Finance Act 1954

Part I E+W+S+N.I.

1, 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1 E+W+S+N.I.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F1 Ss. 1, 2 repealed by Finance Act 1957 (c. 49), Sch. 9 Pt.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

3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2 E+W+S+N.I.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F2 S. 3 repealed by Finance Act 1962 (c. 44), Sch. 11 Pt.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

4—6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3 E+W+S+N.I.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F3 Ss. 4–6 repealed by Import Duties Act 1958 (c. 6), Sch. 7

Part II E+W+S+N.I.

7—13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4 E+W+S+N.I.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

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

Part III E+W+S+N.I. Income Tax and Profits Tax

14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5 E+W+S+N.I.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

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. E+W+S+N.I.

[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

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

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 E+W+S+N.I.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

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

Part IV E+W+S+N.I.

28, 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9 E+W+S+N.I.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

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

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

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 E+W+S+N.I.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

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

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

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

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

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 E+W+S+N.I. Miscellaneous

34 Amendments as to Sinking Funds, and as to manner of accounting for issues out of Consolidated Fund. E+W+S+N.I.

(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 and shall be payable accordingly without being included in any quarterly account of the income and charge of the Fund under section twelve of the M4 Exchequer and Audit Departments Act 1866, and no account shall be prepared under that section for any quarter ending after the passing of this Act.

(4) The Fifth Schedule to this Act shall have effect for the purpose of making amendments consequential on the abolition by subsection (1) of this section of the permanent annual charge for the National Debt.

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

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

Marginal Citations

M4 1866 c. 39.

35 Short title, etc. E+W+S+N.I.

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

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F19

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F20

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F21

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F22

(6) Nothing contained in this Act shall have effect for the purposes of the excess profits levy.

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

Annotations:

Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

F19 S. 35(2) repealed by Statute Law (Repeals) Act 1971 (c. 52)

F20 S. 35(3) repealed by Purchase Tax Act 1963 (c. 9), Sch. 4

F21 S. 35(4) repealed by Income and Corporation Taxes Act 1970 (c. 10), Sch. 16

F22 S. 35(5) repealed by Finance Act 1975 (c. 7), Sch. 13 Pt. I

F23 S. 35(9) repealed by Statute Law (Repeals) Act 1974 (c. 22), Sch. Pt. XI