Finance (No. 2) Act 1997

1. Introductory Text

2. Part I The windfall tax

   1. 1. Charge to windfall tax

   2. 2. The companies benefitting from windfalls

   3. 3. Administration of the windfall tax etc

   4. 4. The windfall tax and profit-related pay

   5. 5. Interpretation of Part I

3. Part II Value Added Tax and Excise Duties

   1. Value Added Tax

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

   2. Alcoholic liquor duties

      1. 7. Rate of duty on spirits

      2. 8. Rate of duty on beer

      3. 9. Rates of duty on wine and made-wine

      4. 10. Rates of duty on cider

   3. Hydrocarbon oil duties

      1. 11. Rates of hydrocarbon oil duties etc

   4. Tobacco products duty

      1. 12. Rates of tobacco products duty

   5. Vehicle excise and registration

      1. 13. Rates of vehicle excise duty

      2. 14. Payments where vehicle information transmitted electronically

4. Part III Income tax and corporation tax

   1. Reliefs for interest and private medical insurance

      1. 15. Mortgage interest payments

      2. 16. Limit on relief for interest for 1998-99

      3. 17. Withdrawal of relief on medical insurance premiums

   2. Corporation tax

      1. 18. Rates for financial year 1997

   3. Distributions, tax credits etc on and after 2nd July 1997

      1. 19. Pension funds no longer entitled to payment of tax credits

      2. 20. Losses etc not to be set against surplus franked investment income

      3. 21. Estates in administration: distributions to which s.233(1) applies

      4. 22. Lloyd’s underwriters

      5. 23. Insurance companies and friendly societies

   4. Distributions, tax credits etc: avoidance

      1. 24. Taxation of dealers in respect of distributions etc

      2. 25. Repeal of s.95(5) of the Taxes Act 1988: consequential amendments

      3. 26. Purchase and sale of securities

      4. 27. Payments to companies under section 687 of the Taxes Act 1988

      5. 28. Arrangements to pass on value of tax credit

      6. 29. Unauthorised unit trusts

   5. Distributions, tax credits etc in and after 1999-00

      1. 30. Tax credits

      2. 31. Rates of tax applicable to Schedule F income etc

      3. 32. Trusts

      4. 33. Estates of deceased persons in administration

      5. 34. Tax credits and taxation of distributions: miscellaneous provisions

      6. 35. Transitional relief for charities etc

      7. 36. Foreign income dividends

   6. Gilt-edged securities

      1. 37. Interest to be paid gross

      2. 38. Paying and collecting agents

   7. Relief for losses etc

      1. 39. Carry-back of trading losses

      2. 40. Carry-back of loan relationship deficits

      3. 41. Restrictions on group relief

   8. Capital allowances for small and medium-sized businesses

      1. 42. Temporary first-year allowances

      2. 43. Expenditure of a small company or small business

   9. Capital allowances and finance leases

      1. 44. Writing-down allowances for finance lessors

      2. 45. Hire-purchase by finance lessors

      3. 46. Sale and leaseback etc. using finance leases

      4. 47. Meaning of “finance lease”

   10. Films

       1. 48. Relief for expenditure on production and acquisition

5. Part IV Miscellaneous and supplemental

   1. Stamp duty

      1. 49. Stamp duty on conveyance or transfer on sale

   2. Provisional collection of taxes

      1. 50. Statutory effect of resolutions etc

   3. Supplemental

      1. 51. Interpretation

      2. 52. Repeals

      3. 53. Short title

6. Schedules:

   1. Schedule 1

      Quantification of a privatisation windfall.

   2. Schedule 2

      Administration and collection of windfall tax.

   3. Schedule 3

      Insurance companies and friendly societies.

   4. Schedule 4

      Tax credits, taxation of distributions etc.

      1. Part I General.

      2. Part II Insurance companies and Lloyd’s underwriters.

   5. Schedule 5

      Limitation of entitlement to relief under section 35.

      1. Part I Qualifying distributions other than bonus issues.

      2. Part II Bonus issues.

   6. Schedule 6

      Foreign income dividends.

   7. Schedule 7

      Restrictions on group relief.

   8. Schedule 8

      Repeals.

      1. Part I Vehicle licensing: payments where information to be transmitted electronically.

      2. Part II Income tax and corporation tax.

      3. Part III Statutory effect of resolutions etc.