Legalize / United Kingdom / Public General Act

Finance Act 1990

Type Public General Act

Publication 1990-07-26

Last updated 2013-04-01

State In force

Department Statute Law Database

Source legislation.gov.uk

articles Not indexed

Reform history JSON API

Exemption for certain linked assets

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Replacement of assets

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Supplementary

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SCHEDULE 9

Capital gains

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Accounting periods

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Expenses of management and losses

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Capital allowances

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Transfer to friendly society

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Commencement

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SCHEDULE 10

Part I — Introduction

Qualifying provision for redemption

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For the purposes of this Schedule a qualifying provision for redemption, in relation to a security, is a provision which—

(a) provides for redemption before maturity only at the option of the person holding the security for the time being,

(b) provides for such redemption on one occasion only,

(d) is such that the amount payable on redemption on exercise of the option is fixed (as opposed to variable), is determined at the time the security becomes subject to the provision, and constitutes a deep gain.

Qualifying convertible securities

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(1) For the purposes of this Schedule a security is a qualifying convertible security at the time of its issue if—

(a) it fulfils each of the first eight conditions mentioned below, and

(b) it fulfils the ninth condition mentioned below (where it applies) or it fulfils the ninth and tenth conditions mentioned below (where they apply).

(2) The first condition is that the security was issued by a company on or after 9th June 1989.

(3) The second condition is that the security—

(a) is not a share in a company,

(b) is redeemable, and

(c) was not issued in circumstances such that, by virtue of section 209(2)(c) of the Taxes Act 1988, it (or part of it) constituted or fell within a distribution of a company.

(4) The third condition is that at the time the security was issued it was quoted in the official list of a recognised stock exchange.

(5) The fourth condition is that under the terms of issue—

(a) the security can be converted into ordinary share capital in the company which issued it,

(b) the security either carries no right to interest, or carries a right to interest at a rate which is fixed (as opposed to variable) and determined at the time of issue, and

(c) any amount payable on redemption (at any time), and any amount payable by way of interest, is payable in the currency in which the issue price is denominated.

(6) The fifth condition is that at the time of issue of the security it is subject to one (and one only) qualifying provision for redemption.

(7) The sixth condition is that the yield to redemption for the relevant redemption period represents no more than a reasonable commercial return; and the relevant redemption period is the redemption period which ends with the day on which the occasion for redemption under the qualifying provision for redemption falls.

(8) The seventh condition is that the security—

(a) is a deep discount security but would not be one if it were not for the qualifying provision for redemption, or

(b) is a deep gain security but would not be one if it were not for the qualifying provision for redemption;

and paragraph 21 of Schedule 4 to the Taxes Act 1988, and paragraph 22B(1) of Schedule 11 to the Finance Act 1989, shall be ignored in construing paragraphs (a) and (b) above.

(9) The eighth condition is that the obtaining of a tax advantage by any person was not the main benefit, or one of the main benefits, that might be expected to accrue from issuing the security.

(10) The ninth condition applies where the security carries a right to interest, and is that—

(a) the first (or only) interest payment day falls on a day which bears the same date in the month as the day of issue bears, but which occurs in the sixth month after the month in which that day falls, or

(b) the first (or only) interest payment day falls on the first anniversary of the day of issue.

(11) The tenth condition applies where there is more than one interest payment day, and is that—

(a) if sub-paragraph (10)(a) above applies, each interest payment day (other than the first) falls on a day which bears the same date in the month as the interest payment day immediately preceding it bears, but which occurs in the sixth month after the month in which that day falls;

(b) if sub-paragraph (10)(b) above applies, each interest payment day (other than the first) falls on the first anniversary of the interest payment day immediately preceding it.

(12) If a security is quoted in the official list of a recognised stock exchange at a time after it was issued but before the end of the qualifying period, for the purposes of sub-paragraph (4) above it shall be deemed to have been quoted in that list at the time it was issued; and the qualifying period is the period of one month beginning with the day on which the security was issued.

Events after issue

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(1) A security which was a qualifying convertible security at the time of its issue shall continue to be a qualifying convertible security for the purposes of this Schedule.

(2) But sub-paragraph (1) above shall have effect subject to paragraphs 4(2) and 5(2) below.

Securities becoming subject to later options

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(1) This paragraph applies where—

(a) a security becomes at any time (the time in question) subject to a qualifying provision for redemption (the new provision), and

(b) immediately before that time it was a qualifying convertible security.

(2) If the relevant requirement is not satisfied, the security shall cease to be a qualifying convertible security for the purposes of this Schedule at the time in question.

(3) For the purposes of this paragraph the relevant requirement is satisfied if—

(a) the security becomes subject to the new provision on or after the relevant day but not after the day on which the occasion for redemption under the old provision falls,

(b) the person who issued the security did not indicate, at any time falling before the relevant day, that the security might become subject to a qualifying provision for redemption (in addition to any other such provision or provisions),

(c) the day on which the occasion for redemption under the new provision falls is not less than one year after the day on which the occasion for redemption under the old provision falls,

(d) the amount payable on redemption on exercise of the option for which the new provision provides is not less than the amount payable on redemption on exercise of the option for which the old provision provides,

(e) the yield to redemption for the relevant redemption period represents no more than a reasonable commercial return, and

(f) the obtaining of a tax advantage by any person is not the main benefit, or one of the main benefits, that might be expected to accrue from the new provision.

(4) For the purposes of this paragraph the relevant day is the day falling 30 days before the day on which the occasion for redemption under the old provision falls.

(5) For the purposes of this paragraph the old provision is—

(a) if the security became subject to one other qualifying provision for redemption before the time in question, that provision, or

(b) if the security became subject to more than one qualifying provision for redemption before the time in question, the one to which it last became subject.

(6) For the purposes of this paragraph the relevant redemption period is the redemption period which ends with the day on which the occasion for redemption under the new provision falls.

Other later events in relation to securities

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(1) This paragraph applies where—

(a) a prohibited event occurs in relation to a security at any time (the time in question), and

(b) immediately before that time it was a qualifying convertible security.

(2) The security shall cease to be a qualifying convertible security for the purposes of this Schedule at the time in question.

