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Finance Act 1989

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Section 187.

SCHEDULE 17U.K. Repeals

Part IU.K. Customs and Excise

1979 c. 2.The Customs and Excise Management Act 1979.Section 17(5)(a).Section 147(1).
1979 c. 4.The Alcoholic Liquor Duties Act 1979.Section 73.
1988 c. 39.The Finance Act 1988.Section 11(2).

The repeals of section 147(1) of the Customs and Excise Management Act1979 and section 11(2) of the Finance Act 1988 have effect in relation tooffences committed on or after the day on which this Act is passed.

F1Part IIU.K.

Textual Amendments

Part IIIU.K. Value Added Tax

1983 c. 55.The Value Added Tax Act 1983.In Schedule 5, Group 6 and, in Group 8A, Note (5).
1984 c. 43.The Finance Act 1984.In Schedule 6, Part II.
S.I. 1986/704.The Value Added Tax (Land) Order 1986.The whole Order.
S.I. 1986/716.The Value Added Tax (Land) (No.2) Order 1986.The whole Order.
S.I. 1987 /1072.The Value Added Tax (Construction of Buildings) (No.2) Order 1987.Article 2.

1The repeal of Group 6 of Schedule 5 to the Value Added Tax Act 1983 haseffect in relation to supplies made on or after 1st April 1989.

2The remaining repeals have effect in accordance with Schedule 3 to thisAct.

Part IVU.K. Income and Corporation Tax: General

1970 c. 9.The Taxes Management Act 1970.In section 15(11), paragraph (b) and the word “and” preceding it.
1988 c. 1.The Income and Corporation Taxes Act 1988.In section 131(2), the words “for the same or another chargeableperiod”.In section 149(1), the words “for that period” and the words “for that or any other period”. Section 170.Section 175(3).In section 176(1), the words “(but not morethan six months)”.In section 178(2), paragraph (b) and the word “or”preceding it.Section 203(4).In section 231, in subsection (4) the words “andwhere” onwards, and subsection (5).Section 433.Section 434(4) and(5).Section 435.Section 436(3)(b).Section 507(2).In section 590(3)(d), thewords “(disregarding any excess of that remuneration over the permittedmaximum)”.Section 595(2) and (3).In section 596(3)(a), the word “either” and the words “or subsection (2)”.In section 600(1), thewords “or have been” and the words “or has at any time been”.Section635(4).In section 645, in subsection (3), the word “and” followingparagraph (a) and subsection (5).In section 655(5), the words “in caseswhere the applications are made before 1st February 1990”.Section 769(7)(b)and (c).In section 824(10), the definition of “United Kingdom estate”.InSchedule 8, in paragraph 7(1), the words “, or is an associate of a personwho has,”; in paragraph 13, in sub-paragraph (1) the word “fixed” andsub-paragraphs (2) and (3); and, in paragraph 14, sub-paragraph (2), insub-paragraph (5) the words “specified in, or” and sub-paragraph (7).InSchedule 9, in paragraph 10, paragraph (ii) of sub-paragraph (c) and the word “and” preceding it.In Schedule 23, paragraph 8.
1988 c. 39.The Finance Act 1988.In section 68(1), the words from “at the fixed price” to “tendered”.

1The repeals in sections 131 and 149 and of section 170 of the Income andCorporation Taxes Act 1988 have effect in accordance with section 42 of thisAct.

2The repeals in sections 231 and 824 of the Income and Corporation TaxesAct 1988 have effect in accordance with sections 110 and 111 of this Act.

3The repeals in sections 433 to 435 of the Income and Corporation Taxes Act1988 have effect in accordance with section 84(5) of this Act and the repealof section 436(3)(b) of that Act has effect in accordance with section 87(5)of this Act.

4The repeals in sections 590, 595, 596 and 600 of, and in Schedule 23 to,the Income and Corporation Taxes Act 1988 have effect in accordance withSchedule 6 to this Act.

5The repeals in sections 635, 645 and 655 of the Income and CorporationTaxes Act 1988 have effect in accordance with Schedule 7 to this Act.

6The repeal of section 769(7)(b) and (c) of the Income and CorporationTaxes Act 1988 has effect in accordance with section 100 of this Act.

7The repeal in the Finance Act 1988 has effect in relation to offers madeon or after 11th October 1988.

Part VU.K. Close Companies

Modifications etc. (not altering text)

C1Sch. 17 Pt. V restricted (retrospectively) by 1993 c. 34, s. 79(2)(a)

1970 c. 9.The Taxes Management Act 1970.Section 29(2).In section 31(3)(b), the words “426,”.In the Table insection 98, in the first column, the reference to paragraph 17 of Schedule 19to the principal Act.In Schedule 3, in rule 8, the words from “orrelating” to “Schedule 19 to the principal Act”.
1972 c. 41.The Finance Act 1972.In Schedule 24, paragraph 6.
1979 c. 14.The Capital Gains Tax Act 1979.In section 89(1), paragraph (b) and the word “or” preceding it.
1988 c. 1.The Income and Corporation Taxes Act 1988.In section 127(3), paragraph (b) and the word “or” preceding it.Insection 230, the word “either”, the words from “or to” to “Schedule 19” and the words “in either case”.In section 239(7), thewords “subsections (5) to (7) of section 430 and”.In section 249(3), thewords “and paragraph 12(1) to (3) of Schedule 19”.In section 250(7), thewords “and paragraph 12 of Schedule 19”.Section 414(3).In section 416(1),the words from “except” to “Schedule 19”.Sections 423 to 430.Insection 539(1), the words “including tax under section 426”.In section681, in subsection (1), paragraph (b) and the word “and” preceding it andsubsections (2) and (3).Section 686(3) and (4).Section 687(3)(b) and (c).Insection 701(8), the words “426(3)”.Section 742(9)(d) and (10).In section825(1)(a), the words from “and any” to “430(7)(a)”.In Schedule 4,paragraph 10(3).In Schedule 8, in paragraph 7(3), the second “and”.Schedule 19.In Schedule 29, in the Table in paragraph 32, theentries relating to section 29(2) of the Taxes Management Act 1970 andsections 89(1)(b) and 136(10)(b) of the Capital Gains Tax Act 1979.
1988 c. 39.The Finance Act 1988.Section 102(2)(a).

1The repeal in section 98 of the Taxes Management Act 1970 and the repealof paragraph 17 of Schedule 19 to the Income and Corporation Taxes Act 1988have effect on and after the day on which this Act is passed.

2The repeal in section 89 of the Capital Gains Tax Act 1979 (and thecorresponding repeal in Schedule 29 to the Income and Corporation Taxes Act1988) have effect where the due date of issue of the share capital issued toa close company falls in an accounting period of the company beginning after31st March 1989.

3The repeal of section 414(3) of the Income and Corporation Taxes Act 1988has effect from 1st April 1989.

4The repeal of sections 423 to 430 of, and Schedule 19 to, the Income andCorporation Taxes Act 1988 has effect in accordance with section 103 of thisAct.

5The repeals in section 681 of the Income and Corporation Taxes Act 1988have effect in relation to the income of bodies corporate for accountingperiods beginning after 31st March 1989.

6The remaining repeals have effect in relation to accounting periodsbeginning after 31st March 1989.

Part VIU.K. Capital Allowances

1968 c. 3.The Capital Allowances Act 1968.Section 9(b).Section 14.Section 50.Section 67(11).In section 68, insubsections (1) and (3), the words “or forestry”, in each place wherethey occur, and in subsection (2), the words “and forestryincome”.Section 80.In section 87(4), the words “or forestry”, in bothplaces where they occur.In section 92(5), the words “allowed or” and thewords “balancing allowance or”.Section 93(1) and (2).Schedule 8.
1971 c. 68.The Finance Act 1971.In Schedule 8, paragraph 2 and, in paragraph 7, in sub-paragraph (1) thewords “Subject to sub-paragraph (2) below” and the words from “byreason of” to the end of paragraph (b) and sub-paragraph (2).
1978 c. 42.The Finance Act 1978.In Schedule 6, paragraph 8.
1980 c. 48.The Finance Act 1980.In section 74(6), the words from the beginning to “and”.In section75(6), the words from the beginning to “and”.
1982 c. 39.The Finance Act 1982.In Schedule 12, paragraph 11.
1986 c. 41.The Finance Act 1986.Section 56(5).In Schedule 15, in paragraphs 1 to 3, the words “orforestry”, in each place where they occur, in paragraph 7(3), the words “subject to paragraph 9 below”, and in paragraph 11, the words “andforestry income” and the words “or forestry income”.
1988 c. 1.The Income and Corporation Taxes Act 1988.In section 521(5), the words “within the terms of section 839”.

