(1)The following section shall be inserted in the M1Inheritance Tax Act 1984 after section 24—
(1)A transfer of value is exempt to the extent that the value transferred byit is attributable to land in the United Kingdom given to a registered housingassociation.
(2)In subsection (1) above “registered housing association”means a registered housing association within the meaning of the Housing Associations Act 1985 or Part VII of the Housing (Northern Ireland) Order 1981.
(3)Subsections (2) to (5) of section 23 and subsection (4) of section 24above shall apply in relation to subsection (1) above as they apply inrelation to section 24(1).”
(2)In section 23(5) of the Inheritance Tax Act 1984 the words “or, where it is land, of a body mentioned in section 24Abelow” shall be added at the end.
(3)In section 29(5) of that Act—
(a)the words “or, where it is land, of a body mentioned in section24A” shall be inserted at the end of paragraph (b), and
(b)after “24(3) and (4),” there shall be inserted “24A(3),”.
(4)In section 161(2)(b)(ii) of that Act after “24,” there shall beinserted “24A,”.
(5)In section 102(5) of the M2Finance Act 1986 afterparagraph (e) there shall be inserted—
“(ee)section 24A (gifts to housing associations);”.
(6)This section shall apply to transfers of value made on or after 14th March1989.
(1)The following section shall be inserted after section 29 of the M3Inheritance Tax Act 1984—
(1)This section applies where—
(a)apart from this section the transfer of value made on the death of anyperson is an exempt transfer to the extent that the value transferred by itis attributable to an exempt gift, and
(b)the exempt beneficiary, in settlement of the whole or part of any claimagainst the deceased’s estate, effects a disposition of property not derivedfrom the transfer.
(2)The provisions of this Act shall have effect in relation to the transferas if—
(a)so much of the relevant value as is equal to the following amount, namelythe amount by which the value of the exempt beneficiary’s estate immediatelyafter the disposition is less than it would be but for the disposition, or
(b)where that amount exceeds the relevant value, the whole of the relevantvalue,
were attributable to such a gift to the exempt beneficiary as ismentioned in subsection (3) below (instead of being attributable to a giftwith respect to which the transfer is exempt).
(3)The gift referred to in subsection (2) above is a specific gift withrespect to which the transfer is chargeable, being a gift which satisfies theconditions set out in paragraphs (a) and (b) of section 38(1) below.
(4)In determining the value of the exempt beneficiary’s estate for thepurposes of subsection (2) above—
(a)no deduction shall be made in respect of the claim referred to insubsection (1)(b) above, and
(b)where the disposition referred to in that provision constitutes a transferof value—
(i)no account shall be taken of any liability of the beneficiary for any taxon the value transferred, and
(ii)sections 104 and 116 below shall be disregarded.
(5)Subsection (1)(b) above does not apply in relation to any claim againstthe deceased’s estate in respect of so much of any liability as is, inaccordance with this Act, to be taken into account in determining the valueof the estate.
(6)In this section—
“exempt gift”, in relation to a transfer of value fallingwithin subsection (1)(a) above, means—
(a)a gift with respect to which the transfer is (apart from this section)exempt by virtue of the provisions of any of sections 18 and 23 to 28 above,or
(b)where (apart from this section) the transfer is so exempt with respect toa gift up to a limit, so much of the gift as is within that limit;
“the exempt beneficiary”, in relation to an exempt gift,means any of the following, namely—
(a)where the gift is exempt by virtue of section 18 above, the deceased’sspouse,
(b)where the gift is exempt by virtue of section 23 above, any person orbody—
(i)whose property the property falling within subsection (1) of that sectionbecomes, or
(ii)by whom that property is held on trust for charitable purposes,
(c)where the gift is exempt by virtue of section 24, 25 or 26 above, any bodywhose property the property falling within subsection (1) of that sectionbecomes,
(d)where the gift is exempt by virtue of section 24A above, any body to whomthe land falling within subsection (1) of that section is given, and
(e)where the gift is exempt by virtue of section 27 or 28 above, the trusteesof any settlement in which the property falling within subsection (1) of thatsection becomes comprised;
“gift” and “specific gift” have the samemeaning as in Chapter III of this Part; and
“the relevant value”, in relation to a transfer of valuefalling within subsection (1)(a) above, means so much of the value transferredby the transfer as is attributable to the gift referred to in that provision.”
