Finance Act 1999
1999 c. 16 · Enacted 27 July 1999 · Extends to United Kingdom
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:—
Contents
- Part I: Excise duties
- Alcoholic liquor duties
- 1Rate of duty on sparkling cider.
- Hydrocarbon oil duties
- 2Rates of duty and rebate on hydrocarbon oil.
- 3Increased rebate on higher octane unleaded petrol.
- 4Drawback of duty on exportation.
- Tobacco products duty
- 5Rates of tobacco products duty.
- Betting and gaming duties
- 6Rate of pool betting duty.
- 7Rates of gaming duty.
- Vehicle excise duty
- 8The general rate of vehicle excise duty.
- 9Rates of duty for goods vehicles.
- Goods shipped etc. as stores
- 10Goods for sale on board ships or aircraft.
- 11Drawback of duty on shipment.
- Part II: Value added tax
- 12Works of art, antiques, etc.
- 13Gold.
- 14Preparations etc. of meat, yeast or egg.
- 15Assignment of debts.
- 16Groups of companies.
- 17Penalties for incorrect certificates.
- 18EC sales statements: time limits for assessments to penalties.
- 19Period before repayment supplement payable.
- 20Meaning of “business”.
- 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Part III: Income Tax, Corporation Tax and Capital Gains Tax
- Income tax rates and charge etc.
- 22Starting rate. Repealed
- 23Charge and rates for 1999-00. Repealed
- 24Personal allowances for 1999-00 for those aged 65 or more. Repealed
- 25Operative date of indexation for PAYE.
- Rates of capital gains tax
- 26Rates of capital gains tax. Repealed
- Corporation tax charge and rates
- 27Charge and main rate for financial year 2000.
- 28Corporation tax starting rate. Repealed
- 29Rate and fraction for corporation tax starting rate.
- Income tax reductions
- 30Children’s tax credit. Repealed
- 31Restriction of MCA to those reaching 65 before 2000-01. Repealed
- 32Further provision about married couple’s allowance. Repealed
- 33Abolition of existing relief in respect of children.
- 34Abolition of widow’s bereavement allowance.
- 35Order of income tax reductions etc. Repealed
- 36Maintenance payments.
- Relief for interest payments
- 37Limit on relief for interest.
- 38Withdrawal of relief for interest on loans to buy land etc.
- 39Withdrawal of relief for interest on new annuity loans.
- 40Annuity loans: residence requirements and re-mortgages.
- 41Repayments attracting repayment supplement.
- Employee benefits etc.
- 42Conditional acquisition of shares. Repealed
- 43Meaning of conditional interests in shares. Repealed
- 44Exemption for mobile telephones. Repealed
- 45Limited exemption for computer equipment. Repealed
- 46PRP and agricultural pay. Repealed
- 47Cars available for private use.
- 48Provision and support of bus services. Repealed
- 49Provision of motor cycle or cycle parking facilities. Repealed
- 50Cycles and cyclist’s safety equipment. Repealed
- Members of parliaments and assemblies
- 51EU travel expenses. Repealed
- 52Scottish Parliament and devolved assemblies. Repealed
- Sub-contractors in the construction industry
- 53Exemption certificates. Repealed
- Reverse premiums
- 54Tax treatment of reverse premiums. Repealed
- Charities
- 55Gifts in kind to charities etc.
- 56Gifts of money to relieve refugee poverty. Repealed
- 57Aggregation of money gifts for relief in poor countries. Repealed
- Education and training
- 58Employees seconded to educational establishments. Repealed
- 59Phasing out of vocational training relief.
- 60Student loans: certain interest to be disregarded. Repealed
- Various other reliefs etc.
- 61Class 1B National Insurance contributions. Repealed
- 62Expenditure on film production and acquisition.
- 63Treatment of transfer fees under existing contracts. Repealed
- Settlements
- 64Income of unmarried child of settlor. Repealed
- Securities and investments
- 65Relevant discounted securities.
- 66Qualifying corporate bonds: provision consequential on s. 65.
- 67Deep discount and deep gain securities.
- 68Court common investment funds.
