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Finance Act 1942
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- 1942 c. 21
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- Amendments of the Finance...
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Amendments of the Finance (No. 2) Act, 1940, consequential on introduction of higher rate of tax.
| Provision of 3 & 4 Geo. 6. c. 48 amended. | Subject matter of provision amended. | Amendment. |
|---|---|---|
| Section nineteen, subsection (2). | Power to issue lists defining classes of goods specified. | After the words " specified in the Seventh Schedule to this Act " insert the words " or in the Seventh Schedule to the Finance Act, 1942 ". |
| Section nineteen, subsection (3), paragraph (a). | Rate at which tax is to be charged. | For the words " the basic rate, which shall be one-third of the wholesale Value of the goods " substitute the words “— (i)if falling within the Seventh Schedule to the Finance Act, 1942, the higher rate, which shall be two-thirds of the wholesale value of the goods, or (ii)if not falling within the Seventh Schedule to the Finance Act, 1942, the basic rate, which shall be one-third of the wholesale value of the goods”. |
| Section twenty, subsection (1), paragraph (a). | Power to render tax chargeable. | For the words " either at the basic rate or at the reduced rate " substitute the words " either at the higher rate, at the basic rate or at the reduced rate ". |
| Section twenty, subsection (1), paragraph (b). | Power to substitute one rate for another. | For the words " that the reduced rate shall be substituted for the basic rate, or the basic rate for the reduced rate " substitute the words " that the higher rate, the basic rate, or the reduced rate, shall be substituted for either of the others ". |
| Section twenty, subsection (1), paragraph (c). | Power to make consequential amendments. | After the words " in 'the Seventh Schedule to this Act " insert the words " or in the Seventh Schedule to the Finance Act, 1942 ". |
| Section twenty-eight | Adjustments between seller and buyer on variation of rate of tax. | For the words " the basic rate ", in each place where those words occur, substitute the words " a greater rate ", and for the words " the reduced rate ", in each place where those words occur, substitute the words " a lesser rate ". |
| Seventh Schedule, first column, heading. | Classes of goods charged. | For the words " Goods chargeable at the basic rate " substitute the words " Goods chargeable at the basic rate, or, in the case of goods in the Seventh Schedule to the Finance Act, 1942, at the higher rate " .' |
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