Finance Act 1995
Finance Act 1995 (1995 c. 4)
- Finance Act 1995 (1995 c. 4)
- Part I Duties of Excise
- Alcoholic liquor duties
- 1 Low-strength wine, made-wine and cider.
- 2 Wine and made-wine: rates.
- 3 Spirits, beer and cider: rates.
- 4 Alcoholic ingredients relief.
- 5 Denatured alcohol.
- Hydrocarbon oil duties
- 6 Rates of duty.
- 7 Rates of duty: further provisions.
- 8 Hydrocarbon oil: “road vehicle”.
- 9 Road fuel gas: old stock.
- Tobacco products duty
- 10 Rates of duty.
- 11 Rates of duty: further provisions.
- Pool betting duty
- 12 Pool betting duty.
- Gaming machine licence duty
- 13 Rates of duty.
- 14 Extension of duty to amusement machines.
- Air passenger duty
- 15 Rates of duty.
- 16 Assessment of interest on duty.
- 17 Preferential debts.
- Vehicle excise duty
- 18 Increased rates on 30th November 1994.
- 19 Vehicle excise and registration: other provisions.
- Recovery of overpaid duty
- 20 Recovery of overpaid excise duty.
- Part II Value Added Tax and Insurance Premium Tax
- Value added tax
- 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 22 Imported works of art, antiques, etc.
- 23 Agents acting in their own names.
- 24 Margin schemes.
- 25 Groups of companies.
- 26 Co-owners etc. of buildings and land.
- 27 Set-off of credits.
- 28 Transactions treated as supplies for purposes of zero-rating etc.
- 29 Goods removed from warehousing regime.
- 30 Fuel supplied for private use.
- 31 Appeals: payment of amounts shown in returns.
- 32 Penalties for failure to notify etc.
- 33 Correction of consolidation errors.
- Insurance premium tax
- 34 Insurance premium tax.
- Part III Income Tax, Corporation Tax and Capital Gains Tax
- Income tax: charge, rates and reliefs
- 35 Charge and rates of income tax for 1995-96.
- 36 Personal allowance.
- Corporation tax: charge and rate
- 37 Charge and rate of corporation tax for 1995.
- 38 Small companies.
- Taxation of income from land
- 39 Income chargeable under Schedule A.
- 40 Non-residents and their representatives.
- 41 Income from overseas property.
- 42 Abolition of interest relief for commercially let property.
- Benefits in kind
- 43 Cars available for private use.
- 44 Cars: accessories for the disabled.
- 45 Beneficial loan arrangements: replacement loans.
- Chargeable gains
- 46 Relief on re-investment: property companies etc.
- 47 Relief on re-investment: amount of relief, etc.
- 48 Roll-over relief and groups of companies.
- 49 De-grouping charges.
- 50 Corporate bonds.
- Insurance companies and friendly societies
- 51 Companies carrying on life assurance business.
- 52 Meaning of “insurance company”.
- 53 Transfer of life insurance business.
- 54 Friendly societies.
- Insurance policies
- 55 Qualifying life insurance policies.
- 56 Foreign life policies etc.
- 57 Duties of insurers in relation to life policies etc.
- Pensions
- 58 Personal pensions: income withdrawals.
- 59 Pensions: meaning of insurance company etc.
- 60 Application of section 59.
- 61 Cessation of approval of certain retirement benefits schemes.
- Saving and investment: general
- 62 Follow-up TESSAs.
- 63 TESSAs: European institutions.
- 64 Personal equity plans: tax representatives.
- 65 Contractual savings schemes.
- 66 Enterprise investment scheme: ICTA amendments.
- 67 Enterprise investment scheme: TCGA amendments.
- 68 Business expansion scheme: ICTA amendments
- 69 Business expansion scheme: TCGA amendments.
- Venture capital trusts
- 70 Approval of companies as trusts.
- 71 Income tax relief.
- 72 Capital gains.
- 73 Regulations.
- Settlements and estates
- 74 Settlements: liability of settlor.
- 75 Deceased persons’ estates: taxation of beneficiaries.