- Venture capital trusts
- 69Company restructuring and convertible securities. Repealed
- 70Relief on distributions. Repealed
- Enterprise investment scheme
- 71Eligibility for EIS relief. Repealed
- 72Deferred gains: application of taper relief. Repealed
- 73Deferred gains: gain accruing on part disposal, etc.
- Chargeable gains
- 74Value shifting: tax-free benefits.
- 75Allowable losses where beneficiary absolutely entitled.
- 76Concessions that defer a capital gains charge.
- Capital allowances
- 77. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- 78. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
- Pensions and insurance, etc.
- 79Sharing of pensions on divorce, etc.
- 80Purchased life annuities. Repealed
- 81Acquisitions disregarded under insurance companies concession.
- 82Lloyd’s: members’ agent pooling arrangements.
- 83Provisions supplementary to s. 82.
- 84Lloyd’s: roll-over relief.
- Advance pricing agreements and CFCs
- 85Advance pricing agreements etc. Repealed
- 86Provisions supplementary to s. 85. Repealed
- 87Effect of section 85 agreements on non-parties. Repealed
- 88Controlled foreign companies. Repealed
- Management and enforcement
- 89Corporation tax: due and payable date.
- 90Release or writing off of debt: interest on tax overpaid.
- 91Advance corporation tax: consequences of abolition.
- 92Group relief: consequences of reduction in surrenderable amount.
- 93Company tax returns, etc.
- Part IV: Oil Taxation
- 94Excluded oil.
- 95Sale and lease-back.
- 96Transfer of field interest.
- 97Provisions supplementary to ss. 95 and 96.
- 98Qualifying assets.
- 99PRT instalments.
- 100Sale and lease-back: ring fence profits. Repealed
- 101Pipe-line elections.
- 102PRT returns.
- 103Business assets: roll-over relief.
- Part V: Inheritance tax
- 104Gifts.
- 105Delivery of accounts.
- 106Power to call for documents etc. Repealed
- 107Inland revenue charge.
- 108Penalties.
- Part VI: Stamp duty and stamp duty reserve tax
- Stamp duty
- 109Interest and penalties on late stamping.
- 110Interest on repayment of duty overpaid etc.
- 111Stamp duty on conveyance or transfer on sale.
- 112General amendment of charging provisions.
- 113Bearer instruments.
- 114Penalties other than on late stamping.
- 115Minor amendments and repeal of obsolete provisions.
- Stamp duty reserve tax
- 116Non-sterling bearer instruments issued in connection with merger or takeover.
- 117Scope of exceptions for certain bearer instruments.
- 118Relief in case of certain replacement securities.
- 119Power to exempt UK depositary interests in foreign securities.
- 120Minor amendments of exceptions to general charge.
- 121Power to make regulations with respect to administration, etc.
- Units in unit trusts
- 122Stamp duty and stamp duty reserve tax: unit trusts.
- Supplementary provisions
- 123Construction of this Part and other supplementary provisions.
- Part VII: Other taxes
- Landfill tax
- 124Rate of landfill tax.
- Insurance premium tax
- 125Rate of insurance premium tax. Repealed
- Customs duties
- 126Interest on unpaid customs debts.
- 127Interest on repayments.
- 128Periods to be disregarded in determining interest under s. 127.
- 129Repayment of overpaid interest etc.
- 130Consequential amendments relating to interest.
- Part VIII: Miscellaneous and Supplemental
- General administration of tax
- 131Economic and monetary union: taxes and duties.
- 132Power to provide for use of electronic communications.
- 133Use of electronic communications under other provisions.
- Government borrowing etc.
- 134The Debt Management Account.
- 135Lending by Revenue Accounts to National Loans Fund.
- 136Definition of Government Stock.
- 137National Savings Bank: disclosure of information.
- Supplemental
- 138Interpretation.
- 139Repeals.
- 140Short title.
- Schedule 1: Rates of vehicle excise duty for goods vehicles etc
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- Schedule 2: VAT: groups of companies
- Amendment of Value Added Tax Act 1994
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- Transitional provisions
- 6Paragraph 6
- Schedule 3: New Schedule 13B to the Taxes Act 1988 Repealed
- Paragraph Repealed
- Schedule 4: Withdrawal of relief for interest on loans to buy land etc.
