Finance Act 1995
Part I Duties of Excise
Alcoholic liquor duties
1 Low-strength wine, made-wine and cider.
2 Wine and made-wine: rates.
3 Spirits, beer and cider: rates.
4Alcoholic ingredients relief.
5Denatured alcohol.
Hydrocarbon oil duties
6 Rates of duty.
7 Rates of duty: further provisions.
8 Hydrocarbon oil: “road vehicle”.
9 Road fuel gas: old stock.
Tobacco products duty
10 Rates of duty.
11 Rates of duty: further provisions.
Pool betting duty
12 Pool betting duty.
Gaming machine licence duty
13 Rates of duty.
14 Extension of duty to amusement machines.
Air passenger duty
15 Rates of duty.
16 Assessment of interest on duty.
17 Preferential debts.
Vehicle excise duty
18 Increased rates on 30th November 1994.
19 Vehicle excise and registration: other provisions.
Recovery of overpaid duty
20 Recovery of overpaid excise duty.
Part II Value Added Tax and Insurance Premium Tax
Value added tax
21 Fuel and power for domestic or charity use.
22 Imported works of art, antiques, etc.
23 Agents acting in their own names.
24 Margin schemes.
25 Groups of companies.
26 Co-owners etc. of buildings and land.
27 Set-off of credits.
28 Transactions treated as supplies for purposes of zero-rating etc.
29 Goods removed from warehousing regime.
30 Fuel supplied for private use.
31 Appeals: payment of amounts shown in returns.
32 Penalties for failure to notify etc.
33 Correction of consolidation errors.
Insurance premium tax
34 Insurance premium tax.
Part III Income Tax, Corporation Tax and Capital Gains Tax
Income tax: charge, rates and reliefs
35 Charge and rates of income tax for 1995-96.
36 Personal allowance.
Corporation tax: charge and rate
37 Charge and rate of corporation tax for 1995.
38 Small companies.
Taxation of income from land
39 Income chargeable under Schedule A.
40 Non-residents and their representatives.
41 Income from overseas property.
42 Abolition of interest relief for commercially let property.
Benefits in kind
43 Cars available for private use.
44Cars: accessories for the disabled.
45Beneficial loan arrangements: replacement loans.
