OpenLegislation

Finance Act 1949

Geo6/12-13-14 c. 47 · Enacted 30 July 1949 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 31 March 2015.

An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue (other than Purchase Tax), and to make further provision in connection with Finance.

[30th July 1949]I1E1

Annotations to the whole text

Commencement

I1

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

Extent

E1

Act: save as otherwise expressly provided, such provisions of this Act as relate to matters with respect to which the Parliament of Northern Ireland has power to make laws shall not extend to Northern Ireland see s. 52(9)

Contents

  1. Part s I—III
  2. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3. 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  4. 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  5. 4, 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  6. 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  7. 7Section 7
  8. 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  9. 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  10. 10, 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  11. 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  12. 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  13. 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  14. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  15. 16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  16. 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  17. 18—26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  18. 27—29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  19. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  20. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  21. 32, 33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  22. Part IV: Stamp Duties
  23. 34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  24. 35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  25. 36Amendments as to conveyances on sale.
  26. Part V: Land Tax
  27. 37—45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  28. Part VI: National Debt
  29. 46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  30. 47Unclaimed dividends account. Repealed
  31. 48Transfer of Government stock on production of Isle of Man or Channel Islands probates, etc.
  32. Part VII: Miscellaneous
  33. 49Extension of special contribution to Northern Ireland. Repealed
  34. 50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  35. 51Settling of appeals etc., by agreement.
  36. 52Short title, construction, extent and repeals.
  37. Schedule FIRSTSchedule FIRST
  38. Schedule SECOND AND THIRD SCHEDULESSchedule SECOND AND THIRD SCHEDULES
  39. Schedule FOURTHSchedule FOURTH
  40. Schedule FIFTHSchedule FIFTH
  41. Schedule SIXTHSchedule SIXTH
  42. Schedule SEVENTHSchedule SEVENTH
  43. Schedule EIGHTH
  44. Part I: Charges under Stamp Act 1891, and Consequential Exemptions
  45. 1Paragraph 1
  46. 2Paragraph 2
  47. 3Paragraph 3
  48. 4Paragraph 4
  49. 5Paragraph 5
  50. 6Paragraph 6
  51. 7Paragraph 7
  52. 8Paragraph 8
  53. 9Paragraph 9
  54. 10Paragraph 10
  55. 11Paragraph 11
  56. 12Paragraph 12
  57. 13Paragraph 13
  58. 14Paragraph 14
  59. 15Paragraph 15
  60. 16Paragraph 16
  61. 17, 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  62. 19Paragraph 19
  63. 20Paragraph 20
  64. 21Paragraph 21
  65. 22Paragraph 22
  66. 23Paragraph 23
  67. 24Paragraph 24
  68. 25Paragraph 25
  69. 26Paragraph 26
  70. 27Paragraph 27
  71. Part II: Charges under other Acts
  72. 1Paragraph 1
  73. 2Paragraph 2
  74. 3Paragraph 3
  75. 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  76. 5Paragraph 5
  77. 6Paragraph 6
  78. Schedule NINTHSchedule NINTH
  79. Schedule TENTHSchedule TENTH
  80. Schedule ELEVENTH
  81. I. . .
  82. IIRepeals as to transferred Excise Licences
  83. IIIMiscellaneous Customs and Excise Repeals
  84. s IV, V. . .
  85. VI. . .

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

2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

4, 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

7

1),(2)

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

(3)

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

(4)

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

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

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

10, 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

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

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

14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

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

16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

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

18—26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

27—29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

32, 33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

36Amendments as to conveyances on sale.

1)—(3)

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

(4)

Section twelve of the M1Finance Act 1895 (which relates to duty on property vested by Act or purchased under statutory powers), shall not require any person who is authorised after the coming into force of this section to purchase any property as mentioned in the said section twelve to include in the instrument of conveyance required by that section to be produced to the Commissioners any F2exempt property forming part of the property nor, if the property consists wholly of exempt property, to produce any instrument of conveyance thereof to the Commissioners.

F3(5)

In subsection (4) above “exempt property” has the same meaning as in section 110 of the Finance Act 1991.

37—45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

47Unclaimed dividends account.F1

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

48Transfer of Government stock on production of Isle of Man or Channel Islands probates, etc.

