Finance Act 1987

Part VI Miscellaneous and Supplementary

68 Abolition of enactments relating to exchange control

(1) The [1947 c. 14.] Exchange Control Act 1947 shall cease to have effect.

(2) Nothing in subsection (1) above affects the power of the Treasury to issue a certificate under subsection (2) of section 18 of that Act (including that subsection as applied by section 28(3) or section 29(3) of that Act) with respect to acts done before 13th December 1979.

(3) In section 150 of the [1979 c. 14.] Capital Gains Tax Act 1979 (general rules as to valuation), subsection (5) (assets of a kind the sale of which is subject to restrictions imposed under the Exchange Control Act 1947) shall cease to have effect except in relation to the determination of the market value of any assets at a time before 13th December 1979.

(4) Subsections (1) and (2) above extend to the Channel Islands and the Isle of Man.

69 Regulation of financial dealings

In section 2 of the Banking and Financial Dealings Act 1971 (power of Treasury to suspend financial dealings)—

(a) at the end of paragraph (c) of subsection (1) (power to suspend dealings in gold) there shall be added "or, according as may be specified in the order, gold of such kind as may be so specified">; and

(b) in subsection (6) for the definition beginning "foreign currency" there shall be substituted—

• “"foreign currency" means any currency other than sterling and any units of account defined by reference to more than one currency (whether or not including sterling); and

• "gold" includes gold coin, gold bullion and gold wafers.”

70 Arrangements specified in Orders in Council relating to double taxation relief etc.

(1) In section 497 of the Taxes Act (relief by agreement with other countries) after subsection (1) there shall be inserted the following subsection—

“(1A) Without prejudice to the generality of subsection (1) above, if it appears to Her Majesty to be appropriate, the arrangements specified in an Order in Council under this section may include provisions with respect to the exchange of information necessary for carrying out the domestic laws of the United Kingdom and the laws of the territory to which the arrangements relate concerning taxes covered by the arrangements including, in particular, provisions about the prevention of fiscal evasion with respect to those taxes; and where arrangements do include any such provisions, the declaration in the Order in Council shall state that fact.”

(2) In section 158 of the [1984 c. 51.] Inheritance Tax Act 1984 (double taxation conventions) after subsection (1) there shall be inserted the following subsection—

“(1A) Without prejudice to the generality of subsection (1) above, if it appears to Her Majesty to be appropriate, the arrangements specified in an Order in Council under this section may include provisions with respect to the exchange of information necessary for carrying out the domestic laws of the United Kingdom and the laws of the territory to which the arrangements relate concerning taxes covered by the arrangements including, in particular, provisions about the prevention of fiscal evasion with respect to those taxes; and where arrangements do include any such provisions, the declaration in the Order in Council shall state that fact.”

71 Pre-consolidation amendments

The enactments specified in Schedule 15 to this Act shall have effect subject to the amendments specified in that Schedule, being amendments designed to facilitate, or otherwise desirable in connection with, the consolidation of the Income Tax Acts and the Corporation Tax Acts.

72 Short title, interpretation, construction and repeals

(1) This Act may be cited as the Finance Act 1987.

(2) In this Act "the Taxes Act" means the [1970 c. 10.] Income 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 [1979 c. 14.] Capital Gains Tax Act 1979.

(4) Part III of this Act, except section 56 and Schedule 7, shall be construed as one with the [1891 c. 39.] Stamp Act 1891.

(5) In Part IV of this Act "the 1984 Act" means the [1984 c. 51.] Inheritance Tax Act 1984.

(6) Part V of this Act shall be construed as one with Part I of the [1975 c. 22.] Oil Taxation Act 1975 and in that Part "the principal Act" means that Act.

(7) The enactments specified in Schedule 16 to this Act (which include enactments which are spent or otherwise unnecessary) 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.