Finance Act 1970

UK - Reserved: Acts

Finance Act 1970

Finance Act 1970 (1970 c. 24)

Part I Customs and Excise

1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F1] S. 1 repealed by Statute Law (Repeals) Act 1974 (c. 22), Sch. Pt. II

2 Gaming licence duty.

(1)–(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F2] Ss. 2(1)–(8)(10), 3 repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7

(9) Part II of Schedule 1 to this Act shall have effect for supplementing the provisions of this section (in that Schedule called “the principal section").

(10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F2] Ss. 2(1)–(8)(10), 3 repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7

3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F3] Ss. 2(1)–(8)(10), 3 repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7

4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F4] S. 4 repealed with savings by Finance Act 1977 (c. 36), s. 59(5), Sch. I Pt. II

5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F5] S. 5 repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F7] S. 6(1)(2)(a) repealed by Alcoholic Liquor Duties Act 1979 (c. 4), Sch. 4 Pt. I

(2) Angostura bitters shall be deemed not to be spirits for the purposes of—

(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F7] S. 6(1)(2)(a) repealed by Alcoholic Liquor Duties Act 1979 (c. 4), Sch. 4 Pt. I

(b) the Licensing (Scotland) Act 1976... and any other enactment (whether passed before or after the commencement of this Act) in which “spirits” has the same meaning as in that Act;

[F8] Words substituted by virtue of Interpretation Act 1978 (c. 30), s. 17(2)(a)

[F9] Words in s. 6(2)(b) repealed (24.11.2005) by Licensing Act 2003 (c. 17), s. 201(2), Sch. 6 para. 54(a), Sch. 7 (with ss. 2(3), 15(2), 195); S.I. 2005/3056, art. 2(2) (with art. 4)

[F10] Words in s. 6(2)(b) substituted (24.11.2005) by Licensing Act 2003 (c. 17), s. 201(2), Sch. 6 para. 54(b) (with ss. 2(3), 15(2), 195); S.I. 2005/3056, art. 2(2)

and accordingly angostura bitters shall be treated as a non-intoxicating drink for the purposes of the enactments specified in paragraph (b) above.

(1)–(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F11] S. 7(1)–(4)(6)(7) repealed by Alcoholic Liquor Duties Act 1979 (c. 4), Sch. 4 Pt. I

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F12] S. 7(5)(8) repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I

(6)(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F11] S. 7(1)–(4)(6)(7) repealed by Alcoholic Liquor Duties Act 1979 (c. 4), Sch. 4 Pt. I

(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F12] S. 7(5)(8) repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I

8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F13] S. 8 repealed by Hydrocarbon Oil (Customs & Excise) Act 1971 (c. 12), s. 24(2), Sch. 7

9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F14] S. 9 repealed by Vehicles (Excise) Act 1971 (c. 10), s. 39(5), Sch. 8 Pt. I

10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F15] S. 10 repealed by Finance Act 1973 (c. 51), s. 59(7), Sch. 22 Pt. I

Part II Income Tax and Corporation Tax

Chapter I General

11–14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F16] Ss. 11–14 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F17] S. 15 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), ss. 82, 164(4)(5), Sch. 2

16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F18] S. 16 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F19] S. 17 repealed by Finance Act 1972 (c. 41), ss. 75(7)(8) and 134, Sch. 10 para.10 and Sch. 28 Part V except as respects interest paid or payable before 1972–73

18 Miscellaneous amendments of income tax and corporation tax law.

Schedule 4 to this Act (which contains amendments of the Taxes Act and of the Capital Allowances Act 1968) shall have effect.

19–26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F20] Ss. 19–26 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

PART III MISCELLANEOUS

Capital gains

27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F21] S. 27 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with s. 201(3), Sch. 11 paras. 22, 26(2), 27)

28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F22] S. 28 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with s. 201(3), Sch. 11 paras. 22, 26(2), 27)

(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F23] S. 29(1)(2)(3)(a)(4)(8) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844(4), Sch. 31

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F23] S. 29(1)(2)(3)(a)(4)(8) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844(4), Sch. 31

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F23] S. 29(1)(2)(3)(a)(4)(8) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844(4), Sch. 31

(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F25] S. 30 repealed by Finance Act 1989 (c. 26), s. 187(1), Sch. 17 Pt. X

31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F26] S. 31 repealed with savings by Finance Act 1975 (c. 7), ss. 50, 52(2)(3), 59, Sch. 13 Pt. I

Stamp duties

32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F27] S. 32 repealed (27.7.1999 with effect as mentioned in Sch. 20 Pt. V(2) Notes 1, 2) by 1999 c. 16, s. 139, Sch. 20 Pt. V(2)

33 Composition by stock exchanges in respect of transfer duty

[F28] S. 33 extended by Finance Act 1976 (c. 40), s. 127(7).

