Finance Act 1978

UK - Reserved: Acts

Finance Act 1978

Finance Act 1978 (1978 c. 42)

PART I CUSTOMS AND EXCISE

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

[F1] S. 1 repealed by Tobacco Products Duty Act 1979 (c. 7), s. 11(1), Sch. 2

2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F2] S. 2 repealed by Alcoholic Liquor Duties Act 1979 (c. 4), s. 92(2), Sch. 4 Pt. I

3—5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F3] Ss. 3–5 repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I

6 Anti-dumping measures on ECSC products.

(1) In relation to any product covered by the ECSC treaty, the Secretary of State may by order make such provision as appears to him to be appropriate for the purpose of giving effect to any Recommendation or other EU obligation arising under that treaty and relating to the imposition, amendment, suspension, revocation or annulment of anti-dumping measures, that is to say, measures for affording protection against dumping or the granting of bounties or subsidies by countries which are not members of the European Union.

[F4] Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 6 (with art. 3(2)(3), 4(2), 6(4)(5))

[F5] Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 4 (with art. 3(2)(3), 4(2), 6(4)(5))

(2) Without prejudice to the generality of the power conferred by subsection (1) above, so far as may be necessary for giving effect to EU obligation, an order under that subsection may, in circumstances specified in the order,—

[F4] Words in Act substituted (22.4.2011) by The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), arts. 2, 3, 6 (with art. 3(2)(3), 4(2), 6(4)(5))

(a) require the provision of security of an amount determined under the order by way of provisional duty;

(b) provide for the collection of the whole or a particular proportion of any amount so secured;

(d) make provisions of the order applicable to goods imported into the United Kingdom or another member State before the order comes into force ;

and the power to make an order under that subsection includes power to vary or revoke an order previously made in the exercise of that power and shall be exercisable by statutory instriment which shall be subject to annulment in pursuance of a resolution of the Commons House of Parliament.

(3) Where the application or amount of any charge imposed by an order under subsection (1) above depends in some factor other than the country of origin, the Commissioners may require the importer of any goods to state such facts as they may think necessary in order to determine the duty chargeable on those goods ; and if any facts so required are not stated, the duty chargeavle shall be determined on the basis that the facts are such as the Commissioners may determine.

(4) . . . any duty chargeable on goods by virtue of subsection (1) above, . . . shall be addition to any other duty of customs for the time being chargeable on those goods.

[F6] Words repealed by Excise Duties (Surcharges or Rebates) Act 1979 (c. 8), s. 4, Sch. 2

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

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

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

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

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

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

[F9] S. 7 repealed by Finance Act 1980 (c. 48), s. 122, Sch. 20 Pt. I

8 Vehicles Excise Duty: Great Britain.

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

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

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

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

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

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

[F12] S. 9 repealed(1.10.1991) by Finance Act 1991 (c. 31, SIF 63:1), ss. 10, 123, Sch. 19 Pt.IV; S.I. 1991/2021, art.2

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

[F13] S. 10 repealed by Excise Duties (Surcharges or Rebates) Act 1979 (c. 8), s. 4(3), Sch. 2

PART II VALUE ADDED TAX

11 Registration.

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

[F14] S. 11 (1)(2)(5)(6) repealed by Finance Act 1980 (c. 48), s. 122, Sch. 20 Pt. IV

(3) After paragraph 10 of that Schedule (cancellation of registration) there shall be inserted—10AWhere a registered person who has at any time ceased to be liable to be registered by virtue of paragraph 2 of this Schedule has before that time failed or subsequently failsto make any return or account for or pay any tax as required by or under this Act, the Commissioners may, if they think fit, cancel his registration with effect from such date as they may determine.

(4) In paragraph 11 of that Schedule (discretionary registration) the existing provisions shall become sub-paragraph (1) and after those provisions there shall be inserted—(2)Where the Commissioners refuse to act or to continue to act on a request made by a person under sub-paragraph (1)(b) above, they shall give him written notice of their decision and of the grounds on which it was made.;

and in section 40(1) of the said Act of 1972 (appeals) after paragraph (g) ther shall be inserted—

(g)any refusal to act or to continue to act on a request under paragraph 11(1)(b) of Schedule 1 to this Act;.

(5)(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F14] S. 11 (1)(2)(5)(6) repealed by Finance Act 1980 (c. 48), s. 122, Sch. 20 Pt. IV

12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F16] S. 12 repealed by Value Added Tax Act 1983 (c. 55), s. 50(2), Sch. 11

PART III INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX

CHAPTER IGENERAL

13—28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F17] Ss. 13–28 repealed (with savings) by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Schs. 30, 31

29 Divers and diving supervisors.

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

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

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

30—36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F21] Ss. 30–36 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

37—40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F22] Ss. 37–40 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4)(5), Sch. 2

41—43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F23] Ss. 41–43 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31.

