OpenLegislation

Finance Act 1916

Geo5/6-7 c. 24 · Enacted 19 July 1916 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 17 July 2013.

An Act to grant certain duties of Customs and Inland Revenue (including Excise), to alter other duties, and to amend the Law relating to Customs and Inland Revenue (including Excise) and the National Debt and to make further provision in connexion with Finance.[19th July 1916]C1C2C3X1I1X2

Annotations to the whole text

Modifications

C1

Preamble omitted under authority of Statute Law Revision Act 1927 (c. 42)

C2

Words of enactment omitted under authority of Statute Law Revision Act 1948 (c. 62), s. 3

C3

General amendments etc. to Tax Acts (or Income Tax Acts or Corporation Tax Acts as the case may be) made by Taxes Management Act 1970 (c. 9, SIF 63:1), s. 41A(7) (as added by Finance Act 1990 (c. 29, SIF 63:1), s. 95(1)(2)), British Telecommunications Act 1981 (c. 38, SIF 96), s. 82(2)(7); Telecommunications Act 1984 (c. 12, SIF 96), s. 72(3); Finance Act 1984 (c. 43, SIF 63:1), ss. 82(6), 85(2), 89(1)(7), 96(1)(7), 98(7), Sch. 9 para. 3(2)(9), Sch. 16 paras. 6, 12 and Finance Act 1985 (c. 54, SIF 63:1), ss. 72(1), 74(5), Sch. 23 para. 15(4), S.I. 1987/530, regs. 11(2), 13(1), 14, Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss. 4, 6, 7, 9, 32, 34, 78, 134, 135, 141, 142, 185, 191, 193, 194, 195, 200, 203, 209, 212, 213, 219, 247, 253, 272, 287, 314, 315, 317, 318, 325, 326, 327, 345, 350, 351, 368, 375, 381, 397, 414, 432, 440, 442, 446, 458, 460, 461, 463, 463(2)(3) (as added by Finance Act 1990 (c. 29, SIF 63:1), s. 50(2) ), 468, 474, 475, 486, 490, 491, 503, 511, 518, 524, 532, 544, 550, 556, 558, 569, 572, 582, 595, 601, 613, 617, 619, 621, 639, 656, 660, 663, 676, 689, 691, 694, 700, 701, 714, 716, 739, 743, 754, 763, 776, 780, 781, 782, 787, 789, 811, 828, 829, 832, 833, 834, 835, 837, 838, 839, 840, 841, 842, Sch. 2 para. 5, Sch. 4 para. 5, Sch. 13 para. 10, Sch. 16 para. 10, Sch. 21 para. 6, Sch. 26 para. 1, Sch. 27 para. 20, Finance Act 1988 (c. 39, SIF 63:1), ss. 66, 127(1)(6), Sch. 12 para. 6, Capital Allowances Act 1990 (c. 1, SIF 63:1), ss. 28(1), 68(8), 74, 82, 83(5), 148(5), 163(4), 164(2), S.I. 1990/627 and Finance Act 1990 (c. 29, SIF 63:1), s. 25(10)

Commencement

I1

Act partly in force at Royal Assent, partly retrospective; all provisions so far as unrepealed wholly in force at 1.2.1991

Editorial notes

X1

The text of s. 63 was taken from S.I.F. Group 63:1 (Income, Corporation & Capital Gains Taxes), ss. 65–67 was taken from S.I.F. Group 99:3 (Public Finance and Economic Controls: National Debt); the text of s. 69(3) appeared in both S.I.F. Group 63:1 and 99:3; provisions omitted from S.I.F. have been dealt with as referred to in other commentary

X2

General amendments to Tax 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, SIF 63:1) but not against each Act

Contents

  1. Part I
  2. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3. 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  4. 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  5. 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  6. 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  7. 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  8. 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  9. 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  10. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  11. 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  12. 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  13. 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  14. 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  15. 23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  16. Part II
  17. 24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  18. 25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  19. 41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  20. 42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  21. 44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  22. Part III
  23. 45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  24. Part IV: National Debt and Loans
  25. 58. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  26. 59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  27. 60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  28. 61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  29. 62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  30. 63Exemption from taxation of municipal securities issued in America. Repealed
  31. 64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  32. 65Lost or destroyed Exchequer bonds.
  33. 66Transfer of stock on authority of order of a court.
  34. 67Indemnity on transfer of Government stock.
  35. 68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  36. Part V: General
  37. 69Construction, repeal and short title.
  38. Schedule S 1, 2

1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

58. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

63Exemption from taxation of municipal securities issued in America.F1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

65Lost or destroyed Exchequer bonds.

F1Where the Registrar of Government Stock is satisfied that any Exchequer bond, or any other bond to bearer issued by or on behalf of the Treasury, or any coupon of any such bond has been lost or destroyed, he may, if he thinks fit, and on such conditions as he thinks fit, but subject to any general directions of the Treasury, issue a new bond or coupon on receiving indemnity to his satisfaction against the claims of all persons deriving title under the bond or coupon lost or destroyed.

66Transfer of stock on authority of order of a court.

Any order or decree of any court in the United Kingdom whereby the right to transfer or call for a transfer of any Government stock or to receive any dividends thereon is expressed to be vested in any person shall be sufficient authority to the F1Registrar of Government Stock, to the National Debt Commissioners, to the F2Director of Savings, and to any savings bank authority to allow the transfer of the stock or to pay the dividends in accordance with the order or decree.

An official F3certified copy interlocutor of any such appointment as is mentioned in section thirteen of the M1Judicial Factors (Scotland) Act 1889, shall, where any Government stock is specified in such official certified copy interlocutor or in a certificate under seal by the accountant of court produced along with such certified copy interlocutor as belonging to or forming part of the estate under the charge of the person named in the certified copy interlocutor, be deemed for the purposes of this section to be a decree whereby the right to transfer such Government stock is vested in the person so named.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

67Indemnity on transfer of Government stock.

Where any Government stock is transferred by virtue of section forty-eight of the M1Finance (No. 2) Act 1915, on the authority of any probate, confirmation, or letters of administration, or by virtue of this Act on the authority of any order or decree of any court, the Bank of England F1, the Registrar of Government Stock, any previous Registrar of Government StockF2. . ., the National Debt Commissioners, the F3Director of Savings, F4the Operator of any relevant systemor the savings bank authority, as the case may be, shall be indemnified and protected, notwithstanding any defect or circumstance whatsoever affecting the validity of such probate, confirmation, or letters of administration, or of such order or decree F5and in this section “Operator” and “relevant system” have the same meanings as they have in the Uncertificated Securities Regulations 2001.

68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

69Construction, repeal and short title.

(1)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

(3)

This Act may be cited as the Finance Act, 1916.