Finance Act 1954

1954 CHAPTER 44 2 and 3 Eliz 2

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]

Commencement Information

I1 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 U.K.

1, 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1 U.K.

Textual Amendments

F1 Ss. 1, 2 repealed by Finance Act 1957 (c. 49), Sch. 9 Pt. I

3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2 U.K.

Textual Amendments

F2 S. 3 repealed by Finance Act 1962 (c. 44), Sch. 11 Pt. II

4—6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3 U.K.

Textual Amendments

F3 Ss. 4–6 repealed by Import Duties Act 1958 (c. 6), Sch. 7

Part II U.K.

7—13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4 U.K.

Textual Amendments

F4 Ss. 7–13 repealed by Purchase Tax Act 1963 (c. 9), Schs. 4, 5 para. 7

Part III U.K. Income Tax and Profits Tax

14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5 U.K.

Textual Amendments

F5 S. 14 repealed by Income and Corporation Taxes Act 1970 (c. 10), Schs. 14 para. 9(2)(c), 16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. U.K.

[F6 (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 M1 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.]

(2) Notwithstanding the proviso to subsection (4) of section seven of the M2 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.

(3), (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7

(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 M3 Finance Act 1941, would be entitled to have it credited to him; and

(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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7

Textual Amendments

F6 S. 15(1) repealed by Income Tax (Repayment of Post-War Credits) Act 1959 (c. 28), s. 1(7)

F7 S. 15(3)(4)(6) repealed by Income Tax (Repayment of Post-War Credits) Act 1959 (c. 28), s. 1(7)

Marginal Citations

M1 1946 c. 64.

M2 1941 c. 30.

M3 1941 c. 30.

16—27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8 U.K.

Textual Amendments

F8 Ss. 16–27 repealed by Income and Corporation Taxes Act 1970 (c. 10), Schs. 14 para. 9(2)(c), 16

Part IV U.K.

28, 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9 U.K.

Textual Amendments

F9 Ss. 28, 29, 30(1)–(3) repealed by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), Sch. 13 Pt. I

30

(1)—(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F10

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12

Textual Amendments

F10 Ss. 28, 29, 30(1)–(3) repealed by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), Sch. 13 Pt. I

F11 S. 30(4) repealed by Finance Act 1958 (c. 56), Sch. 9 Pt. IV

F12 Ss. 30(5), 31 repealed by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), Sch. 13 Pt. I

31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F13 U.K.

Textual Amendments

F13 Ss. 30(5), 31 repealed by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), Sch. 13 Pt. I

32

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F14

(2)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F15

Textual Amendments

F14 S. 32(1) repealed by Finance Act 1962 (c. 44), Sch. 11 Pt. IV

F15 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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F16

(2)(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F17

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F16

Textual Amendments

F16 Ss. 32(2)(3), 33(1)(4) repealed by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), Sch. 13 Pt. I

F17 S. 33(2)(3) repealed by Finance Act 1969 (c. 32), Sch. 21 Pt. V

Part V U.K. Miscellaneous

34 Amendments as to Sinking Funds, and as to manner of accounting for issues out of Consolidated Fund. U.K.

(1), (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F18

(3) Any sum charged by any Act, whenever passed, on the Consolidated Fund shall be charged also on the growing produce of the Fund F19 ...

F20 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F18 S. 34(1)(2) repealed by National Loans Act 1968 (c. 13), Sch. 6 Pt. I

F19 Words in s. 34(3) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 4

F20 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. U.K.

(1) This Act may be cited as the Finance Act 1954.

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F21

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F22

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F23

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F24

F25 (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F26

Textual Amendments

F21 S. 35(2) repealed by Statute Law (Repeals) Act 1971 (c. 52)

F22 S. 35(3) repealed by Purchase Tax Act 1963 (c. 9), Sch. 4

F23 S. 35(4) repealed by Income and Corporation Taxes Act 1970 (c. 10), Sch. 16

F24 S. 35(5) repealed by Finance Act 1975 (c. 7), Sch. 13 Pt. I

F25 S. 35(6) repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 9 Group 4

F26 S. 35(9) repealed by Statute Law (Repeals) Act 1974 (c. 22), Sch. Pt. XI

F27 F27 FIRST SCHEDULE U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F27 Sch. 1 repealed by Finance Act 1957 (c. 49), Sch. 9 Pt. I

F28 F28 SECOND TO FOURTH SCHEDULES U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F28 Schs. 2–4 repealed by Income and Corporation Taxes Act 1970 (c. 10), s. 539(1), Sch. 16

FIFTH SCHEDULE U.K.

1 U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F29

Textual Amendments

F29 Sch. 5 para. 1 repealed by National Loans Act 1968 (c. 13), Sch. 6 Pt. I

2 U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F30

Textual Amendments

F30 Sch. 5 para. 2 repealed by Finance Act 1962 (c. 44), Sch. 11 Pt. VI

3, 4. U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F31

Textual Amendments

F31 Sch. 5 paras. 3, 4 repealed by National Loans Act 1968 (c. 13), Sch. 6 Pt. I

F32 F32 SIXTH SCHEDULE U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F32 Sch. 6 repealed by Statute Law (Repeals) Act 1974 (c. 22), Sch. Pt. XI