (Excise) Act 1971 and paragraph 13 of Part I of Schedule 9 to the Vehicles (Excise) Act (Northern Ireland) 1972 do not have effect with respect to the surrender of licences taken out before 1st January 1987.

Part IIIE+W+S+N.I. Betting and Gaming Duties

Chapter or NumberShort titleExtent of repeal
1972 c. 11 (N.I.).The Miscellaneous Transferred Excise Duties Act (Northern Ireland) 1972.Part III.
In section 72(2), the words from the beginning to “Schedule 2”.
Schedules 1 and 2.
1974 c. 30.The Finance Act 1974.Section 2(2) (as it remains in force in relation to Northern Ireland).
1981 c. 63.The Betting and Gaming Duties Act 1981.In section 9(3)(a), the words “Northern Ireland or” and the words “of the Parliament of Northern Ireland or, as the case may be,”.
In section 12(4), the words from “and ”betting office licence”’ to the end.
In section 19(2) the words “Northern Ireland or” and the words “the Parliament of Northern Ireland or, as the case may be,”.
In section 20(2), the definition of “Great Britain”.
Section 35(4).
1985 c. 54.The Finance Act 1985.In Schedule 5, paragraph 8.
S.I. 1985/1204 (N.I. 11).The Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order 1985.In Schedule 19, paragraphs 11 to 15 and 17.

These repeals—

(a)so far as they relate to general betting duty or pool betting duty, come into force on the betting commencement date (as defined in section 6 of this Act), but do not affect duty in respect of bets made before that date; and

(b)so far as they relate to bingo duty, come into force on the bingo commencement date (as so defined).

Part IVE+W+S+N.I. Licences Under the Customs and Excise Acts

ChapterShort titleExtent of repeal
1979 c. 4.The Alcoholic Liquor Duties Act 1979.In section 4(3), in the Table, the words “licence year”.
Section 12(2) and (3).
Section 18(3) and (4).
In section 25(1)(b), the words “has in his possession or”.
Section 47(3) and (4).
Section 48(2) and (3).
Section 54(3).
Section 55(3).
In section 56(1)(a), the word “renewal”.
Section 75(3) and (4).
Section 81.
Section 83.
1979 c. 6.The Matches and Mechanical Lighters Duties Act 1979.Section 2(2) and (3).

Part VE+W+S+N.I. Income Tax and Corporation Tax: General

ChapterShort titleExtent of repeal
1970 c. 10.The Income and Corporation Taxes Act 1970.In section 457(1A), the words from “and does not” to the end.
In Schedule 8, paragraph 12.
1972 c. 41.The Finance Act 1972.In section 100(6), the words from “if the limit” to “the relevant income and”.
Section 103(1) to (3).
Section 107(3).
1974 c. 30.The Finance Act 1974.Section 22(2).
Section 37(2).
1977 c. 36.The Finance Act 1977.In section 32(6), paragraph (b), and in paragraph (c) the words “or (b)”.
1980 c. 48.The Finance Act 1980.In Schedule 10, paragraphs 2 and 22.
1983 c. 28.The Finance Act 1983.In Schedule 5, paragraph 5(8) to (11) and paragraph 7(3).
1984 c. 43.The Finance Act 1984.Section 20(1) and (2).
1985 c. 54.The Finance Act 1985.Section 49.

1The repeal in section 457(1A) of the Income and Corporation Taxes Act 1970 and the repeal of section 49 of the Finance Act 1985 have effect for the year 1986–87 and subsequent years of assessment.E+W+S+N.I.

2Subject to section 45(4) of this Act, the repeal in Schedule 8 to the Income and Corporation Taxes Act 1970 does not have effect with respect to any payment which, under section 187(4) of that Act, is treated as income received before 4th June 1986.E+W+S+N.I.

3The repeal in section 100(6) of the Finance Act 1972 has effect with respect to accounting periods beginning on or after 3rd June 1986.E+W+S+N.I.

