OpenLegislation

Finance Act 1980

1980 c. 48 · Enacted 1 August 1980 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 23 November 2016.

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.

[1st August 1980]C1X1I1X2

Annotations to the whole text

Modifications

C1

EDITORIAL NOTE1980 (P) = Petroleum Revenue Tax Act 1980 (c.1, SIF 63:1)

Commencement

I1

Act partly in force at Royal Assent, partly retrospective; all provisions so far as unrepealed wholly in force at 1.2.1991. Some provisions came into force at specific times of day, see individual sections.

Editorial notes

X1

The text of ss. 1–3, 9, 10, 17(1)(3), 122(1), Schs. 1, 2 was taken from S.I.F. Group 40:1 (Customs and Excise: Customs and Excise Duties); ss. 4, 5, 122(1), Schs. 3, 4 from Group 107:2 (Road Traffic: Vehicle Excise Duty); ss. 6–8, 122(1), Schs. 5, 6 from Group 12:2 (Betting, Gaming and Lotteries: Betting and Gaming Duties); ss. 17, 18–76, 104–109, 117–119, 121, 122(1)(2)(3)(a)(4), Schs. 7–13, 17, 18, 20 from Group 63:1 (Income, Corporation and Capital Gains Taxes: Income and Corporation Taxes); ss. 61, 62, 77–84, 122(1)(2)(3)(a) from Group 63:2 (Income, Corporation and Capital Gains Taxes: Capital Gains Tax); ss. 95–103, 122(1) from Group 114 (Stamp Duty); ss. 120, 122(1), Sch. 19 from Group 110 (Savings Banks); 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: Excise Duties
  2. 1, 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3. 3Hydrocarbon oil etc. Repealed
  4. 4Vehicles excise duty Great Britain.
  5. 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  6. 6Section 6
  7. 7Section 7 Repealed
  8. 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  9. 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  10. 10Regulator powers.
  11. Part II: Value Added Tax
  12. 11–16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  13. 17Mutual recovery and disclosure of information between member States. Repealed
  14. Part III: Income Tax, Corporation Tax and Capital Gains Tax
  15. Chapter I: General
  16. 18–56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  17. 57Registered friendly societies and trade unions.
  18. 58. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  19. 59, 60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  20. 61Dates for payment of tax. Repealed
  21. 62Interest on unpaid tax.
  22. 63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  23. Chapter II: Capital Allowances
  24. 64–69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  25. 70Section 70
  26. 71–76. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  27. Chapter III: Capital Gains
  28. 77. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  29. 78. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  30. 79. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  31. 80. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  32. 81. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  33. 82. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  34. 83. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  35. 84. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  36. Part IV: Capital Transfer Tax
  37. 85–87. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  38. 88Section 88
  39. 89–91. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  40. 92, 93. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  41. 94Delivery of accounts.
  42. Part V: Stamp Duty
  43. 95. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  44. 96. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  45. 97Shared ownership transactions. Repealed
  46. 98Maintenance funds for historic buildings.
  47. 99. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  48. 100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  49. 101. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  50. 102Conveyance in consideration of debt.
  51. 103Admission of Northern Ireland barristers etc. Repealed
  52. Part VI: Oil Taxation
  53. 104Increase of petroleum revenue tax.
  54. 105Advance payments of tax.
  55. 106Transfers of interests in oil fields.
  56. 107Transmedian fields.
  57. 108Gas banking schemes.
  58. 109Fractionation.
  59. Part VII: Development Land Tax
  60. 110–116. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  61. Part VIII: Miscellaneous and Supplementary
  62. 117. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  63. 118National Heritage Memorial Fund.
  64. 119. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  65. 120Section 120
