Finance Act 1993

1993 c. 34 · Enacted 27 July 1993 · Extends to United Kingdom

Contents

1. Part I: Customs and Excise and Value Added Tax
2. Chapter I: General
3. Alcoholic liquor duties
4. 1Rates of duty.
5. 2Beer duty: rate for new regime.
6. 3Low strength beer.
7. 4Beer duty: abolition of certain reliefs, etc.
8. 5Blending of alcoholic liquors.
9. 6Mixing of wine and spirits in excise warehouse.
10. 7Sparkling wine or made-wine.
11. 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
12. Hydrocarbon oil duties
13. 9Rates of duty.
14. 10Extension of Hydrocarbon Oil Duties Act 1979 to energy products.
15. 11Other fuel substitutes.
16. 12Measurement of volume.
17. Tobacco products duty
18. 13Rates of duty.
19. 14Hand-rolling tobacco.
20. Gaming machine licence duty
21. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
22. 16Small-prize machines.
23. Vehicles excise duty
24. 17Rates of duty: general.
25. 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
26. 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
27. 20Old bicycles.
28. 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
29. Miscellaneous
30. 22Mutual recovery and disclosure of information. Repealed
31. 23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
32. Chapter II: Lottery Duty
33. The duty
34. 24Lottery duty.
35. 25Amount of duty.
36. 26Time for payment.
37. 27Persons liable for duty.
38. Administration and enforcement
39. 28General.
40. 29Registration of promoters etc.
41. 30Application of revenue trade provisions of CEMA 1979.
42. 31General offences.
43. 32Offences by bodies corporate.
44. 33Forfeiture.
45. 34Protection of officers etc.
46. 35Evidence by certificate etc.
47. 36Duty a preferential debt in insolvency.
48. 37Disclosure of information.
49. Supplementary
50. 38Regulations and orders.
51. 39Disapplication of pool betting duty.
52. 40Interpretation etc.
53. 41Commencement.
54. Chapter III: Value Added Tax
55. 42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
56. 43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
57. 44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
58. 45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
59. 46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
60. 47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
61. 48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
62. 49. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
63. 50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
64. Part II: Income Tax, Corporation Tax and Capital Gains Tax
65. Chapter I: General
66. Income tax: charge, rates and allowances
67. 51Charge and rates of income tax for 1993-94. Repealed
68. 52Personal and married couple’s allowances. Repealed
69. Corporation tax charge and rate
70. 53Charge and rate of corporation tax for 1993.
71. 54Small companies. Repealed
72. Interest: general
73. 55Relief for interest.
74. 56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
75. 57Temporary relief for interest payments.
76. 58Overclaims in respect of deductions of mortgage interest.
77. 59Interest payments to persons not ordinarily resident in UK. Repealed
78. 60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
79. Interest etc. on debts between associated companies
80. 61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
81. 62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
82. 62A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
83. 63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
84. 64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
85. 65. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
86. 66. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
87. Charitable donations
88. 67Donations from companies and individuals. Repealed
89. 68Payroll deduction schemes. Repealed
90. 69Contributions to agent’s expenses. Repealed
91. Benefits in kind
92. 70Car benefits: 1993-94.
93. 71Car fuel: 1993-94.
94. 72Car and car fuel benefits: 1994-95 onwards. Repealed
95. 73Vans. Repealed
96. 74Heavier commercial vehicles. Repealed
97. 75Sporting and recreational facilities. Repealed
98. 76Removal expenses and benefits. Repealed
99. Taxation of distributions etc.
100. 77Application of lower rate.
101. 78. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
102. 79Provisions supplemental to sections 77 and 78.
103. 80Transitional relief for charities etc. Repealed
104. 81. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
105. Chargeable gains
106. 82Annual exempt amount for 1993-94.
107. 83Annual exempt amount: indexation for 1994-95 onwards.
108. 84Re-organisations etc. involving debentures.
109. 85Personal equity plans.
110. 86Roll-over relief.
111. 87Relief on retirement or re-investment.