4The repeal of section 107(3) of the Finance Act 1972 has effect where a company ceases to carry on a trade, or part of a trade, after 18th March 1986, subject to the application of section 42(3) of this Act with the words “the repeal does not” substituted for “those amendments do not”.E+W+S+N.I.

5The repeal of section 22(2) of the Finance Act 1974 has effect for the year 1986–87 and subsequent years of assessment.E+W+S+N.I.

6The repeals in section 32(6) of the Finance Act 1977 have effect for the year 1984–85 and subsequent years of assessment.E+W+S+N.I.

7The repeals in Schedule 5 to the Finance Act 1983 have effect in relation to shares issued at any time after 18th March 1986.E+W+S+N.I.

8The repeals in section 20 of the Finance Act 1984 do not have effect with respect to any financial year ending before 1st April 1986.E+W+S+N.I.

Part VIE+W+S+N.I. Income Tax and Corporation Tax: Capital Allowances

ChapterShort titleExtent of repeal
1968 c. 3.The Capital Allowances Act 1968.Sections 51 to 66.
Section 68.
In section 70(3), the words from “and, in the case of” to “direct”.
Section 74(6).
In section 75(1), the word “61,”.
Section 78(3).
In section 79(4), the words “ and section 65(1)”.
In section 83(1), the words “or section 56”.
In section 85(1)(c), the words “other than section 60”.
Schedules 5 and 6.
In Schedule 7, paragraph 4(2)(c).
1971 c. 68.The Finance Act 1971.Section 52.
1973 c. 51.The Finance Act 1973.Section 31(6)(c).
1978 c. 42.The Finance Act 1978.Section 39.
1985 c. 54.The Finance Act 1985.Section 62.

1The repeals of sections 68 and 74(6) of the Capital Allowances Act 1968 and section 39 of the Finance Act 1978 do not have effect with respect to expenditure incurred before 1st April 1986 nor with respect to expenditure under existing contracts, as defined in section 56(2) of this Act.E+W+S+N.I.

2The remaining repeals, apart from the repeal of section 62 of the Finance Act 1985, have effect subject to the provisions of Schedule 14 to this Act.E+W+S+N.I.

Part VIIE+W+S+N.I. Capital Gains

ChapterShort titleExtent of repeal
1984 c. 43.The Finance Act 1984.In Schedule 13, paragraphs 2 and 3.
1985 c. 54.The Finance Act 1985.Section 67(1).

Part VIIIE+W+S+N.I. Securities

ChapterShort titleExtent of repeal
1970 c. 10.The Income and Corporation Taxes Act 1970.Section 475(6).
1985 c. 54.The Finance Act 1985.In Schedule 23, paragraphs 41 and 42.

These repeals have effect in accordance with paragraphs 1(5) and 2(2) of Schedule 18 to this Act.

Part IXE+W+S+N.I. Stamp Duty

(1) Reconstructions etc.

ChapterShort titleExtent of repeal
1927 c. 10.The Finance Act 1927.Section 55.
1928 c. 17.The Finance Act 1928.Section 31.
1928 c. 9 (N.I.).The Finance Act (Northern Ireland) 1928.Section 4.
1936 c. 23 (N.I.).The Finance (Companies’ Stamp Duty) Act (Northern Ireland) 1936.Section 1.
1980 c. 48.The Finance Act 1980.In Schedule 18, paragraph 12(1) and (1A).
1985 c. 54.The Finance Act 1985.Sections 78, 79 and 80.
1986 c. 41.The Finance Act 1986.Section 73.

