OpenLegislation

Finance Act 1981

1981 c. 35 · Enacted 27 July 1981 · Extends to United Kingdom

Not fully up to date. 1 change made by later legislation has not yet been written into this text, which is revised to 26 January 2019.

See the changes not yet applied
ProvisionChangeMade by
s. 107(3)(d)repealedHousing (Scotland) Act 2001 Sch. 10 para. 8
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.[27th July 1981]I1X1

Annotations to the whole text

Commencement

I1

Act partly in force at Royal Assent, partly retrospective; all provisions so far as unrepealed wholly in force at 1.2.1991. Some provisions came into force at specific times of day.

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: Customs and Excise
  2. 1Spirits, beer, wine, made-wine and cider.
  3. 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  4. 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  5. 4Increase on duty on hydrocarbon oil etc.
  6. 5Energy for refineries etc.
  7. 6Repayment of hydrocarbon oil duty.
  8. 7Vehicles excise duty: Great Britain.
  9. 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  10. 9Betting and gaming duties.
  11. 10Import and export procedures.
  12. 11Miscellaneous customs and excise amendments.
  13. Part II
  14. 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  15. Part III
  16. 16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  17. Part IV: Income Tax, Corporation Tax and Capital Gains Tax
  18. Chapter I: General
  19. 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  20. 38Section 38
  21. 39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  22. Chapter II: Relief for Investments in New Corporate Trades
  23. 52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  24. Chapter III: Benefits in Kind
  25. 68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  26. Chapter IV: Capital Allowances
  27. 73. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  28. Chapter V: Capital Gains
  29. 78Section 78
  30. 79. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  31. 80. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  32. 80A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  33. 81. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  34. 82. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  35. 82A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  36. 83. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  37. 84. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  38. 85. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  39. 86. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  40. 87. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  41. 88. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  42. 89. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  43. 90. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  44. 91. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  45. Part V: Capital Transfer Tax
  46. 92. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  47. 96Section 96
  48. 97. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  49. Part VI: Stamp Duty
  50. 107Sale of houses at discount by local authorities etc.
  51. 108Shared ownership transactions. Repealed
  52. 109. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  53. 110. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  54. Part VII: Petroleum Revenue Tax
  55. 111Restriction of expenditure supplement.
  56. 112Restriction of expenditure supplement: transfers of interest.
  57. 113Restriction of expenditure supplement: loss following net profit period.
  58. 114Restriction of limit on amount of tax payable.
  59. 115Contracts with deferred payment.
  60. 116Spreading of capital expenditure.
  61. 117Spreading of capital expenditure: transitional provisions.
  62. 118Licence payments other than royalties.
  63. 119Transportation costs for off-shore oil.
  64. 120. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  65. 121Gas banking schemes.
  66. Part VIII: Supplementary Petroleum Duty
  67. 122Charge of supplementary petroleum duty.
  68. 123Increase of gross profit by reference to royalties in kind.
  69. 124Reduction of gross profit by reference to exempt allowance.
  70. 125Repayment of duty in case of field showing loss on cessation.
  71. 126Deduction of duty in computing assessable profit or allowable loss for petroleum revenue tax.
  72. 127Deduction of duty in computing income for corporation tax.
  73. 128Supplementary Provisions.
  74. Part IX
  75. 129. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  76. Part X: Miscellaneous and Supplementary
  77. 134Special tax on banking deposits.
  78. 135Chevening Estate.
  79. 136Exchange control.
  80. 137Irish land Acts.
  81. 138. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  82. 139Short title, interpretation, construction and repeals.
  83. Schedule S 1, 2
  84. Schedule S 3, 4
  85. Schedule 5
  86. Schedule 6: Import Procedures: Amendments of Customs and Excise Management Act 1979
  87. Entry of goods on importation
  88. 1Paragraph 1 Repealed
  89. Acceptance of incomplete entry
  90. 2Paragraph 2 Repealed
  91. Examination of goods for purpose of making entry
  92. 3Paragraph 3 Repealed
  93. Correction and cancellation of entry
  94. 4Paragraph 4
  95. Removal of uncleared goods
