Finance Act 1993
Finance Act 1993 (1993 c. 34)
- Finance Act 1993 (1993 c. 34)
- Part I Customs and Excise and Value Added Tax
- Chapter I General
- Alcoholic liquor duties
- 1 Rates of duty.
- 2 Beer duty: rate for new regime.
- 3 Low strength beer.
- 4 Beer duty: abolition of certain reliefs, etc.
- 5 Blending of alcoholic liquors.
- 6 Mixing of wine and spirits in excise warehouse.
- 7 Sparkling wine or made-wine.
- 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Hydrocarbon oil duties
- 9 Rates of duty.
- 10 Extension of Hydrocarbon Oil Duties Act 1979 to energy products.
- 11 Other fuel substitutes.
- 12 Measurement of volume.
- Tobacco products duty
- 13 Rates of duty.
- 14 Hand-rolling tobacco.
- Gaming machine licence duty
- 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 16 Small-prize machines.
- Vehicles excise duty
- 17 Rates of duty: general.
- 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 20 Old bicycles.
- 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Miscellaneous
- 22 Mutual recovery and disclosure of information.
- 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Chapter II Lottery Duty
- The duty
- 24 Lottery duty.
- 25 Amount of duty.
- 26 Time for payment.
- 27 Persons liable for duty.
- Administration and enforcement
- 28 General.
- 29 Registration of promoters etc.
- 30 Application of revenue trade provisions of CEMA 1979.
- 31 General offences.
- 32 Offences by bodies corporate.
- 33 Forfeiture.
- 34 Protection of officers etc.
- 35 Evidence by certificate etc.
- 36 Duty a preferential debt in insolvency.
- 37 Disclosure of information.
- Supplementary
- 38 Regulations and orders.
- 39 Disapplication of pool betting duty.
- 40 Interpretation etc.
- 41 Commencement.
- Chapter III Value Added Tax
- 42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Part II Income Tax, Corporation Tax and Capital Gains Tax
- Chapter I General
- Income tax: charge, rates and allowances
- 51 Charge and rates of income tax for 1993-94.
- 52 Personal and married couple’s allowances.
- Corporation tax charge and rate
- 53 Charge and rate of corporation tax for 1993.
- 54 Small companies.
- Interest: general
- 55 Relief for interest.
- 56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 57 Temporary relief for interest payments.
- 58 Overclaims in respect of deductions of mortgage interest.
- 59 Interest payments to persons not ordinarily resident in UK.
- 60 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Interest etc. on debts between associated companies
- 61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 62 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 62A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 63 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 64 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Charitable donations
- 67 Donations from companies and individuals.
- 68 Payroll deduction schemes.
- 69 Contributions to agent’s expenses.
- Benefits in kind
- 70 Car benefits: 1993-94.
- 71 Car fuel: 1993-94.
- 72 Car and car fuel benefits: 1994-95 onwards.
- 73 Vans.
- 74 Heavier commercial vehicles.
- 75 Sporting and recreational facilities.
- 76 Removal expenses and benefits.
- Taxation of distributions etc.
- 77 Application of lower rate.
- 78 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 79 Provisions supplemental to sections 77 and 78.
- 80 Transitional relief for charities etc.
- 81 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Chargeable gains
- 82 Annual exempt amount for 1993-94.
- 83 Annual exempt amount: indexation for 1994-95 onwards.
- 84 Re-organisations etc. involving debentures.
- 85 Personal equity plans.
- 86 Roll-over relief.
- 87 Relief on retirement or re-investment.
- 88 Restriction on set-off of pre-entry losses.
- 89 De-grouping charges.
- 90 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 91 Deemed disposals of unit trusts by insurance companies.
- Corporation tax: currency
- 92 The basic rule: sterling to be used
- 92A Company operating in sterling and preparing accounts in another currency
- 92B Company operating in currency other than sterling and preparing accounts in another currency
- 92C Company preparing accounts in currency other than sterling
- 92D Sterling equivalents: the basic rule
- 92DA Sterling equivalents: carried-back amounts
- 92DB Sterling equivalents: carried-forward amounts
- 92DC Adjustment of sterling losses: carried-back amounts
- 92DD Adjustment of sterling losses: carried-forward amounts
- 92DE Meaning of “carried-back amount” and “carried-forward amount”
- 92E Interpretation of sections 92A to 92DD
- 95 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 96 Foreign companies: trading currency.
- Overseas life insurance companies
- 97 Modification of Taxes Act 1988.
- 98 Modification of section 440 of Taxes Act 1988.
- 99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 100 Income from investments attributable to BLAGAB, etc.
- 101 Modification of Finance Act 1989.
- 102 Modification of Taxation of Chargeable Gains Act 1992.
- 103 Amendment of definition and repeals.
- Approved share option schemes
- 104 Calculation of consideration.
- 105 Expenditure on shares.
- Indexation: miscellaneous
- 106 Earnings cap etc: no indexation in 1993-94.
- 107 Indexation of allowances etc. for 1994-95 onwards.
