Part V Miscellaneous
67 Increase of rate of profits tax. C1
As from the beginning of April, nineteen hundred and sixty, the rate at which the profits tax is to be charged by virtue of subsection (1) of section twenty-five of the Finance Act, 1958, shall be increased from ten per cent, to twelve and a half per cent.
68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1
73. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
F674 Visiting forces and allied headquarters (stamp duty exemptions).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
74AF5Visiting forces and F7international military headquarters (stamp duty land tax exemptions)
1
This section has effect with a view to conferring exemptions from stamp duty land tax corresponding to exemptions applicable in the case of Her Majesty’s forces in relation to any visiting force of a designated country.
In this section “a force” means any such visiting force.
2
A land transaction entered into with a view to building or enlarging barracks or camps for a force, or to facilitating the training in the United Kingdom of a force, or to promoting the health or efficiency of a force, is exempt from charge for the purposes of stamp duty land tax.
3
Relief under this section must be claimed in a land transaction return or an amendment of such a return.
4
Subsection (2) of this section has effect in relation to any designated F8 international military headquarters as if—
a
the headquarters were a visiting force of a designated country;
b
the members of that force consisted of such of the persons serving at or attached to the headquarters as are members of the armed forces of a designated country;
F9 c
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
For the purposes of this section—
F10 a
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
“designated” means designated for the purpose in question by or under any Order in CouncilF11 made for giving effect to an international agreement;
c
“visiting force” means any body, contingent or detachment ofF12 a country’s forces which is for the time being or is to be present in the United Kingdom on the invitation of Her Majesty’s Government in the United Kingdom;
d
“land transaction” has the meaning given by section 43(1) of the Finance Act 2003;
e
“land transaction return” has the meaning given by section 76(1) of that Act.
75. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3
77 Premium Savings Bonds. C2
1
The following provisions of this section shall have effect with respect to Premium Savings Bonds referred to in the prospectus dated the first day of November, nineteen hundred and fifty-six (hereinafter referred to as bonds of series A) and the second issue of Premium Savings Bonds (hereinafter referred to as bonds of series B).
2
If on or after the publication of a prospectus relating to the issue of bonds of series B the Treasury by notice published in the London, Edinburgh and Belfast Gazettes appoint a date for the purposes of this section, being a date not less than one month after the first publication of the notice, then as from that date any bond of series A in the case of which the sum repayable in respect of the bond has not been repaid before that date shall be deemed—
a
to be a bond of series B; and
b
to have been purchased by, or, as the case may be, on behalf of, the person who was the holder of the bond of series A;
and for the purposes of the arrangements for constituting the prize fund from which prizes are allotted to holders of bonds of series B and the allocation of the prizes that bond shall be deemed at any time to have been held as a bond of series B for the period elapsing between its purchase as a bond of series A and the said time.
3
The notice published by the Treasury in pursuance of the foregoing subsection shall contain such explanation as appears to the Treasury requisite of the effect of this section.
4
For the purposes of subsection (2) of this section the sum repayable in respect of a Premium Savings Bond shall be deemed to be repaid on the date on which a warrant for that sum, or for a sum which includes that sum, is posted to a person entitled to receive the repayment.