OpenLegislation

Finance Act 1974 in Northern Ireland

1974 c. 30 · Enacted 31 July 1974 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 1 April 2012.

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.

[31st July 1974]X1C1I1X2

Annotations to the whole text

Modifications

C1

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, see individual sections; all provisions so far as unrepealed wholly in force at. 1.2.1991

Editorial notes

X1

EDITORIAL NOTE Reconstituted split Act. The following sections were split among the following SIF groups: ss. 2, 57(1)(3)(a)(4)(5) group 12 (Betting, Gaming and Lotteries); ss. 6, 54, 57(1)(4) group 40 (Customs and Excise); ss. 7-48, 51, 52, 57(1)(2)(3)(b)(c)(4)-(6), Schs. 1-10, Sch. 12 paras. 9-12, Sch. 14 Pts. I, II, VI, VII group 63 (Income, Corporation and Capital Gains Taxes); 49, 57(1)(3)-(5), Sch. 11 group 144 (Stamp Duty); ss. 50, 57(1)(4) group 107(2) (Road Traffic) ; ss. 55, 57(4) group 107(1) (Road Taffic). This Act is presented, in the main, in the form in which it appears in the 1988 edition of The Taxes Acts edited by the Inland Revenue and published by Her Majesty's Stationery Office (any references in footnotes etc. to Vol. 1, 2 etc. are to the Volumes of that edition). The style of editing differs from that applicable to most Acts published in Statutes in Force.