1The repeal in paragraph 7(1)(b) of Schedule 8 to the Finance Act 1971 haseffect in cases where machinery or plant is brought into use on or after theday on which this Act is passed.

2The repeals in sections 68 and 87(4) of the Capital Allowances Act 1968and in paragraphs 1 to 3 and 11 of Schedule 15 to the Finance Act 1986 haveeffect in relation to chargeable periods beginning on or after 6th April 1993.

3The repeal in section 521(5) of the Income and Corporation Taxes Act 1988has effect in accordance with paragraph 27 of Schedule 13 to this Act.

4The repeals of the provisions listed in sub-paragraph (5) of paragraph 28of Schedule 13 to this Act have effect in accordance with that paragraph.

Part VIIU.K. Capital Gains

1973 c. 51.The Finance Act 1973.In section 38(3B)(a), the words “within the period of two years endingat the date of the disposal”.
1979 c. 14.The Capital Gains Tax Act 1979.Section 126(7)(b).Section 142A(5)(c).In Schedule 4, in paragraph 1(2), thewords “at the rate of 50 per cent.,”, in paragraph 3(1), the words from “by virtue” to “(settled property)”, in paragraph 3(2), the words “at the rate of 50 per cent.,” and in paragraph 4(4), the words “(taking account” onwards.
1980 c. 48.The Finance Act 1980.Section 79.
1981 c. 35.The Finance Act 1981.Section 78.Section 96(3)(e) and (4).
1982 c. 39.The Finance Act 1982.Sections 81 and 82.
1984 c. 43.The Finance Act 1984.Section 64(2)(a).
1984 c. 51.The Inheritance Tax Act 1984.In section 97(2), the words from “and in this section” to the end.
1985 c. 54.The Finance Act 1985.In section 70(10), paragraph (a) and the word “and” following it.
1986 c. 41.The Finance Act 1986.In section 58(2), paragraph (b) and the word “and” precedingit.Section 101(2).
1987 c. 51.The Finance (No.2) Act 1987.Section 78.
1988 c. 1.The Income and Corporation Taxes Act 1988.In Schedule 29, in the Table in paragraph 32, the entry relating to section126(7) of the Capital Gains Tax Act 1979.

1The repeal in the Finance Act 1973 has effect in accordance with section130 of this Act.

2The repeal in section 142A of the Capital Gains Tax Act 1979 has effectin accordance with section 92 of this Act.

3The repeal of section 81 of the Finance Act 1982 has effect in relationto disposals on or after 6th April 1989 or, in the case of section 81(1)(b),assets acquired on or after that date.

4The repeal of section 64(2)(a) of the Finance Act 1984 has effect inaccordance with section 139(1) of this Act.

5The repeal in section 97(2) of the Inheritance Tax Act 1984 has effect inaccordance with section 138(7) of this Act.

6The repeal in the Finance (No.2) Act 1987 has effect in accordance withsection 140 of this Act.

7The remaining repeals have effect in relation to disposals on or after14th March 1989 (except that they shall not have effect in relation to sucha disposal in a case where the enactment in question operates in consequenceof relief having been given under section 79 of the Finance Act 1980 inrespect of a disposal made before that date).

Part VIIIU.K. Management

1970 c. 9.The Taxes Management Act 1970.Section 16(6).In section 20, subsections (4) and (5) and, in subsection(6), the words “and in relation” onwards.In section 20B(7), the wordsfrom “to a person” to “daughter”.Sections 37 to 39.In section 40(2),the words “Subject to section 41 below,”.Section 41.In section 53(1), thewords “and the reference” onwards.In section 61(5), the words “withinthe said five days” and the words from “The costs” to “thecollector, and”.Section 62(3), so far as unrepealed.Section 64(3), so faras unrepealed.Section 70(5).Section 86(6).Section 87(4) and (5).In section 98,in the Table, in column 1, in the entry relating to Part III of the TaxesManagement Act 1970, the words “, except sections 16 and 24(2)” and theentry relating to section 481(5)(k) of the Income and Corporation Taxes Act1988.In section 118(1), the definition of “neglect”.
1973 c. 51.The Finance Act 1973.In Schedule 16A, paragraph 10.
1975 c. 45.The Finance (No.2) Act 1975.In section 47(1), the words “of not less than £25”.
1976 c. 24.The Development Land Tax Act 1976.In Schedule 8, paragraphs 17 and 18, so far as unrepealed.
1980 c. 48.The Finance Act 1980.Section 62.
1982 c. 39.The Finance Act 1982.Section 69.
1987 c. 51.The Finance (No.2) Act 1987.In section 84, subsections (1) to (3) and (5) to (8).
1988 c. 1.The Income and Corporation Taxes Act 1988.In section 824, in subsections (1)(a) and (b), the words “of not lessthan £25” and, in subsection (5), the words “of not less than£25” and paragraph (b) and the word “and” preceding it.Insection 825(2), the words “of not less than £100”.In Schedule 19A,paragraph 10.
1988 c. 39.The Finance Act 1988.In section 126, subsection (1) and, in subsection (4)(b), the words “and(9)”.
In Schedule 3, paragraph 29.
1989 c. 26.The Finance Act 1989.Section 165(2).