(1) The Commissioners may enter into an agreement with, or with persons acting on behalf of, any recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD for the composition, in accordance with the provisions of this section, of the stamp duty chargeable under or by reference to Part I or paragraph 16 of Schedule 13 to the Finance Act 1999 (conveyance or transfer on sale or otherwise) on such instruments as may be specified in the agreement, . . . . . . .

[F29] Words in s. 33(1) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629), {art. 4(2)(a)}

[F30] Words in s. 33 substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 1(a) (with regs. 7(4), 9(1))

[F31] Words in s. 33(1) substituted (with effect in accordance with s. 112(6) of the amending Act) by Finance Act 1999 (c. 16) ss. 112(4), 122, {Sch. 14 para. 5}

[F32] 1891 c. 39.

[F33] Words repealed by Finance Act 1976 (c. 40), s. 127(4).

[F34] S. 33; definition of "recognised stock exchange" repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), art. 4(2)(b)

(2) An agreement under this section shall provide—

(a) for every instrument to which the agreement relates to bear on its face an indication of the amount of stamp duty chargeable thereon,

(b) for the issue in respect of every such instrument, by or on behalf of the recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD , of a certificate (which may relate to more than one such instrument) to the effect that stamp duty to the amount so indicated has been, or will be, accounted for to the Commissioners,

[F35] Words in s. 33(2)(b) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629),{ art. 4(3)}

[F30] Words in s. 33 substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 1(a) (with regs. 7(4), 9(1))

(c) for the delivery to the Commissioners, by or on behalf of the recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD , of periodical accounts in respect of instruments to which the agreement relates, giving such particulars with respect thereto as may be specified in the agreement, and

[F36] Words in s. 33(2)(c) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629), {art. 4(3)}

[F30] Words in s. 33 substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 1(a) (with regs. 7(4), 9(1))

(d) for the payment to the Commissioners, by or on behalf of the recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD and on the delivery of any such account, of the aggregate amount of the stamp duty chargeable as mentioned in subsection(1) above on instruments to which the agreement relates during the period to which the account relates ;

[F37] Words in s. 33(2)(d) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629), {art. 4(3)}

[F30] Words in s. 33 substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 1(a) (with regs. 7(4), 9(1))

and any such agreement may contain such other terms and conditions as the Commissioners think proper.

(3) For the purposes of any agreement under this section, the form of brokers transfer provided for by section 1(2) of the Stock Transfer Act 1963 may be used in connection with any transaction notwithstanding that the particulars referred to in that provision could be inserted in the stock transfer there referred to.

[F38] 1963 c. 18.

(4) An instrument to which an agreement under this section relates and in respect of which a certificate to the effect mentioned in subsection (2)(b) above has been issued by or on behalf of the recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD in question shall be treated for the purposes of the Stamp Act 1891 as stamped with the amount of duty indicated on the face of the instrument.

[F39] Words in s. 33(4) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629), {art. 4(3)}

[F30] Words in s. 33 substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 1(a) (with regs. 7(4), 9(1))

[F40] 1891 c. 39.

(5) A recognised investment exchange , recognised clearing house, recognised CSD, EEA CSD or third country CSD or person making default in delivering any account required by an agreement under this section, or in paying any amount in accordance with such an agreement, shall be liable to a fine not exceeding £50 for any day during which the default continues; and, in addition, every amount payable under such an agreement shall bear interest at the rate of 5 per cent, per annum, recoverable by Her Majesty, from the due date for delivery of the account by reference to which it is payable until the actual date of payment.

[F41] Words in s. 33(5) substituted (1.12.2001) by Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001(S.I. 2001/3629), {art. 4(3)}

[F30] Words in s. 33 substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 1(a) (with regs. 7(4), 9(1))

(6) Except in so far as the context otherwise requires, any reference to a stamp in section 9 or 10 of the Stamp Duties Management Act 1891 (allowances for spoiled stamps) shall include a reference to any indication of an amount of stamp duty on the face of any instrument to which an agreement under this section relates.

