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Finance Act 1996

1996 CHAPTER 8

ARRANGEMENT OF SECTIONS

Go to Preamble

  1. Part I

    Excise Duties

    1. Alcoholic liquor duties

      1. 1. Spirits: rate of duty.

      2. 2. Wine and made-wine: rates.

      3. 3. Cider: rate of duty.

    2. Hydrocarbon oil duties

      1. 4. Rates of duty and rebate.

      2. 5. Misuse of rebated kerosene.

      3. 6. Mixing of rebated oil.

      4. 7. Marked oil used as fuel for road vehicles.

      5. 8. Relief for marine voyages.

    3. Tobacco products duty

      1. 9. Rates of duty.

    4. Betting duties: rates

      1. 10. General betting duty.

      2. 11. Pool betting duty.

    5. Amusement machine licence duty

      1. 12. Licences for machines as well as premises.

    6. Air passenger duty

      1. 13. Pleasure flights.

    7. Vehicle excise duty

      1. 14. Increase in general rate.

      2. 15. Electrically propelled vehicles.

      3. 16. Steam powered vehicles etc.

      4. 17. Vehicles capable of conveying loads.

      5. 18. Old vehicles.

      6. 19. Old vehicles: further provisions.

      7. 20. Exemptions for vehicle testing: general.

      8. 21. Exemptions for vehicle testing in Northern Ireland.

      9. 22. Other provisions relating to Northern Ireland.

      10. 23. Licensing and registration.

    8. Repeal of certain drawbacks and allowances

      1. 24. Repeal of certain drawbacks and allowances.

  2. Part II

    Value Added Tax

    1. EC Second VAT Simplification Directive

      1. 25. EC Second VAT Simplification Directive.

      2. 26. Fiscal and other warehousing.

      3. 27. Value of imported goods.

      4. 28. Adaptation of aircraft and hovercraft.

      5. 29. Work on materials.

    2. Other provisions relating to charges to VAT

      1. 30. Refunds in connection with construction and conversion.

      2. 31. Groups: anti-avoidance.

      3. 32. Supplies of gold etc.

      4. 33. Small gifts.

    3. Payment and enforcement

      1. 34. Method of making payments on account.

      2. 35. Default surcharges.

      3. 36. Repeated misdeclaration penalty.

      4. 37. Penalties for failure to notify.

      5. 38. VAT invoices and accounting.

  3. Part III

    Landfill Tax

    1. The basic provisions

      1. 39. Landfill tax.

      2. 40. Charge to tax.

      3. 41. Liability to pay tax.

      4. 42. Amount of tax.

    2. Exemptions

      1. 43. Material removed from water.

      2. 44. Mining and quarrying.

      3. 45. Pet cemeteries.

      4. 46. Power to vary.

    3. Administration

      1. 47. Registration.

      2. 48. Information required to keep register up to date.

      3. 49. Accounting for tax and time for payment.

      4. 50. Power to assess.

    4. Credit

      1. 51. Credit: general.

      2. 52. Bad debts.

      3. 53. Bodies concerned with the environment.

    5. Review and appeal

      1. 54. Review of Commissioners' decisions.

      2. 55. Appeals: general.

      3. 56. Appeals: other provisions.

      4. 57. Review and appeal: commencement.

    6. Miscellaneous

      1. 58. Partnership, bankruptcy, transfer of business, etc.

      2. 59. Groups of companies.

      3. 60. Information, powers, penalties, etc.

      4. 61. Taxable disposals: special provisions.

      5. 62. Taxable disposals: regulations.

      6. 63. Qualifying material: special provisions.

    7. Interpretation

      1. 64. Disposal of material as waste.

      2. 65. Disposal by way of landfill.

      3. 66. Landfill sites.

      4. 67. Operators of landfill sites.

      5. 68. Weight of material disposed of.

      6. 69. Taxable activities.

      7. 70. Interpretation: other provisions.

    8. Supplementary

      1. 71. Orders and regulations.

  4. Part IV

    Income Tax, Corporation Tax and Capital Gains Tax

    1. Chapter I

      Principal provisions

      1. Income tax charge, rates and reliefs

        1. 72. Charge and rates of income tax for 19961996-97.

