Finance Act 1998 (c. 36) (c. 36)

SCHEDULE 27 continued PART III continued (10)

Page 53 of 54

First page 43 44 45 46 47 48 49 50 51 52 53 54 Last page

(10) Travelling expenses

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 158— (a) in subsection (6), the words “Subject to subsection (7) below,”; (b) subsection (7).
		Section 198A.
1997 c. 16.	The Finance Act 1997.	Section 62(1) to (3).

These repeals have effect for the year 1998-99 and subsequent years of assessment.

(11) Foreign earnings deduction

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 19(1), in Case I of Schedule E, the words from “and to section 193(1)” to the end.
		Section 193(1).
		In Schedule 12, paragraphs 3(2A) and 7.
1988 c. 39.	The Finance Act 1988.	Section 67.
1991 c. 31.	The Finance Act 1991.	Section 45.

These repeals have effect in relation to emoluments in relation to which subsections (1) to (4) of section 63 have effect: see subsections (5) and (6) of that section.

(12) PAYE: application to non-cash benefits

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 203H, subsection (2).
		In section 203K, subsections (1) to (3).

1 The repeal of section 203H(2) of the Taxes Act 1988 has effect in accordance with section 68(4)(b) of this Act.

2 The repeal of section 203K(1) to (3) of that Act has effect in relation to assets provided and non-cash vouchers received at any time on or after 6th April 1998 and in relation to any use of a credit-token on or after that date.

(13) The enterprise investment scheme and venture capital trusts

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 842AA(14), the word “preferential”, in the second place where it occurs.
		In Schedule 15B, in paragraph 6(1), the word “preferential”, in the second place where it occurs.
		In Schedule 28B, in paragraph 5(5), the word “and” at the end of the definition of “associate”.
1994 c. 9.	The Finance Act 1994.	In Schedule 15, paragraph 25(d).

1 The repeals in section 842AA of, and Schedule 15B to, the Taxes Act 1988 have effect in accordance with section 73 of this Act.

2 The repeal in the Finance Act 1994 has effect in accordance with section 71(5) of this Act.

(14) Other changes to EIS etc.

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 289(7), the word “preferential”, in the second place where it occurs.
		Section 290A.
		In section 291(2), the words “and sections 291A and 291B”.
		In section 291A(5), the words “and the reference to a trade previously carried on includes part of such a trade”.
		In section 293, in subsection (6), the words “it is shown that”, and subsection (7).
		In section 297(1), the words “Subject to section 298(7) below”.
		In section 299, subsections (7) and (8)(a).
		In section 306(3A), the words “but section 289B(5) shall not apply for the purposes of this subsection”.
		In section 310(2), the words “or payment”.
		In section 312, in subsection (1), the definition of “new consideration”, in subsection (1A), the words “(disregarding section 289B(5))” and, in subsection (1B)(c), the words “dealt in on the Unlisted Securities Market or”.
1992 c. 12.	The Taxation of Chargeable Gains Act 1992.	In section 150, in subsection (8), the word “eligible” and, in subsection (8A)(a), the word “preferential”, in the second place where it occurs.
		In section 150A, in subsections (1) and (2), the word “eligible” and, in subsection (8A)(a), the word “preferential”, in the second place where it occurs.
		In section 150B(1), the word “eligible”.
		In Schedule 5B, paragraph 3(2).

1 The repeals in sections 293(6) and 310(2) of the Taxes Act 1988 and in section 150(8) of the Taxation of Chargeable Gains Act 1992 have effect in relation to events occurring on or after 6th April 1998.

2 The repeal of section 299(7) of the Taxes Act 1988, and the repeals in sections 150A(1) and (2) and 150B(1) of the Taxation of Chargeable Gains Act 1992, have effect in relation to disposals made on or after that date.

3 The repeals in sections 150(8A) and 150A(8A) of the Taxation of Chargeable Gains Act 1992 have effect in relation to new shares (within the meaning of the provision in question) issued on or after that date.

4 The other repeals have effect in relation to shares issued on or after that date.

(15) Individual savings accounts

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 333(3)(b), the words “and minimum periods for which investments are to be held”.
1992 c. 12.	The Taxation of Chargeable Gains Act 1992.	In section 151— (a) in subsection (2), the words “(personal equity plans)”; and (b) in subsection (2A), the words “personal equity plans:”.

(16) Relief for losses on unlisted shares in trading companies

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 576(5), in the definition of “trading group”, the words “or not resident in the United Kingdom”.

The above repeal has effect in relation to shares issued on or after 6th April 1998.

