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Revised Statute from The UK Statute Law Database

Finance (No. 2) Act 1987 (c. 51)

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 It is not necessarily in the form in which it was originally enacted but is a revised version, which means that any subsequent amendments to the text and other effects are incorporated with annotations.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: 2004 and 2006. See the Tables of Legislative effects and the Update status of legislation page on the SLD website.

Royal arms

Finance (No. 2) Act 1987

1987 CHAPTER 51

Contents

Go to Preamble

  1. Part I

    Income Tax, Corporation Tax and Capital Gains Tax

    1. Chapter I

      Profit-Related Pay

      1. Preliminary

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

    2. Chapter II

      Personal Pension Schemes

      1. 18—57... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. Chapter III

      General

      1. 58—63... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. 64.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      3. 65—68.. Controlled foreign companies: acceptable distribution policy

      4. Miscellaneous

        1. 69. Disclosure of employment information obtained from Inland Revenue

        2. 70, 71... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        3. 72.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        4. 73.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    4. Chapter IV

      Capital Gains

      1. Companies’ chargeable gains

        1. 74—77.. General rules

      2. Miscellaneous

        1. 78.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        2. 79.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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

        4. 81.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    5. Chapter V

      Taxes Management Provisions

      1. Company returns

        1. 82.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        2. 83.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        3. 84.

        4. 85. Interest on overdue corporation tax etc

        5. 86. Supplementary provisions as to interest on overdue tax

        6. 87. Interest on tax overpaid

        7. 88.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        8. 89.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

      2. Miscellaneous

        1. 90.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        2. 91. Close companies: loans to participators

        3. 92, 93... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

        4. 94. Failure to do things within a limited time

        5. 95. Interpretation of Chapter V and consequential and supplementary provisions

  2. Part II

    Inheritance Tax etc

    1. 96. Interests in possession

    2. 97. Acceptance in lieu: capital transfer tax and estate duty

    3. 98. Personal pension schemes

  3. Part III

    Miscellaneous and Supplementary

    1. 99.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    2. 100.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

    3. 101. Oil taxation

    4. 102. Government fees and charges

    5. 103. Consumption in port of goods transhipped for use as stores etc

    6. 104. Short title, interpretation, construction and repeals

  4. SCHEDULES 1—5

    . .

  5. SCHEDULE 6

    Management Provisions: Supplementary and Consequential Provisions

  6. SCHEDULE 7

    Inheritance Tax: Interests in Possession

  7. SCHEDULE 8

    Amendments of Schedule 10 to Finance Act 1987

  8. SCHEDULE 9

    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.

[23rd July 1987]

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.

Editorial Information

X1The text of ss. 1–95, 101, Schs. 1, 6, 8, 9 Pts. I, II, V was taken from SIF group 63:1 (Income, Corporation and Capital Gains Taxes: Income and Corporation Taxes); ss. 66, 81, 104, Sch. 9 Pt. II from SIF group 63:2 (Income, Corporation and Capital Gains Taxes: Capital Gains Tax); ss. 96–98, 104, Schs. 7, 9 Pt. III from SIF group 65 (Inheritance Tax); ss. 102, 104(1) from SIF group 99:5 (Public Finance and Economic Controls: Fees); ss. 99, 100, 104, Sch. 9 Pt. IV from SIF group 114 (Stamp Duty).

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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