Part VII

Miscellaneous and Supplementary
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
144
1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Certificates of tax deposit: extension of interest period.
145
For the purposes of certificates of tax deposit issued by the Treasury under section 12 of the National Loans Act 1968 on terms published before 31st July 1980, the date which is the due date in relation to—
a
income tax charged at a rate other than the basic rate, and
b
capital gains tax,
is by virtue of this section postponed, with respect to the year 1980-81 and any subsequent year of assessment, from the date specified in the prospectuses concerned to 1st December following the end of the year of assessment for which the tax is payable.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148

Recovery of overpayment of tax, etc.
149
1
The following section shall be substituted for section 30 of the Taxes Management Act 1970—

Recovery of overpayment of tax, etc.
30
1
Where an amount of tax has been repaid to any person which ought not to have been repaid to him, that amount of tax may be assessed and recovered as if it were unpaid tax.
2
In any case where—
a
a repayment of tax has been increased in accordance with section 47 or 48 of the Finance (No. 2) Act 1975 (supplements added to repayments of tax, etc.); and
b
the whole or any part of that repayment has been paid to any person but ought not to have been paid to him; and
c
that repayment ought not to have been increased either at all or to any extent;
then the amount of the repayment assessed under subsection (1) above may include an amount equal to the amount by which the repayment ought not to have been increased.
3
In any case where—
a
a payment, other than a repayment of tax to which subsection (2) above applies, is increased in accordance with section 47 or 48 of the Finance (No. 2) Act 1975; and
b
that payment ought not to have been increased either at all or to any extent;
then an amount equal to the amount by which the payment ought not to have been increased may be assessed and recovered as if it were unpaid income tax or corporation tax.
4
An assessment to income tax or corporation tax under this section shall be made under Case VI of Schedule D.
5
An assessment under this section shall not be out of time under section 34 of this Act if it is made before the end of the chargeable period following that in which the amount so assessed was repaid or paid as the case may be.
6
Subsection (5) above is without prejudice to sections 36, 37 and 39 of this Act.
7
In this section any reference to an amount repaid or paid includes a reference to an amount allowed by way of set-off.
2
Subsection (5) of section 22 of the Finance Act 1978 (recovery of repayments of tax to spouses) shall not apply in relation to any amount repaid on or after 6th April 1982.
3
Subsection (1) above has effect in relation to any amount repaid or paid on or after 6th April 1982.

Investment in gilt-edged unit trusts.
150. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

National savings accounts.
151
1
The National Savings Bank Act 1971 shall have effect subject to the amendments specified in Schedule 20 to this Act.
2
This section and Schedule 20 to this Act shall come into force on the expiry of the period of three months beginning with the day on which this Act is passed.

Additional power of Treasury to borrow.
152
1
At the beginning of subsection (1) of section 12 of the National Loans Act 1968 (power of Treasury to borrow) there shall be inserted the words “ Any money which the Treasury consider it expedient to raise for the purpose of promoting sound monetary conditions in the United Kingdom and ”.
2
After the said subsection (1) there shall be inserted the following subsection:
1A
The terms (as to interest or otherwise) on which any balance for the time being in the National Loans Fund is to be held shall be such as may be agreed between the Treasury and the Bank of England.
3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Variable rates of interest for government lending.
153
1
For section 5 of the National Loans Act 1968 (rates of interest) there shall be substituted the following section—

Rates of interest.
5
1
This section has effect as respects any rate of interest—
a
which under any provision in Schedule 1 to this Act is to be determined in accordance with this Act, or
b
which is to be determined by the Treasury under section 3 of this Act,
and, where any enactment passed after this Act provides for the payment of interest on advances or loans made out of the National Loans Fund, and for the rate at which that interest is to be payable to be determined or approved by the Treasury, then, except as otherwise expressly provided, this section has effect as respects that rate of interest.
2
For any loan or class of loans the Treasury may determine or approve either—
a
a fixed rate of interest, that is to say a specified rate or a formula rate which is to be applied, throughout the period of the loan or any loan of that class, with the value which it has when the loan is made, or
b
a variable rate of interest, that is to say a formula rate which is to be applied, for each of the successive periods of the loan or any loan of that class which are of a length specified in the determination or approval (in this section referred to as interest periods), with the value which it has at the beginning of that period;
and in this subsection “formula rate” means a rate which is so expressed (whether by means of a formula or otherwise) that it will or may have different values at different times.
3
The Treasury shall, on each occasion when they determine or approve a fixed rate of interest for a loan or class of loans, satisfy themselves that the rate would be at least sufficient to prevent a loss if—
a
the loan, or any loan of that class—
i
were made forthwith, and
ii
were met out of money borrowed by the Treasury at the lowest rate at which the Treasury are for the time being able to borrow money (of whatever amount) for a comparable period, and on other comparable terms, and
b
the interest on the money so borrowed, together with the Treasury’s expenses of borrowing, were set off against the interest received on the loan.
4
The Treasury shall, on, each occasion when they determine or approve a variable rate of interest for a loan or class of loans, satisfy themselves that the rate would be at least sufficient to prevent a loss if—
a
the loan, or any loan of that class,—
i
were made forthwith,
ii
were to be repaid at the end of its first interest period, and
iii
were met out of money borrowed by the Treasury at the lowest rate at which the Treasury are for the time being able to borrow money (of whatever amount) for a comparable period, and
b
the interest on the money so borrowed were set off against the interest received on the loan.
5
If at any time the Treasury are satisfied that a rate of interest determined or approved for a class of loans, or for a loan not yet made, would not meet the requirements of subsection (3) or, as the case may be, subsection (4) above if it were determined or approved at that time, that determination or approval shall be withdrawn; and another rate shall be determined or approved in accordance with that subsection for further loans of that class or, as the case may be, for that loan.
6
The Treasury may in determining or approving a rate of interest take into account any consideration justifying a rate higher than that required by subsection (3) or (4) above.
7
Different fixed rates of interest may be determined or approved in respect of loans which are to be made for the same length of time; and different variable rates of interest may be determined or approved for loans which are to have interest periods of the same length.
8
The Treasury shall cause—
a
all rates of interest determined from time to time by them in respect of local loans, and
b
all other rates of interest determined from time to time by them otherwise than by virtue of subsection (6) above,
to be published in the London and Edinburgh Gazettes as soon as may be after the determination of those rates.
2
The enactments amended by Schedule 1 to that Act (government lending and advances) shall have effect as if in the third column of that Schedule for the word “fixed”, wherever it occurs, there were substituted the word “ determined ”.
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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155

