OpenLegislation

Finance Act 1954

Eliz2/2-3 c. 44 · Enacted 30 July 1954 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 22 July 2004.

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

[30th July 1954]I1

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.

Contents

  1. Part I
  2. 1, 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3. 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  4. 4—6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  5. Part II
  6. 7—13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  7. Part III: Income Tax and Profits Tax
  8. 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  9. 15Further provision for repayment of post-war credits.
  10. 16—27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  11. Part IV
  12. 28, 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  13. 30Section 30
  14. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  15. 32Section 32
  16. 33Section 33
  17. Part V: Miscellaneous
  18. 34Amendments as to Sinking Funds, and as to manner of accounting for issues out of Consolidated Fund.
  19. 35Short title, etc.
  20. Schedule FIRSTSchedule FIRST
  21. Schedule SECOND TO FOURTH SCHEDULESSchedule SECOND TO FOURTH SCHEDULES
  22. Schedule FIFTH
  23. 1Paragraph 1 Repealed
  24. 2Paragraph 2 Repealed
  25. 3, 4Paragraph 3, 4 Repealed
  26. Schedule SIXTHSchedule SIXTH

1, 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

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

4—6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

7—13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

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

15Further provision for repayment of post-war credits.

F1(1)

Where a man or woman who has died or become bankrupt would, but for that, be entitled on making the proper application under section twenty-six of the M1Finance Act 1946 (which provides for the repayment of post-war credits to elderly persons), to payment of a post-war credit to which that section applies, then (subject to the provisions of this section) the person for the time being having the title to the credit shall be entitled to receive the payment.

(2)

Notwithstanding the proviso to subsection (4) of section seven of the M2Finance Act 1941, an assignment of or charge on any such credit made by a deceased person’s personal representatives acting in their capacity as such, and not made to a legatee or, where the deceased’s estate is (or but for the credit would be) insolvent, to a creditor of the estate, and any agreement for such an assignment or charge, shall be void unless made before the commencement of this Act; and a person shall not be entitled to payment of a credit by virtue of this section if his title to the credit depends on such an assignment or charge made before that commencement but after the sixth day of April, nineteen hundred and fifty-four:

Provided that for the purposes of this subsection an assignment or charge made to give effect to an agreement enforceable against the persons making the assignment or charge shall be treated as made at the time of the agreement.

3), (4)

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

(5)

In this section—

(a)

any reference to the person having title to a credit is a reference to the person who, on the date being fixed by the Treasury under subsection (1) of section seven of the M3Finance Act 1941, would be entitled to have it credited to him; and

(b)

“legatee” means, in relation to a deceased person, a person taking any property or interest in property, whether beneficially or not, under a will or other testamentary disposition of the deceased person or on his intestacy.

(6)

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

16—27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

28, 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

30

1)—(3)

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

(4)

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

(5)

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

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

32

(1)

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

2)(3)

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

33

(1)

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

2)(3)

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

(4)

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

34Amendments as to Sinking Funds, and as to manner of accounting for issues out of Consolidated Fund.

1), (2)

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

(3)

Any sum charged by any Act, whenever passed, on the Consolidated Fund shall be charged also on the growing produce of the Fund F2...

F3(4)

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

35Short title, etc.

(1)

This Act may be cited as the Finance Act 1954.

(2)

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

(3)

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

(4)

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

(5)

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

F5(6)

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

(7)

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

(8)

Such of the provisions of this Act as relate to matters in respect of which the Parliament of Northern Ireland has power to make laws shall not extend to Northern Ireland.

(9)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6

Schedule FIRSTF1

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

Schedule SECOND TO FOURTH SCHEDULESF1

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

1

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

2

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

3, 4

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

Schedule SIXTHF1

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