Finance Act 1997
Finance Act 1997 (1997 c. 16)
- Finance Act 1997 (1997 c. 16)
- Part I Excise Duties
- Alcoholic liquor duties
- 1 Rates of duty on spirits and wines of equivalent strength.
- 2 Rates of duty on lower strengths of wine and made-wine.
- 3 Duty on sparkling cider.
- 4 Cider labelled as strong cider.
- 5 Cider labelled as made-wine.
- Hydrocarbon oil duties
- 6 Rates of hydrocarbon oil duties and of rebates.
- 7 Ultra low sulphur diesel.
- Tobacco products duty
- 8 Rates of tobacco products duty.
- Air passenger duty
- 9 Rates of air passenger duty.
- Gaming duty
- 10 Gaming duty to replace gaming licence duty.
- 11 Rate of gaming duty.
- 12 Liability to pay gaming duty.
- 13 Supplemental provisions relating to gaming duty.
- 14 Subordinate legislation relating to gaming duty.
- 15 Interpretation of gaming duty provisions.
- Vehicle excise duty
- 16 Increase in general rate.
- 17 Exemption for vehicles for disabled persons.
- 18 Provisions applying to exempt vehicles.
- 19 Issue of licences before payment of duty.
- 20 Removal and disposal of vehicles.
- Part II Insurance Premium Tax
- New rates of tax
- 21 Rate of tax.
- 22 Premiums liable to tax at the higher rate.
- 23 Charge to tax where different rates apply.
- 24 Commencement of sections 21 to 23.
- Taxable intermediaries and their fees
- 25 Certain fees to be treated as premiums under higher rate contracts.
- 26 Registration of taxable intermediaries.
- 27 Supplementary provisions.
- Miscellaneous
- 28 Amounts charged by other intermediaries.
- 29 Prevention of pre-emption.
- 30 Tax point for payroll deductions.
- Part III Value Added Tax
- Registration
- 31 Aggregation of businesses.
- 32 Voluntary registration.
- Zero-rating
- 33 Sale of goods donated to charity.
- 34 Charitable institutions providing care etc.
- Buildings and land
- 35 References to grants.
- 36 Buildings intended to be used as dwellings.
- 37 Supplies to non-taxable persons etc.
- Exempt insurance supplies
- 38 Exempt insurance supplies.
- Bad debt relief
- 39 Bad debt relief.
- Groups of companies
- 40 Groups containing bodies of different descriptions.
- 41 Group supplies using an overseas member.
- Incidental and supplemental provisions etc.
- 42 Services subject to the reverse charge.
- 43 Payments on account: appeals.
- Part IV Payments and overpayments in respect of indirect taxes
- Value added tax
- 44 Liability of Commissioners to interest.
- 45 Assessment for overpayments of interest.
- 46 Repayments of overpayments: unjust enrichment.
- 47 Repayments and assessments: time limits.
- 48 Set-off of credits and debits.
- 49 Transitional provision for set-offs etc.
- Excise duties and other indirect taxes
- 50 Overpayments, interest, assessments, etc.
- Enforcement of payment
- 51 Enforcement by distress.
- 52 Enforcement by diligence.
- 53 Amendments consequential on sections 51 and 52.
- Part V Income Tax, Corporation Tax and Capital Gains Tax
- Income tax charge, rates and reliefs
- 54 Charge and rates of income tax for 1997-98.
- 55 Modification of indexed allowances.
- 56 Blind person’s allowance.
- 57 Limit on relief for interest.
- Corporation tax charge and rate
- 58 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 59 Small companies.
- Payments for wayleaves
- 60 Wayleaves for electricity cables, telephone lines, etc.
- Schedule E
- 61 Phasing out of relief for profit-related pay.
- 62 Travelling expenses etc.
- 63 Work-related training.
- Relieved expenditure, losses etc.
- 64 Postponed company donations to charity.
- 65 National Insurance contributions.
- 66 Expenditure on production wells etc.
- 67 Annuity business of insurance companies.
- 68 Consortium claims for group relief.
- Distributions etc.
- 69 Special treatment for certain distributions.
- 70 Distributions of exempt funds.
- 71 Set-off against franked investment income.
- 72 FIDs paid to unauthorised unit trusts.
- 73 Tax advantages to include tax credits.
- Investments etc.
- 74 Enterprise investment scheme.
- 75 Venture capital trusts.
- 76 Stock lending and manufactured payments.
- 77 Bond washing and repos.
- 78 National Savings Bank interest.
- 79 Payments under certain life insurance policies.
- 80 Futures and options: transactions with guaranteed returns.
- Transfer of assets abroad
- 81 Transfer of assets abroad.