(3) For the purposes of this paragraph, a prohibited event occurs in relation to a security if—

(a) it ceases to be quoted in the official list of a recognised stock exchange,

(b) it becomes subject to a provision under which it carries a right to interest at a rate which is variable or falls to be determined at a time other than issue (or both),

(c) it becomes subject to a provision under which any amount payable on redemption (at any time) is payable in a currency different from that in which the issue price is denominated,

(d) it becomes subject to a provision under which any amount payable by way of interest is payable in a currency different from that in which the issue price is denominated,

(e) it becomes subject to a provision which would be a qualifying provision for redemption but for the fact that one or more of sub-paragraphs (b) to (d) of paragraph 1 above is (or are) not fulfilled as regards the provision, or

(f) there is a time when more than 10 per cent. of the securities issued under the relevant prospectus are held by companies which are linked companies at that time.

(4) For the purposes of sub-paragraph (3)(f) above the relevant prospectus is the prospectus under which the security concerned was issued.

(5) For the purposes of sub-paragraph (3)(f) above, the question whether companies are linked companies at a particular time shall be determined in accordance with paragraph 4 of Schedule 11 to the Finance Act 1988.

Deep gain

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(1) For the purposes of this Schedule the amount payable on redemption, on exercise of the option under a provision for redemption (the provision concerned), constitutes a deep gain if it constitutes such a gain by virtue of sub-paragraph (2) or (4) below (or both).

(2) The amount payable on redemption (on exercise of the option under the provision concerned) constitutes a deep gain if the issue price of the security is less than the amount so payable, and the amount by which it is less represents more than—

(a) 15 per cent. of the amount so payable, or

(b) half Y per cent. of the amount so payable, where Y is the number of complete years between the day of issue and the day on which the occasion for redemption under the provision concerned falls.

(3) Sub-paragraph (4) below applies where the security became subject to—

(a) a qualifying provision for redemption (the prior provision), or

(b) qualifying provisions for redemption (the prior provisions),

before it became subject to the provision concerned.

(4) The amount payable on redemption (on exercise of the option under the provision concerned) constitutes a deep gain if the base amount is less than the amount so payable, and the amount by which it is less represents more than—

(a) 15 per cent. of the amount so payable, or

(b) half Y per cent. of the amount so payable, where Y is the number of complete years between the base day and the day on which the occasion for redemption under the provision concerned falls.

(5) For the purposes of sub-paragraph (4) above—

(a) the base amount is the amount payable on redemption on exercise of the option provided for by the prior provision (if there is only one) or the last of the prior provisions (if there are two or more), and

(b) the base day is the day on which the occasion for redemption falls under the prior provision (if there is only one) or the last of the prior provisions (if there are two or more).

(6) For the purposes of sub-paragraph (5) above the last of the prior provisions is the one to which the security last became subject.

Income period

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(1) This paragraph applies for the purposes of this Schedule.

(2) In relation to a security which carries a right to interest each of the following is an income period—

(a) the period beginning with the day of issue and ending with the first (or only) interest payment day, and

(b) any period beginning with the day after one interest payment day and ending with the next interest payment day.

(3) In relation to a security which does not carry a right to interest each of the following is an income period—

(a) the period beginning with the day of issue and ending with the first relevant day, and

(b) the period beginning with the day after one relevant day and ending with the next relevant day.

(4) For the purposes of sub-paragraph (3) above each day on which an anniversary of the day of issue falls is a relevant day.

Redemption period

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(1) For the purposes of this Schedule each of the following is a redemption period in relation to a security—

(a) the period beginning with the day of issue and ending with the day on which the first (or only) relevant redemption occasion falls, and

(b) any period beginning with the day after the day on which one relevant redemption occasion falls and ending with the day on which the next relevant redemption occasion falls.

(2) For the purposes of sub-paragraph (1) above a relevant redemption occasion is an occasion for redemption under a qualifying provision for redemption.

Yield to redemption

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(1) For the purposes of this Schedule the yield to redemption for a redemption period is a rate (expressed as a percentage) such that if a sum equal to the relevant amount were to be invested at that rate on the assumption that—

(a) the rate would be applied on a compounding basis at the end of each relevant income period, and

(b) the amount of any interest payable in respect of a relevant income period would be deducted after applying the rate,

the value of that sum on the relevant redemption day would be equal to the amount payable on redemption of the security on that day under the relevant redemption provision.

(2) For the purposes of this paragraph the relevant amount is the issue price, in a case where the redemption period concerned is the period falling within paragraph 8(1)(a) above.

(3) For the purposes of this paragraph the relevant amount is the amount payable on redemption on the last relevant occasion, in a case where the redemption period concerned is one falling within paragraph 8(1)(b) above; and the last relevant occasion is the occasion for redemption, under a qualifying provision for redemption, last occurring before the redemption period begins.

(4) For the purposes of this paragraph—

(a) a relevant income period is any income period which consists of or falls within the redemption period,

(b) the relevant redemption day is the last day of the redemption period, and

Transfer etc.

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(1) This paragraph applies for the purposes of this Schedule.

(2) “Transfer”, in relation to a security, means transfer by way of sale, exchange, gift or otherwise.

(3) But (notwithstanding sub-paragraph (2) above) “transfer” does not include a transfer made on a conversion of a security into ordinary share capital in a company.

(4) Where an agreement for the transfer of a security is made, it is transferred, and the person to whom it is agreed to be transferred becomes entitled to it, when the agreement is made and not on a later transfer made pursuant to the agreement; and “entitled”, “transfer” and cognate expressions shall be construed accordingly.

(5) A person holds a security at a particular time if he is entitled to it at the time.

(6) A person acquires a security when he becomes entitled to it.

(7) If an agreement is conditional (whether on the exercise of an option or otherwise) for the purposes of sub-paragraph (4) above it is made when the condition is satisfied.

Miscellaneous

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(1) This paragraph applies for the purposes of this Schedule.

(2) In relation to a security—

(a) the amount payable (or paid) on redemption does not include any amount payable (or paid) by way of interest,

(b) the day of issue is the day on which the security is issued, and

(3) A deep discount security is a security which is a deep discount security for the purposes of Schedule 4 to the Taxes Act 1988.

(4) A deep gain security is a security which is a deep gain security for the purposes of Schedule 11 to the Finance Act 1989.

