Finance Act 1994 in Scotland
1994 c. 9 · Enacted 3 May 1994 · Extends to United Kingdom
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.
[3rd May 1994] C1
Most 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
Modifications
- C1
Act restricted (1.5.1995) by 1995 c. 4, s. 86(11)(14) (with Sch. 8 paras. 55(2), 57(1))
Contents
- Part I: Customs and Excise
- Chapter I: General
- Rates of duty
- 1Wine, made-wine and cider.
- 2Tobacco products.
- 3Hydrocarbon oil.
- 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Other provisions
- 5Vehicles excise duty: miscellaneous provisions.
- 6Gaming machine licence duty.
- Chapter II: Appeals and Penalties
- The meaning of tribunal
- 7Meaning of tribunal
- Civil penalties
- 8Penalty for evasion of excise duty. Repealed
- 9Penalties for contraventions of statutory requirements.
- 10Exceptions to liability under section 9.
- 10ABreaches of controlled goods agreements Repealed
- Assessments to excise duty or to penalties
- 12Assessments to excise duty.
- 12AOther assessments relating to excise duty matters.
- 12BSection 12A: supplementary provisions.
- 13Assessments to penalties.
- Customs and excise reviews and appeals
- 13AMeaning of “relevant decision”
- 14Requirement for review of decision under section 152(b) of the Management Act etc
- 14AReview out of time
- 15Review procedure.
- 15AOffer of review of relevant decision
- 15BRight to require review
- 15CReview by HMRC
- 15DExtensions of time
- 15EReview out of time
- 15FNature of review etc
- 16Appeals to a tribunal.
- 16ATemporary approvals etc pending review or appeal: eligibility
- 16BTemporary approvals etc pending review or appeal: process
- 16CTemporary approvals etc pending review or appeal: modifications
- Supplemental provisions
- 17Interpretation.
- 18Consequential modifications of enactments.
- 19Commencement of Chapter.
- Chapter III: Customs: Enforcement Powers
- 20Interpretation, etc.
- 21Requirements about keeping records.
- 22Records and rules of evidence.
- 23Furnishing of information and production of documents.
- 24Power of entry.
- 25Order for production of documents.
- 26Procedure when documents are removed.
- 27Failure of officer to comply with requirements under section 26.
- Chapter IV: Air Passenger Duty
- The duty
- 28Air passenger duty.
- 29Chargeable aircraft.
- 29AChargeable aircraft: exceptions
- 30The rate of duty.
- 30ANorthern Ireland long haul and ultra-long haul rates of duty
- 31Passengers: exceptions.
- 32Change of circumstances after ticket issued etc.
- Persons liable for the duty
- 33Registration of aircraft operators.
- 33ARegistration of Northern Ireland long haul aircraft operators
- 34Fiscal representatives.
- 34AAdministrative representatives.
- 35Fiscal representatives: supplementary.
- 36Security for payment of duty.
- 37Handling agents.
- 38Accounting for and payment of duty.
- 39Schemes for simplified operation of Chapter
- Administration and enforcement
- 40Administration and enforcement.
- 41Offences.
- 41ANorthern Ireland long haul rates of duty: disclosure of information
- Supplementary
- 42Regulations and orders.
- 43Interpretation.
- 44Commencement.
- Part II: Value Added Tax
- 45Section 45 Repealed
- 46Repayment supplement.
- 47Section 47 Repealed
- Part III: Insurance Premium Tax
- The basic provisions
- 48Insurance premium tax.
- 49Charge to tax.
- 50Chargeable amount.
- 51Rate of tax.
- 51APremiums liable to tax at the higher rate.
- 52Liability to pay tax.
- 52ACertain fees to be treated as premiums under higher rate contracts.
- Administration
- 53Registration of insurers.
- 53AARegistration of taxable intermediaries.
- 53AInformation required to keep register up to date.
- 54Accounting for tax and time for payment.
- 55Credit.
- 56Power to assess.
- Tax representatives
- 57Tax representatives. Repealed
- 58Rights and duties of tax representatives. Repealed
- Review and appeal
- 59Appeals
- 59AOffer of review
- 59BRight to require review
- 59CReview by HMRC
- 59DExtensions of time
- 59EReview out of time
- 59FNature of review etc
- 59GBringing of appeals
- 60Further provisions relating to appeals
- 61Review and appeal: commencement.
- Miscellaneous
- 62Partnership, bankruptcy, transfer of business, etc.
- 63Groups of companies.
- 64Information, powers, penalties, etc.
- 65Liability of insured in certain cases.
- 66Directions as to amounts of premiums.
