Finance Act 1993

1. Introductory Text

2. Part I Customs and Excise and Value Added Tax

   1. Chapter I General

      1. Alcoholic liquor duties

         1. 1. Rates of duty.

         2. 2. Beer duty: rate for new regime.

         3. 3. Low strength beer.

         4. 4. Beer duty: abolition of certain reliefs, etc.

         5. 5. Blending of alcoholic liquors.

         6. 6. Mixing of wine and spirits in excise warehouse.

         7. 7. Sparkling wine or made-wine.

         8. 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. Hydrocarbon oil duties

         1. 9. Rates of duty.

         2. 10. Extension of Hydrocarbon Oil Duties Act 1979 to energy products.

         3. 11. Other fuel substitutes.

         4. 12. Measurement of volume.

      3. Tobacco products duty

         1. 13. Rates of duty.

         2. 14. Hand-rolling tobacco.

      4. Gaming machine licence duty

         1. 15. Rates of duty.

         2. 16. Small-prize machines.

      5. Vehicles excise duty

         1. 17. Rates of duty: general.

         2. 18. Exceptional loads.

         3. 19. Trade licences.

         4. 20. Old bicycles.

         5. 21. Simplification of duty on goods vehicles.

      6. Miscellaneous

         1. 22. Mutual recovery and disclosure of information.

         2. 23. VAT and customs duty on vehicles subject to VED.

   2. Chapter II Lottery Duty

      1. The duty

         1. 24. Lottery duty.

         2. 25. Amount of duty.

         3. 26. Time for payment.

         4. 27. Persons liable for duty.

      2. Administration and enforcement

         1. 28. General.

         2. 29. Registration of promoters etc.

         3. 30. Application of revenue trade provisions of CEMA 1979.

         4. 31. General offences.

         5. 32. Offences by bodies corporate.

         6. 33. Forfeiture.

         7. 34. Protection of officers etc.

         8. 35. Evidence by certificate etc.

         9. 36. Duty a preferential debt in insolvency.

         10. 37. Disclosure of information.

      3. Supplementary

         1. 38. Regulations and orders.

         2. 39. Disapplication of pool betting duty.

         3. 40. Interpretation etc.

         4. 41. Commencement.

   3. Chapter III Value Added Tax

      1. 42. Fuel and power for domestic or charity use.

      2. 43. Vehicle fuel for private use.

      3. 44. Acquisitions from persons belonging in other member States.

      4. 45. Customers to account for tax on supplies of gold etc.

      5. 46. Appeals in respect of input tax.

      6. 47. Deemed supplies.

      7. 48. Bad debts.

      8. 49. Penalties etc.

      9. 50. Amendments in connection with abolition of car tax.

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

   1. Chapter I General

      1. Income tax: charge, rates and allowances

         1. 51. Charge and rates of income tax for 1993-94.

         2. 52. Personal and married couple’s allowances.

      2. Corporation tax charge and rate

         1. 53. Charge and rate of corporation tax for 1993.

         2. 54. Small companies.

      3. Interest: general

         1. 55. Relief for interest.

         2. 56. Interest relief: substitution of security.

         3. 57. Temporary relief for interest payments.

         4. 58. Overclaims in respect of deductions of mortgage interest.

         5. 59. Interest payments to persons not ordinarily resident in UK.

         6. 60. Certain interest not allowed as a deduction.

      4. Interest etc. on debts between associated companies

         1. 61. Qualifying debts for purposes of sections 63 to 66.

         2. 62. Exempted debts for those purposes.

         3. 62A. Application of sections 63 to 66: supplementary.

         4. 63. Accrued income securities.

         5. 64. Deep discount securities.

         6. 65. Deep gain securities.

         7. 66. Avoidance of double charging.

      5. Charitable donations

         1. 67. Donations from companies and individuals.

         2. 68. Payroll deduction schemes.

         3. 69. Contributions to agent’s expenses.

      6. Benefits in kind

         1. 70. Car benefits: 1993-94.

         2. 71. Car fuel: 1993-94.

         3. 72. Car and car fuel benefits: 1994-95 onwards.

         4. 73. Vans.