Chargeable gains
46 Relief on re-investment: property companies etc.
47 Relief on re-investment: amount of relief, etc.
48 Roll-over relief and groups of companies.
49 De-grouping charges.
50 Corporate bonds.
Insurance companies and friendly societies
51 Companies carrying on life assurance business.
52 Meaning of “insurance company”.
53 Transfer of life insurance business.
54 Friendly societies.
Insurance policies
55 Qualifying life insurance policies.
56 Foreign life policies etc.
57 Duties of insurers in relation to life policies etc.
Pensions
58 Personal pensions: income withdrawals.
59 Pensions: meaning of insurance company etc.
60 Application of section 59.
61 Cessation of approval of certain retirement benefits schemes.
Saving and investment: general
62 Follow-up TESSAs.
63 TESSAs: European institutions.
64 Personal equity plans: tax representatives.
65 Contractual savings schemes.
66 Enterprise investment scheme: ICTA amendments.
67 Enterprise investment scheme: TCGA amendments.
68 Business expansion scheme: ICTA amendments
69 Business expansion scheme: TCGA amendments.
Venture capital trusts
70 Approval of companies as trusts.
71 Income tax relief.
72 Capital gains.
73 Regulations.
Settlements and estates
74 Settlements: liability of settlor.
75 Deceased persons’ estates: taxation of beneficiaries.
76 Untaxed income of a deceased person’s estate.
Securities
77 Interest on gilt-edged securities payable without deduction of tax.
78 Periodic accounting for tax on interest on gilt-edged securities.
79 Sale and repurchase of securities: exclusion from accrued income scheme.
80 Treatment of price differential on sale and repurchase of securities.
81 Manufactured interest payments: exclusion from bond-washing provisions.
82 Manufactured interest on gilt-edged securities.
83 Power to make special provision for special cases.
84 Stock lending: power to modify rules.
85 Stock lending: interest on cash collateral.
Interest
86 Deduction of tax from interest on deposits.
87 Interest payments deemed to be distributions.
Debts
88 Generalisation of ss.63 to 66 of Finance Act 1993.
89 Application of ss.63 to 66 to debts held by associates of banks.
Reliefs
90 Relief for post-cessation expenditure.
91 Employee liabilities and indemnity insurance.
92 Post-employment deductions.
93 Incidental overnight expenses etc.
Capital allowances: ships
94 Deferment of balancing charges in respect of ships.
95 Reimposition of deferred charge.
96 Ships in respect of which charge may be deferred.
97 Procedural provisions relating to deferred charges.
98 Deferred charges: commencement and transitional provisions.
Capital allowances: other provisions
99 Highway concessions.
100 Arrangements affecting the value of a relevant interest.
101 Import warehouses etc.
102 Commencement of certain provisions.
Management: self-assessment etc.
103 Liability of trustees.
104 Returns and self-assessments.
105 Records for purposes of returns.
106 Return of employees’ emoluments etc.
107 Procedure for making claims etc.
108 Payments on account of income tax.
109 Surcharges on unpaid tax.
110 Interest on overdue tax.
111 Assessments in respect of income taken into account under PAYE.
112 Recovery of certain amounts deducted or paid under MIRAS.
113 Allowable losses: capital gains tax.
114 Liability of trustees and personal representatives: capital gains tax.
115 Minor amendments and repeals.
116 Transitional provisions.
Changes for facilitating self-assessment
117 Treatment of partnerships.
118 Loss relief: general.
119 Relief for losses on unquoted shares.
120 Relief for pre-trading expenditure.
121 Basis of apportionment for Cases I, II and VI of Schedule D.
122 Amendments of transitional provisions.
123 Prevention of exploitation of transitional provisions.
Change of residence and non-residents
124 Change of residence.
125 Non-resident partners.
126 UK representatives of non-residents.
127 Persons not treated as UK representatives.
128 Limit on income chargeable on non-residents: income tax.
129 Limit on income chargeable on non-residents: corporation tax.
Exchange gains and losses and currency contracts
130 Exchange gains and losses: general.
131 Exchange gains and losses: transitional provision.
132 Currency contracts: transitional provisions.
Provisions with a foreign element
133 Controlled foreign companies.
134 Offshore funds.
Miscellaneous
135 Change in ownership of investment company: deductions.
136 Profit-related pay.
137 Part-time workers: miscellaneous provisions.
138 Charities, etc.: lotteries.
139 Sub-contractors in the construction industry.
140 Valuation of trading stock on discontinuance of trade.
141 Incapacity benefit.
142 Annuities purchased where certain claims or actions are settled.
143 Lloyd’s underwriters: new-style special reserve funds.
144 Local government residuary body.
145 Payment of rent &c., under deduction of tax.
Part IV Petroleum Revenue Tax
146 Restriction of unrelievable field losses.
147 Removal of time limits for claims for unrelievable field losses.
148 Transfer of interests in fields: restriction of transferred losses.
Part V Stamp Duty
149 Transfer: associated bodies.
150 Northern Ireland transfer: associated bodies.
151 Lease or tack: associated bodies.
Part VI Miscellaneous and General
Miscellaneous
152 Open-ended investment companies.
153 Electronic lodgement of tax returns, etc.
154 Short rotation coppice.
155 Inheritance tax: agricultural property.
156 Proceedings for tax in sheriff court.
157 Certificates of tax deposit.
158 Amendment of the Exchequer and Audit Departments Act 1866.
159 Ports levy.
160. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
General
161 Interpretation.
162 Repeals.
163 Short title.
SCHEDULES
SCHEDULE 1 Table of rates of duty on wine and made-wine
SCHEDULE 2 Denatured alcohol
The Alcoholic Liquor Duties Act 1979
1In section 4(1) of the Alcoholic Liquor Duties Act 1979...