- 66ARate increases: deemed date of receipt of certain premiums
- 66BSection 66A: exceptions and apportionments
- 66CRate changes: premiums relating to more than one period of cover
- 67Deemed date of receipt of certain premiums. Repealed
- 67AAnnounced increase in rate of tax: certain premiums treated as received on date of increase. Repealed
- 67BAnnounced increase in rate of tax: certain contracts treated as made on date of increase. Repealed
- 67CAnnounced increase in rate of tax: exceptions and apportionments. Repealed
- 68Special accounting schemes.
- 69Charge to tax where different rates of tax apply.
- 69APart-exempt contracts: excepted premiums
- 69BTreatment of excepted premiums where limits breached after receipt
- 69CPart-exempt contracts: exemption from requirement to make returns
- 69DWithdrawal of exemption
- Supplementary
- 70Interpretation: taxable insurance contracts.
- 71Taxable insurance contracts: power to change definition.
- 72Interpretation: premium.
- 73Interpretation: other provisions.
- 74Orders and regulations.
- Part IV: Income Tax, Corporation Tax and Capital Gains Tax
- Chapter I: General
- Income tax: charge, rates and reliefs
- 75Charge and rates of income tax for 1994-95. Repealed
- 76Personal allowance. Repealed
- 77Rate of relief to married couples etc.
- 78Amount by reference to which MCA is reduced. Repealed
- 79Relief for maintenance payments.
- 80Limit on relief for interest.
- 81Mortgage interest relief etc.
- 82Relief for blind persons.
- 83. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 84. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Corporation tax charge and rate
- 85Charge and rate of corporation tax for 1994.
- 86Small companies. Repealed
- Benefits in kind
- 87Car fuel.
- 88Beneficial loan arrangements. Repealed
- 89Vouchers and credit-tokens. Repealed
- Chargeable gains
- 90Annual exempt amount for 1994-95.
- 91Relief on re-investment.
- 92. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 93Indexation losses.
- 94Set-off of pre-entry losses. Repealed
- 95Commodity and financial futures.
- 96Cash-settled options.
- 97Settlements with foreign element: information.
- Profit-related pay
- 98. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 99. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Profit sharing schemes
- 100Relevant age for purpose of appropriate percentage.
- 101Acceptance of qualifying corporate bonds for shares.
- Employee share ownership trusts
- 102Employee share ownership trusts.
- Retirement benefits schemes
- 103The administrator. Repealed
- 104Default of administrator etc. Repealed
- 105Information. Repealed
- 106False statements etc. Repealed
- 107Discretionary approval. Repealed
- 108Taxation of benefits of non-approved schemes.
- Annuities
- 109Annuities derived from personal pension schemes. Repealed
- 110Annuities derived from retirement benefits schemes. Repealed
- Authorised unit trusts
- 111. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 112Distributions of authorised unit trusts.
- 113Umbrella schemes. Repealed
- Exchange gains and losses
- 114Assets and liabilities. Repealed
- 115Currency contracts: net payments. Repealed
- 116Currency contracts: matching. Repealed
- Capital allowances
- 117. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 118Expenditure on machinery or plant: notification.
- 119Transactions between connected persons.
- 120. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 121. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Securities
- 122Sale and repurchase of securities: deemed manufactured payments. Repealed
- 123Manufactured payments.
- 124. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- PAYE
- 125Payment by intermediary. Repealed
- 126Employees working for persons other than their employers, etc. Repealed
- 127Tradeable assets. Repealed
- 128Non-cash vouchers. Repealed
- 129Credit-tokens. Repealed
- 130Cash vouchers. Repealed
- 131Supplementary. Repealed
- 132Payments etc. received free of tax. Repealed
- 133PAYE regulations: past cases.
- Miscellaneous provisions about companies
- 134Controlled foreign companies. Repealed
- 135Prevention of avoidance of corporation tax. Repealed
- 136Parts of trades: computations in different currencies.
- Miscellaneous
- 137Enterprise investment scheme.
- 138Foreign income dividends.
- 139Taxation of incapacity benefit. Repealed
- 140Restriction on deduction from income. Repealed
- 141Expenditure involving crime. Repealed
- 142Mortgage interest payable under deduction of tax: qualifying lenders.
- 143. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 144Debts released in voluntary arrangement: relief from tax. Repealed
- 145Relief for business donations. Repealed
- 146Minor corrections.
