Search Legislation

Finance Act 1997

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. Part I Excise Duties

    1. Alcoholic liquor duties

      1. 1.Rates of duty on spirits and wines of equivalent strength

      2. 2.Rates of duty on lower strengths of wine and made-wine

      3. 3.Duty on sparkling cider

      4. 4.Cider labelled as strong cider

      5. 5.Cider labelled as made-wine

    2. Hydrocarbon oil duties

      1. 6.Rates of hydrocarbon oil duties and of rebates

      2. 7.Ultra low sulphur diesel

    3. Tobacco products duty

      1. 8.Rates of tobacco products duty

    4. Air passenger duty

      1. 9.Rates of air passenger duty

    5. Gaming duty

      1. 10.Gaming duty to replace gaming licence duty

      2. 11.Rate of gaming duty

      3. 12.Liability to pay gaming duty

      4. 13.Supplemental provisions relating to gaming duty

      5. 14.Subordinate legislation relating to gaming duty

      6. 15.Interpretation of gaming duty provisions

    6. Vehicle excise duty

      1. 16.Increase in general rate

      2. 17.Exemption for vehicles for disabled persons

      3. 18.Provisions applying to exempt vehicles

      4. 19.Issue of licences before payment of duty

      5. 20.Removal and disposal of vehicles

  3. Part II Insurance Premium Tax

    1. New rates of tax

      1. 21.Rate of tax

      2. 22.Premiums liable to tax at the higher rate

      3. 23.Charge to tax where different rates apply

      4. 24.Commencement of sections 21 to 23

    2. Taxable intermediaries and their fees

      1. 25.Certain fees to be treated as premiums under higher rate contracts

      2. 26.Registration of taxable intermediaries

      3. 27.Supplementary provisions

    3. Miscellaneous

      1. 28.Amounts charged by other intermediaries

      2. 29.Prevention of pre-emption

      3. 30.Tax point for payroll deductions

  4. Part III Value Added Tax

    1. Registration

      1. 31.Aggregation of businesses

      2. 32.Voluntary registration

    2. Zero-rating

      1. 33.Sale of goods donated to charity

      2. 34.Charitable institutions providing care etc

    3. Buildings and land

      1. 35.References to grants

      2. 36.Buildings intended to be used as dwellings

      3. 37.Supplies to non-taxable persons etc

    4. Exempt insurance supplies

      1. 38.Exempt insurance supplies

    5. Bad debt relief

      1. 39.Bad debt relief

    6. Groups of companies

      1. 40.Groups containing bodies of different descriptions

      2. 41.Group supplies using an overseas member

    7. Incidental and supplemental provisions etc.

      1. 42.Services subject to the reverse charge

      2. 43.Payments on account: appeals

  5. Part IV Payments and overpayments in respect of indirect taxes

    1. Value added tax

      1. 44.Liability of Commissioners to interest

      2. 45.Assessment for overpayments of interest

      3. 46.Repayments of overpayments: unjust enrichment

      4. 47.Repayments and assessments: time limits

      5. 48.Set-off of credits and debits

      6. 49.Transitional provision for set-offs etc

    2. Excise duties and other indirect taxes

      1. 50.Overpayments, interest, assessments, etc

    3. Enforcement of payment

      1. 51.Enforcement by distress

      2. 52.Enforcement by diligence

      3. 53.Amendments consequential on sections 51 and 52

  6. Part V Income Tax, Corporation Tax and Capital Gains Tax

    1. Income tax charge, rates and reliefs

      1. 54.Charge and rates of income tax for 1997-98

      2. 55.Modification of indexed allowances

      3. 56.Blind person’s allowance

      4. 57.Limit on relief for interest

    2. Corporation tax charge and rate

      1. 58.Charge and rate of corporation tax for 1997

      2. 59.Small companies

    3. Payments for wayleaves

      1. 60.Wayleaves for electricity cables, telephone lines, etc

    4. Schedule E

      1. 61.Phasing out of relief for profit-related pay

      2. 62.Travelling expenses etc

      3. 63.Work-related training

    5. Relieved expenditure, losses etc.

      1. 64.Postponed company donations to charity

      2. 65.National Insurance contributions

      3. 66.Expenditure on production wells etc

      4. 67.Annuity business of insurance companies

      5. 68.Consortium claims for group relief

    6. Distributions etc.

      1. 69.Special treatment for certain distributions

      2. 70.Distributions of exempt funds

      3. 71.Set-off against franked investment income

      4. 72.FIDs paid to unauthorised unit trusts

      5. 73.Tax advantages to include tax credits

    7. Investments etc.

      1. 74.Enterprise investment scheme

      2. 75.Venture capital trusts

      3. 76.Stock lending and manufactured payments

      4. 77.Bond washing and repos

      5. 78.National Savings Bank interest

      6. 79.Payments under certain life insurance policies