2Section 9 of that Act (remission of duty on spirits...
3In section 10 of that Act (remission of duty on...
4In section 24(1)(a) of that Act (restriction on distiller or...
5In sections 75, 77, 79 and 80 of that Act...
6In section 77(2) of that Act (provisions supplemental to powers...
7For section 78 of that Act (additional provisions relating to...
The Finance Act 1994
8In paragraph 3(1)(d) of Schedule 5 to the Finance Act...
SCHEDULE 3 Amusement Machine Licence Duty
Introductory
1The Betting and Gaming Duties Act 1981 shall be amended...
Amusement machine licences
2(1) In section 21 (gaming machine licences)—
Amusement machine licence duty
3(1) In subsection (1) of section 22 (duty on gaming...
Rate of duty
4(1) In subsection (1) of section 23 (determination of rate...
Restrictions on provision of machines
5In section 24 (restrictions on provision of gaming machines)—
Meaning of “amusement machine”
6(1) For subsections (1) to (3) of section 25 (meaning...
7After section 25 there shall be inserted the following section—...
Supplementary provisions
8(1) In section 26 (supplementary provisions)— (a) for the words...
9(1) In sections 31 and 33(2) (protection of officers and...
10In Schedule 3 (bingo duty)— (a) in paragraph 5(1)(b), for...
11(1) In Schedule 4 (supplementary provisions in relation to gaming...
Consequential amendment of the Customs and Excise Management Act 1979
12In section 102(3)(a) of the Customs and Excise Management Act...
SCHEDULE 4 Vehicle Excise and Registration
Part I Introduction
1In this Schedule “the 1994 Act” means the Vehicle Excise...
Part II Exemptions
Abolition of certain exemptions
2The following paragraphs of Schedule 2 to the 1994 Act...
Exemption for police vehicles
3In Schedule 2 to the 1994 Act the following shall...
Exemption for vehicles used between different parts of land
4In Schedule 2 to the 1994 Act the following shall...
Commencement
5This Part of this Schedule shall come into force on...
Part III Rates
General
6(1) In Schedule 1 to the 1994 Act (annual rates...
Motorcycles
7(1) Paragraph 2 of Schedule 1 to the 1994 Act...
Buses etc.
8In Schedule 1 to the 1994 Act the following shall...
Special vehicles
9(1) Part IV of Schedule 1 to the 1994 Act...
Special concessionary vehicles
10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Recovery vehicles
11(1) Paragraph 5 of Schedule 1 to the 1994 Act...
Vehicles used for exceptional loads
12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Haulage vehicles
13(1) Paragraph 7 of Schedule 1 to the 1994 Act...
Goods vehicles
14(1) Part VIII of Schedule 1 to the 1994 Act...
Charge at higher rate
15In section 17 of the 1994 Act (exceptions from charge...
Commencement
16(1) This Part of this Schedule shall apply in relation...
Part IV Rates: Supplementary
Introduction
17This Part of this Schedule (which supplements provisions of Part...
Issue of vehicle licences
18In section 7(3) of the 1994 Act (matters that may...
Exchange of licences
19In section 15(4) of the 1994 Act (exchange of licences...
Exceptions from charge at higher rate
20In section 16 of the 1994 Act (exceptions from charge...
Combined road and rail transport
21In section 20 of the 1994 Act (combined road and...
Relevant higher rate used in calculating penalty
22In section 39 of the 1994 Act (relevant higher rate...
Relevant period used in calculating penalty
23In section 40(2) of the 1994 Act (relevant period used...
False or misleading information etc.
24In section 45 of the 1994 Act (false or misleading...
25In section 60(2) of the 1994 Act (orders subject to...
Meaning of “revenue weight”
26Immediately before section 61 of the 1994 Act there shall...
Interpretation
27(1) In subsection (3) of section 61 of the 1994...
Certificates as to vehicle weight
28After section 61 of the 1994 Act there shall be...