(17) Carry forward of non-trading deficit on loan relationships

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 797(3B)(b), the words “or in accordance with subsection (3) of that section”.
		In section 797A(5), paragraph (c) and the word “and” preceding it.
		In Schedule 28A— (a) in paragraph 6(db), the words “(dc) or”; (b) paragraph 11(2)(a); (c) in paragraph 13(1)(eb), the words “(ec) or”.

These repeals have effect in accordance with section 82(3) of this Act.

(18) Capital allowances

Chapter	Short title	Extent of repeal
1990 c. 1.	The Capital Allowances Act 1990.	Section 76(3).
1997 c. 58.	The Finance (No. 2) Act 1997.	Section 42(6) and (7).

1 The repeal of section 76(3) of the Capital Allowances Act 1990 has effect in relation to every chargeable period ending on or after 12th May 1998.

2 The repeal of section 42(6) and (7) of the Finance (No. 2) Act 1997 has effect in accordance with section 84(3) of this Act.

(19) Life policies, life annuities and capital redemption policies

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 547, in subsection (1)(a), the words from “(including” to “1964)” and subsection (3).

These repeals have effect in accordance with Schedule 14 to this Act.

(20) Retirement benefit schemes

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 591C(3), the words “in his capacity as such”.

(21) Personal pension schemes

Chapter	Short title	Extent of repeal
1970 c. 9.	The Taxes Management Act 1970.	In section 98, in the Table, the entry relating to section 652 of the Taxes Act 1988.
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 652.

Subsection (4) of section 96 of this Act applies in relation to these repeals as it applies in relation to subsections (2) and (3)(b) of that section.

(22) Accrued income

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 717— (a) in subsection (1), the words “or (4)”; (b) subsections (4) and (5).

(23) Dealers in securities etc

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 470(1) and (3).
		Section 471.
		Section 472.
		In section 473(2), the words after paragraph (b).
1989 c. 26.	The Finance Act 1989.	Section 80.
1996 c. 8.	The Finance Act 1996.	In Schedule 21, paragraphs 12 and 13.

1 The repeal of section 471 of the Taxes Act 1988, the words after paragraph (b) in section 473(2) of that Act and paragraph 12 of Schedule 21 to the Finance Act 1996 has effect in accordance with section 101(3) of this Act.

2 The repeal of section 472 of the Taxes Act 1988 and paragraph 13 of Schedule 21 to the Finance Act 1996 has effect in accordance with section 101(4) of this Act.

(24) Distributions and manufactured dividends: miscellaneous amendments

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 737D(2), the words “manufactured dividend”.
		In Schedule 23A— (a) in paragraph 2, in sub-paragraph (3), paragraph (a), sub-paragraphs (4) and (5) and, in sub-paragraph (6), paragraph (b) and the word “and” immediately preceding it; (b) in paragraph 2A, in sub-paragraph (1), the words “together with an amount equal to the notional ACT” and sub-paragraph (3).

These repeals have effect in accordance with section 102 of this Act.

(25) Transfer pricing etc

Chapter	Short title	Extent of repeal
1970 c. 9.	The Taxes Management Act 1970.	In the Table in section 98— (a) in the first column, the entry relating to section 772(1) and (3) of the Taxes Act 1988; and (b) in the second column, the entry relating to section 772(6) of that Act.
1990 c. 1.	The Capital Allowances Act 1990.	In Schedule 1, paragraph 8(32).
1990 c. 29.	The Finance Act 1990.	In Schedule 14, paragraph 12.

These repeals have effect in accordance with section 108(5) of this Act.

(26) Directions by the Board

Chapter	Short title	Extent of repeal
1993 c. 34.	The Finance Act 1993	In section 135(1), paragraph (d), and the word “and” immediately preceding that paragraph.
		In section 136— (a) paragraph (d) of subsection (1) and the word “and” immediately preceding that paragraph; and (b) in each of subsections (5) and (9), the words after paragraph (b).
		In section 136A, in each of subsections (3) and (7), the words after paragraph (b).
		In section 137(1), paragraph (d), and the word “and” immediately preceding that paragraph.
1994 c. 9.	The Finance Act 1994.	In section 167(2), paragraph (b), and the word “and” immediately preceding that paragraph.

These repeals have effect in accordance with section 109(4) of this Act.