         5. 74. Heavier commercial vehicles.

         6. 75. Sporting and recreational facilities.

         7. 76. Removal expenses and benefits.

      7. Taxation of distributions etc.

         1. 77. Application of lower rate.

         2. 78. Rate of advance corporation tax and tax credits.

         3. 79. Provisions supplemental to sections 77 and 78.

         4. 80. Transitional relief for charities etc.

         5. 81. Restriction of set-off of ACT.

      8. Chargeable gains

         1. 82. Annual exempt amount for 1993-94.

         2. 83. Annual exempt amount: indexation for 1994-95 onwards.

         3. 84. Re-organisations etc. involving debentures.

         4. 85. Personal equity plans.

         5. 86. Roll-over relief.

         6. 87. Relief on retirement or re-investment.

         7. 88. Restriction on set-off of pre-entry losses.

         8. 89. De-grouping charges.

         9. 90. Insurance: transfers of business.

         10. 91. Deemed disposals of unit trusts by insurance companies.

      9. Corporation tax: currency

         1. 92. The basic rule: sterling to be used

         2. 92A. Company operating in sterling and preparing accounts in another currency

         3. 92B. Company operating in currency other than sterling and preparing accounts in another currency

         4. 92C. Company preparing accounts in currency other than sterling

         5. 92D. Sterling equivalents: the basic rule

         6. 92DA. Sterling equivalents: carried-back amounts

         7. 92DB. Sterling equivalents: carried-forward amounts

         8. 92DC. Adjustment of sterling losses: carried-back amounts

         9. 92DD. Adjustment of sterling losses: carried-forward amounts

         10. 92DE. Meaning of “carried-back amount” and “carried-forward amount”

         11. 92E. Interpretation of sections 92A to 92DD

         12. 95. . . . . . . . . . ....

         13. 96. Foreign companies: trading currency.

      10. Overseas life insurance companies

          1. 97. Modification of Taxes Act 1988.

          2. 98. Modification of section 440 of Taxes Act 1988.

          3. 99. Qualifying distributions, tax credits, etc.

          4. 100. Income from investments attributable to BLAGAB, etc.

          5. 101. Modification of Finance Act 1989.

          6. 102. Modification of Taxation of Chargeable Gains Act 1992.

          7. 103. Amendment of definition and repeals.

      11. Approved share option schemes

          1. 104. Calculation of consideration.

          2. 105. Expenditure on shares.

      12. Indexation: miscellaneous

          1. 106. Earnings cap etc: no indexation in 1993-94.

          2. 107. Indexation of allowances etc. for 1994-95 onwards.

      13. Miscellaneous provisions about reliefs

          1. 108. Counselling services for employees.

          2. 109. Pre-trading expenditure.

          3. 110. Waste disposal expenditure.

          4. 111. Business expansion scheme: loan linked investments.

          5. 112. Employers’ pension contributions.

      14. Capital allowances

          1. 113. Initial allowances: industrial buildings and structures.

          2. 114. Initial allowances: agricultural buildings etc.

          3. 115. First year allowances: machinery and plant.

          4. 116. Leasing.

          5. 117. Transactions between connected persons etc.

      15. Miscellaneous

          1. 118. Scottish trusts.

          2. 119. Controlled foreign companies.

          3. 120. Pay and file: miscellaneous amendments.

          4. 121. Repayments and payments to friendly societies.

          5. 122. Application of Income Tax Acts etc. to public departments.

          6. 123. Expenditure involving crime.

          7. 124. Expenses of Members of Parliament.

   2. Chapter II Exchange Gains and Losses

      1. Accrual of gains and losses

         1. 125. Accrual on qualifying assets and liabilities.

         2. 126. Accrual on currency contracts.

         3. 127. Accrual on debts whose amounts vary.

      2. Trading gains and losses

         1. 128. Trading gains and losses.

      3. Non-trading gains and losses

         1. 129. Non-trading gains and losses: general.

         2. 130. Non-trading gains and losses: charge to tax.

         3. 131. Non-trading gains and losses: relief.

         4. 132. Modifications where loss carried forward.

         5. 133. Interaction with ICTA.

