Office of Public Sector Information

Office of Public Sector Information

Navigation


Advanced Search

Main menu and contents

Supplementary menus and contents

Related Pages
Feeds

Page 1 of 33

Next

First page 1 2 3 4 5 6 7 8 9 10 11 Last page

Royal arms

Finance Act 1989

1989 CHAPTER 26

ARRANGEMENT OF SECTIONS

Go to Preamble

  1. Part I

    Customs and Excise, Value Added Tax and Car Tax

    1. Chapter I

      Customs and Excise

      1. Hydrocarbon oil duties

        1. 1. Rates.

        2. 2. Reliefs.

      2. Alcoholic liquor duties

        1. 3. Original gravity of beer.

        2. 4. Blending made-wines etc.

        3. 5. Description as beer.

      3. Vehicles excise duty

        1. 6. Rates.

        2. 7. Community buses.

        3. 8. Special machines.

        4. 9. Recovery vehicles.

        5. 10. Powers of Secretary of State with respect to assignment of registration marks.

        6. 11. Retention of registration mark pending transfer to another vehicle.

        7. 12. Sale by Secretary of State of rights to particular registration marks.

        8. 13. Registration documents.

        9. 14. Dishonoured cheques.

      4. General

        1. 15. Estimation of excise duty.

        2. 16. Time limits for proceedings.

        3. 17. Disbursements in Port of London.

    2. Chapter II

      Value Added Tax

      1. Zero-rating etc.

        1. 18. Buildings and land.

        2. 19. Sewerage services and water.

        3. 20. News services.

        4. 21. Fuel and power.

        5. 22. Protective boots and helmets.

        6. 23. Incorrect certificates.

      2. Other provisions

        1. 24. Recovery of overpaid VAT.

        2. 25. Administration etc.

        3. 26. Input tax on self-supplies.

    3. Chapter III

      Miscellaneous

      1. 27. Relief from car tax where vehicle leased to the handicapped.

      2. 28. Reliefs from duties and taxes for persons enjoying certain immunities and privileges.

      3. 29. Recovery of overpaid excise duty and car tax.

  2. Part II

    Income Tax, Corporation Tax and Capital Gains Tax

    1. Chapter I

      General

      1. Income tax rates and allowances

        1. 30. Charge and rates of income tax for 1989-90.

        2. 31. Age allowance.

        3. 32. Operative date for PAYE.

        4. 33. Married couples.

      2. Corporation tax rates etc.

        1. 34. Charge and rate of corporation tax for financial year 1989.

        2. 35. Corporation tax: small companies.

      3. Receipts basis etc.

        1. 36. Schedule E: revised Cases.

        2. 37. Schedule E: assessment on receipts basis.

        3. 38. Schedule E: unpaid emoluments.

        4. 39. Schedule E: unremitted emoluments.

        5. 40. Schedule E: emoluments already paid.

        6. 41. Schedule E: pensions etc.

        7. 42. Schedule E: supplementary.

        8. 43. Schedule D: computation.

        9. 44. Investment and insurance companies: computation.

        10. 45. PAYE: meaning of payment.

      4. Interest

        1. 46. Relief for interest.

        2. 47. Close company loans: business expansion scheme.

        3. 48. Close company loans: material interest.

      5. Benefits in kind

        1. 49. Car benefits.

        2. 50. Security assets and services.

        3. 51. Assets used partly for security.

        4. 52. Security: supplementary.

        5. 53. Employees earning £8,500 or more and directors.

      6. Medical insurance

        1. 54. Relief.

        2. 55. Eligible contracts.

        3. 56. Certification of contracts.

        4. 57. Medical insurance: supplementary.

      7. Charities

        1. 58. Payroll deduction scheme.

        2. 59. Covenanted subscriptions.

        3. 60. British Museum and Natural History Museum.

      8. Profit-related pay, share schemes etc.

        1. 61. Profit-related pay.

        2. 62. Savings-related share option schemes.

        3. 63. Profit sharing schemes.

        4. 64. Share option and profit sharing schemes: shares of consortium member.

        5. 65. Employee share schemes: material interest.

        6. 66. Priority share allocations for employees etc.

      9. Employee share ownership trusts

        1. 67. Tax relief.

        2. 68. Principal charges to tax.

        3. 69. Chargeable events.

        4. 70. Chargeable amounts.

        5. 71. Further charges to tax: borrowing.

        6. 72. Limit on chargeable amount.

        7. 73. Information.

        8. 74. Interpretation.

      10. Pensions etc.

        1. 75. Retirement benefits schemes.

