Finance Act 1960

1. Introductory Text

2. PART I Customs and Excise

   1. 1. Wines

   2. 2. Sweets

   3. 3. Spirits: abolition of certificates and consequential provisions

   4. 4. Repeal of entertainments duty

   5. 5. Tobacco

   6. 6. Tobacco dealers' licences

   7. 7. Mechanical lighters

   8. 8. Abolition of duties on and licences for playing cards

   9. 9. Rebated heavy oils

   10. 10. Relaxation of terms of certain reliefs under Import Duties Act, 1958

   11. 11. Vehicles (excise): hackney carriages

   12. 12. Vehicles (excise): short-period licences for special vehicles

   13. 13. Use of motor vehicle unlicensed during compulsory test

   14. 14. Vehicles (excise): charge for new licence under s. 13 of Act of 1949

3. PART II Income Tax

   1. 15. Charge of income tax for 1960-61

   2. 16. Amendment of s. 486 of Act of 1952

   3. 17. Additional relief for widows and others in respect of children

   4. 18. Increase of reliefs for housekeeper, dependent relative, etc.

   5. 19. Income tax relief for National Insurance contributions

   6. 20. Restriction of relief for losses

   7. 21. Sale of shares in certain trading companies

   8. 22. Provisions as to certain building companies not carrying on a trade

   9. 23. Application of ss. 21 and 22 to sales of shares in holding companies

   10. 24. Supplementary provisions as to ss. 21 to 23

   11. 25. Transactions between associated dealing companies and other companies

   12. 26. Sale of shares in investment company to associated dealing company

   13. 27. Sale of securities cum-dividend

   14. 28. Cancellation of tax advantages from certain transactions in securities

   15. 29. Information for purposes of ss. 21 to 28

   16. 30. Appointment of chairman of Board of Referees

   17. 31. Amendment of s. 4 of Finance (No. 2) Act, 1955

   18. 32. Receipts accruing after discontinuance of trade, profession or vocation

   19. 33. Supplementary provisions as to tax under s. 32

   20. 34. Receipts and losses accruing after change treated as discontinuance under Finance Act, 1953, s. 19

   21. 35. Work in progress at discontinuance

   22. 36. Debts set off against profits and subsequently released

   23. 37. Payments on retirement or removal from office or employment

   24. 38. Exemptions and reliefs in respect of tax under s. 37

   25. 39. Application of Income Tax Acts to public departments

   26. 40. Extension of payments treated as " small maintenance payments "

   27. 41. Retirement annuities: relief for premiums

   28. 42. Confirmation of double-taxation Agreement with the Republic of Ireland

   29. 43. Interpretation of Part II

4. PART III Income Tax and Profits Tax (Penalties and Assessments)

   1. 44. New provisions as to penalties and recovery of tax in connection with incorrect returns, etc.

   2. 45. Notice of liability to tax

   3. 46. Penalties for failure to make certain returns, etc.

   4. 47. Penalty for fraudulently or negligently making incorrect returns, etc.

   5. 48. Provisions supplementary to section 47

   6. 49. Penalty for failure to give information affecting investment allowances

   7. 50. Assisting in making incorrect return, etc.

   8. 51. Time limit for recovery from taxpayer of tax lost through his fault

   9. 52. Modification of s. 51 in relation to partnerships

   10. 53. Time limit for recovery of tax lost through deceased person's fault

   11. 54. Time limit for certain penalty proceedings

   12. 55. Time limit for summary proceedings, and increase of maximum fine in such proceedings

   13. 56. Procedure for recovery of fines and penalties

   14. 57. Recovery of tax repaid in consequence of fraud or negligence

   15. 58. Interest on tax recovered to make good loss due to taxpayer's fault

   16. 59. Power of General or Special Commissioners in relation to appeals and assessments

   17. 60. Evidence of income for the purposes of Part III

   18. 61. Application of Part III to the profits tax

   19. 62. Application of Part III to certain regulations made with concurrence of Commissioners of Inland Revenue

   20. 63. Interpretation of Part III

5. PART IV Estate Duty

   1. 64. Estate duty: graduation of charge on gifts, etc.

   2. 65. Estate duty: graduation of charge where benefits from company surrendered

   3. 66. Valuation of assets of certain companies

6. PART V Miscellaneous

   1. 67. Increase of rate of profits tax

   2. 68. Appeals against profits tax directions

   3. 69. Assimilation of authorised unit trust schemes to investment companies: (income tax)

   4. 70. Assimilation of authorised unit trust schemes to investment companies: (profits tax)

   5. 71. Supplementary provisions relating to ss. 69 and 70

   6. 72. Capital allowances for certain business or estate management expenditure

   7. 73. Visiting forces and staffs of allied headquarters (income tax and estate duty exemptions)

   8. 74. Visiting forces and allied headquarters (stamp duty exemptions)

   9. 75. Relief from purchase tax on articles intended for galleries, museums, etc.

