Finance (No.2) Bill - continued        House of Commons
SCHEDULE 27, REPEALS - continued
PART III, INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX - continued

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(6) Computation of profits of trade, profession or vocation
 
ChapterShort titleExtent of repeal
 
1988 c. 1.
 
The 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
 
ChapterShort titleExtent 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) of this Act.
 
 
(8) Sub-contractors in the construction industry
 
ChapterShort titleExtent 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.
 
ChapterShort titleExtent 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 of this Act applies.
 
 
(10) Travelling expenses
 
ChapterShort titleExtent 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
 
ChapterShort titleExtent 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
 
ChapterShort titleExtent 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) of this Act.
 
     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
 
ChapterShort titleExtent 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.
 
ChapterShort titleExtent 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
 
ChapterShort titleExtent 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
 
ChapterShort titleExtent 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".
      The above repeal has effect in relation to shares issued on or after 6th April 1998.
 
 
(17) Carry forward of non-trading deficit on loan relationships
 
ChapterShort titleExtent of repeal
 
1988 c. 1.
 
The Income and Corporation Taxes Act 1988.
 
In Schedule 28A-
(a) in paragraph 6(db), the words "(dc) or";
(b) paragraph 11(2)(a);
(c) in paragraph 13(1)(eb), the words "(ec) or".
      These repeals have effect in accordance with section 82(3) of this Act.
 
 
(18) Capital allowances
 
ChapterShort titleExtent of repeal
 
1997 c. 58.
 
The Finance (No. 2) Act 1997.
 
Section 42(6) and (7).
      This repeal has effect in accordance with section 83(7) of this Act.
 
 
(19) Life policies, life annuities and capital redemption policies
 
ChapterShort titleExtent of repeal
 
1988 c. 1.
 
The Income and Corporation Taxes Act 1988.
 
In section 547, in subsection (1)(a), the words from "(including" to "1964)" and subsection (3).
      These repeals have effect in accordance with Schedule 14 to this Act.
 
 
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