Dissolution of Board of Referees.
156. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Short title, interpretation, construction and repeals.
157
1
This Act may be cited as the Finance Act 1982.
2
In this Act—
a
“
the Taxes Act 1970
” means the
Income and Corporation Taxes Act 1970; and
b
“
the Taxes Act 1988
” means the Income and Corporation Taxes Act 1988
.
3
Part III of this Act, so far as it relates to income tax, shall be construed as one with the Income Tax Acts, so far as it relates to corporation tax, shall be construed as one with the Corporation Tax Acts and, so far as it relates to capital gains tax, shall be construed as one with the Capital Gains Tax Act 1979.
4
Part IV of this Act shall be construed as one with Part III of the Finance Act 1975.
5
Part VI of this Act shall be construed as one with Part I of the Oil Taxation Act 1975 . . . and references in Part VI to the principal Act are references to that Act.
6
The enactments and Orders mentioned in Schedule 22 to this Act (which include spent enactments) are hereby repealed to the extent specified in the third column of that Schedule, but subject to any provision at the end of any Part of that Schedule.
7
The provisions of Part XI of Schedule 22 to this Act, except in so far as they relate to the Wellington Museum Act 1947 and the Finance (No. 2) Act 1975, shall have effect in substitution for the provisions of Section B of Part VI of Schedule 20 to the Finance Act 1980 and, accordingly, that Section shall be deemed not to have taken effect at the beginning of the year 1982-83.
S. 143 repealed by Finance Act 1984 (c. 43), s. 128(6), Sch. 23 Pts. XI, XIV
S. 144(1)(2)(4)(5) repealed by Finance Act 1989 (c. 26), s. 187(1), Sch. 17 Pt. XI
S. 144(3) repealed by Broadcasting Act 1990 (c. 42), s. 203(3), Sch. 21
1968 c. 13.
S. 146 repealed by Oil and Pipelines Act 1985 (c. 62), s. 7(4) and Sch. 4 Part I
S. 147 repealed by Gas Act 1986 (c. 44), s. 67(4), Sch. 9 Pt. II
S. 148 repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with s. 201(3), Sch. 11 paras. 20, 22, 26(2), 27)
Part of the text of s. 149(1) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991
1970 c. 9.
1978 c. 42.
1971 c. 29.
The text of s. 152 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991
1968 c. 13.
The text of s. 153 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and, except as specified, does not reflect any amendments or repeals which may have been made prior to 1.2.1991
S. 153(3) repealed by Housing (Consequential Provisions) Act 1985 (c. 71, SIF 61), s. 3, Sch. 1 Pt. I
S. 153(4) repealed (21.3.1997) by 1995 c. 24, s. 13(2), SCh. 2 Pt. I; S.I. 1997/1139, art. 2
S. 154 repealed by Finance Act 1984 (c. 43, SIF 99:3), s. 128(6), Sch. 23 Pt. XIV
S. 155 repealed by Finance Act 1985 (c. 54), s. 98(6), Sch. 27 Pt. X Note 2
S. 157(2) substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 32
1970 c. 10.
1979 c. 14.
The text of s. 157(4) is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991
1975 c. 7.
1975 c. 22.
Words repealed by Income and Corporation Taxes 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31
1947 c. 46.
1975 c. 45.
S. 152(3) repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 43 Pt. 5(5)
S. 156 repealed (22.7.2004) by Statute Law (Repeals) Act 2004 (c. 14), Sch. 1 Pt. 5 Group 18
S. 150 repealed (21.7.2008) by Statute Law (Repeals) Act 2008 (c. 12), Sch. 1 Pt. 8