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Finance Act 1993 (c. 34)

1993 CHAPTER 34

ARRANGEMENT OF SECTIONS

Go to Preamble

  1. Part I

    Customs and Excise and Value Added Tax

    1. Chapter I

      General

      1. Alcoholic liquor duties

        1. 1. Rates of duty.

        2. 2. Beer duty: rate for new regime.

        3. 3. Low strength beer.

        4. 4. Beer duty: abolition of certain reliefs, etc.

        5. 5. Blending of alcoholic liquors.

        6. 6. Mixing of wine and spirits in excise warehouse.

        7. 7. Sparkling wine or made-wine.

        8. 8. Denatured alcohol.

      2. Hydrocarbon oil duties

        1. 9. Rates of duty.

        2. 10. Mineral oil fuel substitutes.

        3. 11. Other fuel substitutes.

        4. 12. Measurement of volume.

      3. Tobacco products duty

        1. 13. Rates of duty.

        2. 14. Hand-rolling tobacco.

      4. Gaming machine licence duty

        1. 15. Rates of duty.

        2. 16. Small-prize machines.

      5. Vehicles excise duty

        1. 17. Rates of duty: general.

        2. 18. Exceptional loads.

        3. 19. Trade licences.

        4. 20. Old bicycles.

        5. 21. Simplification of duty on goods vehicles.

      6. Miscellaneous

        1. 22. Mutual recovery and disclosure of information.

        2. 23. VAT and customs duty on vehicles subject to VED.

    2. Chapter II

      Lottery Duty

      1. The duty

        1. 24. Lottery duty.

        2. 25. Amount of duty.

        3. 26. Time for payment.

        4. 27. Persons liable for duty.

      2. Administration and enforcement

        1. 28. General.

        2. 29. Registration of promoters etc.

        3. 30. Application of revenue trade provisions of CEMA 1979.

        4. 31. General offences.

        5. 32. Offences by bodies corporate.

        6. 33. Forfeiture.

        7. 34. Protection of officers etc.

        8. 35. Evidence by certificate etc.

        9. 36. Duty a preferential debt in insolvency.

        10. 37. Disclosure of information.

      3. Supplementary

        1. 38. Regulations and orders.

        2. 39. Disapplication of pool betting duty.

        3. 40. Interpretation etc.

        4. 41. Commencement.

    3. Chapter III

      Value Added Tax

      1. 42. Fuel and power for domestic or charity use.

      2. 43. Vehicle fuel for private use.

      3. 44. Acquisitions from persons belonging in other member States.

      4. 45. Customers to account for tax on supplies of gold etc.

      5. 46. Appeals in respect of input tax.

      6. 47. Deemed supplies.

      7. 48. Bad debts.

      8. 49. Penalties etc.

      9. 50. Amendments in connection with abolition of car tax.

  2. Part II

    Income Tax, Corporation Tax and Capital Gains Tax

    1. Chapter I

      General

      1. Income tax: charge, rates and allowances

        1. 51. Charge and rates of income tax for 1993-94.

        2. 52. Personal and married couple’s allowances.

      2. Corporation tax charge and rate

        1. 53. Charge and rate of corporation tax for 1993.

        2. 54. Small companies.

      3. Interest: general

        1. 55. Relief for interest.

        2. 56. Interest relief: substitution of security.

        3. 57. Temporary relief for interest payments.

        4. 58. Overclaims in respect of deductions of mortgage interest.

        5. 59. Interest payments to persons not ordinarily resident in UK.

        6. 60. Certain interest not allowed as a deduction.

      4. Interest etc. on debts between associated companies

        1. 61. Qualifying debts for purposes of sections 63 to 66.

        2. 62. Exempted debts for those purposes.

        3. 63. Accrued income securities.

        4. 64. Deep discount securities.

        5. 65. Deep gain securities.

        6. 66. Avoidance of double charging.

      5. Charitable donations

        1. 67. Donations from companies and individuals.

        2. 68. Payroll deduction schemes.

        3. 69. Contributions to agent’s expenses.

      6. Benefits in kind

        1. 70. Car benefits: 1993-94.

        2. 71. Car fuel: 1993-94.

        3. 72. Car and car fuel benefits: 1994-95 onwards.

        4. 73. Vans.

        5. 74. Heavier commercial vehicles.

        6. 75. Sporting and recreational facilities.

        7. 76. Removal expenses and benefits.

      7. Taxation of distributions etc.

        1. 77. Application of lower rate.

        2. 78. Rate of advance corporation tax and tax credits.

        3. 79. Provisions supplemental to sections 77 and 78.

        4. 80. Transitional relief for charities etc.

        5. 81. Restriction of set-off of ACT.

      8. Chargeable gains

        1. 82. Annual exempt amount for 1993-94.

        2. 83. Annual exempt amount: indexation for 1994-95 onwards.

        3. 84. Re-organisations etc. involving debentures.

        4. 85. Personal equity plans.

        5. 86. Roll-over relief.

        6. 87. Relief on retirement or re-investment.

