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Finance Act 2012

Part 7: Miscellaneous
Deeply discounted securities: incidental expenses

73.Paragraph 48 provides for the rules for the calculation of the profit or loss on disposal of deeply discounted securities (DDS) in Chapter 8 of Part 4 of ITTOIA to be amended.

74.Paragraph 48(1) amends section 455 of ITTOIA to limit the provision for the deduction of incidental expenses incurred in connection with the disposal of DDS which are listed securities and which have been held since 26 March 2003. The deduction is limited to expenses incurred before 6 April 2015.

75.Paragraph 48(2) provides the commencement provision.

Grants for giving up agricultural land

76.Paragraph 49(1) repeals section 249 of TCGA (grants for giving up occupation of agricultural land).

77.Paragraph 49(2) amends the heading which section 249 comes under from “Agricultural Land and Woodlands” to “Woodlands”.

78.Paragraph 49(3) provides that the repeal in subsection (1) has effect in relation to disposals made on or after 6 April 2013.

Reduction for meal vouchers

79.Paragraph 50(1) provides for the repeal of section 89 of ITEPA.

80.Paragraph 50(2)(a) and (b) provides for consequential omission of section 87(6) of ITEPA (benefit of non-cash voucher treated as earnings) and paragraph 18 in Schedule 7 to ITEPA (transitionals and savings).

81.Paragraph 50(3) provides that the repeal will take effect from 6 April 2013.

Black beer

82.Paragraph 51(2)(a) amends the definition of beer in section 1(3) of the Alcoholic Liquor Duties Act 1979 (ALDA) by removing the exclusion for black beer, making black beer liable to excise duty.

83.Paragraphs 51(2)(b) to (4) make consequential amendments to ALDA.

Angostura bitters

84.Paragraph 52(1) repeals section 1(7) and section 6 of ALDA. The former deems angostura bitters not to be spirits for certain duty purposes, while the latter provides power for the Commissioners of HM Revenue and Customs to direct that angostura bitters are to be treated on importation, for the purposes of duty, as not being spirits.

85.Paragraph 52(2) repeals the provision in Schedule 5 to FA 1994. Schedule 5 makes decisions relating to whether or not to give a direction under section 6 of ALDA appealable at Tribunal.

Tax reserve certificates

86.Paragraph 53(1)(a) repeals section 750 of ITTOIA. That section provides that no liability to income tax arises in respect of interest from tax reserve certificates issued by the Treasury.

87.Paragraph 53(1)(b) repeals section 1283 of CTA 2009. That section provides that no liability to corporation tax arises in respect of interest from tax reserve certificates issued by the Treasury.

88.Paragraph 53(2) makes a consequential amendment to section 369 of ITTOIA.

89.Paragraph 53(3) provides that the repeal made by sub-paragraphs (1)(a) and (2) will have effect in relation to any tax reserve certificates redeemed on or after 6 April 2013. Taxpayers who redeem tax reserve certificates before this date will continue to get relief for income tax.

90.Paragraph 53(4) provides that the repeal made in sub-paragraph (1)(b) will have effect in relation to tax reserve certificates redeemed on or after 1 April 2013. Taxpayers who redeem tax reserve certificates before this date will continue to get relief for corporation tax.

Tax assessors

91.Paragraph 54(1) repeals section 62(2) and 62(3) of FA 1946 which make provision for compensation to be paid to land tax assessors and income tax assessors made redundant as a result of the Act.

92.Paragraph 54(2) makes consequential amendments.

93.Paragraph 54(3) provides for the commencement of the repeal.

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