      4. Alternative calculation

         1. 134. Alternative calculation.

      5. Main benefit test

         1. 135. Loss disregarded if the main benefit.

         2. 135A. Sterling used if avoidance of gain is the main benefit.

      6. Arm’s length test

         1. 136. Arm’s length test: assets and liabilities.

         2. 136A. Arm’s length test: debts of varying amounts.

         3. 137. Arm’s length test: currency contracts.

         4. 138. Arm’s length test: non-sterling trades.

      7. Deferral of unrealised gains

         1. 139. Claim to defer unrealised gains.

         2. 140. Deferral of unrealised gains.

         3. 141. Deferral: amount available for relief.

         4. 142. Deferral: non-sterling trades.

         5. 143. Deferral: supplementary.

      8. Irrecoverable debts

         1. 144. Irrecoverable debts.

         2. 145. Irrecoverable debts that become recoverable.

      9. Currency contracts: special cases

         1. 146. Early termination of currency contract.

         2. 147. Reciprocal currency contracts.

      10. Excess gains or losses

          1. 148. Excess gains or losses.

      11. Local currency to be used

          1. 149. Local currency to be used.

      12. Exchange rate to be used

          1. 150. Exchange rate at translation times.

          2. 151. Exchange rate for debts whose amounts vary.

      13. Interpretation: companies

          1. 152. Qualifying companies.

      14. Interpretation: assets, liabilities and contracts

          1. 153. Qualifying assets and liabilities.

          2. 154. Definitions connected with assets.

          3. 155. Definitions connected with liabilities.

          4. 156. Assets and liabilities: other matters.

          5. 157. Definitions connected with currency contracts.

      15. Interpretation: other provisions

          1. 158. Translation times and accrual periods.

          2. 159. Basic valuation.

          3. 160. Nominal currency of assets and liabilities.

          4. 161. Settlement currency of a debt.

          5. 162. Nominal amount of a debt.

          6. 163. Local currency of a trade.

          7. 164. Interpretation: miscellaneous.

      16. Miscellaneous

          1. 165. Commencement and transitionals.

          2. 166. Anti-avoidance: change of accounting period.

          3. 167. Orders and regulations.

          4. 168. Insurance companies.

          5. 168A. Application of Chapter to certain companies becoming resident in the United Kingdom.

          6. 169. Chargeable gains.

          7. 170. Amendments.

   3. Chapter III Lloyd’s Underwriters etc.

      1. Main provisions

         1. 171. Taxation of profits and allowance of losses.

         2. 172. Year of assessment in which profits or losses arise.

         3. 173. Assessment and collection of tax.

      2. Members’ trust funds

         1. 174. Premium trust funds.

         2. 175. Special reserve funds.

         3. 176. Ancillary trust funds.

      3. Other special cases

         1. 177. Reinsurance to close.

         2. 178. Stop-loss and quota share insurance.

      4. Miscellaneous

         1. 179. Cessation: final year of assessment.

         2. 179A. Death of member.

         3. 179B. Conversion to underwriting through partnership or company

         4. 180. Underwriting profits to be relevant UK earnings etc.

         5. 181. Lloyd’s underwriting agents.

      5. Supplemental

         1. 182. Regulations.

         2. 183. Consequential amendments.

         3. 184. Interpretation and commencement.

4. Part III Oil Taxation

   1. 185. Abolition of PRT for oil fields with development consents on or after 16th March 1993.

   2. 186. Reduction of rates of PRT and interest repayments for taxable oil fields.

   3. 187. Returns and information.

   4. 188. Exploration and appraisal expenditure.

   5. 189. Transitional relief for certain exploration and appraisal expenditure.

   6. 190. Allowance of expenditure on certain assets limited by reference to taxable field use.

   7. 191. Time when expenditure is incurred.

   8. 192. Chargeable periods in which expenditure may be brought into account.

   9. 193. Tariff receipts etc.

   10. 194. Double taxation relief in relation to petroleum revenue tax.

   11. 195. Interpretation of Part III and consequential amendments of assessments etc.

5. Part IV Inheritance Tax

   1. 196. Rate bands: no indexation in 1993.

