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Revised Statute from The UK Statute Law Database

Finance Act 1982 (c. 39)

This version of this statute is extracted from the UK Statute Law Database (SLD). It is not necessarily in the form in which it was originally enacted but is a revised version, which means that any subsequent amendments to the text and other effects are incorporated with annotations.

There are effects on this legislation that have not yet been applied to SLD for the following years: 2003, 2004, 2006, 2008 and 2009. See the Tables of Legislative effects and the Update status of legislation page on the SLD website.

Royal arms

Finance Act 1982

1982 CHAPTER 39

Contents

Go to Preamble

  1. Part I

    Customs and Excise

    1. 1. Duties on spirits, beer, wine, made-wine and cider

    2. 2.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. 3. Hydrocarbon oil, etc

    4. 4. Aviation gasoline

    5. 5. Vehicles excise duty: Great Britain

    6. 6.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    7. 7.

    8. 8. Betting and gaming duties

    9. 9. Immature spirits for home use and loss allowance for imported beer

    10. 10. Regulator powers

    11. 11. Power of Commissioners with respect to agricultural levies etc

    12. 12. Delegation of Commissioners’ functions

  2. Part II

    1. 13—17... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 18, 19... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  3. Part III

    Income Tax, Corporation Tax and Capital Gains Tax

    1. Chapter I

      General

      1. 20—26... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. 27. Termination of the option mortgage schemes

      3. 28—67... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      4. 68. Postponement of recovery of tax

      5. 69.

    2. Chapter II

      1. 70–79.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. Chapter III

      Capital Gains

      1. 80.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. 81. Increase of chattel exemption

      3. 82. Extension of general relief for gifts

      4. 83.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      5. 84.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      6. 85.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      7. 86.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      8. 87.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      9. 88.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      10. 89.

  4. Part IV

    1. 90—127... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  5. Part V

    Stamp Duty

    1. 128. Reduction of duty on conveyances and leases

    2. 129. Exemption from duty on grants, transfers to charities, etc

    3. 130.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. 131.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  6. Part VI

    Oil Taxation

    1. Chapter I

      General

      1. 132. Increase of petroleum revenue tax and ending of supplementary petroleum duty

      2. 133. Export sales of gas

      3. 134. Alternative valuation of ethane used for petrochemical purposes

      4. 135. Determination of oil fields

      5. 136.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      6. 137. Expenditure met by regional development grants to be disregarded for certain purposes

      7. 138.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. Chapter II

      Advance Petroleum Revenue Tax

      1. 139. Liability for APRT and credit against liability for petroleum revenue tax

      2. 140. Increase of gross profit by reference to royalties in kind

      3. 141. Reduction of gross profit by reference to exempt allowance

      4. 142. Consequences of crediting APRT against liability for petroleum revenue tax

  7. Part VII

    Miscellaneous and Supplementary

    1. 143.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 144.

    3. 145. Certificates of tax deposit: extension of interest period

    4. 146.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    5. 147.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    6. 148.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    7. 149. Recovery of overpayment of tax, etc

    8. 150. Investment in gilt-edged unit trusts

    9. 151. National savings accounts

    10. 152. Additional power of Treasury to borrow

    11. 153. Variable rates of interest for government lending

    12. 154.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    13. 155.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    14. 156. Dissolution of Board of Referees

    15. 157. Short title, interpretation, construction and repeals

  8. SCHEDULE 1

    Wine: Rates of Duty

  9. SCHEDULE 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  10. SCHEDULE 3

  11. Schedule 4

    (repealed 1.10.1991) . .

  12. Schedule 5

    Annual Rates of Duty on Goods Vehicles

  13. Schedule 6

    Betting and Gaming Duties

  14. Schedules 7—10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  15. Schedules 11, 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  16. Schedule 13

  17. Schedules 14—17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  18. SCHEDULE 18

    Alternative Valuation of Ethane Used for Petrochemical Purposes

  19. Schedule 19

    Supplementary Provisions Relating to APRT

  20. Schedule 20

    National Savings Accounts

  21. SCHEDULE 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  22. SCHEDULE 22

    Repeals

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.

[30th July, 1982]

X1X2Most Gracious Sovereign,

WE, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Annotations:

Commencement Information

I1Act partly in force at Royal Assent, partly retrospective; all provisions so far as unrepealed fully in force at 1.2.1991. Some sections came into force at specific times of the day.

Editorial Information

X1General 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

X2The text of ss. 1–4, 9–12, Schs. 1, 2, 22 Pts. I, II was taken from S.I.F. Group 40:1 (Customs and Excise: Customs and Excise Duties), ss. 5–7, Schs. 3–5 from S.I.F. Group 107:2 (Road Traffic: Vehicle Excise Duty), s. 8, Schs. 6, 22 Pt. III from S.I.F. Group 12:2 (Betting, Gaming and Lotteries: Betting and Gaming Duties), ss. 20–79, 132–142, 146, 149–151, 156, 157(5)(7), Schs. 7–12, 18–21, 22 Pts. IV, V, IX–XI from S.I.F. Group 63:1 (Income, Corporation and Capital Gains Taxes: Income and Corporation Taxes), ss. 80–89, 148, Schs. 13, 22 Pt. VI from S.I.F. Group 63:2 (Income, Corporation and Capital Gains Taxes: Capital Gains Tax), ss. 128–131, Sch. 22 Pt. VIII from S.I.F. Group 114 (Stamp Duty), ss. 145, 152–154 from S.I.F. Group 99:3 (Public Finance and Economic Controls: National Debt), Sch. 22 Pt. VII from S.I.F. Group 65 (Inheritance Tax), s. 144 from S.I.F Group 96 (Posts and Telecommunications), s. 157(2)(3) appeared in both S.I.F. sub-groups 63:1 and 63:2, s. 157(6) appeared in S.I.F. Groups 40:1, 12:2, 63:1 and 2, 114, 65 and s. 157(1) appeared in all S.I.F. Groups previously listed; provisions omitted from S.I.F. have been dealt with as referred to in other commentary

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