{
  "url": "https://openlegislation.uk/finance-act-1995/schedule-29/part-VIII",
  "json_url": "https://openlegislation.uk/finance-act-1995/schedule-29/part-VIII.json",
  "legislation": "ukpga/1995/4",
  "legislation_title": "Finance Act 1995",
  "legislation_url": "https://openlegislation.uk/finance-act-1995",
  "path": "schedule/29/part/VIII",
  "kind": "part",
  "number": "VIII",
  "heading": "Income Tax, Corporation Tax and Capital Gains Tax",
  "text": "(1) Schedule A\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nSections 22 and 23.\nSection 34(9).\nIn section 354(2)(a), the words “or any of the other payments mentioned in section 25(1)”.\nIn section 779(13)(a), the words “allowable by virtue of sections 25, 26 and 28 to 31 and Schedule 1”.\n1989 c. 26.\nThe Finance Act 1989.\nSection 170(1).\n1990 c. 1.\nThe Capital Allowances Act 1990.\nIn section 9(6), paragraph (a) and, in paragraph (b), the words “if it is a charge to corporation tax”.\nIn section 92(2), paragraph (a) and, in paragraph (b), the words “if it is a charge to corporation tax”.\nIn section 132(4), paragraph (a) and, in paragraph (b), the words “if it is a charge to corporation tax”.\n1991 c. 31.\nThe Finance Act 1991.\nIn Schedule 15, paragraph 18.\nThese repeals come into force in accordance with section 39(4) and (5) of this Act.\n(2) Interest Relief for Commercially Let Property\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn section 353—\n(a) in subsection (1A), paragraph (b) and the word “and” immediately preceding that paragraph;\n(b) in subsection (1B), paragraph (b) and the word “or” immediately preceding that paragraph;\n(c) subsections (1C) and (1D); and\n(d) in subsection (1E), the words “the following factors, that is to say”, and paragraph (b) and the word “and” immediately preceding that paragraph.\nSection 354(4).\nIn section 355—\n(a) in subsection (1), the words from “or” at the end of paragraph (a) to the end of the subsection; and\n(b) subsection (4).\nIn section 356A(3), the words “or but for section 353(1C)(a) would be”.\nIn section 356D(1), the words from “in a case” to “358”.\nIn section 357(1), the words from “in a case” to “358”.\nSection 358(4A).\nIn section 366(1)(c), the words “355(4) or”.\nIn section 370—\n(a) in subsection (6), in paragraph (a), the words “in paragraph (a)”, and paragraph (b) and the word “and” immediately preceding it;\n(b) subsection (6A); and\n(c) in subsection (7), in paragraph (a), the words from “and paragraph (b)” to “omitted”, and in paragraph (aa), sub-paragraph (ii).\n1994 c. 9.\nThe Finance Act 1994.\nIn Schedule 9, paragraphs 4 to 6, 7(2) to (4) and 8.\nThese repeals come into force in accordance with section 42(3) to (5) of this Act.\n(3) Beneficial Loans: Replacement Loans\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nSection 160(5)(b).\nThis repeal has effect in accordance with section 45(5) of this Act.\n(4) Roll-over Relief: Groups\nChapter\nShort title\nExtent of repeal\n1992 c. 12.\nThe Taxation of Chargeable Gains Act 1992.\nIn section 175(1), the words from “(unless” to the end.\nThis repeal has effect where the acquisition of, or of the interest in, the new assets is on or after 29th November 1994.\n(5) Life Assurance Business\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn section 75(4), the words “and insurance”.\nIn section 241(5), the words from “(that is to say,” to “otherwise be liable)”.\nIn section 242(1)(b), the words “for purposes of section 241(3)”.\nIn section 242(9), the words “by virtue of section 241(5)”.\nIn section 431(2), the definitions of “general annuity business” and “pension business”, “annuity fund”, “basic life assurance business”, “basic life assurance and general annuity business”, “offshore income gain” and “overseas life assurance business”, the word “and” following the definition of “overseas life insurance company” and the definition of “UK distribution income”.\nSection 431(2A) to (6).\nSection 431AA.\nSection 432C(5)(a).\nSection 434(2) and (7).\nIn section 436(3)(d), from the word “and” following sub-paragraph (i) to the end of the paragraph.\nSection 437(6).\nIn section 441, in subsection (1), the words “resident in the United Kingdom” and subsection (7).\nSections 444C to 444E.\nIn section 474(1), paragraph (b) and the word “and” immediately preceding it.