        2. 76. Non-approved retirement benefits schemes.

        3. 77. Personal pension schemes.

      11. Unit trusts etc.

        1. 78. Certified unit trusts.

        2. 79. Funds of funds.

        3. 80. Gilt unit trusts.

        4. 81. Offshore funds operating equalisation arrangements.

      12. Life assurance

        1. 82. Calculation of profits.

        2. 83. Receipts to be brought into account.

        3. 84. Interpretation of sections 85 to 89 and further provisions about insurance companies.

        4. 85. Charge of certain receipts of basic life assurance business.

        5. 86. Spreading of relief for acquisition expenses.

        6. 87. Management expenses.

        7. 88. Corporation tax: policy holders' fraction of profits.

        8. 89. Shareholders' and policy holders' fractions.

        9. 90. Life policies etc. held by companies.

      13. Underwriters

        1. 91. Premiums trust funds: stock lending.

        2. 92. Regulations about underwriters etc.

      14. Securities

        1. 93. Deep discount securities: amendments.

        2. 94. Deep gain securities.

        3. 95. Treasury securities issued at a discount.

        4. 96. Securities: miscellaneous.

      15. Groups of companies

        1. 97. Set-off of ACT where companies remain in same group.

        2. 98. Restriction on set-off of ACT.

        3. 99. Dividends etc. paid by one member of a group to another.

        4. 100. Change in ownership of company.

        5. 101. Treatment of convertible shares or securities for purposes relating to group relief etc.

        6. 102. Surrender of company tax refund etc. within group.

      16. Close companies

        1. 103. Repeal of apportionment provisions.

        2. 104. Meaning of “close company”.

        3. 105. Small companies' rate not available to certain close companies.

        4. 106. Restriction on payment of tax credits.

        5. 107. Close companies: consequential amendments.

      17. Settlements etc.

        1. 108. Outright gifts etc. between husband and wife.

        2. 109. Settlements where settlor retains interest in settled property.

        3. 110. Residence of trustees.

        4. 111. Residence of personal representatives.

      18. Miscellaneous

        1. 112. Security: trades etc.

        2. 113. Security: trades etc. (supplementary).

        3. 114. Relief for pre-trading expenditure.

        4. 115. Double taxation: tax credits.

        5. 116. Interest payments to Netherlands Antilles subsidiaries.

    2. Chapter II

      Capital Allowances

      1. 117. Security.

      2. 118. Security: supplementary.

      3. 119. Expenditure on stands at sports grounds.

      4. 120. Forestry land: abolition of agricultural buildings allowances.

      5. 121. Miscellaneous amendments.

    3. Chapter III

      Capital Gains

      1. Exemptions

        1. 122. Annual exempt amount for 1989-90.

        2. 123. Increase of chattel exemption.

      2. Gifts

        1. 124. Relief for gifts.

        2. 125. Gifts to housing associations.

      3. Non-residents etc.

        1. 126. Non-resident carrying on profession or vocation in the United Kingdom.

        2. 127. Non-residents: deemed disposals.

        3. 128. Non-residents: post-cessation disposals.

        4. 129. Non-residents: roll-over relief.

        5. 130. Exploration or exploitation assets: definition.

        6. 131. Exploration or exploitation assets: deemed disposals.

        7. 132. Dual resident companies: deemed disposal.

        8. 133. Dual resident companies: roll-over relief.

        9. 134. Non-payment of tax by non-resident companies.

      4. Value shifting and groups of companies

        1. 135. Value shifting.

        2. 136. Value shifting: reductions attributable to distributions within a group.

        3. 137. Value shifting: transactions treated as a reorganisation of share capital.

        4. 138. Groups of companies.

      5. Miscellaneous

        1. 139. Corporate bonds.

        2. 140. Collective investment schemes.

        3. 141. Re-basing to 1982 etc.

    4. Chapter IV

      Management

      1. Information

        1. 142. Power to call for documents and information.

        2. 143. Power to call for papers of tax accountant.

        3. 144. Restrictions on powers under TMA ss.20 and 20A.

        4. 145. Falsification etc. of documents.

        5. 146. Entry with warrant to obtain documents.

        6. 147. Procedure where documents etc. are removed.

        7. 148. Interpretation.

      2. Assessments, claims etc.

        1. 149. Assessments founded on fraudulent or negligent conduct.

        2. 150. Further assessments: claims etc.

        3. 151. Assessment of trustees etc.

      3. Distress and poinding etc.

        1. 152. Distress for non-payment of tax.

        2. 153. Priority in cases of distraint by others.

        3. 154. Recovery of tax from debtor in Scotland.