Commencement
29Paragraph 16 above shall apply for the purposes of this...
Part V Licences
Applications for licences
30(1) In section 7 of the 1994 Act (issue of...
Duration of trade licences
31(1) In section 13 of the 1994 Act (duration of...
Payment for licences by cheque
32(1) The following section shall be inserted after section 19...
Part VI Registration
33In section 21 of the 1994 Act (registration of vehicles)...
34(1) Section 22 of the 1994 Act (registration regulations) shall...
Part VII Offences
35(1) In section 31 of the 1994 Act (relevant period...
36(1) The following section shall be inserted after section 32...
37(1) In section 37(2) of the 1994 Act (penalty where...
Part VIII Proceedings
38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part IX Transitionals
Higher rate not to apply
39(1) This paragraph applies where a vehicle licence is taken...
Regulations
40(1) This paragraph applies where regulations to determine the seating...
Part X Special Reliefs
Relief where exemption abolished
41(1) This paragraph applies where— (a) a vehicle licence is...
Relief where vehicle changes category
42(1) This paragraph applies where paragraph 41 above does not...
SCHEDULE 5 Insurance Premium Tax
1Part III of the Finance Act 1994 (insurance premium tax)...
2(1) Section 53 (registration of insurers) shall be amended as...
3Section 53 shall be further amended by inserting the following...
4The following section shall be inserted after section 53— Information...
5(1) Section 59 (review of Commissioners’ decisions) shall be amended...
6In section 73(1) (interpretation) after the entry relating to “conduct”...
7(1) In Schedule 7 (information, powers, etc. ) paragraphs 2(1)...
8(1) In Schedule 7 the following shall be inserted after...
9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SCHEDULE 6 Amendments in connection with charge under Schedule A
The Taxes Act 1988
1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2In section 18(3) of that Act (Cases under Schedule D),...
3Sections 22 and 23 of that Act (assessments to income...
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17In section 368(3) and (4) of that Act (exclusion of...
18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19(1) In Chapter I of Part X of that Act...
20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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26In section 692(1) of that Act (reimbursement of settlor), for...
27In section 779(13)(a) of that Act (definition of relevant tax...
28In section 832(1) of that Act (interpretation of the Tax...
The Capital Allowances Act 1990 (c. 1)
29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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The Taxation of Chargeable Gains Act 1992 (c. 12)
36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The Finance (No. 2) Act 1992 (c. 48)
38In paragraph 2(1) of Schedule 10 to the Finance (...
SCHEDULE 7
1
2
SCHEDULE 8 Life assurance business
Part I General amendments
Classes of life assurance business
1In section 431(2) of the Taxes Act 1988 (interpretative provisions...
2After section 431A of the Taxes Act 1988 insert— Classes...
3In section 432C(2) of the Taxes Act 1988 after “assets...
4(1) Section 438 of the Taxes Act 1988 is amended...
5(1) Section 440 of the Taxes Act 1988 is amended...
6In section 440A of the Taxes Act 1988, in subsection...
7In section 76(1)(d) of the Taxes Act 1988 after “pension...
8In Schedule 19AA to the Taxes Act 1988, in the...
9(1) The Taxation of Chargeable Gains Act 1992 is amended...
10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Linked assets
11(1) In section 431(2) of the Taxes Act 1988, for...
12(1) In the following provisions for “linked solely” substitute “...
13(1) Section 432A of the Taxes Act 1988 is amended...
14(1) Section 432C of the Taxes Act 1988 is amended...
15(1) Section 432D of the Taxes Act 1988 is amended...
Receipts to be brought into account
16(1) For section 83 of the Finance Act 1989 substitute—...
Supplementary provisions as to apportionment
17(1) In section 432B of the Taxes Act 1988 (apportionment...
Franked investment income: supplementary provisions
18(1) Chapter V of Part VI of the Taxes Act...
19(1) Section 434 of the Taxes Act 1988 is amended...
Computation of losses
20(1) For section 434A of the Taxes Act 1988 substitute—...
