Finance Act 1988
Finance Act 1988 (1988 c. 39)
- Finance Act 1988 (1988 c. 39)
- Part I Customs and Excise
- Duties of excise: rates
- 1 Beer, wine, made-wine and cider.
- 2 Tobacco products.
- 3 Hydrocarbon oil.
- 4 Vehicles excise duty.
- Duties of excise: other provisions
- 5 Relief from excise duty on goods imported for testing etc.
- 6 Remission of duty in respect of spirits used for medical or scientific purposes.
- 7 Meaning of “sparkling” in relation to wine and made-wine.
- Management
- 8 Disclosure of information as to imports.
- 9 Approval and regulation of warehouses.
- 10 Power to search persons.
- 11 Time limits for arrest and proceedings.
- 12 Punishment of offences.
- Part II Value Added Tax
- Exemptions
- 13 Medical services and goods.
- Administration
- 14 Registration.
- 15 Assessment of tax due.
- Civil penalties
- 16 Serious misdeclaration or neglect resulting in understatements or overclaims.
- 17 Persistent misdeclaration resulting in understatements or overclaims.
- 18 Failures to notify and unauthorised issue of invoices.
- 19 Breaches of regulatory provisions.
- Miscellaneous
- 20 Repayment supplement.
- 21 Set-off of credits.
- 22 Invoices provided by recipients of goods or services.
- Part III Income Tax, Corporation Tax and Capital Gains Tax
- Chapter I General
- Tax rates and personal reliefs
- 23 Charge and basic rate of income tax for 1988-89.
- 24 Higher and additional rates of income tax.
- 25 Personal reliefs.
- 26 Charge and rate of corporation tax for financial year 1988.
- 27 Corporation tax: small companies.
- 28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 29 Life assurance premium relief.
- 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 31 Non-residents’ personal reliefs.
- Married couples
- 32 Abolition of aggregation of income.
- 33 Personal allowance and married couple’s allowance.
- 34 Jointly held property.
- 35 Minor and consequential provisions.
- Annual payments
- 36 Annual payments.
- 37 Maintenance payments under existing obligations:
- 38 Maintenance payments under existing obligations:
- 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 40 Provisions supplementary to sections 37 to 39.
- Relief for interest
- 41 Qualifying maximum for loans.
- 42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Benefits in kind
- 45 Car benefits.
- 46 Car parking facilities.
- 47 Entertainment: non-cash vouchers.
- 48 Entertainment: credit-tokens.
- 49 Entertainment of directors and higher-paid employees.
- Business expansion scheme
- 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 51 Restriction of relief.
- 52 Valuation of interests in land.
- 53 Approved investment funds.
- Pensions etc.
- 54 Personal pension schemes: commencement.
- 55 Personal pension schemes: other amendments.
- 56 Occupational pension schemes.
- 57 Lump sum benefits paid otherwise than on retirement.
- Underwriters
- 58 Assessment and collection.
- 59 Reinsurance: general.
- 60 Reinsurance to close.
- 61 Minor and consequential amendments.
- Oil licences
- 62 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 63 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 64 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Miscellaneous
- 65 Commercial woodlands.
- 66 Company residence.
- 66A Residence of SE or SCE
- 67 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 68 Priority share allocations for employees etc.
- 69 Share options: loans.
- 70 Charities: payroll deduction scheme.
- 71 Unit trusts: relief on certain payments.
- 72 Entertainment of overseas customers.
- 73 Consideration for certain restrictive undertakings.
- 74 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 75 Premiums for leases etc.
- chapter II Unapproved Employee Share Schemes
- Preliminary
- 77 Scope of Chapter.
- Charges to tax
- 78 Charge where restrictions removed etc.
- 79 Charge for shares in dependent subsidiaries.
- 80 Charge on special benefits.
- Miscellaneous
- 81 Changes in interest.
- 82 Company reorganisations etc.
- 83 Connected persons etc.
- 84 Capital gains tax.
- 85 Information.
- Supplementary
- 86 Meaning of “dependent subsidiary”.
- 87 Other interpretation provisions.
- 88 Transitional provisions.
- 89 Consequential amendments.
- chapter III Capital Allowances
- 90 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 91 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 92 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 93 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 94 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 95 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- chapter IV Capital Gains
- Re-basing to 1982
- 96 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Unification of rates of tax on income and capital gains
- 98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 102 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 103 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Married couples
- 104 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Company migration
- 105 Deemed disposal of assets on company ceasing to be resident in U.K.
- 106 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 107 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Miscellaneous
- 108 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 109 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 110 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 111 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 112 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 113 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 114 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 115 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 116 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 117 Definition of “investment trust”.
- 118 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- chapter V Management
- Assessment
- 119 Current year assessments.
- Returns of income and gains
- 120 Notice of liability to income tax.
- 121 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 122 Notice of liability to capital gains tax.
- Other returns and information
- 123 Three year time limit.
- 124 Returns of fees, commissions etc.
- 125 Other payments and licences etc.
- Production of accounts, books etc.
- 126 Production of documents relating to a person’s tax liability.
- 127 Production of computer records etc.
- Interest and penalties
- 128 Interest on overdue or overpaid PAYE.
- 129 Two or more tax-geared penalties in respect of same tax.
- Company migration
- 130 Provisions for securing payment by company of outstanding tax.
- 131 Penalties for failure to comply with section 130.
- 132 Liability of other persons for unpaid tax.
- Appeals etc.