   2. 197. Rate bands: indexation for 1994 onwards.

   3. 198. Fall in value relief: qualifying investments.

   4. 199. Fall in value relief: interests in land.

   5. 200. Appeals: questions as to value of land.

6. Part V Stamp Duty

   1. 201. Increase in stamp duty threshold.

   2. 202. Rent to mortgage: England and Wales.

   3. 203. Rent to loan: Scotland.

   4. 204. Method of denoting stamp duty.

7. Part VI Miscellaneous and General

   1. Statutory effect of resolutions etc.

      1. 205. The 1968 Act.

      2. 206. Corporation tax.

      3. 207. Stamp duty.

   2. Miscellaneous

      1. 208. Residence: available accommodation.

      2. 209. Gas levy.

      3. 210. Trading funds.

      4. 211. National Debt Commissioners: securities.

   3. General

      1. 212. Interpretation.

      2. 213. Repeals.

      3. 214. Short title.

8. SCHEDULES

   1. SCHEDULE 1

      Table of rates of duty on wine and made-wine

   2. SCHEDULE 2

      Value added tax: penalties etc.

      1. Misdeclaration penalty under section 14 of the 1985 Act

         1. 1. (1) In subsection (2) of section 14 of the 1985...

      2. Misdeclaration penalty under section 14A of the 1985 Act

         1. 2. (1) In subsection (1)(b) of section 14A of the 1985...

      3. Mitigation of penalties

         1. 3. (1) After section 15 of the 1985 Act there shall...

      4. Interest on tax etc. recovered or recoverable by assessment

         1. 4. (1) In subsections (1) and (3) of section 18 of...

      5. Default surcharge

         1. 5. (1) In section 19 of the 1985 Act, in subsection...

         2. 6. (1) For subsection (4) of section 19 of the 1985...

         3. 7. (1) In subsection (5) of section 19 of the 1985...

      6. Meaning of “the 1985 Act”

         1. 8. In this Schedule “the 1985 Act” means the Finance Act...

   3. SCHEDULE 3

      Car and car fuel benefits: 1994-95 onwards

      1. Introductory

         1. 1. The Taxes Act 1988 shall be amended as follows.

      2. Car benefits

         1. 2. (1) In section 157 (cars available for private use) for...

         2. 3. (1) In subsection (5) of section 168 (interpretation of provisions...

         3. 4. The following sections shall be inserted after section 168— Price...

         4. 5. For Schedule 6 there shall be substituted the following Schedule—...

      3. Car fuel benefits

         1. 6. (1) In section 158 (car fuel) for the Tables in...

      4. General

         1. 7. This Schedule shall have effect for the year 1994-95 and...

   4. SCHEDULE 4

      Vans

      1. 1. The Taxes Act 1988 shall be amended as follows.

      2. 2. In section 154(2), in paragraph (b) (which excludes from the...

      3. 3. In section 155(1) (exclusion from charge of certain other benefits...

      4. 4. After section 159 there shall be inserted the following sections—...

      5. 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      6. 6. (1) In section 168 (interpretation) after subsection (5) there shall...

      7. 7. After Schedule 6 there shall be inserted the following Schedule—...

      8. 8. This Schedule shall have effect for the year 1993-94 and...

   5. SCHEDULE 5

      Removal expenses and benefits

      1. 1. The following shall be inserted after section 191 of the...

      2. 2. The following Schedule shall be inserted after Schedule 11 to...

   6. SCHEDULE 6

      Taxation of distributions: supplemental provisions

      1. The Taxes Act 1988

         1. 1. In each of sections 167(2A), . . ., . ....

         2. 2. . . . . . . . . . ....

         3. 3. . . . . . . . . . ....

         4. 4. . . . . . . . . . ....

         5. 5. . . . . . . . . . ....

         6. 6. . . . . . . . . . ....

         7. 7. . . . . . . . . . ....

         8. 8. (1) In subsection (1) of section 686 of that Act...

         9. 9. (1) In subsection (2) of section 687 of that Act...

         10. 10. In section 694(2A) of that Act (special charge for trustees...