(2)This section shall have effect in relation to deaths occurring on or afterthe day on which this Act is passed.
Marginal Citations
M31984c. 51.
(1)Stamp duty shall not be chargeable under—
(a)the heading “Policy of Life Insurance” in Schedule 1 tothe M4Stamp Act 1891, or
(b)paragraph (3) of the heading “Bond, Covenant, or Instrument of any kindwhatsoever” in that Schedule (superannuation annuities).
(2)Subject to section 4 of the Stamp Act 1891 (separate charges oninstruments containing or relating to several distinct matters) an instrumentwhich, but for subsection (1) above, would be chargeable with stamp duty underparagraph (3) of the heading mentioned in paragraph (b) of that subsectionshall not be chargeable with stamp duty under any other provision of the StampAct 1891.
(3)Section 100 of the Stamp Act 1891 (penalty for not making out policy ormaking policy not duly stamped) shall cease to have effect.
(4)Section 118 of the Stamp Act 1891 (assignment of life insurance policy tobe stamped before payment of money assured) shall cease to have effect.
(5)Section 47(3) of the M5Finance Act 1966 (enhanced dutywhere policy not exceeding 2 years is varied so as to exceed 2 years) andsection 5(3) of the M6Finance Act (Northern Ireland)1966 (equivalent provision for Northern Ireland) shall cease to have effect.
(6)Subsections (1) and (2) above apply to instruments made after 31stDecember 1989.
(7)So far as it relates to section 100(1) of the 1891 Act, subsection (3)above applies where a person receives, or takes credit for, a premium orconsideration for insurance after 30th November 1989.
(8)So far as it relates to section 100(2) of the 1891 Act, subsection (3)above applies where the policy is made after 31st December 1989.
(9)Subsection (4) above applies to instruments of assignment made after 31stDecember 1989.
(10)Subsection (5) above applies where the policy is varied after 31stDecember 1989 (whenever it was made).
(1)The following section shall be substituted for section 101 of the Finance Act 1980[1980 c. 48.] —
(1)No stamp duty shall be chargeable on any transfer of any unit in an authorised unit trust scheme to which subsection (2) below applies.
(2)This subsection applies to any authorised unit trust scheme under the terms of which the funds of the trust —
(a)cannot be invested in such a way that income can arise to the trustees which will be chargeable to tax in the hands of the trustees otherwise than under Schedule C as profits arising from United Kingdom public revenue dividends or under Case III of Schedule D, and
(b)cannot be invested in any investment on the transfer of which ad valorem stamp duty would be chargeable.
(3)In this section —
“authorised unit trust scheme” has the same meaning as in the Financial Services Act 1986[1986 c. 60.] , and
“United Kingdom public revenue dividends” means public revenue dividends payable in the United Kingdom (whether they are also payable outside the United Kingdom or not) out of the public revenue of the United Kingdom.”
(2)This section shall have effect in relation to the transfer of units on or after the day on which this Act is passed.
(1)The Treasury may by regulations provide that where —
(a)circumstances would (apart from the regulations) give rise to a charge to stamp duty under the heading “Conveyance or Transfer on Sale” in Schedule 1 to the Stamp Act 1891[1891 c. 39.] and to a charge to stamp duty reserve tax,
(b)the circumstances involve a stock exchange nominee, and
(c)the circumstances are such as are prescribed,
the charge to stamp duty shall be treated as not arising.
(2)The power to make regulations under this section shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.
(3)In this section —
(a)“prescribed” means prescribed by the regulations, and
(b)“stock exchange nominee” means a person designated for the purposes of section 127 of the Finance Act 1976[1976 c. 40.] as a nominee of The Stock Exchange by an order made by the Secretary of State under subsection (5) of that section.
(1)The Treasury may by regulations provide that where —
(a)circumstances would (apart from the regulations) give rise to two charges to stamp duty reserve tax,
(b)the circumstances involve a stock exchange nominee, and
(c)the circumstances are such as are prescribed,
such one of the charges as may be prescribed shall be treated as not arising.
