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Finance Act 1997

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Part VIE+W+S+N.I. Income Tax, Corporation Tax and Capital Gains Tax

(1) Additional rate of income tax

ChapterShort titleExtent of repeal
1988 c. 1.The Income and Corporation Taxes Act 1988.In section 832(1), the definition of “additional rate”.
1988 c. 39.The Finance Act 1988.Section 24(4).

These repeals have effect in relation to the year 1997-98 and subsequent years of assessment.

(2) Wayleaves

ChapterShort titleExtent of repeal
1970 c. 9.The Taxes Management Act 1970.In section 42(7)(a) (as it has effect by virtue of section 196 of the Finance Act 1994), the words “120(2),”.
1988 c. 1.The Income and Corporation Taxes Act 1988.In section 1A(2)(a)(ii), the words “or 120”.
In section 3, paragraph (c) and the word “or” immediately preceding it.
Section 74(1)(q).

In section 120—

(a) in subsection (1), the words from “and, subject to” onwards;

(b) subsections (2) to (4); and

(c) in subsection (5), paragraph (c) and the word “and” immediately preceding it.

In section 348(2), paragraph (b) and the word “or” immediately preceding it.
In section 349(1), paragraph (c) and the word “or” immediately preceding it.
Section 387(3)(c).
In section 821(3), paragraph (c) and the word “and” immediately preceding it.

These repeals have effect in relation to payments made on or after 6th April 1997.

(3) Profit-related pay

ChapterShort titleExtent of repeal
1970 c. 9.The Taxes Management Act 1970.

In section 98, in the Table—

(a) in the first column, the entry relating to section 181(1) of the Taxes Act 1988; and

(b) in the second column, the entry relating to section 180(1) of that Act.

1988 c. 1.The Income and Corporation Taxes Act 1988.Sections 169 to 184.
Schedule 8.
1988 c. 39.The Finance Act 1988.In Schedule 13, paragraph 4.
1989 c. 26.The Finance Act 1989.Section 42(4).
Section 61.
Schedule 4.
In Schedule 12, paragraph 18.
1989 c. 40.The Companies Act 1989.In Schedule 10, paragraph 38(2).
S.I. 1990/593 (N.I. 5).The Companies (Northern Ireland) Order 1990.In Schedule 10, paragraph 30(1).
1991 c. 31.The Finance Act 1991.Section 37.
1994 c. 9.The Finance Act 1994.Sections 98 and 99.
1995 c. 4.The Finance Act 1995.Section 136.
Section 137(1) and (6).
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Modifications etc. (not altering text)

C1Sch. 18 Pt. VI(3) extended (31.7.1998) by 1997 c. 58, s. 4(7) (with s. 3(3))

1 These repeals have effect (subject to Notes 2 and 3 below) in accordance with section 61(2) and (3) of this Act.E+W+S+N.I.

2These repeals do not affect the operation of any of the repealed provisions, or prevent the exercise of any power under those provisions, in relation to profit periods beginning before 1st January 2000 or for purposes connected with, or with the doing or not doing of anything in or in relation to, any such periods.E+W+S+N.I.

3The repeal of Schedule 8 to the Taxes Act 1988 does not affect the application of any of the provisions of paragraph 7 of that Schedule by any of—E+W+S+N.I.

(a) section 360A(5) and (7) of that Act;

(b)paragraph 40(2) and (4) of Schedule 9 to that Act; and

(c)paragraph 16(4) and (6) of Schedule 5 to the Finance Act 1989.

(4) Work-related training

ChapterShort titleExtent of repeal
1988 c. 1.The Income and Corporation Taxes Act 1988.In section 200A(3)(b), the word “either” before sub-paragraph (i).

This repeal has effect in accordance with section 63(3) of this Act.

(5) National Insurance contributions

ChapterShort titleExtent of repeal
1988 c. 1.The Income and Corporation Taxes Act 1988.In section 617(3), the words “and (5)”.

This repeal has effect in accordance with section 65 of this Act.

(6) Annuity business of insurance companies

ChapterShort titleExtent of repeal
1988 c. 1.The Income and Corporation Taxes Act 1988.In section 76(2A)(b), sub-paragraph (iv) and the word “and” immediately preceding it.
Section 434B(2).
In section 490(2), the words from “but if” onwards.
1991 c. 31.The Finance Act 1991.In Schedule 7, paragraph 16(3) and (4).
1995 c. 4.The Finance Act 1995.In Schedule 8, paragraph 21(1).
1996 c. 8.The Finance Act 1996.Section 165(3).

These repeals have effect in relation to accounting periods beginning after 5th March 1997.

(7) Distributions treated as foreign income dividends

ChapterShort titleExtent of repeal
1988 c. 1.The Income and Corporation Taxes Act 1988.In section 118G(5)(a), the words “or applied in defraying expenses of the trustees”. In section 231(1), the words “95(1)(b),”.
In section 481(4A), the words “or applied in defraying expenses of the trustees”.
In section 686(2), paragraph (d) and the word “and” immediately preceding it.
1992 c. 12.The Taxation of Chargeable Gains Act 1992.

In section 5(2)—

(a) paragraph (c); and

(b) in paragraph (d), the words “or applied as mentioned in paragraph (c) above”.

1Subject to Note 2 below, these repeals have effect in accordance with paragraph 12(4) of Schedule 7 to this Act.E+W+S+N.I.

2 The repeal in section 231(1) of the Taxes Act 1988 has effect in accordance with paragraph 8(3) of that Schedule.E+W+S+N.I.

(8) Enterprise investment scheme

ChapterShort titleExtent of repeal
1988 c. 1.The Income and Corporation Taxes Act 1988.

In section 308—

(a) paragraph (b) of subsection (1), and the word “and” immediately preceding that paragraph; and

(b) paragraphs (a) and (b) of subsection (5).

These repeals have effect in accordance with paragraph 1 of Schedule 8 to this Act.

(9) Venture capital trusts

ChapterShort titleExtent of repeal
1988 c. 1.The Income and Corporation Taxes Act 1988.In Schedule 28B, paragraph 10(2).

This repeal has effect in accordance with paragraph 6 of Schedule 9 to this Act.

(10) Stock lending and manufactured payments

ChapterShort titleExtent of repeal
1970 c. 9.The Taxes Management Act 1970.In section 98, in the first column of the Table, the entry relating to section 737(8) of the Taxes Act 1988.
1986 c. 41.The Finance Act 1986.In Schedule 18, paragraphs 7 and 9.
1988 c. 1.The Income and Corporation Taxes Act 1988.Sections 129 and 129A.
In section 387(3), paragraph (f) and the word “or” immediately preceding it.
In section 715(6) the words “section 737 or”.
Section 727(1).
Section 737.
In section 737A(5), the words “section 737 and”.

In section 737C—

(a) in subsection (2)(b), the words “section 737 and paragraph 2 of Schedule 23A apply, or”;

(b) subsections (5) and (6);

(c) in subsection (7)(b), the words “(whether or not section 737 also applies in relation to that payment)”;

(d) in subsection (9), the words “subsections (6) and (8) above apply, or where”; and

(e) subsection (11B).

Section 738(3) and (4).
Schedule 5A.

In Schedule 23A—

(a) in paragraph 1(1), the definitions of “approved stock lending arrangement”, “market maker”, “recognised clearing house”, “recognised investment exchange”, “unapproved manufactured payment” and “unapproved stock lending arrangement”;

(b) paragraph 1(2);

(c) paragraph 5;

(d) paragraph 6;

(e) in paragraph 7(1), the words “Except where paragraph 5(2) or (4) above applies,”;

(f) paragraph 7(2); and

(g) in paragraph 7(3), in paragraph (a), the words “except where paragraph 6 above applies, and”, and paragraph (b).

1991 c. 31.The Finance Act 1991.Section 57.
In Schedule 13, paragraphs 2 to 4.
1992 c. 12.The Taxation of Chargeable Gains Act 1992.Section 271(9).
In Schedule 10, paragraph 14(8), (39) and (61).
1993 c. 34.The Finance Act 1993.Section 174(4) and (5).
Section 182(1)(ca)(i). In Schedule 6, paragraphs 19 and 25(3) and (4).
1994 c. 9.The Finance Act 1994.Section 123(2) to (5) and (7).
Section 222(4) and (5).
Section 229(ca)(i).
In Schedule 16, paragraphs 18 and 19.
1995 c. 4.The Finance Act 1995.Section 82.
Sections 84 and 85.
Schedule 19.
1996 c. 8.The Finance Act 1996.

In section 97—

(a) in subsection (4), the words “section 737 of, or”; and

(b) subsection (5).

In section 159—

(a) subsections (2) and (3); and

(b) in subsection (7), paragraph (b) and the word “and” immediately preceding it.