        2. 73. Application of lower rate to income from savings.

        3. 74. Personal allowances for 1996-97.

        4. 75. Blind person’s allowance.

        5. 76. Limit on relief for interest.

      2. Corporation tax charge and rate

        1. 77. Charge and rate of corporation tax for 1996.

        2. 78. Small companies.

      3. Abolition of Schedule C charge etc.

        1. 79. Abolition of Schedule C charge etc.

    2. Chapter II

      Loan relationships

      1. Introductory provisions

        1. 80. Taxation of loan relationships.

        2. 81. Meaning of “loan relationship” etc.

      2. Taxation of profits and gains and relief for deficits

        1. 82. Method of bringing amounts into account.

        2. 83. Non-trading deficit on loan relationships.

      3. Computational provisions etc.

        1. 84. Debits and credits brought into account.

        2. 85. Authorised accounting methods.

        3. 86. Application of accounting methods.

        4. 87. Accounting method where parties have a connection.

        5. 88. Exemption from section 87 in certain cases.

        6. 89. Inconsistent application of accounting methods.

        7. 90. Changes of accounting method.

        8. 91. Payments subject to deduction of tax.

      4. Special cases

        1. 92. Convertible securities etc.

        2. 93. Relationships linked to the value of chargeable assets.

        3. 94. Indexed gilt-edged securities.

        4. 95. Gilt strips.

        5. 96. Special rules for certain other gilts.

        6. 97. Manufactured interest.

        7. 98. Collective investment schemes.

        8. 99. Insurance companies.

      5. Miscellaneous other provisions

        1. 100. Interest on judgments, imputed interest, etc.

        2. 101. Financial instruments.

        3. 102. Discounted securities: income tax provisions.

      6. Supplemental

        1. 103. Interpretation of Chapter.

        2. 104. Minor and consequential amendments.

        3. 105. Commencement and transitional provisions.

    3. Chapter III

      Provisions relating to the Schedule E charge

      1. 106. Living accommodation provided for employees.

      2. 107. Beneficial loans.

      3. 108. Incidental benefits for holders of certain offices etc.

      4. 109. Charitable donations: payroll deduction schemes.

      5. 110. PAYE settlement agreements.

    4. Chapter IV

      Share Options, Profit Sharing and Employee Share Ownership

      1. Share options

        1. 111. Amount or value of consideration for option.

        2. 112. Release and replacement.

      2. Savings-related share option schemes

        1. 113. Exercise of rights by employees of non-participating companies.

      3. Other share option schemes

        1. 114. Requirements to be satisfied by approved schemes.

        2. 115. Transitional provisions.

      4. Profit sharing schemes

        1. 116. The release date.

        2. 117. The appropriate percentage.

        3. 118. The appropriate allowance.

      5. Employee share ownership trusts

        1. 119. Removal of requirement for at least one year’s service.

        2. 120. Grant and exercise of share options.

    5. Chapter V

      Self Assessment, General Management etc.

      1. General

        1. 121. Returns and self assessment.

        2. 122. Notional tax deductions and payments.

        3. 123. Liability of partners.

        4. 124. Retention of original records.

        5. 125. Determination of tax where no return delivered.

        6. 126. PAYE regulations.

        7. 127. Repayment postponed pending completion of enquiries.

        8. 128. Claims for reliefs involving two or more years.

        9. 129. Claims for medical insurance and vocational training relief.

        10. 130. Procedure for giving notices.

        11. 131. Interest on overdue tax.

        12. 132. Overdue tax and excessive payments by the Board.

        13. 133. Claims and enquiries.

        14. 134. Discretions exercisable by the Board etc.

        15. 135. Time limits for claims etc.

        16. 136. Appeals.

      2. Companies

        1. 137. Schedules 13 and 16 to the Taxes Act 1988.

        2. 138. Accounting periods.

        3. 139. Surrenders of advance corporation tax.

      3. Chargeable gains

        1. 140. Transfer of company’s assets to investment trust.

        2. 141. Roll-over relief.

        3. 142. Premiums for leases.