(2)The Treasury may by regulations provide that where —
(a)circumstances would (apart from the regulations) give rise to a charge to stamp duty reserve tax and a charge to stamp duty,
(b)the circumstances involve a stock exchange nominee, and
(c)the circumstances are such as are prescribed,
the charge to stamp duty reserve tax shall be treated as not arising.
(3)The Treasury may by regulations provide that a provision of an Act by virtue of which there is no charge to stamp duty reserve tax shall also apply in circumstances which involve a stock exchange nominee and are such as are prescribed.
(4)The Treasury may by regulations provide that a provision of an Act by virtue of which the rate at which stamp duty reserve tax is charged is less than it would be apart from the provision shall also apply in circumstances which involve a stock exchange nominee and are such as are prescribed.
(5)The power to make regulations under this section shall be exercisable by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons.
(6)In this section —
(a)“prescribed” means prescribed by the regulations, and
(b)“stock exchange nominee” means a person designated for the purposes of section 127 of the Finance Act 1976[1976 c. 40.] as a nominee of The Stock Exchange by an order made by the Secretary of State under subsection (5) of that section.
— Regulations under section 98(1) of the Finance Act 1986[1986 c. 41.] (administration etc. of stamp duty reserve tax) may include —
(a)provision that notice which the regulations require to be given to the Commissioners of Inland Revenue shall be given in a manner or form specified by the Commissioners;
(b)provision that information which the regulations require to be supplied to the Commissioners shall be supplied in a manner or form specified by the Commissioners.
(1)The rate of interest applicable for the purposes of an enactment to whichthis section applies shall be the rate which for the purposes of thatenactment is provided for by regulations made by the Treasury under thissection.
(2)This section applies to—
(a)section 8(9) of the M7Finance Act 1894,
(b)section 18 of the M8Finance Act 1896,
(c)section 61(5) of the M9Finance (1909-10) Act 1910,
(d)section 17(3) of the M10Law of Property Act 1925,
(e)section 73(6) of the M11Land Registration Act 1925,
(f)sections 86, 86A, 87, 87A and 88 of the M12TaxesManagement Act 1970,
(g)paragraph 3 of Schedule 16A to the M13Finance Act 1973,
[F1(gg)[F2paragraph 6 of Schedule 1 to the Social Security Contributions and Benefits Act 1992],]
(h)paragraphs 15 and 16 of Schedule 2, and paragraph 8 of Schedule 5, to the M14Oil Taxation Act 1975,
F3[(i)section 283 of the M15Taxation of Chargeable Gains Act 1992;]
(j)paragraph 59 of Schedule 8 to the M16Development Land TaxAct 1976,
(k)sections 233 and 236(3) and (4) of the M17Inheritance TaxAct 1984,
(l)section 92 of the Finance Act 1986, and
(m)sections 160, 824, 825 and 826 of, [F4and paragraph 6B of Schedule 3 to,] and paragraph 3 of Schedule 19A to, the M18Taxes Act 1988. [F5and]
[F6(n)section 118(7) of the Finance Act 1990.][F7and
(o)section 14(4) of the Ports Act 1991.]
(3)Regulations under this section may—
(a)make different provision for different enactments or for differentpurposes of the same enactment,
(b)either themselves specify a rate of interest for the purposes of anenactment or make provision for any such rate to be determined by referenceto such rate or the average of such rates as may be referred to in theregulations,
(c)provide for rates to be reduced below, or increased above, what theyotherwise would be by specified amounts or by reference to specified formulae,
(d)provide for rates arrived at by reference to averages to be rounded up ordown,
(e)provide for circumstances in which alteration of a rate of interest is oris not to take place, and
(f)provide that alterations of rates are to have effect for periods beginningon or after a day determined in accordance with the regulations in relationto interest running from before that day as well as from or from after thatday.
(4)The power to make regulations under this section shall be exercisable bystatutory instrument which shall be subject to annulment in pursuance of aresolution of the House of Commons.
(5)Where—
(a)the rate provided for by regulations under this section as the rateapplicable for the purposes of any enactment is changed, and
(b)the new rate is not specified in the regulations,
the Board shall by order specify the new rate and the day from which ithas effect.