- 76 Untaxed income of a deceased person’s estate.
- Securities
- 77 Interest on gilt-edged securities payable without deduction of tax.
- 78 Periodic accounting for tax on interest on gilt-edged securities.
- 79 Sale and repurchase of securities: exclusion from accrued income scheme.
- 80 Treatment of price differential on sale and repurchase of securities.
- 81 Manufactured interest payments: exclusion from bond-washing provisions.
- 82 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 83 Power to make special provision for special cases.
- 84 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Interest
- 86 Deduction of tax from interest on deposits.
- 87 Interest payments deemed to be distributions.
- Debts
- 88 Generalisation of ss.63 to 66 of Finance Act 1993.
- 89 Application of ss.63 to 66 to debts held by associates of banks.
- Reliefs
- 90 Relief for post-cessation expenditure.
- 91 Employee liabilities and indemnity insurance.
- 92 Post-employment deductions.
- 93 Incidental overnight expenses etc.
- Capital allowances: ships
- 94 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 95 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 96 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Capital allowances: other provisions
- 99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 102 Commencement of certain provisions.
- Management: self-assessment etc.
- 103 Liability of trustees.
- 104 Returns and self-assessments.
- 105 Records for purposes of returns.
- 106 Return of employees’ emoluments etc.
- 107 Procedure for making claims etc.
- 108 Payments on account of income tax.
- 109 Surcharges on unpaid tax.
- 110 Interest on overdue tax.
- 111 Assessments in respect of income taken into account under PAYE.
- 112 Recovery of certain amounts deducted or paid under MIRAS.
- 113 Allowable losses: capital gains tax.
- 114 Liability of trustees and personal representatives: capital gains tax.
- 115 Minor amendments and repeals.
- 116 Transitional provisions.
- Changes for facilitating self-assessment
- 117 Treatment of partnerships.
- 118 Loss relief: general.
- 119 Relief for losses on unquoted shares.
- 120 Relief for pre-trading expenditure.
- 121 Basis of apportionment for Cases I, II and VI of Schedule D.
- 122 Amendments of transitional provisions.
- 123 Prevention of exploitation of transitional provisions.
- Change of residence and non-residents
- 124 Change of residence.
- 125 Non-resident partners.
- 126 UK representatives of non-residents.
- 127 Persons not treated as UK representatives.
- 128 Limit on income chargeable on non-residents: income tax.
- 129 Limit on income chargeable on non-residents: corporation tax.
- Exchange gains and losses and currency contracts
- 130 Exchange gains and losses: general.
- 131 Exchange gains and losses: transitional provision.
- 132 Currency contracts: transitional provisions.
- Provisions with a foreign element
- 133 Controlled foreign companies.
- 134 Offshore funds.
- Miscellaneous
- 135 Change in ownership of investment company: deductions.
- 136 Profit-related pay.
- 137 Part-time workers: miscellaneous provisions.
- 138 Charities, etc.: lotteries.
- 139 Sub-contractors in the construction industry.
- 140 Valuation of trading stock on discontinuance of trade.
- 141 Incapacity benefit.
- 142 Annuities purchased where certain claims or actions are settled.
- 143 Lloyd’s underwriters: new-style special reserve funds.
- 144 Local government residuary body.
- 145 Payment of rent &c., under deduction of tax.
- Part IV Petroleum Revenue Tax
- 146 Restriction of unrelievable field losses.
- 147 Removal of time limits for claims for unrelievable field losses.
- 148 Transfer of interests in fields: restriction of transferred losses.
- Part V Stamp Duty
- 149 Transfer: associated bodies.
- 150 Northern Ireland transfer: associated bodies.
- 151 Lease or tack: associated bodies.
- Part VI Miscellaneous and General
- Miscellaneous
- 152 Open-ended investment companies.
- 153 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 154 Short rotation coppice.
- 155 Inheritance tax: agricultural property.
- 156 Proceedings for tax in sheriff court.
- 157 Certificates of tax deposit.
- 158 Amendment of the Exchequer and Audit Departments Act 1866.