- 133 Jurisdiction of General Commissioners.
- 134 General Commissioners for Northern Ireland.
- 135 Cases stated in Northern Ireland.
- Part IV Miscellaneous and General
- Inheritance tax
- 136 Reduction of rates.
- 137 Gifts to political parties.
- Petroleum revenue tax
- 138 Reduced oil allowance for certain Southern Basin and onshore fields.
- 139 Assets generating tariff receipts: extension of allowable expenditure.
- Stamp duty and stamp duty reserve tax
- 140 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 141 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 142 Stamp duty: housing action trusts.
- 143 Stamp duty: paired shares
- 144 Stamp duty reserve tax: paired shares etc
- Miscellaneous
- 145 Building societies: change of status.
- 146 Post-consolidation amendments.
- 147 Interpretation etc.
- 148 Repeals.
- 149 Short title.
- SCHEDULES
- SCHEDULE 1 Alcoholic Liquor Duties
- Part I Table of Rates of Duty on Wine and Made-Wine
- Part II Beverages of an Alcoholic Strength not Exceeding 5.5 per cent.
- SCHEDULE 2 Vehicles Excise Duty
- Part II Vehicles Carrying or Drawing Exceptional Loads
- SCHEDULE 3 Married Couples: Minor and Consequential Provisions
- Part I Amendments of the Taxes Act 1988
- Introductory
- Commencement of trade etc.
- Discontinuance of trade etc.
- Underpayments
- Additional relief in respect of children
- Widow’s bereavement allowance
- Blind person’s allowance
- Life assurance premiums
- Payments securing annuities
- Married couples living together
- Business expansion scheme
- Qualifying maintenance payments
- Home loans
- Loans for shares in employee-controlled company
- Close company loans
- Trade unions and employers’ associations
- Retirement benefit schemes
- Partnership retirement annuities
- Earned income
- Total income
- Part II Other Provisions
- Capital allowances
- The transition
- Returns
- Time limits for assessments
- Transfers of allowances
- Class 4 social security contributions
- Annual payments
- Maintenance payments
- Part I Modifications Made by Section 50
- Preliminary
- The relief
- Restriction of relief where amounts raised exceed permitted maximum
- Individuals qualifying for relief
- Parallel trades
- Qualifying companies
- Companies with interests in land etc.
- Qualifying trades etc.
- Replacement capital
- Claims
- Subsidiaries
- Part II Dwelling-Houses to Which Section 50 Does Not Apply
- Expensive dwelling-houses
- Unfit and sub-standard dwelling-houses
- Dwelling-houses already let etc.
- Dwelling-houses already qualifying for relief
- Dwelling-houses qualifying for capital allowances
- Interpretation of certain expressions: Scotland
- SCHEDULE 5 Underwriters: Assessment and Collection of Tax
- Preliminary
- Returns by agent
- Payments on account of tax
- Determinations by inspector
- Appeals
- Modification of determinations pending appeal
- Apportionments of syndicate profit or loss
- Individual members: effect of determinations
- Assessment of individual members: time limits
- Supplemental: penalties
- Supplemental: interest
- SCHEDULE 6 Commercial Woodlands
- Preliminary
- Abolition of charge under Schedule B
- Abolition of Schedule D election et ceteralaetc.
- Transitional provisions
- Consequential amendments
- SCHEDULE 7 Exceptions to Rule in Section 66(1)
- Cases where rule does not apply
- Cases where rule does not apply until end of transitional period
- Supplemental
- Previous no gain/no loss disposals
- Capital allowances
- Part disposals
- Assets derived from other assets
- Group transactions
- Close companies
- Private residence relief
- Replacement of business assets
- Apportionment of pre-1965 gains and losses
- Indexation allowance
- Elections under section 96(5): excluded disposals
- Elections under section 96(5): groups of companies
- Reduction of deduction or gain
- Charges rolled-over or held-over
- Postponed charges
- Previous no gain/no loss disposals
- Assets derived from other assets
- Claims
- Charge on settlor with interest in settlement
- Right of recovery
- Meaning of “settlor” etc.
- Information
- Shares in non–resident companies
- Maintenance funds for historic buildings
- Commencement
- Debts
- Shares
- Linked companies
- Supplementary
- Commencement
- SCHEDULE 12 Building Societies: Change of Status
- Introductory
- Gilt-edged securities and other financial trading stock
- Capital allowances
- Capital gains: assets acquired from society, etc.
- Capital gains: shares, and rights to shares, in successor company
- Distributions
- Certified SAYE savings arrangements
- Stamp duty
- SCHEDULE 13 Post-Consolidation Amendments
- Part I Amendments of the Taxes Act 1988
- Part II Amendments of Other Enactments
- The Capital Gains Tax Act 1979 (c.14)
- The Finance Act 1980 (c.48)
- The Finance Act 1981 (c.35)
- The Finance Act 1984 (c.43)
- The Finance Act 1986 (c.41)
- The Finance Act 1987 (c.16)
- Commencement
- SCHEDULE 14 Repeals
- Part I Customs and Excise
- Part II Vehicles Excise Duty
- Part III Value Added Tax
- Part IV Income and Corporation Tax: General
- Part V Commercial Woodlands
- Part VI Unapproved Employee Share Schemes
- Part VII Capital Gains: General
- Part VIII Married Couples
- Part IX Tax Appeals etc. in Northern Ireland
- Part X Inheritance Tax
- Part XI Stamp Duty
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