- Chapter II: Interest Rate and Currency Contracts
- Qualifying contracts
- 147Qualifying contracts. Repealed
- 147ADebt contracts and options to be qualifying contracts. Repealed
- 148Contracts which may become qualifying contracts. Repealed
- Interest rate and currency contracts and options
- 149Interest rate contracts and options. Repealed
- 150Currency contracts and options. Repealed
- 150ADebt contracts and options. Repealed
- 151Provisions which may be included. Repealed
- 152Provisions which may be disregarded. Repealed
- Other basic definitions
- 153Qualifying payments. Repealed
- 154Qualifying companies. Repealed
- Accrual of profits and losses
- 155Accrual of profits and losses. Repealed
- 156Basis of accounting: general. Repealed
- 157Basis of accounting for linked currency options. Repealed
- 158Adjustments for changes in basis of accounting. Repealed
- Treatment of profits and losses
- 159Trading profits and losses. Repealed
- 160Non-trading profits and losses. Repealed
- Special cases
- 161Termination etc. of qualifying contracts. Repealed
- 162Exchange gains and losses on currency contracts. Repealed
- 163Irrecoverable payments. Repealed
- 164Released payments. Repealed
- Anti-avoidance and related provisions
- 165Transfers of value by qualifying companies. Repealed
- 166Transfers of value to associated companies. Repealed
- 167Transactions not at arm’s length. Repealed
- 168Qualifying contracts with non-residents. Repealed
- 168AQualifying contracts for unallowable purposes Repealed
- Miscellaneous
- 169Insurance and mutual trading companies. Repealed
- 170Investment trusts. Repealed
- 171. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 172Partnerships involving qualifying companies. Repealed
- Supplemental
- 173Prevention of double charging etc. Repealed
- 174Prevention of deduction of tax. Repealed
- 175Transitional provisions. Repealed
- 176Minor and consequential amendments.
- 177Interpretation of Chapter II. Repealed
- Chapter III: Management: Self-Assessment etc.
- Income tax and capital gains tax
- 178Personal and trustee’s returns.
- 179Returns to include self-assessment.
- 180. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Corporation tax
- 181. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 182. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 183. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Partnerships
- 184Partnership return.
- 185Partnership return to include partnership statement.
- 186. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Enquiries: procedure
- 187Power to call for documents. Repealed
- 188. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 189. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Determinations and assessments to protect revenue
- 190Determination of tax where no return delivered.
- 191Assessment where loss of tax discovered.
- Payment of tax
- 192Payments on account of income tax.
- 193Payment of income tax and capital gains tax.
- 194Surcharges on unpaid income tax and capital gains tax.
- 195. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Miscellaneous and supplemental
- 196Management: other amendments.
- 197. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 198. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 199Interpretation and commencement of Chapter III.
- Chapter IV: Changes for Facilitating Self-Assessment
- Assessment under Cases I and II of Schedule D
- 200Assessment on current year basis. Repealed
- 201Basis of assessment at commencement. Repealed
- 202Change of basis period. Repealed
- 203Conditions for such a change. Repealed
- 204Basis of assessment on discontinuance. Repealed
- 205Overlap profits and overlap losses. Repealed
- Assessment under Cases III to VI of Schedule D
- 206Basis of assessment under Case III. Repealed
- 207Basis of assessment under Cases IV and V. Repealed
- 208Basis of assessment under Case VI. Repealed
- Loss relief
- 209Loss relief: general. Repealed
- 210Relief for losses on unquoted shares. Repealed
- Capital allowances
- 211Income tax allowances and charges in taxing a trade etc.
- 212. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 213. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 214Amendments of other enactments.
- Miscellaneous and supplemental
- 215Treatment of partnerships. Repealed
- 216Effect of change in ownership of trade, profession or vocation.
- 217Double taxation relief in respect of overlap profits. Repealed
- 218Commencement, transitional provisions and savings.
- Chapter V: Lloyd’s Underwriters: Corporations etc.
- Main provisions
- 219Taxation of profits.
- 220Accounting period in which certain profits or losses arise.
- 221Assessment and collection of tax. Repealed
- Trust funds
- 222Premium trust funds.
- 223Ancillary trust funds.
- Other special cases
- 224. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 225Stop-loss and quota share insurance.
- Miscellaneous
- 226Provisions which are not to apply.
- 227Cessation: final underwriting year.
- 227ARestriction of group relief
- 227BTransfer of underwriting business without change of ownership
- 227CExemption for profits or losses of foreign permanent establishments
- 228Lloyd’s underwriters: individuals.
- Supplemental
- 229Regulations.
- 230Interpretation and commencement.
- Part V: Oil Taxation
- Chapter I: Election by Reference to Pipe-Line Usage
- 231Election by reference to pipe-line with excess capacity.
- 232Restriction on electing participator’s allowable expenditure on elected assets.
- 233Tax relief for certain receipts of an electing participator.
- 234Interpretation of Chapter and supplementary provisions.
- Chapter II: Miscellaneous
- 235Valuation of oil.
- 236Valuation of certain light gases.
- 237Abortive exploration expenditure.
- 238Disposals of assets producing tariff receipts.
- Part VI: Stamp duty
- 239Execution of deeds.
- 240Time for presenting agreement for lease.
