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Revised Statute from The UK Statute Law Database

Finance Act 1986 (c. 41)

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 It is not necessarily in the form in which it was originally enacted but is a revised version, which means that any subsequent amendments to the text and other effects are incorporated with annotations.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, 2005, 2006, 2007, 2008 and 2009. See the Tables of Legislative effects and the Update status of legislation page on the SLD website.

Royal arms

Finance Act 1986

1986 CHAPTER 41

Contents

Go to Preamble

  1. PART I

    Customs and Excise and Value Added Tax

    1. Chapter I

      Customs and Excise

      1. The rates of duty

        1. 1. Tobacco products

        2. 2. Hydrocarbon oil

        3. 3. Vehicles excise duty

      2. Other provisions

        1. 4. Beer duty: minor amendments

        2. 5. Warehousing regulations

        3. 6. Betting duties and bingo duty in Northern Ireland

        4. 7. Betting and gaming duties: evidence by certificate, etc

        5. 8. Licences under the customs and excise Acts

    2. Chapter II

      Value Added Tax

      1. 9.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. 10.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      3. 11.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      4. 12.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      5. 13.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      6. 14.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      7. 15.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  2. Part II

    Income Tax, Corporation Tax and Capital Gains Tax

    1. Chapter I

      General

      1. Tax rates and main reliefs

        1. 16—22... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        2. 23. Employee share schemes: general amendments

        3. 24. Approved profit sharing schemes: workers’ co-operatives

        4. 25—32... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        5. 33.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. Foreign element: expenses

        1. 34—54... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. Chapter II

      Capital Allowances

      1. 55—57... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. Chapter III

      CAPITAL GAINS

      1. 58.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. 59.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      3. 60.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. Chapter IV

      Securities

      1. 61—63... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  3. PART III

    STAMP DUTY

    1. 64.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 65–72.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. Transfers between depositary receipt system and clearance system

      1. 72A.Transfers between depositary receipt system and clearance system

    4. Reconstructions and acquistions

      1. 73.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. 74. Reconstructions etc: repeals

      3. 75. Acquisitions: reliefs

      4. 76. Acquisitions: further provisions about reliefs

      5. 77.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    5. Loan capital, letters of allotment etc

      1. 78. Loan capital

      2. 79. Loan capital: new provisions

      3. 80.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      4. 80A. Sales to intermediaries

      5. 80B. Intermediaries: supplementary

      6. 80C. Repurchases and stock lending

      7. 81.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      8. 82.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      9. 83.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      10. 84.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      11. 85.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  4. Part IV

    1. 86.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 87.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. 88.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. 88A. Section 87: exceptions for intermediaries

    5. 88B. Intermediaries: supplementary

    6. 89.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    7. 89A.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    8. 89AA. Section 87: exception for repurchases and stock lending

    9. 90.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    10. 91.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    11. 92.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    12. 93.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    13. 94.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    14. 95.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    15. 96.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    16. 97.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    17. 98.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    18. 99.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  5. PART V

    INHERITANCE TAX

    1. 100. Capital transfer tax to be known as inheritance tax

    2. 101. Lifetime transfers potentially exempt etc

    3. 102. Gifts with reservation

    4. 102A. Gifts with reservation: interest in land

    5. 102B. Gifts with reservation: share of interest in land

    6. 102C. Sections 102A and 102B: supplemental

    7. 103. Treatment of certain debts and incumbrances

    8. 104. Regulations for avoiding double charges etc

    9. 105. Application of business and agricultural relief where transfer partly exempt

    10. 106. Changes in financial institutions business property

    11. 107. Changes in financial institutions: interest

  6. PART VI

    OIL TAXATION

    1. 108. The on-shore/off-shore boundary

    2. 109. Alternative valuation of light gases

    3. 110. Attribution of certain receipts and expenditure between oil fields

  7. Part VII

    Miscellaneous and Supplementary

    1. 111. Broadcasting: additional payments by programme contractors

    2. 112. Limit for local loans

    3. 113.“Securities” for purposes of Exchange Equalisation Account Act 1979

    4. 114. Short title, interpretation, construction and repeals

  8. SCHEDULE 1

  9. SCHEDULE 2

    Vehicles Excise Duty: Miscellaneous Amendments

  10. SCHEDULE 3

    Warehousing Regulations

  11. SCHEDULE 4

    Extension to Northern Ireland of Provisions of Betting and Gaming Duties Act 1981

  12. SCHEDULE 5

    Licences Under the Customs and Excise Acts

  13. SCHEDULE 6

  14. SCHEDULES 7, 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  15. SCHEDULE 9

    Business Expansion Scheme

  16. SCHEDULES 10–12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  17. SCHEDULES 13–:16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  18. SCHEDULE 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  19. SCHEDULE 18

    Securities: Other Provisions

  20. SCHEDULE 19

    INHERITANCE TAX

  21. SCHEDULE 20

    GIFTS WITH RESERVATION

  22. SCHEDULE 21

    Modifications of Finance Act 1982, Schedule 18 in Relation to Elections Under Section 109 of this Act

  23. SCHEDULE 22

    Broadcasting: Additional Payments by Programme Contractors

  24. SCHEDULE 23

    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.

[25th July 1986]

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, see individual sections; all provisions so far as unrepealed wholly in force at 1.2.1991. Some provisions came into force at specific times of the day.

Editorial Information

X1The following sections and Schedules are from the following SIF groups: ss. 6, 7, 114(1)(b), Schs. 4, 23 Pt. III (SIF group 12); ss. 100–107, 114(1)(5)(6), Schs. 19, 20, 23 Pt. X (SIF group 65); ss. 1, 2, 4, 5, 8, 114(1)(6), Schs. 3, 5, 23 Pts. I, IV (SIF group 40(1)); ss. 9–15, 114(1), Sch. 6 (SIF group 40(2)); ss. 16–57, 61&–63, 108–110, 114(1)(2)(3)(6), Schs. 7–18, 21, 23 Pts. V, VI, VIII (SIF group 63(1)); ss. 58–60, 114(1)(2)(3)(6), Sch. 23 Pt. VIII (SIF group 63(2)); ss. 111, 114(1)(6), Schs. 22, 23 Pt. XI (SIF group 96); ss. 112, 114(1) (SIF group 99(3)); ss. 113, 114(1) (SIF group 99(7)); ss. 3, 114(1)(6), Schs. 1, 2, 23 Pt. II (SIF group 107); ss. 64–99, 114(1)(4)(6), Sch. 23 Pt. IX (SIF group 114).

X2General 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

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