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: CUSTOMS AND EXCISE AND VALUE ADDED TAX
  2. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3. 2Increase of certain duties on betting.
  4. 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  5. 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  6. 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  7. 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  8. Part II: INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX (GENERAL)
  9. 7–16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  10. 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  11. 18–20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  12. 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  13. 22, 23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  14. 24Returns of persons treated as employees. Repealed
  15. 25–28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  16. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  17. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  18. 31–33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  19. 34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  20. 35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  21. 36, 37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  22. Part III: CAPITAL GAINS FROM LAND
  23. Chapter I: DEVELOPMENT GAINS FROM LAND
  24. 38Certain development gains from land to be taxed as income.
  25. 39Exemption or relief for small disposals.
  26. 40Development losses.
  27. 41Disposals of interests in land effected indirectly.
  28. 42Disposals of interests in settled property.
  29. 43Special rates of charge for development gains accruing to trustees, personal representatives or unit trust schemes.
  30. 44Supplementary
  31. Chapter II: FIRST LETTING OR OCCUPATION OF BUILDING AFTER MATERIAL DEVELOPMENT
  32. 45Charge to tax: first letting or occupation of building after material development.
  33. 46Interpretation, etc.
  34. Chapter III: OTHER PROVISIONS ABOUT CAPITAL GAINS FROM LAND
  35. 47Matters arising out of Chapters I and II of this Part.
  36. 48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  37. Part IV: MISCELLANEOUS AND GENERAL
  38. 49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  39. 50Vehicle excise duty-disabled persons.
  40. 51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  41. 52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  42. 53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  43. 54Grants towards duty charged on bus fuel.
  44. 56Trustee savings banks—special investments.
  45. 57Citation, interpretation, construction and repeals.
  46. Schedule S 1, 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  47. Schedule 3: PROVISIONS SUPPLEMENTARY TO SECTION 38
  48. Part I: DEFINITIONS OF CURRENT USE VALUE, MATERIAL DEVELOPMENT, ETC.
  49. Definition of current use value
  50. 1Paragraph 1
  51. Current use value—part disposals
  52. 2Paragraph 2
  53. 3Paragraph 3
  54. Current use value—leases and reversions
  55. 4Paragraph 4
  56. 5Paragraph 5
  57. Definition of material development
  58. 6Paragraph 6
  59. 7Paragraph 7
  60. 8Paragraph 8
  61. Date when material development is begun
  62. 9Paragraph 9
  63. Interpretation
  64. 10Paragraph 10
  65. Part II: OTHER PROVISIONS SUPPLEMENTARY TO SECTION 38
  66. Computation of development gain in respect of disposal of interest in land after material development has been carried out
  67. 11Paragraph 11
  68. Computation of development gain in respect of disposal of interest in land reflecting expenditure on enhancement
  69. 12Paragraph 12
  70. Provisions supplementary to paragraphs 11 and 12
  71. 13Paragraph 13
  72. 14Paragraph 14
  73. Computation of amount given by subsection (3)(c) of principal section in certain cases within [paragraph 9(4) of Schedule 5 to the Capital Gains Tax Act 1979 ]
  74. 15Paragraph 15
  75. Computation of development gains in connection with replacements of business assets
  76. 16Paragraph 16
  77. 17Paragraph 17
  78. Replacement of business assets
  79. 18Paragraph 18
  80. Replacement of business assets: depreciating assets
  81. 19Paragraph 19
  82. Company amalgamations
  83. 20Paragraph 20
  84. Private residences
  85. 21Paragraph 21
  86. Transfer of business on retirement
  87. 22Paragraph 22
  88. Insurance companies
  89. 23Paragraph 23
  90. Chargeable gains in respect of mineral royalties
  91. 24Paragraph 24
  92. Computation of development gain in respect of disposal of interest in land with planning permission for the winning and working of minerals
  93. 25Paragraph 25
  94. Schedule 4: TRANSITIONAL PROVISIONS RELATING TO DEVELOPMENT GAINS
  95. 1Paragraph 1
  96. Replacement of business assets
  97. 2Paragraph 2
  98. Conditional contracts entered into before 18th December 1973
  99. 3Paragraph 3
  100. Disposals under arrangements made before 18th December 1973
  101. 4Paragraph 4
  102. Disposal to authority exercising compulsory powers where notice to treat was served before 18th December 1973
  103. 5Paragraph 5
  104. Schedule 5Schedule 5
  105. Schedule 6: DEVELOPMENT LOSSES
  106. Interpretation
  107. 1Paragraph 1
  108. Losses accruing to persons not resident or ordinarily resident in the United Kingdom
  109. 2Paragraph 2
  110. Modification of sections 176 and 179 of the Taxes Act (Case VI losses) in relation to development losses
  111. 3Paragraph 3
  112. 4Paragraph 4
  113. Computation of development loss in cases where paragraph 11 or 12 of Schedule 3 would apply in computing a development gain
  114. 5Paragraph 5
  115. Computation of amount given by subsection (4) of principal section in certain cases within [paragraph 9(4) of Schedule 5 to the Capital Gains Tax Act 1979 ]
  116. 6Paragraph 6
  117. Private residences
  118. 7Paragraph 7
  119. Set-off of development losses
  120. 8Paragraph 8
  121. Insurance companies
  122. 9Paragraph 9
  123. Schedule 7: TREATMENT OF DEVELOPMENT GAINS UNDER THE TAX ACTS
  124. Individuals
  125. 1Paragraph 1
  126. 2Paragraph 2
  127. Companies: general
  128. 3Paragraph 3
  129. Close companies
  130. 4Paragraph 4
  131. 5Paragraph 5
  132. 6Paragraph 6
  133. Insurance companies
  134. 7Paragraph 7
  135. Discretionary trusts
  136. 8Paragraph 8
  137. Estates of deceased persons in course of administration
  138. 9Paragraph 9
  139. Settlements on children
  140. 10Paragraph 10
  141. Schedule 8: ADAPTATIONS AND AMENDMENTS OF PROVISIONS RELATING TO THE TAXATION OF CAPITAL GAINS
  142. Persons chargeable to tax in respect of development gains
  143. 1Paragraph 1
  144. Development gains accruing to non-resident companies and trusts
  145. 2Paragraph 2
  146. 3Paragraph 3
  147. Development gains accruing in connection with replacement of business assets
  148. 4Paragraph 4
  149. Development gains accruing in connection with company amalgamations
  150. 5Paragraph 5
  151. Transfer of business to a company
  152. 6Paragraph 6 Repealed
  153. 7Paragraph 7
  154. Schedule 9: SUPPLEMENTARY PROVISIONS ABOUT DEEMED DISPOSALS UNDER SECTION 45
  155. Interpretation
  156. 1Paragraph 1
  157. The interest of a relevant person
  158. 2Paragraph 2
  159. Interests other than that of a relevant person
  160. 3Paragraph 3
  161. 4Paragraph 4
  162. 5Paragraph 5
  163. Provisions supplementary to paragraph 3
  164. 6Paragraph 6
  165. Exemption for interest in land occupied on the material date in right of that interest
  166. 7Paragraph 7
  167. Exemption for interest in land disposed of after the material date
  168. 8Paragraph 8
  169. Exemption by reference to occupation within three years of the material date of land then intended to be occupied
  170. 9Paragraph 9
  171. Exemption for interests in land subject on 18th December 1973 to certain leases or agreements for a lease
  172. 10Paragraph 10
  173. Groups of companies
  174. 11Paragraph 11
  175. Tied premises
  176. 12Paragraph 12
  177. Power to make assessments etc. in connection with certain deemed disposals
  178. 13Paragraph 13
  179. Postponement of payment of tax
  180. 14Paragraph 14
  181. Consideration for deemed disposal to be disregarded in certain circumstances in computing capital gain
  182. 15Paragraph 15
  183. Deemed disposals in cases involving the grant of a lease for a premium
  184. 16Paragraph 16
  185. 17Paragraph 17
  186. 18Paragraph 18
  187. Schedule 10: MATTERS ARISING OUT OF CHAPTERS I AND II OF PART III OF THIS ACT
  188. Recovery of tax from persons not primarily liable
  189. 1Paragraph 1
  190. Postponement of payment of tax
  191. 2Paragraph 2
  192. Returns by relevant persons
  193. 3Paragraph 3
  194. Information
  195. 4Paragraph 4
  196. Amendments of the Taxes Management Act 1970
  197. 5Paragraph 5
  198. Schedule 11
  199. Part II: PROVISIONS HAVING EFFECT IN NORTHERN IRELAND
  200. 11Paragraph 11
  201. 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  202. 13 - 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  203. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  204. 16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  205. Duplicates and counterparts
  206. 18Paragraph 18
  207. Lease or tack
  208. 19Paragraph 19
  209. Part III
  210. 20—23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  211. Schedule 12: SUBSTITUTION OF “LOCAL AUTHORITY” AS DEFINED IN SECTION 52
  212. 1–5Paragraph 1–5 Repealed
  213. 7–12Paragraph 7–12 Repealed
  214. Schedule 13Schedule 13
  215. Schedule 14: ENACTMENTS REPEALED
  216. IINTEREST
  217. IISHARE OPTION AND SHARE INCENTIVE SCHEMES
  218. IIIStamp Duty Repeals Having Effect from 1st May 1974
  219. IVStamp Duty Repeals having effect from 1st August 1974
  220. Regional Employment Premiums
  221. VPart V
  222. VIMISCELLANEOUS
  223. VIISPENT ENACTMENTS