(1)

Upon the death of anyone who is the holder of any Government stock, the production of probate or letters of administration granted to any person by a court in the Isle of Man or in any of the Channel Islands having authority to make the grant, or of a certified copy of probate or letters of administration so granted, shall be of the same effect to authorise the F1Registrar of Government Stock F2or the Operator of any relevant systemto transfer the stock as production of probate or letters of administration granted to that person in England:

Provided that the F3neither the Registrar of Government Stock nor any such Operator shall transfer any Government stock in pursuance of this section except on production F4to the bank or to that Operator as the case may beof a certificate from the Commissioners of Inland Revenue showing either that all death duties payable in Great Britain in respect of the stock have been paid or that no duty is payable in Great Britain in respect thereof.

(2)

Where any stock is transferred in pursuance of this section, the Bank of EnglandF5, the Registrar of Government Stock, any previous Registrar of Government Stock F6or the Operator , as the case may be shall be indemnified and protected notwithstanding any defect or circumstance whatsoever affecting the validity of the probate or letters of administration in question.

(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7

(4)

This section so far as it relates to probates and letters of administration granted by a court in the Isle of Man shall be deemed to have had effect as from the twenty-ninth day of January, nineteen hundred and forty-one (being the date on which similar provision was made in relation thereto by regulation 7B of the Defence (Finance) Regulations, 1939), and accordingly that regulation is hereby repealed.

F8(5)

In this section, “Operator” and “relevant system” have the same meanings as they have in the Uncertificated Securities Regulations 2001.

49Extension of special contribution to Northern Ireland.C1F1

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

50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

51Settling of appeals etc., by agreement.C1

(1)

Subject to the provisions of this section, where, whether before or after the passing of this Act, a person gives notice of appeal to the General Commissioners, the Special Commissioners or the Board of Referees against an assessment to, or a decision of any kind with respect to, income tax other than surtax, surtax, the profits tax, F1... and, before the appeal is determined by the Commissioners or Board, the surveyor or other proper officer of the Crown and the appellant come to an agreement, whether in writing or otherwise, that the assessment or decision should be treated as upheld without variation, or as varied in a particular manner or as discharged or cancelled, the like consequences shall ensue for all purposes as would have ensued if at the time when the agreement was come to, the Commissioners or Board had determined the appeal and had upheld the assessment or decision without variation, had varied it in that manner or had discharged or cancelled it, as the case may be.

F2(2)

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

(3)

The preceding provisions of this section shall not apply where, within twenty-one days from the date when the agreement was come to, the appellant or claimant gives notice in writing to the surveyor or other proper officer of the Crown that he desires to repudiate or resile from the agreement.

(4)

The preceding provisions of this section shall, in relation to an agreement which is come to after the passing of this Act and is not in writing, have effect subject to the following provisions, that is to say—

(a)

the said preceding provisions shall not apply unless the fact that an agreement was come to, and the terms agreed, are confirmed by notice in writing given by the surveyor or other proper officer of the Crown to the appellant or claimant, or by the appellant or claimant to the surveyor or other proper officer; and

(b)

the references in the said preceding provisions to the time when the agreement was come to shall be construed as references to the time of the giving of the said notice of confirmation.

(5)

Where, whether before or after the passing of this Act, a person who has given such a notice of appeal as is mentioned in subsection (1) of this section, or has made such a claim as is mentioned in subsection (2) thereof, notifies the surveyor or other proper officer of the Crown, whether orally or in writing, that he desires not to proceed with the appeal or, as the case may be, that he desires to withdraw the claim, and, in the case of a notification with respect to an appeal, twenty-one days have elapsed since the giving of the notification without the surveyor or other proper officer giving to the appellant notice in writing indicating that he is unwilling that the appeal should be treated as withdrawn, the preceding provisions of this section shall have effect as if, at the date of the appellant’s or claimant’s notification, the appellant or claimant and the surveyor or other proper officer had come to an agreement, orally or in writing, as the case may be, that the assessment or decision should be upheld without variation or that the claim should be disallowed.

(6)

The references in this section to an agreement being come to with an appellant or claimant and the giving of notice or notification to or by an appellant or claimant include references to an agreement being come to with, and the giving of notice or notification to or by, a person acting on behalf of the appellant or claimant in relation to the appeal or claim.

(7)

This section shall not apply in relation to any appeal or claim for relief which has in fact been duly determined before the sixth day of April, nineteen hundred and forty-nine, by the Commissioners having jurisdiction in the matter or by the Board of Referees, as the case may be.

52Short title, construction, extent and repeals.

(1)

This Act may be cited as the Finance Act 1949.