(27) Controlled foreign companies

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 747(1), the words “the Board have reason to believe that” and “and the Board so direct,”.
		Section 748(2).
		In section 751(1)(b), the words “not being the subject of an earlier direction under section 747(1)”.
		Section 753.
		Section 754(4).
		Section 755.
		In Schedule 24, paragraph 4(2A), in paragraph 9, in sub-paragraph (1) the words “Subject to sub-paragraph (2) below” and sub-paragraphs (2), (5) and (6) and paragraphs 11 and 11A(3) and (6).
		In Schedule 26, in paragraph 1, in sub-paragraph (1), paragraph (c) and the word “and” immediately preceding it, and the words “or, as the case may be, of the excess of it referred to in paragraph (c) above” and sub-paragraphs (4) and (6).
1996 c. 8.	The Finance Act 1996.	In Schedule 36, in paragraph 3, sub-paragraph (6)(b) and the word “and” immediately preceding it and sub-paragraph (7).

These repeals have effect in accordance with paragraph 37 of Schedule 17 to this Act.

(28) Company tax returns etc.

Chapter	Short title	Extent of repeal
1970 c. 9.	The Taxes Management Act 1970.	Section 10.
		Section 11.
		Sections 11AA to 11AE.
		In section 12(2), the words “or section 11”.
		In section 12B(1), the words “, 11”.
		In section 19A(1), the words “, 11AB(1)”.
		In section 28A— (a) in subsection (1), the words “or 11AB(1)”; (b) in subsection (7B), paragraph (b) and the word “and” preceding it; (c) subsection (7C).
		Sections 28AA and 28AB.
		Sections 28D, 28E and 28F.
		In section 29— (a) in subsection (3)(b), the words “in the case of a return under section 8 or 8A,”; (b) subsection (10).
		In section 30— (a) in subsection (2)(a), the words “or 825”; (b) subsection (2A); (c) in subsection (3), the words “or corporation tax”; (d) subsections (3A) and (4A).
		Section 33(5)(c).
		In section 33A(1), the words “under section 9 or 11AA of this Act”.
		Sections 41A, 41B and 41C.
		In section 42— (a) in subsections (2), (9) and (11)(a), the words “, 11”; (b) subsections (4) and (4A); (c) in subsection (5), the words from “and the reference in subsection (4)” to the end; (d) subsection (13)(c).
		In section 46(2), the words “and in particular save as provided by section 29 of this Act”.
		In section 65(3), the words from “for the recovery of” to the end of paragraph (b).
		Section 94.
		Section 96.
		In section 97A, paragraph (b) and the word “or” preceding it.
1987 c. 51.	The Finance (No.2) Act 1987.	Sections 82 and 83.
		Section 88.
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 7— (a) in subsection (2), the words “by an assessment made”; (b) subsections (5) to (7).
		In section 11(3), the words “by an assessment made”.
		In section 419(4), the words “by discharge or repayment”.
		In Schedule 13A— (a) in paragraph 14(1), the words from “(which correspond” to “Management Act)”; (b) in paragraph 14(8), the words from “against an amendment” to the end.
		Schedule 17A.
		In Schedule 29, in paragraph 10— (a) in sub-paragraph (3), the words “and (3A)”; and (b) sub-paragraph (7).
1988 c. 39.	The Finance Act 1988.	Section 121.
1990 c. 1.	The Capital Allowances Act 1990.	Section 145A.
		Schedule A1.
1990 c. 29.	The Finance Act 1990.	Section 91.
		Section 95.
		Section 98(3).
		Section 100.
		Section 102.
		Schedules 15 and 16.
1993 c. 34.	The Finance Act 1993.	In Schedule 14, paragraphs 1, 2 and 6.
1994 c. 9.	The Finance Act 1994.	Sections 181 to 183.
		Section 195.
		Section 197.
		In Schedule 19, paragraphs 8(1), 10, 14 to 16, 17(3) and 19.
1995 c. 4.	The Finance Act 1995.	Section 104(5).
		Section 107(5) and (6).
1996 c. 8.	The Finance Act 1996.	Section 121(5).
		Section 170.
		In Schedule 19, in paragraph 2, the words “11AB(1),”.
		In Schedule 20, paragraph 28(5).
		In Schedule 24, paragraphs 2 to 4, 6, 7, 8(2) and 13.
		In Schedule 34, paragraph 1(8).
1997 c. 58.	The Finance (No.2) Act 1997.	In Schedule 4, paragraph 3.
1998 c. 36.	The Finance Act 1998.	In Schedule 3, paragraph 5.
		In Schedule 5, paragraph 33.

These repeals have effect in relation to accounting periods ending on or after the self-assessment appointed day within the meaning of section 117 of this Act.