Finance (No.2) Bill

House of Commons

Session 2005 - 06
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Other Bills before Parliament

Finance (No.2) Bill

Finance (No.2) Bill
Schedule 26 — Repeals
Part 6 — Inheritance tax
489

1
The repeal in Schedule 8 to F(No.2)A 1987 has effect for chargeable periods
beginning on or after 1st July 2006.
2
The other repeals have effect in accordance with section 146 of this Act.
(2) Nomination scheme

Short title and chapter
Extent of repeal

5

Finance Act 1987 (c. 16)
In section 61(1) the words “, supplies and

appropriations”.

Section 61(6) and (7).

In section 61(9) the words “subsection (7) or”.

In paragraph 1(1) of Schedule 10 the words “,

10

“proposed supply” and “proposed

appropriation””.

Paragraph 1(2) of Schedule 10.

Paragraph 2(1)(b) and (c) of Schedule 10.

The words following paragraph 2(1)(d) of

15

Schedule 10.

Paragraph 3 of Schedule 10.

Paragraph 4(2), (2A) and (4) of Schedule 10.

In paragraph 5(1)(b) of Schedule 10, the words

“in the case of a proposed sale”.

20

In paragraph 5(1)(c) and (d) of Schedule 10, the

words “or relevantly appropriated”.

In paragraph 6 of Schedule 10—

(a)
in sub-paragraph (1), the words “Subject

to sub-paragraph (3) below,” and

25

(b)
sub-paragraphs (2) and (3).

Paragraphs 8 to 11 of Schedule 10.

In paragraph 12(1) of Schedule 10, the words “,

supply or appropriation”.


These repeals shall come into force in accordance with the provisions of
30
sections 149 and 150 of this Act.
Part 6
Inheritance tax

Short title and chapter
Extent of repeal

Inheritance Tax Act 1984 (c. 51)
In section 3A(1), the words after paragraph (c).

35

In section 54A(2), in paragraph (c), the words

“, other than property to which section 71

below applies” and, in paragraph (d)(i), the

words “or to which section 71 below applies”.

In section 71(1)(a), the words “or to an interest

40

in possession in it”.

1
The repeals in sections 3A(1) and 54A(2) of IHTA 1984 shall be deemed to
have come into force on 22nd March 2006, but the repeal in section 54A(2) of
IHTA 1984 is to be read with paragraph 16(4) of Schedule 20 to this Act.

Finance (No.2) Bill
Schedule 26 — Repeals
Part 7 — Stamp taxes
490

2
The repeal in section 71(1)(a) of IHTA 1984 comes into force in accordance
with paragraph 3(2) of Schedule 20 to this Act.
Part 7
Stamp taxes
(1) Stamp duty and stamp duty land tax: thresholds
5

Short title and chapter
Extent of repeal

Finance Act 2005 (c. 7)
Section 95.


This repeal has effect in accordance with section 162 of this Act.
(2) Stamp duty land tax: partnerships

Short title and chapter
Extent of repeal

10

Finance Act 2003 (c. 14)
In Schedule 15—

(a)
in paragraph 10(6), the words “(instead

of sub-paragraphs (2) to (5))”;

(b)
in paragraph 18(6), the words “(instead

of sub-paragraphs (2) to (5))”.

15

These repeals have effect in relation to any transfer of which the effective
date (within the meaning of Part 4 of FA 2003) is on or after the day on which
this Act is passed.
(3) Stamp duty land tax: unit trust schemes

Short title and chapter
Extent of repeal

20

Finance Act 2003 (c. 14)
Section 64A.

In section 101(7), the words from “section 53” to

“companies), or”.

Finance Act 2004 (c. 12)
In Schedule 39, paragraph 18.


These repeals have effect in accordance with section 166 of this Act.
25
(4) Stamp duty land tax: alternative finance

Short title and chapter
Extent of repeal

Finance Act 2003 (c. 14).
Section 71A(6).

Section 72(6).

(5) Stamp duty: reliefs for certain company acquisitions
30

Short title and chapter
Extent of repeal

Finance Act 1986 (c. 41)
In section 75(4), the words “that the registered

office of the acquiring company is in the

United Kingdom and”.

Finance (No.2) Bill
Schedule 26 — Repeals
Part 8 — Miscellaneous provisions
491

Short title and chapter
Extent of repeal

Finance Act 1986 (c. 41)—cont.
In section 76(3), the words “that the registered

office of the acquiring company is in the

United Kingdom and”.

Section 77(3)(a).

5


These repeals have effect in accordance with section 169 of this Act.
Part 8
Miscellaneous provisions
(1) Climate change levy: abolition of half-rate supplies etc

Short title and chapter
Extent of repeal

10

Finance Act 2000 (c. 17)
In Schedule 6—

(a)
in paragraph 34(2), the words “(or, in the

case of electricity, consumed)”;

(b)
in paragraph 37(1)(c), the words “half-

rate supplies or”;

15

(c)
in paragraph 38(1)(c), the words “half-

rate supplies or”;

(d)
paragraph 42(1)(b);

(e)
paragraph 43;

(f)
in paragraph 62(1), in paragraph (c), the

20

words “half-rate or” and paragraph (d);

(g)
paragraph 101(2)(a)(iii);

(h)
in paragraph 147, the definition of “half-

rate supply”.


These repeals have effect in accordance with section 172 of this Act.
25
(2) International tax arrangements

Short title and chapter
Extent of repeal

Inheritance Tax Act 1984 (c. 51)
Section 158(1A).

Section 220A.

Finance Act 1987 (c. 16)
Section 70(2).

30

Income and Corporation Taxes
Section 788(2).

Act 1988 (c. 1)
Section 815C.

Section 816(2) and (2ZA).

Finance Act 2000 (c. 17)
Sections 146 and 147.

Finance Act 2002 (c. 23)
In section 88(2)—

35

(a)
in paragraph (a), the words “and

815C(1)”,

(b)
in paragraph (b), the words “and 815C”,

and

(c)
paragraphs (d) and (e).

40

Finance Act 2003 (c. 14)
Section 198.

Finance (No.2) Bill
Schedule 26 — Repeals
Part 8 — Miscellaneous provisions
492

Short title and chapter
Extent of repeal

Commissioners for Revenue
In Schedule 4, in paragraph 37(b), the words

and Customs Act 2005 (c. 11)
“(2), (2ZA) and”.