Finance (No. 2) Act 1997
Finance (No. 2) Act 1997 (1997 c. 58)
- Finance (No. 2) Act 1997 (1997 c. 58)
- Part I The windfall tax
- 1 Charge to windfall tax.
- 2 The companies benefitting from windfalls.
- 3 Administration of the windfall tax etc.
- 4 The windfall tax and profit-related pay.
- 5 Interpretation of Part I.
- Part II Value Added Tax and Excise Duties
- Value Added Tax
- 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Alcoholic liquor duties
- 7 Rate of duty on spirits.
- 8 Rate of duty on beer.
- 9 Rates of duty on wine and made-wine.
- 10 Rates of duty on cider.
- Hydrocarbon oil duties
- 11 Rates of hydrocarbon oil duties etc.
- Tobacco products duty
- 12 Rates of tobacco products duty.
- Vehicle excise and registration
- 13 Rates of vehicle excise duty.
- 14 Payments where vehicle information transmitted electronically.
- Part III Income tax and corporation tax
- Reliefs for interest and private medical insurance
- 15 Mortgage interest payments.
- 16 Limit on relief for interest for 1998-99.
- 17 Withdrawal of relief on medical insurance premiums.
- Corporation tax
- 18 Rates for financial year 1997.
- Distributions, tax credits etc on and after 2nd July 1997
- 19 Pension funds no longer entitled to payment of tax credits.
- 20 Losses etc not to be set against surplus franked investment income.
- 21 Estates in administration: distributions to which s.233(1) applies.
- 22 Lloyd’s underwriters.
- 23 Insurance companies and friendly societies.
- Distributions, tax credits etc: avoidance
- 24 Taxation of dealers in respect of distributions etc.
- 25 Repeal of s.95(5) of the Taxes Act 1988: consequential amendments.
- 26 Purchase and sale of securities.
- 27 Payments to companies under section 687 of the Taxes Act 1988.
- 28 Arrangements to pass on value of tax credit.
- 29 Unauthorised unit trusts.
- Distributions, tax credits etc in and after 1999-00
- 30 Tax credits.
- 31 Rates of tax applicable to Schedule F income etc.
- 32 Trusts.
- 33 Estates of deceased persons in administration.
- 34 Tax credits and taxation of distributions: miscellaneous provisions.
- 35 Transitional relief for charities etc.
- 36 Foreign income dividends.
- Gilt-edged securities
- 37 Interest to be paid gross.
- 38 Paying and collecting agents.
- Relief for losses etc
- 39 Carry-back of trading losses.
- 40 Carry-back of loan relationship deficits.
- 41 Restrictions on group relief.
- Capital allowances for small and medium-sized businesses
- 42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Capital allowances and finance leases
- 44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Films
- 48 Relief for expenditure on production and acquisition.
- Part IV Miscellaneous and supplemental
- Stamp duty
- 49 Stamp duty on conveyance or transfer on sale.
- Provisional collection of taxes
- 50 Statutory effect of resolutions etc.
- Supplemental
- 51 Interpretation.
- 52 Repeals.
- 53 Short title.
- SCHEDULES
- SCHEDULE 1 Quantification of a privatisation windfall
- The basic rule
- Value of a disposal in profit-making terms
- Value put on a disposal for privatisation purposes
- Cases where company privatised in stages
- Total profits for the initial period
- Meaning of the initial period etc
- Apportionment between demerged successors and predecessors
- General interpretation of the Schedule
- SCHEDULE 2 Administration and collection of windfall tax
- Returns
- Notification of liability and failure to make return
- Payment of windfall tax
- General power to make assessments
- Power to make assessments on discovery of unassessed liabilities
- Supplemental provisions about assessments
- Claims to relieve double assessment
- Claims to correct errors or mistakes in returns etc.
- Appeals against assessments and decisions on claims
- Powers of Special Commissioners on an appeal
- Procedures on appeal
- Interest
- Collection of information
- Penalties for furnishing false information
- Recovery of tax
- Recovery against other group members
- General provisions about penalties etc.
- Miscellaneous applications
- Interpretation
- SCHEDULE 3 Insurance companies and friendly societies
- Section 76 of the Taxes Act 1988
- Section 432E of the Taxes Act 1988
- Section 434 of the Taxes Act 1988
- Section 434A of the Taxes Act 1988
- Section 436 of the Taxes Act 1988
- Section 438 of the Taxes Act 1988
- Section 439B of the Taxes Act 1988
- Section 440B of the Taxes Act 1988
- Section 441A of the Taxes Act 1988
- Schedule 19AB to the Taxes Act 1988
- Schedule 19AC to the Taxes Act 1988
- Section 89 of the Finance Act 1989
- Section 65 of the Finance (No.2) Act 1992
- SCHEDULE 4 Tax credits, taxation of distributions etc
- Part I General
- The Taxes Management Act 1970
- Section 7
- Section 42 (pre-corporation tax self-assessment version)
- Section 42 (corporation tax self-assessment version)
- The Taxes Act 1988
- Section 231
- Section 232
- Section 233
- Sections 235 to 237
- Section 238
- Section 241
- Section 249
- Section 421
- Section 469
- Section 549
- Section 660C
- Section 687
- Section 689B
- Section 699
- Section 703
- Section 709
- Section 743
- Section 819
- Section 832
- Schedule 13
- The Taxation of Chargeable Gains Act 1992
- Section 4
- Section 6
- Part II Insurance companies and Lloyd’s underwriters
- The Taxes Act 1988
- Section 231B
- Section 434
- Section 441A
- Schedule 19AC
- The Finance Act 1993
- Schedule 20
- SCHEDULE 5 Limitation of entitlement to relief under section 35
- Part I Qualifying distributions other than bonus issues
- Part II Bonus issues
- SCHEDULE 6 Foreign income dividends
- Section 13 of the Taxes Act 1988
- Section 75 of the Taxes Act 1988
- Chapter VA of Part VI of the Taxes Act 1988
- Section 247 of the Taxes Act 1988
- Section 431 of the Taxes Act 1988
- Section 434 of the Taxes Act 1988
- Section 458 of the Taxes Act 1988
- Chapter III of Part XII of the Taxes Act 1988
- Section 490 of the Taxes Act 1988
- Section 687 of the Taxes Act 1988
- Section 689B of the Taxes Act 1988
- Section 699A of the Taxes Act 1988
- Section 701 of the Taxes Act 1988
- Section 731 of the Taxes Act 1988
- Section 802 of the Taxes Act 1988
- Schedule 13 to the Taxes Act 1988
- Schedule 23A to the Taxes Act 1988
- Section 88A of the Finance Act 1989
- Section 89 of the Finance Act 1989
- Section 171 of the Finance Act 1993
- Schedule 7 to the Finance Act 1997
- Transitional provisions
- SCHEDULE 7 Restrictions on group relief
- Introductory
- New limits
- Consequential amendments
- Commencement
- SCHEDULE 8 Repeals
- Part I Vehicle licensing: payments where information to be transmitted electronically
- Part II Income tax and corporation tax
- Part III Statutory effect of resolutions etc
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