C1(2)

Part I of this Act—

(a)

so far as it relates to duties of customs, shall be construed as one with the Customs Consolidation Act, 1876, except that the expression “the United Kingdom” does not include the Isle of Man; and

(b)

so far as it relates to duties of excise, shall be construed as one with the Acts which relate to the duties of excise and to the management of those duties;

and in the said Part I the expression “the Commissioners” means the Commissioners of Customs and Excise.

(3)

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

(4)

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

(5)

Part IV of this Act shall be construed as one with the M1Stamp Act 1891.

(6)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

(7)

Part VII of this Act—

(a)

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

(b)

so far as it relates to the profits tax, shall be construed as one with Part III of the M2Finance Act 1937, and the other enactments relating to the profits tax.

(8)

Any reference in this Act to any other enactment shall, exceptsofar as the context otherwise requires, be construed as a reference to that enactment as amended by or under any other enactment, including this Act.

(9)

Save as otherwise expressly provided, such of the provisions of this Act as relate to matters with respect to which the Parliament of Northern Ireland has power to make laws shall not extend to Northern Ireland.

(10)

The enactments specified in the Eleventh Schedule to this Act are hereby repealed to the extent mentioned in the third column of that Schedule:

Provided that the repeals effected by any Part of that Schedule shall be subject to the savings (if any) provided for at the end of that Part.

(11)

The inclusion of express savings in this Act shall not be taken as affecting the application thereto of any provision of F5the M3Interpretation Act 1978, as to the effect of repeals.

Schedule FIRSTF1

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Schedule SECOND AND THIRD SCHEDULESF1

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Schedule FOURTHF1

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Schedule FIFTHF1

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Schedule SIXTHF1

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

Schedule SEVENTHF1

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

1C1

All headings relating to Admissions.

2C1

The heading Affidavit and Statutory Declaration.

3C1

The heading Appraisement or Valuation.

4

The heading Apprenticeship, instrument of; (an instrument of apprenticeship shall be exempt from all stamp duties).

5

The heading Articles of Clerkship; (articles of clerkship to a solicitor shall be exempt from all stamp duties).

6C1

The headings Award, and Award or Decreet Arbitral.

7C1

The heading Bill of Lading.

8

The headings Bond given pursuant to the directions of any Act . . . F1; (an instrument described in either of these headings shall be exempt from all stamp duties).

9

The heading Charter Party; (a charter party shall be exempt from all stamp duties).

10C1

The heading Commission of Lunacy.

11C1

The heading Conditional Surrender.

12C1

Both headings relating to Copies or Extracts.

13C1

The heading Copyhold and Customary Estates—instruments relating thereto.

14C1

The heading Deputation or Appointment of a gamekeeper.

15C1

Both headings relating to Exemplifications.

16C1

The heading Grant or Licence and the three following headings relating to Grants.

17, 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

19C1

the heading Letters of Marque and Reprisal.

20C1

The heading relating to Licences.

21C1

The heading Memorial.

22C1

The heading Notarial Act.

23C1

The heading Passport.

24C1

The heading Protest.

25C1

The heading Transfer, any request or authority to the purser or other officer of any mining company.

26C1

The heading Voting Paper.

27C1

The heading Warrant for Goods; ( a warrant for goods shall be exempt from duty under the heading Agreement or any Memorandum of an Agreement)

1

The composition payable by the Bank of England under section twenty-one of the M1Stamp Act 1815, in respect of its bank post bills.

2

The duties charged under section twenty-eight of the M1Lunacy (Scotland) Act 1857, on licences granted under section twenty-seven of that Act.

3

The duties charged under section nine of the M1Charitable Trustees Incorporation Act 1872, on certificates of incorporation under that Act and on applications therefor.

4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

5

The duties charged under section two hundred and sixteen of the M1Lunacy Act 1890, on licences granted or renewed under that Act.

6

The duty charged under subsection (2) of section five of the M1Deeds of Arrangement Act 1914, on deeds registered under that Act.

Schedule NINTHF1

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

Schedule TENTHF1

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

I. . .F1

IIRepeals as to transferred Excise LicencesC1

The repeal of any enactment by this Part of this Schedule shall not affect its operation as respects licences of any description for a period before the date of the transfer of the duties on those licences under section fifteen of this Act

IIIMiscellaneous Customs and Excise RepealsC1

The repeal of any enactment by this Part of this Schedule shall not affect its operation as respects any drawback of duty, where it is shown to the satisfaction of the Commissioners of Customs and Excise that the duty was paid at the rate in force at the beginning of the sixth day of April, nineteen hundred and forty-nine

s IV, V. . .F1

VI. . .F1