- 240ARequirements before lease treated as duly stamped.
- 241Exchange, partition, etc.
- 242Where consideration not ascertainable from conveyance or lease.
- 243Agreements to surrender leases.
- 244Production of documents on transfer of land in Northern Ireland.
- 245Production of documents: supplementary.
- Part VII: Inheritance Tax
- 246Rate bands: no indexation in 1994.
- 247Business and agricultural relief.
- 248Corporate Lloyd’s underwriters.
- Part VIII: Miscellaneous and General
- Companies treated as non-resident
- 249Certain companies treated as non-resident. Repealed
- 250Companies treated as non-resident: supplementary. Repealed
- 251Companies treated as non-resident: repeals.
- Privatisations
- 252Railways.
- 253Northern Ireland Airports Limited.
- Management
- 254Practice and procedure in connection with appeals.
- 255Calling for documents of taxpayers and others. Repealed
- Assigned matters
- 256Minor corrections.
- General
- 257Interpretation and construction.
- 258Repeals.
- 259Short title.
- Schedule 1Table of rates of duty on wine and made-wine
- Schedule 2: Vehicles excise duty: miscellaneous provisions
- 1Paragraph 1 Repealed
- 2Paragraph 2 Repealed
- 3Paragraph 3 Repealed
- 4Paragraph 4 Repealed
- 5Paragraph 5 Repealed
- 6Paragraph 6 Repealed
- 7Paragraph 7 Repealed
- 8Paragraph 8 Repealed
- 9Paragraph 9 Repealed
- 10Paragraph 10 Repealed
- 11Paragraph 11 Repealed
- 12Paragraph 12 Repealed
- 13Paragraph 13 Repealed
- 14Paragraph 14 Repealed
- 15Paragraph 15 Repealed
- 16Paragraph 16 Repealed
- 17Paragraph 17 Repealed
- 18Paragraph 18 Repealed
- 19Paragraph 19 Repealed
- 20Paragraph 20 Repealed
- 21Paragraph 21 Repealed
- 22Paragraph 22 Repealed
- 23Paragraph 23 Repealed
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26 Repealed
- 27Paragraph 27 Repealed
- 28Paragraph 28 Repealed
- 29Paragraph 29
- Schedule 3: Amendments about gaming machine licence duty
- Licences for periods beginning on or after 1st May 1994
- 1Paragraph 1
- Special licences
- 2Paragraph 2
- 3Paragraph 3
- Seasonal licences
- 4Paragraph 4
- Amendment and surrender of licences
- 5Paragraph 5
- Schedule 4: Penalties for statutory contraventions
- Part I: Contraventions under the Management Act
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13 Repealed
- Part II: Contraventions under the Alcoholic Liquor Duties Act 1979
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20
- 21Paragraph 21
- 22Paragraph 22
- 23Paragraph 23 Repealed
- 24Paragraph 24 Repealed
- 25Paragraph 25 Repealed
- 26Paragraph 26
- 27Paragraph 27
- 28Paragraph 28 Repealed
- 29Paragraph 29
- 30Paragraph 30
- 31Paragraph 31
- 32Paragraph 32
- 33Paragraph 33
- 34Paragraph 34
- 35Paragraph 35
- 36Paragraph 36 Repealed
- 37Paragraph 37
- 38Paragraph 38
- 39Paragraph 39
- 40Paragraph 40
- 41Paragraph 41
- 42Paragraph 42 Repealed
- 43Paragraph 43 Repealed
- 44Paragraph 44 Repealed
- 45Paragraph 45
- 46Paragraph 46
- 47Paragraph 47 Repealed
- 48Paragraph 48 Repealed
- Part III: Contraventions under the Hydrocarbon Oil Duties Act 1979
- 49Paragraph 49
- 50Paragraph 50
- 51Paragraph 51
- 52Paragraph 52
- 53Paragraph 53 Repealed
- 54Paragraph 54
- 55Paragraph 55
- 56Paragraph 56
- 57Paragraph 57
- 58Paragraph 58
- Part IV: Contraventions under the Tobacco Products Duty Act 1979
- 59Paragraph 59
- Part V: Contraventions under the Betting and Gaming Duties Act 1981
- 60Paragraph 60
- 61Paragraph 61
- 62Paragraph 62
- 63Paragraph 63 Repealed
- 64Paragraph 64
- 65Paragraph 65
- Part VI: Contraventions relating to lottery duty
- 66Paragraph 66
- 67Paragraph 67
- 68Paragraph 68
- Schedule 5: Decisions subject to review and appeal
- Taxation (Cross-border Trade) Act 2018
- 1Paragraph 1
- The Management Act
- 2Paragraph 2
- Part 2 of the Finance (No. 2) Act 2023 (alcohol duty)
- 3Paragraph 3
- The Hydrocarbon Oil Duties Act 1979
- 4Paragraph 4
- The Tobacco Products Duty Act 1979
- 5Paragraph 5
- 5AParagraph 5A
- Part 4 of FA 2026 (vaping products duty)
- 5BParagraph 5B
- The Betting and Gaming Duties Act 1981
- 6Paragraph 6
- The Finance Act 1993
- 7Paragraph 7
- Chapter III of Part I of this Act
- 8Paragraph 8
- Chapter IV of Part I of this Act
- 9Paragraph 9
- ...
