Finance Act 1989
Finance Act 1989 (1989 c. 26)
- Finance Act 1989 (1989 c. 26)
- Part I Customs and Excise, Value Added Tax and Car Tax
- CHAPTER I Customs and Excise
- Hydrocarbon oil duties
- 1 Rates.
- 2 Reliefs.
- Alcoholic liquor duties
- 3 Original gravity of beer.
- 4 Blending made-wines etc.
- 5 Description as beer.
- Vehicles excise duty
- 6 Rates.
- 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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- 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 14 Dishonoured cheques.
- General
- 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 16 Time limits for proceedings.
- 17 Disbursements in Port of London.
- CHAPTER II Value Added Tax
- Zero-rating etc.
- 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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- 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Other provisions
- 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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- 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Chapter III Miscellaneous
- 27 Relief from car tax where vehicle leased to the handicapped.
- 28 Reliefs from duties and taxes for persons enjoying certain immunities and privileges.
- 29 Recovery of overpaid excise duty and car tax.
- Part II Income Tax, Corporation Tax and Capital Gains Tax
- CHAPTER I General
- Income tax rates and allowances
- 30 Charge and rates of income tax for 1989-90.
- 31 Age allowance.
- 32 Operative date for PAYE.
- 33 Married couples.
- Corporation tax rates etc.
- 34 Charge and rate of corporation tax for financial year 1989.
- 35 Corporation tax: small companies.
- Receipts basis etc.
- 36 Schedule E: revised Cases.
- 37 Schedule E: assessment on receipts basis.
- 38 Schedule E: unpaid emoluments.
- 39 Schedule E: unremitted emoluments.
- 40 Schedule E: emoluments already paid.
- 41 Schedule E: pensions etc.
- 42 Schedule E: supplementary.
- 43 Schedule D: computation
- 44 Companies with investment business and insurance companies: computation
- 45 PAYE: meaning of payment.
- Interest
- 46 Relief for interest.
- 47 Close company loans: business expansion scheme.
- 48 Close company loans: material interest.
- Benefits in kind
- 49 Car benefits.
- 50 Security assets and services.
- 51 Assets used partly for security.
- 52 Security: supplementary.
- 53 Employees earning £8,500 or more and directors.
- Medical insurance
- 54 Relief.
- 55 Eligible contracts.
- 56 Certification of contracts.
- 57 Medical insurance: supplementary.
- Charities
- 58 Payroll deduction scheme.
- 59 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 60 British Museum and Natural History Museum.
- Profit-related pay, share schemes etc.
- 61 Profit-related pay.
- 62 Savings-related share option schemes.
- 63 Profit sharing schemes.
- 64 Share option and profit sharing schemes: shares of consortium member.
- 65 Employee share schemes: material interest.
- 66 Priority share allocations for employees etc.
- Employee share ownership trusts
- 67 Tax relief.
- 68 Principal charges to tax.
- 69 Chargeable events.
- 70 Chargeable amounts.
- 71 Further charges to tax: borrowing.
- 72 Limit on chargeable amount.
- 73 Information.
- 74 Interpretation.
- Pensions etc.
- 75 Retirement benefits schemes.
- 76 Non-approved retirement benefits schemes.
- 77 Personal pension schemes.
- Unit trusts etc.
- 78, 79. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 80 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 81 Offshore funds operating equalisation arrangements.
- Life assurance
- 82 Calculation of profits: bonuses etc
- 82A Calculation of profits: policy holders' tax
- 82B Unappropriated surplus on valuation
- 82C Relevant financial reinsurance contracts
- 82D. Treatment of profits: life assurance — adjustment consequent on change in Insurance Prudential Sourcebook
- 82E. Section 82D: treatment of transferors under insurance business transfer schemes
- 82F. Section 82D: treatment of transferees under insurance business transfer schemes
- 83 Receipts to be taken into account.
- 83XA Structural assets
- 83YA Changes in value of assets brought into account: non-profit companies
- 83YB Meaning of “appropriate line 51 amount” for purposes of s.83YA
- 83YC FAFTS: charge in relevant period of account
- 83YD FAFTS: deduction in subsequent periods of account
- 83YE Regulations: apportionment and redefining “financial reinsurance arrangement”
- 83YF Financial reinsurance arrangements: further provision
- 83ZA Contingent loans
- 83A Meaning of “brought into account”.