(5) Ordinary share capital, in relation to a company, means any share capital (by whatever name called) of the company, other than capital the holders of which have a right to a dividend at a fixed rate but have no other right to share in the profits of the company.

(6) “Tax advantage” has the meaning given by section 709(1) of the Taxes Act 1988.

Part II — Charge to Tax

The charge

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(1) For the purposes of this Part of this Schedule a chargeable event occurs if, on or after 9th June 1989, there is a transfer of a security and at the time of the transfer the security—

(a) is a qualifying convertible security, and

(b) is subject to at least one qualifying provision for redemption under which the occasion for redemption has not arrived.

(2) For the purposes of this Part of this Schedule a chargeable event also occurs if—

(a) a person holding a security redeems it on or after 9th June 1989,

(b) immediately before the redemption the security is a qualifying convertible security, and

(c) the redemption is made in exercise of the option for redemption under a qualifying provision for redemption to which the security is subject.

(3) For the purposes of this Part of this Schedule the chargeable person is the person making the transfer or exercising the option (as the case may be).

(4) Where a chargeable event occurs—

(a) the chargeable amount shall be treated as income of the chargeable person,

(b) the income shall be chargeable to tax under Case III or Case IV (as the case may be) of Schedule D,

(d) notwithstanding anything in sections 64 to 67 of the Taxes Act 1988, the tax shall be computed on the income arising in the year of assessment for which the computation is made.

Chargeable amount

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(1) For the purposes of paragraph 12 above the chargeable amount is—

(a) the amount obtained on transfer or redemption, in a case where that amount is equal to or less than the total income element;

(b) so much of the amount obtained on transfer or redemption as is equal to the total income element, in a case where that amount is greater than that element.

(2) For the purposes of this paragraph the amount obtained on transfer or redemption is the amount obtained, in respect of the transfer or redemption, by the person making the transfer or (as the case may be) the person who was entitled to the security immediately before redemption.

(3) For the purposes of sub-paragraph (2) above the person concerned shall be treated as obtaining in respect of the transfer or redemption—

(a) any amount he actually obtains in respect of it, and

(b) any amount he is entitled to obtain, but does not obtain, in respect of it.

(4) Sub-paragraph (3) above shall not apply where paragraph 16, 17 or 18(2) below applies.

Total income element

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(1) The total income element for the purposes of paragraph 13 above shall be determined by—

(a) finding the income element for each income period (if any) the whole of which consists of or falls within the ownership period, and

(b) finding the partial income element for each income period (if any) a part of which consists of or falls within the ownership period.

(2) The aggregate of the income elements and the partial income elements so found is the total income element.

(3) The ownership period is the period which—

(a) begins with the day on which the chargeable person acquired the security, and

(b) ends with the day on which the chargeable event occurs.

Income elements

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(1) This paragraph has effect for the purposes of paragraph 14 above.

(2) The income element for an income period shall be determined in accordance with the formula—

$AxB100―C$

(3) For the purposes of sub-paragraph (2) above—

(a) A is the adjusted issue price of the security,

(b) B is the figure included in the percentage representing the yield to redemption for the redemption period which consists of the income period or in which the income period falls, and

(4) The partial income element for an income period a part of which consists of or falls within the ownership period shall be determined in accordance with the formula—

$DxEF$

(5) For the purposes of sub-paragraph (4) above—

(a) D is the income element for the income period (determined in accordance with the formula mentioned in sub-paragraph (2) above),

(b) E is the number of days in the income period which consist of or fall within the ownership period, and

(6) The adjusted issue price of a security, in relation to a particular income period, is the aggregate of the issue price of the security and the income elements for all previous income periods of the security (determined in accordance with the formula mentioned in sub-paragraph (2) above).

Death

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(1) Where an individual who is entitled to a security dies, for the purposes of this Part of this Schedule he shall be treated as—

(a) transferring it immediately before his death, and

(b) obtaining in respect of the transfer an amount equal to the market value of the security at the time of the transfer.

(2) Where a security is transferred by personal representatives to a legatee, for the purposes of paragraph 13 above they shall be treated as obtaining in respect of the transfer an amount equal to the market value of the security at the time of the transfer.

(3) In sub-paragraph (2) above “legatee” includes any person taking (whether beneficially or as trustee) under a testamentary disposition or on an intestacy or partial intestacy, including any person taking by virtue of an appropriation by the personal representatives in or towards satisfaction of a legacy or other interest or share in the deceased’s property.

Market value

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(1) This paragraph applies where a security is transferred from one person to another and—

(a) they are connected with each other,

(b) the transfer is made for a consideration which consists of or includes consideration not in money or money’s worth, or

(2) For the purposes of paragraph 13 above the person making the transfer shall be treated as obtaining in respect of it an amount equal to the market value of the security at the time of the transfer.

(3) Section 839 of the Taxes Act 1988 (connected persons) shall apply for the purposes of this paragraph.

Underwriters

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(1) An underwriting member of Lloyd’s shall be treated for the purposes of this Part of this Schedule as absolutely entitled as against the trustees to the securities forming part of his premiums trust fund, . . .

(2) Where a security forms part of a premiums trust fund at the end of 31st December of any relevant year, for the purposes of this Part of this Schedule—

(a) the trustees of the fund shall be treated as transferring the security at that time, and

(b) they shall be treated as obtaining in respect of the transfer an amount equal to the market value of the security at the time of the transfer;

and for this purpose relevant years are 1989 and subsequent years.

(3) Where a security forms part of a premiums trust fund at the beginning of 1st January of any relevant year, for the purposes of this Part of this Schedule the trustees of the fund shall be treated as acquiring the security at that time; and for this purpose relevant years are 1990 and subsequent years.

(4) Sub-paragraph (5) below applies where the following state of affairs exists at the beginning of 1st January of any year or the end of 31st December of any year—

(a) securities have been transferred by the trustees of a premiums trust fund in pursuance of an arrangement mentioned in section 129(1) or (2) of the Taxes Act 1988,

(b) the transfer was made to enable another person to fulfil a contract or to make a transfer,

(d) section 129(3) of that Act applies to the transfer made by the trustees.