(6)In section 828(2) of the Taxes Act 1988 (powers to make orders which arenot exercisable by statutory instrument) the words “or section 178(5)of the Finance Act 1989” shall be added at the end.
(7)Subsection (1) shall have effect for periods beginning on or after suchday as the Treasury may by order made by statutory instrument appoint andshall have effect in relation to interest running from before that day as wellas from or from after that day; and different days may be appointed fordifferent enactments.
Textual Amendments
F1S. 178(2)(gg) inserted (6.4.1992) (E.W.S.) by Social Security Act 1990 (c. 27, SIF 113:1) s. 17(10); S.I. 1992/632, art. 2
F2Words in s. 178(2)(gg) substituted (1.7.1992) by Social Security (Consequential Provisions) Act 1992 (c. 6), ss. 4, 7(2), Sch. 2 para. 107
F3s. 178(2)(i) substituted (in relation to tax for the year 1992-1993 and subsequent years subject as mentioned in s. 289 of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 19(4) (with ss. 60, 101(1), 171, 201(3))
F4Words in s. 178(2)(m) inserted (16.7.1992 with effect in relation to transactions effected on or after 1.10.1992) by Finance (No. 2) Act 1992 (c. 48), s. 63, Sch. 11 paras.5, 6
F5 “and” inserted by Finance Act 1990 (c. 29, SIF 58), s.118(8)
F6S. 178(2)(n) inserted by Finance Act 1990 (c. 29, SIF 58),s. 118(8)
F7S. 178(2)(o) and word immediately proceeding it inserted (G.B.) by Ports Act 1991 (c. 52, SIF 58), s. 14(5).
Modifications etc. (not altering text)
C1S. 178 applied by Ports Act 1991 (c. 52, SIF 58), s. 14(4).
S. 178 applied (27.7.1993) by 1993 c. 34, s. 173, Sch. 19 Pt. II para. 11(4)
C2 For regulations see S.I. 1989/1297 (inPart III Vol. 5).And see Tables Iand O Vol. 1
C3Power of appointment conferred by s. 178(7) partly exercised: 18.8.1989 appointed by S.I. 1989/1298 for all the enactments specified in s. 178(2) other than s. 87A of the 1970 Act and s. 826 of the 1988 Act
Marginal Citations
(1)The words “rate applicable under section 178 of the Finance Act 1989”shall be substituted—
(a)for the words from “rate” to “annum” in—
(i)section 18(1) of the M19 Finance Act 1896,
(ii)section 61(5) of the M20 Finance (1909-10) Act 1910,
(iii)section 17(3) of the M21 Law of Property Act 1925,
(iv)section 73(6) of the M22 Land Registration Act 1925,
(v)paragraphs 15(1) and 16 of Schedule 2, and paragraph 8(4) of Schedule 5,to the M23 Oil Taxation Act 1975,
F8(vi). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(vii)sections 824(1) and 825(2) of the Taxes Act 1988,
(b) for the words“ perscribed rate” in—
(i)sections 86(1), 86A(1), 87(1), 87A(1) and (5) and 88(1) of the M24 Taxes Management Act 1970,
(ii)paragraph 3(4) of Schedule 16A to the M25 Finance Act1973, and
(iii)paragraph 3(4) of Schedule 19A to the Taxes Act 1988,
(c)for the words “rate which” onwards in—
(i)paragraph 59(1) of Schedule 8 to the M26 Development LandTax Act 1976, and
(ii)section 826(1) of the Taxes Act 1988,
(d)for the words “rate applicable under subsection (2) below” in section233(1) of the M27 Inheritance Tax Act 1984,
(e)for the words “rate for the time being applicable under section233(2)(b) above” in subsection (3), and the words “rate for the timebeing applicable under section 233(2)(a) above” in subsection (4), ofsection 236 of that Act,
(f)for the words “appropriate rate” in section 92(2) of the M28 Finance Act 1986, and
(g)for the words “rate prescribed from time to time by the Treasury byorder” in section 160(5)(d) of the Taxes Act 1988.
(2)In section 8(9) of the M29 Finance Act 1894, for thewords from “such interest” to “per cent.” there shall be substitutedthe words “interest at such rate not exceeding that applicable under section178 of the Finance Act 1989”.