- Leasing and loan arrangements
- 82 Finance leases and loans.
- 83 Loan relationships: transitions.
- Capital allowances
- 84 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 85 Schedule A cases etc.
- 86 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Chargeable gains
- 87 Re-investment relief.
- 88 Conversion of securities: QCBs and debentures.
- 89 Earn-out rights.
- Double taxation relief
- 90 Restriction of relief for underlying tax.
- 91 Disposals of loan relationships with or without interest.
- Repayment supplement
- 92 Time from which entitlement runs.
- Part VI Inheritance Tax
- 93 Rate bands.
- 94 Agricultural property relief.
- Part VII Stamp Duty and Stamp Duty Reserve Tax
- Stamp duty
- 95 Mergers of authorised unit trusts.
- 96 Demutualisation of insurance companies.
- 97 Relief for intermediaries.
- 98 Repurchases and stock lending.
- 99 Depositary receipts and clearance services.
- Stamp duty reserve tax
- 100 Mergers of authorised unit trusts.
- 101 Direction to hold trust property on other trusts.
- 102 Relief for intermediaries.
- 103 Repurchases and stock lending.
- 104 Depositary receipts and clearance services.
- 105 Inland bearer instruments.
- 106 Repayment or cancellation of tax.
- Part VIII Miscellaneous and Supplemental
- Miscellaneous
- 107 Petroleum revenue tax: non-field expenditure.
- 108 Payment of dividends on government stock.
- 109 Nil levy on dwelling-house disposals.
- 110 Obtaining information from social security authorities.
- 111 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Supplemental
- 112 Interpretation.
- 113 Repeals.
- 114 Short title.
- SCHEDULES
- SCHEDULE 1 Gaming duty: administration, enforcement etc
- Part I The gaming duty register
- The Register
- Interpretation
- Registration
- Cancellation of registration
- Penalties in connection with registration
- Notification of premises
- Penalties in connection with notification
- Groups
- Part II Other provisions
- Accounting periods
- Directions as to the making of returns
- Regulations
- Offences
- Distress and poinding
- Disclosure of information
- Evidence by certificate
- Protection of officers
- SCHEDULE 2 Gaming duty: consequential and incidental amendments
- Part I Amendments of the Customs and Excise Management Act 1979
- Introductory
- Meaning of “revenue trade provisions” and “revenue trader”
- Amendments of Part IXA
- Part II Other amendments
- Licences under the Gaming Act 1968
- Preferential debts on insolvency
- Assessments to duty
- SCHEDULE 3 Vehicle excise duty: exempt vehicles
- Interpretation
- Registration of vehicle on issue of nil licence
- Return of nil licence
- Offence of not exhibiting nil licence
- Offence of failing to have nil licence for exempt vehicle
- Offence of forging or fraudulently using etc. nil licence
- Supplemental provisions
- Further amendments
- Commencement
- SCHEDULE 4 Insurance premium tax: the higher rate
- Schedule to be inserted into the Finance Act 1994
- SCHEDULE 5 Indirect taxes: overpayments etc
- Part I Unjust enrichment
- Application of Part I
- Disregard of business losses
- Reimbursement arrangements
- Contravention of requirement to repay Commissioners
- Part II Time limits
- Repayments
- Assessments
- Part III Interest
- Interest on overpaid air passenger duty
- Interest on overpaid insurance premium tax
- Interest on overpaid landfill tax
- Part IV Set-off involving landfill tax
- Part V Recovery of excess payments by the Commissioners
- Assessment for excessive repayment
- Assessment for overpayments of interest
- Assessments under paragraphs 14 and 15
- Interest on amounts assessed
- Supplementary assessments
- Review of decisions and appeals
- Interpretation of Part V
- Consequential amendment
- SCHEDULE 6 Assessments for excise duty purposes
- Assessment of amounts payable to the Commissioners
- Assessments in cases of a deficiency in stores
- Assessments in cases of a deficiency in warehoused goods
- Assessments in cases of a deficiency in goods moved by pipe-line
- Assessments in cases of untrue declarations etc.