(5) The securities transferred by the trustees shall be treated for the purposes of sub-paragraphs (2) and (3) above as if they formed part of the premiums trust fund at the beginning of 1st January concerned or the end of 31st December concerned (as the case may be).

(6) Paragraph 16(1) above shall not apply where—

(a) the individual concerned is an underwriting member of Lloyd’s, and

(b) the security concerned forms part of a premiums trust fund, . . .

(7) In a case where an amount treated as income chargeable to tax by virtue of paragraph 12 above constitutes profits or gains mentioned in section 450(1) of the Taxes Act 1988—

(a) section 450(1)(b) shall apply, and

(b) paragraph 12(4)(c) above shall not apply.

(8) For the purpose of computing income tax for the year 1987-88 sub-paragraph (7) above shall have effect as if—

(a) the reference to section 450(1) of the Taxes Act 1988 were to paragraph 2 of Schedule 16 to the Finance Act 1973, and

(b) the reference to section 450(1)(b) were to paragraph 2(b) of that Schedule.

(9) In this paragraph “business” and “premiums trust fund” have the meanings given by section 457 of the Taxes Act 1988.]

Trustees

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(1) Where on a transfer or redemption of a security by trustees an amount is treated as income chargeable to tax by virtue of paragraph 12 above, the rate at which it is chargeable shall be the rate applicable to trusts for the year of assessment in which the transfer or redemption is made.

(2) Where the trustees are trustees of a scheme to which section 469 of the Taxes Act 1988 applies, sub-paragraph (1) above shall not apply if or to the extent that the amount is treated as income in the accounts of the scheme.

Receipts in United Kingdom

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(1) Sub-paragraph (2) below applies where—

(a) by virtue of paragraph 12(4) above an amount is treated as income of a person and as chargeable to tax under Case IV of Schedule D, and

(b) the person satisfies the Board, on a claim in that behalf, that he is not domiciled in the United Kingdom, or that (being a Commonwealth citizen or a citizen of the Republic of Ireland) he is not ordinarily resident in the United Kingdom.

(2) In such a case—

(a) any amounts received in the United Kingdom in respect of the amount treated as income shall be treated as income arising in the year of assessment in which they are so received, and

(b) paragraph 12(4) above shall have effect with the substitution of paragraph (a) above for paragraph 12(4)(c).

(3) For the purposes of sub-paragraph (2) above—

(a) there shall be treated as received in the United Kingdom all amounts paid, used or enjoyed in, or in any manner or form transmitted or brought to, the United Kingdom, and

(b) subsections (6) to (9) of section 65 of the Taxes Act 1988 shall apply as they apply for the purposes of subsection (5) of that section.

Charities

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(1) In a case where—

(a) paragraph 12 above would apply (apart from this paragraph) in the case of a transfer or redemption of a security,

(b) immediately before the transfer or redemption was made the security was held by a charity, and

(c) the amount which would (apart from this paragraph) be treated as income by virtue of paragraph 12 above is applicable and applied for charitable purposes,

that paragraph shall not apply in the case of the transfer or redemption.

(2) In this paragraph “charity” has the same meaning as in section 506 of the Taxes Act 1988.

Retirement benefit schemes

22

In a case where—

(a) paragraph 12 above would apply (apart from this paragraph) in the case of a transfer or redemption of a security, and

(b) immediately before the transfer or redemption was made the security was held for the purposes of an exempt approved scheme (within the meaning of Chapter I of Part XIV of the Taxes Act 1988),

that paragraph shall not apply in the case of the transfer or redemption.

Stock lending

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In a case where—

(a) a security is the subject of a transfer which falls within section 129(3) of the Taxes Act 1988, and

(b) paragraph 12 above would apply in the case of the transfer (apart from this paragraph),

that paragraph shall not apply in the case of the transfer.

Identification of securities

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Section 108 of the Taxation of Chargeable Gains Act 1992 shall apply to the identification, for the purposes of this Part of this Schedule, of qualifying convertible securities transferred or redeemed as it applies to the identification, for the purposes of capital gains tax, of deep discount securities disposed of.

Part III — The Issuing Company

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(1) In a case where—

(a) a qualifying convertible security is redeemed, and

(b) the circumstances are such that paragraph 12 above applies in the case of the redemption,

sub-paragraph (2) below shall apply in relation to the company which issued the security.

(2) For the purposes of sections 338 and 494 of the Taxes Act 1988 (allowance of charges on income) the relevant amount shall be treated as if it were interest—

(a) falling within section 338(3)(b), and

(b) paid by the company in the accounting period in which the redemption occurs (and not as mentioned in the words of section 338(3) which follow paragraph (b)).

(3) In this paragraph “the relevant amount” means so much of the amount paid on the redemption as exceeds the issue price of the security.

Part IV — Amendments

(1) — Deep discount securities

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(1) Schedule 4 to the Taxes Act 1988 (deep discount securities) shall be amended as follows.

(2) In paragraph 1 (interpretation) the following sub-paragraph shall be inserted after sub-paragraph (1)—

(1A) Notwithstanding anything in sub-paragraph (1) above, for the purposes of this Schedule a security is not a deep discount security if— (a) it was issued by a company on or after 1st August 1990, and (b) under the terms of issue it can be converted into share capital in a company (whether or not the company is the one which issued the security).

(3) The following shall be inserted after paragraph 20—

(21) In a case where— (a) a security is a qualifying convertible security, for the purposes of Schedule 10 to the Finance Act 1990, at the time of its issue, and (b) apart from this paragraph it would be a deep discount security at that time, the security shall be treated, at the time of its issue and at all subsequent times, as not being a deep discount security.

(2) — Deep gain securities

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(1) Schedule 11 to the Finance Act 1989 (deep gain securities) shall be amended as follows.

(2) In paragraph 4 (meaning of transfer etc.) the following sub-paragraph shall be inserted after sub-paragraph (2)—

(2A) But (notwithstanding sub-paragraph (2) above) “transfer” does not include a transfer made on a conversion of a security into share capital in a company.