\nIn section 475(2)(a), the words from “or,” to “life assurance business”.\nIn Schedule 19AC, paragraphs 2(2), 3(4), 4(2), 5(2), 6(3), (4) and (6), 7(3), 8(4), 9(2) and (3), 10(3), 11(2) and (6), 12(2), 13(3), 14(3) and 15(2).\nIn Schedule 28, in Part I, paragraph 3(4).\n1989 c. 26.\nThe Finance Act 1989.\nIn Schedule 6, paragraph 2.\nIn Schedule 8, paragraph 4.\nIn Schedule 8A, paragraph 2(11).\n1990 c. 29.\nThe Finance Act 1990.\nSection 45(8).\nIn Schedule 6—\n(a) paragraph 1(2)(a);\n(b) in paragraph 1(2)(b), the definitions of “basic life assurance business”, “linked assets” and “overseas life assurance business”; and\n(c) paragraph 1(3) and (4).\nIn Schedule 7, paragraph 7.\n1991 c. 31.\nThe Finance Act 1991.\nIn Schedule 7, paragraphs 2, 3, 6 and 10.\n1992 c. 12.\nThe Taxation of Chargeable Gains Act 1992.\nIn Schedule 10, paragraph 14(63)(b)(iv).\n1993 c. 34.\nThe Finance Act 1993.\nSection 99.\nSection 100(1) and (2)(a).\n1994 c. 9.\nThe Finance Act 1994.\nSection 143.\nSection 176(1).\nIn Schedule 16, paragraph 5(2) and (3).\nIn Schedule 17, paragraph 4.\n1.The following repeals have effect in accordance with paragraph 55 of Schedule 8 to this Act—\nthe repeal of the definitions of “offshore income gain” and “overseas life assurance business” in section 431(2) of the Taxes Act 1988,\nthe repeal in section 441(1) of that Act,\nthe repeal of section 444C of that Act so far as it relates to subsection (2)(a) of that section,\nthe repeals in sections 474 and 475 of that Act,\nthe repeals of paragraphs 6(3) and (4) and 11(2) of Schedule 19AC to that Act,\nthe repeal in Schedule 28 to that Act,\nthe repeal of the definition of “overseas life assurance business” in paragraph 1(2)(b) of Schedule 6 to the Finance Act 1990 and the repeal in Schedule 7 to that Act,\nthe repeal of paragraph 10 of Schedule 7 to the Finance Act 1991, and\nthe repeal in the Taxation of Chargeable Gains Act 1992.\n2.The repeals other than those listed above have effect in accordance with paragraph 57 of Schedule 8 to this Act.\n3.The repeal of the definitions of “general annuity business” and “basic life assurance business” in Chapter I of Part XII of the Taxes Act 1988 does not affect the meaning of those expressions in paragraph 16 or 17 of Schedule 7 to the Finance Act 1991 or section 214 of the Taxation of Chargeable Gains Act 1992 (transitional provisions relating to changes in 1991).\n(6) Friendly Societies\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn Schedule 15, paragraph 3(2)(c).\n1992 c. 48.\nThe Finance (No. 2) Act 1992.\nIn Schedule 9, paragraph 19(3).\n(7) Qualifying Life Insurance Policies\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn Schedule 14, in paragraph 7(1), the words “and paragraphs 9 and 10 of Schedule 15”.\nIn Schedule 15, paragraphs 21, 22 and, in paragraph 24, in sub-paragraph (3), the word “first” and sub-paragraph (4).\nThese repeals come into force, in accordance with section 55(1) to (5) of this Act, on 5th May 1996.\n(8) Settlements: Liability of Settlor\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn section 347A(2)(b), the words “within the meaning given by section 660(3)”.\nSections 660 to 676.\nSection 678(7).\nSections 679 to 681.\nSections 683 to 685.\nSection 689.\nIn Schedule 29, in paragraph 32, the entry relating to section 27(2) of the Taxes Management Act 1970.\nIn Schedule 30, paragraphs 10 to 12.\n1988 c. 39.\nThe Finance Act 1988.\nIn Schedule 3, paragraph 20.\n1989 c. 26.\nThe Finance Act 1989.\nSection 60(3).\nSections 108 and 109(1) to (3).\n1990 c. 29.\nThe Finance Act 1990.\nSection 82.\n1991 c. 50.\nThe Age of Legal Capacity (Scotland) Act 1991.\nIn Schedule 1, paragraph 48.\n1992 c. 12.\nThe Taxation of Chargeable Gains Act 1992.\nSection 6(1) and (2)(b).\nIn section 79(2), paragraph (b) and the word “and” preceding it.\nSection 79(4).\nIn section 79(5)(a), the words “or income” wherever occurring.\n1992 c. 48.\nThe Finance (No. 2) Act 1992.\nIn section 19(3), the words “683(2), 684(2), 689(2)”.\nSection 23(2).\nSection 27.\n1993 c. 34.\nThe Finance Act 1993.\nIn Schedule 6—\n(a) in paragraph 1, the words “683(2), 684(2)”;\n(b) in paragraph 6, the word “689(2)”;\n(c) paragraph 24.\nThese repeals have effect for the year 1995-96 and subsequent years of assessment.