Finance Act 1954
1954 c.44
An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.
[30th July 1954]
Act partly in force at Royal Assent, partly retrospective, see individual sections; all provisions so far as unrepealed wholly in force at 1.2.1991.

Part I

1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ss. 1, 2 repealed by Finance Act 1957 (c. 49), Sch. 9 Pt. I

3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 3 repealed by Finance Act 1962 (c. 44), Sch. 11 Pt. II

4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ss. 4–6 repealed by Import Duties Act 1958 (c. 6), Sch. 7
Part II

7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ss. 7–13 repealed by Purchase Tax Act 1963 (c. 9), Schs. 4, 5 para. 7

Part III Income Tax and Profits Tax

14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 14 repealed by Income and Corporation Taxes Act 1970 (c. 10), Schs. 14 para. 9(2)(c), 16

15 Further provision for repayment of post-war credits.
(1) Where a man or woman who has died or become bankrupt would, but for that, be entitled on making the proper application under section twenty-six of the Finance Act 1946 (which provides for the repayment of post-war credits to elderly persons), to payment of a post-war credit to which that section applies, then (subject to the provisions of this section) the person for the time being having the title to the credit shall be entitled to receive the payment.
S. 15(1) repealed by Income Tax (Repayment of Post-War Credits) Act 1959 (c. 28), s. 1(7)
1946 c. 64.
(2) Notwithstanding the proviso to subsection (4) of section seven of the Finance Act 1941, an assignment of or charge on any such credit made by a deceased person’s personal representatives acting in their capacity as such, and not made to a legatee or, where the deceased’s estate is (or but for the credit would be) insolvent, to a creditor of the estate, and any agreement for such an assignment or charge, shall be void unless made before the commencement of this Act; and a person shall not be entitled to payment of a credit by virtue of this section if his title to the credit depends on such an assignment or charge made before that commencement but after the sixth day of April, nineteen hundred and fifty-four:
Provided that for the purposes of this subsection an assignment or charge made to give effect to an agreement enforceable against the persons making the assignment or charge shall be treated as made at the time of the agreement.
1941 c. 30.
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 15(3)(4)(6) repealed by Income Tax (Repayment of Post-War Credits) Act 1959 (c. 28), s. 1(7)
(5) In this section—
(a) any reference to the person having title to a credit is a reference to the person who, on the date being fixed by the Treasury under subsection (1) of section seven of the Finance Act 1941, would be entitled to have it credited to him; and
1941 c. 30.
(b) “legatee” means, in relation to a deceased person, a person taking any property or interest in property, whether beneficially or not, under a will or other testamentary disposition of the deceased person or on his intestacy.
(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ss. 16–27 repealed by Income and Corporation Taxes Act 1970 (c. 10), Schs. 14 para. 9(2)(c), 16
Part IV

28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ss. 28, 29, 30(1)–(3) repealed by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), Sch. 13 Pt. I

30
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ss. 28, 29, 30(1)–(3) repealed by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), Sch. 13 Pt. I
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 30(4) repealed by Finance Act 1958 (c. 56), Sch. 9 Pt. IV
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ss. 30(5), 31 repealed by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), Sch. 13 Pt. I

31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ss. 30(5), 31 repealed by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), Sch. 13 Pt. I

32
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 32(1) repealed by Finance Act 1962 (c. 44), Sch. 11 Pt. IV
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ss. 32(2)(3), 33(1)(4) repealed by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), Sch. 13 Pt. I

33
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Ss. 32(2)(3), 33(1)(4) repealed by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), Sch. 13 Pt. I
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 33(2)(3) repealed by Finance Act 1969 (c. 32), Sch. 21 Pt. V
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part V Miscellaneous

34 Amendments as to Sinking Funds, and as to manner of accounting for issues out of Consolidated Fund.
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 34(1)(2) repealed by National Loans Act 1968 (c. 13), Sch. 6 Pt. I
(3) Any sum charged by any Act, whenever passed, on the Consolidated Fund shall be charged also on the growing produce of the Fund ...
Words in s. 34(3) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 4
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 34(4) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 4

35 Short title, etc.
(1) This Act may be cited as the Finance Act 1954.
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 35(2) repealed by Statute Law (Repeals) Act 1971 (c. 52)
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 35(3) repealed by Purchase Tax Act 1963 (c. 9), Sch. 4
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 35(4) repealed by Income and Corporation Taxes Act 1970 (c. 10), Sch. 16
(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 35(5) repealed by Finance Act 1975 (c. 7), Sch. 13 Pt. I
(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 35(6) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 4
(7) Any reference in this Act to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended or applied by or under any other enactment, including this Act.
(8) Such of the provisions of this Act as relate to matters in respect of which the Parliament of Northern Ireland has power to make laws shall not extend to Northern Ireland.
(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S. 35(9) repealed by Statute Law (Repeals) Act 1974 (c. 22), Sch. Pt. XI
FIRST SCHEDULE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sch. 1 repealed by Finance Act 1957 (c. 49), Sch. 9 Pt. I
SECOND TO FOURTH SCHEDULES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Schs. 2–4 repealed by Income and Corporation Taxes Act 1970 (c. 10), s. 539(1), Sch. 16
FIFTH SCHEDULE 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sch. 5 para. 1 repealed by National Loans Act 1968 (c. 13), Sch. 6 Pt. I
2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sch. 5 para. 2 repealed by Finance Act 1962 (c. 44), Sch. 11 Pt. VI
3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sch. 5 paras. 3, 4 repealed by National Loans Act 1968 (c. 13), Sch. 6 Pt. I
SIXTH SCHEDULE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sch. 6 repealed by Statute Law (Repeals) Act 1974 (c. 22), Sch. Pt. XI