Finance Act 1990

1. Introductory Text

2. Part I Customs and Excise and Value Added Tax

   1. Chapter I Customs and Excise

      1. Rates of duty

         1. 1. Spirits, beer, wine, made-wine and cider.

         2. 2. Tobacco products.

         3. 3. Hydrocarbon oil.

         4. 4. Pool betting duty.

         5. 5. Vehicles excise duty.

      2. Other provisions

         1. 6. Vehicles excise duty: exemptions.

         2. 7. Entry of goods on importation.

         3. 8. Spirits methylated abroad.

         4. 9. Lodgings for officers in charge of distillery.

   2. Chapter II Value Added Tax

      1. 10. Registration.

      2. 11. Bad debts.

      3. 12. Domestic accommodation.

      4. 13. Goods shipped as stores.

      5. 14. Supplies to groups.

      6. 15. Power to assess.

      7. 16. Interest on tax etc. recovered or recoverable by assessment.

3. Part II Income Tax, Corporation Tax and Capital Gains Tax

   1. Chapter I General

      1. Income tax rates and allowances

         1. 17. Rates and main allowances.

         2. 18. Relief for blind persons.

      2. Corporation tax rates

         1. 19. Charge and rate of corporation tax for 1990.

         2. 20. Small companies.

      3. Benefits in kind

         1. 21. Care for children.

         2. 22. Car benefits.

      4. Mileage allowances

         1. 23. Limit on chargeable mileage profit.

      5. Charities

         1. 24. Payroll deduction scheme.

         2. 25. Donations to charity by individuals.

         3. 26. Company donations to charity.

         4. 27. Maximum qualifying company donations.

      6. Savings

         1. 28. Tax-exempt special savings accounts.

         2. 29. Extension of SAYE.

         3. 30. Building societies and deposit-takers.

      7. Employee share ownership trusts

         1. 31. Conditions for roll-over relief.

         2. 32. Conditions for relief: supplementary.

         3. 33. The relief.

         4. 34. Dwelling-houses: special provision.

         5. 35. Shares: special provision.

         6. 36. Chargeable event when replacement assets owned.

         7. 37. Chargeable event when replacement property owned.

         8. 38. Chargeable event when bonds owned.

         9. 39. Information.

         10. 40. Other enactments.

      8. Insurance companies and friendly societies

         1. 41. Apportionment of income etc.

         2. 42. Overseas life assurance business.

         3. 43. Deduction for policy holders' tax.

         4. 44. Reinsurance commissions.

         5. 45. Policy holders' share of profits etc.

         6. 46. Annual deemed disposal of holdings of unit trusts etc.

         7. 47. Spreading of gains and losses under section 46.

         8. 48. Transfers of long term business.

         9. 49. Friendly societies: increased tax exemption.

         10. 50. Friendly societies: application of enactments.

      9. Unit and investment trusts etc.

         1. 51. Authorised unit trusts.

         2. 52. Unit trusts: repeals.

         3. 53. Unit trust managers: exemption from bond-washing provisions.

         4. 54. Indexation: collective investment schemes.

         5. 55. Investment trusts.

      10. Securities

          1. 56. Convertible securities.

          2. 57. Deep gain securities.

          3. 58. Qualifying indexed securities.

          4. 59. Deep discount securities.

      11. Oil industry

          1. 60. Allowance for abandonment expenditure related to offshore machinery or plant.

          2. 61. Carrying back of losses referable to allowance for abandonment expenditure.

          3. 62. CT treatment of PRT repayment.

          4. 63. Disposals of certain shares deriving value from exploration or exploitation assets or rights.

          5. 64. Limitation of losses on disposal of oil industry assets.

      12. International

          1. 65. Dual resident companies: capital gains.

          2. 66. Dual resident companies: transfers of assets abroad.

          3. 67. Dual resident companies: controlled foreign companies.

          4. 68. Movements of capital between residents of member States.

          5. 69. European Economic Interest Groupings.

          6. 70. Transfer of United Kingdom branch or agency.

      13. Miscellaneous

          1. 71. Relief for interest.

          2. 72. Capital gains: annual exempt amount for 1990-91.

          3. 73. Business expansion scheme: abolition of “locality rule”.

          4. 74. Debts of overseas governments etc.

          5. 75. Local enterprise agencies.

          6. 76. Training and enterprise councils and local enterprise companies.

          7. 77. Expenses of entertainers.

          8. 78. Waste disposal.

          9. 79. Priority share allocations for employees etc.

          10. 80. Broadcasting: transfer of undertakings of Independent Broadcasting Authority and Cable Authority.

          11. 81. Futures and options: exemptions.

          12. 82. Settlements: child’s income.

          13. 83. Loans to traders.

          14. 84. Qualifying corporate bonds: relief.

          15. 85. Qualifying corporate bonds: reorganisations etc.

          16. 86. Groups of companies.

