Search Legislation

Finance Act 2012

Status:

This is the original version (as it was originally enacted).

PART 7Miscellaneous

Deeply discounted securities: incidental expenses

48(1)In section 455 of ITTOIA 2005 (listed securities held since 26 March 2003: calculating the profit or loss on disposals)—

(a)in subsection (1), after “incurred” insert “before 6 April 2015”, and

(b)in subsection (3)(b), after “incurred” insert “before 6 April 2015”.

(2)The amendments made by this paragraph have effect for the tax year 2015-16 and subsequent tax years.

Grants for giving up agricultural land

49(1)Section 249 of TCGA 1992 (grants for giving up agricultural land) is repealed.

(2)Accordingly, the italic heading before that section becomes “Woodlands”.

(3)The amendments made by this paragraph have effect in relation to disposals made on or after 6 April 2013.

Reduction for meal vouchers

50(1)Section 89 of ITEPA 2003 (reduction for meal vouchers) is repealed.

(2)Accordingly, in that Act—

(a)in section 87 (benefit of non-cash voucher treated as earnings), omit subsection (6), and

(b)in Schedule 7 (transitionals and savings), omit paragraph 18.

(3)The amendments made by this paragraph have effect for the tax year 2013-14 and subsequent tax years.

Black beer

51(1)ALDA 1979 is amended as follows.

(2)In section 1 (alcoholic liquors dutiable under ALDA 1979)—

(a)in subsection (3), omit from “, but” to the end of the subsection, and

(b)in subsection (5), omit “black beer,”.

(3)In section 4(1) (interpretation), omit the definition of “black beer”.

(4)In section 55(5)(b) (made-wine: exception to requirement for excise licence), omit “or black beer”.

(5)The amendments made by sub-paragraphs (2) and (3) come into force on 1 April 2013.

(6)The amendment made by sub-paragraph (4) has effect in relation to the use on or after 1 April 2013 of ingredients that include black beer.

Angostura bitters

52(1)In ALDA 1979, omit—

(a)section 1(7) (angostura bitters deemed not to be spirits), and

(b)section 6 (power to exempt angostura bitters from duty).

(2)In Schedule 5 to FA 1994 (decisions subject to review and appeal), omit paragraph 3(1)(a).

(3)The amendments made by this paragraph come into force on 1 April 2013.

Tax reserve certificates

53(1)The following provisions are repealed—

(a)section 750 of ITTOIA 2005 (interest from tax reserve certificates);

(b)section 1283 of CTA 2009 (interest from tax reserve certificates).

(2)In consequence of the provision made by sub-paragraph (1), in section 369 of ITTOIA 2005 (charge to tax on interest), in subsection (3)(e), omit “tax reserve certificates,”.

(3)The repeals made by sub-paragraphs (1)(a) and (2) have effect in relation to tax reserve certificates redeemed on or after 6 April 2013.

(4)The repeal made by sub-paragraph (1)(b) has effect in relation to tax reserve certificates redeemed on or after 1 April 2013.

Tax assessors

54(1)Section 62(2) and (3) of FA 1946 (compensation for former land tax assessors and income tax assessors, etc) is repealed.

(2)In consequence of the provision made by sub-paragraph (1), in Schedule 2 to the Pensions (Increase) Act 1971 (official pensions), in paragraph 34, omit “or section 62 of the Finance Act 1946”.

(3)The amendments made by this paragraph come into force on 6 April 2013.

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 the Whole Act without Schedules

The Whole Act without 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?

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

See additional information alongside the content

Show Explanatory Notes for Sections: Displays relevant parts of the explanatory notes interweaved within the legislation content.

Close

Opening Options

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

Close

Explanatory Notes

Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.

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 enacted version 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