112. 88Restriction on set-off of pre-entry losses.
113. 89De-grouping charges.
114. 90. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
115. 91Deemed disposals of unit trusts by insurance companies.
116. Corporation tax: currency
117. 92The basic rule: sterling to be used Repealed
118. 92ACompany operating in sterling and preparing accounts in another currency Repealed
119. 92BCompany operating in currency other than sterling and preparing accounts in another currency Repealed
120. 92CCompany preparing accounts in currency other than sterling Repealed
121. 92DSterling equivalents: the basic rule Repealed
122. 92DASterling equivalents: carried-back amounts Repealed
123. 92DBSterling equivalents: carried-forward amounts Repealed
124. 92DCAdjustment of sterling losses: carried-back amounts Repealed
125. 92DDAdjustment of sterling losses: carried-forward amounts Repealed
126. 92DEMeaning of “carried-back amount” and “carried-forward amount” Repealed
127. 92EInterpretation of sections 92A to 92DD Repealed
128. 95. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
129. 96Foreign companies: trading currency.
130. Overseas life insurance companies
131. 97Modification of Taxes Act 1988. Repealed
132. 98Modification of section 440 of Taxes Act 1988. Repealed
133. 99. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
134. 100Income from investments attributable to BLAGAB, etc.
135. 101Modification of Finance Act 1989. Repealed
136. 102Modification of Taxation of Chargeable Gains Act 1992. Repealed
137. 103Amendment of definition and repeals.
138. Approved share option schemes
139. 104Calculation of consideration.
140. 105Expenditure on shares.
141. Indexation: miscellaneous
142. 106Earnings cap etc: no indexation in 1993-94. Repealed
143. 107Indexation of allowances etc. for 1994-95 onwards.
144. Miscellaneous provisions about reliefs
145. 108Counselling services for employees. Repealed
146. 109Pre-trading expenditure.
147. 110Waste disposal expenditure. Repealed
148. 111Business expansion scheme: loan linked investments. Repealed
149. 112Employers’ pension contributions. Repealed
150. Capital allowances
151. 113. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
152. 114. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
153. 115. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
154. 116. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
155. 117Transactions between connected persons etc. Repealed
156. Miscellaneous
157. 118Scottish trusts. Repealed
158. 119Controlled foreign companies.
159. 120Pay and file: miscellaneous amendments.
160. 121. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
161. 122Application of Income Tax Acts etc. to public departments.
162. 123Expenditure involving crime. Repealed
163. 124Expenses of Members of Parliament. Repealed
164. Chapter II: Exchange Gains and Losses
165. Accrual of gains and losses
166. 125. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
167. 126. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
168. 127. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
169. Trading gains and losses
170. 128. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
171. Non-trading gains and losses
172. 129. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
173. 130. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
174. 131Non-trading gains and losses: relief.
175. 132Modifications where loss carried forward.
176. 133Interaction with ICTA.
177. Alternative calculation
178. 134. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
179. Main benefit test
180. 135. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
181. 135A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
182. Arm’s length test
183. 136. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
184. 136A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
185. 137. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
186. 138. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
187. Deferral of unrealised gains
188. 139. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
189. 140. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
190. 141. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
191. 142. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
192. 143. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
193. Irrecoverable debts
194. 144. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
195. 145. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
196. Currency contracts: special cases
197. 146. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
198. 147. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
199. Excess gains or losses
200. 148. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
201. Local currency to be used
202. 149. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
203. Exchange rate to be used
204. 150. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
205. 151. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
206. Interpretation: companies
207. 152. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
208. Interpretation: assets, liabilities and contracts
209. 153. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
210. 154. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
211. 155. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
212. 156. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
213. 157. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
214. Interpretation: other provisions
215. 158. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
216. 159. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
217. 160. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
218. 161. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
219. 162. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
220. 163. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
221. 164. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
222. Miscellaneous
223. 165. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
224. 166. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
225. 167. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
226. 168. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
227. 168A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
228. 169. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
229. 170Amendments.