         11. 11. (1) In each of sections 695(4)(a), 696(3) to (5) and...

         12. 12. . . . . . . . . . ....

         13. 13. In each of sections 720(5) and 764 of that Act...

         14. 14. . . . . . . . . . ....

         15. 15. In section 832(1) of that Act (interpretation), after the definition...

         16. 16. . . . . . . . . . ....

         17. 17. . . . . . . . . . ....

         18. 18. . . . . . . . . . ....

         19. 19. . . . . . . . . . ....

      2. The Finance Act 1989 (c. 26)

         1. 20. In each of sections 68(2)(c) and 71(4)(c) of the Finance...

      3. The Finance Act 1990 (c. 29)

         1. 21. . . . . . . . . . ....

      4. The Taxation of Chargeable Gains Act 1992 (c. 12)

         1. 22. . . . . . . . . . ....

         2. 23. . . . . . . . . . ....

         3. 24. . . . . . . . . . ....

      5. Commencement

         1. 25. (1) This Schedule, except the provisions to which sub-paragraphs (2)...

   7. SCHEDULE 7

      Relief on retirement or re-investment

      1. Part I Retirement relief etc.

         1. Extension of references to “family company”

            1. 1. (1) In sections 157 and 163 to 165 of the...

         2. Extension of references to full-time working directors etc.

            1. 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. Part II Roll-over relief on re-investment

         1. 3. After Chapter I of Part V of that Act there...

   8. SCHEDULE 8

      Restriction on set-off of pre-entry losses

      1. The following is the Schedule to be inserted after Schedule...

   9. SCHEDULE 9

      OVERSEAS LIFE INSURANCE COMPANIES: AMENDMENT OF TAXES ACT 1988 ETC

      1. ...

   10. SCHEDULE 10

       Overseas life insurance companies: amendment of Finance Act 1989

       1. . . . . . . . . . ....

   11. SCHEDULE 11

       OVERSEAS LIFE INSURANCE COMPANIES: AMENDMENT OF TAXATION OF CHARGEABLE GAINS ACT 1992

   12. SCHEDULE 12

       1. 1. The Capital Allowances Act 1990 shall be amended as follows....

       2. 2. (1) In subsection (1) of section 124 (expenditure qualifying for...

       3. 3. After section 124 there shall be inserted the following sections—...

       4. 4. (1) In subsection (1) of section 126 (transfers of relevant...

       5. 5. (1) After subsection (3) of section 127 (buildings etc. bought...

       6. 6. After section 127 there shall be inserted the following section—...

       7. 7. (1) In subsection (1) of section 128 (balancing allowances and...

       8. 8. In section 129(1) (balancing events), for “a writing-down allowance” there...

       9. 9. In section 131(2) (application of Chapter I of Part V...

       10. 10. In section 146(3) (allowances under Parts V and VI not...

   13. SCHEDULE 13

       First-year allowances for machinery and plant

       1. 1. The Capital Allowances Act 1990 shall be amended as follows....

       2. 2. In section 23(6) (interpretation of information provisions relating to first-year...

       3. 3. In section 30(2)(c) (special provision for ships), for “section” there...

       4. 4. In section 38(m) (assets attracting first-year allowances not to be...

       5. 5. (1) In subsection (2)(a) of section 39 (definition of a...

       6. 6. After subsection (8) of section 42 (modifications in relation to...

       7. 7. (1) In subsection (1) of section 43 (cases where section...

       8. 8. In section 44 (further provisions in relation to joint lessees...

       9. 9. In section 46 (recovery of allowances made in respect of...

       10. 10. In section 48 (information provisions in relation to joint lessees...

       11. 11. (1) In subsection (3) of section 50, in paragraph (i)...

       12. 12. (1) In section 81 (assets used for purposes not attracting...

       13. 13. (1) In subsection (1)(a) of section 147 (exclusion of double...

   14. SCHEDULE 14

       Pay and file: miscellaneous amendments

       1. Failure to give notice of liability for corporation tax

          1. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

       2. Further claims etc. where assessment made

          1. 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

       3. Interest on overdue corporation tax: transitional cases

          1. 3. (1) Section 86 of that Act of 1970 (interest on...

