An Act to increase the Customs and Excise duties on beer and tobacco, the Customs duty on hydrocarbon oils, and the entertainments duty; to increase the standard rate of income tax for the year 1931-32, and the higher rates of income tax for the year 1930-31; to amend the Income Tax Acts in so far as they relate to certain reliefs and the tax payable by persons carrying on a trade consisting wholly or partly in dealing in securities; to amend section thirty-six of the Finance Act, 1931, and the law relating to the National Debt; and to make provision for certain matters connected with the matters aforesaid.
[5th October 1931]X1
Editorial Information
X1General amendments to Tax Acts, Income Tax Acts, and/or Corporation Tax Acts made by legislation after 1.2.1991 are noted against Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) but not against each Act
Modifications etc. (not altering text)
C1Words of enactment omitted under authority of Statute Law Revision Act 1948 (c. 62), s. 3
C2General amendments made by Taxes Management Act 1970 (c. 9, SIF 63:1), s. 41A(7) (as added by Finance Act 1990 (c. 29, SIF 63:1), s. 95(1)(2), British Telecommunications Act 1981 (c. 38, SIF 96), s. 82(2)(7); Telecommunications Act 1984 (c. 12, SIF 96), s. 72(3); Finance Act 1984 (c. 43, SIF 63:1), ss. 82(6), 85(2), 89(1)(7), 96(1)(7), 98(7), Sch. 9 para. 3(2)(9), Sch. 16 paras. 6, 12 and Finance Act 1985 (c. 54, SIF 63:1), ss. 72(1), 74(5), Sch. 23 para. 15(4), S.I. 1987/530, regs. 11(2), 13(1), 14, Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss. 4, 6, 7, 9, 32, 34, 78, 134, 135, 141, 142, 185, 191, 193, 194, 195, 200, 203, 209, 212, 213, 219, 247, 253, 272, 287, 314, 315, 317, 318, 325, 326, 327, 345, 350, 351, 368, 375, 381, 397, 414, 432, 440, 442, 446, 458, 460, 461, 463, 463(2)(3) (as added by Finance Act 1990 (c. 29, SIF 63:1), s. 50(2) ), 468, 474, 475, 486, 490, 491, 503, 511, 518, 524, 532, 544, 550, 556, 558, 569, 572, 582, 595, 601, 613, 617, 619, 621, 639, 656, 660, 663, 676, 689, 691, 694, 700, 701, 714, 716, 739, 743, 754, 763, 776, 780, 781, 782, 787, 789, 811, 828, 829, 832, 833, 834, 835, 837, 838, 839, 840, 841, 842, Sch. 2 para. 5, Sch. 4 para. 5, Sch. 13 para. 10, Sch. 16 para. 10, Sch. 21 para. 6, Sch. 26 para. 1, Sch. 27 para. 20, Finance Act 1988 (c. 39, SIF 63:1), ss. 66, 127(1)(6), Sch. 12 para. 6, Capital Allowances Act 1990 (c. 1, SIF 63:1), ss. 28(1), 68(8), 74, 82, 83(5), 148(5), 163(4), 164(2), S.I. 1990/627 and Finance Act 1990 (c. 29, SIF 63:1), s. 25(10)
Commencement Information
I1Act partly in force at Royal Assent, partly retrospective; all provisions so far as unrepealed wholly in force at 1.2.1991.
Textual Amendments
F1Ss. 1–4 repealed by Customs and Excise Act 1952 (c. 44), s. 320, Sch. 12 Pt. I
Textual Amendments
F2S. 5 repealed by Finance (No. 2) Act 1940 (c. 48), s. 42(8), Sch. 10
Textual Amendments
F3Ss. 6–10 repealed (with savings) by Income Tax Act 1952 (c. 10), s. 527, Sch. 25
Textual Amendments
F5S. 20 repealed by Finance Act 1936 (c. 34), s. 33, Sch. 3 Pt. II
(1)Any securities issued by the Treasury under any Act may be issued with the condition that—
(a)so long as the securities are in the beneficial ownership of persons who are not F7... resident in the United Kingdom, the interest thereon shall be exempt from income tax: and
(b)so long as the securities are in the beneficial ownership of persons who are neither domiciled nor F7... resident in the United Kingdom, neither the capital thereof nor the interest thereon shall be liable to any taxation present or future.
(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8
Textual Amendments
F7Word in s. 22(1)(a)(b) omitted (17.7.2013) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 114(1) (with Sch. 46 para. 114(2)-(6))
F8Ss. 22(2), 23 repealed (with saving) by Income Tax Act 1952 (c. 10), s. 527, Sch. 25
Modifications etc. (not altering text)
C3S. 22 amended by Finance Act 1940 (c. 29), s. 60; modified retrospectively by Finance Act 1951 (c. 43), s. 34 (s. 34 repealed in relation to deaths occurring after 13.4.1975 and, so far as regards the duties referred to in s. 52(2)(b) of the repealing Act, in relation to any death, by Finance Act 1975 (c. 7, SIF 99:3), ss. 52(2), 59, Sch. 13 Pt. I note (with a saving in s. 52(3) in relation to repayment or allowance in respect of sums paid before 13.3.1975 on account of the said duties)) and modified by Finance Act 1966 (c. 18), s. 41 and (N.I.) by Finance Act (Northern Ireland), 1967 (c. 20), s. 2 (Finance Act 1966 (c. 18), s. 41 repealed in relation to deaths occurring after 13.4.1975 and, so far as regards the duties referred to in s. 52(2)(b) of the repealing Act, in relation to any death, by Finance Act 1975 (c.7, SIF 99:3), ss. 52(2), 59, Sch. 13 Pt. I note (with a saving in s. 52(3) in relation to repayment or allowance in respect of sums paid before 13.3.1975 on account of the said duties))
S. 22 extended (31.7.1998 with effect in relation to any gilt-edged security issued before 6.4.1998 without FOTRA conditions) by 1998 c. 36, s. 161(1)
Textual Amendments
(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11
(2)This Act, so far as it relates to income tax, shall be construed as one with the Income Tax Acts.
(3)Any reference in this Act to any enactment shall be construed as a reference to that enactment as amended by any subsequent enactment including (save where the context otherwise requires) this Act.
(4)This Act may be cited as the Finance (No. 2) Act, 1931.
(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F12
Textual Amendments
F11S. 25(1) repealed by Finance Act 1964 (c. 49), s. 26(7), Sch. 9
Modifications etc. (not altering text)
C4Unreliable marginal note.
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Textual Amendments
F13Schedule 1 repealed by Finance Act 1964 (c. 49), s. 26(7), Sch. 9
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Textual Amendments
F14Schedule 2 repealed by Finance (No. 2) Act 1940 (c. 48), s. 42(8), Sch. 10
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Textual Amendments
F15Schedules 3, 4 repealed (with savings) by Income Tax Act 1952 (c. 10), s. 527, Sch. 25
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Textual Amendments