230. Chapter III: Lloyd’s Underwriters etc.
231. Main provisions
232. 171Taxation of profits and allowance of losses.
233. 172Year of assessment in which profits or losses arise.
234. 173Assessment and collection of tax. Repealed
235. Members’ trust funds
236. 174Premium trust funds.
237. 175Special reserve funds.
238. 176Ancillary trust funds.
239. Other special cases
240. 177. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
241. 178Stop-loss and quota share insurance.
242. Miscellaneous
243. 179Cessation: final year of assessment.
244. 179ADeath of member.
245. 179BConversion to underwriting through partnership or company
246. 180Underwriting profits to be relevant UK earnings etc.
247. 181Lloyd’s underwriting agents.
248. Supplemental
249. 182Regulations.
250. 183Consequential amendments.
251. 184Interpretation and commencement.
252. Part III: Oil Taxation
253. 185Abolition of PRT for oil fields with development consents on or after 16th March 1993.
254. 186Reduction of rates of PRT and interest repayments for taxable oil fields.
255. 187Returns and information.
256. 188Exploration and appraisal expenditure.
257. 189Transitional relief for certain exploration and appraisal expenditure.
258. 190Allowance of expenditure on certain assets limited by reference to taxable field use.
259. 191Time when expenditure is incurred.
260. 192Chargeable periods in which expenditure may be brought into account.
261. 193Tariff receipts etc.
262. 194Double taxation relief in relation to petroleum revenue tax. Repealed
263. 195Interpretation of Part III and consequential amendments of assessments etc.
264. Part IV: Inheritance Tax
265. 196Rate bands: no indexation in 1993.
266. 197Rate bands: indexation for 1994 onwards.
267. 198Fall in value relief: qualifying investments.
268. 199Fall in value relief: interests in land.
269. 200Appeals: questions as to value of land.
270. Part V: Stamp Duty
271. 201. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
272. 202Rent to mortgage: England and Wales.
273. 203Rent to loan: Scotland.
274. 204Method of denoting stamp duty.
275. Part VI: Miscellaneous and General
276. Statutory effect of resolutions etc.
277. 205The 1968 Act.
278. 206Corporation tax.
279. 207Stamp duty.
280. Miscellaneous
281. 208Residence: available accommodation.
282. 209. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
283. 210Trading funds.
284. 211. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
285. General
286. 212Interpretation.
287. 213Repeals.
288. 214Short title.
289. Schedule 1: Table of rates of duty on wine and made-wine
290. Schedule 2: Value added tax: penalties etc.
291. Misdeclaration penalty under section 14 of the 1985 Act
292. 1Paragraph 1
293. Misdeclaration penalty under section 14A of the 1985 Act
294. 2Paragraph 2
295. Mitigation of penalties
296. 3Paragraph 3
297. Interest on tax etc. recovered or recoverable by assessment
298. 4Paragraph 4
299. Default surcharge
300. 5Paragraph 5
301. 6Paragraph 6
302. 7Paragraph 7
303. Meaning of “the 1985 Act”
304. 8Paragraph 8
305. Schedule 3: Car and car fuel benefits: 1994-95 onwards Repealed
306. Introductory Repealed
307. 1Paragraph 1 Repealed
308. Car benefits Repealed
309. 2Paragraph 2 Repealed
310. 3Paragraph 3 Repealed
311. 4Paragraph 4 Repealed
312. 5Paragraph 5 Repealed
313. Car fuel benefits Repealed
314. 6Paragraph 6 Repealed
315. General Repealed
316. 7Paragraph 7 Repealed