- 9ZAParagraph 9ZA Repealed
- The Finance Act 2001
- 9AParagraph 9A
- The Finance (No. 2) Act 2017
- 9BParagraph 9B
- Interpretation of Schedule
- 10Paragraph 10
- Schedule 5A: Air passenger duty: territories etc
- 1Part 1 territories
- 1APart 1A territories
- 2Part 2 territories Repealed
- 3Part 3 territories Repealed
- Schedule 6: Air passenger duty: administration and enforcement
- Application of excise enactments
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- Information
- 5Paragraph 5
- Application of Chapter II
- 6Paragraph 6
- Interest payable to Commissioners
- 7Paragraph 7
- 8Paragraph 8
- Interest payable by the Commissioners
- 9Paragraph 9 Repealed
- 10Paragraph 10 Repealed
- Interest: specified rate
- 11Paragraph 11 Repealed
- Assessment of interest
- 11AParagraph 11A
- Evidence by certificate
- 12Paragraph 12
- Preferential debt
- 13Paragraph 13
- Schedule 6A: Premiums liable to tax at the higher rate
- Part I: Interpretation
- 1Paragraph 1
- Part II: Descriptions of premium
- Insurance relating to motor cars or motor cycles
- 2Paragraph 2
- Insurance relating to domestic appliances etc.
- 3Paragraph 3
- Insurance provided by divided company
- 3AParagraph 3A
- Travel insurance
- 4Paragraph 4
- Insurance relating to motor cars, motor cycles, domestic appliances, etc provided at a discount
- 5Paragraph 5
- Schedule 7: Insurance premium tax
- Part I: Information
- Records
- 1Paragraph 1
- Other provisions
- 2Paragraph 2 Repealed
- 3Paragraph 3 Repealed
- Part II: Powers
- Entry, arrest, etc.
- 4Paragraph 4
- Order for access to recorded information etc.
- 4AParagraph 4A
- Removal of documents etc.
- 5Paragraph 5
- 6Paragraph 6
- Part III: Recovery
- Recovery of tax etc.
- 7Paragraph 7
- Recovery of overpaid tax
- 8Paragraph 8
- Part IV: Penalties
- Criminal offences
- 9Paragraph 9
- Criminal penalties
- 10Paragraph 10
- Criminal proceedings etc.
- 11Paragraph 11
- Civil penalties
- 12Paragraph 12 Repealed
- 13Paragraph 13 Repealed
- 14Paragraph 14 Repealed
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 18AParagraph 18A Repealed
- 20Paragraph 20
- Part V: Interest
- Interest on tax etc.
- 21Paragraph 21
- Interest payable by Commissioners
- 22Paragraph 22
- 23Paragraph 23
- Part VI: Miscellaneous
- Security for tax
- 24Paragraph 24
- Assessments to penalties etc.
- 25Paragraph 25
- Assessments: time limits
- 26Paragraph 26
- Supplementary assessments
- 27Paragraph 27
- Disclosure of information
- 28Paragraph 28
- 28AParagraph 28A
- 28BParagraph 28B
- Evidence by certificate
- 29Paragraph 29
- Service of notices etc.