  96. 5Paragraph 5
  97. Failure to comply with provisions as to entry
  98. 6Paragraph 6
  99. Duties on imported goods
  100. 7Paragraph 7
  101. Delivery of imported goods on giving security for duty
  102. 8Paragraph 8
  103. Restriction on delivery of goods
  104. 9Paragraph 9
  105. Schedule 7: Export Procedures
  106. Part I: Sections Substituted in Customs and Excise Management Act 1979
  107. 53Entry outwards of goods.
  108. 54Acceptance of incomplete entry.
  109. 55Correction and cancellation of entry.
  110. 56Failure to export.
  111. 57Delivery of entry by owner of exporting ship etc.
  112. 58Simplified clearance procedure.
  113. 58ALocal export control.
  114. 58BProvisions supplementary to ss. 58 and 58A.
  115. 58CPipe-lines and export of ships and aircraft.
  116. 58DOperative date for Community purposes.
  117. 58EAuthentication of Community customs documents.
  118. Part II: Amendments of Customs and Excise Management Act 1979
  119. Control of movement of goods
  120. 1Paragraph 1
  121. Dutiable or restricted goods
  122. 2Paragraph 2
  123. Restrictions on putting export goods alongside for loading
  124. 3Paragraph 3
  125. Provisions as to stores
  126. 4Paragraph 4
  127. Power to make regulations as to exportation, etc.
  128. 5Paragraph 5
  129. Schedule 8: Miscellaneous Customs and Excise Amendments
  130. Part I: Amendments of Customs and Excise Management Act 1979
  131. Definition of “revenue trader”
  132. 1Paragraph 1
  133. Warehousing regulations
  134. 2Paragraph 2
  135. Deficiency in warehoused goods
  136. 3Paragraph 3
  137. Procedure on warehouse ceasing to be approved
  138. 4Paragraph 4
  139. Excise licences
  140. 5Paragraph 5
  141. Powers of entry on premises of revenue traders
  142. 6Paragraph 6
  143. Power to estimate excise duties
  144. 7Paragraph 7 Repealed
  145. Execution and distress
  146. 8Paragraph 8 Repealed
  147. Proof of documents
  148. 9Paragraph 9
  149. Part II: Amendments of Alcoholic Liquor Duties Act 1979
  150. Ascertainment of volume etc. of alcoholic liquors from labels etc.
  151. 10Paragraph 10
  152. Definitions of “wholesale” and “wholesaler”
  153. 11Paragraph 11
  154. Regulations about manufacture of spirits
  155. 12Paragraph 12
  156. Attenuation charge for distilled spirits
  157. 13Paragraph 13 Repealed
  158. Distillers’ warehouses
  159. 14Paragraph 14
  160. Rectifying and compounding of spirits
  161. 15Paragraph 15
  162. Drawback on British compounds and spirits of wine
  163. 16Paragraph 16 Repealed
  164. Restrictions on distillers and rectifiers
  165. 17Paragraph 17 Repealed
  166. Spirits consignment and advice notes
  167. 18Paragraph 18
  168. Transfer of spirit from distillers’ warehouses
  169. 19Paragraph 19
  170. Abolition of wholesalers’ licences etc.
  171. 20Paragraph 20
  172. Restrictions on wholesalers of spirits
  173. 21Paragraph 21 Repealed
  174. Methylated spirits
  175. 22Paragraph 22
  176. 23Paragraph 23
  177. Part III: Amendments of Licensing Acts
  178. The Licensing Act 1964
  179. 24Paragraph 24 Repealed
  180. 25Paragraph 25 Repealed
  181. 26Paragraph 26 Repealed
  182. Schedule s 9—12. . . . . . . . . . . . . . . . . . . . . .
  183. Schedule s 13, 14
  184. Schedule 15
  185. Schedule 16: Supplementary Petroleum Duty
  186. Management
  187. 1Paragraph 1
  188. 2Paragraph 2
  189. Returns and information
  190. 3Paragraph 3
  191. Assessments and determinations
  192. 4Paragraph 4
  193. 5Paragraph 5
  194. 6Paragraph 6
  195. Appeals
  196. 7Paragraph 7
  197. 8Paragraph 8
  198. Payment
  199. 9Paragraph 9
  200. 10Paragraph 10
  201. 11Paragraph 11
  202. 12Paragraph 12
  203. Interest
  204. 13Paragraph 13
  205. Transfers to associated companies
  206. 14Paragraph 14
  207. Schedule 17: Special Tax on Banking Deposits
  208. Part I: The Base Period and Chargeable Deposits
  209. The base period
  210. 1Paragraph 1
  211. Chargeable deposits
  212. 2Paragraph 2
  213. 3Paragraph 3
  214. 4Paragraph 4
  215. 5Paragraph 5
  216. 6Paragraph 6
  217. Part II: Management and Collection
  218. Management
  219. 7Paragraph 7
  220. Notice of liability
  221. 8Paragraph 8
  222. Returns
  223. 9Paragraph 9
  224. 10Paragraph 10
  225. Payment of tax
  226. 11Paragraph 11
  227. Assessments
  228. 12Paragraph 12
  229. 13Paragraph 13
  230. Right of appeal
  231. 14Paragraph 14
  232. Interest
  233. 15Paragraph 15
  234. Information
  235. 16Paragraph 16
  236. Incorrect returns, accounts, etc.
  237. 17Paragraph 17
  238. Application of Taxes Management Act
  239. 18Paragraph 18
  240. Schedule 18
  241. Schedule 19: Repeals
  242. IImport Procedures Not yet in force
  243. IIExport Procedures
  244. IIICustoms and Excise: Miscellaneous
  245. 1Paragraph 1
  246. 2Paragraph 2
  247. 3Paragraph 3
  248. 4Paragraph 4
  249. IVValue Added Tax
  250. VCar Tax
  251. VIIncome Tax and Corporation Tax: General
  252. 1Paragraph 1
  253. 2Paragraph 2
  254. 3Paragraph 3
  255. 4Paragraph 4
  256. VIIStock Relief
  257. VIIICapital Gains
  258. 1Paragraph 1
  259. 2Paragraph 2
  260. IXCapital Transfer Tax
  261. 1Paragraph 1
  262. 2Paragraph 2
  263. 3Paragraph 3
  264. 4Paragraph 4
  265. 5Paragraph 5
  266. 6Paragraph 6
  267. XPetroleum Revenue Tax
  268. XIExchange Control
  269. XIIIrish Land Acts