Finance Act 1901

Where any new F9customs duty or new excise duty is imposed, or where any F9customs duty or excise duty is increased, and any goods in respect of which the duty is payable are delivered after the day on which the new or increased duty takes effect in pursuance of a contract made before that day, the seller of the goods may, in the absence of agreement to the contrary, recover, as an addition to the contract price, a sum equal to any amount paid by him in respect of the goods on account of the new duty or the increase of duty, as the case may be.

Where any F9customs duty or excise duty is repealed or decreased, and any goods affected by the duty are delivered after the day on which the duty ceases or the decrease in the duty takes effect in pursuance of a contract made before that day, the purchaser of the goods, in the absence of agreement to the contrary, may, if the seller of the goods has had in respect of those goods the benefit of the repeal or decrease of the duty, deduct from the contract price a sum equal to the amount of the duty or decrease of duty, as the case may be.

Where any addition to, or deduction from, the contract price may be made under this section on account of any new or repealed duty, such sum as may be agreed upon or in default of agreement determined by the Commissioners of Customs . . . F10, as representing in the case of a new duty any new expenses incurred, and in the case of a repealed duty any expenses saved, may be included in the addition to or deduction from the contract price, and may be recovered or deducted accordingly.

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This Act may be cited as the Finance Act 1901.

Part I of this Act, so far as it relates to duties of customs, shall be construed together with the M1Customs Consolidation Act 1876, and the Acts amending that Act (in this Act referred to as the Customs Acts), and so far as it relates to duties of excise shall be construed together with the Acts which relate to the duties of excise and the management of those duties.