       4. Interest on overdue corporation tax: pay and file cases

          1. 4. (1) In subsection (4) of section 87A of that Act...

       5. Effect on interest of reliefs

          1. 5. In section 91(1B) of that Act of 1970 (subsection (1A)...

       6. Failure to make return for corporation tax

          1. 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

       7. Things to be done by companies

          1. 7. In section 108(1) of that Act of 1970 (which includes...

       8. Relief under section 393 of the Taxes Act 1988

          1. 8. (1) In relation to any case in which by virtue...

          2. 9. In section 65(6) of the Finance ( No. 2) Act...

       9. Interest on tax overpaid

          1. 10. (1) In subsection (7) of section 826 of the Taxes...

       10. Surrender of refunds

           1. 11. In section 102 of the Finance Act 1989 (surrender of...

   15. SCHEDULE 15

       Exchange gains and losses: alternative calculation

       1. Introduction

          1. 1. (1) This paragraph applies where regulations under this Schedule provide...

       2. Exempt circumstances

          1. 2. (1) Regulations may provide that where— (a) as regards an...

       3. Unremittable income

          1. 3. (1) Regulations may provide that where— (a) as regards an...

       4. Matched liabilities

          1. 4. (1) Regulations may provide that where— (a) as regards a...

       5. Currency contracts: matching

          1. 4A. (1) Regulations may provide that where— (a) as regards a...

       6. Combination of circumstances

          1. 5. (1) This paragraph applies where regulations under more than one...

          2. 5A. (1) This paragraph applies where regulations under both paragraph 2...

       7. Arm’s length test

          1. 6. Where regulations make provision under any of the relevant paragraphs,...

       8. Local currency

          1. 7. Where regulations make provision under any of paragraphs 2 to...

       9. General

          1. 8. Regulations may be so framed that the accrued amount as...

          2. 9. Regulations may make different provision about exchange gains (on the...

   16. SCHEDULE 16

       Exchange gains and losses: transitionals

       1. Introduction

          1. 1. For the purposes of this Schedule an existing asset, liability...

       2. General provision

          1. 2. (1) Regulations may make such provision as the Treasury think...

       3. Attributed gain or loss

          1. 3. (1) Regulations may provide that— (a) an amount found in...

       4. Adjustment of exchange gain or loss

          1. 4. (1) Regulations may provide that where an exchange gain or...

       5. Allowable losses

          1. 5. (1) Regulations may provide that where— (a) an allowable loss...

       6. Miscellaneous

          1. 6. (1) Regulations may provide— (a) that provision under paragraph 3...

   17. SCHEDULE 17

       Exchange gains and losses: chargeable gains

       1. Introduction

          1. 1. In this Schedule “the 1992 Act” means the Taxation of...

       2. Currency

          1. 2. (1) In a case where— (a) there is for the...

          2. 3. (1) For the purposes of paragraph 2 above a company...

       3. Debts other than securities

          1. 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

       4. Debts on securities: disposals

          1. 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

       5. Debts on securities: relief

          1. 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

       6. Reconstructions, groups etc.

          1. 7. (1) This paragraph applies where there is for the purposes...

       7. Indexation allowance

          1. 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

   18. SCHEDULE 18

       Exchange gains and losses: amendments

       1. Taxes Management Act 1970 (c. 9)

          1. 1. In section 87A of the Taxes Management Act 1970 (interest...

       2. Income and Corporation Taxes Act 1988 (c. 1)

          1. 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

          2. 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

          3. 4. In section 407 of the Taxes Act 1988 (relationship between...

          4. 5. In section 826 of the Taxes Act 1988 (interest on...

          5. 6. In Schedule 27 to the Taxes Act 1988 (distributing funds)...

       3. Finance Act 1989 (c. 26)

          1. 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

   19. SCHEDULE 19

       Lloyd’s underwriters: assessment and collection of tax

       1. Part I Determination of a syndicate’s profit or loss

          1. Preliminary

             1. 1. In this Part of this Schedule “profit or loss”, in...

          2. Returns by managing agent

             1. 2. (1) An inspector may, at any time after the beginning...

