Finance (No. 2) Bill

Finance (No. 2) Bill - continued	House of Commons
SCHEDULE 27, REPEALS - continued

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PART III

INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX

(1) RELIEF FOR QUALIFYING MAINTENANCE PAYMENTS
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 347B(5A), the words after paragraph (b).

This repeal has effect for the year 1999-00 and subsequent years of assessment.

(2) ADVANCE CORPORATION TAX
Chapter	Short title	Extent of repeal
1968 c. 2.	The Provisional Collection of Taxes Act 1968.	In section 1(1), the words "(including advance corporation tax)".
1970 c. 9.	The Taxes Management Act 1970.	Section 10(4).In section 87, in subsection (1), the words "13 or", in subsection (2), paragraph (a), in subsection (6), the words "13 or" and, in subsection (7), the words "advance corporation tax and".Section 87A(4), (4B) and (7).Section 94(8).In section 98, in the second column of the Table, the words "Schedule 13;" and "Schedule 13A, paragraphs 11, 12 and 13;".
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 14(1) and (3) to (5).In section 75(2), the words "group income".In section 116(2), paragraph (d).Sections 238 to 241.Sections 245, 245A, 245B and 246.In section 247- (a) subsections (1), (2) and (3),(b) in subsection (5), the words "and shall not apply to a dividend" onwards,(c) in subsection (6), paragraph (a) and the words "advance corporation tax ought to have been paid or", "as the case may be", "paying or", "receiving or" and "the advance corporation tax had been duly paid or",(d) in subsection (7), the words "paying or" and "receiving or", and(e) in subsection (10), the words "dividends or", and "and references to "group income" shall be construed accordingly".In section 248, in subsections (2) and (3), the words "dividends or other".In section 252(1), paragraph (a).In section 253, in subsection (1), paragraph (b) and the words "and to Schedule 13", subsection (2) and, in subsection (3)(a), the words "advance corporation tax or".Section 255.Section 434(3), (6) and (8).Section 434C.In section 490(1), the words "(including group income)".Sections 497 to 499.Section 703(4) to (6).In section 704, in paragraph A, sub-paragraph (d).Section 705(6) to (8).Section 797(4) and (5).In section 802(2)(a), the words "and group income".In section 813(6), paragraph (b).Section 826(2A), (7), (7AA) and (7CA).In section 832(1), the definitions of "franked payment", "group income", "the rate of advance corporation tax" and "surplus of franked investment income".Schedules 13 and 13A.In Schedule 24, in paragraph 6, sub-paragraph (1)(a) and, in sub-paragraph (2), the words "dividends or", and paragraph 7.In Schedule 26, paragraph 2.In Schedule 29, paragraphs 10(4)(c) and (7).
1989 c. 26.	The Finance Act 1989.	Section 97.Section 98.Section 99(2).Section 149(3)(c).
1990 c. 29.	The Finance Act 1990.	Section 45(6).
1992 c. 12.	The Taxation of Chargeable Gains Act 1992.	In Schedule 10, paragraph 14(15).
1993 c. 34.	The Finance Act 1993.	Section 78.Section 81.In Schedule 6, paragraphs 12 and 16.In Schedule 14, paragraphs 4(1) and 10(1), (3), (5) and (6).
1994 c. 9.	The Finance Act 1994.	In Schedule 16, paragraphs 2, 3(1) to (4), (11) and (13) and 20(3).
1995 c. 4.	The Finance Act 1995.	In Schedule 8, paragraphs 18, 19(3) and 22.In Schedule 24, paragraphs 9 and 12(1), (2), (4) and (5).
1996 c. 8.	The Finance Act 1996.	Section 139.In Schedule 14, paragraphs 1(2) and 48(2).In Schedule 23, paragraphs 1 to 3, 5 and 7 to 9.Schedule 25.
1997 c. 58.	The Finance (No. 2) Act 1997.	Section 50(2).In Schedule 3, paragraph 3(3), (4), (6) and (7).In Schedule 4, paragraphs 8, 9, 18 and 23.

These repeals have effect in accordance with Schedule 3 to this Act.

(3) INTEREST ON GILT-EDGED SECURITIES
Chapter	Short title	Extent of repeal
1970 c.9.	The Taxes Management Act 1970.	In the Table in section 98, in the entry in the second column relating to the Taxes Act 1988, the words "regulations under section 51B;".
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 51B.In Schedule 19AB, in paragraph 3(1C) (as inserted by Schedule 34 to the Finance Act 1996), paragraph (c) and the word "or" immediately preceding it.
1995 c. 4.	The Finance Act 1995.	Section 78.
1996 c. 8.	The Finance Act 1996.	In Schedule 6, paragraph 4.
1997 c. 58.	The Finance (No. 2) Act 1997.	In section 37- (a) subsection (6); and(b) in subsection (11), the word "51B".