(3)In section 236(4) of the Inheritance Tax Act 1984, for the words “as ifsection 233(1)(b) above had applied” there shall be substituted the words “from the end of the period mentioned in section 233(1)(b) above”.
(4)Any amendment made by subsection (1), (2) or (3) above shall have effect in relation to any period for which section 178(1) above has effect for thepurposes of the enactment concerned.
(5)Section 146(11) of the Taxes Act 1988 shall have effect in relation to anyyear of assessment beginning after the day on which section 178(1) above haseffect for the purposes of section 160 of that Act with the substitution ofthe words “applicable for the purposes of section 160” for the words “prescribed by the Treasury under section 160(5)”.
Textual Amendments
F8S. 179(1)(a)(vi) 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 ss. 201(3), Sch. 11 paras. 22, 26(2), 27)
Marginal Citations
M241970c. 9.
(1)In section 48(1) of the M30 Finance Act 1975, after thewords “carry interest” there shall be inserted the words “from the dateon which the sums were paid until the order for repayment is issued”.
(2)In—
(a)paragraph 16 of Schedule 2 to the M31 Oil Taxation Act1975,
(b)section 105(7) of the M32 Finance Act 1980,
(c)paragraph 13(4) and (5) of Schedule 16 to the M33 FinanceAct 1981, and
(d)paragraph 10(4) of Schedule 19 to the M34 Finance Act1982,
for the word “repayment” there shall be substituted the words “theorder for repayment is issued”.
(3)In paragraph 59(1) of Schedule 8 to the M35 DevelopmentLand Tax Act 1976, after the word “later,” there shall be inserted thewords “until the order for repayment is issued”.
(4)In section 235(1) of the M36 Inheritance Tax Act 1984(and paragraph 19(3) of Schedule 4 to the M37 Finance Act1975), after the word “made” there shall be inserted the words “untilthe order for repayment is issued”.
(5)In section 92(2) of the M38 Finance Act 1986, for thewords “the time it was paid” there shall be substituted the words “thedate on which the payment was made until the order for repayment isissued”.
(6)In section 826(1) of the Taxes Act 1988, for the words “that repaymentor payment is made” there shall be substituted the words “the order forrepayment or payment is issued”.
(7)The amendments made by this section shall be deemed always to have hadeffect.
Marginal Citations
(1)M39The Broadcasting Act 1981 shall have effect withrespect to additional payments payable by programme contractors under that Actsubject to the amendments made by Part I, and with the substitution, forSchedule 4 to that Act, of the provisions contained in Part II, of Schedule16 to this Act.
(2)The transitional provisions made by Part III of that Schedule shall haveeffect.
(3)This section shall come into force on 1st January 1990.]
Textual Amendments
F9S. 181, Sch. 16 repealed (prosp. as mentioned in S.I. 1990/2347, art. 3(3)) by Broadcasting Act 1990 (c. 42, SIF 96), ss. 127-129, 134, 203(3), 204(2), Schs. 9-12, Sch. 21
Marginal Citations
(1)A person who discloses any information which he holds or has held in the exercise of tax functions is guilty of an offence if it is information aboutany matter relevant, for the purposes of those functions, to tax or duty inthe case of any identifiable person.
(2)In this section “tax functions” means functions relatingto tax or duty—
(a)of the Commissioners, the Board and their officers,
(b)of any person carrying out the administrative work of any tribunalmentioned in subsection (3) belowm, and
(c)of any other person providing, or employed in the provision of, servicesto any person mentioned in paragraph (a) or (b) above.
(3)The tribunals referred to in subsection (2)(b) above are—
(a)the General Commissioners and the Special Commissioners,
(b)any value added tax tribunal,
(c)any referee or board of referees appointed for the purposes of section80(3) of the M40 Taxes Management Act 1970 or under section26(7) of the M41 Capital Allowances Act 1968, and
(d)any tribunal established under section 463 of the Taxes Act 1970 orsection 706 of the Taxes Act 1988.
(4)A person who discloses any information which—
(a)he holds or has held in the exercise of functions—
(i)of the Comptroller Auditor General and any member of the staff of theNational Audit Office, or
(ii)of the Parliamentary Commissioner for Administration and his officers,
(b)is, or is derived from, information which was held by any person in theexercise of tax functions, and
(c)is information about any matter relevant, for the purposes of taxfunctions, to tax or duty in the case of any identifiable person,
is guilty of an offence.