- Miscellaneous provisions about reliefs
- 108 Counselling services for employees.
- 109 Pre-trading expenditure.
- 110 Waste disposal expenditure.
- 111 Business expansion scheme: loan linked investments.
- 112 Employers’ pension contributions.
- Capital allowances
- 113 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 114 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 115 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 116 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 117 Transactions between connected persons etc.
- Miscellaneous
- 118 Scottish trusts.
- 119 Controlled foreign companies.
- 120 Pay and file: miscellaneous amendments.
- 121 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 122 Application of Income Tax Acts etc. to public departments.
- 123 Expenditure involving crime.
- 124 Expenses of Members of Parliament.
- Chapter II Exchange Gains and Losses
- Accrual of gains and losses
- 125 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 126 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 127 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Trading gains and losses
- 128 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Non-trading gains and losses
- 129 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 130 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 131 Non-trading gains and losses: relief.
- 132 Modifications where loss carried forward.
- 133 Interaction with ICTA.
- Alternative calculation
- 134 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Main benefit test
- 135 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 135A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Arm’s length test
- 136 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 136A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 137 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 138 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Deferral of unrealised gains
- 139 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 140 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 141 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 142 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 143 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Irrecoverable debts
- 144 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 145 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Currency contracts: special cases
- 146 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 147 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Excess gains or losses
- 148 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Local currency to be used
- 149 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Exchange rate to be used
- 150 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 151 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Interpretation: companies
- 152 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Interpretation: assets, liabilities and contracts
- 153 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 154 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 155 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 156 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 157 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Interpretation: other provisions
- 158 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 159 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 160 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 161 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 162 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 163 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 164 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Miscellaneous
- 165 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 166 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 167 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 168 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 168A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 169 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 170 Amendments.
- Chapter III Lloyd’s Underwriters etc.
- Main provisions
- 171 Taxation of profits and allowance of losses.
- 172 Year of assessment in which profits or losses arise.
- 173 Assessment and collection of tax.
- Members’ trust funds
- 174 Premium trust funds.
- 175 Special reserve funds.
- 176 Ancillary trust funds.
- Other special cases
- 177 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 178 Stop-loss and quota share insurance.
- Miscellaneous
- 179 Cessation: final year of assessment.
- 179A Death of member.
- 179B Conversion to underwriting through partnership or company
- 180 Underwriting profits to be relevant UK earnings etc.
- 181 Lloyd’s underwriting agents.
- Supplemental
- 182 Regulations.
- 183 Consequential amendments.
- 184 Interpretation and commencement.
- Part III Oil Taxation
- 185 Abolition of PRT for oil fields with development consents on or after 16th March 1993.
- 186 Reduction of rates of PRT and interest repayments for taxable oil fields.
- 187 Returns and information.
- 188 Exploration and appraisal expenditure.
- 189 Transitional relief for certain exploration and appraisal expenditure.
- 190 Allowance of expenditure on certain assets limited by reference to taxable field use.
- 191 Time when expenditure is incurred.
- 192 Chargeable periods in which expenditure may be brought into account.
- 193 Tariff receipts etc.
- 194 Double taxation relief in relation to petroleum revenue tax.
- 195 Interpretation of Part III and consequential amendments of assessments etc.
- Part IV Inheritance Tax
- 196 Rate bands: no indexation in 1993.
- 197 Rate bands: indexation for 1994 onwards.
- 198 Fall in value relief: qualifying investments.
- 199 Fall in value relief: interests in land.
- 200 Appeals: questions as to value of land.
- Part V Stamp Duty
- 201 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 202 Rent to mortgage: England and Wales.
- 203 Rent to loan: Scotland.
- 204 Method of denoting stamp duty.
- Part VI Miscellaneous and General
- Statutory effect of resolutions etc.
- 205 The 1968 Act.
- 206 Corporation tax.
- 207 Stamp duty.
- Miscellaneous
- 208 Residence: available accommodation.
- 209 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 210 Trading funds.
- 211 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- General
- 212 Interpretation.
- 213 Repeals.
- 214 Short title.
- SCHEDULES
- SCHEDULE 1 Table of rates of duty on wine and made-wine
- SCHEDULE 2 Value added tax: penalties etc.
- Misdeclaration penalty under section 14 of the 1985 Act
- Misdeclaration penalty under section 14A of the 1985 Act
- Mitigation of penalties
- Interest on tax etc. recovered or recoverable by assessment
- Default surcharge
- Meaning of “the 1985 Act”
- SCHEDULE 3 Car and car fuel benefits: 1994-95 onwards
- Introductory
- Car benefits
- Car fuel benefits
- General
- SCHEDULE 4 Vans
- SCHEDULE 5 Removal expenses and benefits
- SCHEDULE 6 Taxation of distributions: supplemental provisions
- The Taxes Act 1988
- The Finance Act 1989 (c. 26)
- The Finance Act 1990 (c. 29)
- The Taxation of Chargeable Gains Act 1992 (c. 12)
- Commencement
- SCHEDULE 7 Relief on retirement or re-investment
- Part I Retirement relief etc.