    6. Chapter VI

      Miscellaneous provisions

      1. Reliefs

        1. 143. Annual payments under certain insurance policies.

        2. 144. Vocational training.

        3. 145. Personal reliefs for non-resident EEA nationals.

        4. 146. Exemptions for charities.

        5. 147. Withdrawal of relief for Class 4 contributions.

        6. 148. Mis-sold personal pensions etc.

        7. 149. Annual payments in residuary cases.

        8. 150. Income tax exemption for periodical payments of damages and compensation for personal injury.

      2. Taxation of benefits

        1. 151. Benefits under pilot schemes.

        2. 152. Jobfinder’s grant.

      3. Investments

        1. 153. Foreign income dividends.

        2. 154. FOTRA securities.

        3. 155. Directions for payment without deduction of tax.

        4. 156. Paying and collecting agents etc.

        5. 157. Stock lending fees.

        6. 158. Transfers on death under the accrued income scheme.

        7. 159. Manufactured payments, repos, etc.

        8. 160. Investments in housing.

        9. 161. Venture capital trusts: control of companies etc.

      4. Insurance policies

        1. 162. Qualifying life insurance policies: certification.

      5. Insurance companies

        1. 163. Life assurance business losses.

        2. 164. Limits on relief for expenses.

        3. 165. Annual payments under insurance policies: deductions.

        4. 166. Equalisation reserves.

        5. 167. Industrial assurance business.

        6. 168. Capital redemption business.

        7. 169. Provisional repayments in connection with pension business.

        8. 170. Time for amending and enquiring into returns.

      6. Friendly societies

        1. 171. Life or endowment business.

      7. Personal pension schemes

        1. 172. Return of contributions on or after death of member.

      8. Participators in close companies

        1. 173. Loans to participators etc.

        2. 174. Attribution of gains to participators in non-resident companies.

      9. Cancellation of tax advantages

        1. 175. Transactions in certain securities.

      10. Chargeable gains: reliefs

        1. 176. Retirement relief: age limits.

        2. 177. Reinvestment relief on disposal of qualifying corporate bond.

      11. Special cases

        1. 178. Sub-contractors in the construction industry.

        2. 179. Roll-over relief in respect of ships.

        3. 180. Scientific research expenditure: oil licences.

        4. 181. Overseas petroleum.

        5. 182. Controlled foreign companies.

  5. Part V

    Inheritance tax

    1. 183. Rate bands.

    2. 184. Business property relief.

    3. 185. Agricultural property relief.

  6. Part VI

    Stamp Duty and Stamp Duty Reserve Tax

    1. Stamp duty

      1. 186. Transfers of securities to members of electronic transfer systems etc.

    2. Stamp duty reserve tax

      1. 187. Territorial scope of the tax.

      2. 188. Removal of the two month period.

      3. 189. Transfers to members of electronic transfer systems etc.

      4. 190. Transfers between associated bodies.

      5. 191. Stock lending and collateral security arrangements.

      6. 192. Repayment or cancellation of tax.

      7. 193. Depositary receipts.

      8. 194. Rates of charge expressed as percentages.

      9. 195. Regulations concerning administration: sub-delegation to the Board.

    3. Clearance services

      1. 196. Election by operator for alternative system of charge.

  7. Part VII

    Miscellaneous and supplemental

    1. Miscellaneous: indirect taxation

      1. 197. Setting of rates of interest.

    2. Miscellaneous: direct taxation

      1. 198. Banks.

      2. 199. Quotation or listing of securities.

      3. 200. Domicile for tax purposes of overseas electors.

      4. 201. Enactment of Inland Revenue concessions.

    3. Miscellaneous: other matters

      1. 202. Gilt stripping.

      2. 203. Modification of the Agriculture Act 1993.

    4. Supplemental

      1. 204. Interpretation.

      2. 205. Repeals.

      3. 206. Short title.

  8. Schedules:

    1. Schedule 1

      Mixing of rebated oil.

    2. Schedule 2

      Vehicle licensing and registration.

    3. Schedule 3

      Value added tax: fiscal and other warehousing.

    4. Schedule 4

      Value added tax: anti-avoidance provisions.

    5. Schedule 5

      Landfill Tax.