Treatment of interest and annuities
21(1) After section 434A of the Taxes Act 1988 insert—...
Interest on repayment of advance corporation tax
22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital allowances
23(1) After section 434C of the Taxes Act 1988 (inserted...
24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Treatment of tax-free income
25(1) In the Taxes Act 1988 omit—
Taxation of pure reinsurance business
26After section 439 of the Taxes Act 1988 insert— Taxation...
Life reinsurance business: separate charge on profits
27(1) After section 439A of the Taxes Act 1988 (inserted...
Provisions applicable to charge under Case I of Schedule D
28(1) After section 440A of the Taxes Act 1988 insert—...
29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Overseas life assurance business
30In section 441(1) of the Taxes Act 1988 omit the...
31In section 441A of the Taxes Act 1988 for subsections...
32After section 441A of the Taxes Act 1988 insert— Treatment...
33In paragraph 1(2) of Schedule 19AA to the Taxes Act...
Taxation of investment return where risk reinsured
34After section 442 of the Taxes Act 1988 insert— Taxation...
Part II Application of provisions to overseas life insurance companies
35(1) After paragraph 5 of Schedule 19AC to the Taxes...
36In paragraph 5(1) of Schedule 19AC to the Taxes Act...
37In paragraph 6 of Schedule 19AC to the Taxes Act...
38After paragraph 6 of Schedule 19AC to the Taxes Act...
39For paragraph 7 of Schedule 19AC to the Taxes Act...
40(1) Paragraph 8 of Schedule 19AC to the Taxes Act...
41In paragraph 9(1) of Schedule 19AC to the Taxes Act...
42After paragraph 9 of Schedule 19AC to the Taxes Act...
43(1) In paragraph 10(1) of Schedule 19AC to the Taxes...
44After paragraph 10 of Schedule 19AC to the Taxes Act...
45(1) Paragraph 11 of Schedule 19AC to the Taxes Act...
46After paragraph 11 of Schedule 19AC to the Taxes Act...
47In paragraph 12(1) of Schedule 19AC to the Taxes Act...
48After paragraph 14 of Schedule 19AC to the Taxes Act...
49(1) Schedule 8A to the Finance Act 1989 is amended...
Part III Supplementary provisions
Penalties
50In the Table in section 98 of the Taxes Management...
Miscellaneous
51(1) The Taxes Act 1988 is amended as follows.
Commencement
52The amendment made by paragraph 43(2) above shall be deemed...
53(1) The amendments made by paragraph 17 above have effect...
54The amendment made by paragraph 22 above applies in relation...
55(1) Subject to sub-paragraphs (2) and (3) below, the amendments...
56The amendments made by paragraphs 41(a) and 43(1) above have...
57(1) Except as provided by paragraphs 52 to 56 above,...
58Any power to make regulations exercisable by virtue of an...
SCHEDULE 9 Transfer of Life Insurance Business
Consequential amendment of references to sanctioned transfers
1(1) In the enactments specified in sub-paragraph (2) below, for...
Modification of the Taxes Act 1988 in relation to overseas life insurance companies
2(1) Schedule 19AC to the Taxes Act 1988 (modification of...
Modification of the Capital Allowances Act 1990
3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Modification of the Taxation of Chargeable Gains Act 1992
4In subsection (5) of section 213 of the Taxation of...
5In subsection (7) of section 214A of that Act of...
6(1) Schedule 7B to that Act of 1992 (modification of...
SCHEDULE 10 Friendly Societies
Tax exempt life or endowment business
1. . . . . . . . . ....
Maximum benefits payable to members
2(1) Section 464 of that Act (maximum benefits payable to...
Qualifying policies
3In paragraph 3 of Schedule 15 to that Act (friendly...
4(1) This paragraph applies to any policy which—
SCHEDULE 11 Personal pensions: income withdrawals
Introductory
1(1) Chapter IV of Part XIV of the Taxes Act...
Interpretation
2(1) Section 630 (interpretation) is amended as follows.
