OpenLegislation

Finance Act 1982

1982 c. 39 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 1 April 2026.

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, 1982]

X1I1X2Most Gracious Sovereign,

WE, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Annotations to the whole text

Commencement

I1

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

Editorial notes

X1

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

X2

The text of ss. 1–4, 9–12, Schs. 1, 2, 22 Pts. I, II was taken from S.I.F. Group 40:1 (Customs and Excise: Customs and Excise Duties), ss. 5–7, Schs. 3–5 from S.I.F. Group 107:2 (Road Traffic: Vehicle Excise Duty), s. 8, Schs. 6, 22 Pt. III from S.I.F. Group 12:2 (Betting, Gaming and Lotteries: Betting and Gaming Duties), ss. 20–79, 132–142, 146, 149–151, 156, 157(5)(7), Schs. 7–12, 18–21, 22 Pts. IV, V, IX–XI from S.I.F. Group 63:1 (Income, Corporation and Capital Gains Taxes: Income and Corporation Taxes), ss. 80–89, 148, Schs. 13, 22 Pt. VI from S.I.F. Group 63:2 (Income, Corporation and Capital Gains Taxes: Capital Gains Tax), ss. 128–131, Sch. 22 Pt. VIII from S.I.F. Group 114 (Stamp Duty), ss. 145, 152–154 from S.I.F. Group 99:3 (Public Finance and Economic Controls: National Debt), Sch. 22 Pt. VII from S.I.F. Group 65 (Inheritance Tax), s. 144 from S.I.F Group 96 (Posts and Telecommunications), s. 157(2)(3) appeared in both S.I.F. sub-groups 63:1 and 63:2, s. 157(6) appeared in S.I.F. Groups 40:1, 12:2, 63:1 and 2, 114, 65 and s. 157(1) appeared in all S.I.F. Groups previously listed; provisions omitted from S.I.F. have been dealt with as referred to in other commentary

Contents

  1. Part I: Customs and Excise
  2. 1Duties on spirits, beer, wine, made-wine and cider.
  3. 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  4. 3Hydrocarbon oil, etc. Repealed
  5. 4Aviation gasoline.
  6. 5Vehicles excise duty: Great Britain.
  7. 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  8. 7Section 7
  9. 8Betting and gaming duties.
  10. 9Immature spirits for home use and loss allowance for imported beer.
  11. 10Regulator powers.
  12. 11Power of Commissioners with respect to agricultural levies etc.
  13. 12Delegation of Commissioners’ functions.
  14. Part II
  15. 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  16. 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  17. Part III: Income Tax, Corporation Tax and Capital Gains Tax
  18. Chapter I: General
  19. 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  20. 27Termination of the option mortgage schemes.
  21. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  22. 68Postponement of recovery of tax.
  23. 69Section 69
  24. Chapter II
  25. 70–79. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  26. Chapter III: Capital Gains
  27. 80. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  28. 81Increase of chattel exemption.
  29. 82Extension of general relief for gifts.
  30. 83. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  31. 84. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  32. 85. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  33. 86. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  34. 87. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  35. 88. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  36. 89Section 89
  37. Part IV
  38. 90. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  39. Part V: Stamp Duty
  40. 128Reduction of duty on conveyances and leases. Repealed
  41. 129Exemption from duty on grants, transfers to charities, etc.
  42. 130. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  43. 131. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  44. Part VI: Oil Taxation
  45. Chapter I: General
  46. 132Increase of petroleum revenue tax and ending of supplementary petroleum duty.
  47. 133Export sales of gas.
  48. 134Alternative valuation of ethane used for petrochemical purposes.
  49. 135Determination of oil fields.
  50. 136. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  51. 137Expenditure met by regional development grants to be disregarded for certain purposes. Repealed
  52. 138. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  53. Chapter II: Advance Petroleum Revenue Tax
  54. 139Liability for APRT and credit against liability for petroleum revenue tax.
  55. 140Increase of gross profit by reference to royalties in kind.
  56. 141Reduction of gross profit by reference to exempt allowance.
  57. 142Consequences of crediting APRT against liability for petroleum revenue tax.
  58. Part VII: Miscellaneous and Supplementary
  59. 143. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  60. 144Section 144
  61. 145Certificates of tax deposit: extension of interest period.
  62. 146. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  63. 147. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  64. 148. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  65. 149Recovery of overpayment of tax, etc.
  66. 150Investment in gilt-edged unit trusts. Repealed
  67. 151National savings accounts.
  68. 152Additional power of Treasury to borrow.
  69. 153Variable rates of interest for government lending.
  70. 154. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  71. 155. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  72. 156Dissolution of Board of Referees. Repealed
  73. 157Short title, interpretation, construction and repeals.
  74. Schedule 1: Wine: Rates of Duty Repealed
  75. Schedule 2. . . . . . . . . . . . . . . . . . . . . . . . .
  76. Schedule 3
  77. IProvisions Substituted for Part II of Schedule 1
  78. IIProvisions Substituted for Part II of Schedule 2
  79. IIIProvisions Substituted for Part II of Schedule 3
  80. Part IV: Provisions Substituted for Part II of Schedule 4Tables Showing Annual Rates of Duty on Goods Vehicles
  81. Table AGeneral Rates of Duty
  82. Table BRates of Duty on Goods Vehicles Used for Drawing Trailers
  83. VProvisions Substituted for Part II of Schedule 5
  84. Schedule 4: (repealed 1.10.1991) . . .
  85. I. . .
  86. II. . .
  87. III. . .
  88. Part IV: . . .
  89. Table A. . .
  90. V. . .
  91. Schedule 5: Annual Rates of Duty on Goods Vehicles
  92. APart A
  93. Part I: General Provisions
  94. Vehicles chargeable at the basic rate of duty
  95. 1Paragraph 1
  96. Vehicles exceeding 7.5 but not exceeding 12 tonnes plated weight