[F42] 1891 c. 38.

(7) In this section “recognised investment exchange , “recognised clearing house”, “recognised CSD”, “EEA CSD” and “third country CSD” have the meanings given by section 285(1) of the Financial Services and Markets Act 2000.

[F44] Words in s. 33(7) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 1(b) (with regs. 7(4), 9(1))

Other provisions

34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F45] S. 34 repealed by Finance Act 1980 (c. 48), s. 122, Sch. 20 Pt. IX

35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F46] S. 35 repealed by Northern Ireland (Loans) Act 1975 (c. 83), s. 4(2), Sch.

36 Citation, interpretation, construction, extent and repeals.

(1) This Act may be cited as the Finance Act 1970.

(2) In this Act—

(a) except where the context otherwise requires, “the Board” means the Commissioners of Inland Revenue,

(b) “the Taxes Act” means the Income and Corporation Taxes Act 1970,

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F47] S. 36(3) repealed by Customs and Excise Management Act 1979 (c. 2, SIF 40:1), s. 177(3), Sch. 6 Pt. I

(4) Part II of this Act, so far as it relates to income tax, shall be construed as one with the Income Tax Acts and, so far as it relates to corporation tax, shall be construed as one with the Corporation Tax Act.

(5) Part III of this Act, so far as it relates to stamp duties, shall be construed as one with the Stamp Act 1891.

[M1] 1891 c. 39.

(6) Any reference in this Act to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended or applied by or under any other enactment, including this Act.

(7) Except as otherwise expressly provided such of the provisions of this Act as relate to matters in respect of which the Parliament of Northern Ireland has power to make laws shall not extend to Northern Ireland.

(8) The enactments mentioned in Schedule 8 to this Act (which include enactments which are spent or otherwise unnecessary) are hereby repealed to the extent mentioned in the third column of that Schedule, but subject to any provision in relation thereto made at the end of any Part of that Schedule.

SCHEDULES

SCHEDULE 1 Gaming Licence Duty

Part II Supplemental

1–13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F49] Sch. 1 Pts. I, II paras. 1–13, 15, 16(1) repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7

14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F50] Sch. 1 Pt. II para. 14 repealed by Statute Law (Repeals) Act 1974 (c. 22), Sch. Pt. II

15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F51] Sch. 1 Pts. I, II paras. 1–13, 15, 16(1) repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7

Consequential amendments of Gaming Act 1968

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F52] Sch. 1 Pts. I, II paras. 1–13, 15, 16(1) repealed by Betting and Gaming Duties Act 1972 (c. 25), Sch. 7

In the following provisions of the Gaming Act 1968 (under which failure to pay gaming licence duty under section 13 of the Finance Act 1966 is a ground for refusal to grant, renew or transfer a licence or renew a registration) after “the Finance Act 1966" insert “ or section 2 of or Schedule 1 to the Finance Act 1970" ”.

The said provisions are

In Schedule 10 to the Gaming Act 1968, in paragraphs 3 and 4 (right of constable, without fee, to inspect registers) after “constable" insert “ or officer of customs and excise" ”.

[M2] 1968 c. 65.

1–4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F53] Sch. 2 paras. 1–4 repealed with savings by Finance Act 1977 (c. 36), s. 59(5), Sch. 9 Pt. II

5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F54] Sch. 2 para. 5 repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I

1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2–7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F57] Sch. 3 paras. 2–7 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31, and Sch. 3 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27)

8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 4 Amendments of Income Tax Acts and Corporation Tax Acts

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F59] Sch. 4 Pt. I (paras. 1–5) repealed by Finance Act 1972 (c. 41), s. 134, Sch. 28 Part VI

PART II Other Amendments

6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F60] Sch. 4 Pt. II paras. 6, 8, 9(6), 11 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F61] Sch. 4 Pt. II para. 7 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), ss. 82, 164(4)(5), Sch. 2

8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F62] Sch. 4 Pt. II paras. 6, 8, 9(6), 11 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F63] Sch. 4 Pt. II para. 9(1)–(5), (7)–(9) repealed by Finance Act 1972 (c. 41), ss. 75(7)(8), 134, Schs. 10 para. 10 and 28 Part V