- 30Paragraph 30
- No deduction of penalties or interest
- 31Paragraph 31
- Destination of receipts
- 32Paragraph 32 Repealed
- Provisional collection of tax
- 33Paragraph 33
- 34Paragraph 34
- Adjustment of contracts
- 35Paragraph 35
- Schedule 7A: INSURANCE PREMIUM TAX: CONTRACTS THAT ARE NOT TAXABLE
- Part I: DESCRIPTIONS OF CONTRACT
- Contracts of reinsurance
- 1Paragraph 1
- Contracts constituting long term business
- 2Paragraph 2
- Contracts relating to motor vehicles let on relevant benefit terms
- 3Paragraph 3
- Contracts relating to commercial ships
- 4Paragraph 4
- Contracts relating to lifeboats and lifeboat equipment
- 5Paragraph 5
- 6Paragraph 6
- Contracts relating to commercial aircraft
- 7Paragraph 7
- Contracts relating to spacecraft
- 7AParagraph 7A
- Contracts relating to risks outside the United Kingdom
- 8Paragraph 8
- Contracts relating to foreign or international railway rolling stock
- 9Paragraph 9
- Contracts relating to the Channel tunnel
- 10Paragraph 10
- 11Paragraph 11
- Contracts relating to goods in foreign or international transit
- 12Paragraph 12
- Contracts relating to credit
- 13Paragraph 13
- Contracts relating to exchange losses
- 14Paragraph 14
- Contracts relating to the provision of financial facilities
- 15Paragraph 15
- Part II: INTERPRETATION
- 16Paragraph 16
- 16AParagraph 16A
- Schedule 8: Supplemental provisions relating to personal reliefs
- The Taxes Act 1988
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4 Repealed
- 5Paragraph 5 Repealed
- 6Paragraph 6 Repealed
- 7Paragraph 7 Repealed
- 8Paragraph 8 Repealed
- 9Paragraph 9 Repealed
- 10Paragraph 10 Repealed
- 11Paragraph 11 Repealed
- 12Paragraph 12 Repealed
- The Taxes Management Act 1970 (c. 9)
- 13Paragraph 13
- Schedule 9: Mortgage interest relief etc.
- The Taxes Act 1988
- 1Paragraph 1 Repealed
- 2Paragraph 2 Repealed
- 3Paragraph 3
- 4Paragraph 4 Repealed
- 5Paragraph 5 Repealed
- 6Paragraph 6 Repealed
- 7Paragraph 7
- 8Paragraph 8 Repealed
- 9Paragraph 9 Repealed
- 10Paragraph 10
- 11Paragraph 11
- The Finance Act 1993 (c. 34)
- 12Paragraph 12
- Schedule 10: Medical insurance
- Introductory
- 1Paragraph 1
- Reduction of relief
- 2Paragraph 2
- 3Paragraph 3
- Surviving spouse
- 4Paragraph 4
- Small benefits and abolition of certification
- 5Paragraph 5
- 6Paragraph 6
- Schedule 11: Extension of roll-over relief on re-investment
- 1Paragraph 1
- Disposals on which relief available
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- Acquisitions on which relief available
- 7Paragraph 7
- Retirement relief
- 8Paragraph 8
- Clawback
- 9Paragraph 9
- Anti-avoidance
- 10Paragraph 10
- Miscellaneous
- 11Paragraph 11
- Schedule 12: Indexation losses: transitional relief
- Introductory
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- Capital gains tax
- 4Paragraph 4
- 5Paragraph 5
- Income tax
- 6Paragraph 6
- 7Paragraph 7
- Supplementary
- 8Paragraph 8
- Schedule 13: Employee share ownership trusts
- Introduction
- 1Paragraph 1
- Trustees
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- Securities
- 6Paragraph 6
- 7Paragraph 7
- Interpretation
- 8Paragraph 8
- Schedule 14: Distributions of authorised unit trusts
- 1Paragraph 1
- The new sections
- 2Paragraph 2 Repealed
- Other amendments
- 3Paragraph 3 Repealed
- 4Paragraph 4 Repealed
- 5Paragraph 5 Repealed
- 6Paragraph 6 Repealed
- Commencement
- 7Paragraph 7
- Schedule 15: Enterprise investment scheme
- Amendments of the Taxes Act 1988
- 1Paragraph 1 Repealed
- 2Paragraph 2 Repealed
- 3Paragraph 3 Repealed
- 4Paragraph 4 Repealed
- 5Paragraph 5 Repealed
- 6Paragraph 6 Repealed
- 7Paragraph 7 Repealed
- 8Paragraph 8 Repealed
- 9Paragraph 9 Repealed
- 10Paragraph 10 Repealed
- 11Paragraph 11 Repealed
- 12Paragraph 12 Repealed
- 13Paragraph 13 Repealed
- 14Paragraph 14 Repealed
- 15Paragraph 15 Repealed
- 16Paragraph 16 Repealed
- 17Paragraph 17 Repealed
- 18Paragraph 18 Repealed
- 19Paragraph 19 Repealed
- 20Paragraph 20 Repealed
- 21Paragraph 21 Repealed
- 22Paragraph 22 Repealed
- 23Paragraph 23 Repealed
- 24Paragraph 24 Repealed
- 25Paragraph 25 Repealed
- 26Paragraph 26 Repealed
- 27Paragraph 27 Repealed
- Amendments of the Taxation of Chargeable Gains Act 1992
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- 31Paragraph 31
- 32Paragraph 32
- 33Paragraph 33
- 34Paragraph 34
- Schedule 16: Foreign income dividends
- Part I: The new Chapter
- 1Paragraph 1 Repealed
- Part II: Liability for and collection of advance corporation tax
- 2Paragraph 2 Repealed
- 3Paragraph 3
- Part III: Insurance companies etc.
