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House of Commons		 Session 1998-99
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Finance Bill

This is the text of the Finance Bill, as presented to the House of Commons on 15th March 1999.

 
EUROPEAN CONVENTION ON HUMAN RIGHTS

Mr Chancellor of the Exchequer has made the following statement under section 19(1)(a) of the Human Rights Act 1998:

In my view the provisions of the Finance Bill are compatible with the Convention rights.

 
  
Finance Bill
 
 
 
 
ARRANGEMENT OF CLAUSES

PART I
EXCISE DUTIES
Alcoholic liquor duties
Clause 
1.Rate of duty on sparkling cider.

Hydrocarbon oil duties
2.Rates of duty and rebate on hydrocarbon oil.
3.Increased rebate on higher octane unleaded petrol.
4.Drawback of duty on exportation.

Tobacco products duty
5.Rates of tobacco products duty.

Betting and gaming duties
6.Rate of pool betting duty.
7.Rates of gaming duty.

Vehicle excise duty
8.The general rate of vehicle excise duty.
9.Rates of duty for goods vehicles.

Drawback of excise duty
10.Drawback of duty on shipment as stores etc.

PART II
VALUE ADDED TAX
11.Gold.
12.Assignment of debts.
13.Groups of companies.
14.Penalties for incorrect certificates.
15.EC sales statements: time limits for assessments to penalties.
16.Period before repayment supplement payable.
17.Meaning of "business".
18.Accounting for VAT by Government departments.

PART III
INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX
Income tax rates and charge etc.
19.Starting rate.
20.Charge and rates for 1999-00.
21.Personal allowances for 1999-00 for those aged 65 or more.
22.Operative date of indexation for PAYE.

Rates of capital gains tax
23.Rates of capital gains tax.

Corporation tax charge and rates
24.Charge and main rate for financial year 2000.
25.Corporation tax starting rate.
26.Rate and fraction for corporation tax starting rate.

Income tax reductions
27.Children's tax credit.
28.Restriction of MCA to those reaching 65 before 2000-01.
29.Further provision about married couple's allowance.
30.Abolition of existing relief in respect of children.
31.Abolition of widow's bereavement allowance.
32.Order of income tax reductions etc.
33.Maintenance payments.

Relief for interest payments
34.Limit on relief for interest.
35.Withdrawal of relief for interest on loans to buy land etc.
36.Withdrawal of relief for interest on new annuity loans.
37.Annuity loans: residence requirements and re-mortgages.
38.Repayments attracting repayment supplement.

Employee benefits etc.
39.Conditional acquisition of shares.
40.Meaning of conditional interests in shares.
41.Exemption for mobile telephones.
42.Limited exemption for computer equipment.
43.PRP and agricultural pay.
44.Cars available for private use.
45.Provision and support of bus services.
46.Provision of motor cycle or cycle parking facilities.
47.Cycles and cyclist's safety equipment.

Scotland, Wales and Northern Ireland
48.Scottish Parliament and devolved assemblies.

Sub-contractors in the construction industry
49.Exemption certificates.

Reverse premiums
50.Tax treatment of reverse premiums.

Charities
51.Gifts in kind to charities etc.
52.Aggregation of money gifts for relief in poor countries.

Education and training
53.Employees seconded to educational establishments.
54.Phasing out of vocational training relief.
55.Student loans: certain interest to be disregarded.

Various other reliefs
56.Class 1B National Insurance contributions.
57.Expenditure on film production and acquisition.

Settlements
58.Income of unmarried child of settlor.

Securities and investments
59.Relevant discounted securities.
60.Qualifying corporate bonds: provision consequential on s. 59.
61.Deep discount and deep gain securities.
62.Court common investment funds.
63.Relief on distributions of VCTs.

Enterprise investment scheme
64.Eligibility for EIS relief.
65.Deferred gains: application of taper relief.
66.Deferred gains: gain accruing on part disposal, etc.

Chargeable gains
67.Value shifting: tax-free benefits.
68.Concessions that defer a capital gains charge.

Capital allowances
69.Extension of first-year allowances.

Pensions and insurance, etc.
70.Sharing of pensions on divorce, etc.
71.Purchased life annuities.
72.Acquisitions disregarded under insurance companies concession.
73.Lloyd's: members' agent pooling arrangements.
74.Provisions supplementary to s. 73.
75.Lloyd's: roll-over relief.

Advance pricing agreements and CFCs
76.Advance pricing agreements etc.
77.Provisions supplementary to s. 76.
78.Effect of section 76 agreements on non-parties.
79.Controlled foreign companies.

