Finance Act 1995

1. Introductory Text

2. Part I Duties of Excise

   1. Alcoholic liquor duties

      1. 1. Low-strength wine, made-wine and cider.

      2. 2. Wine and made-wine: rates.

      3. 3. Spirits, beer and cider: rates.

      4. 4. Alcoholic ingredients relief.

      5. 5. Denatured alcohol.

   2. Hydrocarbon oil duties

      1. 6. Rates of duty.

      2. 7. Rates of duty: further provisions.

      3. 8. Hydrocarbon oil: “road vehicle”.

      4. 9. Road fuel gas: old stock.

   3. Tobacco products duty

      1. 10. Rates of duty.

      2. 11. Rates of duty: further provisions.

   4. Pool betting duty

      1. 12. Pool betting duty.

   5. Gaming machine licence duty

      1. 13. Rates of duty.

      2. 14. Extension of duty to amusement machines.

   6. Air passenger duty

      1. 15. Rates of duty.

      2. 16. Assessment of interest on duty.

      3. 17. Preferential debts.

   7. Vehicle excise duty

      1. 18. Increased rates on 30th November 1994.

      2. 19. Vehicle excise and registration: other provisions.

   8. Recovery of overpaid duty

      1. 20. Recovery of overpaid excise duty.

3. Part II Value Added Tax and Insurance Premium Tax

   1. Value added tax

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

      2. 22. Imported works of art, antiques, etc.

      3. 23. Agents acting in their own names.

      4. 24. Margin schemes.

      5. 25. Groups of companies.

      6. 26. Co-owners etc. of buildings and land.

      7. 27. Set-off of credits.

      8. 28. Transactions treated as supplies for purposes of zero-rating etc.

      9. 29. Goods removed from warehousing regime.

      10. 30. Fuel supplied for private use.

      11. 31. Appeals: payment of amounts shown in returns.

      12. 32. Penalties for failure to notify etc.

      13. 33. Correction of consolidation errors.

   2. Insurance premium tax

      1. 34. Insurance premium tax.

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

   1. Income tax: charge, rates and reliefs

      1. 35. Charge and rates of income tax for 1995-96.

      2. 36. Personal allowance.

   2. Corporation tax: charge and rate

      1. 37. Charge and rate of corporation tax for 1995.

      2. 38. Small companies.

   3. Taxation of income from land

      1. 39. Income chargeable under Schedule A.

      2. 40. Non-residents and their representatives.

      3. 41. Income from overseas property.

      4. 42. Abolition of interest relief for commercially let property.

   4. Benefits in kind

      1. 43. Cars available for private use.

      2. 44. Cars: accessories for the disabled.

      3. 45. Beneficial loan arrangements: replacement loans.

   5. Chargeable gains

      1. 46. Relief on re-investment: property companies etc.

      2. 47. Relief on re-investment: amount of relief, etc.

      3. 48. Roll-over relief and groups of companies.

      4. 49. De-grouping charges.

      5. 50. Corporate bonds.

   6. Insurance companies and friendly societies

      1. 51. Companies carrying on life assurance business.

      2. 52. Meaning of “insurance company”.

      3. 53. Transfer of life insurance business.

      4. 54. Friendly societies.

   7. Insurance policies

      1. 55. Qualifying life insurance policies.

      2. 56. Foreign life policies etc.

      3. 57. Duties of insurers in relation to life policies etc.

   8. Pensions

      1. 58. Personal pensions: income withdrawals.

      2. 59. Pensions: meaning of insurance company etc.

      3. 60. Application of section 59.

      4. 61. Cessation of approval of certain retirement benefits schemes.

   9. Saving and investment: general

      1. 62. Follow-up TESSAs.

      2. 63. TESSAs: European institutions.

      3. 64. Personal equity plans: tax representatives.

      4. 65. Contractual savings schemes.

      5. 66. Enterprise investment scheme: ICTA amendments.

      6. 67. Enterprise investment scheme: TCGA amendments.

      7. 68. Business expansion scheme: ICTA amendments.

      8. 69. Business expansion scheme: TCGA amendments.

   10. Venture capital trusts

       1. 70. Approval of companies as trusts.

       2. 71. Income tax relief.

       3. 72. Capital gains.

       4. 73. Regulations.

   11. Settlements and estates

       1. 74. Settlements: liability of settlor.