317. Schedule 4: Vans Repealed
318. 1Paragraph 1 Repealed
319. 2Paragraph 2 Repealed
320. 3Paragraph 3 Repealed
321. 4Paragraph 4 Repealed
322. 5Paragraph 5 Repealed
323. 6Paragraph 6 Repealed
324. 7Paragraph 7 Repealed
325. 8Paragraph 8 Repealed
326. Schedule 5: Removal expenses and benefits Repealed
327. 1Paragraph 1 Repealed
328. 2Paragraph 2 Repealed
329. Schedule 6: Taxation of distributions: supplemental provisions
330. The Taxes Act 1988
331. 1Paragraph 1
332. 2Paragraph 2 Repealed
333. 3Paragraph 3 Repealed
334. 4Paragraph 4 Repealed
335. 5Paragraph 5 Repealed
336. 6Paragraph 6 Repealed
337. 7Paragraph 7 Repealed
338. 8Paragraph 8 Repealed
339. 9Paragraph 9 Repealed
340. 10Paragraph 10 Repealed
341. 11Paragraph 11 Repealed
342. 12Paragraph 12 Repealed
343. 13Paragraph 13 Repealed
344. 14Paragraph 14 Repealed
345. 15Paragraph 15 Repealed
346. 16Paragraph 16 Repealed
347. 17Paragraph 17 Repealed
348. 18Paragraph 18 Repealed
349. 19Paragraph 19 Repealed
350. The Finance Act 1989 (c. 26)
351. 20Paragraph 20
352. The Finance Act 1990 (c. 29)
353. 21Paragraph 21 Repealed
354. The Taxation of Chargeable Gains Act 1992 (c. 12)
355. 22Paragraph 22 Repealed
356. 23Paragraph 23 Repealed
357. 24Paragraph 24 Repealed
358. Commencement
359. 25Paragraph 25
360. Schedule 7: Relief on retirement or re-investment
361. Part I: Retirement relief etc.
362. Extension of references to “family company”
363. 1Paragraph 1
364. Extension of references to full-time working directors etc.
365. 2Paragraph 2 Repealed
366. Part II: Roll-over relief on re-investment
367. 3Paragraph 3
368. Schedule 8: Restriction on set-off of pre-entry losses
369. Schedule 9: OVERSEAS LIFE INSURANCE COMPANIES: AMENDMENT OF TAXES ACT 1988 ETC Repealed
370. ... Repealed
371. Schedule 10: Overseas life insurance companies: amendment of Finance Act 1989 Repealed
372. Schedule 11: OVERSEAS LIFE INSURANCE COMPANIES: AMENDMENT OF TAXATION OF CHARGEABLE GAINS ACT 1992 Repealed
373. Schedule 12
374. 1Paragraph 1
375. 2Paragraph 2
376. 3Paragraph 3
377. 4Paragraph 4
378. 5Paragraph 5
379. 6Paragraph 6
380. 7Paragraph 7
381. 8Paragraph 8
382. 9Paragraph 9
383. 10Paragraph 10
384. Schedule 13: First-year allowances for machinery and plant
385. 1Paragraph 1
386. 2Paragraph 2
387. 3Paragraph 3
388. 4Paragraph 4
389. 5Paragraph 5
390. 6Paragraph 6
391. 7Paragraph 7
392. 8Paragraph 8
393. 9Paragraph 9
394. 10Paragraph 10
395. 11Paragraph 11
396. 12Paragraph 12
397. 13Paragraph 13
398. Schedule 14: Pay and file: miscellaneous amendments
399. Failure to give notice of liability for corporation tax
400. 1Paragraph 1 Repealed
401. Further claims etc. where assessment made
402. 2Paragraph 2 Repealed
403. Interest on overdue corporation tax: transitional cases
404. 3Paragraph 3
405. Interest on overdue corporation tax: pay and file cases
406. 4Paragraph 4
407. Effect on interest of reliefs
408. 5Paragraph 5
409. Failure to make return for corporation tax
410. 6Paragraph 6 Repealed
411. Things to be done by companies
412. 7Paragraph 7
413. Relief under section 393 of the Taxes Act 1988
414. 8Paragraph 8
415. 9Paragraph 9 Repealed
416. Interest on tax overpaid
417. 10Paragraph 10
418. Surrender of refunds
419. 11Paragraph 11 Repealed
420. Schedule 15: Exchange gains and losses: alternative calculation
421. Introduction
422. 1Paragraph 1
423. Exempt circumstances
424. 2Paragraph 2
425. Unremittable income
