Finance Act 1991

Part V Income tax and corporation tax

Chapter	Short title	Extent of repeal
1. The repeal of section 78(4) of the Taxes Management Act 1970 and the repeal in Schedule 29 to the Income and Corporation Taxes Act 1988 have effect in accordance with section 81 of this Act. 2. The repeal in section 86 of the Taxes Management Act 1970 has effect in accordance with paragraph 1(2) of Schedule 15 to this Act. 3. The repeals in sections 76, 432A, 436, 437, 446, 447, 448 and 474 of, and Schedule 28 to, the Income and Corporation Taxes Act 1988 and in Schedules 6 and 7 to the Finance Act 1990 have effect for accounting periods beginning on or after 1st January 1992. 4. The following repeals have effect in relation to losses incurred in accounting periods ending on or after 1st April 1991— (a) the repeals in sections 114, 243, 343, 393, 518 and 843 of, the repeals in Schedules 5 and 30 to, and the repeal of section 394 of, the Income and Corporation Taxes Act 1988; (b) the repeal in Schedule 1 to the Capital Allowances Act 1990; (c) the repeal of section 61 of, and the repeal in Schedule 14 to, the Finance Act 1990. 5. The repeals of section 339A of the Income and Corporation Taxes Act 1988 and section 27(1) and (3) of the Finance Act 1990 have effect in relation to accounting periods beginning on or after 19th March 1991. 6. The following repeals have effect for the year 1991-92 and subsequent years of assessment— (a) the repeals of sections 354(3) and 726 of the Income and Corporation Taxes Act 1988; (b) the repeals in sections 367(1) and 737(2) of, and in Schedule 7 to, that Act; (c) the repeal of section 63 of the Finance Act 1989. 7. The repeals in section 465 of, and Schedule 15 to, the Income and Corporation Taxes Act 1988 apply in relation to policies issued in pursuance of contracts made on or after the day on which this Act is passed. 8. The repeal of section 590(5) and (6) of the Income and Corporation Taxes Act 1988 has effect in accordance with section 36 of this Act. 9. The repeals of sections 737(4) and 738(2) of the Income and Corporation Taxes Act 1988 have effect in accordance with section 58 of this Act. 10. The repeal of section 62(2) of the Finance Act 1989 has effect in accordance with section 40 of this Act. 11. The repeals in sections 2(1), 3(3) and 26(1) of the Capital Allowances Act 1990 have effect in relation to any chargeable period or its basis period ending on or after 6th April 1990. 12. The repeal of section 25(2)(h) of the Finance Act 1990 has effect in relation to gifts made on or after 19th March 1991.
1970 c. 9.	The Taxes Management Act 1970.	Section 78(4).
		Section 86(2A).
1985 c. 54.	The Finance Act 1985.	In section 68(7A), the word “and” at the end of paragraph (f).
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 76(1)(d), the words “general annuity business”.
		In section 114(3), paragraph (c) and the word “and” immediately preceding it.
		In section 243, in subsection (1), the words “or 394” and subsections (5) and (6)(b).
		Section 339A.
		In section 343, in subsection (3), the words from the beginning to “subsection (6) below; and”, subsection (6) and, in subsection (7), the words from “then no relief” to “subject to that”.
		Section 349(3)(e).
		Section 354(3).
		In section 367(1), the definition of the expression “large caravan”.
		In section 393, subsections (2) to (6) and, in subsection (11), the words from “and a claim under subsection (2)” onwards.
		Section 394.
		Section 432A(2)(b) and (d).
		In section 436, in subsection (1), the words “general annuity business or”, in subsection (3), in paragraph (c), the words “or general annuity business” and, in paragraph (e), the words “general annuity business or”, and in subsection (4), the words “general annuity business or”.
		Section 437(2) to (5).
		In section 446, in subsection (1), the words “and general annuity business” and subsections (2) and (3).
		In section 447, subsection (3) and, in subsection (4), the words “or 446”.
		Section 448(3)(a).
		In section 465(3) the words “and (c)”.
		In section 474(1)(b), the words “and general annuity business”.
		Section 518(6).
		In section 590, subsections (5) and (6).
		Section 726.
		In section 737, in subsection (2), the words “otherwise than by virtue of section 476(5)(a)”, and subsection (4).
		Section 738(2).
		In section 843(4), the words “394”.
		In Schedule 5, in paragraph 2(3)(a), the word “or” immediately following the words “section 380”.
		In Schedule 7, paragraphs 3(2) and (3) and 6.
		In Schedule 15, paragraph 3(1)(c) and the word “and” immediately preceding it.
		In Schedule 28, paragraph 3(4)(a).
		In Schedule 29, in the Table in paragraph 32, the entry relating to section 78(4) of the Taxes Management Act 1970.
		In Schedule 30, in paragraph 2(2)(a), the word “or” where first occurring and, in paragraph 3(1)(b), the word “or”.
1988 c. 39.	The Finance Act 1988.	In Schedule 8, in paragraph 1(3), the word “and” at the end of paragraph (g).
1989 c. 26.	The Finance Act 1989.	Section 62(2).
		Section 63.
		Section 87(3).
1990 c. 1.	The Capital Allowances Act 1990.	In section 2(1), the word “and” at the end of paragraph (a).
		In section 3(3), the words “(as defined in section 8(1))”.
		In section 26(1), the word “and” at the end of paragraph (e).
		In Schedule 1, paragraph 8(16).
1990 c. 29.	The Finance Act 1990.	Section 25(2)(h).
		In section 27, subsections (1) and (3).
		Section 61.
		In Schedule 6, paragraph 6.
		In Schedule 7, paragraph 8.
		In Schedule 14, paragraph 7.