1The repeals in sections 16, 53 and 98 of the Taxes Management Act 1970have effect in accordance with section 164 of this Act.

2The repeals in sections 20 and 20B of the Taxes Management Act 1970 andsection 126 of the Finance Act 1988 have effect with respect to notices given,or warrants issued, on or after the day on which this Act is passed.

3The repeals of sections 37 to 39, in section 40, of section 41 and insection 118 of the Taxes Management Act 1970 and in Schedule 3 to the FinanceAct 1988 have effect in accordance with section 149 of this Act.

4The repeals in section 61 of the Taxes Management Act 1970 come into forceon the day appointed under section 152(7) of this Act.

5The repeals in sections 86 and 87 of the Taxes Management Act 1970, theFinance (No.2) Act 1975, the Finance Act 1980 and sections 824 and 825 of theIncome and Corporation Taxes Act 1988 have effect in accordance with section158 of this Act.

6The repeal in the Finance Act 1982 has effect in accordance with section156(4) of this Act.

7The repeal of subsection (2) of section 165 of this Act has effect inrelation to failures beginning on or after the day appointed under thatsubsection.

Part IXU.K. Stamp Duty: Insurance

54 & 55 Vict. c. 39.The Stamp Act 1891.Section 91.Section 98(1).Section 100.Section 118.In Schedule 1, paragraph(3) of the heading beginning “Bond, Covenant, or Instrument of any kindwhatsoever”, the whole of the heading beginning “Insurance”, and thewhole of the heading beginning “Policy of Life Insurance”.
4 & 5 Eliz. 2 c. 54.The Finance Act 1956.Section 38.
4 & 5 Eliz. 2 c. 11 (N.I.).The Finance Act (Northern Ireland) 1956.Section 6.
7 & 8 Eliz. 2 c. 58.The Finance Act 1959.In section 30(4), the words preceding paragraph (a) and the words followingparagraph (c).
7 & 8 Eliz. 2 c. 9 (N.I.).The Finance Act (Northern Ireland) 1959.In section 5(4), the words preceding paragraph (a) and the words followingparagraph (c).
1966 c. 18.The Finance Act 1966.Section 47.
1966 c. 21 (N.I.).The Finance Act (Northern Ireland) 1966.Section 5.
1970 c. 24.The Finance Act 1970.In Schedule 7, paragraphs 7(4) and 17.
1970 c. 21 (N.I.).The Finance Act (Northern Ireland) 1970.In Schedule 2, paragraphs 7(4) and 17.
1982 c. 39.The Finance Act 1982.Section 130.
1988 c. 1.The Income and Corporation Taxes Act 1988.In Schedule 14, in paragraph 3(4) the words from “and section 100” tothe end.

These repeals have effect in accordance with section 173 of this Act.