- Amendments of Part IX of the Taxes Act 1988
- 1Paragraph 1
- 2Paragraph 2 Repealed
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6 Repealed
- 7Paragraph 7
- 8Paragraph 8 Repealed
- 9Paragraph 9
- 10Paragraph 10 Repealed
- 11Paragraph 11 Repealed
- 12Paragraph 12 Repealed
- 13Paragraph 13
- 14Paragraph 14
- Other amendments
- 15Paragraph 15
- 16Paragraph 16 Repealed
- 17Paragraph 17
- Commencement
- 18Paragraph 18
- Schedule 5: Scottish Parliament and devolved assemblies: exemptions and reliefs
- Payments on dissolution, etc., or loss of office
- 1Paragraph 1 Repealed
- Payments in respect of overnight expenses or EU travel
- 2Paragraph 2 Repealed
- Office-holders’ transport and subsistence
- 3Paragraph 3 Repealed
- Trustees’ income from parliamentary pension funds
- 4Paragraph 4 Repealed
- Paragraph
- Relevant statutory schemes
- 5Paragraph 5 Repealed
- Pensions of members of the Scottish Executive
- 6Paragraph 6
- Schedule 6: Tax treatment of receipts by way of reverse premium Repealed
- Application of this Schedule Repealed
- 1Paragraph 1 Repealed
- Tax treatment of receipts by way of reverse premium Repealed
- 2Paragraph 2 Repealed
- Arrangements not at arm’s length Repealed
- 3Paragraph 3 Repealed
- Special rules for insurance companies carrying on life assurance business Repealed
- 4Paragraph 4 Repealed
- Exclusion of receipts taken into account for capital allowances Repealed
- 5Paragraph 5 Repealed
- ... Repealed
- 6Paragraph 6 Repealed
- Exclusion of consideration under sale and lease-back arrangement Repealed
- 7Paragraph 7 Repealed
- Paragraph Repealed
- Connected persons and relevant arrangements Repealed
- 8Paragraph 8 Repealed
- Schedule 7: Application of taper relief to EIS deferred gains Repealed
- Paragraph Repealed
- Schedule 8
- Part EIS deferred gains: gains accruing on part disposa
- Introductory
- 1Paragraph 1
- Paragraph 4
- 2Paragraph 2
- Paragraph 19
- 3Paragraph 3
- Consequential amendments
- 4Paragraph 4
- Schedule 9: Chargeable gains: value shifting and tax-free benefits Repealed
- 1Paragraph 1 Repealed
- 2Paragraph 2 Repealed
- 3Paragraph 3 Repealed
- 4Paragraph 4 Repealed
- 5Paragraph 5 Repealed
- Schedule 10: Sharing of pensions etc. on divorce or annulment
- Definition of “pension business”
- 1Paragraph 1 Repealed
- Approval of retirement benefit schemes
- 2Paragraph 2 Repealed
- Discretionary approval of retirement benefit schemes
- 3Paragraph 3 Repealed
- Non-approved retirement benefit schemes
- 4Paragraph 4 Repealed
- 5Paragraph 5 Repealed
- 6Paragraph 6 Repealed
- Charge on pensions commuted in special circumstances
- 7Paragraph 7 Repealed
- Charge on unauthorised payments
- 8Paragraph 8 Repealed
- Definition of “retirement benefits scheme”
- 9Paragraph 9 Repealed
- Interpretation of Chapter I
- 10Paragraph 10 Repealed
- Overseas pensions
- 11Paragraph 11
- Rules prohibiting surrender or assignment of annuities etc.
- 12Paragraph 12 Repealed
- Annuity payable on the death of a member
- 13Paragraph 13 Repealed
- Rule in section 636A prohibiting assignment or surrender
- 14Paragraph 14 Repealed
- Meaning of “relevant earnings”
- 15Paragraph 15 Repealed
- Purchased life annuities
- 16Paragraph 16 Repealed
- Interpretation of Part XIV
- 17Paragraph 17 Repealed
- Commencement etc.
