Search Legislation

Finance Act 1950

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. Part I Customs, Excise and Purchase Tax

    1. Hydrocarbon oils, etc.

      1. 1.Hydrocarbon oils (rate of customs duty and rebate)

      2. 2.Hydrocarbon oils (excise)

      3. 3.Petrol substitutes (excise)

      4. 4.Power methylated spirits (rate of excise duty)

      5. 5.Minor amendments about hydrocarbon oils

    2. Other provisions about particular duties or articles

      1. 6.Beer (customs and excise)

      2. 7.Spirits (allowances on export, etc.)

      3. 8.Increase of quota for colonial certificated sugar

      4. 9.Extension of special power to remove or reduce additional import duties on iron and steel goods

      5. 10.Amendment as to relief from import duties of certain machinery

      6. 11.Duty free importations for industrial research

      7. 12.Amendment of powers to allow drawback

      8. 13.Excise licences for tractors, etc.

      9. 14.Reduction of full rates of entertainments duty

      10. 15.Reduction of entertainments duty in certain cases

      11. 16.Extension of s. 1 (3) of Finance Act, 1935

      12. 17.Pool betting duty

      13. 18.Road vehicles and road vehicle chassis (purchase tax)

      14. 19.Extension of purchase tax exemption for war memorials

    3. General provisions

      1. 20.Supply of duty free goods to H.M. ships

      2. 21.Repayment of customs duty where goods returned or destroyed by importer

  3. Part II Income Tax

    1. 22.Charge of income tax for 1950-51

    2. 23.Higher rates of income tax for 1949-50

    3. 24.Increase in reduced rate relief and consequential alteration in marginal relief for small incomes

    4. 25.Relaxation of conditions for grant of " age relief " under the Finance Act, 1925, s. 15(2)

    5. 26.Surtax to be charged on consideration for certain restrictive covenants, etc.

    6. 27.Payments for wayleaves, etc., for electric lines

    7. 28.Continuation of period for which mills, factories allowances may be given

    8. 29.Contributions under Superannuation Act (Northern Ireland) 1949, not to qualify for income tax relief

    9. 30.General rule as to income tax on husbands and wives

    10. 31.Consequences, as respects personal allowances, of exercise of option by husband or wife for separate assessment

    11. 32.Collection from wife of tax assessed on husband attributable to her income

    12. 33.Right of husband to disclaim liability for tax on deceased wife's income

    13. 34.Construction of references to married women living with their husbands, and special provisions as to certain spouses geographically separated

    14. 35.Repeal of certain provisions as to married women

  4. Part III Miscellaneous provisions as to Income Tax and other Taxes

    1. 36.Unilateral relief for double taxation

    2. 37.Extension of charities relief to certain bodies as respects past periods

    3. 38.Extension of charities relief to certain scientific research Associations

    4. 39.Treatment for taxation purposes of enemy debts, etc., written off during the war

    5. 40.Modification of last preceding section in the case of recoveries by assignees and in certain cases of subsidiary companies

    6. 41.Remission in certain cases of interest on tax in arrear by reason of exchange restrictions

    7. 42.Proceedings for penalties, etc.

  5. Part IV Estate Duty

    1. 43.Disposition or determination of life interests, etc.

    2. 44.Collection of duty from trustees after disposition or determination of life interest, etc.

    3. 45.Parliamentary settled estates

    4. 46.Dispositions in favour of relatives

    5. 47.Amendment of s. 51 of Finance Act, 1940

    6. 48.Objects of national, scientific, historic or artistic interest

  6. Part V Miscellaneous

    1. 49.Provisions as to permanent annual charge for the National Debt and as to the Old Sinking Fund

    2. 50.Short title, construction, extent and repeals

    1. FIRST SCHEDULE

      Hydrocarbon Oils (Excise): Enactments Applied

      1. 1.Subsection (6) of section two of the Finance Act, 1928...

      2. 2.Subsection (8) of section two of the Finance Act, 1928,...

      3. 3.Subsection (2) of section three of the Finance Act, 1928...

      4. 4.Paragraph 5 of the First Schedule to the Finance Act,...

      5. 5.Section four of the Finance (No. 2) Act, 1931 (which...

      6. 6.Subsection (1) of section three of the Finance Act, 1934...

      7. 7.Section two of the Finance Act, 1935 (which disallows rebate...

    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

      Section 4 (2) of the Vehicles (Excise) Act, 1949, as amended

      1. 2.This section applies to the following mechanically propelled vehicles, that...

    4. FOURTH SCHEDULE

      Entertainments—Full Rates of Duty

    5. FIFTH SCHEDULE

      Purchase Tax: Supplementary Provisions as to Road Vehicle Chassis and Road Vehicles

      1. Part I Provisions dealing with tax in respect of road vehicle chassis

        1. 1.(1) Purchase tax in respect of a road vehicle chassis...

        2. 2.The fitting to a road vehicle chassis of items deemed...

        3. 3.(1) In relation to road vehicle chassis, the enactments relating...

        4. 4.Where the Commissioners are satisfied— (a) that purchase tax has...

      2. Part II Provisions Adjusting Contractual Rights in Relation to Purchase Tax in respect of Road Vehicles

        1. 1.(1) This Part of this Schedule applies to vehicles of...

        2. 2.Subject to paragraph 5 of this Part of this Schedule,...

        3. 3.Subject as aforesaid, where a relevant vehicle was sold under...

        4. 4.The two last foregoing paragraphs shall apply where a contract...

        5. 5.(1) Where, in the case of a relevant vehicle, a...

    6. SIXTH SCHEDULE

      Double Taxation Relief

      1. Part I Provisions for credit by way of unilateral relief

        1. 1.Credit for tax paid under the law of the territory...

        2. 2.Profits from or remuneration for personal or professional services performed...

        3. 3.Where a dividend paid by a company resident in the...

        4. 4.The following provisions shall, without prejudice to the generality of...

      2. Part II Amendments of Ninth Schedule to the Finance Act, 1947, applicable to unilateral relief

        1. 1.Notwithstanding anything in paragraph 3 of Part I of the...

        2. 2.In sub-paragraph (3) of paragraph 7 of the said Part...

      3. Part III Transitional Provisions

        1. 1.Where tax is paid under the law of a territory...

        2. 2.Where tax is paid under the law of a territory...

        3. 3.Profits tax for any chargeable accounting period ending at or...

        4. 4.Profits tax for any chargeable accounting period falling partly before...

        5. 5.Any apportionment falling to be made under this Part of...

    7. SEVENTH SCHEDULE

      Section 43 (1) and (2) of the Finance Act, 1940

      1. Part I Amendments

        1. 1.(1) In subsection (1), immediately before paragraph (a), there shall...

        2. 2.(1) In subsection (2) for the words " the relevant...

      2. Part II Section 43 (1) and (2) as amended

        1. 1.Subject to the provisions of this section, where an interest...

        2. 2.Where a disposition or determination of an interest limited to...

    8. EIGHTH SCHEDULE

      Enactments Repealed

      1. Part I Repeals having effect from beginning of 1951

      2. Part II Miscellaneous Repeals

        1. Table of Statutes referred to in this Act

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources