OpenLegislation

Finance Act 1985

1985 c. 54 · Enacted 25 July 1985 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 6 April 2022.

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.[25th July 1985]

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:—

Contents

  1. Part I: Customs and Excise and Value Added Tax
  2. Chapter I: Customs and Excise
  3. The rates of duty
  4. 1Spirits, beer, wine, made-wine and cider.
  5. 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  6. 3Hydrocarbon oil.
  7. 4Vehicles excise duty.
  8. Other provisions
  9. 5Blending of certain wines to constitute production of wine.
  10. 6Miscellaneous amendments relating to spirits and beer.
  11. 7Hydrocarbon oil: mixing etc.
  12. 8Gaming machine licence duty.
  13. 9Vehicles excise duty: fees. Repealed
  14. 10Computer records etc. Repealed
  15. Chapter II: Value Added Tax
  16. Newspaper advertisements
  17. 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  18. Offences etc.
  19. 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  20. Civil penalties
  21. 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  22. 13A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  23. 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  24. 14A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  25. 14B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  26. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  27. 15A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  28. 16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  29. 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  30. 17A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  31. Interest, surcharges and supplements
  32. 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  33. 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  34. 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  35. Assessments, records and information
  36. 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  37. 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  38. 23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  39. Appeals
  40. 24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  41. 25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  42. 26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  43. 27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  44. Miscellaneous
  45. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  46. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  47. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  48. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  49. 32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  50. 33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  51. Part II: Income Tax, Corporation Tax and Capital Gains Tax
  52. Chapter I: General
  53. 34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  54. 50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  55. 51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  56. 54Withdrawal of right of certain non-resident companies to payment of tax credits.
  57. Chapter II: Capital Allowances
  58. 55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  59. 60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  60. 61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  61. Chapter III: Capital Gains
  62. 67. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  63. 68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  64. 69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  65. 70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  66. 71. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  67. 72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  68. Chapter IV: Securities
  69. 73. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  70. Part III: Stamp Duty
  71. 78. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  72. 81Renounceable letters of allotment etc.
  73. 82Gifts inter vivos.
  74. 83Part III Transfers in connection with divorce, dissolution of civil partnership, etc.
  75. 84Death: varying dispositions, and appropriations.
  76. 85Repeal of certain fixed duties.
  77. 86Abolition of duty on contract notes.
  78. 87Certificates.
  79. 88Exchange rates.
  80. 89Exemption from section 28 of Finance Act 1931.
  81. Part IV: Oil Taxation
  82. 90Limitations on relief for exploration and appraisal expenditure.
  83. 91Chargeable periods relevant to limit on tax payable and expenditure supplement.
  84. 92Qualifying asset; exclusion of land and certain buildings etc.
  85. Part V: Miscellaneous and Supplementary
  86. 93Abolition of development land tax and tax on development gains.
  87. 94Capital transfer tax: conditional exemption.
  88. 95The national heritage: transfer of Treasury functions to Board.
  89. 96European Union and Investment Bank: exemptions.
  90. 97Extension of Provisional Collection of Taxes Act 1968 to reduced and composite rates. Repealed
  91. 98Short title interpretation, construction and repeals.
  92. Schedule 1: Table of Rates of Duty on Wine and Made-Wine
  93. Schedule 2: Vehicles Excise Duty
  94. Part I: Provisions Substituted in Part II of Schedules 1 to 5 to the Vehicles (Excise) Act 1971 and the Vehicles (Excise) Act (Northern Ireland) 1972
  95. 1Paragraph 1 Repealed
  96. 2Paragraph 2 Repealed
  97. 3Paragraph 3 Repealed
  98. 5Paragraph 5 Repealed
  99. Part II: Amendment of Part I of Schedule 4 to the Vehicles (Excise) Act 1971 and the Vehicles (Excise) Act (Northern Ireland) 1972
