OpenLegislation

Finance (No. 2) Act 1931

21 & 22 Geo. 5 c. 49 · Enacted 5 October 1931 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 20 March 2025.

An Act to increase the Customs and Excise duties on beer and tobacco, the Customs duty on hydrocarbon oils, and the entertainments duty; to increase the standard rate of income tax for the year 1931-32, and the higher rates of income tax for the year 1930-31; to amend the Income Tax Acts in so far as they relate to certain reliefs and the tax payable by persons carrying on a trade consisting wholly or partly in dealing in securities; to amend section thirty-six of the Finance Act, 1931, and the law relating to the National Debt; and to make provision for certain matters connected with the matters aforesaid.

[5th October 1931]I1C1C2X1

Annotations to the whole text

Modifications

C1

Words of enactment omitted under authority of Statute Law Revision Act 1948 (c. 62), s. 3

C2

General amendments made by Taxes Management Act 1970 (c. 9, SIF 63:1), s. 41A(7) (as added by Finance Act 1990 (c. 29, SIF 63:1), s. 95(1)(2), British Telecommunications Act 1981 (c. 38, SIF 96), s. 82(2)(7); Telecommunications Act 1984 (c. 12, SIF 96), s. 72(3); Finance Act 1984 (c. 43, SIF 63:1), ss. 82(6), 85(2), 89(1)(7), 96(1)(7), 98(7), Sch. 9 para. 3(2)(9), Sch. 16 paras. 6, 12 and Finance Act 1985 (c. 54, SIF 63:1), ss. 72(1), 74(5), Sch. 23 para. 15(4), S.I. 1987/530, regs. 11(2), 13(1), 14, Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), ss. 4, 6, 7, 9, 32, 34, 78, 134, 135, 141, 142, 185, 191, 193, 194, 195, 200, 203, 209, 212, 213, 219, 247, 253, 272, 287, 314, 315, 317, 318, 325, 326, 327, 345, 350, 351, 368, 375, 381, 397, 414, 432, 440, 442, 446, 458, 460, 461, 463, 463(2)(3) (as added by Finance Act 1990 (c. 29, SIF 63:1), s. 50(2) ), 468, 474, 475, 486, 490, 491, 503, 511, 518, 524, 532, 544, 550, 556, 558, 569, 572, 582, 595, 601, 613, 617, 619, 621, 639, 656, 660, 663, 676, 689, 691, 694, 700, 701, 714, 716, 739, 743, 754, 763, 776, 780, 781, 782, 787, 789, 811, 828, 829, 832, 833, 834, 835, 837, 838, 839, 840, 841, 842, Sch. 2 para. 5, Sch. 4 para. 5, Sch. 13 para. 10, Sch. 16 para. 10, Sch. 21 para. 6, Sch. 26 para. 1, Sch. 27 para. 20, Finance Act 1988 (c. 39, SIF 63:1), ss. 66, 127(1)(6), Sch. 12 para. 6, Capital Allowances Act 1990 (c. 1, SIF 63:1), ss. 28(1), 68(8), 74, 82, 83(5), 148(5), 163(4), 164(2), S.I. 1990/627 and Finance Act 1990 (c. 29, SIF 63:1), s. 25(10)

Commencement

I1

Act partly in force at Royal Assent, partly retrospective; all provisions so far as unrepealed wholly in force at 1.2.1991.

Editorial notes

X1

General amendments to Tax Acts, Income Tax Acts, and/or Corporation Tax Acts made by legislation after 1.2.1991 are noted against Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) but not against each Act

Contents

  1. Part I
  2. 1—4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3. 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  4. Part II.
  5. 6—10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  6. Part III.
  7. 11—19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  8. Part IV: Miscellaneous and General
  9. 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  10. 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  11. 22Provisions in cases where Treasury has power to borrow money.
  12. 23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  13. 24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  14. 25†Construction; short title and repeal.
  15. Schedule 1Schedule 1
  16. Schedule 2Schedule 2
  17. Schedule S 3, 4Schedule S 3, 4
  18. Schedule 5Schedule 5

1—4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

6—10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

11—19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

22Provisions in cases where Treasury has power to borrow money.C1

(1)

Any securities issued by the Treasury under any Act may be issued with the condition that—

(a)

so long as the securities are in the beneficial ownership of persons who are not F1... resident in the United Kingdom, the interest thereon shall be exempt from income tax: and

(b)

so long as the securities are in the beneficial ownership of persons who are F2not ... resident in the United Kingdom, neither the capital thereof nor the interest thereon shall be liable to any taxation present or future.

F3(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

25†Construction; short title and repeal.C1

(1)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(2)

This Act, so far as it relates to income tax, shall be construed as one with the Income Tax Acts.

(3)

Any reference in this Act to any enactment shall be construed as a reference to that enactment as amended by any subsequent enactment including (save where the context otherwise requires) this Act.

(4)

This Act may be cited as the Finance (No. 2) Act, 1931.

(5)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

Schedule 1F1

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Schedule 2F1

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Schedule S 3, 4F1

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Schedule 5F1

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