(2) Loan Capital

ChapterShort titleExtent of repeal
1963 c. 25.The Finance Act 1963.In section 62, subsections (2) and (6).
1963 c. 22. (N.I.).The Finance Act (Northern Ireland) 1963.In section 11, subsections (2) and (5).
1967 c. 54.The Finance Act 1967.Section 29.
1967 c. 20 (N.I.).The Finance Act (Northern Ireland) 1967.Section 6.
1974 c. 30.The Finance Act 1974.In Schedule 11, paragraphs 5 and 15.
In Schedule 12, paragraphs 7 and 8.
1976 c. 40.The Finance Act 1976.Section 126.
1980 c. 48.The Finance Act 1980.Section 96.
1981 c. 35.The Finance Act 1981.Section 109.

(3) Bearer Letters of Allotment etc.

ChapterShort titleExtent of repeal
1891 c. 39.The Stamp Act 1891.In Schedule 1, in the heading “Bearer Instrument”, paragraph 2 of the exemptions.

(4) Changes in Financial Institutions

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Modifications etc. (not altering text)

C16By S.I. 1989/291 it is provided that the repeals made under Pt. IX(4) of Schedule 23 have effect on 20.3.1989

Chapter or NumberShort titleExtent of repeal
1920 c. 18.The Finance Act 1920.Section 42.
1961 c. 36.The Finance Act 1961.Section 34.
1961 c. 10 (N.I.).The Finance Act (Northern Ireland) 1961.Section 4.
1973 c. 51.The Finance Act 1973.In Schedule 21, paragraphs 1 and 3.
S.I. 1973/1323 (N.I. 18).The Finance (Miscellaneous Provisions) (Northern Ireland) Order 1973.In Schedule 3, paragraphs 1 and 3.
1976 c. 40.The Finance Act 1976.In section 127, in subsection (1) the words “which is executed for the purposes of a stock exchange transaction”, subsections (2) and (3), in subsection (5), the definitions of “jobber” and “stock exchange transaction”, and in subsection (7) the words “and this section”.
1980 c. 48.The Finance Act 1980.Section 100.

1The repeals under (1) above have effect in relation to any instrument executed in pursuance of a contract made on or after the day on which the rule of The Stock Exchange that prohibits a person from carrying on business as both a broker and a jobber is abolished.E+W+S+N.I.

2The repeals under (2) above have effect in relation to any instrument to which section 79 of this Act applies.E+W+S+N.I.

3The repeals under (4) above have effect as provided by the Treasury by order made by statutory instrument, and different provision may be made for different repeals.E+W+S+N.I.

Part XE+W+S+N.I. Inheritance Tax

ChapterShort titleExtent of repeal
1984 c. 51.[F133The Capital Transfer Tax Act 1984].In section 7(1)(a), the word “appropriate”.
Sections 148 and 149.
In section 167(2), the words from “and shall not” to the end.
Section 204(4).
In section 236(3), the words “149”.
In Schedule 2, in paragraphs 2 and 4, the words “the first of”, in paragraph 3, the words “the second of”, and paragraph 7.
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Amendments (Textual)

F133Cited genreally in this volume as the Inheritance Tax Act 1984–see 1986 s. 100(1).

1The repeals of sections 148 and 149 of the Capital Gains Tax Act 1984 F134 and in sections 167 and 236 of, and Schedule 2 to, that Act have effect where the donee’s transfer was made on or after 18th March 1986.E+W+S+N.I.

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Amendments (Textual)

F134Cited genreally in this volume as the Inheritance Tax Act 1984–see 1986 s. 100(1).

2The remaining repeals have effect with respect to transfers of value made, and other events occurring, on or after 18th March 1986.E+W+S+N.I.

Part XIE+W+S+N.I. Broadcasting: Additional Payments by Programme Contractors

ChapterShort titleExtent of repeal
1981 c. 68.The Broadcasting Act 1981.In section 32(9), the words “to amend subsections (4) and (5)”.
In section 34(2)(b), the words from “when the” to the end.
In section 35(2)(a) and (b), the word “relevant”.
1984 c. 46.The Cable and Broadcasting Act 1984.Section 40(3).

These repeals shall be deemed to have come into force on 1st April 1986.

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