Finance Act 1991
Finance Act 1991 (1991 c. 31)
- Finance Act 1991 (1991 c. 31)
- Part I CUSTOMS AND EXCISE, VALUE ADDED TAX AND CAR TAX
- CHAPTER I CUSTOMS AND EXCISE
- Rates of duty
- 1 Spirits, beer, wine, made-wine and cider.
- 2 Tobacco products.
- 3 Hydrocarbon oil.
- 5 Pool betting duty.
- Duties of excise: other provisions
- 7 Beer duty.
- 8 Vehicles excise duty: exemptions.
- Management
- 11 Revenue traders and registered excise dealers and shippers.
- 12 Protection of the revenues derived from excise duties.
- CHAPTER II VALUE ADDED TAX
- 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- CHAPTER III CAR TAX
- 19 Vehicles leased to the handicapped.
- 20 Research vehicles.
- Part II INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX
- CHAPTER I GENERAL
- Income tax rates and allowances
- 21 Charge and rates of income tax for 1991-92.
- 22 Married couple’s allowance.
- Corporation tax rates
- 23 Rate of corporation tax for 1990.
- 24 Charge and rate of corporation tax for 1991.
- 25 Small companies.
- Interest
- 26 Relief for interest.
- 27 Abolition of higher rate relief on certain mortgage interest etc.
- 28 Mortgage interest relief: caravans.
- Benefits in kind
- 29 Car benefits.
- 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Vocational training
- 32 Relief.
- 33 Section 32: supplementary.
- Retirement benefits schemes
- 34 Conditions for approval: amendments.
- 35 Cessation of approval.
- 36 Cessation of approval: general provisions.
- Profit-related pay, share schemes etc.
- 38 Employee share schemes: non-discrimination.
- 39 Approved share option schemes: price at which shares may be acquired.
- 40 Savings-related share option schemes.
- 41 Profit sharing schemes.
- 42 Costs of establishing share option or profit sharing schemes: relief.
- 43 Costs of establishing employee share ownership trusts: relief.
- 44 Priority share allocations for employees etc.
- Foreign earnings
- 46 Workers in Kuwait or Iraq.
- Insurance companies and friendly societies
- 47 Investor protection schemes.
- 48 Assimilation of basic life assurance business and general annuity business.
- 49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 50 Friendly societies.
- Building societies
- 51 Qualifying shares.
- 52 Marketable securities.
- 53 Income Tax (Building Societies) Regulations 1986.
- Securities
- 54 New issues.
- 55 Purchase and sale of securities: options.
- 57 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 58 Manufactured dividends and interest.
- Capital allowances
- 59 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 60 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Oil industry
- 62 Expenditure on and under abandonment guarantees.
- 63 Relief for reimbursement expenditure under abandonment guarantees.
- 64 Relief for expenditure incurred by a participator in meeting defaulter’s abandonment expenditure.
- 65 Reimbursement by defaulter in respect of certain abandonment expenditure.
- 66 Restriction on setting ACT against liability to corporation tax on profits from oil extraction activities etc.
- 67 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Miscellaneous
- 68 Gifts to educational establishments.
- 69 Expenses of entertainers.
- 70 Personal equity plans.
- 71 Donations to charity.
- 72 Deduction of trading losses.
- 73 Relief for company trading losses.
- 74 Trade unions and employers’ associations.
- 75 Audit powers in relation to non-residents.
- 76 Capital element in annuities.
- 77 Definition of “normal commercial loan”.
- 78 Sharing of transmission facilities.
- 79 Abolition of CRT: consequential amendment.
- 80 Interest on certain debentures.
- 81 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 82 Certificates of non-liability to tax.
- CHAPTER II CAPITAL GAINS
- Settlements
- 83 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 84 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 86 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 87 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 88 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 89 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 90 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 91 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 92 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Private residence
- 93 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 94 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Miscellaneous
- 95 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 96 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 102 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Part III OIL TAXATION
- Abandonment etc.
- 103 Allowance of certain expenditure relating to abandonment, decommissioning assets, etc.
- 104 Abandonment guarantees.
- 105 Restriction of expenditure relief by reference to payments under abandonment guarantees.
- 106 Relief for reimbursement expenditure under abandonment guarantees.
- 107 Allowance of expenditure of participator meeting defaulter’s field abandonment expenditure.
- 108 Reimbursement by defaulter in respect of certain abandonment expenditure.
- Penalties
- 109 PRT: proceedings for penalties.
- Part IV STAMP DUTY AND STAMP DUTY RESERVE TAX
- 110 Stamp duty abolished in certain cases.
- 111 Stamp duty reduced in certain cases.
- 112 Apportionment of consideration for stamp duty purposes.
- 113 Certification of instruments for stamp duty purposes.
- 114 Acquisition under statute: exempt property.
- 115 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 116 Investment exchanges, clearing houses and central securities depositories: stamp duty
- 117 Investment exchanges, clearing houses and central securities depositories: SDRT
- Part V MISCELLANEOUS AND GENERAL
- Miscellaneous
- 118 Designated international organisations: miscellaneous exemptions.
- 119 Trading funds.
- 120 National savings: date of issue of repayment warrants etc.
- 121 Pools payments to support games etc.