          17. 87. Capital allowances: vehicles provided by employees.

          18. 88. Capital allowances: miscellaneous amendments.

          19. 89. Correction of errors in Taxes Act 1988.

   2. Chapter II Management

      1. Returns and information

         1. 90. Income tax returns.

         2. 91. Corporation tax returns.

         3. 92. Information powers relating to interest.

         4. 93. Restrictions on Board’s power to call for information.

         5. 94. Donations to charity: inspection powers.

      2. Corporation tax determinations

         1. 95. Determinations.

         2. 96. Consequential group relief adjustments.

      3. Claims by companies

         1. 97. Payment of tax credits.

         2. 98. Repayment of income tax deducted at source.

         3. 99. Loss relief.

         4. 100. Group relief: general.

         5. 101. Group relief: relieved losses.

         6. 102. Capital allowances: general.

         7. 103. Capital allowances: assimilation to claims by individuals.

      4. Miscellaneous

         1. 104. Officers.

         2. 105. Recovery of excessive repayments of tax.

         3. 106. Corporation tax: collection.

4. Part III Stamp Duty and Stamp Duty Reserve Tax

   1. Repeals

      1. 107. Bearers: abolition of stamp duty.

      2. 108. Transfer of securities: abolition of stamp duty.

      3. 109. Stamp duty: other repeals.

      4. 110. Stamp duty reserve tax: abolition.

      5. 111. General.

   2. Paired shares

      1. 112. Stamp duty.

      2. 113. Stamp duty reserve tax.

   3. International organisations

      1. 114. International organisations.

5. Part IV Miscellaneous and General

   1. Ports levy

      1. 115. Levy on privatisation of certain ports.

      2. 116. Amount of levy.

      3. 117. Levy on employee securities.

      4. 118. Payment of levy.

      5. 119. Information for purposes of levy.

      6. 120. Supplementary provisions relating to levy.

   2. Petroleum revenue tax

      1. 121. Limit on PRT repayment interest where loss carried back.

      2. 122. Variation, on account of fraudulent or negligent conduct, of decision on expenditure claim etc.

   3. Miscellaneous

      1. 123. Gas levy.

      2. 124. Inheritance tax: restriction on power to require information.

      3. 125. Information for tax authorities in other member States.

      4. 126. Pools payments for football ground improvements.

      5. 127. Definition of “local authority” for certain tax purposes.

      6. 128. Repayment of fees and charges.

      7. 129. Settlement of stock disputes by deputy registrars.

      8. 130. Limit for local loans.

   4. General

      1. 131. Interpretation etc.

      2. 132. Repeals.

      3. 133. Short title.

6. Schedules:

   1. Schedule 1

      Table of rates of duty on wine and made-wine.

   2. Schedule 2

      Vehicles excise duty: rates.

      1. Part I Table substituted in Part II of Schedule 3 to the 1971 Act and the 1972 Act.

      2. Part II Amendments of Part I of Schedule 4 to the 1971 Act.

      3. Part III Amendments of Part I of Schedule 4 to the 1972 Act.

      4. Part IV Tables substituted in Part II of Schedule 4 to the 1971 Act and the 1972 Act.

   3. Schedule 3

      Entry of goods on importation.

   4. Schedule 4

      Limit on chargeable mileage profit.

   5. Schedule 5

      Building societies and deposit-takers.

   6. Schedule 6

      Life assurance: apportionment of income etc.

   7. Schedule 7

      Overseas life assurance business.

   8. Schedule 8

      Insurance companies: holdings of unit trusts etc.

   9. Schedule 9

      Insurance companies: transfers of long term business.

   10. Schedule 10

       Convertible securities.

       1. Part I Introduction.

       2. Part II Charge to tax.

       3. Part III The issuing company.

       4. Part IV Amendments.

       5. Part V Application of Schedule.

   11. Schedule 11

       European Economic Interest Groupings.

   12. Schedule 12

       Broadcasting: transfer of undertakings of Independent Broadcasting Authority and Cable Authority.

   13. Schedule 13

       Capital allowances: miscellaneous amendments.

   14. Schedule 14

       Amendments correcting errors in the Taxes Act 1988.

       1. Part I Amendments of the Taxes Act 1988.

       2. Part II Amendments of other enactments.

   15. Schedule 15

       Claims for group relief.

   16. Schedule 16

       Capital allowances: claims by companies.

   17. Schedule 17

       Capital allowances: assimilation of claims by companies to claims by individuals.

   18. Schedule 18

       Definition of “local authority”.

   19. Schedule 19

       Repeals.

       1. Part I Customs and excise.

       2. Part II Vehicles excise duty.

       3. Part III Value added tax.

       4. Part IV Income tax, corporation tax and capital gains tax.

       5. Part V Management.

       6. Part VI Stamp duty.

       7. Part VII Stamp duty reserve tax.

       8. Part VIII National savings.