   10. 76. Relief from purchase tax on importation of certain goods

   11. 77. Premium Savings Bonds

   12. 78. Exchequer advances to nationalised industries and undertakings

7. PART VI General

   1. 79. Short title, interpretation, construction, extent and repeal

8. SCHEDULES

   1. FIRST SCHEDULE

      Application of Part IX of Act of 1952 to Spirits Consignment Notes

      1. 1. (1) Section two hundred and forty-one (general provisions as to...

      2. 2. In section two hundred and forty-two (offences in connection with...

      3. 3. In section two hundred and forty-three, in subsection (1), after...

   2. SECOND SCHEDULE

      Supplementary Provisions as to Marking of Heavy Oils

      1. PART I Regulations

      2. PART II Sampling

         1. 1. The person taking a sample— (a) if he takes it...

         2. 2. (1) The result of an analysis of a sample shall...

         3. 3. In any such proceedings as are mentioned in sub-paragraph (1)...

         4. 4. (1) Any notice required or authorised to be given under...

         5. 5. In this Part of this Schedule the expression " authorised...

         6. 6. References in this Part of this Schedule to the taking...

   3. THIRD SCHEDULE

      Relief for National Insurance Contributions

      1. PART I Descriptions of Contributors and Amounts for Relief

      2. PART II Application of Part I to Special Cases

         1. 1. The amounts specified in the second column of Part I...

         2. 2. In relation to a contributor being a married woman or...

   4. FOURTH SCHEDULE

      Reliefs in respect of Tax under Section Thirty-seven

      1. Preliminary

         1. 1. Relief shall be allowed in accordance with the following provisions...

         2. 2. A person shall not foe entitled to relief under this...

      2. Relief by reduction of sums chargeable

         1. 3. In computing the charge to tax in respect of a...

         2. 4. In this Schedule " the standard capital superannuation benefit", in...

         3. 5. Where tax is chargeable under section thirty-seven of this Act...

         4. 6. In computing the charge to tax in respect of a...

      3. Relief by reduction of tax

         1. 7. In the case of any payment in respect of which...

         2. 8. Where the income of the holder or past holder of...

         3. 9. In this Schedule " the appropriate fraction" and " the...

         4. 10. Where tax is chargeable under section thirty-seven of this Act...

         5. 11. Where tax is chargeable under section thirty-seven of this Act...

      4. Supplemental

         1. 12. Any reference in the foregoing provisions of this Schedule to...

         2. 13. In this Schedule " payment of compensation for loss of...

         3. 14. Any reference in this Schedule to the emoluments of an...

         4. 15. In this Schedule " the relevant date " means, in...

         5. 16. In this Schedule " foreign service ", in relation to...

         6. 17. Any reference in this Schedule to the amount of tax...

   5. FIFTH SCHEDULE

      Agreement between the Government of the United Kingdom and the Government of the Republic of Ireland with respect to certain exemptions from tax

      1. Article 1

      2. Article 2

      3. Article 3

   6. SIXTH SCHEDULE

      Provisions referred to in Sections Forty-six and Forty-seven

   7. SEVENTH SCHEDULE

      Application of Part III to the Profits Tax

      1. 1. (1) Where a person has been required by a notice...

      2. 2. Where any such failure continues after the expiration of one...

      3. 3. Except in the case mentioned in paragraph 2 of this...

      4. 4. (1) Where a person fraudulently or negligently delivers any incorrect...

      5. 5. The difference referred to in paragraph 4 of this Schedule...

      6. 6. Any person who assists in or induces the making or...

      7. 7. (1) Whenever any assessment to income tax for any year...

      8. 8. (1) Where the amount of any penalty to which a...

      9. 9. (1) Except as otherwise provided in this paragraph, no proceedings...

      10. 10. (1) Where an assessment to the profits tax is made...

      11. 11. For the purposes of this Schedule, any assessment which can...

   8. EIGHTH SCHEDULE

      Enactments Repealed

      1. PART I

         1. Enactments repealed from passing of Act

      2. PART II

         1. Repeals consequential on Part III of Act

      3. PART III

         1. Enactments repealed from 4th August, 1960