Management and enforcement
80.Corporation tax: due and payable date.
81.Release or writing off of debt: interest on tax overpaid.
82.Advance corporation tax: consequences of abolition.
83.Group relief: consequences of reduction in surrenderable amount.
84.Company tax returns, etc.

PART IV
OIL TAXATION
85.Petroleum revenue tax: excluded oil.
86.Sale and lease-back: petroleum revenue tax.
87.Transfer of field interest.
88.Provisions supplementary to ss. 86 and 87.
89.Sale and lease-back: ring fence profits.
90.Pipe-line elections.
91.PRT returns.

PART V
INHERITANCE TAX
92.Gifts.
93.Delivery of accounts.
94.Power to call for documents etc.
95.Inland revenue charge.
96.Penalties.

PART VI
STAMP DUTY AND STAMP DUTY RESERVE TAX
Stamp duty
97.Interest and penalties on late stamping.
98.Interest on repayment of duty overpaid etc.
99.Stamp duty on conveyance or transfer on sale.
100.Abolition of duty on transfers etc. of units in unit trust.
101.General amendment of charging provisions.
102.Bearer instruments.
103.Penalties other than on late stamping.
104.Minor amendments and repeal of obsolete provisions.

Stamp duty reserve tax
105.Non-sterling bearer instruments issued in connection with merger or takeover.
106.Scope of exceptions for certain bearer instruments.
107.Relief in case of certain replacement securities.
108.Charge to tax on surrender of units in unit trusts.
109.Application of unit trust provisions to OEICs.
110.Power to exempt UK depositary interests in foreign securities.
111.Minor amendments of exceptions to general charge.
112.Power to make regulations with respect to administration, etc.

Supplementary provisions
113.Construction of this Part and other supplementary provisions.

PART VII
OTHER TAXES
Landfill tax
114.Rate of landfill tax.

Insurance premium tax
115.Rate of insurance premium tax.

Customs duties
116.Interest on unpaid customs debts.
117.Interest on repayments.
118.Periods to be disregarded in determining interest under s. 117.
119.Repayment of overpaid interest etc.
120.Consequential amendments relating to interest.

PART VIII
MISCELLANEOUS AND SUPPLEMENTAL
General administration of tax
121.Economic and monetary union: taxes and duties.
122.Power to provide for use of electronic communications.
123.Use of electronic communications under other provisions.

Government borrowing etc.
124.The Debt Management Account.
125.Definition of Government Stock.
126.National Savings Bank: disclosure of information.

Supplemental
127.Interpretation.
128.Repeals.
129.Short title.
 

SCHEDULES:
    Schedule 1-Rates of vehicle excise duty for goods vehicles etc.
    Schedule 2-VAT: groups of companies.
    Schedule 3-New Schedule 13B to the Taxes Act 1988.
    Schedule 4-Withdrawal of relief for interest on loans to buy land etc.
    Schedule 5-Scottish Parliament and devolved assemblies: exemptions and reliefs.
    Schedule 6-Tax treatment of receipts by way of reverse premium.
    Schedule 7-Application of taper relief to EIS deferred gains.
    Schedule 8-EIS deferred gains: gains accruing on part disposal.
    Schedule 9-Chargeable gains: value shifting and tax-free benefits.
    Schedule 10-Sharing of pensions etc. on divorce or annulment.
    Schedule 11-Company tax returns, etc: minor and consequential amendments.
    Schedule 12-Stamp duty: interest and penalties on late stamping.
    Schedule 13-Stamp duty: instruments chargeable and rates of duty.
    Part I-Conveyance or transfer on sale.
    Part II-Lease.
    Part III-Other instruments.
    Part IV-General exemptions.
    Schedule 14-Stamp duty: amendments consequential on section 101.
    Schedule 15-Stamp duty: bearer instruments.
    Part I-Charging provisions.
    Part II-Exemptions.
    Part III-Supplementary provisions.
    Schedule 16-Stamp duty: amendments consequential on section 102.
    Schedule 17-Stamp duty: penalties other than on late stamping.
    Part I-Amendments of penalties.
    Part II-Determination of penalty and appeals.
    Part III-Power to apply provisions as to collection and recovery etc.
    Schedule 18-Stamp duty: minor amendments and repeal of obsolete provisions.
    Part I-Minor amendments.
    Part II-Obsolete provisions.
    Schedule 19-Stamp duty reserve tax on surrender of units in unit trusts.
    Schedule 20-Repeals.
    Part I-Excise duties.
    Part II-Value added tax.
    Part III-Income tax, corporation tax and capital gains tax.
    Part IV-Oil taxation.
    Part V-Stamp duty and stamp duty reserve tax.
    Part VI-Interest on customs duty, etc.
    Part VII-Electronic communications.
 

 
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Prepared 31 March 1999