        7. 88. Restriction on set-off of pre-entry losses.

        8. 89. De-grouping charges.

        9. 90. Insurance: transfers of business.

        10. 91. Deemed disposals of unit trusts by insurance companies.

      9. Corporation tax: currency

        1. 92. The basic rule: sterling to be used.

        2. 93. Currency other than sterling for trades.

        3. 94. Parts of trades.

        4. 95. Currency to be used: supplementary.

        5. 96. Foreign companies: trading currency.

      10. Overseas life insurance companies

        1. 97. Modification of Taxes Act 1988.

        2. 98. Modification of section 440 of Taxes Act 1988.

        3. 99. Qualifying distributions, tax credits, etc.

        4. 100. Income from investments attributable to BLAGAB, etc.

        5. 101. Modification of Finance Act 1989.

        6. 102. Modification of Taxation of Chargeable Gains Act 1992.

        7. 103. Amendment of definition and repeals.

      11. Approved share option schemes

        1. 104. Calculation of consideration.

        2. 105. Expenditure on shares.

      12. Indexation: miscellaneous

        1. 106. Earnings cap etc: no indexation in 1993-94.

        2. 107. Indexation of allowances etc. for 1994-95 onwards.

      13. Miscellaneous provisions about reliefs

        1. 108. Counselling services for employees.

        2. 109. Pre-trading expenditure.

        3. 110. Waste disposal expenditure.

        4. 111. Business expansion scheme: loan linked investments.

        5. 112. Employers' pension contributions.

      14. Capital allowances

        1. 113. Initial allowances: industrial buildings and structures.

        2. 114. Initial allowances: agricultural buildings etc.

        3. 115. First year allowances: machinery and plant.

        4. 116. Leasing.

        5. 117. Transactions between connected persons etc.

      15. Miscellaneous

        1. 118. Scottish trusts.

        2. 119. Controlled foreign companies.

        3. 120. Pay and file: miscellaneous amendments.

        4. 121. Repayments and payments to friendly societies.

        5. 122. Application of Income Tax Acts etc. to public departments.

        6. 123. Expenditure involving crime.

        7. 124. Expenses of Members of Parliament.

    2. Chapter II

      Exchange Gains and Losses

      1. Accrual of gains and losses

        1. 125. Accrual on qualifying assets and liabilities.

        2. 126. Accrual on currency contracts.

        3. 127. Accrual on debts whose amounts vary.

      2. Trading gains and losses

        1. 128. Trading gains and losses.

      3. Non-trading gains and losses

        1. 129. Non-trading gains and losses: general.

        2. 130. Non-trading gains and losses: charge to tax.

        3. 131. Non-trading gains and losses: relief.

        4. 132. Modifications where loss carried forward.

        5. 133. Interaction with ICTA.

      4. Alternative calculation

        1. 134. Alternative calculation.

      5. Main benefit test

        1. 135. Loss disregarded if the main benefit.

      6. Arm’s length test

        1. 136. Arm’s length test: assets and liabilities.

        2. 137. Arm’s length test: currency contracts.

        3. 138. Arm’s length test: non-sterling trades.

      7. Deferral of unrealised gains

        1. 139. Claim to defer unrealised gains.

        2. 140. Deferral of unrealised gains.

        3. 141. Deferral: amount available for relief.

        4. 142. Deferral: non-sterling trades.

        5. 143. Deferral: supplementary.

      8. Irrecoverable debts

        1. 144. Irrecoverable debts.

        2. 145. Irrecoverable debts that become recoverable.

      9. Currency contracts: special cases

        1. 146. Early termination of currency contract.

        2. 147. Reciprocal currency contracts.

      10. Excess gains or losses

        1. 148. Excess gains or losses.

      11. Local currency to be used

        1. 149. Local currency to be used.

      12. Exchange rate to be used

        1. 150. Exchange rate at translation times.

        2. 151. Exchange rate for debts whose amounts vary.

      13. Interpretation: companies

        1. 152. Qualifying companies.

      14. Interpretation: assets, liabilities and contracts

        1. 153. Qualifying assets and liabilities.

        2. 154. Definitions connected with assets.

        3. 155. Definitions connected with liabilities.

        4. 156. Assets and liabilities: other matters.

        5. 157. Definitions connected with currency contracts.

      15. Interpretation: other provisions

        1. 158. Translation times and accrual periods.

        2. 159. Basic valuation.

        3. 160. Nominal currency of assets and liabilities.

        4. 161. Settlement currency of a debt.

        5. 162. Nominal amount of a debt.

        6. 163. Local currency of a trade.

        7. 164. Interpretation: miscellaneous.

      16. Miscellaneous

        1. 165. Commencement and transitionals.

        2. 166. Anti-avoidance: change of accounting period.

        3. 167. Orders and regulations.

        4. 168. Insurance companies.

        5. 169. Chargeable gains.

        6. 170. Amendments.

    3. Chapter III

      Lloyd’s Underwriters etc.

      1. Main provisions

        1. 171. Taxation of profits and allowance of losses.