- 159 Ports levy.
- 160 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- General
- 161 Interpretation.
- 162 Repeals.
- 163 Short title.
- SCHEDULES
- SCHEDULE 1 Table of rates of duty on wine and made-wine
- SCHEDULE 2 Denatured alcohol
- The Alcoholic Liquor Duties Act 1979
- The Finance Act 1994
- SCHEDULE 3 Amusement Machine Licence Duty
- Introductory
- Amusement machine licences
- Amusement machine licence duty
- Rate of duty
- Restrictions on provision of machines
- Meaning of “amusement machine”
- Supplementary provisions
- Consequential amendment of the Customs and Excise Management Act 1979
- SCHEDULE 4 Vehicle Excise and Registration
- Part I Introduction
- Part II Exemptions
- Abolition of certain exemptions
- Exemption for police vehicles
- Exemption for vehicles used between different parts of land
- Commencement
- Part III Rates
- General
- Motorcycles
- Buses etc.
- Special vehicles
- Special concessionary vehicles
- Recovery vehicles
- Vehicles used for exceptional loads
- Haulage vehicles
- Goods vehicles
- Charge at higher rate
- Commencement
- Part IV Rates: Supplementary
- Introduction
- Issue of vehicle licences
- Exchange of licences
- Exceptions from charge at higher rate
- Combined road and rail transport
- Relevant higher rate used in calculating penalty
- Relevant period used in calculating penalty
- False or misleading information etc.
- Meaning of “revenue weight”
- Interpretation
- Certificates as to vehicle weight
- Commencement
- Part V Licences
- Applications for licences
- Duration of trade licences
- Payment for licences by cheque
- Part VI Registration
- Part VII Offences
- Part VIII Proceedings
- Part IX Transitionals
- Higher rate not to apply
- Regulations
- Part X Special Reliefs
- Relief where exemption abolished
- Relief where vehicle changes category
- SCHEDULE 5 Insurance Premium Tax
- SCHEDULE 6 Amendments in connection with charge under Schedule A
- The Taxes Act 1988
- The Capital Allowances Act 1990 (c. 1)
- The Taxation of Chargeable Gains Act 1992 (c. 12)
- The Finance (No. 2) Act 1992 (c. 48)
- SCHEDULE 8 Life assurance business
- Part I General amendments
- Classes of life assurance business
- Linked assets
- Receipts to be brought into account
- Supplementary provisions as to apportionment
- Franked investment income: supplementary provisions
- Computation of losses
- Treatment of interest and annuities
- Interest on repayment of advance corporation tax
- Capital allowances
- Treatment of tax-free income
- Taxation of pure reinsurance business
- Life reinsurance business: separate charge on profits
- Provisions applicable to charge under Case I of Schedule D
- Overseas life assurance business
- Taxation of investment return where risk reinsured
- Part II Application of provisions to overseas life insurance companies
- Part III Supplementary provisions
- Penalties
- Miscellaneous
- Commencement
- SCHEDULE 9 Transfer of Life Insurance Business
- Consequential amendment of references to sanctioned transfers
- Modification of the Taxes Act 1988 in relation to overseas life insurance companies
- Modification of the Capital Allowances Act 1990
- Modification of the Taxation of Chargeable Gains Act 1992
- SCHEDULE 10 Friendly Societies
- Tax exempt life or endowment business
- Maximum benefits payable to members
- Qualifying policies
- SCHEDULE 11 Personal pensions: income withdrawals
- Introductory
- Interpretation
- Conditions of approval: benefits that may be provided
- Income withdrawals
- Lump sum to member
- Annuity after death of member
- Income withdrawals after death of member
- Lump sum on death of member
- Other restrictions on approval
- Maximum amount of deductions
- Treatment of personal pension income
- Tax charge on return of contributions after pension date
- SCHEDULE 12 Contractual Savings Schemes
- Introduction
- Curtailment of schemes
- European institutions