- 18Paragraph 18 Repealed
- Schedule 11: Company tax returns, etc: minor and consequential amendments
- Income and Corporation Taxes Act 1988 (c. 1)
- 1Paragraph 1
- 2Paragraph 2 Repealed
- Finance Act 1989 (c. 26)
- 3Paragraph 3 Repealed
- Capital Allowances Act 1990 (c. 1)
- 4Paragraph 4 Repealed
- 5Paragraph 5 Repealed
- 6Paragraph 6 Repealed
- 7Paragraph 7 Repealed
- Finance Act 1994 (c. 9)
- 8Paragraph 8 Repealed
- Finance Act 1998 (c. 36)
- 9Paragraph 9 Repealed
- Schedule 12: Stamp duty: interest and penalties on late stamping
- Stamp Act 1891 (c.39)
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- Finance Act 1994 (c.9)
- 4Paragraph 4
- Schedule 13: Stamp duty: instruments chargeable and rates of duty
- Part I: Conveyance or transfer on sale
- Charge
- 1Paragraph 1
- Rates of duty
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- Meaning of instrument being certified at an amount
- 6Paragraph 6
- Contracts or agreements chargeable as conveyances on sale
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- Part II: Lease
- Charge
- 10Paragraph 10
- Rates of duty
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- Agreement for a lease charged as a lease
- 14Paragraph 14
- Lease for fixed term and then until determined
- 15Paragraph 15
- Part III: Other instruments
- ...
- 16Paragraph 16 Repealed
- ...
- 17Paragraph 17 Repealed
- Dispositions in Scotland
- 18Paragraph 18
- Duplicate or counterpart
- 19Paragraph 19
- Instrument increasing rent
- 20Paragraph 20
- Partition or division
- 21Paragraph 21
- ...
- 22Paragraph 22 Repealed
- ...
- 23Paragraph 23 Repealed
- Part IV: General exemptions
- 24Paragraph 24
- 25Paragraph 25
- 25AParagraph 25A
- 26Paragraph 26
- Schedule 14: Stamp duty: amendments consequential on section 112
- General amendments
- 1Paragraph 1
- 2Paragraph 2
- Finance Act 1930 (c.28)
- 3Paragraph 3
- Finance Act (Northern Ireland) 1954 (c.23 (N.I.))
- 4Paragraph 4
- Finance Act 1970 (c.24)
- 5Paragraph 5
- Finance Act 1980 (c.48)
- 6Paragraph 6 Repealed
- Finance Act 1982 (c.39)
- 7Paragraph 7
- Finance Act 1985 (c.54)
- 8Paragraph 8
- 9Paragraph 9 Repealed
- 10Paragraph 10
- 11Paragraph 11
- Finance Act 1986 (c.41)
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15 Repealed
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20
- Finance Act 1987 (c.16)
- 21Paragraph 21
- 22Paragraph 22
- Finance Act 1989 (c.26)
- 23Paragraph 23
- National Health Service and Community Care Act 1990 (c.19)
- 24Paragraph 24
- Finance Act 1991 (c.31)
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- Finance Act 1993 (c.34)
- 28Paragraph 28
- 29Paragraph 29
- Finance Act 1994 (c.9)
- 30Paragraph 30
- 31Paragraph 31
- 32Paragraph 32
- Finance Act 1995 (c.4)
- 33Paragraph 33
- Schedule 15: Stamp duty: bearer instruments
- Part I: Charging provisions
- ...
- 1Paragraph 1 Repealed
- Charge on transfer of stock by means of instrument
- 2Paragraph 2
- Meaning of “bearer instrument”
- 3Paragraph 3
- Rates of duty
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6 Repealed
- Ascertainment of market value
- 7Paragraph 7 Repealed
- 8Paragraph 8
- Meaning of “deposit certificate”
- 9Paragraph 9
- Bearer instruments by usage
- 10Paragraph 10
- Meaning of “company”, “UK company” and “non-UK company”
- 11Paragraph 11
- Meaning of “stock” and “transfer”
- 12Paragraph 12
- Part II: Exemptions
- Substitute instruments
- 12AParagraph 12A
- Foreign loan securities
- 13Paragraph 13
- Stock exempt from duty on transfer
- 14Paragraph 14
- Instruments in respect of which duty previously abolished
- 15Paragraph 15
- Renounceable letters of allotment
- 16Paragraph 16
- Instruments relating to non-sterling stock
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- Variation of original terms or conditions
- 20Paragraph 20
- Part III: Supplementary provisions
- ...