  100. 6Paragraph 6 Repealed
  101. 7Paragraph 7 Repealed
  102. 8Paragraph 8 Repealed
  103. 9Paragraph 9 Repealed
  104. Schedule 3: Amendments of Alcoholic Liquor Duties Act 1979
  105. Manufacture of spirits during the recovery of beer
  106. 1Paragraph 1
  107. Spirits: attenuation charge
  108. 2Paragraph 2 Repealed
  109. Determination of beer duty
  110. 3Paragraph 3 Repealed
  111. Restrictions on adding substances to beer
  112. 4Paragraph 4 Repealed
  113. Schedule 4: Hydrocarbon Oil: Mixing Etc.
  114. 1Paragraph 1
  115. 2Paragraph 2
  116. 3Paragraph 3
  117. 4Paragraph 4
  118. Schedule 5: Gaming Machine Licence Duty
  119. Part I: Amendments of Betting and Gaming Duties Act 1981
  120. 1Paragraph 1
  121. 2Paragraph 2 Repealed
  122. 3Paragraph 3
  123. 4Paragraph 4
  124. 5Paragraph 5
  125. 6Paragraph 6
  126. 7Paragraph 7
  127. 8Paragraph 8 Repealed
  128. 9Paragraph 9
  129. Part II: Extension to Northern Ireland of Certain Subordinate Legislation
  130. 10Paragraph 10
  131. Schedule 6
  132. Schedule 7
  133. 1Paragraph 1
  134. 2Paragraph 2
  135. 3Paragraph 3
  136. 4Paragraph 4
  137. 5Paragraph 5
  138. 6Paragraph 6
  139. Schedule 8
  140. Interpretation
  141. 1Paragraph 1
  142. The President
  143. 2Paragraph 2
  144. 3Paragraph 3
  145. Sittings of tribunals
  146. 4Paragraph 4
  147. Membership of tribunals
  148. 5Paragraph 5
  149. Administration
  150. 6Paragraph 6
  151. Schedule S 9—13: . . .
  152. Schedule S 14—17.: . . .
  153. Schedule 18: . . .
  154. Schedule 19
  155. Part I
  156. 1Paragraph 1 Repealed
  157. 2Paragraph 2 Repealed
  158. 3Paragraph 3 Repealed
  159. 4Paragraph 4 Repealed
  160. 5Paragraph 5 Repealed
  161. Part II
  162. 6Paragraph 6 Repealed
  163. 7Paragraph 7 Repealed
  164. Part III
  165. 8Paragraph 8 Repealed
  166. 9Paragraph 9 Repealed
  167. 10Paragraph 10 Repealed
  168. 11Paragraph 11 Repealed
  169. 12Paragraph 12 Repealed
  170. 13Paragraph 13 Repealed
  171. 14Paragraph 14 Repealed
  172. Consideration for options
  173. 15Paragraph 15 Repealed
  174. Part IV: Identification of Securities etc.
  175. 16Paragraph 16 Repealed
  176. 17Paragraph 17 Repealed
  177. 18Paragraph 18 Repealed
  178. 19Paragraph 19 Repealed
  179. Part V
  180. 20Paragraph 20 Repealed
  181. 21Paragraph 21 Repealed
  182. Part VI
  183. 22Paragraph 22 Repealed
  184. 23Paragraph 23 Repealed
  185. Schedule 20
  186. Part I
  187. 1Paragraph 1 Repealed
  188. 2Paragraph 2 Repealed
  189. 3Paragraph 3 Repealed
  190. 4Paragraph 4 Repealed
  191. Part II
  192. Disposals on which relief may be given
  193. 5Paragraph 5 Repealed
  194. Gains qualifying for relief
  195. 6Paragraph 6 Repealed
  196. 7Paragraph 7 Repealed
  197. 8Paragraph 8 Repealed
  198. 9Paragraph 9 Repealed
  199. 10Paragraph 10 Repealed
  200. 11Paragraph 11 Repealed
  201. 12Paragraph 12 Repealed
  202. The amount available for relief : the basic rule
  203. 13Paragraph 13 Repealed
  204. Aggregation of earlier business periods
  205. 14Paragraph 14 Repealed
  206. Relief given on earlier disposal
  207. 15Paragraph 15 Repealed
  208. Aggregation of spouse’s interest in the business
  209. 16Paragraph 16 Repealed
  210. Schedule 21
  211. 1Paragraph 1
  212. 2Paragraph 2 Repealed
  213. 3Paragraph 3 Repealed
  214. 4Paragraph 4 Repealed
  215. Schedule 22. . . . . . . . . . . . . . . . . . . . . . . .
  216. Schedule 23. . . . . . . . . . . . . . . . . . . . . . . .
  217. Schedule 24: Stamp Duty: Headings Omitted
  218. Paragraph
  219. Schedule 25: Abolition of Development Land Tax and Tax on Development Gains
  220. Part I: Provisions Supplementary to Abolition of Development Land Tax
  221. 1Paragraph 1
  222. 2Paragraph 2
  223. 3Paragraph 3
  224. Part II: Consequential Amendments
  225. The Taxes Management Act 1970
  226. 4Paragraph 4
  227. 5Paragraph 5
  228. 6Paragraph 6
  229. The Taxes Act
  230. 7Paragraph 7 Repealed
  231. The Finance Act 1981
  232. 10Paragraph 10
  233. Schedule 26: Capital Transfer Tax: Conditional Exemption
  234. Principal amendments
  235. 1Paragraph 1
  236. 2Paragraph 2
  237. 3Paragraph 3
  238. 4Paragraph 4
  239. Consequential amendments
  240. 5Paragraph 5
  241. 6Paragraph 6
  242. 7Paragraph 7
  243. 8Paragraph 8
  244. 9Paragraph 9
  245. 10Paragraph 10
  246. 11Paragraph 11
  247. 12Paragraph 12
  248. 13Paragraph 13
  249. 14Paragraph 14 Repealed
  250. Schedule 27: Repeals
  251. ICustoms and Excise: Miscellaneous
  252. 1Paragraph 1
  253. 2Paragraph 2
  254. IIVehicles Excise Duty
  255. IIIGaming Machine Licence Duty
  256. 1Paragraph 1
  257. 2Paragraph 2
  258. IVValue Added Tax
  259. 1Paragraph 1
  260. 2Paragraph 2
  261. VIncome Tax and Corporation Tax: General
  262. 1Paragraph 1
  263. 2Paragraph 2
  264. 3Paragraph 3
  265. 4Paragraph 4
  266. 5Paragraph 5
  267. VIIncome Tax and Corporation Tax: Capital Allowances
  268. 1Paragraph 1
  269. 2Paragraph 2
  270. 3Paragraph 3
  271. 4Paragraph 4
  272. 5Paragraph 5
  273. 6Paragraph 6
  274. VIICapital Gains
  275. 1Paragraph 1
  276. 2Paragraph 2
  277. 3Paragraph 3
  278. 4Paragraph 4
  279. VIIISecurities
  280. Part IX: Stamp Duty
  281. (1) Gifts Inter VivosChapter (1) Gifts Inter Vivos
  282. (2) Fixed DutiesChapter (2) Fixed Duties
  283. (3) Contract NotesChapter (3) Contract Notes
  284. (4) Exchange RatesChapter (4) Exchange Rates
  285. (5) Finance Act 1931Chapter (5) Finance Act 1931
  286. XDevelopment Land Tax and Tax on Development Gains
  287. 1Paragraph 1
  288. 2Paragraph 2
  289. XIMiscellaneous