Finance Act 1948

1. Introductory Text

2. PART I Customs and Excise.

   1. 1. Tobacco.

   2. 2. Beer.

   3. 3. Spirits.

   4. 4. Wines.

   5. 5. Sweets.

   6. 6. Security and pre-entry.

   7. 7. Imperial preference for sugar, etc.

   8. 8. Key industry duty.

   9. 9. Provisions consequential on Geneva agreement.

   10. 10. Ottawa duties on patent leather and rice.

   11. 11. Prunes.

   12. 12. Forfeiture for breach of certain conditions.

   13. 13. Table waters.

   14. 14. Pool betting duty.

   15. 15. Bookmakers' licence duty.

   16. 16. Entertainments duty on stage plays, etc.

   17. 17. Relief for rural entertainments.

   18. 18. Partial remission of mechanically propelled vehicles duty in certain cases.

   19. 19. Amendment as to unladen weight of goods vehicles.

3. PART II Purchase Tax.

   1. 20. New purchase tax rates.

   2. 21. Treasury orders.

   3. 22. Drugs and medicines.

   4. 23. Extension of meaning of manufacture.

   5. 24. Purchases, etc., affected by, and effect on existing contracts of, change in tax.

4. PART III Income Tax (Charge of Tax and Miscellaneous).

   1. 25. Charge of income tax for 1948-49.

   2. 26. Higher rates of income tax for 1947-48.

   3. 27. Alteration of certain reliefs.

   4. 28. Reduced rate relief.

   5. 29. Life insurance premiums.

   6. 30. Formal assessments under Schedule E to be unnecessary in certain cases.

   7. 31. Farming, and other profits arising from land.

   8. 32. Transitional provisions as to farming, etc.

   9. 33. Extension of time in relation to relief for capital expenditure on rehabilitation.

   10. 34. Remission of balancing charges and other provisions, in case of certain undertakings absorbed under nationalisation schemes.

   11. 35. Railway wagons of National Coal Board.

   12. 36. Widening of exemption for friendly societies and trade unions.

   13. 37. Amendment of agreement on double taxation in respect of British income tax and Eire income tax.

5. PART IV Income Tax (Expenses Allowances, Etc.).

   1. 38. Expenses allowances, etc.

   2. 39. Benefits in kind to be taken into account.

   3. 40. Valuation of benefits in kind.

   4. 41. Meaning of " director ", " employment " and " employment to which this Part of this Act applies ".

   5. 42. Saving for certain payments and expenses.

   6. 43. Additional provisions as to information.

   7. 44. Charities and non-trading bodies.

   8. 45. Interpretation of previous provisions of Part IV.

   9. 46. Unincorporated bodies and partnerships.

6. PART V The Special Contribution.

   1. 47. Charge, and amount, of contribution.

   2. 48. Ascertainment of income and total income.

   3. 49. Meaning of " investment income ".

   4. 50. Ascertainment of aggregate investment income.

   5. 51. Deductions in ascertaining aggregate investment income.

   6. 52. Certain payments and income from occupation of property to be income of payer or person entitled to property.

   7. 53. Provisions where income under trust payable out of capital, etc.

   8. 54. Payment in advance, and interest on unpaid contribution.

   9. 55. Assessment and collection of contribution, and service of notices.

   10. 56. Recovery of contribution from trustees.

   11. 57. Application of trust property, etc., in payment of contribution.

   12. 58. Provisions as to husband and wife.

   13. 59. Provisions as to certain companies.

   14. 60. Appeals.

   15. 61. Relief where income attributable to period of years was received in year 1947-48.

   16. 62. Allowance for maintenance, repairs, etc.

   17. 63. Limitation of liability of trustees.

   18. 64. Relief where capital subject to death duties.

   19. 65. Relief in respect of error or mistake.

   20. 66. Provisions as to National Trust.

   21. 67. Obligation as to secrecy.

   22. 68. Interpretation of Part V.

7. PART VI The Profits Tax.

   1. 69. Payments of interest, etc., between connected companies.

   2. 70. Repayment of loans treated as gross relevant distributions.

   3. 71. Directors' remuneration.