- 83B Changes in recognised accounts: attribution of amounts carried forward under s.432F of Taxes Act 1988
- 83AA Amounts added to long term insurance fund of a company in excess of that company’s loss.
- 83AB Treatment of surplus where there is a subsequent transfer of business from the company etc.
- 84 Interpretation of sections 85 to 89 and further provisions about insurance companies.
- 85 Charge of certain receipts of basic life assurance business.
- 85A Excess adjusted life assurance trade profits
- 86 Spreading of relief for acquisition expenses.
- 87 Management expenses.
- 88 Corporation tax: policy holders’ share of profits.
- 88A Lower corporation tax rate on certain insurance company profits.
- 89 Policy holders’ share of profits.
- 89A Modification of sections 82 to 83A, 88 and 89 in relation to overseas life insurance companies.
- 90 Life policies etc. held by companies.
- 90A Interpretation
- Underwriters
- 91 Premiums trust funds: stock lending.
- 92 Regulations about underwriters etc.
- Securities
- 93 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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- 95 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 96 Securities: miscellaneous.
- Groups of companies
- 97 Set-off of ACT where companies remain in the same group.
- 98 Restriction on set-off of ACT.
- 99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 100 Change in ownership of company.
- 101 Treatment of convertible shares or securities for purposes relating togroup relief etc.
- 102 Surrender of company tax refund etc. within group.
- Close companies
- 103 Repeal of apportionment provisions.
- 104 Meaning of “close company”.
- 105 Small companies’ rate not available to certain close companies.
- 106 Restriction on payment of tax credits.
- 107 Close companies: consequential amendments.
- Settlements etc.
- 108 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 109 Settlements where settlor retains interest in settled property.
- 110 Residence of trustees.
- 111 Residence of personal representatives.
- Miscellaneous
- 112 Security: trades etc.
- 113 Security: trades etc. (supplementary).
- 114 Relief for pre-trading expenditure.
- 115 Double taxation: tax credits.
- 116 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Chapter II Capital Allowances
- 117–120 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 121 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- CHAPTER III Capital Gains
- Exemptions
- 122 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 123 Increase of chattel exemption.
- Gifts
- 124 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 125 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Non-residents etc.
- 126 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 127 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 128 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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- 130 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 131 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 132 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 133 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 134 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Value shifting and groups of companies
- 135 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 136 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 137 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 138 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Miscellaneous
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- 140 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 141 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- CHAPTER IV Management
- Information
- 142 Power to call for documents and information.
- 143 Power to call for papers of tax accountant.
- 144 Restrictions on powers under TMA ss.20 and 20A.
- 145 Falsification etc. of documents.
- 146 Entry with warrant to obtain documents.
- 147 Procedure where documents etc. are removed.
- 148 Interpretation.
- Assessments, claims etc.
- 149 Assessments founded on fraudulent or negligent conduct.
- 150 Further assessments: claims etc.
- 151 Assessment of trustees etc.
- Distress and poinding etc.
- 152 Distress for non-payment of tax.
- 153 Priority in cases of distraint by others.
- 154 Recovery of tax from debtor in Scotland.
- 155 Priority in cases of poinding etc. by others in Scotland.
- Interest etc.
- 156 Interest on overdue tax.
- 157 Effect of certain claims on interest.
- 158 Small amounts of interest.
- 159 Interest on tax in case of failure or error.
- 160 Determinations under TMA s. 88.
- 161 Tax carrying interest under TMA ss. 86 and 88.
- Penalties
- 162 Failure to make return.
- 163 Incorrect return, accounts etc.
- 164 Special returns, information etc.
- 165 Special penalties in the case of certain returns.
- 166 Assisting in preparation of incorrect return etc.
- 167 Determination of penalties.
- 168 Amendments consequential on section 167.
- 169 Time limits.
- 170 Up-rating of certain penalties.
- Part III Miscellaneous and General
- Inheritance tax
- 171 Gifts to housing associations.
- 172 Abatement of exemption where claim settled out of beneficiary’s ownresources.
- Stamp duty etc.
- 173 Insurance: abolition of certain duties.
- 174 Unit trusts.
- 175 Stamp duty: stock exchange nominees
- 176 Stamp duty reserve tax: stock exchange nominees
- 177 Stamp duty reserve tax: information.