426. 3Paragraph 3
427. Matched liabilities
428. 4Paragraph 4
429. Currency contracts: matching
430. 4AParagraph 4A
431. Combination of circumstances
432. 5Paragraph 5
433. 5AParagraph 5A
434. Arm’s length test
435. 6Paragraph 6
436. Local currency
437. 7Paragraph 7
438. General
439. 8Paragraph 8
440. 9Paragraph 9
441. Schedule 16: Exchange gains and losses: transitionals
442. Introduction
443. 1Paragraph 1
444. General provision
445. 2Paragraph 2
446. Attributed gain or loss
447. 3Paragraph 3
448. Adjustment of exchange gain or loss
449. 4Paragraph 4
450. Allowable losses
451. 5Paragraph 5
452. Miscellaneous
453. 6Paragraph 6
454. Schedule 17: Exchange gains and losses: chargeable gains
455. Introduction
456. 1Paragraph 1
457. Currency
458. 2Paragraph 2
459. 3Paragraph 3
460. Debts other than securities
461. 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
462. Debts on securities: disposals
463. 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
464. Debts on securities: relief
465. 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
466. Reconstructions, groups etc.
467. 7Paragraph 7
468. Indexation allowance
469. 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
470. Schedule 18: Exchange gains and losses: amendments
471. Taxes Management Act 1970 (c. 9)
472. 1Paragraph 1
473. Income and Corporation Taxes Act 1988 (c. 1)
474. 2Paragraph 2 Repealed
475. 3Paragraph 3 Repealed
476. 4Paragraph 4
477. 5Paragraph 5
478. 6Paragraph 6 Repealed
479. Finance Act 1989 (c. 26)
480. 7Paragraph 7 Repealed
481. Schedule 19: Lloyd’s underwriters: assessment and collection of tax
482. Part I: Determination of a syndicate’s profit or loss Repealed
483. Preliminary Repealed
484. 1Paragraph 1 Repealed
485. Returns by managing agent Repealed
486. 2Paragraph 2 Repealed
487. Determinations by inspector Repealed
488. 3Paragraph 3 Repealed
489. Appeals Repealed
490. 4Paragraph 4 Repealed
491. Modification of determinations pending appeal Repealed
492. 5Paragraph 5 Repealed
493. Apportionments of syndicate’s profit or loss Repealed
494. 6Paragraph 6 Repealed
495. Individual members: effect of determinations Repealed
496. 7Paragraph 7 Repealed
497. Assessment of individual members: time limits Repealed
498. 8Paragraph 8 Repealed
499. Part II: Payments on account of tax Repealed
500. Preliminary Repealed
501. 9Paragraph 9 Repealed
502. Returns by members’ agent Repealed
503. 10Paragraph 10 Repealed
504. Payments on account of tax Repealed
505. 11Paragraph 11 Repealed
506. Assessment on members’ agent Repealed
507. 12Paragraph 12 Repealed
508. Part III: Repayment of tax deducted etc. from investment income Repealed
509. 13Paragraph 13 Repealed
510. Schedule 20: Lloyd’s underwriters: special reserve funds
511. Part I: Requirements for and tax consequences of new-style funds
512. Preliminary
513. 1Paragraph 1
514. General requirements
515. 2Paragraph 2
516. Payments into fund out of syndicate profits
517. 3Paragraph 3
518. Payments out of fund to cover cash calls
519. 4Paragraph 4
520. Payments out of fund to cover syndicate losses
521. 5Paragraph 5
522. Valuation and payments out of fund of excess amounts
523. 6Paragraph 6
524. Payments out of fund on cessation
525. 7Paragraph 7
526. Entitlement of member for tax purposes
527. 8Paragraph 8
528. Tax exemption for profits arising from assets of fund
529. 9Paragraph 9
530. Tax consequences of payments into and out of fund