(3) The following shall be inserted after paragraph 22—

(22A) (1) Sub-paragraph (2) below applies where— (a) a security is a qualifying convertible security, for the purposes of Schedule 10 to the Finance Act 1990, at the time of its issue, (b) apart from paragraph 21 of Schedule 4 to the Taxes Act 1988, it would be a deep discount security at that time, and (c) at a later time it ceases to be a qualifying convertible security for the purposes of Schedule 10 to the Finance Act 1990. (2) As regards any event occurring in relation to the security after the time mentioned in sub-paragraph (1)(c) above, paragraphs 5 to 19 above shall have effect as if— (a) the security were a deep gain security, and (b) it had been acquired as such (whatever the time it was acquired). (3) For the purposes of sub-paragraph (2) above events, in relation to a security, include anything constituting a transfer or acquisition for the purposes of this Schedule. (22B) (1) In a case where— (a) a security is a qualifying convertible security, for the purposes of Schedule 10 to the Finance Act 1990, at the time of its issue, and (b) apart from this sub-paragraph it would be a deep gain security at that time, then (subject to sub-paragraph (3) below) the security shall be treated, at the time of its issue and at all subsequent times, as not being a deep gain security. (2) Sub-paragraph (3) below applies where— (a) sub-paragraph (1) above applies in the case of a security, and (b) at a time after its issue it ceases to be a qualifying convertible security for the purposes of Schedule 10 to the Finance Act 1990. (3) As regards any event occurring in relation to the security after the time mentioned in sub-paragraph (2)(b) above, paragraphs 5 to 19 above shall have effect as if— (a) the security were a deep gain security, and (b) it had been acquired as such (whatever the time it was acquired). (4) For the purposes of sub-paragraph (3) above events, in relation to a security, include anything constituting a transfer or acquisition for the purposes of this Schedule.

(3) — Corporate bonds

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Part V — Application of Schedule

29

(1) The amendment made by paragraph 27(2) above shall be deemed always to have had effect.

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) Subject to sub-paragraphs (1) to (3) above, this Schedule shall be deemed to have come into force on 9th June 1989.

SCHEDULE 11

Taxation

1

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

Management

2

After section 12 of the Taxes Management Act 1970 there shall be inserted—

(12A) (1) In this section “grouping” means a European Economic Interest Grouping formed in pursuance of Council Regulation (EEC) No. 2137/85 of 25th July 1985 (“the Council Regulation”), whether registered in Great Britain, in Northern Ireland, or elsewhere. (2) For the purposes of making assessments to income tax, corporation tax and capital gains tax on members of a grouping, an inspector may act under subsection (3) or (4) below. (3) In the case of a grouping which is registered in Great Britain or Northern Ireland or has an establishment registered in Great Britain or Northern Ireland, an inspector may by a notice given to the grouping require the grouping— (a) to make and deliver to the inspector within the time limited by the notice a return containing such information as may be required in pursuance of the notice, and (b) to deliver with the return such accounts and statements as may be required in pursuance of the notice. (4) In the case of any other grouping, an inspector may by a notice given to any member of the grouping resident in the United Kingdom, or if none is to any member of the grouping, require the member— (a) to make and deliver to the inspector within the time limited by the notice a return containing such information as may be required in pursuance of the notice, and (b) to deliver with the return such accounts and statements as may be required in pursuance of the notice, and a notice may be given to any one of the members concerned or separate notices may be given to each of them or to such of them as the inspector thinks fit. (5) Every return under this section shall include a declaration by the grouping or member making the return to the effect that the return is to the best of the maker’s knowledge correct and complete. (6) A notice under this section may require different information, accounts and statements for different periods, in relation to different descriptions of income or gains or in relation to different descriptions of member. (7) Notices under this section may require different information, accounts and statements in relation to different descriptions of grouping. (8) Subject to subsection (9) below, where a notice is given under subsection (3) above, everything required to be done shall be done by the grouping acting through its manager or, where there is more than one, any of them; but where the manager of a grouping (or each of them) is a person other than an individual, the grouping shall act through the individual, or any of the individuals, designated in accordance with the Council Regulation as the representative of the manager (or any of them). (9) Where the contract for the formation of a grouping provides that the grouping shall be validly bound only by two or more managers acting jointly, any declaration required by subsection (5) above to be included in a return made by a grouping shall be given by the appropriate number of managers.

3

(1) After section 98A of the Taxes Management Act 1970 there shall be inserted—

(98B) (1) In this section “grouping” means a European Economic Interest Grouping formed in pursuance of Council Regulation (EEC) No. 2137/85 of 25th July 1985, whether registered in Great Britain, in Northern Ireland, or elsewhere. (2) Subject to subsections (3) and (4) below, where a grouping or member of a grouping required by a notice given under section 12A above to deliver a return or other document fails to comply with the notice, the grouping or member shall be liable— (a) to a penalty not exceeding £300; and (b) if the failure continues after a penalty is imposed under paragraph (a) above, to a further penalty or penalties not exceeding £60 for each day on which the failure continues after the day on which the penalty under paragraph (a) above was imposed (but excluding any day for which a penalty under this paragraph has already been imposed). (3) No penalty shall be imposed under subsection (2) above in respect of a failure at any time after the failure has been remedied. (4) If a grouping to which, or member to whom, a notice is given proves that there was no income or chargeable gain to be included in the return, the penalty under subsection (2) above shall not exceed £100. (5) Where a grouping or member fraudulently or negligently delivers an incorrect return, accounts or statement, or makes an incorrect declaration in a return delivered, under section 12A above, the grouping or member shall be liable to a penalty not exceeding £3000 multiplied by the number of members of the grouping at the time of delivery.

(2) In section 100(2) of that Act (penalties which are imposed by Commissioners), after paragraph (d) there shall be inserted

or (e) section 98B(2)(a) above.

4

(1) At the end of section 36 of the Taxes Management Act 1970 (extension of time for assessment in case of fraudulent or negligent conduct), there shall be added—

(4) Any act or omission such as is mentioned in section 98B below on the part of a grouping (as defined in that section) or member of a grouping shall be deemed for the purposes of subsection (1) above to be the act or omission of each member of the grouping.

(2) At the end of section 40 of that Act (extension of time for assessment in case of fraudulent or negligent conduct of person who has died), there shall be added—

(4) Any act or omission such as is mentioned in section 98B below on the part of a grouping (as defined in that section) or member of a grouping shall be deemed for the purposes of subsection (2) above to be the act or omission of each member of the grouping.