(5)Subsections (1) and (4) above do not apply to any disclosure ofinformation—
(a)with lawful authority,
(b)with the consent of any person in whose case the information is about amatter relevant to tax or duty, or
(c)which has been lawfully made available to the public before the disclosureis made.
(6)For the purposes of this section a disclosure of any information is madewith lawful authority if, and only if, it is made—
(a)by a Crown servant in accordance with his official duty,
(b)by any other person for the purposes of the function in the exercise ofwhich he holds the information and without contravening any restriction dulyimposed by the person responsible,
(c)to, or in accordance with an authorisation duly given by, the personresponsible,
(d)in pursuance of any enactment or of any order of a court, or
(e)in connection with the institution of or otherwise for the purposes of anyproceedings relating to any matter within the general responsibility of theCommissioners or, as the case requires, the Board,
and in this subsection “the person responsible” meansthe Commissioners, the Board, the Comptroller or the ParliamentaryCommissioner, as the case requires.
(7)It is a defence for a person charged with an offence under this sectionto prove that at the time of the alleged offence—
(a)he believed that he had lawful authority to make the disclosure inquestion and had no reasonable cause to believe otherwise, or
(b)he believed that the information in question had been lawfully madeavailable to the public before the disclosure was made and had no reasonablecause to believe otherwise.
(8)A person guilty of an offence under this section is liable—
(a)on conviction on indictment, to imprisonment for a term not exceeding twoyears or a fine or both, and
(b)on summary conviction, to imprisonment for a term not exceeding six monthsor a fine not exceeding the statutory maximum or both.
(9)No prosecution for an offence under this section shall be instituted inEngland and Wales or in Northern Ireland except—
(a)by the Commissioners or the Board, as the case requires, or
(b)by or with the consent of the Director of Public Prosecutions or, inNorthern Ireland, the Director of Public Prosecutions for Northern Ireland.
(10)In this section—
“the Board” means the Commissioners of Inland Revenue,
“the Commissioners” means the Commissioners of Customsand Excise,
“Crown servant” has the same meaning as in the M42 Official Secrets Act 1989, and
“tax or duty” means any tax or duty within the generalresponsibility of the Commissioners or the Board.
(11)In this section—
(a)references to the Comptroller and Auditor General include the Comptrollerand Auditor General for Northern Ireland,
(b)references to the National Audit Office include the Northern Ireland AuditOffice, and
(c)references to the Parliamentary Commissioner for Administration includethe Health Service Commissioner for England, the Health Service Commissionerfor Wales, the Health Service Commissioner for Scotland, the Northern IrelandParliamentary Commissioner for Administration and the Northern IrelandCommissioner for Complaints.
(12)This section shall come into force on the repeal of section 2 of the M43 Official Secrets Act 1911.
(1)A person who discloses any information acquired by him in the exercise of his functions as a member of an advisory commission set up under the Arbitration Convention is guilty of an offence.
(2)Subsection (1) above does not apply to any disclosure of information—
(a)with the consent of the person who supplied the information to the commission, or
(b)which has been lawfully made available to the public before the disclosure is made.
(3)It is a defence for a person charged with an offence under this section to prove that at the time of the alleged offence he believed that the information in question had been lawfully made available to the public before the disclosure was made and had no reasonable cause to believe otherwise.
(4)A person guilty of an offence under this section is liable—
(a)on conviction on indictment, to imprisonment for a term not exceeding two years or a fine or both;
(b)on summary conviction, to imprisonment for a term not exceeding six months or a fine not exceeding the statutory maximum or both.
(5)No prosecution for an offence under this section shall be instituted in England and Wales or in Northern Ireland except—
(a)by the Board, or
(b)by or with the consent of the Director of Public Prosecutions or, in Northern Ireland, the Director of Public Prosecutions for Northern Ireland.
(6)In this section—
“the Arbitration Convention” has the meaning given by section 815B(4) of the Taxes Act 1988;
“the Board” means the Commissioners of Inland Revenue.]