CHAPTER II CAPITAL GAINS

44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F24] S. 44 repealed by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 158, Sch. 8

45 Chattel exemption.

(1)-(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F25] S. 45(1)–(4) repealed by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 158, Sch. 8

(5) In sections 12(2)(b) and 25(7) of the Taxes Management Act 1970 (information about chargeable gains) for “£1,000” there shall be substituted “£2,000”.

(6) This section applies for the year 1978-79 and subsequent years of assessment; . . .

[F26] Words repealed by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s.158, Sch.8

46—52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F27] Ss. 46–52 repealed with savings by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 158, Sch. 8

CHAPTER III PROFIT SHARING SCHEMES

53—61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F28] Ss. 53-61 repealed with savings by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31.

PART IV CAPITAL TRANSFER TAX

62, 63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F29] Ss. 62, 63 repealed (with savings) by Finance Act 1980 (c. 48), s. 122, Sch. 20 Pt. XI

64—74. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F30] Ss. 64–74 repealed by Capital Transfer Tax Act 1984 (c. 51, SIF 65), ss. 274, 277, Schs. 7, 9

75 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F31] S. 75 repealed by Finance Act 1984 (c. 42), s. 128(6), Sch. 23 Pt. XI

76 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F32] S. 76 repealed by Finance (No. 2) Act 1979 (c. 47), s. 25(5), Sch. 5 Pt. IV

PART V MISCELLANEOUS AND SUPPLEMENTARY

77 Disclosure of information to tax authorities in other member States.

[F33] S. 77 repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 43 Pt. 5(1)

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

78 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F34] S. 78 repealed by Finance Act 1984 (c. 43), s. 128(6), Sch. 23 Pt. XIV

79 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F35] S. 79 repealed by Customs and Excise Management Act 1979 (c. 2), s. 177(3), Sch. 6 Pt. I

80 Short title, interpretation, construction and repeals.

(1) This Act may be cited as the Finance Act 1978.

(2) In this Act “the Taxes Act” means the Income and Corporation Taxes Act 1970.

(3) In this Act—

(a) Part I (except sections 8 and 9) shall be construed as one with the Customs and Excise Management Act 1979;

[F36] Words substituted by Customs and Excise Management Act 1979 (c. 2), Sch. 4 para. 12 Table Pt. I

[M1] 1979 c. 2.

(b) Part II shall be construed as one with Part I of the Finance Act 1972;

[M2] 1972 c. 41.

(c) Part III, so far as it relates to income tax, shall be construed as one with the Income Tax Acts, so far as it relates to corporation tax shall be construed as one with the Corporation Tax Acts . . . ;

[F37] Words repealed by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 158, Sch.8

(d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F38] S. 80(3)(d) repealed by Capital Transfer Tax Act 1984 (c. 51, SIF 65), s. 277, Sch. 9

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

(5) The enactments mentioned in Schedule 13 to this Act (which include spent enactments) are hereby repealed to the extent specified in the third column of that Schedule, but subject to any provision at the end of any Part of that Schedule.

SCHEDULES

1 In section 1 (charge of anti-dumping duties) in subsection (5) (description of goods chargeable with dutyy : limitation by reference to persons by whom goods are produced) after the word “produced” there shall be inserted the words “ or supplied ” and after the word “production” there shall be inserted the words “ or supply ”.

2 In section 2 (relief where margin of dumping lower than duty) in subsection (4) (period within which application for relief is to be made) for the words “six months” there shall be substituted the words “ three months ”.

3 In section 3 (ascertainment of export price from country of origin) in subsection (1) (rules where goods are wholly produced in country of origin) for the words from “if” to “shall” there shall be substituted the words “ shall, subject to subsection 5(3) below ”.

In section (4) ascertainment of fair market price in country of origin) in subsection (1) (rules where goods are wholly produced in country of origin) for the words from “if” to “shall” there shall be substituted the words “ shall, subject to section 5(3) below ”.

In subsection (3) of that section (cases in which the ordinary rule for ascertainment of the fair market price does not apply) after the word “can” there shall be inserted the word “ appropriately ”.

In subsection (4) of that section (ascertainment of fair market price where goods are subject to a government trading monopoly) for the words from “either” to the end of the subsection there shall be substituted the wordswith subsection (2) above, the fair market price shall be determined by the Secretary of State— (a)in accordance with subsection (3) above, or(b)by reference to such other price as he considers appropriate (making any necessary adjustments to ensure comparability),according as the Secretary of State considers appropriate.

In section 5 (meaning of country of origin) in subsection (1) for the words from “in relation” to the end of the subsection there shall be substituted the words “ shall be determined in accordance with the rules on the common definition of the concept of origin which are for the time being applicable in accordance with any Community instrument for the purposes of the uniform application of the Common Customs Tariff ”.

Subsection (2) of that section shall be omitted.

In subsection (3) of that section—

(a) for the words “under subsection (2)” there shall be substituted the words “ in accordance with subsection (1) ” ;

(b) after the word “then” there shall be inserted the words “ for the purpose of determining in accordance with section 3 or section 4 above ” ; and

6 In section 6 (determination of export price and fair market price in country of exportation) for the words “in thec ase oof goods wholly produced in one country” there shall be substituted the words “ in a case where section 5(3) above does not apply ”.