- Extension of references to “family company”
- Extension of references to full-time working directors etc.
- Part II Roll-over relief on re-investment
- SCHEDULE 8 Restriction on set-off of pre-entry losses
- SCHEDULE 9 OVERSEAS LIFE INSURANCE COMPANIES: AMENDMENT OF TAXES ACT 1988 ETC
- ...
- SCHEDULE 10 Overseas life insurance companies: amendment of Finance Act 1989
- SCHEDULE 11 OVERSEAS LIFE INSURANCE COMPANIES: AMENDMENT OF TAXATION OF CHARGEABLE GAINS ACT 1992
- SCHEDULE 13 First-year allowances for machinery and plant
- SCHEDULE 14 Pay and file: miscellaneous amendments
- Failure to give notice of liability for corporation tax
- Further claims etc. where assessment made
- Interest on overdue corporation tax: transitional cases
- Interest on overdue corporation tax: pay and file cases
- Effect on interest of reliefs
- Failure to make return for corporation tax
- Things to be done by companies
- Relief under section 393 of the Taxes Act 1988
- Interest on tax overpaid
- Surrender of refunds
- SCHEDULE 15 Exchange gains and losses: alternative calculation
- Introduction
- Exempt circumstances
- Unremittable income
- Matched liabilities
- Currency contracts: matching
- Combination of circumstances
- Arm’s length test
- Local currency
- General
- SCHEDULE 16 Exchange gains and losses: transitionals
- Introduction
- General provision
- Attributed gain or loss
- Adjustment of exchange gain or loss
- Allowable losses
- Miscellaneous
- SCHEDULE 17 Exchange gains and losses: chargeable gains
- Introduction
- Currency
- Debts other than securities
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Debts on securities: disposals
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Debts on securities: relief
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Reconstructions, groups etc.
- Indexation allowance
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- SCHEDULE 18 Exchange gains and losses: amendments
- Taxes Management Act 1970 (c. 9)
- Income and Corporation Taxes Act 1988 (c. 1)
- Finance Act 1989 (c. 26)
- SCHEDULE 19 Lloyd’s underwriters: assessment and collection of tax
- Part I Determination of a syndicate’s profit or loss
- Preliminary
- Returns by managing agent
- Determinations by inspector
- Appeals
- Modification of determinations pending appeal
- Apportionments of syndicate’s profit or loss
- Individual members: effect of determinations
- Assessment of individual members: time limits
- Part II Payments on account of tax
- Preliminary
- Returns by members’ agent
- Payments on account of tax
- Assessment on members’ agent
- Part III Repayment of tax deducted etc. from investment income
- SCHEDULE 20 Lloyd’s underwriters: special reserve funds
- Part I Requirements for and tax consequences of new-style funds
- Preliminary
- General requirements
- Payments into fund out of syndicate profits
- Payments out of fund to cover cash calls
- Payments out of fund to cover syndicate losses
- Valuation and payments out of fund of excess amounts
- Payments out of fund on cessation
- Entitlement of member for tax purposes
- Tax exemption for profits arising from assets of fund
- Tax consequences of payments into and out of fund
- Tax consequences of cessation
- Part II Winding up of old-style funds
- Preliminary
- Winding up of old-style funds
- Tax consequences of winding up
- SCHEDULE 20A Lloyd’s underwriters: conversion to underwriting through partnership or company
- Part 1 Conversion to underwriting through successor companies
- Introduction
- Income tax: carry forward of loss relief following conversion
- Capital gains tax: roll-over relief on disposal of syndicate capacity
- Capital gains tax: roll-over relief on disposal of assets of ancillary trust fund
- Interpretation of this Part of this Schedule
- PART 1A CONVERSION OF PARTNERSHIPS TO UNDERWRITING THROUGH SUCCESSOR COMPANIES
- Introduction
- Capital gains tax: roll-over relief on disposal of syndicate capacity
- Capital gains tax: roll-over relief on disposal of assets of ancillary trust fund
- Interpretation of this Part of this Schedule
- Part 2 Conversion to underwriting through successor partnerships
- Introduction
- Income tax: carry forward of loss relief following conversion
- Interpretation of this Part of this Schedule
- Part 3 Supplementary provisions
- Withdrawal of resignation notice
- Interpretation of this Schedule
- Application of this Schedule
- SCHEDULE 20B PRT: elections for oil fields to become non-taxable
- Election by responsible person
- Method of election
- Effect of election
- No unrelievable field losses from field
- Interpretation
- SCHEDULE 21 Oil taxation: supplementary provisions about information
- Part I Restrictions on powers under section 187
- Part II Meaning of “documents”
- SCHEDULE 22 Trading funds
- Introduction
- Reserves
- Public dividend capital etc.
- Maximum borrowing etc.
- SCHEDULE 23 Repeals
- Part I Excise duties
- Part II Value added tax
- Part III Income tax, corporation tax and capital gains tax
- Part IV Oil taxation
- Part V Inheritance tax
- Part VI Statutory effect of resolutions etc.
- Part VII Trading funds
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