In Schedule 6, paragraphs 18 and 19.
In Schedule 14, paragraphs 38 and 52(2), (3), (5) and (6).

1These repeals (except those to which Notes 2 to 6 below apply) have effect in relation to, and to transfers under, any arrangement made on or after such day as may be appointed by order under paragraph 7(1) of Schedule 10 to this Act.E+W+S+N.I.

2The repeal of paragraph 6 of Schedule 23A to the Taxes Act 1988 and—E+W+S+N.I.

(a)the repeals in paragraph 1(1) of that Schedule of the definitions of “unapproved manufactured payment” and “unapproved stock lending arrangement”, and

(b)the repeal of paragraph (b) of paragraph 1(2) of that Schedule, and

(c)the repeals in paragraph 7(3) of that Schedule,

have effect in relation to manufactured payments made on or after such day as may be appointed by order under paragraph 7(1) of Schedule 10 to this Act.

3Subject to Note 6 below, the repeals of the following provisions, that is to say—E+W+S+N.I.

(a)sections 387(3)(f), 737, 737C(5), (6) and (11B) and 738(3) and (4) of the Taxes Act 1988,

(b)paragraphs 5 and 7(2) of Schedule 23A to that Act, and

(c)section 97(5) of the Finance Act 1996,

together with the repeals listed in Note 4 below, have effect in relation to payments made on or after such day as may be appointed by order under paragraph 16(1) of Schedule 10 to this Act.

4The repeals mentioned in Note 3 above are—E+W+S+N.I.

(a)any repeal of an enactment amending a provision specified in Note 3 above;

(b)the repeal of the references to section 737 of the Taxes Act 1988 in sections 737A(5) and 737C(2)(b) and (7)(b) of that Act and in section 97(4) of the Finance Act 1996;

(c)the repeal of the reference to section 737C(6) of the Taxes Act 1988 in section 737C(9) of that Act;

(d)the repeal of the enactments amending paragraph 2 of Schedule 23A to that Act; and

(e)the repeal in paragraph 7(1) of that Schedule.

5The repeals of the provisions which amend, or authorise the amendment of, section 21 of the Taxes Management Act 1970 have effect in accordance with paragraph 16(2) and (3) of Schedule 10 to this Act.E+W+S+N.I.

6The repeal of section 737(8) of the Taxes Act 1988 has effect subject to paragraph 16(3) of Schedule 10 to this Act; and the repeal of the entry relating to section 737(8) in the Table in section 98 of the Taxes Management Act 1970 has effect accordingly.E+W+S+N.I.

(11) Capital allowances: Schedule A cases

ChapterShort titleExtent of repeal
1988 c. 1.The Income and Corporation Taxes Act 1988.Section 32.

In section 379A(2)—

(a) in paragraph (a), the word “relevant”; and

(b) the words after paragraph (b).

1990 c. 1.The Capital Allowances Act 1990.In section 67(3), the words from “shall be made” to “corporation tax,”.
Section 73(4).

In section 141—

(a) in subsection (2), the words “Subject to subsection (3) below,”; and

(b) subsections (3), (4) and (6).

In Schedule 1, paragraph 8(2).
1995 c. 4.The Finance Act 1995.In Schedule 6, paragraphs 8, 31 and 33.
1996 c. 8.The Finance Act 1996.In Schedule 21, paragraph 34.

These repeals have effect in accordance with paragraph 9(1) of Schedule 15 to this Act.

(12) Capital allowances: fixtures

ChapterShort titleExtent of repeal
1990 c. 1.The Capital Allowances Act 1990.In section 51(8), paragraph (b).
In section 54(1), paragraph (c) and the word “and” immediately preceding it.
In section 55(4), paragraph (b) and the word “or” immediately preceding it.
In section 56, paragraph (c).
Section 59(10).
1991 c. 31.The Finance Act 1991.In Schedule 14, paragraph 10.

1These repeals have effect, subject to the following notes and paragraph 2(8) of Schedule 16 to this Act, for chargeable periods ending on or after 24th July 1996.E+W+S+N.I.

2The repeal in section 54(1) of the Capital Allowances Act 1990 does not apply where the purchaser acquired the relevant interest before that date.E+W+S+N.I.

3The repeals in sections 55(4) and 56 of that Act do not apply where the lease was granted before that date.E+W+S+N.I.

4The repeal of section 59(10) of that Act does not apply where the fixture ceased to belong to the former owner before that date.E+W+S+N.I.

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