      7. 80.Futures and options: transactions with guaranteed returns

    8. Transfer of assets abroad

      1. 81.Transfer of assets abroad

    9. Leasing and loan arrangements

      1. 82.Finance leases and loans

      2. 83.Loan relationships: transitions

    10. Capital allowances

      1. 84.Writing-down allowances on long-life assets

      2. 85.Schedule A cases etc

      3. 86.Capital allowances on fixtures

    11. Chargeable gains

      1. 87.Re-investment relief

      2. 88.Conversion of securities: QCBs and debentures

      3. 89.Earn-out rights

    12. Double taxation relief

      1. 90.Restriction of relief for underlying tax

      2. 91.Disposals of loan relationships with or without interest

    13. Repayment supplement

      1. 92.Time from which entitlement runs

  7. Part VI Inheritance Tax

    1. 93.Rate bands

    2. 94.Agricultural property relief

  8. Part VII Stamp Duty and Stamp Duty Reserve Tax

    1. Stamp duty

      1. 95.Mergers of authorised unit trusts

      2. 96.Demutualisation of insurance companies

      3. 97.Relief for intermediaries

      4. 98.Repurchases and stock lending

      5. 99.Depositary receipts and clearance services

    2. Stamp duty reserve tax

      1. 100.Mergers of authorised unit trusts

      2. 101.Direction to hold trust property on other trusts

      3. 102.Relief for intermediaries

      4. 103.Repurchases and stock lending

      5. 104.Depositary receipts and clearance services

      6. 105.Inland bearer instruments

      7. 106.Repayment or cancellation of tax

  9. Part VIII Miscellaneous and Supplemental

    1. Miscellaneous

      1. 107.Petroleum revenue tax: non-field expenditure

      2. 108.Payment of dividends on government stock

      3. 109.Nil levy on dwelling-house disposals

      4. 110.Obtaining information from social security authorities

      5. 111.Report on VAT on energy saving materials

    2. Supplemental

      1. 112.Interpretation

      2. 113.Repeals

      3. 114.Short title

  10. Schedules:

    1. Schedule 1

      Gaming duty: administration, enforcement etc.

      1. Part I The gaming duty register.

      2. Part II Other provisions.

    2. Schedule 2

      Gaming duty: consequential and incidental amendments.

      1. Part I Amendments of the Customs and Excise Management Act 1979.

      2. Part II Other amendments.

    3. Schedule 3

      Vehicle excise duty: exempt vehicles.

    4. Schedule 4

      Insurance premium tax: the higher rate.

      1. Part I Interpretation.

      2. Part II Descriptions of premium.

    5. Schedule 5

      Indirect taxes: overpayments etc.

      1. Part I Unjust enrichment.

      2. Part II Time limits.

      3. Part III Interest.

      4. Part IV Set-off involving landfill tax.

      5. Part V Recovery of excess payments by the Commissioners.

    6. Schedule 6

      Assessments for excise duty purposes.

    7. Schedule 7

      Special treatment for certain distributions.

    8. Schedule 8

      Enterprise investment scheme: qualifying companies.

    9. Schedule 9

      Venture capital trusts: qualifying holdings.

    10. Schedule 10

      Stock lending arrangements and manufactured payments.

      1. Part I Stock lending.

      2. Part II Manufactured payments.

    11. Schedule 11

      Futures and options: taxation of guaranteed returns.

    12. Schedule 12

      Leasing arrangements: finance leases and loans.

      1. Part I Leasing arrangements where any of the return on investment is in capital form.

      2. Part II Other finance leases.

      3. Part III Insurance companies.

      4. Part IV Supplementary provisions.

    13. Schedule 13

      Loan relationships: amendment of transitional provisions.

    14. Schedule 14

      Capital allowances on long-life assets.

    15. Schedule 15

      Capital allowances: Schedule A cases etc.

    16. Schedule 16

      Capital allowances on fixtures.

      1. Part I Amendments of the Capital Allowances Act 1990.

      2. Part II Consequential amendment of the Taxes Management Act 1970.

    17. Schedule 17

      Chargeable gains: re-investment relief.

    18. Schedule 18

      Repeals.

      1. Part I Hydrocarbon Oil Duty.

      2. Part II Gaming Duty.

      3. Part III Vehicle Excise and Registration: Exempt vehicles.

      4. Part IV Value Added Tax.

      5. Part V Indirect taxes.

      6. Part VI Income Tax, Corporation Tax and Capital Gains Tax.

      7. Part VII Stamp Duty and Stamp Duty Reserve Tax.

Back to top

Options/Help

Print Options

You have chosen to open The Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act as a PDF

The Whole Act you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Act

The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open Schedules only

The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enactedversion that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources