Finance Act 1991

1. Introductory Text

2. Part I Customs and Excise, Value Added Tax and Car Tax

   1. 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. Vehicles excise duty

         5. 5. Pool betting duty

         6. 6. Gaming licence duty

      2. Duties of excise: other provisions

         1. 7. Beer duty

         2. 8. Vehicles excise duty: exemptions

         3. 9. Vehicles excise duty: combined transport

         4. 10. Extension of Vehicles (Excise) Act 1971 to Northern Ireland

      3. Management

         1. 11. Revenue traders and registered excise dealers and shippers

         2. 12. Protection of the revenues derived from excise duties

   2. II Value Added Tax

      1. 13. Rate

      2. 14. Person supplied for input tax purposes

      3. 15. Bad debts

      4. 16. Groups of companies

      5. 17. Interest on overpayments etc

      6. 18. Reduction of penalty for serious misdeclaration etc

   3. III Car Tax

      1. 19. Vehicles leased to the handicapped

      2. 20. Research vehicles

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

   1. I General

      1. Income tax rates and allowances

         1. 21. Charge and rates of income tax for 1991-92

         2. 22. Married couple’s allowance

      2. Corporation tax rates

         1. 23. Rate of corporation tax for 1990

         2. 24. Charge and rate of corporation tax for 1991

         3. 25. Small companies

      3. Interest

         1. 26. Relief for interest

         2. 27. Abolition of higher rate relief on certain mortgage interest etc

         3. 28. Mortgage interest relief: caravans

      4. Benefits in kind

         1. 29. Car benefits

         2. 30. Mobile telephones

         3. 31. Beneficial loans: increase of de minimis limit

      5. Vocational training

         1. 32. Relief

         2. 33. Section 32: supplementary

      6. Retirement benefits schemes

         1. 34. Conditions for approval: amendments

         2. 35. Cessation of approval

         3. 36. Cessation of approval: general provisions

      7. Profit-related pay, share schemes etc.

         1. 37. Profit-related pay: increased relief

         2. 38. Employee share schemes: non-discrimination

         3. 39. Approved share option schemes: price at which shares may be acquired

         4. 40. Savings-related share option schemes

         5. 41. Profit sharing schemes

         6. 42. Costs of establishing share option or profit sharing schemes: relief

         7. 43. Costs of establishing employee share ownership trusts: relief

         8. 44. Priority share allocations for employees etc

      8. Foreign earnings

         1. 45. Seafarers

         2. 46. Workers in Kuwait or Iraq

      9. Insurance companies and friendly societies

         1. 47. Investor protection schemes

         2. 48. Assimilation of basic life assurance business and general annuity business

         3. 49. Pension business: payments on account of tax credits and deducted tax

         4. 50. Friendly societies

      10. Building societies

          1. 51. Qualifying shares

          2. 52. Marketable securities

          3. 53. Income Tax (Building Societies) Regulations 1986

      11. Securities

          1. 54. New issues

          2. 55. Purchase and sale of securities: options

          3. 56. Bondwashing

          4. 57. Stock lending

          5. 58. Manufactured dividends and interest

      12. Capital allowances

          1. 59. Interaction with VAT capital goods scheme

          2. 60. Toll roads

          3. 61. Hiring motor cars

      13. Oil industry

          1. 62. Expenditure on and under abandonment guarantees

          2. 63. Relief for reimbursement expenditure under abandonment guarantees

          3. 64. Relief for expenditure incurred by a participator in meeting defaulter’s abandonment expenditure

          4. 65. Reimbursement by defaulter in respect of certain abandonment expenditure

          5. 66. Restriction on setting ACT against liability to corporation tax on profits from oil extraction activities etc

          6. 67. Oil licences

      14. Miscellaneous

          1. 68. Gifts to educational establishments

          2. 69. Expenses of entertainers

          3. 70. Personal equity plans

          4. 71. Donations to charity

          5. 72. Deduction of trading losses

          6. 73. Relief for company trading losses

          7. 74. Trade unions and employers' associations

          8. 75. Audit powers in relation to non-residents

          9. 76. Capital element in annuities

          10. 77. Definition of “normal commercial loan”

