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Finance Act 1976

1976 c. 40 · Enacted 29 July 1976 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 22 February 2024.

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.

[29th July 1976]C1X1C2I1X2

Annotations to the whole text

Modifications

C1

EDITORIAL NOTE1984 (C) = Capital Transfer Tax Act 1984/Inheritance Tax Act 1984 (c.51, SIF 65)

C2

General amendments etc. to Tax Acts (or Income Tax Acts or Corporation Tax Acts as the case may be) 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, partly prospective, see individual sections; all provisions so far as unrepealed wholly in force by 1.2.1991.

Editorial notes

X1

The text of ss. 24–72, 129, 131(1)(2), 132(1)(2)(3)(c)(4)(5), Schs. 4–9, 11 and 15 Pts. III, IV, VII was taken from S.I.F. group 63:1 (Income, Corporation and Capital Gains Taxes: Income and Corporation Taxes), ss. 51–56, 129, 132(1)(2)(3)(c)(4)(5), Sch. 15 Pts. III, VII from SIF group 63:2 (Income, Corporation and Capital Gains Taxes: Capital Gains Tax), ss. 131, 132(1)(4)(5), Sch. 15 Pt. V from SIF group 65 (Inheritance Tax), ss. 126–128, 132(1)(4) from SIF group 114 (Stamp Duty) and ss. 11–14, 132(1)(4) from SIF group 107:2 (Road Traffic: Vehicle Excise Duty); provisions omitted from S.I.F. have been dealt with as referred to in other commentary.

X2

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: Customs and Excise
  2. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3. 2, 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  4. 4, 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  5. 6Section 6
  6. 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  7. 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  8. 9, 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  9. Vehicles excise duty
  10. 11Information about goods vehicles and registration of trailers.
  11. 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  12. 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  13. 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  14. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  15. 16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  16. Part II: Value Added Tax
  17. 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  18. 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  19. 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  20. 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  21. 21, 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  22. 23Failure of resolution under Provisional Collection of Taxes Act 1968.
  23. Part III: Income Tax, Corporation Tax and Capital Gains Tax
  24. Chapter I: General
  25. 24—38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  26. 39—42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  27. 43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  28. 44—50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  29. 51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  30. 52, 53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  31. 54. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  32. 55, 56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  33. 57Investigatory powers.
  34. 58Recovery of tax in sheriff court.
  35. 59Post-war credits.
  36. Chapter II: Benefits derived by Company Directors and others from their Employment
  37. 60–71. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  38. 72Section 72
  39. Part IV
  40. 73–125. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  41. Part V: Miscellaneous and Supplementary
  42. 126. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  43. 127Stamp duty: stock exchange transfers
  44. 128. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  45. 129. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  46. 130Petroleum revenue tax.
  47. 131Inter-American Development Bank.
  48. 132Citation, interpretation, construction and repeals.
  49. Schedule S 1, 2Schedule S 1, 2
  50. Schedule 3
  51. 1Paragraph 1 Repealed
  52. 2–4Paragraph 2–4 Repealed
  53. 5Paragraph 5 Repealed
  54. 6Paragraph 6 Repealed
  55. 7Paragraph 7 Repealed
  56. 8Paragraph 8 Repealed
  57. 9Paragraph 9 Repealed
  58. Schedule 4. . . . . . . . . . . . . . . . . . . . . . . . .Schedule 4. . . . . . . . . . . . . . . . . . . . . . . . .
  59. Schedule 5. . . . . . . . . . . . . . . . . . . . . . . . .Schedule 5. . . . . . . . . . . . . . . . . . . . . . . . .
  60. Schedule 6: Sections to be Substituted for Section 20 of Taxes Management Act 1970
  61. Paragraph
  62. Schedule S 7, 8Schedule S 7, 8
  63. Schedule 9: Amendments of Tax Acts Consequent on Part III, Chapter II
  64. Part I: Replacement of Section 15 of the Taxes Management Act 1970 (c. 9)
  65. Taxes Management Act 1970
  66. 1Paragraph 1
  67. 2Paragraph 2
  68. 3, 4Paragraph 3, 4 Repealed
  69. Finance Act 1974
  70. 5Paragraph 5 Repealed
  71. Savings
  72. 6Paragraph 6
  73. Part II: OTHER AMENDMENTS
  74. 7Paragraph 7
  75. 8, 9Paragraph 8, 9 Repealed
  76. Taxes Management Act 1970
  77. 10Paragraph 10
  78. 11Paragraph 11 Repealed
  79. 12–16Paragraph 12–16 Repealed
  80. Schedule S 10–14.Schedule S 10–14.
  81. Schedule 15: Repeals
  82. ICustoms and Excise
  83. Paragraph
  84. Paragraph
  85. IIValue Added Tax
  86. Paragraph
  87. IIIIncome Tax, Corporation Tax and Capital Gains Tax
  88. 1Paragraph 1
  89. 2Paragraph 2
  90. 3Paragraph 3
  91. 4Paragraph 4
  92. 5Paragraph 5
  93. 6Paragraph 6
  94. 7Paragraph 7
  95. 8Paragraph 8
  96. 9Paragraph 9
  97. IVLife Policies
  98. VCapital Transfer Tax
  99. VIStamp Duty
  100. VIIMiscellaneous