- Assessments relating to hydrocarbon oil duty
- Commencement
- SCHEDULE 7 Special treatment for certain distributions
- Distributions to which Schedule applies
- Distributions treated as FIDs
- Distributions treated as section 686 income of trustees
- Stock options
- Dividends on fixed rate preference shares
- Pre-sale distributions
- Manufactured payments
- Amendment of section 95 of the Taxes Act 1988
- Information to be provided about deemed FID
- Group income
- Distribution accounts
- Amendments consequential on paragraph 3 above
- SCHEDULE 8 Enterprise investment scheme: qualifying companies
- Introductory
- Requirements to be satisfied by the company for whose business activity money is raised
- Limit on relief for trading groups which let or operate ships
- Meaning of “qualifying company”
- Consequential amendments of section 297
- Consequential repeals of provisions about subsidiaries
- SCHEDULE 9 Venture capital trusts: qualifying holdings
- Introductory
- Requirements as to business of company whose shares et ceteralaetc. are qualifying holdings
- Consequential amendment of paragraph 4(7)
- Application of investment
- Qualifying subsidiaries
- Commencement
- SCHEDULE 10 Stock lending arrangements and manufactured payments
- Part I Stock lending
- Approved stock lending arrangements: traders
- Stock lending fees
- Stock lending agreements under which manufactured payments are not made
- Manufactured payments in stock lending cases etc.
- Stock lending arrangements: capital gains
- Premiums trust funds of Lloyd’s members
- Commencement
- Part II Manufactured payments
- Repeal of section 737 of the Taxes Act 1988
- Meaning of “foreign income dividend”
- Manufactured dividends on UK equities
- Manufactured interest on UK securities
- Repeal of paragraph 5 of Schedule 23A
- Consequential amendments in Schedule 23A
- Amendments of Taxes Management Act 1970
- Repeal of powers to modify information provisions
- Commencement
- SCHEDULE 11 Futures and options: taxation of guaranteed returns
- Schedule to be inserted as Schedule 5AA to the Taxes Act 1988
- SCHEDULE 12 Leasing arrangements: finance leases and loans
- Part I Leasing arrangements where any of the return on investment is in capital form
- Purpose of this Part of this Schedule
- Application of this Part of this Schedule
- The conditions
- The arrangements and circumstances in paragraph 3(5)
- Current lessor to be taxed by reference to accountancy rental earnings
- Reduction of taxable rent by certain excesses
- Assignments on which neither a gain nor a loss accrues
- Relief for bad debts etc: corporation tax under Schedule A
- Relief for bad debts etc: cumulative accountancy rental excess
- Relief for bad debts etc: cumulative normal rental excess
- Capital allowances
- Chargeable gains
- Existing schemes where this Part does not at first apply
- New schemes where this Part begins to apply after Part II has applied
- Part II Other finance leases
- Purpose of this Part of this Schedule
- Application of this Part of this Schedule
- Application of provisions of Part I for purposes of Part II
- Part III Insurance companies
- Accounting purposes
- Companies carrying on life assurance business
- Part IV Supplementary provisions
- Normal rent
- Accountancy rental earnings
- Rental earnings
- Periods of account which straddle 26th November 1996
- Time apportionment where periods do not coincide
- Connected persons
- Assets which represent the leased asset
- Existing schemes and new schemes
- Accounting purposes and normal accountancy practice
- Assessments and adjustments
- Interpretation
- SCHEDULE 13 Loan relationships: amendment of transitional provisions
- Introductory
- Transitional rules for transitional accounting periods
- Opening valuations as at 1st April 1996
- Adjustments in the case of pre-commencement trading relationships
- Chargeable assets held after commencement
- Adjustments in the case of chargeable assets
- Commencement of Schedule
- Introductory
- New Chapter on long-life assets
- Consequential amendments
- Commencement
- SCHEDULE 15 Capital allowances: Schedule A cases etc
- Repeal of existing rules
- Removal of restriction on set-off of losses
- New general provision
- Manner of making allowances and charges
- Meaning of capital expenditure
- Consequential amendment of section 434E of the Taxes Act 1988
- Commencement
- Part I Amendments of the Capital Allowances Act 1990
- Introductory
- Interpretation of Chapter VI of Part II
- Allowances in respect of expenditure by equipment lessors
- Fixtures in respect of which more than one person gets an allowance
- Disposal value in avoidance cases
- Apportionment of expenditure by election
- Prohibition of double allowances
- Construction of amendments
- Part II Consequential amendment of the Taxes Management Act 1970
- SCHEDULE 17 Chargeable gains: re-investment relief
- Introductory
- Qualifying investments
- Loss of relief
- Meaning of “qualifying company”
- Meaning of “qualifying trade”
- Interpretation of Chapter IA of Part V
- Commencement
- SCHEDULE 18 Repeals
- Part I Hydrocarbon Oil Duty
- Part II Gaming Duty
- Part III Vehicle Excise and Registration: Exempt vehicles
- Part IV Value Added Tax
- Part V Indirect taxes
- Part VI Income Tax, Corporation Tax and Capital Gains Tax
- Part VII Stamp Duty and Stamp Duty Reserve Tax
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