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F64] Sch. 4 Pt. II paras. 6, 8, 9(6), 11 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F63] Sch. 4 Pt. II para. 9(1)–(5), (7)–(9) repealed by Finance Act 1972 (c. 41), ss. 75(7)(8), 134, Schs. 10 para. 10 and 28 Part V

Inland Revenue procedures: returns and assessments

10 In section 113 of the Management Act after subsection (1) insert—(1A)Any notice or direction requiring any return to be made under the Taxes Acts to an inspector or other officer of the Board may be issued or given in the name of that officer, or as the case may be in the name of the Board, by any officer of the Board, and so as to require the return to be made to the first-mentioned officer.(1B)Where the Board or an inspector or other officer of the Board have in accordance with section 29 of this Act, or any other provision of the Taxes Acts, decided to make an assessment to tax, and have taken all other decisions needed for arriving at the amount of the assessment, they may entrust to some other officer of the Board responsibility for completing the assessing procedure, whether by means involving the use of a computer or otherwise, including responsibility for serving notice of the assessment on the person liable for tax.

11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F65] Sch. 4 Pt. II paras. 6, 8, 9(6), 11 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

1, 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F69] Sch. 6 Pt. I paras. 1, 2 repealed, as regards disposals after 22nd July 1970, by Finance Act 1971 (c. 68), ss. 55, 69(7) and Sch. 14 Pt. III subject to s. 55 and Sch. 9, and Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27)

Part II . . .

[F70] Sch. 6 repealed (6.4.1992 with effect as mentioned in s. 289(1) of 1992 c. 12) by the Taxation of Chargeable Gains Act 1992 (c. 12), s. 290, Sch.12 (with Sch. 11 paras. 22, 26(2), 27)

3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part I Abolition of Certain Duties

Duties abolished as from 1st August 1970

This paragraph has effect as from 1st August 1970.

The following stamp duties are hereby abolished—

(a) the duty of 6d. specified in Schedule 1 to the Stamp Act 1891 under the heading beginning “Agreement or any Memorandum of an Agreement" (the provisions consequential on this abolition being those contained in sub-paragraph (3) below);

[M3] 1891 c. 39.

(b) the duty of 6d. specified in that Schedule under the heading “Policy of Insurance other than Life Insurance" inserted by section 30(1) of the Finance Act 1959 (and so that a policy of insurance other than life insurance shall be exempt from all stamp duties);

[M4] 1959 c. 58.

(c) the duty of £10 or £6 imposed on a certificate of registration for an alkali or other works by section 9(6) of the Alkali, &c. Works Regulation Act 1906 as amended by section 47 of the Finance Act 1922; and

[M5] 1906 c. 14.

[M6] 1922 c. 17.

(d) the duty of 10s. imposed on the memorandum and on the articles of association of a company by virtue of section 3 and section 9(c) respectively of the Companies Act 1948 (which provide that each of those documents is to be stamped as if it were a deed).

[M7] 1948 c. 38.

In consequence of sub-paragraph (2)(a) above—

(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F79] Sch. 7 para. 1(3)(a) repealed by Finance Act 1971 (c. 68), Sch. 14 Pt. VI

(b) in section 59 of that Act (certain contracts for sale to be chargeable ad valorem as conveyances)—

(i) in subsection (2) (sub-contracts under which the consideration does not exceed that for the original sale to be charged only as deeds or agreements), for “and in any other case with the fixed duty of ten shillings or of sixpence, as the case may require" substitute “but shall not otherwise be chargeable except where appropriate with the fixed duty of 10s.", and

(ii) in subsection (5) (stamping of conveyances made in conformity with contracts not stamped ad valorem but stamped with the fixed duty of 10s. or 6d.), for the words from the beginning to “the said fixed duty" substitute “Provided that where any such contract or agreement is stamped with the fixed duty of 10s. or would, apart from this section, not be chargeable with any duty", . . .

[F80] Word repealed by Finance Act 1985 (c. 54, SIF 114), s. 98(6), Sch. 27 Pt. IX(2)

[F81] Sch. 7 para. 1(3)(c) and Sch. 7 para. 4 repealed by Finance Act 1985 (c. 54, SIF 114), s. 98(6), Sch. 27 Pt. IX(2)

Duties abolished as from 1st February 1971

This paragraph has effect as from 1st February 1971.

The following stamp duties are hereby abolished—

(a) the duty of 2d. specified in Schedule 1 to the Stamp Act 1891 under the heading beginning “Bill of Exchange or Promissory Note" inserted by section 33(1) of the Finance Act 1961; and

[M8] 1891 c. 39.