- Interest etc.
- 178 Setting of rates of interest.
- 179 Provisions consequential on section 178.
- 180 Repayment interest: period of accrual.
- Miscellaneous
- 181 Broadcasting: additional payments by programme contractors.
- 182 Disclosure of information.
- 182A Double taxation: disclosure of information.
- 183 Government securities: redemption and transfer.
- 184 National savings accounts.
- 185 Winding up of Redemption Annuities Account.
- General
- 186 Interpretation etc.
- 187 Repeals.
- 188 Short title.
- SCHEDULES
- SCHEDULE 1 Vehicles Excise Duty: Rates
- SCHEDULE 2 Vehicles Excise Duty: Special Machines
- Zero-rating
- Exemptions
- Other provisions
- Commencement
- SCHEDULE 5 Employee Share Ownership Trusts
- Qualifying trusts
- General
- Trustees
- Beneficiaries
- Trustees’ functions
- Sums
- Securities
- Other features
- Rules about acquisition etc.
- Position after trust’s establishment
- Interpretation
- SCHEDULE 6 Retirement Benefits Schemes
- Part I Amendments of Taxes Act
- Preliminary
- Amendments
- Effect of amendments
- Part II Approved Schemes: General
- Preliminary
- Remuneration
- Accelerated accrual
- Associated employments
- Connected schemes
- Augmentation
- Centralised schemes
- Election
- Supplementary
- Part III Approved Schemes: Additional Voluntary Contributions
- Preliminary
- Abatement of benefits
- Return of surplus funds
- Supplementary
- SCHEDULE 7 Personal Pension Schemes
- Part I Amendments of Taxes Act
- Part II Schemes Approved Before Passing of This Act
- Interpretation
- Lump sum to member
- SCHEDULE 8 Amendments of Chapter I of Part XII of Taxes Act 1988 (InsuranceCompanies)
- SCHEDULE 8A Modification of sections 82 TO 83A, 88 and 89 in relation to overseas life insurance companies
- SCHEDULE 9 Life Policies Etc. Held by Companies
- Deep gain securities
- Qualifying indexed securities
- Convertible securities
- Issue price
- Meaning of transfer etc.
- Charge to tax on transfer
- Exchange gains and losses
- Redemption
- Death
- Connected persons
- Market value
- Underwriters
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Trustees
- Foreign currency
- Receipts in United Kingdom
- Retirement benefit schemes
- Charities
- Stock lending
- Accrued income scheme
- Other provisions excluded
- Identification of securities
- Early redemption: special rules
- Gilts: special rules
- Non-gilts: special rules
- Indexed securities: special rules
- Convertible securities: special rules (1)
- Convertible securities: special rules (2)
- No particular redemption date: special rule
- Power to modify
- SCHEDULE 12 Close Companies
- Part I Administrative Provisions
- Interpretation
- Provision of information by company
- Provision of information by shareholders
- Information about bearer securities
- Part II Amendments Connected with Repeal of Chapter III of Part XI of Taxes Act1988
- The Taxes Management Act 1970 (c.9)
- The Capital Gains Tax Act 1979 (c.14)
- The Income and Corporation Taxes Act 1988 (c.1)
- SCHEDULE 13 Capital Allowances: Miscellaneous Amendments
- Patent rights
- Gifts of business assets
- Gifts on which inheritance tax is chargeable etc.
- Payment of tax by instalments
- Minor and consequential amendments
- Postponed charges etc.: pre-1st April 1982 events
- Reduction of 1982 value in certain cases
- No gain/no loss disposals
- Elections
- SCHEDULE 16 Broadcasting: Additional Payments by Programme Contractors
- Part I Amendments of the Principal Sections
- Part II Provisions Inserted as Schedule 4 to the Broadcasting Act 1981
- Part III Transitional Provisions
- SCHEDULE 17 Repeals
- Part I Customs and Excise
- Part III Value Added Tax
- Part IV Income and Corporation Tax: General
- Part V Close Companies
- Part VI Capital Allowances
- Part VII Capital Gains
- Part VIII Management
- Part IX Stamp Duty: Insurance
- Part X Rates of Interest
- Part XI Broadcasting
- Part XII Government Stock: Redemption
- Part XIII National Savings
- Part XIV Tithe Redemption
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