Commencement

5

This Schedule shall be deemed to have come into force on 1st July 1989.

SCHEDULE 12

Transfer of IBA’s transmission activities to nominated company: corporation tax

1

(1) Subject to sub-paragraph (2), the following provisions shall apply for the purposes of the Corporation Tax Acts, namely—

(a) the part of the trade carried on by the IBA which is transferred to the nominated company under the Broadcasting Act 1990 (“the principal Act”) shall be treated as having been, at the time when it began to be carried on by the IBA and at all times since that time, a separate trade carried on by that company;

(b) the trade carried on by that company after the transfer date shall be treated as the same trade as that which, by virtue of paragraph (a) above, it is treated as having carried on before that date;

(c) all property, rights and liabilities of the IBA which are transferred under the principal Act to that company shall be treated as having been, at the time when they became vested in the IBA and at all times since that time, property, rights and liabilities of that company; and

(d) anything done by the IBA in relation to any such property, rights and liabilities as are mentioned in paragraph (c) above shall be deemed to have been done by that company.

(2) There shall be apportioned between the IBA and the nominated company—

(a) the unallowed tax losses of the IBA, and

(b) any expenditure which they have incurred before the transfer date and by reference to which capital allowances may be made,

in such manner as is just and reasonable having regard—

(i) to the extent to which such losses and expenditure are attributable to the part of the trade carried on by them which is transferred to that company under the principal Act, and

(ii) as respects the apportionment of such expenditure, to the division of their assets between the relevant transferees which is effected under that Act.

(3) In this paragraph—

“the IBA’s final accounting period” means the last complete accounting period of the IBA ending before the transfer date;

“unallowed tax losses” means losses, allowances or amounts which, as at the end of the IBA’s final accounting period, are tax losses within the meaning given by section 400(2) of the Taxes Act 1988, excluding losses which are allowable capital losses within the meaning of paragraph 6 below.

(4) This paragraph shall have effect in relation to accounting periods beginning after the IBA’s final accounting period.

Transfer of IBA’s assets to Commission and Radio Authority: chargeable gains

2

(1) For the purposes of the 108 of the Taxation of Chargeable Gains Act 1992 the transfer under the principal Act of any asset from the IBA to the Commission or the Radio Authority shall be deemed to be for a consideration such that no gain or loss accrues to the IBA; and Schedule 2 to that Act (assets held on 6th April 1965) shall have effect in relation to an asset so transferred as if the acquisition or provision of it by the IBA had been the acquisition or provision of it by the Commission or (as the case may be) by the Authority.

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) Where the benefit of any debt in relation to which the IBA are, for the purposes of section 251 of the 1992 Act (debts), the original creditor is transferred under the principal Act to the Commission or the Radio Authority, the Commission or (as the case may be) the Radio Authority shall be treated for those purposes as the original creditor in relation to the debt in place of the IBA.

Disposal by IBA of DBS assets to DBS programme contractor: chargeable gains

3

(1) For the purposes of the 1979 Act the disposal under the principal Act of any relevant asset by the IBA to a DBS programme contractor shall be deemed to be for a consideration such that no gain or loss accrues to the IBA.

(2) In this paragraph—

(a) “relevant asset” means any equipment or other asset (of whatever description) which has been used or held by the IBA in connection with the transmission of DBS services; and

(b) “DBS programme contractor” and “DBS service” have the meaning given by section 37(3) of the Cable and Broadcasting Act 1984.

Transfer of Cable Authority’s assets to Commission: chargeable gains

4

For the purposes of the 1992 Act the transfer by the principal Act of any asset from the Cable Authority the Commission shall be deemed to be for a consideration such that no gain or loss accrues to that Authority.

Transfer of shares from Commission to Channel 4 company: chargeable gains

5

(1) For the purposes of the 1992 Act the transfer by the principal Act of shares in the Channel 4 company from the Commission to the Channel Four Television Corporation shall be deemed to be for a consideration such that no gain or loss accrues to the Commission.

(2) In sub-paragraph (1) “the Channel 4 company” means the body corporate referred to in section 12(2) of the Broadcasting Act 1981.

Apportionment of unallowed capital losses between relevant transferees

6

(1) The unallowed capital losses of the IBA shall be apportioned between the relevant transferees in such manner as is just and reasonable having regard to the purposes, or principal purposes, for which the relevant assets were respectively used or held by the IBA and the activities which are to be carried on by those transferees respectively as from the transfer date.

(2) Any unallowed capital losses of the IBA which are apportioned to one of the relevant transferees under sub-paragraph (1) shall be treated as allowable capital losses accruing to that transferee on the disposal of an asset on the transfer date.

(3) In this paragraph—

“allowable capital losses” means losses which are allowable for the purposes of the 1992 Act;

“relevant assets”, in relation to unallowed capital losses of the IBA, means the assets on whose disposal by the IBA those losses accrued;

“unallowed capital losses”, in relation to the IBA, means allowable capital losses which have accrued to the IBA before the transfer date, in so far as they have not been allowed as deductions from chargeable gains.

Roll-over relief in connection with nominated company

7

Where the IBA have before the transfer date disposed of (or of their interest in) any assets used, throughout the period of ownership, wholly or partly for the purposes of the part of their trade transferred to the nominated company under the principal Act, sections 152 to 156 of the 1992 Act (roll-over relief on replacement of business assets) shall have effect in relation to that disposal as if the IBA and the nominated company were the same person.

Disputes as to apportionments etc.

8

(1) This paragraph applies where any apportionment or other matter arising under the foregoing provisions of this Schedule appears to be material as respects the liability to tax (for whatever period) of two or more relevant transferees.

(2) Any question which arises as to the manner in which the apportionment is to be made or the matter is to be dealt with shall be determined, for the purposes of the tax of both or all of the relevant transferees concerned—

(a) in a case where the same body of General Commissioners have jurisdiction with respect to both or all of those transferees, by those Commissioners, unless those transferees agree that it shall be determined by the Special Commissioners;

(b) in a case where different bodies of Commissioners have jurisdiction with respect to those transferees, by such of those bodies as the Board may direct, unless those transferees agree that it shall be determined by the Special Commissioners; and

(3) The Commissioners by whom the question falls to be determined shall make the determination in like manner as if it were an appeal except that both or all of the relevant transferees concerned shall be entitled to appear and be heard by the Commissioners or to make representations to them in writing.

