Finance Act 1996

Contents

3,908 provisions, too many to show on one page. Open a part or section to read it with its history and connections, or search inside the text.

1. Part I · Excise Duties
   1. Air passenger duty
   2. Alcoholic liquor duties
   3. Amusement machine licence duty
   4. Betting duties: rates
   5. Hydrocarbon oil duties
   6. Repeal of certain drawbacks and allowances
   7. Tobacco products duty
   8. Vehicle excise duty
2. Part II · Value Added Tax
   1. EC Second VAT Simplification Directive
   2. Other provisions relating to charges to VAT
   3. Payment and enforcement
3. Part III · Landfill Tax
   1. Administration
   2. Credit
   3. Exemptions
   4. Interpretation
   5. Miscellaneous
   6. Supplementary
   7. Review and appeal
   8. The basic provisions
4. Part IV · Income Tax, Corporation Tax and Capital Gains Tax
   1. Chapter I Principal provisions
   2. Chapter II Loan relationships
   3. Chapter III Provisions relating to the Schedule E charge
   4. Chapter IV Share Options, Profit Sharing and Employee Share Ownership
   5. Chapter V Self Assessment, General Management etc.
   6. Chapter VI Miscellaneous provisions
5. Part V · Inheritance tax
   1. 183 Rate bands.
   2. 184 Business property relief.
   3. 185 Agricultural property relief.
6. Part VI · Stamp Duty and Stamp Duty Reserve Tax
   1. Clearance services
   2. Stamp duty
   3. Stamp duty reserve tax
7. Part VII · Miscellaneous and supplemental
   1. Supplemental
   2. Miscellaneous: direct taxation
   3. Miscellaneous: indirect taxation
   4. Miscellaneous: other matters
8. Schedule 1 · Mixing of rebated oil
9. Schedule 2 · Vehicle licensing and registration
   1. (1) In this Schedule “the 1994 Act” means the Vehicle Excise...
   2. Vehicle licences
   3. Trade licences
   4. Registration regulations
   5. Surrender of licences: repayments
   6. Offences
   7. Offences: information and admissions
   8. Proceedings in respect of offences
   9. Compounding of offences
   10. Regulations
10. Schedule 3 · Value added tax: Fiscal and other warehousing
    1. (1) In subsection (1) of section 6 of the Value Added...
    2. (2) In subsection (1) of section 7 of the Value Added...
    3. (3) In subsection (1) of section 12 of the Value Added...
    4. (4) In subsection (1) of section 13 of the Value Added...
    5. (5) The following sections shall be inserted in the Value Added...
    6. (6) In subsection (1) of section 20 of the Value Added...
    7. (7) In section 30 of the Value Added Tax Act 1994...
    8. (8) (1) Section 62 of the Value Added Tax Act 1994...
    9. (9) In subsection (1) of section 69 of the Value Added...
    10. (10) In section 73 of the Value Added Tax Act 1994...
    11. (11) In sections 73(9) and 76(5) of the Value Added Tax...
    12. (12) In section 83 of the Value Added Tax Act 1994...
    13. (13) In paragraph 1 of Schedule 1 to the Value Added...
    14. (14) In paragraph 1 of Schedule 2 to the Value Added...
    15. (15) In paragraph 1 of Schedule 3 to the Value Added...
    16. (16) In paragraph 8(1) of Schedule 11 to the Value Added...
    17. (17) . . . . . . . . . ....
    18. (18) The following Schedule shall be added to the Value Added...