7 In section 10 (additional provisions as to duties and reliefs) subsections (2) and (5) shall be omitted.

8 Section 11 (drawback on exportations) and section 12 (other reliefs relating to exportations) shall be omitted.

9 In section 13 (construction of references to production of goods etc.) in subsection (1) the words “growing or” shall be omitted.

10 In section 14 (power to require information from importers) subsections (1) and (3) shall be omitted.

SCHEDULES 2—5 . . .

[F40] Schs. 2–5 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

SCHEDULE 6 . . .

[F41] Sch. 6 repealed by Capital Allowances Act 1990 (c. 1, SIF 63:1), s. 164(4), Sch. 2

SCHEDULES 7 AND 8 . . .

[F42] Schs. 7, 8, Sch. 11 para. 2 repealed (with savings) by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 158, Sch. 8

SCHEDULE 9 . . .

[F43] Sch. 9 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844, Sch. 31

SCHEDULE 10 . . .

[F44] Sch. 10 repealed (with savings) by Finance Act 1980 (c. 48), s. 122, Sch. 20 Pt. XI

SCHEDULE 11 EMPLOYEE TRUSTS

The Finance Act 1975

[M3] 1975 c. 7

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

[F45] Sch. 11 para. 1 repealed by Finance Act 1982 (c. 39), s. 157, sch. 22 part VII Note 3

2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F46] Schs. 7, 8, Sch. 11 para. 2 repealed (with savings) by Capital Gains Tax Act 1979 (c. 14, SIF 63:2), s. 158, Sch. 8

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

[F47] Sch. 11 para. 3 repealed by Capital Transfer Tax 1984 (c. 51), ss. 274, 277, schs. 7, 9

SCHEDULE 12 . . .

[F48] Sch. 12 repealed (with savings) by Customs and Excise Management Act 1979 (c. 2), s. 177(3)(4), Sch. 6 Pt. I, Sch. 7 para. 9; Customs and Excise Duties (General Reliefs) Act (c. 3), s. 19(2), Sch. 3 Pt. I; Alcoholic Liquor Duties Act 1979 (c. 4), s. 92(2), Sch. 4 Pt. I; Hydrocarbon Oil Duties Act 1979 (c. 5), s. 28(2), Sch. 7; Matches and Mechanical Lighters Duties Act 1979 (c. 6), S. 9(1), Sch.; Tobacco Products Duty Act 1979 (c. 7), s. 11(1), Sch. 2; Value Added Tax Act 1983 (c. 55), s. 50(2), Sch. 11Sch. 12 para. 26 repealed (31.7.1998) by 1998 c. 36, s. 165, Sch. 27 Pt. V(4)

SCHEDULE 13 REPEALS

PART I Customs and Excise

1. The repeals in the Customs Duties (Dumping and Subsidies) Act 1969 take effect subject to section 6(7) of this Act.

2. The repeals in the Finance Act 1972 and the Finance Act 1976 take effect on 1st December 1978.

PART II Value Added Tax

Chapter	Short title	Extent of repeal
1975 c. 45.	The Finance (No. 2) Act 1975.	Section 19(2).
1977 c. 36.	The Finance Act 1977.	Section 15.

PART III Income Tax

1. The repeals in sections 83 and 134 of the Income and Corporation Taxes Act 1970 take effect as mentioned in section 32(4) of this Act.

2. The repeal in Schedule 1 to the said Act of 1970 applies where the qualifying policy is issued or varied after 5th April 1979.

3. The repeals in Schedule 4 to the Finance Act 1976 and in section 35(3) of the Finance Act 1977 have effect for the year 1979-80 and subsequent years of assessment.

4. The repeals in section 22 of the Finance Act 1977 do not affect the construction of the remainder of that section.

PART IV Capital Gains

1. The repeals in the Finance Act 1971, in section 119(2)(a) of the Finance Act 1972 and in the Finance Act 1976 (except section 52(2)) and the repeal of section 44(2) of the Finance Act 1977 have effect for the year 1977-78 and subsequent years of assessment.

2. The repeals in the Finance Act 1966, the Finance Act 1974 and the Finance (No. 2) Act 1975 have effect in relation to disposals after 11th April 1978.

3. The repeal of section 44(1) of the Finance Act 1977 does not affect gains accruing on disposals before 6th April 1979.

4. The other repeals mentioned above have effect for the year 1978-79 and subsequent years of assessment.

PART V Capital Transfer Tax

1. The repeal of subsections (1) and (2) of section 47 of the Finance Act 1975 does not affect any variation or disclaimer made before 11th April 1978, and the repeal of subsection (5) of that section does not affect any deed or instrument made as provided by that subsection.

2. The repeal in paragraph 13(7) of Schedule 4 to that Act has effect subject to section 66(3) of this Act.

3. The repeal in Schedule 6 to that Act applies where the acquisition of the interest is after 11th April 1978.

4. The repeals in section 90 of the Finance Act 1976 do not affect dispositions made before 11th April 1978.