These repeals have effect in accordance with section 37(3) of this Act.

(4) RENTS AND OTHER RECEIPTS FROM LAND
Chapter	Short title	Extent of repeal
1970 c. 9.	The Taxes Management Act 1970.	In section 42(7), the reference to section 579(4) of the Taxes Act 1988.In the second column of the Table in section 98, the reference to section 41(2) of the Taxes Act.
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 15(2).In section 24- (a) in subsection (6), paragraph (c) and the word "and" preceding it;(b) subsection (7).Section 25.In section 26- (a) in subsection (1)(a), the words "at a full rent (not being a tenant's repairing lease";(b) subsection (2)(a).Sections 28 and 29.Section 31.Section 33.Sections 33A and 33B.Section 40(5).Section 41.Section 42A(8).Section 65(2A) and (2B).In section 82(6), the words from "and shall be treated" to the end.Section 87(10).In section 96(11), the words from "or to any profits" to the end.Section 401(1B).Section 404(6)(c).Section 434E(3).Section 488(3).Section 494(4) and (5).In section 577(1) and (9), the words "Schedule A or".In section 577A(1) and (2), the words "Schedule A or".Section 579(4).Section 588(4A).Section 589(9A).Schedule 1.
1990 c. 1.	The Capital Allowances Act 1990.	Section 15(2), (2A) and (3).Section 15A.Section 28A(2).In section 29- (a) in subsection (1), the words "Subject to subsection (1A) below,";(b) subsection (1A).In section 53(1)(b), the words "or for leasing otherwise than in the course of a trade".Section 61(6).Section 67(2), (3) and (3A).In section 73- (a) subsection (1A); and(b) in subsection (2), the words "and section 67(3)".In section 159(1A), the words from "or to any such activities" to the end.In Schedule 1, paragraph 8(3).
1990 c. 29.	The Finance Act 1990.	In Schedule 14, paragraph 2(a) and (b).
1991 c. 31.	The Finance Act 1991.	In Schedule 15, paragraphs 13 and 26.
1992 c. 48.	The Finance (No.2) Act 1992.	Sections 57 and 58.
1995 c.4.	The Finance Act 1995.	Section 39.Section 41.In Schedule 6, paragraphs 1, 4 to 7, 9 to 16, 20 to 25, 29, 30, 32 and 34 to 37.
1996 c. 8.	The Finance Act 1996.	In Schedule 14, paragraph 32(4).In Schedule 20, paragraph 30.In Schedule 39, in paragraph 1- (a) sub-paragraph (2);(b) in sub-paragraph (4), the words from the beginning to "passed, and".
1997 c. 16.	The Finance Act 1997.	In Schedule 12, paragraphs 3(6), 6(9)(b), 8, 13(7) and 20(b).In Schedule 15, paragraphs 2(2), 5(1) and (2) and 6.
1997 c. 58.	The Finance (No.2) Act 1997.	In Schedule 7, paragraph 3.

These repeals have effect in accordance with section 38(2) and (3).

(5) LAND MANAGED AS ONE ESTATE ETC.
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Sections 26 and 27.
1998 c. .	Finance Act 1998.	In Schedule 5, paragraphs 6 and 7.

These repeals have effect in accordance with section 39.

(6) COMPUTATION OF PROFITS OF TRADE, PROFESSION OR VOCATION
Chapter	Short title	Extent of repeal
1988 c. 1.	Income and Corporation Taxes Act 1988.	In the heading to Chapter VI of Part IV, the words "AND CHANGE OF BASIS OF COMPUTATION".In the sidenote to section 104, the words "or change of basis".Section 104(4), (5) and (7).Section 105(4).

These repeals apply to a change of accounting basis taking effect on or after 6th April 1999.

(7) CONSTRUCTION WORKERS SUPPLIED BY AGENCIES
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 134, subsection (5)(c) and the word "or" immediately preceding it.
1995 c. 4.	The Finance Act 1995.	In Schedule 27, paragraph 1(1).

These repeals have effect in accordance with section 55(3).

(8) SUB-CONTRACTORS IN THE CONSTRUCTION INDUSTRY
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 566(2)(c), the words "by inspectors".

(9) PAYMENTS AND OTHER BENEFITS IN CONNECTION WITH TERMINATION OF EMPLOYMENT ETC.
Chapter	Short title	Extent of repeal
1970 c. 9.	The Taxes Management Act 1970.	Section 35.In the second column of the Table in section 98, the entry relating to section 148(7) of the Taxes Act 1988.
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 188.
1988 c. 39.	The Finance Act 1988.	Section 74.
1990 c. 1.	The Capital Allowances Act 1990.	In Schedule 1, paragraph 8(39).
1996 c. 8.	The Finance Act 1996.	In Schedule 21, paragraph 24.