- Certification: Treasury specifications
- Treasury authorisation
- Section 326: supplementary
- Payments under certain contracts
- Transitional
- SCHEDULE 13 Enterprise Investment Scheme
- Introduction
- Amendments of section 150A
- Reduction of relief
- Re-investment
- SCHEDULE 14 Venture Capital Trusts: Meaning of “qualifying holdings”
- SCHEDULE 15 Venture Capital Trusts: Relief from Income Tax
- SCHEDULE 17 Settlements: liability of settlor
- Part I The new provisions
- Part II Minor and consequential amendments of the Taxes Act 1988
- Part III Consequential amendments of other enactments
- Taxes Management Act 1970 (c.9)
- Finance Act 1989 (c.26)
- Finance Act 1990 (c.29)
- Taxation of Chargeable Gains Act 1992 (c.12)
- SCHEDULE 18 Deceased persons’ estates
- Introductory
- Limited interests in residue
- Absolute interests in residue
- Supplemental provisions relating to section 696
- Special provisions as to successive interests in residue
- Adjustments and information
- Interpretation
- SCHEDULE 20 Claims etc. not included in returns
- Making of claims
- Keeping and preserving of records
- Amendments of claims
- Giving effect to claims and amendments
- Power to enquire into claims
- SCHEDULE 21 Self-assessment etc: transitional provisions
- Notice of liability
- Payments on account of income tax
- Partnerships
- SCHEDULE 22 Prevention of exploitation of SCHEDULE 2 TO ITTOIA 2005 (SO FAR AS RELATING TO OVERLAP PROFIT)
- Part I Cases I and II of Schedule D
- Increase of profits or gains of transitional period
- Increase of profits or gains of transitional overlap period
- Part II Cases III, IV and V of Schedule D
- Increase of trade etc. profits or gains arising in 1995-96 and 1996-97
- Increase of trade etc. profits or gains arising in transitional overlap period
- Increase of interest arising in 1995-96 and 1996-97
- Increase of other income arising in 1995-96 and 1996-97
- Part III Procedural and other provisions
- Time limits for purposes of paragraphs 1, 2, 4, 6 and 8 to 10
- Advance notice for purposes of paragraphs 3, 5 and 7
- Penalties not to apply in certain cases
- Part IV Interpretation
- Relevant changes for purposes of paragraphs 1, 3, 6 and 7
- Relevant transactions for purposes of paragraphs 1, 3, 6 and 7
- Relevant arrangements for purposes of paragraph 9
- Relevant arrangements for purposes of paragraph 10
- Relevant transactions for purposes of paragraph 10
- General
- SCHEDULE 23 Obligations etc. imposed on UK representatives
- General imposition of obligations et ceteralaetc.
- Discharge of obligations and liabilities
- Obligations and liabilities requiring notice
- Information requirements
- Criminal offences and penalties Et ceteralaetc
- Indemnities
- Meaning of “independent agent”
- SCHEDULE 24 Exchange gains and losses
- Part I Amendments of Finance Act 1993
- Introduction
- Trading gains and losses
- Non-trading gains and losses
- Assets and liabilities
- Chargeable gains
- Part II Amendments of other provisions
- Introduction
- Interest on overdue tax
- Interest on tax overpaid
- SCHEDULE 25 Controlled Foreign Companies
- Introduction
- The principal amendment
- Connected amendments
- SCHEDULE 26 Change in ownership of investment company: deductions
- Introductory
- Main provisions
- Supplementary provisions
- Consequential amendments
- Application of Schedule
- SCHEDULE 27 Sub-contractors in the construction industry
- ...
- SCHEDULE 29 Repeals
- Part I Alcoholic Liquor
- Part II Road Fuel Gas
- Part III Betting and Gaming etc.
- Part IV Air Passenger Duty
- Part V Vehicle Excise and Registration
- Part VI Value Added Tax
- Part VII Insurance Premium Tax
- Part VIII Income Tax, Corporation Tax and Capital Gains Tax
- Part IX Petroleum Revenue Tax
- Part X Stamp Duty
- Part XI Inheritance Tax: Agricultural Property
- Part XII Ports Levy
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