Finance Bill

House of Lords portcullis

House of Lords

Session 1998-99
Internet Publications
Other Bills before Parliament

Finance Bill

This is the text of the Finance Bill, as passed by the House of Commons and introduced in the House of Lords on 7th July 1999.

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.

Goods shipped etc. as stores

10. Goods for sale on board ships or aircraft.

11. Drawback of duty on shipment.

PART II

VALUE ADDED TAX

12. Works of art, antiques, etc.

13. Gold.

14. Preparations etc. of meat, yeast or egg.

15. Assignment of debts.

16. Groups of companies.

17. Penalties for incorrect certificates.

18. EC sales statements: time limits for assessments to penalties.

19. Period before repayment supplement payable.

20. Meaning of "business".

21. Accounting for VAT by Government departments.

PART III

INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX

Income tax rates and charge etc.

22. Starting rate.

23. Charge and rates for 1999-00.

24. Personal allowances for 1999-00 for those aged 65 or more.

25. Operative date of indexation for PAYE.

Rates of capital gains tax

26. Rates of capital gains tax.

Corporation tax charge and rates

27. Charge and main rate for financial year 2000.

28. Corporation tax starting rate.

29. Rate and fraction for corporation tax starting rate.

Income tax reductions

30. Children's tax credit.

31. Restriction of MCA to those reaching 65 before 2000-01.

32. Further provision about married couple's allowance.

33. Abolition of existing relief in respect of children.

34. Abolition of widow's bereavement allowance.

35. Order of income tax reductions etc.

36. Maintenance payments.

Relief for interest payments

37. Limit on relief for interest.

38. Withdrawal of relief for interest on loans to buy land etc.

39. Withdrawal of relief for interest on new annuity loans.

40. Annuity loans: residence requirements and re-mortgages.

41. Repayments attracting repayment supplement.

Employee benefits etc.

42. Conditional acquisition of shares.

43. Meaning of conditional interests in shares.

44. Exemption for mobile telephones.

45. Limited exemption for computer equipment.

46. PRP and agricultural pay.

47. Cars available for private use.

48. Provision and support of bus services.

49. Provision of motor cycle or cycle parking facilities.

50. Cycles and cyclist's safety equipment.

Members of parliaments and assemblies

51. EU travel expenses.

52. Scottish Parliament and devolved assemblies.

Sub-contractors in the construction industry

53. Exemption certificates.

Reverse premiums

54. Tax treatment of reverse premiums.

Charities

55. Gifts in kind to charities etc.

56. Gifts of money to relieve refugee poverty.

57. Aggregation of money gifts for relief in poor countries.

Education and training

58. Employees seconded to educational establishments.

59. Phasing out of vocational training relief.

60. Student loans: certain interest to be disregarded.

Various other reliefs etc.

61. Class 1B National Insurance contributions.

62. Expenditure on film production and acquisition.

63. Treatment of transfer fees under existing contracts.

Settlements

64. Income of unmarried child of settlor.

Securities and investments

65. Relevant discounted securities.

66. Qualifying corporate bonds: provision consequential on s. 65.

67. Deep discount and deep gain securities.

68. Court common investment funds.

Venture capital trusts

69. Company restructuring and convertible securities.

70. Relief on distributions.

Enterprise investment scheme

71. Eligibility for EIS relief.

72. Deferred gains: application of taper relief.

73. Deferred gains: gain accruing on part disposal, etc.

Chargeable gains

74. Value shifting: tax-free benefits.

75. Allowable losses where beneficiary absolutely entitled.

76. Concessions that defer a capital gains charge.

Capital allowances

77. Extension of first-year allowances.

78. First-year allowances for investment in Northern Ireland.

Pensions and insurance, etc.

79. Sharing of pensions on divorce, etc.

80. Purchased life annuities.

81. Acquisitions disregarded under insurance companies concession.

82. Lloyd's: members' agent pooling arrangements.

83. Provisions supplementary to s. 82.

84. Lloyd's: roll-over relief.

Advance pricing agreements and CFCs

85. Advance pricing agreements etc.

86. Provisions supplementary to s. 85.

87. Effect of section 85 agreements on non-parties.

88. Controlled foreign companies.

Management and enforcement

89. Corporation tax: due and payable date.

90. Release or writing off of debt: interest on tax overpaid.

91. Advance corporation tax: consequences of abolition.

92. Group relief: consequences of reduction in surrenderable amount.

93. Company tax returns, etc.

PART IV

OIL TAXATION

94. Excluded oil.

95. Sale and lease-back.

96. Transfer of field interest.

97. Provisions supplementary to ss. 95 and 96.

98. Qualifying assets.

99. PRT instalments.

100. Sale and lease-back: ring fence profits.

101. Pipe-line elections.

102. PRT returns.

103. Business assets: roll-over relief.

PART V

INHERITANCE TAX

104. Gifts.

105. Delivery of accounts.

106. Power to call for documents etc.

107. Inland revenue charge.

108. Penalties.

PART VI

STAMP DUTY AND STAMP DUTY RESERVE TAX

Stamp duty

109. Interest and penalties on late stamping.

110. Interest on repayment of duty overpaid etc.

111. Stamp duty on conveyance or transfer on sale.

112. General amendment of charging provisions.

113. Bearer instruments.

114. Penalties other than on late stamping.

115. Minor amendments and repeal of obsolete provisions.

Stamp duty reserve tax

116. Non-sterling bearer instruments issued in connection with merger or takeover.

117. Scope of exceptions for certain bearer instruments.

118. Relief in case of certain replacement securities.

119. Power to exempt UK depositary interests in foreign securities.

120. Minor amendments of exceptions to general charge.

121. Power to make regulations with respect to administration, etc.

Units in unit trusts

122. Stamp duty and stamp duty reserve tax: unit trusts.

Supplementary provisions

123. Construction of this Part and other supplementary provisions.

PART VII

OTHER TAXES

Landfill tax

124. Rate of landfill tax.

Insurance premium tax

125. Rate of insurance premium tax.

Customs duties

126. Interest on unpaid customs debts.

127. Interest on repayments.

128. Periods to be disregarded in determining interest under s. 127.

129. Repayment of overpaid interest etc.

130. Consequential amendments relating to interest.

PART VIII

MISCELLANEOUS AND SUPPLEMENTAL

General administration of tax

131. Economic and monetary union: taxes and duties.

132. Power to provide for use of electronic communications.

133. Use of electronic communications under other provisions.

Government borrowing etc.

134. The Debt Management Account.

135. Lending by Revenue Accounts to National Loans Fund.

136. Definition of Government Stock.

137. National Savings Bank: disclosure of information.

Supplemental

138. Interpretation.

139. Repeals.

140. 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 112.

    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 113.

    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 and stamp duty reserve tax: unit trusts.

    Part I - Abolition of stamp duty on transfers etc. of units in unit trusts.

    Part II - Stamp duty reserve tax on dealings with units in unit trusts.

    Part III - Minor and consequential amendments.

    Part IV - General definitions.

    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.

© Parliamentary copyright 1999
Prepared 8 July 1999