These repeals apply where section 58 applies: see subsections (5) and (6) of that section.

(10) TRAVELLING EXPENSES
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 158- (a) in subsection (6), the words "Subject to subsection (7) below,";(b) subsection (7).Section 198A.
1997 c. 16.	The Finance Act 1997.	Section 62(1) to (3).

These repeals have effect for the year 1998-99 and subsequent years of assessment.

(11) FOREIGN EARNINGS DEDUCTION
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 19(1), in Case I of Schedule E, the words from "and to section 193(1)" to the end.Section 193(1).In Schedule 12, paragraphs 3(2A) and 7.
1988 c. 39.	The Finance Act 1988.	Section 67.
1991 c. 31.	The Finance Act 1991.	Section 45.

These repeals have effect in relation to emoluments in relation to which subsections (1) to (4) of section 63 have effect: see subsections (5) and (6) of that section.

(12) PAYE: APPLICATION TO NON-CASH BENEFITS
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 203H, subsection (2).In section 203K, subsections (1) to (3).

1. The repeal of section 203H(2) of the Taxes Act 1988 has effect in accordance with section 68(4)(b).

2. The repeal of section 203K(1) to (3) of that Act has effect in relation to assets provided and non-cash vouchers received at any time on or after 6th April 1998 and in relation to any use of a credit-token on or after that date.

(13) THE ENTERPRISE INVESTMENT SCHEME AND VENTURE CAPITAL TRUSTS
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 842AA(14), the word "preferential", in the second place where it occurs.In Schedule 15B, in paragraph 6(1), the word "preferential", in the second place where it occurs.In Schedule 28B, in paragraph 5(5), the word "and" at the end of the definition of "associate".
1994 c. 9.	The Finance Act 1994.	In Schedule 15, paragraph 25(d).

1. The repeals in section 842AA of, and Schedule 15B to, the Taxes Act 1988 have effect in accordance with section 73 of this Act.

2. The repeal in the Finance Act 1994 has effect in accordance with section 71(5) of this Act.

(14) OTHER CHANGES TO EIS ETC.
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 289(7), the word "preferential", in the second place where it occurs.Section 290A.In section 291(2), the words "and sections 291A and 291B".In section 291A(5), the words "and the reference to a trade previously carried on includes part of such a trade".In section 293, in subsection (6), the words "it is shown that", and subsection (7).In section 297(1), the words "Subject to section 298(7) below".In section 299, subsections (7) and (8)(a).In section 306(3A), the words "but section 289B(5) shall not apply for the purposes of this subsection".In section 310(2), the words "or payment".In section 312, in subsection (1), the definition of "new consideration", in subsection (1A), the words "(disregarding section 289B(5))" and, in subsection (1B)(c), the words "dealt in on the Unlisted Securities Market or".
1992 c. 12.	The Taxation of Chargeable Gains Act 1992.	In section 150, in subsection (8), the word "eligible" and, in subsection (8A)(a), the word "preferential", in the second place where it occurs.In section 150A, in subsections (1) and (2), the word "eligible" and, in subsection (8A)(a), the word "preferential", in the second place where it occurs.In section 150B(1), the word "eligible".In Schedule 5B, paragraph 3(2).

1. The repeals in section 293(6) and 310(2) of the Taxes Act 1988 and in section 150(8) of the Taxation of Chargeable Gains Act 1992 have effect in relation to events occurring on or after 6th April 1998.

2. The repeal of section 299(7) of the Taxes Act 1988, and the repeals in sections 150A(1) and (2) and 150B(1) of the Taxation of Chargeable Gains Act 1992, have effect in relation to disposals made on or after that date.

3. The repeals in sections 150(8A) and 150A(8A) of the Taxation of Chargeable Gains Act 1992 have effect in relation to new shares (within the meaning of the provision in question) issued on or after that date.

4. The other repeals have effect in relation to shares issued on or after that date.

(15) INDIVIDUAL SAVINGS ACCOUNTS
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 333(3)(b), the words "and minimum periods for which investments are to be held".
1992 c. 12.	The Taxation of Chargeable Gains Act 1992.	In section 151- (a) in subsection (2), the words "(personal equity plans)"; and(b) in subsection (2A), the words "personal equity plans:".

(16) RELIEF FOR LOSSES ON UNLISTED SHARES IN TRADING COMPANIES
Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 576(5), in the definition of "trading group", the words "or not resident in the United Kingdom".

Prepared 6 April 1998