11. Schedule 4 · Value added tax: anti-avoidance provisions
12. Schedule 5 · Landfill Tax
    1. Part I Information and samples
    2. Part II Powers
    3. Part III Recovery
    4. Part IV Criminal Penalties
    5. Part V Civil Penalties
    6. Part VI Interest
    7. Part VII Miscellaneous
    8. Part VIII Secondary liability: controllers of landfill sites
13. Schedule 6 · Taxation of savings at the lower rate
    1. The Taxes Management Act 1970 (c. 9)
    2. The Taxes Act 1988
    3. The Finance Act 1989 (c. 26)
    4. The Taxation of Chargeable Gains Act 1992 (c. 12)
    5. Commencement of Schedule
14. Schedule 7 · Transfer of charge under Schedule C to Schedule D
    1. Amendments of the Taxes Act 1988
    2. Other amendments
    3. Commencement, etc.
    4. Position of paying and collecting agents
    5. Position of taxpayers
    6. Times to which paragraphs 33 and 34 apply
15. Schedule 8 · Loan relationships: claims etc relating to deficits
    1. Claim to set off deficit against other profits for the deficit period
    2. Claim to treat deficit as eligible for group relief
    3. Claim to carry back deficit to previous accounting periods
    4. Carry forward of deficit to succeeding accounting periods
    5. Construction of Schedule
16. Schedule 9 · Loan relationships: special computational provisions
    1. Distributions
    2. Insurance company liabilities
    3. Late interest
    4. Options et ceteralaetc.
    5. Foreign exchange gains and losses
    6. Deemed release of liability on impaired debt becoming held by connected company
    7. Release of liability under debtor relationship : cases in which credit need not be brought into account
    8. Release of liability under creditor relationship: application of provisions relating to impairment losses
    9. Impairment losses and consortium relief
    10. Impairment losses where parties have a connection
    11. Impairment losses : parties having connection and creditor in insolvent liquidation etc
    12. Impairment losses: companies becoming connected
    13. Impairment losses: cessation of connection
    14. Restriction on bringing into account debits resulting from revaluation
    15. Writing-off of government investments
    16. Restriction on writing off overseas sovereign debt et ceteralaetc.
    17. Further restriction on bringing into account losses on overseas sovereign debt et ceteralaetc.
    18. Imported losses et ceteralaetc.
    19. Deemed assignment of assets and liabilities on company ceasing to be resident in UKetc
    20. Transactions not at arm’s length
    21. Exchange gains and losses where loan not on arm’s length terms
    22. Disposals for consideration not fully recognised by accounting practice
    23. Continuity of treatment: groups et ceteralaetc.
    24. Transferee leaving group after replacing transferor as party to loan relationship
    25. European cross-border merger
    26. Cross-border transfer of business within European Community
    27. Exchanges, &c.: treatment of loan relationships
    28. Transparent entities
    29. Loan relationships for unallowable purposes
    30. Debits and credits treated as relating to capital expenditure
    31. Debits and credits recognised in equity or shareholders' funds
    32. Repo and stock-lending transactions and other transactions where a company ceases to be party to a loan relationship
    33. Amounts imputed under Schedule 28AA to the Taxes Act 1988
    34. Deeply discounted securities where companies have a connection
    35. Deeply discounted securities of close companies
    36. Partnerships involving companies
    37. Adjustment on change of accounting policy
    38. Power to make further provision by regulations
    39. Interpretation of references to major interests
17. Schedule 10 · Loan relationships: collective investment schemes
    1. Investment trusts: capital profits, gains or losses
    2. Venture capital trusts: capital profits, gains or losses
    3. Authorised unit trusts : capital profits, gains or losses
    4. Open-ended investment companies : capital profits, gains or losses
    5. Distributing offshore funds
    6. Company holdings in unit trusts and offshore funds
    7. Holding becoming or ceasing to be paragraph 4 holding
    8. Opening valuation of paragraph 4 holding