\n(9) Stock lending\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn section 129(1), the words “has contracted to sell securities, and to enable him to fulfil the contract, he”.\n(10) Deceased Persons’ Estates\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn section 695, in subsection (2), the words “subject to subsection (3) below”.\nIn section 701, subsection (14).\n(11) Deduction of Tax from Interest on Deposits\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn section 481(5)(k), the word “that” before sub-paragraph (i).\nThis repeal comes into force in accordance with section 86 of this Act.\n(12) Meaning of “distribution”\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn section 209(2)(e), sub-paragraphs (iv) and (v).\nThese repeals come into force in accordance with section 87(7) and (8) of this Act.\n(13) Generalisation of ss.63 to 66 of Finance Act 1993\nChapter\nShort title\nExtent of repeal\n1993 c. 34.\nThe Finance Act 1993.\nSection 63(12).\nThis repeal has effect in accordance with section 88(4) and (5) of this Act.\n(14) Management: self-assessment etc.\nChapter\nShort title\nExtent of repeal\n1970 c. 9.\nThe Taxes Management Act 1970.\nIn section 9(3), the words “the following provisions of”.\nSection 11A.\nIn section 12B(2), the words from “or, where a return” to the end.\nIn section 42(11), paragraph (b) and the word “and” immediately preceding that paragraph.\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nSection 73.\nIn section 206, the words “under Schedule E”.\nIn section 536, in subsection (2), the words “are shown on a claim to” and, in subsection (4), the words from “and in that case” to the end.\nIn section 537B, in subsection (2), the words “are shown on a claim to” and, in subsection (4), the words from “and in that case” to the end.\nIn Schedule 3, in paragraph 6E, sub-paragraphs (1) and (3).\n1992 c. 12.\nThe Taxation of Chargeable Gains Act 1992.\nSection 7.\n1994 c. 9.\nThe Finance Act 1994.\nSection 198.\n1.The repeal of section 11A of the Taxes Management Act 1970 has effect in accordance with section 115(13) of this Act.\n2.The other repeals, except that in the Finance Act 1994, have effect in accordance with section 103(7) of this Act.\n(15) Changes for facilitating self-assessment\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nSection 114(3).\nSection 401(2).\n1.The repeal of section 114(3) has effect in accordance with section 218(1) of the Finance Act 1994.\n2.The other repeal has effect in accordance with section 120(2) of this Act.\n(16) Non-residents\nChapter\nShort title\nExtent of repeal\n1970 c. 9.\nThe Taxes Management Act 1970.\nSections 78 to 85.\n1985 c. 54.\nThe Finance Act 1985.\nSection 50.\n1987 c. 51.\nThe Finance (No. 2) Act 1987.\nIn Schedule 6, paragraph 7.\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nSection 43.\nIn section 115(7), the words “this section and”.\nIn section 510A, in subsection (6), the words “Subject to subsection (7) below”, and subsections (7) and (8).\nIn Schedule 29, in the Table in paragraph 32, the entries relating to section 78(1) and (5) of the Taxes Management Act 1970.\n1989 c. 26.\nThe Finance Act 1989.\nIn section 182(3)(c), the words “for the purposes of section 80(3) of the Taxes Management Act 1970 or”.\n1991 c. 31.\nThe Finance Act 1991.\nSection 81.\n1992 c. 12.\nThe Taxation of Chargeable Gains Act 1992.\nIn section 59, paragraph (c) and the word “and” immediately preceding it.\nIn Schedule 10, paragraph 2(2), the words “78(3)(b)”.\n1994 c. 9.\nThe Finance Act 1994.\nIn section 215(5), paragraph (b), and the word “and” immediately preceding it.\n1.The repeal of section 43 of the Taxes Act 1988 comes into force in accordance with section 40(3) of this Act.\n2. The repeals in sections 115(7) of the Taxes Act 1988 and of section 59(c) of the Taxation of Chargeable Gains Act 1992 shall have effect in relation to any cases in relation to which section 112 of the Taxes Act 1988 has effect as amended by section 125 of this Act.\n3.The repeals in section 510A of the Taxes Act 1988 have effect as respects the year 1997-98 and subsequent years of assessment and also, in relation to groupings whose trades or professions were set up and commenced on or after 6th April 1994, as respects the years 1995-96 and 1996-97.