Securities of nominated company

9

(1) Any share issued by the nominated company to the Secretary of State in pursuance of the principal Act shall be treated for the purposes of the Corporation Tax Acts as if it had been issued wholly in consideration of a subscription paid to that company of an amount equal to the nominal value of the share.

(2) Any debenture issued by the nominated company to the Secretary of State in pursuance of the principal Act shall be treated for the purposes of the Corporation Tax Acts as if it had been issued—

(a) wholly in consideration of a loan made to that company of an amount equal to the principal sum payable under the debenture; and

(b) wholly and exclusively for the purposes of the trade carried on by that company.

Interpretation

10

(1) In this Schedule—

“the 1992 Act” means the Taxation of Chargeable Gains Act 1992

“the Commission” means the Independent Television Commission;

“the IBA” means the Independent Broadcasting Authority;

“the nominated company” and “the transfer date” have the same meaning as in the provisions of the principal Act relating to the transfer of the undertakings of the IBA and the Cable Authority;

“the principal Act” means the Broadcasting Act 1990;

“the relevant transferees” means the Commission, the Radio Authority and the nominated company.

(2) References in this Schedule to things transferred under the principal Act are references to things transferred in accordance with a scheme made under that Act.

SCHEDULE 13

Hotels in enterprise zones: initial allowances

1

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

Scientific research allowance: writing off of expenditure

2

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

Disposal value of machinery or plant after succession to trade

3

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

Non-resident companies: use of allowances

4

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

Contributions: machinery and plant

5

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

Sale of machinery or plant

6

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

Assured tenancies allowance

7

(1) In section 832(1) of the Taxes Act 1988, in the definition of “the Capital Allowances Acts”, the words “, but excluding Part III of that Act” shall be omitted.

(2) This paragraph shall apply for chargeable periods beginning on or after 6th April 1990.

SCHEDULE 14

Part I — Amendments of the Taxes Act 1988

1

The Taxes Act 1988 shall have effect, and shall be deemed always to have had effect, subject to the amendments made by this Part of this Schedule.

2

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

3

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

4

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5

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

6

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

7

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

8

In section 478(3), for the words “section (2)” there shall be substituted the words “ subsection (2) ”.

9

In section 751(1)(a), for the words “the persons” there shall be substituted the word “ persons ”.

10

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

11

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

12

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

13

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

Part II — Amendments of Other Enactments

The Taxes Management Act 1970 (c. 9)

14

In section 31(3) of the Taxes Management Act 1970, for the words “Part XV or XVI” there shall be substituted the words “ any of sections 660 to 685 and 695 to 702 ”.

15

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

The Oil Taxation Act 1975 (c. 22)

16

In paragraph 5(2) of Schedule 3 to the Oil Taxation Act 1975, for the words “section 17 of this Act” and the words “the said section 17” there shall be substituted the words “ section 500 of the Taxes Act ”.

The Capital Gains Tax Act 1979 (c. 14)

17

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

The Finance Act 1981 (c. 35)

18

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

Commencement

19

(1) Subject to the following provisions of this paragraph, the amendments made by this Part of this Schedule shall be treated for the purposes of their commencement as if they had been made by the Taxes Act 1988.

(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 15

SCHEDULE 16

SCHEDULE 17

Introductory

1

The Capital Allowances Act 1990 shall be amended as follows.

Industrial buildings and structures

2

In section 1 (initial allowances: enterprise zones) in subsection (5) the words “as it applies for income tax purposes” and the words from “and” to the end shall be omitted.

Machinery and plant: general

3

(1) Section 22 (first-year allowances: transitional relief for regional projects) shall be amended as follows.

(2) The following subsection shall be substituted for subsection (7)—

(7) A claim for one or more first-year allowances to be made for any chargeable period may require that the amount of the allowance, or aggregate amount of the allowances, be reduced to an amount specified in that behalf in the claim.

(3) In subsection (8) the words “disclaimer or” shall be omitted.

(4) Subsection (9) shall cease to have effect.

4

(1) Section 23 (information relating to first-year allowances) shall be amended as follows.

(2) In subsection (1) the words “by a person other than a company”, the words from “, and a” to “an allowance,” and, in paragraphs (b) and (c), the words “or deduction” shall be omitted.

(3) In subsection (2) the words “other than a company” and the words from “, or a” to “company,” shall be omitted.

5

(1) Section 24 (writing-down allowances and balancing adjustments) shall be amended as follows.

(2) In subsection (3) the words “in connection with a trade carried on by a person other than a company” shall be omitted.

(3) Subsection (4) shall cease to have effect.

6

(1) Section 25 (qualifying expenditure) shall be amended as follows.

(2) In subsection (1)(a)(ii) the words from “in the case of a person” to “of a company” shall be omitted.

(3) Subsection (2) shall be omitted.

(4) In subsection (3) the words “, but not being a company,” shall be omitted.

(5) In subsection (4)—

(a) in paragraph (a) the words “(whether a company or not)” shall be omitted; and

(b) in paragraph (b) the words “, in the case of a person other than a company,” shall be omitted.

Machinery and plant: ships

7

In section 30 (first-year allowances) in subsection (1)(a) the words “or, in the case of a company, disclaim it” shall be omitted.

8

In section 31 (writing-down allowances) the following subsection shall be substituted for subsection (6)—

(6) For any chargeable period of the single ship trade for which the amount of a writing-down allowance is reduced by virtue of a requirement in a claim made by virtue of section 24(3), any reference in subsections (3) to (5) above to the writing-down allowance is a reference to the reduced amount of the allowance, as specified in the claim.

Machinery and plant: leased assets and inexpensive cars

9

In section 41 (writing-down allowances) in subsection (3) the words “or is disclaimed under subsection (4) of that section”, the words “or under subsection (4)” and the words “or as disclaimed” shall be omitted.

10

In section 46 (recovery of excess relief: new expenditure) in subsection (6) the words “or was disclaimed” shall be omitted.

