{
  "url": "https://openlegislation.uk/finance-act-1972/schedule-28/part-VI",
  "json_url": "https://openlegislation.uk/finance-act-1972/schedule-28/part-VI.json",
  "legislation": "ukpga/1972/41",
  "legislation_title": "Finance Act 1972",
  "legislation_url": "https://openlegislation.uk/finance-act-1972",
  "path": "schedule/28/part/VI",
  "kind": "part",
  "number": "VI",
  "heading": "Taxation of Companies and Company Distributions",
  "text": "Chapter\nShort Title\nExtent of Repeal\n1965 c.25\nThe Finance Act 1965.\nIn section 84, subsections (2)(a), (3)(b) and (4).\n1966 c.18\nThe Finance Act 1966.\nSections 31 and 32.\nSchedule 9.\n1968 c.44\nThe Finance Act 1968.\nIn section 32(6) the words “or a rate fluctuating in accordance with the basic rate of income tax”.\n1970 c.9\nThe Taxes Management Act 1970.\nIn section 31(3)(b) the figure “297”.\nIn section 98, in the Table, the words “section 301” and “Company tax regulations”.\nIn Schedule 3, in paragraph 8 the words “288 or 289”.\n1970 c.10\nThe Income and Corporation Taxes Act 1970.\nIn section 27(4) the words from “or under section 31” to “non-residents)”.\nSection 232(2) and (3).\nIn section 234, in subsection (1)(b) the words “not being redeemable share capital” and in subsection (3) the words “or fluctuates only with the basic rate of income tax”.\nSection 236.\nIn section 240, subsections (1) to (3), in subsection (5) the words “(not being franked investment income)” except as respects franked investment income arising before 6th April 1973, subsection (6) and in subsection (7) the words “distributions or” and the words from “and nothing” onwards.\nSection 240A.\nSection 284(1)(a) and (b).\nIn section 286 subsection (6) and in subsection (7) the words “the grossed up equivalent of”.\nSections 288 to 301.\nIn section 302(1), the words “other than section 290 above”.\nSection 303(5)(b).\nIn section 305(2) the words “income tax and”.\nIn section 310, subsection (3) and in subsection (4) the words from the beginning to “company, and”.\nSection 311.\nIn section 314, in subsection (1) the words “income tax and”, subsection (3)(b) and (c) and, in subsection (4), the words from “If an accounting period” to “accounting periods, and”, and the words “or part of an accounting period”.\nIn section 322(3) the proviso.\nIn section 345(2), paragraph (b) and, in paragraph (c), the words “of income tax deductions”.\nSection 356.\nSection 499.\nSection 517(2).\n521(3)(a).\nIn section 522 the words “or share” wherever they occur and the words “In this section “share” includes stock”.\nIn section 526(5), in the definition of “ordinary share capital” the words “or a rate fluctuating in accordance with the basic rate of income tax” and in the definition of “preference dividend” the word “gross” (three times) and the words from “but it does not include” onwards.\nSchedule 9.\nIn Schedule 14, paragraph 19(1), in paragraph 23(3), the words from the beginning to “256 of this Act, and”, and paragraph 23(4) except for years of assessment before the year 1973-74.\n1970 c.24.\nThe Finance Act 1970.\nIn Schedule 4, paragraphs 1 to 5.\nIn Schedule 8, in Part VI, the entries relating to section 240(6) of, and Schedule 9 to, the Income and Corporation Taxes Act 1970.\n1971 c.68.\nThe Finance Act 1971.\nSection 25(1), (2), (3), and (4)(a).\nIn Schedule 6, paragraphs 27 to 29, 31(a), 33 to 38, 77, 84(a), 85(b) and 92.\nNOTES:\n1. Subject to the following paragraphs, these repeals take effect on 6th April 1973 and do not affect the operation of any enactment in relation to any previous time.\n2. The repeal of section 84(4) of the Finance Act 1965 has effect in relation to the year 1972-73 and subsequent years of assessment.\n3. The repeals in the Finance Act 1968, in sections 234(3) and 526(5) of the Income and Corporation Taxes Act 1970 and of paragraphs 28, 77 and 92 of Schedule 6 to the Finance Act 1971 do not apply in relation to dividends payable before 6th April 1973.\n4. The repeal of sections 289 to 301 of the said Act of 1970, the repeal in section 302(1) of that Act and the repeal of section 25(1), (2), (3) and (4)(a) of, and paragraphs 34 to 37 and 84(a) and 85(b) of Schedule 6 to, the Finance Act 1971 have effect in relation to accounting periods ending after 5th April 1973; and the repeal of the said section 289 has effect subject to paragraph 19 of Schedule 23 to this Act.\n5. The repeal of section 356 of the said Act of 1970 takes effect on 1st April 1972, and the repeal of that section and of section 311 of that Act have effect subject to section 93(7) of this Act.\n6. The repeal of the proviso to section 322(3) of the said Act of 1970 takes effect of 1st April 1974 and does not affect disposals before that date.\n7. the repeal of section 499 of the said Act of 1970 takes effect on 1st April 1973.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1972/41/schedule/28/part/VI",
    "retrieved_at": "2026-10-29T10:48:52.133540+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}