- 21Paragraph 21 Repealed
- 22Paragraph 22 Repealed
- Duty chargeable on transfer of stock by means of instrument
- 23Paragraph 23
- Supplementary provisions as to interest
- 24Paragraph 24
- Penalty for false statement
- 25Paragraph 25
- 26Paragraph 26
- Schedule 16: Stamp duty: amendments consequential on section 113
- General amendment
- 1Paragraph 1
- Finance Act 1963 (c.25)
- 2Paragraph 2
- Finance Act 1976 (c.40)
- 3Paragraph 3
- Finance Act 1984 (c.43)
- 4Paragraph 4
- Finance Act 1986 (c.41)
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- Finance Act 1987 (c.16)
- 10Paragraph 10
- Finance Act 1988 (c.39)
- 11Paragraph 11
- Finance Act 1990 (c.29)
- 12Paragraph 12
- Schedule 17: Stamp duty: penalties other than on late stamping
- Part I: Amendments of penalties
- Introduction
- 1Paragraph 1
- Stamp Duties Management Act 1891 (c.38)
- 2Paragraph 2
- Stamp Act 1891 (c.39)
- 3Paragraph 3
- Finance Act 1946 (c.64)
- 4Paragraph 4 Repealed
- Finance (No. 2) Act (Northern Ireland) 1946 (c.17 (N.I.))
- 5Paragraph 5 Repealed
- Finance Act 1963 (c.25)
- 6Paragraph 6
- Finance Act (Northern Ireland) 1963 (c.22 (N.I.))
- 7Paragraph 7
- Finance Act 1986 (c.41)
- 8Paragraph 8
- Part II: Determination of penalty, reviews and appeals
- Introduction
- 9Paragraph 9
- Determination of penalty by officer of Commissioners
- 10Paragraph 10
- 11Paragraph 11
- 11AParagraph 11A
- 12Paragraph 12
- Penalty proceedings before the court
- 13Paragraph 13
- Supplementary provisions
- 14Paragraph 14
- 15Paragraph 15
- Part III: Power to apply provisions as to collection and recovery etc
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- Schedule 18: Stamp duty: minor amendments and repeal of obsolete provisions
- Part I: Minor amendments
- Introduction
- 1Paragraph 1
- Payment by cheque
- 2Paragraph 2
- Admissibility of evidence not affected by offer of settlement, etc.
- 3Paragraph 3
- References to duration of lease
- 4Paragraph 4
- Part II: Obsolete provisions
- 5Paragraph 5
- 6Paragraph 6
- Schedule 19: Stamp duty and stamp duty reserve tax: unit trusts
- Part I: Abolition of stamp duty on transfers etc. of units in unit trusts
- 1Paragraph 1
- Part II: Stamp duty reserve tax on dealings with units in unit trusts Repealed
- Charge to tax Repealed
- 2Paragraph 2 Repealed
- Rate of tax Repealed
- 3Paragraph 3 Repealed
- Proportionate reduction of tax by reference to units issued Repealed
- 4Paragraph 4 Repealed
- Proportionate reduction of tax by reference to assets held Repealed
- 5Paragraph 5 Repealed
- Exclusion of charge in certain cases of change of ownership Repealed
- 6Paragraph 6 Repealed
- 6AExclusion of charge in case of individual pension accounts Repealed
- Exclusion of charge in case of in specie redemption Repealed
- 7Paragraph 7 Repealed
- Interpretation Repealed
- 8Paragraph 8 Repealed
- Transitional provision Repealed
- 9Paragraph 9 Repealed
- Part III: Minor and consequential amendments
- Finance Act 1986 (c.41)
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- Finance Act 1995 (c.4)
- 13Paragraph 13
- Part IV: General definitions
- Meaning of “unit trust scheme” and related expressions
- 14Paragraph 14
- Schemes not treated as unit trust schemes
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- Treatment of umbrella schemes
- 18Paragraph 18
- References to stock in stamp duty enactments include units under unit trust scheme
- 19Paragraph 19
- Schedule 20: Repeals
- IExcise duties
- IIValue added tax
- IIIIncome tax, corporation tax and capital gains tax
- IVOil taxation
- VStamp duty and stamp duty reserve tax
- VIInterest on customs duty etc
- VIIElectronic communications