    9. Meaning of offshore funds
    10. Non-qualifying investments test
    11. Powers to make orders
18. Schedule 11 · Loan relationships: special provisions for insurers
    1. Part I Insurance companies
    2. Part II Corporate members of Lloyd’s
19. Schedule 12
20. Schedule 13 · Discounted securities: income tax provisions
    1. Charge to tax on realised profit comprised in discount
    2. Realised losses on discounted securities
    3. Meaning of “relevant discounted security”
    4. Issue price etc of securities issued in accordance with qualifying earn-out right
    5. Meaning of “transfer”
    6. Redemption to include conversion
    7. Trustees and personal representatives
    8. Treatment of losses where income exempt
    9. Transfers between connected persons
    10. Other transactions deemed to be at market value
    11. Securities issued to connected person etc at price in excess of market value: transfer to connected person
    12. Issue of securities in separate tranches
    13. Accrued income scheme
    14. Assets transferred abroad
    15. Excluded indexed securities
    16. Meaning of corporate strip and conversion into corporate strips
    17. Corporate strips deemed to be relevant discounted securities
    18. Corporate strips: manipulation of acquisition, sale or redemption price
    19. Corporate strips: manipulation of price: associated payment giving rise to CGT loss
    20. Strips of government securities
    21. Strips of government securities: losses
    22. Strips of government securities: manipulation of acquisition, sale or redemption price
    23. Strips: manipulation of price: associated payment giving rise to capital gains tax loss
    24. Restriction of profits and losses on strips by reference to original acquisition cost
    25. Market value of strips etc for the purposes of paragraphs 8, 9, 14 and 14B
    26. General interpretation
    27. Application of Schedule for income tax purposes only
21. Schedule 14 · Loan relationships: minor and consequential amendments
    1. The Taxes Management Act 1970 (c. 9)
    2. The Inheritance Tax Act 1984 (c. 51)
    3. The Airports Act 1986 (c. 31)
    4. The Gas Act 1986 (c. 44)
    5. The Taxes Act 1988
    6. The British Steel Act 1988 (c. 35)
    7. The Finance Act 1989 (c. 26)
    8. The Finance Act 1990 (c. 29)
    9. The Taxation of Chargeable Gains Act 1992 (c. 12)
    10. The Finance Act 1993 (c. 34)
    11. The Finance Act 1994 (c. 9)
22. Schedule 15 · Loan relationships: savings and transitional provisions
    1. Part I Corporation tax
    2. Part II Income tax and capital gains tax
23. Schedule 16 · Share option schemes approved before passing of this Act
    1. Preliminary
    2. Limit on aggregate value of options
    3. Price at which scheme shares may be obtained
    4. Approval of the Board to alterations
    5. Interpretation
24. Schedule 17 · Claims for relief involving two or more years
    1. Preliminary
    2. Loss relief
    3. Relief for fluctuating profits of farming etc.
    4. Relief claimed by virtue of section 96(9)
    5. Carry-back of post-cessation etc. receipts
    6. Backward spreading of certain payments
25. Schedule 18 · Overdue tax and excessive payments by the Board
    1. The Taxes Management Act 1970
    2. The Taxes Act 1988
    3. The Finance Act 1989
    4. The Finance Act 1991
    5. The Taxation of Chargeable Gains Act 1992
    6. The Finance Act 1995
    7. Commencement
26. Schedule 19 · Self-assessment: claims and enquiries
    1. Introductory
    2. Matters subject to enquiry
    3. Power to call for documents
    4. Further amendments of section 28A
    5. Further amendments of section 28B
    6. Right of appeal against notice disallowing claim in return
    7. Claims not included in returns
    8. Right of appeal against notice disallowing claim not in return
27. Schedule 20 · Self-assessment: discretions exercisable by the Board etc.
    1. The Taxes Act 1988
    2. The Capital Allowances Act 1990
    3. The Taxation of Chargeable Gains Act 1992
    4. The Finance Act 1993
    5. The Finance Act 1994
28. Schedule 21 · Self-assessment: time limits
    1. The Taxes Act 1988
    2. The Finance Act 1988 (c. 39)
    3. The Capital Allowances Act 1990 (c. 1)
    4. The Taxation of Chargeable Gains Act 1992 (c. 12)