Part XU.K. Rates of Interest

1970 c. 9.The Taxes Management Act 1970.Section 89.
1970 c. 24.The Finance Act 1970.Section 30.
1970 c. 21 (N.I.).The Finance Act (Northern Ireland) 1970.Section 1(1) and (2).
1973 c. 51.The Finance Act 1973.In Schedule 16A, in paragraph 3(4), para-graph (a) and the word “and”following it and the words “they apply”.
1975 c. 22.The Oil Taxation Act 1975.In Schedule 2, in the Table in paragraph 1, the entry relating to section89 of the Taxes Management Act 1970.
1975 c. 45.The Finance (No.2) Act 1975.Section 47(2).
1980 c. 1.The Petroleum Revenue Tax Act 1980.Section 2(3).
1984 c. 51.The Inheritance Tax Act 1984.Section 233(2) and (4).
1986 c. 41.The Finance Act 1986.Section 92(4) and (5).In Schedule 19, paragraph 32.
1987 c. 51.The Finance (No.2) Act 1987.Section 89.
1988 c. 1.The Income and Corporation Taxes Act 1988.In section 824, subsection (1A), in subsection (2) the words “and(1A)” and in subsection (6) the words “Without prejudice to subsection(1A) above”.In section 825, subsection (2A) and in subsection (5) the words “Without prejudice to subsection (2A) above”.In Schedule 19A, inparagraph 3(4), para-graph (a) and the word “and” following it and thewords “they apply”.
1988 c. 39.The Finance Act 1988.In Schedule 13, paragraphs 7(b) and (f) and 8.

These repeals have effect in accordance with section 178(7) of this Act.

Part XIU.K. Broadcasting

1981 c. 68.The Broadcasting Act 1981.Section 32(4A).In section 35(1)(b)(ii), the words “in the case of secondcategory profits,”.
1982 c. 39.The Finance Act 1982.In section 144, subsections (1), (2), (4) and (5).
1984 c. 46.The Cable and Broadcasting Act 1984.Section 40(2).In Schedule 5, in paragraph 40, sub-paragraphs (7), (8) and(9).
1986 c. 41.The Finance Act 1986.In Schedule 22, paragraph 1, and paragraphs 4 to 8.

These repeals have effect on 1st January 1990.

Part XIIU.K. Government Stock: Redemption

11 and 12 Geo. 5 c. 32.The Finance Act 1921.Sections 50 and 51.Schedule 3.
5 and 6 Geo. 6 c. 21.The Finance Act 1942.In Schedule 11, in Part II, the amendments of the Finance Act 1921.
9 and 10 Geo. 6 c. 64.The Finance Act 1946.Section 66.
1969 c. 48.The Post Office Act 1969.Section 108(1)(c).
1982 c. 41.The Stock Transfer Act 1982.Section 4.

So far as relating to stock registered in the National Savings StockRegister these repeals have effect on the coming into force of the firstregulations made by virtue of section 3(1)(bb) of the National Debt Act 1972and so far as relating to other stock and bonds they have effect on the cominginto force of the first regulations made by virtue of section 47(1)(bb) of theFinance Act 1942.

Part XIIIU.K. National Savings

1971 c. 29.The National Savings Bank Act 1971.Section 5(2), (5), (6) and (7).In section 26(2), paragraph (b) and the word “or” preceding it.
1982 c. 39.The Finance Act 1982.In Schedule 20, paragraph 4(2).

These repeals, apart from the repeal of section 5(2), (5) and (6) of theNational Savings Bank Act 1971, come into force on 1st October 1989.

Part XIVU.K. Tithe Redemption

26 Geo. 5 & 1 Edw. 8 c. 43.The Tithe Act 1936.Section 2(1).In section 4(2), in paragraph (a) the words “the amount”onwards.Section 7.Part II.Section 31(7).In section 47(1), the definition of “interest date”.In section 47(4), the words “of any stock, or”.InSchedule 7, paragraph 3(a) of Part I, Part II, and paragraph 2 of Part III.
5 & 6 Geo. 6 c. 21.The Finance Act 1942.In Schedule 11, in Part I the entry relating to Redemption Stock and inPart II the amendment of the Tithe Act 1936.
14 & 15 Geo. 6 c. 62.The Tithe Act 1951.In section 8(2), the words from “which” to “Act”, and the words “and appended” onwards.
6 & 7 Eliz. 2 c. 55.The Local Government Act 1958.In Schedule 8, paragraph 15.
1968 c. 13.The National Loans Act 1968.In section 16(7), the words “Part II of the Tithe Act 1936”.Section16(9)(a).In section 22(3), the words “Part II of the Tithe Act 1936”.InSchedule 1, the entries relating to section 26 of the Tithe Act 1936.
1972 c. 65.The National Debt Act 1972.In section 15(1), the words “section 24 of the Tithe Act 1936”.
1979 c. 14.The Capital Gains Tax Act 1979.In Schedule 2, in Part II, the entry relating to securities issued underPart II of the Tithe Act 1936.

These repeals have effect from the day appointed under section 187(2)of this Act.

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