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Finance Act 1951

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. Part I Customs, Excise and Purchase Tax

    1. Customs and Excise (changes in rates etc.)

      1. 1.Hydrocarbon oils petrol substitutes and power methylated spirits

      2. 2.Entertainments duty

      3. 3.Three-year extension of key industry duty

      4. 4.Reduction of match duties

      5. 5.Amendment of excise duty on mechanical lighters

    2. Amendments to give effect to agreements affecting Customs and Excise

      1. 6.Valuation of goods for purpose of ad valorem duties

      2. 7.Unesco agreement (blind welfare and news-reels)

      3. 8.Pakistan trade agreement

      4. 9.Dried and crystallized figs

    3. Customs and Excise (drawbacks and minor amendments)

      1. 10.Extension of drawbacks of hydrocarbon oil duties

      2. 11.Extension of power to allow drawback under Import Duties Act, 1932, Sch. 2

      3. 12.Relief from duty on temporary importations not qualifying for drawback

      4. 13.Bottling of wine in bond for home consumption

      5. 14.Tobacco licences for vehicles in special cases

    4. Purchase tax

      1. 15.Purchase tax (changes in rates etc.)

  3. Part II Income Tax

    1. 16.Charge of income tax for 1951-52

    2. 17.Higher rates of income tax for 1950-51

    3. 18.Alterations in personal reliefs, etc.

    4. 19.Extension of relief for wives drawing retirement pensions

    5. 20.Suspension of initial allowances

    6. 21.Acquisition of new sources of income under Case III, IV or V of Schedule D

    7. 22.Foreign dividends, etc.

    8. 23.Building societies

    9. 24.Armed forces, etc.

    10. 25.Exemption of income of the Colonial Superannuation Scheme Fund

    11. 26.Exemption for Issue Department of State Bank of Pakistan

    12. 27.Power to obtain information as to interest paid or credited without deduction of tax

  4. Part III Profits Tax

    1. 28.Rates of profits tax, etc.

    2. 29.Public utility undertakers to be liable to the profits tax

    3. 30.Increase, in certain cases, of deductions allowable for directors' remuneration

    4. 31.Effect of capitalization of profits on rate of profits tax

    5. 32.Transactions designed to avoid liability to the profits tax

  5. Part IV Death Duties

    1. 33.Exemptions from estate duty in connection with preservation of land for public benefit

    2. 34.Government securities exempt from taxation while in foreign ownership

    3. 35.Restriction on re-opening cases on the ground of legal mistake

  6. Part V Miscellaneous

    1. 36.Restriction of certain transactions leading to avoidance of income tax or profits tax

    2. 37.Sales, etc. between associated persons

    3. 38.Extension of time in relation to relief from income tax and the profits tax for capital expenditure on rehabilitation

    4. 39.Extension of time in relation to relief from excess profits tax for terminal expenses

    5. 40.Extension of time for proceedings for penalties in case of fraud or wilful default in connection with excess profits tax or the profits tax

    6. 41.Exemption for staffs of High Commissioners, etc., not to extend to persons employed for trading purposes

    7. 42.Exemption from stamp duties of transfers of International Bank stock

    8. 43.Provisions as to permanent annual charge for the National Debt and as to the Old Sinking Fund

    9. 44.Short title, construction, extent and repeals

    1. FIRST SCHEDULE

      Entertainments: Full Rates of Duty

    2. SECOND SCHEDULE

      Value of Imported Goods

      1. 1.(1) The value of any imported goods shall be taken...

      2. 2.A sale in the open market between buyer and seller...

      3. 3.(1) Where the goods to be valued—

      4. 4.Two persons shall be deemed to be associated in business...

    3. THIRD SCHEDULE

      Provisions to give Effect to Unesco Agreement

      1. Duty-free importations for blind welfare

        1. 1.(1) Where the Board of Trade are satisfied that any...

      2. Duty-free importations of news film for copying

        1. 2.(1) There shall be exempted from any duty chargeable under...

    4. FOURTH SCHEDULE

      United Kingdom—Pakistan Trade Agreement

      1. Article I

      2. Article II

      3. Article III

      4. Article IV

      5. Article V

      6. Article VI

      7. Article VII

      8. Article VIII

      9. Article IX

      10. Article X

      11. Article XI

      12. Article XII

      13. Article XIII

      14. Article XIV

      15. Letter No. 1

      16. Letter No- 2

    5. FIFTH SCHEDULE

      Purchase Tax (Amendments of Schedule of Chargeable Goods)

      1. Part I Amendments effective from 11th April 1951

        1. 1.In Group 4, there shall be added at the end...

        2. 2.In Group 5, there shall be inserted after the words...

        3. 3.In Group 6, there shall be added at the end...

        4. 4.Group 11 shall be amended as follows:—

        5. 5.(1) In Group 12 (which comprises domestic appliances and apparatus,...

        6. 6.In paragraph (a) of Group 18 (which comprises certain wireless...

        7. 7.In Group 20 (which among other articles excepted from the...

        8. 8.At the end of Group 23, there shall be added...

        9. 9.In Group 31, in paragraph (a) for the word "...

        10. 10.Group 35 shall be amended as follows:—

        11. 11.In Group 4, after the paragraphs added by Part I...

        12. 12.In Group 6, after the paragraph added by Part I...

        13. 13.In Group 31, in paragraph (b), after the word "...

    6. SIXTH SCHEDULE

      Transitional Provisions in connection with increase in rate of Profits Tax

      1. Miscellaneous Transitional Provisions

        1. 1.(1) In the case of any trade or business, the...

      2. Increases of Dividend

        1. 2.(1) If, in the case of any accounting period of...

    7. SEVENTH SCHEDULE

      Enactments Repealed

      1. Table of Statutes referred to in this Act

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