- 4Paragraph 4 Repealed
- 5Paragraph 5
- 6Paragraph 6 Repealed
- 7Paragraph 7 Repealed
- 8Paragraph 8 Repealed
- 9Paragraph 9 Repealed
- Part IV: Other provisions
- Penalties
- 10Paragraph 10 Repealed
- Small companies’ relief
- 11Paragraph 11 Repealed
- Expenses of management
- 12Paragraph 12 Repealed
- Group income
- 13Paragraph 13 Repealed
- Mutual business etc.
- 14Paragraph 14 Repealed
- Discretionary trusts
- 15Paragraph 15 Repealed
- Personal representatives
- 16Paragraph 16 Repealed
- Purchase and sale of securities
- 17Paragraph 17 Repealed
- Manufactured dividends
- 18Paragraph 18 Repealed
- 19Paragraph 19 Repealed
- Interest on tax overpaid
- 20Paragraph 20
- Schedule 17: Minor corrections
- 1Paragraph 1 Repealed
- 2Paragraph 2
- 3Paragraph 3 Repealed
- 4Paragraph 4 Repealed
- 5Paragraph 5 Repealed
- 6Paragraph 6 Repealed
- 7Paragraph 7 Repealed
- 8Paragraph 8
- 9Paragraph 9
- Schedule 18
- Application of insurance companies provisions relating to loan relationships
- 1Paragraph 1
- 1AParagraph 1A
- Life assurance business: Case I of Schedule D
- 2Paragraph 2
- Non-life mutual business
- 3Paragraph 3
- Interpretation
- 4Paragraph 4
- Schedule 19: Management: other amendments
- Part I: Amendments of Management Act
- Notice of liability to income tax and capital gains tax
- 1Paragraph 1
- European Economic Interest Groupings
- 2Paragraph 2
- Records for purposes of returns
- 3Paragraph 3
- Recovery of overpayment of tax etc.
- 4Paragraph 4
- Assessing procedure
- 5Paragraph 5
- Amendment of partnership statement where loss of tax discovered
- 6Paragraph 6
- Right of appeal
- 7Paragraph 7 Repealed
- Error or mistake
- 8Paragraph 8
- 9Paragraph 9
- Time limits for assessments
- 10Paragraph 10 Repealed
- 11Paragraph 11
- 12Paragraph 12
- Claims etc.
- 13Paragraph 13
- 14Paragraph 14 Repealed
- 15Paragraph 15 Repealed
- Determination of Commissioners
- 16Paragraph 16 Repealed
- Procedure on appeal
- 17Paragraph 17
- Postponement of tax pending appeal
- 18Paragraph 18
- Collection and recovery
- 19Paragraph 19 Repealed
- 20Paragraph 20 Repealed
- 21Paragraph 21 Repealed
- 22Paragraph 22
- Interest on overdue tax or tax recovered
- 23Paragraph 23 Repealed
- 24Paragraph 24
- Penalties
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- 28Paragraph 28 Repealed
- 29Paragraph 29 Repealed
- 30Paragraph 30
- 31Paragraph 31
- 32Paragraph 32 Repealed
- 33Paragraph 33
- Interpretation
- 34Paragraph 34
- Claims etc. not included in returns
- 35Paragraph 35
- 36Paragraph 36 Repealed
- Part II: Amendments of Taxes Act 1988
- Time limits for claims under section 96
- 37Paragraph 37 Repealed
- Interest on Schedule E tax
- 38Paragraph 38 Repealed
- Time limits for claims under sections 534 and 537A
- 39Paragraph 39 Repealed
- 40Paragraph 40 Repealed
- Repayment supplements: income tax
- 41Paragraph 41
- Interest on tax overpaid
- 42Paragraph 42
- Time limits for elections under Schedule 5
- 43Paragraph 43
- Part III: Amendments of other enactments
- Setting of rates of interest
- 44Paragraph 44
- Class 4 contributions
- 45Paragraph 45
- Repayment supplements: capital gains tax
- 46Paragraph 46
- Schedule 20: Changes for facilitating self-assessment: transitional provisions and savings
- Assessment under Cases I and II of Schedule D
- 1Paragraph 1 Repealed
- 2Paragraph 2 Repealed
- 3Paragraph 3 Repealed
- Assessment under Case III of Schedule D
- 4Paragraph 4 Repealed
- 5Paragraph 5 Repealed
- Assessment under Cases IV and V of Schedule D
- 6Paragraph 6 Repealed
- 7Paragraph 7 Repealed
- Loss relief
- 8Paragraph 8 Repealed
- Capital allowances
- 9Paragraph 9 Repealed
- Double taxation relief
- 10Paragraph 10 Repealed
- 11Paragraph 11
- 12Paragraph 12 Repealed
- 13Paragraph 13 Repealed
- Supplemental
- 14Paragraph 14
- Schedule 21: Lloyd’s underwriters: individuals
- Year of assessment in which profits or losses arise
- 1Paragraph 1
- 2Paragraph 2
- Premiums trust funds
- 3Paragraph 3
- Reinsurance to close
- 4Paragraph 4
- Stop-loss and quota share insurance
- 5Paragraph 5
- Cessation etc.