  97. 2Paragraph 2
  98. Rigid goods vehicles exceeding 12 tonnes plated gross weight
  99. 3Paragraph 3
  100. Tractor units exceeding 12 tonnes plated train weight
  101. 4Paragraph 4
  102. Special types of vehicles
  103. 5Paragraph 5
  104. Farmer’s goods vehicles and showmen’s goods vehicles
  105. 6Paragraph 6
  106. Smaller goods vehicles
  107. 7Paragraph 7
  108. Vehicles treated as having reduced plated weights
  109. 8Paragraph 8
  110. Plated and unladen weights
  111. 9Paragraph 9
  112. Goods vehicles used partly for private purposes
  113. 10Paragraph 10
  114. Exempted vehicles
  115. 11Paragraph 11
  116. 12Paragraph 12
  117. 13Paragraph 13
  118. Tractor units used with semi-trailers having only one axle when duty paid by reference to use with semi-trailers having more than one axle
  119. 14Paragraph 14
  120. Interpretation
  121. 15Paragraph 15
  122. B. . .
  123. 16Paragraph 16 Repealed
  124. Schedule 6: Betting and Gaming Duties
  125. Part I: General
  126. 1Paragraph 1
  127. Part II
  128. 2Paragraph 2 Repealed
  129. Part III: Gaming Licence Duty
  130. 3Paragraph 3
  131. Part IV: Bingo Duty
  132. Part V: Gaming Machine Licence Duty
  133. Great Britain
  134. 6Paragraph 6 Repealed
  135. 9Paragraph 9 Repealed
  136. 10Paragraph 10 Repealed
  137. 11Paragraph 11 Repealed
  138. 12Paragraph 12
  139. 13Paragraph 13
  140. 14Paragraph 14
  141. 15Paragraph 15 Repealed
  142. 16Paragraph 16 Repealed
  143. 17Paragraph 17
  145. 18Paragraph 18 Repealed
  146. Schedule s 7—10. . . . . . . . . . . . . . . . . . . . . .
  147. Schedule s 11, 12. . . . . . . . . . . . . . . . . . . . .
  148. Schedule 13
  149. Part I
  150. Part disposals
  151. 1Paragraph 1 Repealed
  152. Disposals on a no-gain/no-loss basis
  153. 2Paragraph 2 Repealed
  154. Subsequent disposals following no-gain/no-loss disposals
  155. 3Paragraph 3 Repealed
  156. Receipts etc. which are not treated as disposals but affect relevant allowable expenditure
  157. 4Paragraph 4 Repealed
  158. Reorganisations, reconstructions etc.
  159. 5Paragraph 5 Repealed
  160. Calls on shares etc.
  161. 6Paragraph 6 Repealed
  162. Options
  163. 7Paragraph 7 Repealed
  164. Part II
  165. 8Paragraph 8 Repealed
  166. 9Paragraph 9 Repealed
  167. 10Paragraph 10 Repealed
  168. 11Paragraph 11 Repealed
  169. Schedule s 14—17. . . . . . . . . . . . . . . . . . . . . .
  170. Schedule 18: Alternative Valuation of Ethane Used for Petrochemical Purposes
  171. The election
  172. 1Paragraph 1
  173. Conditions for acceptance of an election
  174. 2Paragraph 2
  175. 3Paragraph 3
  176. Notice of acceptance or rejection
  177. 4Paragraph 4
  178. Market value ceasing to be readily ascertainable
  179. 5Paragraph 5
  180. Price formula ceasing to give realistic market values
  181. 6Paragraph 6
  182. Acceptance or rejection of new price formula
  183. 7Paragraph 7
  184. 8Paragraph 8
  185. Returns
  186. 9Paragraph 9
  187. Penalties for incorrect information etc.
  188. 10Paragraph 10
  189. Interpretation
  190. 11Paragraph 11
  191. Schedule 19: Supplementary Provisions Relating to APRT
  192. Part I: Collection of Tax
  193. Payment of tax
  194. 1Paragraph 1
  195. 2Paragraph 2
  196. 3Paragraph 3
  197. 4Paragraph 4
  198. Assessments and appeals
  199. 5Paragraph 5
  200. 6Paragraph 6
  201. 7Paragraph 7
  202. 8Paragraph 8
  203. Overpayment of tax
  204. 9Paragraph 9
  205. Interest
  206. 10Paragraph 10
  207. Transitional provisions
  208. 11Paragraph 11
  209. 12Paragraph 12
  210. 13Paragraph 13
  211. Part II: Miscellaneous
  212. Repayment of APRT
  213. 14Paragraph 14
  214. Transfer of interest in fields
  215. 15Paragraph 15
  216. Net profit periods
  217. 16Paragraph 16
  218. Abandoned fields
  219. 17Paragraph 17
  220. Part III: Amendments
  221. 18Paragraph 18
  222. 19Paragraph 19
  223. 20Paragraph 20
  224. 21Paragraph 21
  225. Schedule 20: National Savings Accounts
  226. 1Paragraph 1
  227. 2Paragraph 2
  228. 3Paragraph 3
  229. 4Paragraph 4
  230. 5Paragraph 5
  231. 6Paragraph 6
  232. 7Paragraph 7
  233. 8Paragraph 8
  234. Schedule 21. . . . . . . . . . . . . . . . . . . . . . . .
  235. Schedule 22: Repeals
  236. IMiscellaneous Customs and Excise and Value Added Tax
  237. IIVehicles Excise Duty
  238. IIIGaming Machine Licence Duty
  239. IVIncome and Corporation Tax: General
  240. 1Paragraph 1
  241. 2Paragraph 2
  242. VOption Mortgage Schemes
  243. VICapital Gains
  244. VIICapital Transfer Tax
  245. 1Paragraph 1
  246. 2Paragraph 2
  247. 3Paragraph 3
  248. VIIIStamp Duty
  249. IXOil Taxation
  250. 1Paragraph 1
  251. 2Paragraph 2
  252. 3Paragraph 3
  253. XBoard of Referees
  254. XISpent Enactments