Finance Bill

Finance Bill - continued	House of Lords

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	PART VII
	OTHER TAXES
	Landfill tax
Rate of landfill tax.	124. - (1) In section 42 of the Finance Act 1996 (amount of landfill tax), in subsections (1)(a) and (2), for "£7", in each place where it occurs, there shall be substituted "£10".
	(2) This section has effect in relation to taxable disposals made, or treated as made, on or after 1st April 1999.
	Insurance premium tax
Rate of insurance premium tax.	125. - (1) In section 51(2)(b) of the Finance Act 1994 (4 per cent. standard rate of insurance premium tax), for "4 per cent." there shall be substituted "5 per cent."
	(2) Subsection (1) above has effect in relation to a premium which falls to be regarded for the purposes of Part III of the Finance Act 1994 (insurance premium tax) as received under a taxable insurance contract by an insurer on or after 1st July 1999.
	(3) Subsection (1) above does not have effect in relation to a premium which-
	(a) is in respect of a contract made before 1st July 1999, and
	(b) falls to be regarded for the purposes of Part III of that Act as received under the contract by the insurer on a date before 1st January 2000, by virtue of regulations under section 68 of that Act (special accounting schemes).
	(4) Subsection (3) above does not apply in relation to a premium which-
	(a) is an additional premium under a contract,
	(b) falls to be regarded for the purposes of Part III of that Act as received under the contract by the insurer on or after 1st July 1999, by virtue of regulations under section 68 of that Act, and
	(c) is in respect of a risk which was not covered by the contract before 1st July 1999.
	(5) In the application of sections 67A to 67C of that Act (announced increase in rate of insurance premium tax) in relation to the increase under subsection (1) above and the exception under subsection (3) above-
	(a) the announcement for the purpose of sections 67A(1) and 67B(1) shall be taken to have been made on 9th March 1999,
	(b) the date of the change is 1st July 1999, and
	(c) the concessionary date is 1st January 2000.
	Customs duties
Interest on unpaid customs debts.	126. - (1) This section applies for the determination and recovery of the amount of any interest charged in accordance with Article 232 of the Community Customs Code (interest on duty not paid within the prescribed period) on arrears of customs duty payable to the Commissioners.
	(2) Subject to subsection (3) below, the interest shall be charged on the amount in arrears at the rate applicable under section 197 of the Finance Act 1996 (power to fix rates of interest applicable in the case of indirect taxes) for the period which-
	(a) begins with the latest time for payment of that amount; and
	(b) ends with the day before that on which payment of that amount is actually made.
	(3) Regulations made for the purposes of this section under section 197 of the Finance Act 1996 may provide that, where the amount of interest computed in any case in accordance with subsection (2) above is less than such minimum amount as may be specified in or determined in accordance with the regulations, the amount of interest charged in that case is (instead of being the amount so computed) to be taken to be equal to that minimum amount.
	(4) Subsections (2) and (3) above have effect subject to Article 232(2) of the Community Customs Code (power to waive interest in certain cases).
	(5) Any interest the amount of which falls to be determined in accordance with this section shall be recoverable by the Commissioners as if it were customs duty; but nothing in this subsection shall be taken to impose any liability to interest on an amount so determined.
	(6) Interest on an amount of customs duty shall not be recoverable from any person at any time more than three years after the latest time for payment of that amount unless a written notice that arrears of customs duty attract interest was given to that person by the Commissioners at a time falling-
	(a) at or after the time when that amount first became payable; and
	(b) before the end of that three years.
	(7) In this section-
	"the Commissioners" means the Commissioners of Customs and Excise;
	"the Community Customs Code" means Council Regulation (EEC) No. 2913/92 establishing the Community Customs Code;
	"customs duty" includes any agricultural levy of the European Community; and
	"the latest time for payment", in relation to an amount of customs duty, means the end of the period prescribed by the Community Customs Code for the payment of that amount.
	(8) The preceding provisions of this section-
	(a) shall have effect for periods beginning on or after such day as the Treasury may by order made by statutory instrument appoint; and
	(b) shall so have effect in relation to interest running from before that day, as well as in relation to interest running from, or from after, that day;
	and different days may be appointed under this subsection for different purposes.

Prepared 8 July 1999