          3. Determinations by inspector

             1. 3. (1) If the inspector is satisfied that a return under...

          4. Appeals

             1. 4. (1) A syndicate’s managing agent may appeal against a determination...

          5. Modification of determinations pending appeal

             1. 5. (1) Where a syndicate’s managing agent appeals against a determination...

          6. Apportionments of syndicate’s profit or loss

             1. 6. (1) Where a determination of a syndicate’s profit or loss...

          7. Individual members: effect of determinations

             1. 7. (1) A determination of a syndicate’s profit or loss for...

          8. Assessment of individual members: time limits

             1. 8. For the purposes of sections 36 and 40 of the...

       2. Part II Payments on account of tax

          1. Preliminary

             1. 9. In this Part of this Schedule “profit or loss”, in...

          2. Returns by members’ agent

             1. 10. (1) An inspector may, at any time after the end...

          3. Payments on account of tax

             1. 11. (1) In the case of a member’s profit for a...

          4. Assessment on members’ agent

             1. 12. (1) If a members’ agent delivers a return in accordance...

       3. Part III Repayment of tax deducted etc. from investment income

          1. 13. (1) In relation to an underwriting year, a syndicate’s managing...

   20. SCHEDULE 20

       Lloyd’s underwriters: special reserve funds

       1. Part I Requirements for and tax consequences of new-style funds

          1. Preliminary

             1. 1. (1) In this Part of this Schedule— “the arrangements” means...

          2. General requirements

             1. 2. (1) The arrangements must provide— (a) for the setting up,...

          3. Payments into fund out of syndicate profits

             1. 3. (1) The arrangements must be such as to secure that,...

          4. Payments out of fund to cover cash calls

             1. 4. (1) The arrangements must be such as to secure that,...

          5. Payments out of fund to cover syndicate losses

             1. 5. (1) The arrangements must be such as to secure that,...

          6. Valuation and payments out of fund of excess amounts

             1. 6. (1) The arrangements must be such as to secure that...

          7. Payments out of fund on cessation

             1. 7. (1) The arrangements must provide that, on the member ceasing...

          8. Entitlement of member for tax purposes

             1. 8. (1) Subject to sub-paragraph (2) and paragraph 11(2)-(4) below, a...

          9. Tax exemption for profits arising from assets of fund

             1. 9. (1) Profits or losses arising from assets forming part of...

          10. Tax consequences of payments into and out of fund

              1. 10. (1) In computing for the purposes of income tax the...

          11. Tax consequences of cessation

              1. 11. (1) This paragraph applies where a member ceases to carry...

       2. Part II Winding up of old-style funds

          1. Preliminary

             1. 12. (1) In this Part of this Schedule— “new-style fund” means...

          2. Winding up of old-style funds

             1. 13. (1) A member may, at any time before the end...

          3. Tax consequences of winding up

             1. 14. (1) Where an asset is transferred into a member’s new-style...

   21. SCHEDULE 20A

       Lloyd’s underwriters: conversion to underwriting through partnership or company

       1. Part 1 Conversion to underwriting through successor companies

          1. Introduction

             1. 1. (1) This Part of this Schedule applies if the following...

          2. Income tax: carry forward of loss relief following conversion

             1. 2. (1) This paragraph applies if— (a) the member’s total income...

          3. Capital gains tax: roll-over relief on disposal of syndicate capacity

             1. 3. (1) This paragraph applies if— (a) the aggregate of any...

          4. Capital gains tax: roll-over relief on disposal of assets of ancillary trust fund

             1. 4. (1) This paragraph applies if— (a) at the time of,...

          5. Interpretation of this Part of this Schedule

             1. 5. (1) In this Part of this Schedule— “ control ”...

       2. PART1A CONVERSION OF PARTNERSHIPS TO UNDERWRITING THROUGH SUCCESSOR COMPANIES

          1. Introduction

             1. 5A. (1) This Part of this Schedule applies if the following...

          2. Capital gains tax: roll-over relief on disposal of syndicate capacity

             1. 5B. (1) This paragraph applies if— (a) the aggregate of any...