Conditions of approval: benefits that may be provided
3(1) Section 633(1) (conditions of approval: benefits that may be...
Income withdrawals
4After section 634 (annuity to member) insert— Income withdrawals by...
Lump sum to member
5(1) Section 635 (lump sum to member) is amended as...
Annuity after death of member
6In section 636 (annuity after death of member), in subsection...
Income withdrawals after death of member
7After section 636 (annuity after death of member) insert— Income...
Lump sum on death of member
8For section 637 (lump sum on death of member) substitute—...
Other restrictions on approval
9In section 638 (other restrictions on approval), after subsection (7)...
Maximum amount of deductions
10In section 640 (maximum amount of deductions), in subsection (3)...
Treatment of personal pension income
11In section 643 (employer’s contributions and personal pension income, &c.),...
Tax charge on return of contributions after pension date
12Omit the heading before section 648A and after that section...
SCHEDULE 12 Contractual Savings Schemes
Introduction
1In this Schedule references to section 326 are to section...
Curtailment of schemes
2(1) The following provisions of section 326, namely—
European institutions
3(1) Section 326 shall be further amended as follows.
Certification: Treasury specifications
4(1) Section 326 shall be further amended as follows.
Treasury authorisation
5(1) Section 326 shall be further amended by inserting the...
Section 326: supplementary
6(1) Section 326 shall be further amended by inserting the...
Payments under certain contracts
7(1) Any terminal bonus, interest or other sum payable under...
Transitional
8(1) The Treasury may by regulations provide that at the...
SCHEDULE 13 Enterprise Investment Scheme
Introduction
1The Taxation of Chargeable Gains Act 1992 shall be amended...
Amendments of section 150A
2(1) Section 150A (enterprise investment scheme) shall be amended as...
Reduction of relief
3The following section shall be inserted after section 150A— Enterprise...
Re-investment
4(1) The following section shall be inserted after section 150B—...
SCHEDULE 14 Venture Capital Trusts: Meaning of “qualifying holdings”
SCHEDULE 15 Venture Capital Trusts: Relief from Income Tax
SCHEDULE 16
SCHEDULE 17 Settlements: liability of settlor
Part I The new provisions
1In Part XV of the Taxes Act 1988 (settlements) the...
Part II Minor and consequential amendments of the Taxes Act 1988
2In section 125(3)(a) of the Taxes Act 1988, for the...
3In section 339(1)(a) of the Taxes Act 1988, for “section...
4(1) Section 347A of the Taxes Act 1988 (annual payments...
5In section 360A(2)(b) of the Taxes Act 1988, for “section...
6In section 417(3)(b) of the Taxes Act 1988, for “section...
7In section 505(6) of the Taxes Act 1988, for “section...
8Before section 677 of the Taxes Act 1988 insert the...
9(1) Section 677 of the Taxes Act 1988 is amended...
10In section 678 of the Taxes Act 1988, omit subsection...
11After section 682 of the Taxes Act 1988 insert— Supplementary...
12For the heading before section 686 of the Taxes Act...
13In section 686 of the Taxes Act 1988 (liability to...
14(1) Section 687 of the Taxes Act 1988 (payments under...
15Omit section 689 of the Taxes Act 1988 (recovery from...
16In section 694(3) of the Taxes Act 1988, for “Chapters...
17(1) Section 720 of the Taxes Act 1988 is amended...
18In section 745(6) of the Taxes Act 1988, for “section...
19In section 783(10)(b) of the Taxes Act 1988, for “section...
20In section 839(3) of the Taxes Act 1988, for subsection...
Part III Consequential amendments of other enactments
Taxes Management Act 1970 (c.9)
21In section 27(2) of the Taxes Management Act 1970, for...
22In section 31(3) of the Taxes Management Act 1970 (including...
23In column 1 of the Table in section 98 of...
Finance Act 1989 (c.26)
24In section 59(1)(c) of the Finance Act 1989, for “section...
25In section 60 of the Finance Act 1989, omit subsection...