[M9] 1961 c. 36.

(b) the duty of 2d. specified in that Schedule under the heading beginning “Receipt".

No application for relief in respect of the duty referred to in sub-paragraph (2)(a) above may be made under any of sections 9 to 12 of the Stamp Duties Management Act 1891 (spoiled, misused and unwanted stamps); and no repayment shall be made under any agreement entered into under section 39 of the Finance Act 1956 (composition for the said duty by bankers) in respect of any form supplied by a banker to a customer and returned to the banker unused or spoiled on or after the said 1st February.

[M10] 1891 c. 38.

[M11] 1956 c. 54.

Part II General Amendments

3 This Part of this Schedule, except paragraph 5, has effect as from 1st August 1970.

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[F82] Sch. 7 para. 1(3)(c) and Sch. 7 para. 4 repealed by Finance Act 1985 (c. 54, SIF 114), s. 98(6), Sch. 27 Pt. IX(2)

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[F83] Sch. 7 para. 5 repealed by Finance Act 1972 (c. 41), Sch. 28 Pt. XI

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[F84] Sch. 7 para. 6 repealed by Finance Act 1990 (c. 29, SIF 114), s. 132, Sch. 19 Pt. VI

Bond, covenant, etc.

The heading beginning “Bond, Covenant" in Schedule 1 to the Stamp Act 1891 shall be amended as follows.

In paragraph (1) (only or principal security for annuity or other periodic payment; duty of 2s. 6d. for every £5 or part if for an indefinite period), for the reference to 2s. 6d. substitute a reference to 2s.

In paragraph (2) (collateral etc. security for annuity or other periodic payment; duty of 6d. for every £5 or part if total amount payable cannot be ascertained), for the reference to 6d. substitute a reference to 1s., and for each reference to £5 substitute a reference to £10.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F85] Sch. 7 para. 7(4) repealed by Finance Act 1989 (c. 26, SIF 114), s. 187(1), Sch. 17 Pt. IX

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[F86] Sch. 7 para. 8 repealed by Finance Act 1971 (c. 68), Sch. 14 Pt. VI

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F87] Sch. 7 para. 9 repealed by Finance Act 1987 (c. 16, SIF 114), s. 72, Sch. 16 Pt. VIII

Conveyance or transfer on sale

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[F88] Sch. 7 paras. 10, 11 repealed by Finance Act 1974 (c. 30), Sch. 14 Pt. III

12 Section 59(4) of the Stamp Act 1891 (contract for sale not stamped ad valorem but stamped with fixed duty of 10s. or 6d. to be treated as duly stamped for certain purposes) shall cease to have effect.

[M12] 1891 c. 39.

Section 114 of the Stamp Act 1891 (composition for stamp duty on transfers of colonial etc. stock) shall cease to have effect, but transfers of any stock in respect of which payments have been made under that section shall continue to be exempt from stamp duty.

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[F89] Sch. 7 para. 13(2) repealed by Finance Act 1974 (c. 30), Sch. 14 Pt. IV

Lease or tack

14 In section 75(2) of the Stamp Act 1891 (duty of 6d. on lease or tack if preceded by an agreement duly stamped as an actual lease or tack), for “sixpence" substitute “1s.".

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F90] Sch. 7 para. 15 repealed by Finance Act 1973 (c. 51), s. 59(7), Sch. 22 Pt. V

Mortgages etc.

The heading beginning “Mortgage, Bond, Debenture, Covenant" in Schedule 1 to the Stamp Act 1891 shall be amended in accordance with sub-paragraphs (2) and (3) below.

[M13] 1891 c. 39.

In paragraph (1) of that heading (only, or principal or primary, security), for the words from “Not exceeding £10" to the end substitute—Not exceeding £3001s. for every £50 or part of £50 of the amount secured.Exceeding £3002s. for every £100 or part of £100 of the amount secured.

In paragraphs (2), (4) and (5) of that heading (collateral etc. securities, transfers etc. and re-conveyances etc.: duty of 6d. for every £100 or part), for each reference to 6d. substitute a reference to 1s., and for each reference to £100 substitute a reference to £200.

The duty chargeable under paragraph (4) of the said heading on the transfer, assignment, disposition or assignation to any person of, or of the money or stock secured by, any collateral, auxiliary, additional or substituted security (including any instrument by way of further assurance) shall not exceed 50p if a transfer, assignment, disposition or assignation to the same person of (or, as the case may be, of the money or stock secured by) the principal or primary security has been duly stamped with the duty chargeable under that paragraph.