      1. Part I

        Information.

      2. Part II

        Powers.

      3. Part III

        Recovery.

      4. Part IV

        Criminal Penalties.

      5. Part V

        Civil Penalties.

      6. Part VI

        Interest.

      7. Part VII

        Miscellaneous.

    6. Schedule 6

      Taxation of savings at the lower rate.

    7. Schedule 7

      Transfer of charge under Schedule C to Schedule D.

    8. Schedule 8

      Loan relationships: claims relating to deficits.

    9. Schedule 9

      Loan relationships: special computational provisions.

    10. Schedule 10

      Loan relationships: collective investment schemes.

    11. Schedule 11

      Loan relationships: special provisions for insurers.

      1. Part I

        Insurance companies.

      2. Part II

        Corporate members of Lloyd's.

    12. Schedule 12

      Meaning of debt contract or option.

    13. Schedule 13

      Discounted securities: income tax provisions.

    14. Schedule 14

      Loan relationships: minor and consequential amendments.

    15. Schedule 15

      Loan relationships: savings and transitional provisions.

      1. Part I

        Corporation tax.

      2. Part II

        Income tax and capital gains tax.

    16. Schedule 16

      Share option schemes approved before passing of this Act.

    17. Schedule 17

      Claims for relief involving two or more years.

    18. Schedule 18

      Overdue tax and excessive payments by the Board.

    19. Schedule 19

      Self-assessment: claims and enquiries.

    20. Schedule 20

      Self-assessment: discretions exercisable by the Board etc.

    21. Schedule 21

      Self-assessment: time limits.

    22. Schedule 22

      Self-assessment: appeals.

    23. Schedule 23

      Self-assessment: Schedules 13 and 16 to the Taxes Act 1988.

      1. Part I

        Schedule 13 to the Taxes Act 1988.

      2. Part II

        Schedule 16 to the Taxes Act 1988.

    24. Schedule 24

      Self-assessment: accounting periods etc.

      1. Part I

        Amendments of the Taxes Management Act 1970.

      2. Part II

        Other amendments.

    25. Schedule 25

      Self-assessment: surrenders of advance corporation tax.

    26. Schedule 26

      Damages and compensation for personal injury.

    27. Schedule 27

      Foreign income dividends.

    28. Schedule 28

      FOTRA securities: consequential amendments.

    29. Schedule 29

      Paying and collecting agents etc.

      1. Part I

        The new Chapter.

      2. Part II

        Other provisions.

    30. Schedule 30

      Investments in housing.

    31. Schedule 31

      Life assurance business losses.

    32. Schedule 32

      Equalisation reserves.

    33. Schedule 33

      Management expenses of capital redemption business.

    34. Schedule 34

      Provisional repayments in connection with pension business.

      1. Part I

        Amendments of Schedule 19AB to the Taxes Act 1988.

      2. Part II

        Amendments of Schedule 19AC to the Taxes Act 1988.

    35. Schedule 35

      Roll-over relief in respect of ships.

    36. Schedule 36

      Controlled foreign companies.

    37. Schedule 37

      Banks.

      1. Part I

        “Bank” re-defined for certain purposes.

      2. Part II

        Amendments of the Taxes Act 1988.

      3. Part III

        Other amendments.

    38. Schedule 38

      Quotation or listing of securities.

    39. Schedule 39

      Enactment of certain Inland Revenue extra-statutory concessions.

      1. Part I

        Income Tax and Corporation Tax.

      2. Part II

        Chargeable gains.

      3. Part III

        Stamp duty.

    40. Schedule 40

      Gilt stripping: taxation provisions.

    41. Schedule 41

      Repeals.

      1. Part I

        Hydrocarbon oil duty: relief for marine voyages.

      2. Part II

        Vehicle excise and registration.

      3. Part III

        Excise duties: repeal of drawbacks etc.

      4. Part IV

        Value Added Tax.

      5. Part V

        Income Tax, Corporation Tax and Capital Gains Tax.

      6. Part VI

        Inheritance Tax.

      7. Part VII

        Stamp duty and stamp duty reserve tax.

      8. Part VIII

        Miscellaneous.

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.

[29th April 1996]

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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