Finance Act 1990 (c.29)
26In section 25(12)(b) of the Finance Act 1990, for “section...
Taxation of Chargeable Gains Act 1992 (c.12)
27For section 77 of the Taxation of Chargeable Gains Act...
28In section 78 of the Taxation of Chargeable Gains Act...
29(1) Section 79 of the Taxation of Chargeable Gains Act...
30In section 97 of the Taxation of Chargeable Gains Act...
31In section 286 of the Taxation of Chargeable Gains Act...
32In Schedule 1 to the Taxation of Chargeable Gains Act...
SCHEDULE 18 Deceased persons’ estates
Introductory
1Part XVI of the Taxes Act 1988 shall be amended...
Limited interests in residue
2(1) In section 695 (limited interests in residue), the words...
Absolute interests in residue
3(1) In section 696 (absolute interests in residue), for subsection...
Supplemental provisions relating to section 696
4(1) After subsection (1) of section 697 (calculation of residuary...
Special provisions as to successive interests in residue
5(1) For subsection (2) of section 698 (special provisions as...
Adjustments and information
6After subsection (4) of section 700 (adjustments and information) there...
Interpretation
7Subsection (14) of section 701 (cases where residuary income has...
SCHEDULE 19
SCHEDULE 20 Claims etc. not included in returns
Making of claims
1In Schedule 1A to the Management Act (claims etc. not...
Keeping and preserving of records
2After paragraph 2 of that Schedule there shall be inserted...
Amendments of claims
3In paragraph 3 of that Schedule (amendments of claims), in...
Giving effect to claims and amendments
4(1) At the beginning of sub-paragraph (1) of paragraph 4...
Power to enquire into claims
5In paragraph 5 of that Schedule (power to enquire into...
SCHEDULE 21 Self-assessment etc: transitional provisions
Notice of liability
1Section 7 of the Management Act (notice of liability) shall...
Payments on account of income tax
2(1) Section 59A of that Act (payments on account of...
Partnerships
3(1) This paragraph applies in the case of a partnership...
SCHEDULE 22 Prevention of exploitation of SCHEDULE 2 TO ITTOIA 2005 (SO FAR AS RELATING TO OVERLAP PROFIT)
Part I Cases I and II of Schedule D
Increase of profits or gains of transitional period
1(1) This paragraph applies where, in the case of a...
2(1) This paragraph applies where, in the case of a...
Increase of profits or gains of transitional overlap period
3(1) This paragraph applies where, in the case of a...
4(1) This paragraph applies where, in the case of a...
5(1) This paragraph applies where, in the case of a...
Part II Cases III, IV and V of Schedule D
Increase of trade etc. profits or gains arising in 1995-96 and 1996-97
6(1) This paragraph applies where, in the case of any...
Increase of trade etc. profits or gains arising in transitional overlap period
7(1) This paragraph applies where, in the case of any...
8(1) This paragraph applies where, in the case of any...
Increase of interest arising in 1995-96 and 1996-97
9(1) This paragraph applies where, in the case of any...
Increase of other income arising in 1995-96 and 1996-97
10(1) This paragraph applies where, in the case of any...
Part III Procedural and other provisions
Time limits for purposes of paragraphs 1, 2, 4, 6 and 8 to 10
11(1) Nothing in subsection (2) or (3) of section 29...
Advance notice for purposes of paragraphs 3, 5 and 7
12(1) An officer of the Board shall not so amend...
Penalties not to apply in certain cases
13(1) Where a relevant return (as originally made) states—
Part IV Interpretation
Relevant changes for purposes of paragraphs 1, 3, 6 and 7
14(1) Any accounting change or change of business practice is...
Relevant transactions for purposes of paragraphs 1, 3, 6 and 7
15Any self-cancelling transaction or transaction with a connected person is...
16(1) An agreement by which the person by whom a...
17(1) For the purposes of paragraph 15 above, any question...
Relevant arrangements for purposes of paragraph 9
18(1) Any arrangements under which— (a) interest arises at irregular...