       2. 75. Deceased persons' estates: taxation of beneficiaries.

       3. 76. Untaxed income of a deceased person’s estate.

   12. Securities

       1. 77. Interest on gilt-edged securities payable without deduction of tax.

       2. 78. Periodic accounting for tax on interest on gilt-edged securities.

       3. 79. Sale and repurchase of securities: exclusion from accrued income scheme.

       4. 80. Treatment of price differential on sale and repurchase of securities.

       5. 81. Manufactured interest payments: exclusion from bond-washing provisions.

       6. 82. Manufactured interest on gilt-edged securities.

       7. 83. Power to make special provision for special cases.

       8. 84. Stock lending: power to modify rules.

       9. 85. Stock lending: interest on cash collateral.

   13. Interest

       1. 86. Deduction of tax from interest on deposits.

       2. 87. Interest payments deemed to be distributions.

   14. Debts

       1. 88. Generalisation of ss.63 to 66 of Finance Act 1993.

       2. 89. Application of ss.63 to 66 to debts held by associates of banks.

   15. Reliefs

       1. 90. Relief for post-cessation expenditure.

       2. 91. Employee liabilities and indemnity insurance.

       3. 92. Post-employment deductions.

       4. 93. Incidental overnight expenses etc.

   16. Capital allowances: ships

       1. 94. Deferment of balancing charges in respect of ships.

       2. 95. Reimposition of deferred charge.

       3. 96. Ships in respect of which charge may be deferred.

       4. 97. Procedural provisions relating to deferred charges.

       5. 98. Deferred charges: commencement and transitional provisions.

   17. Capital allowances: other provisions

       1. 99. Highway concessions.

       2. 100. Arrangements affecting the value of a relevant interest.

       3. 101. Import warehouses etc.

       4. 102. Commencement of certain provisions.

   18. Management: self-assessment etc.

       1. 103. Liability of trustees.

       2. 104. Returns and self-assessments.

       3. 105. Records for purposes of returns.

       4. 106. Return of employees' emoluments etc.

       5. 107. Procedure for making claims etc.

       6. 108. Payments on account of income tax.

       7. 109. Surcharges on unpaid tax.

       8. 110. Interest on overdue tax.

       9. 111. Assessments in respect of income taken into account under PAYE.

       10. 112. Recovery of certain amounts deducted or paid under MIRAS.

       11. 113. Allowable losses: capital gains tax.

       12. 114. Liability of trustees and personal representatives: capital gains tax.

       13. 115. Minor amendments and repeals.

       14. 116. Transitional provisions.

   19. Changes for facilitating self-assessment

       1. 117. Treatment of partnerships.

       2. 118. Loss relief: general.

       3. 119. Relief for losses on unquoted shares.

       4. 120. Relief for pre-trading expenditure.

       5. 121. Basis of apportionment for Cases I, II and VI of Schedule D.

       6. 122. Amendments of transitional provisions.

       7. 123. Prevention of exploitation of transitional provisions.

   20. Change of residence and non-residents

       1. 124. Change of residence.

       2. 125. Non-resident partners.

       3. 126. UK representatives of non-residents.

       4. 127. Persons not treated as UK representatives.

       5. 128. Limit on income chargeable on non-residents: income tax.

       6. 129. Limit on income chargeable on non-residents: corporation tax.

   21. Exchange gains and losses and currency contracts

       1. 130. Exchange gains and losses: general.

       2. 131. Exchange gains and losses: transitional provision.

       3. 132. Currency contracts: transitional provisions.

   22. Provisions with a foreign element

       1. 133. Controlled foreign companies.

       2. 134. Offshore funds.

   23. Miscellaneous

       1. 135. Change in ownership of investment company: deductions.

       2. 136. Profit-related pay.

       3. 137. Part-time workers: miscellaneous provisions.

       4. 138. Charities, etc.: lotteries.

       5. 139. Sub-contractors in the construction industry.

       6. 140. Valuation of trading stock on discontinuance of trade.

       7. 141. Incapacity benefit.

       8. 142. Annuities purchased where certain claims or actions are settled.

       9. 143. Lloyd’s underwriters: new-style special reserve funds.

       10. 144. Local government residuary body.

       11. 145. Payment of rent, &c. under deduction of tax.