Textual Amendments
F10S. 182A inserted (16.7.1992) by Finance (No. 2) Act 1992 (c. 48), s. 51(3)
(1)In section 47 of the M44 Finance Act 1942 (power to makeregulations about transfer and registration of Government stock)—
(a)the following paragraph shall be inserted after paragraph (b) ofsubsection (1)—
“(bb)for the redemption of such stock and bonds;”and
(b)the following subsection shall be inserted after that subsection—
“(1A)Regulations under subsection (1) of this section may make provisionauthorising the Bank of England, in such circumstances and subject to suchconditions as may be prescribed in the regulations, to transfer stock andbonds standing in their books in the name of a deceased person into the nameof another person without requiring the production of probate, confirmationor letters of administration.”
(2)In section 3(1) of the M45 National Debt Act 1972 (powerto make regulations about stock on the National Savings Stock Register) thefollowing paragraph shall be inserted after paragraph (b)—
“(bb)the redemption of stock registered in the register,”.
(3)After section 14 of the M46 National Loans Act 1968 thereshall be inserted—
(1)Any securities of Her Majesty’s Government in the United Kingdom which arefor the time being held in the Issue Department of the Bank of England may beredeemed by the Treasury before maturity at market prices determined in suchmanner as may be agreed between the Treasury and the Bank.
(2)Any expensess incurred by the Treasury in connection with the redemptionof securities under subsection (1) above shall be paid out of the NationalLoans Fund.”
(1)In section 2 of the M47National Savings Bank Act 1971(general power to make regulations) after subsection (1) there shall beinserted—
“(1A)Regulations under this section may restrict the classes of persons who mayopen accounts with the National Savings Bank, but any such restriction shallnot apply to any account opened before the coming into force of theregulations imposing the restriction.”
(2)In section 5 of that Act (interest on ordinary deposits) in subsection (1)for the words from the beginning to “in any ordinary deposit account”there shall be substituted “The Director of Savings may, with the consentof the Treasury, from time to time determine the rate or rates at whichinterest is to be payable on amounts deposited in ordinary accounts or thatno interest is to be payable on such amounts, and any such determination inrelation to amounts deposited in any ordinary deposit account may be made”.
(3)After subsection (1) of section 5 of that Act there shall beinserted—
“(1A)The Director of Savings shall give notice in the London, Edinburgh andBelfast Gazettes of any determination under subsection (1) above; and any suchdetermination may affect deposits received at or before, as well as after, thetime the determination is made.”
(4)Subsection (5) of section 5 of that Act (rate of interest on ordinarydeposits to be not less than 2.5 per cent per annum) shall cease to haveeffect.
(5)Subsections (2) and (3) above shall come into force on 1st October 1989.
Marginal Citations
As soon as may be after the passing of this Act, the Treasury shall causeto be wound up the Redemption Annuities Account (which was established undersection 25 of the Tithe M48Act 1936 and which becameredundant on the redemption on 1st October 1988 of all remaining stock issuedunder that Act), and the surplus standing to the credit of that accountimmediately before it is wound up shall be paid into the Consolidated Fund.
Marginal Citations
(1)In this Act “the Taxes Act 1970” means the M49Income and Corporation Taxes Act 1970 and “the Taxes Act1988” means the M50Income and Corporation Taxes Act1988.
(2)Chapter II of Part I of this Act shall be construed as one with the M51Value Added Tax Act 1983.
(3)Part II of this Act, so far as it relates to capital gains tax, shall beconstrued as one with the M52Capital Gains Tax Act 1979.
(1)The enactments specified in Schedule 17 to this Act (which includeunnecessary enactments) are hereby repealed to the extent specified in thethird column of that Schedule, but subject to any provision at the end of anyPart of that Schedule.
(2)The repeal of the enactments specified in Part XIV of Schedule 17 shallcome into force on such day as the Treasury may appoint by order made bystatutory instrument; and different days may be appointed for differentenactments.
Modifications etc. (not altering text)
C4Power of appointment conferred by s. 187(2) partly exercised:30.9.1989 appointed by S.I. 1989/1788, art. 2 for the repeal of the enactmentsspecified in Part XIV of Schedule 17 other than section 27 in Part II of theTithe Act 1936 (c. 43)
This Act may be cited as the Finance Act 1989.