OpenLegislation

Finance Act 1992

1992 c. 20 · Enacted 16 March 1992 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 6 April 2007.

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.[16th March 1992] I1

Most Gracious Sovereign,

Contents

  1. Excise duties
  2. 1Spirits, beer, wine, made-wine and cider.
  3. 2Tobacco products.
  4. 3Hydrocarbon oil.
  5. 4Vehicles excise duty.
  6. 5General betting duty.
  7. Value added tax
  8. 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  9. 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  10. Car tax
  11. 8Reduction of rates. Repealed
  12. Income tax
  13. 9Lower rate. Repealed
  14. 10Charge etc. for 1992-93. Repealed
  15. General
  16. 11Short title and interpretation.
  17. Schedule: Table of rates of duty on wine and made-wine

1Spirits, beer, wine, made-wine and cider.

(1)

In section 5 of the M1Alcoholic Liquor Duties Act 1979 (spirits) for “£18.96” there shall be substituted “ £19.81 ”.

(2)

In section 36 of that Act (beer) as that section has effect apart from section 7(1) of the M2Finance Act 1991 for “£1.06” there shall be substituted “ £1.108 ”.

(3)

For the Table of rates of duty in Schedule 1 to that Act (wine and made-wine) there shall be substituted the Table in the Schedule to this Act.

(4)

In section 62(1) of that Act (cider) for “£20.40” there shall be substituted “ £21.32 ”.

(5)

This section shall be deemed to have come into force at 6 o’clock in the evening of 10th March 1992.

2Tobacco products.

(1)

For the Table in Schedule 1 to the M1Tobacco Products Duty Act 1979 there shall be substituted—

TABLE

1. CigarettesAn amount equal to 21 per cent. of the retail price plus £44.32 per thousand cigarettes.
2. Cigars£67.89 per kilogram.
3. Hand-rolling tobacco£71.63 per kilogram.
4. Other smoking tobacco and chewing tobacco£29.98 per kilogram.
(2)

This section shall be deemed to have come into force at 6 o’clock in the evening of 10th March 1992.

3Hydrocarbon oil.

(1)

In section 6(1) of the M1Hydrocarbon Oil Duties Act 1979 for “£0.2585” (duty on light oil) and “£0.2187” (duty on heavy oil) there shall be substituted “ £0.2779 ” and “ £0.2285 ” respectively.

(2)

In section 11(1) of that Act (rebate on heavy oil) for “£0.0091” (fuel oil) and “£0.0129” (gas oil) there shall be substituted “ £0.0095 ” and “ £0.0135 ” respectively.

(3)

In section 13A(1) of that Act (rebate on unleaded petrol) for “£0.0344” there shall be substituted “ £0.0437 ”.

(4)

In section 14(1) of that Act (rebate on light oil for use as furnace fuel) for “£0.0091” there shall be substituted “ £0.0095 ”.

(5)

This section shall be deemed to have come into force at 6 o’clock in the evening of 10th March 1992.

4Vehicles excise duty.

(1)

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(2)

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(3)

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(4)

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(5)

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5General betting duty.

(1)

In section 1(2) of the M1Betting and Gaming Duties Act 1981 (rate of general betting duty) for “8 per cent.” there shall be substituted “ 7.75 per cent. ”

(2)

This section shall apply in relation to bets made on or after 1st April 1992.

6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

8Reduction of rates.F1

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9Lower rate.F1

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10Charge etc. for 1992-93.F1

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11Short title and interpretation.

(1)

This Act may be cited as the Finance Act 1992.

(2)

In this Act “the Taxes Act 1988” means the M1Income and Corporation Taxes Act 1988.