    5. The Finance (No. 2) Act 1992 (c. 48)
    6. The Finance Act 1994 (c. 9)
29. Schedule 22 · Self-assessment: appeals
    1. The Taxes Management Act 1970
    2. Section 102 of the Taxes Act 1988
    3. Commencement of Schedule
30. Schedule 23 · Self-assessment: Schedules 13 and 16 to the Taxes Act 1988
    1. Part I Schedule 13 to the Taxes Act 1988
    2. Part II Schedule 16 to the Taxes Act 1988
31. Schedule 24 · Self-assessment: accounting periods etc.
    1. Part I Amendments of the Taxes Management Act 1970
    2. Part II Other amendments
32. Schedule 25 · Self-assessment: surrenders of advance corporation tax
    1. Amendments of section 240 of the Taxes Act 1988
    2. The new Schedule 13A to the Taxes Act 1988
    3. Other amendments
33. Schedule 26 · Damages and compensation for personal injury
34. Schedule 27 · Foreign income dividends
    1. Companies that pay FIDs
    2. Recipients of FIDs
    3. Calculation of the distributable foreign profit and the notional foreign source ACT
    4. International headquarters company
    5. Life assurance business charged under Case I of Schedule D
    6. Foreign income distributions to corporate unit holders
35. Schedule 28 · FOTRA securities: consequential amendments
    1. The Taxes Act 1988
    2. The Inheritance Tax Act 1984 (c. 51)
36. Schedule 29 · Paying and Collecting Agents etc.
    1. Part I The New Chapter
    2. Part II Other Provisions
37. Schedule 30 · Investments in housing
    1. Reduced rate of corporation tax
    2. Investments in housing by investment trusts
    3. Commencement
38. Schedule 31 · Life assurance business losses
    1. Expenses of management
    2. Computation of losses and limitation on relief
    3. Spreading of relief for acquisition expenses
    4. Ascertainment of losses
    5. Application of surplus in reduction of certain losses
    6. Meaning of “brought into account” in sections 83AA and 83AB
    7. Enactments disapplying section 83(3) of the Finance Act 1989
    8. Overseas life insurance companies
    9. Transitional provisions
    10. Commencement
39. Schedule 32 · Equalisation reserves
    1. (1) In Chapter I of Part XII of the Taxes Act...
    2. (2) In the second column of the Table in section 98...
40. Schedule 33 · Management expenses of capital redemption business
    1. Amendment of section 76 of Taxes Act
    2. Treatment of capital redemption business
    3. Overseas life insurance companies
    4. Commencement
41. Schedule 34 · . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    1. Part I Amendments of Schedule 19AB to the Taxes Act 1988
    2. Part II Amendments of Schedule 19AC to the Taxes Act 1988
42. Schedule 35 · . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
    1. Preliminary
    2. Amendment of provisions relating to roll-over relief in respect of ships
    3. Commencement
43. Schedule 36 · Controlled foreign companies
    1. (1) (1) Section 747A of the Taxes Act 1988 (special rule...
    2. (2) In section 748(3) of the Taxes Act 1988 (direction under...
    3. (3) (1) Schedule 24 to the Taxes Act 1988 (assumptions for...
    4. (4) (1) Schedule 25 to the Taxes Act 1988 (cases excluded...
44. Schedule 37 · Banks
    1. Part I “Bank” re-defined for certain purposes
    2. Part II Amendments of the Taxes Act 1988
    3. Part III Other amendments
45. Schedule 38 · Quotation or listing of securities
    1. The Finance Act 1973
    2. The Inheritance Tax Act 1984
    3. The Taxes Act 1988
    4. The Taxation of Chargeable Gains Act 1992
46. Schedule 39 · Enactment of Certain Inland Revenue Extra-Statutory Concessions
    1. Part I Income Tax and Corporation Tax
    2. Part II Chargeable Gains
    3. Part III Stamp Duty
47. Schedule 40 · Gilt stripping: taxation provisions
    1. The Stamp Act 1891 (c. 39)
    2. The Taxes Act 1988
    3. The Taxation of Chargeable Gains Act 1992 (c. 12)
48. Schedule 41 · Repeals
    1. Part I Hydrocarbon Oil Duty: relief for marine voyages
    2. Part II Vehicle Excise and Registration
    3. Part III Excise duties: repeal of drawbacks etc.
    4. Part IV Value Added Tax
    5. Part V Income Tax, Corporation Tax and Capital Gains Tax
    6. Part VI Inheritance Tax
    7. Part VII Stamp duty and stamp duty reserve tax
    8. Part VIII Miscellaneous