          11. 78. Sharing of transmission facilities

          12. 79. Abolition of CRT: consequential amendment

          13. 80. Interest on certain debentures

          14. 81. Agents acting for non-residents

          15. 82. Certificates of non-liability to tax

   2. II Capital Gains

      1. Settlements

         1. 83. Trustees ceasing to be resident in U.K

         2. 84. Death of trustee: special rules

         3. 85. Past trustees: liability for tax

         4. 86. Trustees ceasing to be liable to U.K. tax

         5. 87. Acquisition by dual resident trustees

         6. 88. Disposal of settled interest

         7. 89. Non-resident settlements where settlor has an interest

         8. 90. Settlements: beneficiaries charged on capital payments

         9. 91. Settlements: further provisions about beneficiaries

         10. 92. Settlements with foreign element: miscellaneous

      2. Private residence

         1. 93. Meaning of permitted area

         2. 94. Amount of relief

      3. Miscellaneous

         1. 95. Housing for Wales

         2. 96. Scottish Homes

         3. 97. Foreign assets: delayed remittances

         4. 98. Corporate bonds

         5. 99. Indexation

         6. 100. Relief on certain business etc. disposals by persons over 55 or who retire under that age for ill health

         7. 101. Amendments of rebasing provisions

         8. 102. Traded options: closing purchases

4. Part III Oil Taxation

   1. Abandonment etc.

      1. 103. Allowance of certain expenditure relating to abandonment, decommissioning assets, etc

      2. 104. Abandonment guarantees

      3. 105. Restriction of expenditure relief by reference to payments under abandonment guarantees

      4. 106. Relief for reimbursement expenditure under abandonment guarantees

      5. 107. Allowance of expenditure of participator meeting defaulter’s field abandonment expenditure

      6. 108. Reimbursement by defaulter in respect of certain abandonment expenditure

   2. Penalties

      1. 109. PRT: proceedings for penalties

5. Part IVV Stamp Duty and Stamp Duty Reserve Tax

   1. 110. Stamp duty abolished in certain cases

   2. 111. Stamp duty reduced in certain cases

   3. 112. Apportionment of consideration for stamp duty purposes

   4. 113. Certification of instruments for stamp duty purposes

   5. 114. Acquisition under statute: exempt property

   6. 115. Northern Ireland bank notes: duty abolished

   7. 116. Investment exchanges and clearing houses: stamp duty

   8. 117. Investment exchanges and clearing houses: SDRT

6. Part V Miscellaneous and General

   1. Miscellaneous

      1. 118. Designated international organisations: miscellaneous exemptions

      2. 119. Trading funds

      3. 120. National savings: date of issue of repayment warrants etc

      4. 121. Pools payments to support games etc

   2. General

      1. 122. Interpretation etc

      2. 123. Repeals

      3. 124. Short title

7. 1. Schedule 1

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

   2. Schedule 2

      Amendments relating to beer duty.

   3. Schedule 3

      Modification of enactments extended to Northern Ireland.

      1. Part I The Vehicles (Excise) Act 1971.

      2. Part II Section 11 of the Finance Act 1976.

   4. Schedule 4

      Registered excise dealers and shippers.

   5. Schedule 5

      Protection of the revenues derived from excise duties.

   6. Schedule 6

      Restriction of higher rate relief: beneficial loans etc.

   7. Schedule 7

      Basic life assurance and general annuity business.

   8. Schedule 8

      Pension business: payments on account of tax credits and deducted tax.

   9. Schedule 9

      Friendly societies.

   10. Schedule 10

       Building societies: qualifying shares.

   11. Schedule 11

       Building societies: marketable securities.

   12. Schedule 12

       Securities: new issues.

   13. Schedule 13

       Manufactured dividends and interest.

   14. Schedule 14

       Capital allowances: VAT capital goods scheme.

       1. Part I Industrial buildings and structures.

       2. Part II Machinery and plant.

       3. Part III Scientific research.

       4. Part IV Supplementary provisions.

   15. Schedule 15

       Relief for company trading losses.

   16. Schedule 16

       Settlements: settlors.

   17. Schedule 17

       Settlements: beneficiaries.

   18. Schedule 18

       Settlements: beneficiaries (miscellaneous).

   19. Schedule 19

       Repeals.

       1. Part I Betting and gaming duties.

       2. Part II Beer duty.

       3. Part III Vehicles excise duty: general.

       4. Part IV Vehicles excise duty: Northern Ireland.

       5. Part V Income tax and corporation tax.

       6. Part VI Capital gains.

       7. Part VII Stamp duty.

       8. Part VIII Trading funds.