531. 10Paragraph 10
532. Tax consequences of cessation
533. 11Paragraph 11
534. Part II: Winding up of old-style funds
535. Preliminary
536. 12Paragraph 12
537. Winding up of old-style funds
538. 13Paragraph 13
539. Tax consequences of winding up
540. 14Paragraph 14
541. Schedule 20A: Lloyd’s underwriters: conversion to underwriting through partnership or company
542. Part 1: Conversion to underwriting through successor companies
543. Introduction
544. 1Paragraph 1
545. Income tax: carry forward of loss relief following conversion
546. 2Paragraph 2
547. Capital gains tax: roll-over relief on disposal of syndicate capacity
548. 3Paragraph 3
549. Capital gains tax: roll-over relief on disposal of assets of ancillary trust fund
550. 4Paragraph 4
551. Interpretation of this Part of this Schedule
552. 5Paragraph 5
553. Part 1A: CONVERSION OF PARTNERSHIPS TO UNDERWRITING THROUGH SUCCESSOR COMPANIES
554. Introduction
555. 5AParagraph 5A
556. Capital gains tax: roll-over relief on disposal of syndicate capacity
557. 5BParagraph 5B
558. Capital gains tax: roll-over relief on disposal of assets of ancillary trust fund
559. 5CParagraph 5C
560. Interpretation of this Part of this Schedule
561. 5DParagraph 5D
562. Part 2: Conversion to underwriting through successor partnerships
563. Introduction
564. 6Paragraph 6
565. Income tax: carry forward of loss relief following conversion
566. 7Paragraph 7
567. Interpretation of this Part of this Schedule
568. 8Paragraph 8
569. Part 3: Supplementary provisions
570. Withdrawal of resignation notice
571. 9Paragraph 9
572. 9AParagraph 9A
573. Interpretation of this Schedule
574. 10Paragraph 10
575. Application of this Schedule
576. 11Paragraph 11
577. Schedule 20B: PRT: elections for oil fields to become non-taxable
578. Election by responsible person
579. 1Paragraph 1
580. Method of election
581. 2Paragraph 2
582. 3Paragraph 3
583. 4Paragraph 4
584. Effect of election
585. 5Paragraph 5
586. No unrelievable field losses from field
587. 6Paragraph 6
588. Interpretation
589. 7Paragraph 7
590. Schedule 21: Oil taxation: supplementary provisions about information Repealed
591. Part I: Restrictions on powers under section 187 Repealed
592. 1Paragraph 1 Repealed
593. 2Paragraph 2 Repealed
594. 3Paragraph 3 Repealed
595. 4Paragraph 4 Repealed
596. 5Paragraph 5 Repealed
597. 6Paragraph 6 Repealed
598. 7Paragraph 7 Repealed
599. 8Paragraph 8 Repealed
600. 9Paragraph 9 Repealed
601. 10Paragraph 10 Repealed
602. 11Paragraph 11 Repealed
603. 12Paragraph 12 Repealed
604. Part II: Meaning of “documents” Repealed
605. 13Paragraph 13 Repealed
606. 14Paragraph 14 Repealed
607. Schedule 22: Trading funds
608. Introduction
609. 1Paragraph 1
610. Reserves
611. 2Paragraph 2
612. Public dividend capital etc.
613. 3Paragraph 3
614. Maximum borrowing etc.
615. 4Paragraph 4
616. Schedule 23: Repeals
617. IExcise duties
618. IIValue added tax
619. Paragraph
620. Paragraph
621. Paragraph
622. Paragraph
623. IIIIncome tax, corporation tax and capital gains tax
624. Paragraph
625. 1Paragraph 1
626. Paragraph
627. Paragraph
628. Paragraph
629. Paragraph
630. Paragraph
631. Paragraph
632. Paragraph
633. Paragraph
634. Paragraph
635. Paragraph
636. 1Paragraph 1
637. 2Paragraph 2
638. 3Paragraph 3
639. 4Paragraph 4
640. 5Paragraph 5
641. IVOil taxation
642. VInheritance tax
643. Paragraph
644. VIStatutory effect of resolutions etc.
645. Paragraph
646. VIITrading funds