          3. Capital gains tax: roll-over relief on disposal of assets of ancillary trust fund

             1. 5C. (1) This paragraph applies if— (a) at the time of,...

          4. Interpretation of this Part of this Schedule

             1. 5D. (1) In this Part of this Schedule— “ancillary trust fund”—...

       3. Part 2 Conversion to underwriting through successor partnerships

          1. Introduction

             1. 6. (1) This Part of this Schedule applies if the following...

          2. Income tax: carry forward of loss relief following conversion

             1. 7. (1) This paragraph applies if— (a) the member’s total income...

          3. Interpretation of this Part of this Schedule

             1. 8. In this Part of this Schedule— “ successor partnership” means—...

       4. Part 3 Supplementary provisions

          1. Withdrawal of resignation notice

             1. 9. (1) This paragraph applies if a member—

             2. 9A. (1) This paragraph applies if— (a) a person makes a...

          2. Interpretation of this Schedule

             1. 10. In this Schedule— “ conversion arrangement ” means a conversion...

          3. Application of this Schedule

             1. 11. (1) Paragraphs 2 and 3 above (and the other provisions...

   22. SCHEDULE 20B

       PRT: elections for oil fields to become non-taxable

       1. Election by responsible person

          1. 1. (1) The responsible person for a taxable field may make...

       2. Method of election

          1. 2. An election must be made in writing.

          2. 3. An election must be notified to the Commissioners.

          3. 4. An election is deemed to have been made on the...

       3. Effect of election

          1. 5. If an election is made, the field ceases to be...

       4. No unrelievable field losses from field

          1. 6. From the start of the first chargeable period to begin...

       5. Interpretation

          1. 7. (1) In this Schedule— “ Commissioners ” means the Commissioners...

   23. SCHEDULE 21

       Oil taxation: supplementary provisions about information

       1. Part I Restrictions on powers under section 187

          1. 1. References in this Part of this Schedule to subsection (2),...

          2. 2. Before a notice is given to a person by the...

          3. 3. (1) Subject to sub-paragraph (2) below, where a notice is...

          4. 4. (1) A notice under subsection (2) does not oblige a...

          5. 5. To comply with a notice under subsection (2), and as...

          6. 6. (1) A notice under subsection (3) does not oblige a...

          7. 7. (1) A notice under subsection (3) or subsection (5) does...

          8. 8. (1) Subject to paragraphs 9 and 10 below, a notice...

          9. 9. (1) Subject to paragraph 11 below, paragraph 8 above shall...

          10. 10. Subject to paragraph 11 below, in the case of a...

          11. 11. Paragraph 8 above is not disapplied by paragraph 9 or...

          12. 12. Where paragraph 8 above is disapplied by paragraph 9 or...

       2. Part II Meaning of “documents”

          1. 13. In this Part of this Schedule “the relevant provisions” means...

          2. 14. (1) Subject to sub-paragraph (2) below, in the relevant provisions...

   24. SCHEDULE 22

       Trading funds

       1. Introduction

          1. 1. The Government Trading Funds Act 1973 shall be amended as...

       2. Reserves

          1. 2. (1) The following section shall be inserted after section 2—...

       3. Public dividend capital etc.

          1. 3. In section 2A (public dividend capital) the following subsection shall...

       4. Maximum borrowing etc.

          1. 4. (1) The following section shall be inserted after section 2B—...

   25. SCHEDULE 23

       Repeals

       1. Part I Excise duties

       2. Part II Value added tax

       3. Part III Income tax, corporation tax and capital gains tax

          2. 1. The repeal of section 24 of the Finance Act 1990...

          13. 1. The repeal of section 450(6) of the Income and Corporation...

          14. 2. The following repeals, namely— the repeals in sections 710, 711,...

          15. 3. The repeals in section 43 of the Finance Act 1989...

          16. 4. The following repeals, namely— the repeals of subsections (2) to...

          17. 5. The other repeals have effect for the year 1992-93 and...

       4. Part IV Oil taxation

       5. Part V Inheritance tax

       6. Part VI Statutory effect of resolutions etc.

       7. Part VII Trading funds