11

In section 47 (recovery of excess relief: old expenditure) in subsection (6)(a) the words “or was disclaimed” shall be omitted.

12

In section 48 (information relating to allowances made in respect of new expenditure) in subsection (1) the words “by a person other than a company” and the words from “and a” to “allowance” shall be omitted.

13

In section 49 (information relating to allowances made in respect of old expenditure) in subsection (2) the words “other than a company” and the words from “, or a” to “company,” shall be omitted.

Machinery and plant: supplementary

14

In section 79 (effect of use partly for trade etc. and partly for other purposes) in subsection (6) the words “or is disclaimed under subsection (4) of that section”, the words “or (4)” and the words “or as disclaimed” shall be omitted.

15

In section 80 (effect of subsidies towards wear and tear) in subsection (6) the words “or is disclaimed under subsection (4) of that section”, the words “or (4)” and the words “or as disclaimed” shall be omitted.

SCHEDULE 18

1

In section 74(4) of the Finance Act 1952 for “519” there shall be substituted “ 842A ”.

2

Section 52 of the Finance Act 1974 shall cease to have effect.

3

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

4

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

5

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

SCHEDULE 19

PART I — CUSTOMS AND EXCISE

PART II — VEHICLES EXCISE DUTY

PART III — VALUE ADDED TAX

PART IV — INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX

PART V — MANAGEMENT

PART VI — STAMP DUTY

PART VII — STAMP DUTY RESERVE TAX

PART VIII — NATIONAL SAVINGS

Spirits, beer, wine, made-wine and cider.

Hydrocarbon oil.

Pool betting duty.

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

Tax-exempt special savings accounts.

Maximum qualifying company donations.

Tax-exempt special savings accounts.

Information powers relating to interest.

Extension of SAYE.

Friendly societies: application of enactments.

European Economic Interest Groupings.

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

Restrictions on Board’s power to call for information.

International organisations.

Variation, on account of fraudulent or negligent conduct, of decision on expenditure claim etc.

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

Limit for local loans.

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

(1) Deep discount securities

(2) Deep gain securities

(3) Corporate bonds

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

Editorial notes

[^c12828951]: Ss. 4, 132, Sch. 19 Pt. I from Gp 12:2 (Betting, Gaming and Lotteries), ss. 1-3, 7-9, 132, 133, Schs. 1, 3, 19 Pt. I from Gp 40:1 (Customs and Excise), ss. 10-16, 131(2), 132, 133, Sch. 19 Pt III from Gp 40:2 (Customs and Excise), ss. 132, 133 from Gp 44:2 (Energy), ss. 115-120, 133 from Gp 58 (Harbours, Docks and Piers), ss. 17-30, 39(9), 41-62, 65-71, 73-82, 86-106, 114, 121, 122, 125-127, 131-133, Schs. 4-17, 18 paras. 2, 5, Sch 19 Pts IV, V from Gp 63:1 (Income, Corporation and Capital Gains Taxes), ss 28(3), 31-40, 48, 54, 56, 63, 64, 70(5)-(9), 72, 81(3)(6)(8), 83-85, 89, 127(2)-(4), 131(3), 133, Sch 9 paras 2, 7, Sch. 10 paras 28, 29, Sch. 14 paras 17-19, Sch 18 para 3 from Gp 63:2 (Income, Corporation and Capital Gains Taxes), ss 124-126, 127(3)(4), 133, Sch 18 para 4 from Gp 65 (Inheritance Tax), ss 128-130, 132, 133, Sch 19 Pt VIII from Gp 99:5 (Public Finance and Economic Controls), ss. 5, 6, 132, 133, Schs 2, 19 Pt II from Gp 107:2 (Road Traffic), ss. 107-114, 127(3)(4), 132, 133, Sch 18 para 1, Sch 19 Pts VI, VII from Gp 114 (Stamp Duty)

[^c12828961]: 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

[^c12828971]: 1979 c. 4.

[^c12828981]: 1979 c. 7.

[^c12828991]: 1979 c. 5.

[^c12829001]: 1981 c. 63.

[^c12829181]: S. 5(1)-(3)(8)(9) repealed (1.9.1994) by 1994 c. 22, ss. 65, 66(1), Sch. 5 Pt. I (with s. 57(4), Sch. 4 para. 6)

[^c12829211]: S. 5(4)(6) repealed(1.10.1991) by Finance Act 1991 (c. 31, SIF 107:2), ss. 10, 123, Sch. 19 Pt. IV; S.I. 1991/2021, art. 2.

[^c12829221]: S. 5(5) repealed (8.11.1993) by S.I. 1993/2452, art. 3, Sch. 2.

[^c12829241]: S. 5(7) repealed (27.07.1993) by 1993 c. 34, s. 213, Sch. 23, Pt. I.

[^c12829271]: S. 6 repealed (1.9.1994) by 1994 c. 22, ss. 65, 66(1), Sch. 5 Pt. I (with s. 57(4), Sch. 4 para. 6)

[^c12829281]: 1979 c. 2.

[^c12829331]: Ss. 10-16 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15

[^c12829401]: Ss. 10-16 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15

[^c12829411]: Ss. 10-16 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15

[^c12829431]: Ss. 10-16 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15

[^c12829441]: Ss. 10-16 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15

[^c12829461]: Ss. 10-16 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15

[^c12829481]: Ss. 10-16 repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(1), Sch. 15

[^c12829501]: S. 19 excluded by Finance Act 1991 (c. 31, SIF 63:1), s. 23(1).

[^c12829521]: S. 23 repealed (11.5.2001 with effect for the year 2002-03 and subsequent years of assessment) by 2001 c. 9, s. 110, Sch. 33 Pt. 2(1)

[^c12829531]: S. 24 repealed (27.07.1993 with effect for the year 1993-94 and subsequent years of assessment) by 1993 c. 34, s. 213, Sch. 23 Pt. III.

[^c12829811]: S. 27(1)(3) repealed(for accounting periods beginning on or after 19.03.1991) by Finance Act 1991 (c. 31, SIF 63:1), s. 123, Sch. 19 Pt.V Note 5.

[^c12829861]: S. 28(3) repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with ss. 60, 101, 201(3), Sch. 11 paras. 22, 26(2), 27).

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