[F91] Words substituted by virtue of Decimal Currency Act 1969 (c. 19), s. 10(1)

Paragraph (5) of the said heading shall also be amended by inserting, after “Renunciation", the words “in whole or in part" ; and the duty chargeable under that paragraph shall not in any case exceed 10s.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F92] Sch. 7 para. 17 repealed by Finance Act 1989 (c. 26, SIF 114), s. 187(1), Sch. 17 Pt. IX

Part III Special Provisions Connected with the New Currency

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[F93] Sch. 7 para. 18 repealed by Finance Act 1972 (c. 41), Sch. 28 Pt. XI

Late stamping etc.

Where immediately before 15th February 1971 any instrument chargeable with stamp duty is either not stamped or overstamped or insufficiently stamped, the amount of duty then chargeable, or properly chargeable, on the instrument, or, in the case of an insufficiently stamped instrument, the amount of additional duty then chargeable thereon, shall thereafter become, for all the purposes of the enactments relating to stamp duties—

(a) the equivalent of that amount in the new currency, reduced where that equivalent is not a multiple of 5p. to the nearest such multiple, or

(b) 5p. if the said equivalent is less than 10p.

In sub-paragraph (1) above, “the new currency” means the new currency of the United Kingdom provided for by the Decimal Currency Act 1967.

[M14] 1967 c. 47.

SCHEDULE 8 Repeals

Part I Gaming Licence Duty

The repeals in this Part of this Schedule do not apply as respects any gaming before 1st October 1970.

Part II Other Customs and Excise Repeals

The repeals in the Vehicles (Excise) Act 1962 and the Vehicle and Driving Licences Act 1969 have effect as from 15th February 1971.

Part III Occupational Pension Schemes

Chapter	Short Title	Extent of Repeal
1965 c. 11.	The Ministerial Salaries and Members’ Pensions Act 1965.	Section 13(1)(a).
1970 c. 10.	The Income and Corporation Taxes Act 1970.	Section 208 from the date appointed under section 21 of this Act.
		Section 209 from the coming into force of section 22 of this Act.
		Chapter II of Part IX from the coming into force of section 23 of this Act.
Act of the Parliament of Northern Ireland
1965 c. 18.	The Ministerial Salaries and Members’ Pensions Act (Northern Ireland) 1965.	Section 12(1)(a).

Part IV Stamp Duty Repeals having effect from 1st August 1970

This Part of this Schedule has effect as from 1st August 1970.

Part V Stamp Duty Repeals having effect from 1st February 1971

This Part of this Schedule has effect as from 1st February 1971.

[F94] Words in Sch. 8 Pt. V repealed (1.10.2009) by Public Health etc. (Scotland) Act 2008 (asp 5), s. 128(2), Sch. 3 Pt. 1 (with s. 127); S.S.I. 2009/319, art. 2(a), Sch. 1

Part VI Miscellaneous Repeals

The repeal in Part II of Schedule 17 to the Finance Act 1969 has effect in accordance with section 31(6) of this Act.

Part VII Obsolete or Unnecessary Provisions in Taxes Acts

Chapter	Short Title	Extent of Repeal
1968 c.3.	The Capital Allowances Act 1968.	In section 15(4) (as inserted by paragraph 5(4) of Schedule 15 to the Income and Corporation Taxes Act 1970) the words from “for relief" to the end of the subsection.
1970 c.9.	The Taxes Management Act 1970.	In section 9(3), the words from the beginning to “partnership, but".
		In section 13(1), the words “in the prescribed form". In section 118(2), the proviso.
1970 c.10.	The Income and Corporation Taxes Act 1970.	In section 25, the words “sections 5 to 19 and 22 of".
		In section 26, the words “sections 5 to 19 and 22 of".
		In section 163(2) proviso, the words “in relation to disposals of assets after 5th April 1969".
		In subsections (2) and (3) of section 310, the words “to the satisfaction of the Board".
		In section 311(1), the words “to the satisfaction of the Board" and “in the opinion of the Board".
		In section 380(1), the words from “References in this subsection" to the end of the subsection.
		In section 515(5), the words from “and the reference" to the end of the subsection.
		In Schedule 14, paragraph 29.
		In Schedule 15, paragraph 13.