OpenLegislation

Finance Act 1985 in Scotland

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:—

Annotations to the whole text

Commencement

I1

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

Editorial notes

X1

ss. 1-3, 5-7, 10, 98(1)(6), Schs. 1, 3, 4, 27 Pt. I from Gp 40:1(Customs and Excise), ss. 11-33, 98(1)(6), Schs. 6-8, 27 Pt. IV from Gp 40:2(Customs and Excise), ss. 4, 9, 98(1)(6), Schs. 2, 27 Pt. II from Gp 107:2(Road Traffic), ss. 8, 10(5)-(7), 98(1)(6), Schs. 5, 27 Pt. III from Gp 12:2(Betting, Gaming and Lotteries), ss.34-66, 73-77, 90-92, 93, 96, 98(1)-(3)(5)(6), Schs. 9-18, 22, 23, 25, 27 Pts. V, VI, VIII, X from Gp 63:1(Income, Corporation and Capital Gains Taxes), ss. 67-72, 95, 98(1)-(3)(6), Schs 19-21, 27 Pt. VII from Gp 63:2(Income, Corporation and Capital Gains Taxes), ss. 78-89, 98(1)(4)(6), Schs. 24, 27 Pt. IX from Gp 114(Stamp duty), ss. 94, 95, 98(1)(6), Schs. 26, 27 Pt. XI from Gp 65(Inheritance Tax), ss. 97, 98(1) from Gp 99:7(Public Finance and Economic Controls)

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 Repealed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 Repealed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 Repealed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 Repealed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 Repealed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 Repealed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 Repealed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 Repealed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 Repealed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 Repealed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 Repealed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