5. Part IV Petroleum Revenue Tax

   1. 146. Restriction of unrelievable field losses.

   2. 147. Removal of time limits for claims for unrelievable field losses.

   3. 148. Transfer of interests in fields: restriction of transferred losses.

6. Part V Stamp Duty

   1. 149. Transfer: associated bodies.

   2. 150. Northern Ireland transfer: associated bodies.

   3. 151. Lease or tack: associated bodies.

7. Part VI Miscellaneous and General

   1. Miscellaneous

      1. 152. Open-ended investment companies.

      2. 153. Electronic lodgement of tax returns, etc.

      3. 154. Short rotation coppice.

      4. 155. Inheritance tax: agricultural property.

      5. 156. Proceedings for tax in sheriff court.

      6. 157. Certificates of tax deposit.

      7. 158. Amendment of the Exchequer and Audit Departments Act 1866.

      8. 159. Ports levy.

      9. 160. Tax simplification.

   2. General

      1. 161. Interpretation.

      2. 162. Repeals.

      3. 163. Short title.

8. 1. Schedule 1

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

   2. Schedule 2

      Denatured alcohol.

   3. Schedule 3

      Amusement machine licence duty.

   4. Schedule 4

      Vehicle excise and registration.

      1. Part I Introduction.

      2. Part II Exemptions.

      3. Part III Rates.

      4. Part IV Rates: supplementary.

      5. Part V Licences.

      6. Part VI Registration.

      7. Part VII Offences.

      8. Part VIII Proceedings.

      9. Part IX Transitionals.

      10. Part X Special reliefs.

   5. Schedule 5

      Insurance premium tax.

   6. Schedule 6

      Amendments in connection with charge under Schedule A.

   7. Schedule 7

      Commercially let property: corporation tax.

   8. Schedule 8

      Life assurance business.

      1. Part I General amendments.

      2. Part II Application of provisions to overseas life insurance companies.

      3. Part III Supplementary provisions.

   9. Schedule 9

      Transfer of life insurance business.

   10. Schedule 10

       Friendly societies.

   11. Schedule 11

       Personal pensions: income withdrawals.

   12. Schedule 12

       Contractual savings schemes.

   13. Schedule 13

       Enterprise investment scheme.

   14. Schedule 14

       Venture capital trusts: meaning of “qualifying holdings”.

   15. Schedule 15

       Venture capital trusts: relief from income tax.

       1. Part I Relief on investment.

       2. Part II Relief on distributions.

   16. Schedule 16

       Venture capital trusts: deferred charge on re-investment.

   17. Schedule 17

       Settlements: liability of settlor.

       1. Part I The new provisions.

       2. Part II Minor and consequential amendments of the Taxes Act 1988.

       3. Part III Consequential amendments of other enactments.

   18. Schedule 18

       Deceased persons' estates.

   19. Schedule 19

       Stock lending: interest on cash collateral.

   20. Schedule 20

       Claims etc. not included in returns.

   21. Schedule 21

       Self-assessment etc: transitional provisions.

   22. Schedule 22

       Prevention of exploitation of Schedule 20 to Finance Act 1994.

       1. Part I Cases I and II of Schedule D.

       2. Part II Cases III, IV and V of Schedule D.

       3. Part III Procedural and other provisions.

       4. Part IV Interpretation.

   23. Schedule 23

       Obligations etc. imposed on UK representatives.

   24. Schedule 24

       Exchange gains and losses.

       1. Part I Amendments of Finance Act 1993.

       2. Part II Amendments of other provisions.

   25. Schedule 25

       Controlled foreign companies.

   26. Schedule 26

       Change in ownership of investment company: deductions.

   27. Schedule 27

       Sub-contractors in the construction industry.

   28. Schedule 28

       Electronic lodgement of tax returns, etc.

   29. Schedule 29

       Repeals.

       1. Part I Alcoholic liquor.

       2. Part II Road fuel gas.

       3. Part III Betting and gaming etc.

       4. Part IV Air passenger duty.

       5. Part V Vehicle excise and registration.

       6. Part VI Value added tax.

       7. Part VII Insurance premium tax.

       8. Part VIII Income tax, corporation tax and capital gains tax.

       9. Part IX Petroleum revenue tax.

       10. Part X Stamp duty.

       11. Part XI Inheritance tax: agricultural property.

       12. Part XII Ports levy.