Finance Act 1974
Finance Act 1974 (1974 c. 30)
- Finance Act 1974 (1974 c. 30)
- PART I CUSTOMS AND EXCISE AND VALUE ADDED TAX
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- 2 Increase of certain duties on betting.
- 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- PART II INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX (GENERAL)
- 7–16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 18–20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 22, 23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 24 Returns of persons treated as employees.
- 25–28 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 31–33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 36, 37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- PART III CAPITAL GAINS FROM LAND
- CHAPTER I DEVELOPMENT GAINS FROM LAND
- 38 Certain development gains from land to be taxed as income.
- 39 Exemption or relief for small disposals.
- 40 Development losses.
- 41 Disposals of interests in land effected indirectly.
- 42 Disposals of interests in settled property.
- 43 Special rates of charge for development gains accruing to trustees, personal representatives or unit trust schemes.
- 44 Supplementary
- CHAPTER II FIRST LETTING OR OCCUPATION OF BUILDING AFTER MATERIAL DEVELOPMENT
- 45 Charge to tax: first letting or occupation of building after material development.
- 46 Interpretation, etc.
- CHAPTER III OTHER PROVISIONS ABOUT CAPITAL GAINS FROM LAND
- 47 Matters arising out of Chapters I and II of this Part.
- 48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- PART IV MISCELLANEOUS AND GENERAL
- 49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 50 Vehicle excise duty-disabled persons.
- 51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 52 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 53 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 54 Grants towards duty charged on bus fuel.
- 55 Power to authorise amendment of taxi fare byelaws.
- 56 Trustee savings banks—special investments.
- 57 Citation, interpretation, construction and repeals.
- SCHEDULES
- SCHEDULES 1, 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- SCHEDULE 3 PROVISIONS SUPPLEMENTARY TO SECTION 38
- PART I DEFINITIONS OF CURRENT USE VALUE, MATERIAL DEVELOPMENT, ETC.
- Definition of current use value
- Current use value—part disposals
- Current use value—leases and reversions
- Definition of material development
- Date when material development is begun
- Interpretation
- PART II OTHER PROVISIONS SUPPLEMENTARY TO SECTION 38
- Computation of development gain in respect of disposal of interest in land after material development has been carried out
- Computation of development gain in respect of disposal of interest in land reflecting expenditure on enhancement
- Provisions supplementary to paragraphs 11 and 12
- Computation of amount given by subsection (3)(c) of principal section in certain cases within [paragraph 9(4) of Schedule 5 to the Capital Gains Tax Act 1979 ]
- Computation of development gains in connection with replacements of business assets
- Replacement of business assets
- Replacement of business assets: depreciating assets
- Company amalgamations
- Private residences
- Transfer of business on retirement
- Insurance companies
- Chargeable gains in respect of mineral royalties
- Computation of development gain in respect of disposal of interest in land with planning permission for the winning and working of minerals
- SCHEDULE 4 TRANSITIONAL PROVISIONS RELATING TO DEVELOPMENT GAINS
- Replacement of business assets
- Conditional contracts entered into before 18th December 1973
- Disposals under arrangements made before 18th December 1973
- Disposal to authority exercising compulsory powers where notice to treat was served before 18th December 1973
- SCHEDULE 6 DEVELOPMENT LOSSES
- Interpretation
- Losses accruing to persons not resident or ordinarily resident in the United Kingdom
- Modification of sections 176 and 179 of the Taxes Act (Case VI losses) in relation to development losses
- Computation of development loss in cases where paragraph 11 or 12 of Schedule 3 would apply in computing a development gain
- Computation of amount given by subsection (4) of principal section in certain cases within [paragraph 9(4) of Schedule 5 to the Capital Gains Tax Act 1979 ]
- Private residences
- Set-off of development losses
- Insurance companies
- SCHEDULE 7 TREATMENT OF DEVELOPMENT GAINS UNDER THE TAX ACTS
- Individuals
- Companies: general
- Close companies
- Insurance companies
- Discretionary trusts
- Estates of deceased persons in course of administration
- Settlements on children
- SCHEDULE 8 ADAPTATIONS AND AMENDMENTS OF PROVISIONS RELATING TO THE TAXATION OF CAPITAL GAINS
- Persons chargeable to tax in respect of development gains
- Development gains accruing to non-resident companies and trusts
- Development gains accruing in connection with replacement of business assets
- Development gains accruing in connection with company amalgamations
- Transfer of business to a company
- SCHEDULE 9 SUPPLEMENTARY PROVISIONS ABOUT DEEMED DISPOSALS UNDER SECTION 45
- Interpretation
- The interest of a relevant person
- Interests other than that of a relevant person
- Provisions supplementary to paragraph 3
- Exemption for interest in land occupied on the material date in right of that interest
- Exemption for interest in land disposed of after the material date
- Exemption by reference to occupation within three years of the material date of land then intended to be occupied
- Exemption for interests in land subject on 18th December 1973 to certain leases or agreements for a lease
- Groups of companies
- Tied premises
- Power to make assessments etc. in connection with certain deemed disposals
- Postponement of payment of tax
- Consideration for deemed disposal to be disregarded in certain circumstances in computing capital gain
- Deemed disposals in cases involving the grant of a lease for a premium
- SCHEDULE 10 MATTERS ARISING OUT OF CHAPTERS I AND II OF PART III OF THIS ACT
- Recovery of tax from persons not primarily liable
- Postponement of payment of tax
- Returns by relevant persons
- Information
- Amendments of the Taxes Management Act 1970
- PART I PROVISIONS HAVING EFFECT IN GREAT BRITAIN
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- Duplicates and counterparts
- Lease or tack
- PART II PROVISIONS HAVING EFFECT IN NORTHERN IRELAND
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- Duplicates and counterparts
- Lease or tack
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- SCHEDULE 12 SUBSTITUTION OF “LOCAL AUTHORITY” AS DEFINED IN SECTION 52
- SCHEDULE 14 ENACTMENTS REPEALED
- PART I INTEREST
- PART II SHARE OPTION AND SHARE INCENTIVE SCHEMES
- Part III Stamp Duty Repeals Having Effect from 1st May 1974
- Part IV Stamp Duty Repeals having effect from 1st August 1974
- Regional Employment Premiums
- PART VI MISCELLANEOUS
- PART VII SPENT ENACTMENTS
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