\n4.The repeal of section 215(5)(b) of the Finance Act 1994 has effect in accordance with section 125(1) of this Act for the year 1995-96 and subsequent years of assessment.\n5.The other repeals come into force—\n(a) for the purposes of income tax and capital gains tax, in relation to the year 1996-97 and subsequent years of assessment, and\n(b) for the purposes of corporation tax, in relation to accounting periods beginning after 31st March 1996.\n(17) Exchange Gains and Losses\nThis repeal has effect in accordance with Schedule 24 to this Act.\nChapter\nShort title\nExtent of repeal\n1993 c. 34.\nThe Finance Act 1993.\nIn section 129(8)(b) the words “or the circumstances are such that a charge would be so allowed if the duty were settled”.\n(18) Controlled Foreign Companies\nParagraph 4A of Schedule 24 to the Taxes Act 1988 is deemed never to have been inserted, and section 96 of the Finance Act 1993 is deemed never to have been enacted.\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn Schedule 24, paragraph 4A.\n1993 c. 34.\nThe Finance Act 1993.\nSection 96.\n(19) Profit-Related Pay\nThis repeal has effect in accordance with section 136 of this Act.\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn Schedule 8, in paragraph 19(6), paragraphs (g) to (k).\n(20) Part-Time Workers\nThese repeals have effect in accordance with section 137 of this Act.\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nIn Schedule 8, paragraph 8(a).\nIn Schedule 9, in paragraph 27(4) the words from “who is required” to the end.\n(21) Sub-contractors in the Construction Industry\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nThe Income and Corporation Taxes Act 1988.\nSection 559(3).\nIn section 561—\n(a) in subsection (1), the words “subsection (5) below or”;\n(b) in subsection (3), the words “563”;\n(c) subsections (4) and (5);\n(d) in subsection (6), the words from “(not being” to “apply).”; and\n(e) subsection (12).\nIn section 562—\n(a) in subsection (1), the words “(otherwise than as a partner in a firm)”; and\n(b) subsections (3) to (7).\nSection 563.\n1988 c. 39.\nThe Finance Act 1988.\nSection 28.\n1.The repeal of sections 559(3) and 561(4) and (5) of the Taxes Act 1988, and the repeal in section 561(1) of that Act, have effect in relation to payments made to a person in any case where that person’s certificate under section 561 of that Act is one issued or renewed with respect to a period beginning on or after the appointed day.\n2.The repeal of section 561(12) of the Taxes Act 1988 comes into force in accordance with paragraph 8(2) of Schedule 27 to this Act.\n3.The other repeals in the Taxes Act 1988 have effect in relation to any application for the issue or renewal of a certificate under section 561 of that Act which is made with respect to a period beginning on or after the appointed day.\n4.The repeal of section 28 of the Finance Act 1988 has effect in relation to payments made on or after the appointed day.\n5.In Notes 1, 3 and 4 above, “the appointed day” has the same meaning as in section 139 of this Act.\n(22) Payment of rent, &c under deduction of tax\nThese repeals have effect in relation to payments made after the passing of this Act.\nChapter\nShort title\nExtent of repeal\n1988 c. 1.\nIncome and Corporation Taxes Act 1988.\nIn section 3(1)(c), the words “119 or”.\nIn section 74(1)(q), the words “119 or”.\nIn section 119(1), the words from “and, subject to subsection (2) below, shall be subject to deduction of income tax” to the end.\nIn section 119(2), the words from “instead of” to “subsection (1) above”.\nIn section 122(1), the words from “but without prejudice” to the end.\nIn section 348(2)(b), the words “119 or”.\nIn section 349(1)(c), the words “119 or”.\nIn section 821(3)(c), the words “119 or”.\n1992 c. 12.\nTaxation of Chargeable Gains Act 1992.\nIn section 201(2), the words from “but without prejudice” to the end.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 29 Pt. 8(7) has effect as specified by The Finance Act 1995, Section 55 (Appointed Date) Order 2013 (S.I. 2013/759), art. 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1995/4/schedule/29/part/VIII",
    "retrieved_at": "2026-10-29T09:33:25.980862+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}