        2. 172. Year of assessment in which profits or losses arise.

        3. 173. Assessment and collection of tax.

      2. Members' trust funds

        1. 174. Premiums trust funds.

        2. 175. Special reserve funds.

        3. 176. Ancillary trust funds.

      3. Other special cases

        1. 177. Reinsurance to close.

        2. 178. Stop-loss and quota share insurance.

      4. Miscellaneous

        1. 179. Cessation: final year of assessment.

        2. 180. Underwriting profits to be earned income.

        3. 181. Lloyd’s underwriting agents.

      5. Supplemental

        1. 182. Regulations.

        2. 183. Consequential amendments.

        3. 184. Interpretation and commencement.

  3. Part III

    Oil Taxation

    1. 185. Abolition of PRT for oil fields with development consents on or after 16th March 1993.

    2. 186. Reduction of rates of PRT and interest repayments for taxable oil fields.

    3. 187. Returns and information.

    4. 188. Exploration and appraisal expenditure.

    5. 189. Transitional relief for certain exploration and appraisal expenditure.

    6. 190. Allowance of expenditure on certain assets limited by reference to taxable field use.

    7. 191. Time when expenditure is incurred.

    8. 192. Chargeable periods in which expenditure may be brought into account.

    9. 193. Tariff receipts etc.

    10. 194. Double taxation relief in relation to petroleum revenue tax.

    11. 195. Interpretation of Part III and consequential amendments of assessments etc.

  4. Part IV

    Inheritance Tax

    1. 196. Rate bands: no indexation in 1993.

    2. 197. Rate bands: indexation for 1994 onwards.

    3. 198. Fall in value relief: qualifying investments.

    4. 199. Fall in value relief: interests in land.

    5. 200. Appeals: questions as to value of land.

  5. Part V

    Stamp Duty

    1. 201. Increase in stamp duty threshold.

    2. 202. Rent to mortgage: England and Wales.

    3. 203. Rent to loan: Scotland.

    4. 204. Method of denoting stamp duty.

  6. Part VI

    Miscellaneous and General

    1. Statutory effect of resolutions etc.

      1. 205. The 1968 Act.

      2. 206. Corporation tax.

      3. 207. Stamp duty.

    2. Miscellaneous

      1. 208. Residence: available accommodation.

      2. 209. Gas levy.

      3. 210. Trading funds.

      4. 211. National Debt Commissioners: securities.

    3. General

      1. 212. Interpretation.

      2. 213. Repeals.

      3. 214. Short title.

    1. Schedule 1

      Table of rates of duty on wine and made-wine.

    2. Schedule 2

      Value added tax: penalties etc.

    3. Schedule 3

      Car and car fuel benefits: 1994-95 onwards.

    4. Schedule 4

      Vans.

    5. Schedule 5

      Removal expenses and benefits.

    6. Schedule 6

      Taxation of distributions: supplemental provisions.

    7. Schedule 7

      Relief on retirement or re-investment.

      1. Part I

        Retirement relief etc.

      2. Part II

        Roll-over relief on re-investment.

    8. Schedule 8

      Restriction on set-off of pre-entry losses.

    9. Schedule 9

      Overseas life insurance companies: amendment of Taxes Act 1988 etc.

    10. Schedule 10

      Overseas life insurance companies: amendment of Finance Act 1989.

    11. Schedule 11

      Overseas life insurance companies: amendment of Taxation of Chargeable Gains Act 1992.

    12. Schedule 12

      Initial allowances for agricultural buildings.

    13. Schedule 13

      First-year allowances for machinery and plant.

    14. Schedule 14

      Pay and file: miscellaneous amendments.

    15. Schedule 15

      Exchange gains and losses: alternative calculation.

    16. Schedule 16

      Exchange gains and losses: transitionals.

    17. Schedule 17

      Exchange gains and losses: chargeable gains.

    18. Schedule 18

      Exchange gains and losses: amendments.

    19. Schedule 19

      Lloyd’s underwriters: assessment and collection of tax.

      1. Part I

        Determination of a syndicate’s profit or loss.

      2. Part II

        Payments on account of tax.

      3. Part III

        Repayment of tax deducted etc. from investment income.

    20. Schedule 20

      Lloyd’s underwriters: special reserve funds.

      1. Part I

        Requirements for and tax consequences of new-style funds.

      2. Part II

        Winding up of old-style funds.

    21. Schedule 21

      Oil taxation: supplementary provisions about information.

      1. Part I

        Restrictions on powers under section 187.

      2. Part II

        Meaning of “documents”.

    22. Schedule 22

      Trading funds.

    23. Schedule 23

      Repeals.

      1. Part I

        Excise duties.

      2. Part II

        Value added tax.

      3. Part III

        Income tax, corporation tax and capital gains tax.

      4. Part IV

        Oil taxation.

      5. Part V

        Inheritance tax.

      6. Part VI

        Statutory effect of resolutions etc.

      7. Part VII

        Trading funds.

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.

[27th July 1993]

Most 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:—

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