- General
- 122 Interpretation etc.
- 123 Repeals.
- 124 Short title.
- SCHEDULES
- SCHEDULE 2 AMENDMENTS RELATING TO BEER DUTY
- General amendment of enactments relating to beer
- The Alcoholic Liquor Duties Act 1979 (c.4)
- The Bankruptcy (Scotland) Act 1985 (c.66)
- The Insolvency Act 1986 (c.45)
- The Insolvency (Northern Ireland) Order 1989
- The Licensing (Northern Ireland) Order 1990
- SCHEDULE 3 MODIFICATION OF ENACTMENTS EXTENDED TO NORTHERN IRELAND
- Part I THE VEHICLES (EXCISE) ACT 1971
- Introduction
- Excise duty on, and licensing of, mechanically propelled vehicles
- Exemptions from duty
- Liability to pay duty and consequences of non-payment
- Registration and registration marks, etc.
- Miscellaneous
- Supplementary
- Schedules
- . . .
- SCHEDULE 4 REGISTERED EXCISE DEALERS AND SHIPPERS
- SCHEDULE 5 PROTECTION OF THE REVENUES DERIVED FROM EXCISE DUTIES
- SCHEDULE 6 RESTRICTION OF HIGHER RATE RELIEF: BENEFICIAL LOANS ETC
- Taxation of beneficial loan arrangements
- Applicable rates of capital gains tax
- SCHEDULE 7 BASIC LIFE ASSURANCE AND GENERAL ANNUITY BUSINESS
- Management expenses
- Interpretation of Chapter I of Part XII
- Apportionment of income and gains
- Computation of trading profit
- Deduction for annuities referable to basic life assurance and general annuity business
- Transfer of assets between classes of business
- United Kingdom branches of overseas life assurance companies
- Treatment of tax-free income
- Life annuity contracts: taxation of gain on chargeable event
- Computation of offshore income gains
- Interpretation of sections 85 to 89 of Finance Act 1989
- Miscellaneous receipts
- Spreading of relief for acquisition expenses
- Deemed disposal of unit trusts etc
- Exemptions and exclusions from charges by virtue of section 46
- Transitional relief for old general annuity contracts
- Transitional provisions for chargeable gains and unrelieved general annuity losses
- Application of this Schedule
- SCHEDULE 9 FRIENDLY SOCIETIES
- Tax exempt life or endowment business
- Maximum benefits payable to members
- Qualifying policies
- SCHEDULE 10 BUILDING SOCIETIES: QUALIFYING SHARES
- Capital gains: exemption
- Accrued income scheme: inclusion
- Incidental costs of issue
- Preferential rights of acquisition
- SCHEDULE 11 BUILDING SOCIETIES: MARKETABLE SECURITIES
- Deduction of income tax
- Collection
- Information
- SCHEDULE 12 SECURITIES: NEW ISSUES
- General treatment of extra return
- Accrued income scheme
- Deep discount securities
- Deep gain securities
- General
- SCHEDULE 13 MANUFACTURED DIVIDENDS AND INTEREST
- The new arrangements
- Power to obtain information in connection with dealings in securities
- Manufactured dividends etc: amendments of section 737
- Consequential provisions
- Part I INDUSTRIAL BUILDINGS AND STRUCTURES
- Buildings and structures in enterprise zones
- Transitional relief for regional projects
- Writing-down allowances
- Balancing allowances and balancing charges
- Writing off of expenditure and meaning of “residue of expenditure
- Part II MACHINERY AND PLANT
- Transitional relief for regional projects
- Writing-down allowances and balancing adjustments
- The disposal value
- Short-life assets
- Fixtures
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Further restrictions on allowances
- Part III SCIENTIFIC RESEARCH
- Deduction for additional VAT liability on capital expenditure
- Charge in respect of additional VAT rebate on capital expenditure
- Part IV SUPPLEMENTARY PROVISIONS
- General provisions about additional VAT liabilities and rebates
- SCHEDULE 15 RELIEF FOR COMPANY TRADING LOSSES
- The Taxes Management Act 1970 (c. 9)
- The Income and Corporation Taxes Act 1988 (c. 1)
- The Capital Allowances Act 1990 (c. 1)
- Conditions for the charge
- The charge
- Construction of paragraph 1(1)(e)
- Test whether settlor has interest
- Exceptions to charge
- Right of recovery
- Meaning of “settlor”
- Meaning of “originating”
- Qualifying settlements, and commencement
- Information
- Introduction
- Qualifying amounts
- Matching capital payments
- Increased tax: the main rule
- More than one qualifying amount
- Payment partly ignored
- Parts of amounts matched
- Transfers between settlements
- Matching after transfer
- Computation rules
- Dual-resident settlements
- Payments by and to companies
- Beneficiaries
- Other amendments
- SCHEDULE 19 REPEALS
- Part I BETTING AND GAMING DUTIES
- Part II BEER DUTY
- Part III VEHICLES EXCISE DUTY: GENRAL
- Part IV VEHICLE EXCISE DUTY: NORTHERN IRELAND
- Part V INCOME TAX AND CORPORATION TAX
- Part VI CAPITAL GAINS
- Part VII STAMP DUTY
- Part VIII TRADING FUNDS
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