- 6Paragraph 6
- Regulations
- 7Paragraph 7
- Interpretation
- 8Paragraph 8
- Assessment and collection of tax
- 9Paragraph 9 Repealed
- 10Paragraph 10 Repealed
- 11Paragraph 11 Repealed
- Special reserve funds
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- Schedule 22: Supplementary provisions as to elections by reference to pipe-line usage
- Part I: Procedure for and in connection with an election
- The election
- 1Paragraph 1
- Conditions for acceptance of an election
- 2Paragraph 2
- Notice of acceptance or rejection
- 3Paragraph 3
- Appeals
- 4Paragraph 4
- Information to the responsible person
- 5Paragraph 5
- Penalties for incorrect information
- 6Paragraph 6
- Re-opening election decisions on grounds of incorrect information
- 7Paragraph 7
- Appeals against re-opening notices
- 8Paragraph 8
- Part II: Supplementary provisions
- Assets used in connection with more than one taxable field
- 9Paragraph 9
- Transfer of interests
- 10Paragraph 10
- 11Paragraph 11
- Transfer of elected assets
- 12Paragraph 12
- Restriction of relief for expenditure incurred after 30th November 1993 and before the date of an election
- 13Paragraph 13
- Schedule 23: Amendments of the principal Act relating to valuation of light gases
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- Schedule 24: Provisions relating to the Railways Act 1993
- Interpretation
- 1Paragraph 1
- Chargeable gains: transfer to be without gain or loss
- 2Paragraph 2
- Chargeable gains: receipt of compensation or insurance policies
- 3Paragraph 3
- Chargeable gains: section 30 of the Gains Act
- 4Paragraph 4
- Chargeable gains: section 41 of the Gains Act
- 5Paragraph 5
- Chargeable gains: roll-over relief
- 6Paragraph 6
- Chargeable gains: agreements and instruments by virtue of section 91(1)(c) of the Railways Act 1993
- 7Paragraph 7
- Chargeable gains: group transactions
- 8Paragraph 8
- Chargeable gains: disposal of debts
- 9Paragraph 9
- Chargeable gains: assets held before 6th April 1965
- 10Paragraph 10
- Chargeable gains: miscellaneous disposals and acquisitions
- 11Paragraph 11
- Transfers of trading stock
- 12Paragraph 12
- Transfer of rights to receipts
- 13Paragraph 13
- Transfer of liabilities
- 14Paragraph 14
- Trading losses
- 15Paragraph 15
- No reduction in allowable losses on extinguishment of certain liabilities
- 16Paragraph 16
- Group relief
- 17Paragraph 17
- Securities issued under section 98 or 106 of the Railways Act 1993
- 18Paragraph 18
- Leased assets
- 19Paragraph 19
- Continuity in relation to capital allowances etc where trade transferred
- 20Paragraph 20
- Capital allowances in certain cases where paragraph 20 does not apply
- 21Paragraph 21
- Capital allowances: actual consideration to be the disposal value in certain other cases
- 22Paragraph 22
- Sale and lease-back: limitation on tax reliefs
- 23Paragraph 23
- Sales of land with right to reconveyance
- 24Paragraph 24
- Modifications of restructuring scheme
- 25Paragraph 25
- Income tax exemption for certain interest
- 26Paragraph 26
- Employee benefits: transport vouchers
- 27Paragraph 27
- Schedule 25: Northern Ireland Airports Limited
- Interpretation
- 1Paragraph 1
- Transfers from NIAL to successor company: general
- 2Paragraph 2
- Roll-over relief
- 3Paragraph 3
- Transfers from Holding Company to successor company
- 4Paragraph 4
- Leasehold interests in industrial buildings or structures
- 5Paragraph 5
- Securities of successor company
- 6Paragraph 6
- Schedule 26: Repeals
- IVehicles excise duty
- IIGaming machine licence duty
- IIIExcise duties: enforcement and appeals
- IVValue added tax
- VIncome tax, corporation tax and capital gains tax
- Paragraph
- Paragraph
- Paragraph
- Paragraph
- Paragraph
- Paragraph
- Paragraph
- 4Paragraph 4
- Paragraph
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- VIOil taxation
- 1Paragraph 1
- 2Paragraph 2
- VIIStamp duty
- VIIIMiscellaneous