Relevant arrangements for purposes of paragraph 10
19Any arrangements under which income arises at irregular intervals during...
Relevant transactions for purposes of paragraph 10
20(1) Any transaction with a connected person is a relevant...
General
21(1) In this Schedule “turnover”, in relation to a trade,...
SCHEDULE 23 Obligations etc. imposed on UK representatives
General imposition of obligations et ceteralaetc.
1(1) Subject to the following provisions of this Schedule, the...
Discharge of obligations and liabilities
2Subject to the following provisions of this Schedule—
Obligations and liabilities requiring notice
3Where any obligation or liability such as is mentioned in...
Information requirements
4(1) The obligations relating to the furnishing of information which...
Criminal offences and penalties Et ceteralaetc
5(1) A person shall not by virtue of this Schedule...
Indemnities
6An independent agent of the non-resident shall be entitled—
Meaning of “independent agent”
7(1) In this Schedule “independent agent”, in relation to the...
SCHEDULE 24 Exchange gains and losses
Part I Amendments of Finance Act 1993
Introduction
1Chapter II of Part II of the Finance Act 1993...
Trading gains and losses
2In section 128 (trading gains and losses) the following subsections...
Non-trading gains and losses
3(1) Section 129 (non-trading gains and losses) shall be amended...
Assets and liabilities
4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Chargeable gains
5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part II Amendments of other provisions
Introduction
7Paragraphs 8 to 12 below shall be deemed to have...
Interest on overdue tax
8In section 87A of the Taxes Management Act 1970 (interest...
9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10In section 91 of the Taxes Management Act 1970 (effect...
Interest on tax overpaid
11In section 826 of the Taxes Act 1988 (interest on...
12(1) In subsection (7) of that section (amounts of surplus...
SCHEDULE 25 Controlled Foreign Companies
Introduction
1In this Schedule— (a) paragraph 2 contains an amendment designed...
The principal amendment
2The following section shall be inserted after section 747 of...
Connected amendments
3In section 747 of the Taxes Act 1988 (imputation of...
4In section 748 of the Taxes Act 1988 (limitations on...
5In section 750 of the Taxes Act 1988 (territories with...
6(1) Schedule 24 to the Taxes Act 1988 (assumptions for...
7The following section shall be inserted after section 168 of...
SCHEDULE 26 Change in ownership of investment company: deductions
Introductory
1The Taxes Act 1988 shall have effect subject to the...
Main provisions
2After section 768A there shall be inserted the following sections—...
Supplementary provisions
3After Schedule 28 there shall be inserted— Schedule 28A Change...
Consequential amendments
4(1) Section 769 (rules for ascertaining change in ownership of...
Application of Schedule
5This Schedule shall apply in relation to a change in...
SCHEDULE 27 Sub-contractors in the construction industry
...
. . . . . . . . . ....
. . . . . . . . . ....
. . . . . . . . . ....
. . . . . . . . . ....
. . . . . . . . . ....
. . . . . . . . . ....
. . . . . . . . . ....
. . . . . . . . . ....
. . . . . . . . . ....
SCHEDULE 28
1
2
SCHEDULE 29Repeals
Part I Alcoholic Liquor
Part II Road Fuel Gas
Part III Betting and Gaming etc.
Part IV Air Passenger Duty
Part V Vehicle Excise and Registration
Part VI Value Added Tax
Part VII Insurance Premium Tax
Part VIII Income Tax, Corporation Tax and Capital Gains Tax
Part IX Petroleum Revenue Tax
Part X Stamp Duty
Part XI Inheritance Tax: Agricultural Property
Part XII Ports Levy

Finance Act 1995

1995 c. 4

An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.

I1X1Most Gracious Sovereign,

WE, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Annotations:
Commencement Information
I1

Act partly in force at Royal Assent, partly retrospective and partly prospective; see individual provisions.

Editorial Information
X1

General amendments to Taxes 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 but not against each Act.