  66. 121. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  67. 122Short title, interpretation, construction and repeals.
  68. Schedule S 1, 2Schedule S 1, 2
  69. Schedule S 3, 4Schedule S 3, 4
  70. Schedule 5: Gaming Licence Duty
  71. Gross gaming yield
  72. 1Paragraph 1
  73. Returns and payment
  74. 2Paragraph 2
  75. Power to estimate duty
  76. 3Paragraph 3
  77. Recovery of duty
  78. 4Paragraph 4
  79. Enforcement
  80. 5Paragraph 5
  81. 6Paragraph 6
  82. Changes of ownership
  83. 7Paragraph 7
  84. Charge of duty in respect of short licence periods
  85. 8Paragraph 8
  86. 9Paragraph 9
  87. Alteration and surrender of licences etc.
  88. 10Paragraph 10
  89. Co-operation with Gaming Board
  90. 11Paragraph 11
  91. Modification of agreements
  92. 12Paragraph 12
  93. Regulations
  94. 13Paragraph 13
  95. Interpretation
  96. 14Paragraph 14
  97. Schedule 6Gaming Machine Licence Duty
  98. Schedule 7. . . . . . . . . . . . . . . . . . . . . . . . .Schedule 7. . . . . . . . . . . . . . . . . . . . . . . . .
  99. Schedule S 8–11Schedule S 8–11
  100. Schedule 12. . . . . . . . . . . . . . . . . . . . . . . . Schedule 12. . . . . . . . . . . . . . . . . . . . . . . .
  101. Schedule 13. . . . . . . . . . . . . . . . . . . . . . . . Schedule 13. . . . . . . . . . . . . . . . . . . . . . . .
  102. Schedule S 14, 15Schedule S 14, 15
  103. Schedule 16Schedule 16
  104. Schedule 17: Transfers of Interests in Oil Fields
  105. Part I: Preliminary
  106. Interpretation
  107. 1Paragraph 1
  108. 2Paragraph 2
  109. Notice of transfer
  110. 3Paragraph 3
  111. Exclusion of transfer rules
  112. 4Paragraph 4
  113. Partial transfers
  114. 5Paragraph 5
  115. Part II: Transfer of Old Participator’s Expenditure Relief, Losses and Exemptions
  116. Unused expenditure relief
  117. 6Paragraph 6
  118. Unused losses
  119. 7Paragraph 7
  120. Accumulated capital expenditure
  121. 8Paragraph 8
  122. Excluded oil
  123. 9Paragraph 9
  124. Successive transfers
  125. 10Paragraph 10
  126. Part III: Other Rules
  127. ...
  128. 11Paragraph 11 Repealed
  129. Royalty payments
  130. 12Paragraph 12
  131. Payments on account and advance payments
  132. 13Paragraph 13
  133. Losses of new participator
  134. 14Paragraph 14
  135. Terminal losses
  136. 15Paragraph 15
  137. Abortive exploration expenditure
  138. 16Paragraph 16
  139. Exploration and appraisal expenditure
  140. 16AParagraph 16A
  141. Research expenditure
  142. 16BParagraph 16B
  143. Oil allowance
  144. 17Paragraph 17
  145. Limit on tax payable in transfer year
  146. 18Paragraph 18
  147. Disposal of long-term assets
  148. 19Paragraph 19
  149. Transfers of oil
  150. 20Paragraph 20
  151. Retention of share of oil
  152. 21Paragraph 21
  153. Schedule 18
  154. Part I
  155. 1–8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  156. Part II: Relief From Tax in Respect of Capital Gains
  157. 9Paragraph 9
  158. 10Paragraph 10
  159. Part III: Relief From Development Land Tax
  160. 11Paragraph 11
  161. Part IV
  162. 12Paragraph 12
  163. Part V: Prevention of Tax Avoidance
  164. 13, 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  165. Re-instatement of charge in respect of capital gains
  166. 15Paragraph 15
  167. Re-instatement of development land tax charge
  168. 16Paragraph 16
  169. Part VI
  170. 17–22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  171. Part VII: Interpretation
  172. 23Paragraph 23
  173. Schedule 19: National Savings Bank
  174. Payments to National Loans Fund
  175. 1Paragraph 1
  176. Liability to National Loans Fund
  177. 2Paragraph 2
  178. Discharge of liability
  179. 3Paragraph 3
  180. Interest on residual investments
  181. 4Paragraph 4
  182. Re-investment
  183. 5Paragraph 5
  184. Expenses
  185. 6Paragraph 6
  186. Accounts
  187. 7Paragraph 7
  188. Schedule 20: Repeals
  189. IGaming Licence Duty
  190. IIGaming Machine Licence Duty
  191. IIIOther Excise Duties
  192. 1Paragraph 1
  193. 2Paragraph 2
  194. IVValue Added Tax
  195. VAbolition of Lower Rate
  196. Part VI: Child Tax Allowances
  197. Section A
  198. Section B
  199. VIIRetirement Annuities
  200. VIIIClose Companies
  201. IXIncome Tax and Corporation Tax: Miscellaneous
  202. 1Paragraph 1
  203. 2Paragraph 2
  204. 3Paragraph 3
  205. 4Paragraph 4
  206. 5Paragraph 5
  207. XCapital Gains
  208. XICapital Transfer Tax
  209. XIIStamp Duty
  210. XIIIPetroleum Revenue Tax
  211. XIVDevelopment Land Tax
  212. 1Paragraph 1
  213. 2Paragraph 2
  214. XVNational Savings Bank