8. PART VII Stamps.

   1. 72. Agreements as to stamp duty on industrial assurance policies.

   2. 73. Relief from stamp duty on certain amalgamations of cotton spinning concerns.

   3. 74. Exemption from stamp duty in connection with certain nationalisation schemes.

   4. 75. Abolition of stamp duty on faculties for Lambeth degrees, etc.

9. PART VIII Miscellaneous.

   1. 76. Estate duty where policies kept up or effected under settlements.

   2. 77. Further provision for relief from double death duty.

   3. 78. Extension of time in relation to relief from excess profits tax for terminal expenses.

   4. 79. Income tax and profits tax in connection with electricity boards.

   5. 80. Provisions as to permanent annual charge for the National Debt and as to the Old Sinking Fund.

   6. 81. Certain Defence Bonds and Savings Certificates issued by the Government of Palestine to form part of the National Debt.

   7. 82. Short title, construction, extent and repeals.

10. SCHEDULES.

    1. FIRST SCHEDULE

       TOBACCO (RATES OF DUTY AND DRAWBACK).

       1. PART I Customs Duties.

       2. PART II Excise Duties.

       3. PART III Drawback.

    2. SECOND SCHEDULE

       BEER (RATES OF DUTY AND DRAWBACK).

       1. PART I Rate of Excise Duty.

       2. PART II Rate of Excise Drawback.

       3. PART III Rate of Customs Duty in case of Beer being an Empire Product.

       4. PART IV Rate of Customs Duty in case of Beer not being an Empire Product.

       5. PART V Rate of Customs Drawback in case of Beer being an Empire Product.

       6. PART VI Rate of Customs Drawback in case of Beer not being an Empire Product.

    3. THIRD SCHEDULE

       SPIRITS (RATES OF ORDINARY CUSTOMS DUTY).

    4. FOURTH SCHEDULE

       WINES (RATES OF CUSTOMS DUTY).

       1. PART I Non-Empire Products.

       2. PART II Empire Products.

    5. FIFTH SCHEDULE

       SWEETS (RATES OF EXCISE DUTY).

    6. SIXTH SCHEDULE

       BOOKMAKERS' LICENCE DUTY.

       1. Interpretation.

          1. 1. In this Schedule— (a) any reference to a course shall...

       2. Care and Management of Duty.

          1. 2. The bookmakers' licence duty shall be under the care and...

       3. Duties of Licensed Occupier of Course.

          1. 3. (1) The Commissioners shall furnish every licensed occupier of a...

       4. Officers of Customs and Excise.

          1. 4. (1) The licensed occupier of a course shall admit an...

       5. Regulations.

          1. 5. (1) The Commissioners may by statutory instrument make regulations for...

       6. Further Provisions as to Offences.

          1. 6. (1) If any person— (a) in connection with the bookmakers'...

    7. SEVENTH SCHEDULE

       RATES OF ENTERTAINMENTS DUTY FOR STAGE PLAYS, ETC.

    8. EIGHTH SCHEDULE

       PURCHASE TAX.

       1. PART I Rates of Tax.

       2. PART II Drugs and Medicines.

          1. 1. In this Part of this Schedule there are set out...

          2. 2. The goods, apart from any get-up, must consist solely of...

          3. 3. (1) The goods must be in a container and each...

          4. 4. Anything, other than a container or label, forming part of...

          5. 5. Except so far as is required or permitted by the...

    9. NINTH SCHEDULE

       Agreement between the United Kingdom Government and the Eire Government amending the Agreement of 1926 (as amended by the Agreement of 1928) in respect of Double Income Tax.

    10. TENTH SCHEDULE

        Special Provisions as to Working Directors.

        1. 1. Where on an application in that behalf it is shown...

        2. 2. (1) Where investment income of his for the year 1947-48...

        3. 3. An application under paragraph 1 of this Schedule may be...

        4. 4. (1) Effect shall be given to any adjustment of investment...

        5. 5. (1) In this Schedule the following expressions have the meanings...

    11. ELEVENTH SCHEDULE

        ENACTMENTS REPEALED.

        1. PART I Miscellaneous.

        2. PART II Enactments repealed as respects 1949-50 and subsequent years of assessment.