Office of Public Sector Information
Section 88.
1 (1) In section 1(2) of the [1990 c. 1.] Capital Allowances Act 1990, after the words “shall include a reference to” there shall be inserted the words “a qualifying hotel and to”.
(2) In section 7(1) of that Act, for the words “this Part, except Chapter I,” there shall be substituted the words “this Chapter and Chapter III as it applies for the purposes of this Chapter”.
(3) This paragraph shall apply in relation to any chargeable period or its basis period ending on or after 6th April 1990.
2 (1) In section 8(5)(b) of that Act, for the words “ceases to be used by the person in question for scientific research connected with the trade” there shall be substituted the words “ceases to belong to the person in question”.
(2) This paragraph shall apply where an asset ceases to belong to a person on or after 6th April 1990.
3 (1) In section 78 of that Act, after subsection (2) there shall be inserted—
“(2A) Where the disposal value of any machinery or plant in relation to which an election under subsection (2) above has effect falls to be ascertained in accordance with section 26, that section shall apply as if the person mentioned in subsection (2) of that section were the deceased.”
(2) This paragraph shall apply to machinery or plant in relation to which an election under section 78(2) is made on or after 6th April 1990.
4 (1) In section 149 of that Act, subsection (2) shall be omitted.
(2) This paragraph shall apply in relation to chargeable periods beginning on or after 6th April 1990.
5 (1) In section 154(2) of that Act, for the words from “as if” to “and for” there shall be substituted the words “as if—
(a) the reference to expenditure in respect of which an allowance would have been made under Part I included a reference to expenditure in respect of which a first-year allowance would have been made under Part II or which would have been taken into account in determining qualifying expenditure for the purpose of any allowance or charge under section 24; and
(b) the reference to the making to the contributor to expenditure on the provision of an asset of such initial and writing-down allowances as would have been made to him if his contribution had been expenditure on the provision of a similar asset included a reference to his being treated under Part II as if his contribution had been expenditure on the provision of that asset;
and for”.
(2) This paragraph shall apply to contributions made on or after 6th April 1990.
6 (1) In section 161(10) of that Act, the words “and of subsection (8)” shall be omitted.
(2) This paragraph shall apply in relation to a sale of an asset when both the time of completion and the time when possession of the asset is given are on or after 6th April 1990.
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.
Section 89.
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 In section 37(1)—
(a) for the words “subsection (2) below” there shall be substituted the words “subsection (2) or (3) below”;
(b) for the words “this subsection” there shall be substituted the words “subsection (2) or (3) below”; and
(c) for the words “the amount of that tax” there shall be substituted the words “that amount”.
3 In section 213(6), for “(3)(1)(a)” there shall be substituted “(3)(a)”.
4 (1) In sections 322(1)(a) and (2) and 323(1), after the words “a British Dependent Territories citizen” there shall be inserted the words “, a British National (Overseas)”.
(2) In section 323(7), after the words “British Dependent Territories citizens” there shall be inserted the words “, British Nationals (Overseas)”.
5 In section 326(2)(a), for the words from “12” to “1969” there shall be substituted the words “11 of the [1972 c. 65.] National Debt Act 1972”.
6 In section 377(1)(b), for “(5)” there shall be substituted “(8)”.
7 In section 393(2), for “492(2)” there shall be substituted “492(3)”.
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 In section 757(7), before the words “the earliest date” there shall be inserted the words “any time on or after”.
11 In section 761(1), for the words “and Schedule” there shall be substituted the words “or Schedule”.
12 In section 773(2), for the words “this section” there shall be substituted the words “section 770”.
13 In paragraph 4(1) of Schedule 16, for “(4)” there shall be substituted “(3)”.
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 In section 98 of that Act, in the first column of the Table, in the entry relating to Schedule 9 to the Taxes Act 1988, for the words “paragraphs 6 and 25” there shall be substituted the words “paragraph 6”.
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”.
17 In section 149C of the Capital Gains Tax Act 1979—
(a) in subsection (2), after the word “given” there shall be inserted the words “to him”; and
(b) in subsection (7), after the words “shares” there shall be inserted the words “issued after 18th March 1986”.
18 In section 83(3) of the Finance Act 1981, for the words “section 45(2)(b) above” there shall be substituted the words “section 740(2)(b) of the Taxes Act”.
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) An individual may elect that in relation to him the amendment made by paragraph 17(b) of this Schedule shall not have effect with respect to exchanges (and similar events) taking place before 1st January 1990.
(3) An election under sub-paragraph (2) above shall be irrevocable and shall be made by notice in writing to the inspector at any time before 6th April 1991.
(4) There may be made any such adjustment, whether by way of discharge or repayment of tax, the making of an assessment or otherwise, as is appropriate in consequence of the amendment made by paragraph 17(b) of this Schedule or an election under sub-paragraph (2) above.
Finance Act 1990