        4. 155. Priority in cases of poinding etc. by others in Scotland.

      4. Interest etc.

        1. 156. Interest on overdue tax.

        2. 157. Effect of certain claims on interest.

        3. 158. Small amounts of interest.

        4. 159. Interest on tax in case of failure or error.

        5. 160. Determinations under TMA s.88.

        6. 161. Tax carrying interest under TMA ss.86 and 88.

      5. Penalties

        1. 162. Failure to make return.

        2. 163. Incorrect return, accounts etc.

        3. 164. Special returns, information etc.

        4. 165. Special penalties in the case of certain returns.

        5. 166. Assisting in preparation of incorrect return etc.

        6. 167. Determination of penalties.

        7. 168. Amendments consequential on section 167.

        8. 169. Time limits.

        9. 170. Up-rating of certain penalties.

  3. Part III

    Miscellaneous and General

    1. Inheritance tax

      1. 171. Gifts to housing associations.

      2. 172. Abatement of exemption where claim settled out of beneficiary’s own resources.

    2. Stamp duty etc.

      1. 173. Insurance: abolition of certain duties.

      2. 174. Unit trusts.

      3. 175. Stamp duty: stock exchange nominees.

      4. 176. Stamp duty reserve tax: stock exchange nominees.

      5. 177. Stamp duty reserve tax: information.

    3. Interest etc.

      1. 178. Setting of rates of interest.

      2. 179. Provisions consequential on section 178.

      3. 180. Repayment interest: period of accrual.

    4. Miscellaneous

      1. 181. Broadcasting: additional payments by programme contractors.

      2. 182. Disclosure of information.

      3. 183. Government securities: redemption and transfer.

      4. 184. National savings accounts.

      5. 185. Winding up of Redemption Annuities Account.

    5. General

      1. 186. Interpretation etc.

      2. 187. Repeals.

      3. 188. Short title.

  4. Schedules:

    1. Schedule 1

      Vehicles excise duty: rates.

      1. Part I

        Table substituted in Part II of Schedule 2 to the 1971 and 1972 Acts.

      2. Part II

        Tables substituted in Part II of Schedule 4 to the 1971 and 1972 Acts.

    2. Schedule 2

      Vehicles excise duty: special machines.

    3. Schedule 3

      Value added tax: buildings and land.

    4. Schedule 4

      Profit-related pay.

    5. Schedule 5

      Employee share ownership trusts.

    6. Schedule 6

      Retirement benefits schemes.

      1. Part I

        Amendments of Taxes Act.

      2. Part II

        Approved schemes: general.

      3. Part III

        Approved schemes: additional voluntary contributions.

    7. Schedule 7

      Personal pension schemes.

      1. Part I

        Amendments of Taxes Act.

      2. Part II

        Schemes approved before passing of this Act.

    8. Schedule 8

      Amendments of Chapter I of Part XII of Taxes Act 1988 (Insurance Companies).

    9. Schedule 9

      Life policies etc. held by companies.

    10. Schedule 10

      Deep discount securities: amendments.

    11. Schedule 11

      Deep gain securities.

    12. Schedule 12

      Close companies.

      1. Part I

        Administrative provisions.

      2. Part II

        Amendments connected with repeal of Chapter III of Part XI of Taxes Act 1988.

    13. Schedule 13

      Capital allowances: miscellaneous amendments.

    14. Schedule 14

      Capital gains tax: gifts etc.

    15. Schedule 15

      Capital gains: re-basing to 1982 etc.

    16. Schedule 16

      Broadcasting: additional payments by programme contractors.

      1. Part I

        Amendments of the principal sections.

      2. Part II

        Provisions inserted as Schedule 4 to the Broadcasting Act 1981.

      3. Part III

        Transitional provisions.

    17. Schedule 17

      Repeals.

      1. Part I

        Customs and Excise.

      2. Part II

        Vehicles excise duty.

      3. Part III

        Value added tax.

      4. Part IV

        Income and corporation tax: general.

      5. Part V

        Close companies.

      6. Part VI

        Capital allowances.

      7. Part VII

        Capital gains.

      8. Part VIII

        Management.

      9. Part IX

        Stamp duty: insurance.

      10. Part X

        Rates of interest.

      11. Part XI

        Broadcasting.

      12. Part XII

        Government stock: redemption.

      13. Part XIII

        National Savings.

      14. Part XIV

        Tithe redemption.

An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance.

[27th July 1989]

Most Gracious Sovereign, WE, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Page 1 of 33

Next

First page 1 2 3 4 5 6 7 8 9 10 11 Last page