Finance Act 1995 (c. 4)

SCHEDULE 29 continued PART VIII continued

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These repeals have effect for the year 1995-96 and subsequent years of assessment.

(9) Stock lending

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 129(1), the words “has contracted to sell securities, and to enable him to fulfil the contract, he”.

(10) Deceased Persons' Estates

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 695, in subsection (2), the words “subject to subsection (3) below”.
		In section 701, subsection (14).

(11) Deduction of Tax from Interest on Deposits

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 481(5)(k), the word “that” before sub-paragraph (i).

This repeal comes into force in accordance with section 86 of this Act.

(12) Meaning of “distribution”

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In section 209(2)(e), sub-paragraphs (iv) and (v).

These repeals come into force in accordance with section 87(7) and (8) of this Act.

(13) Generalisation of ss.63 to 66 of Finance Act 1993

Chapter	Short title	Extent of repeal
1993 c. 34.	The Finance Act 1993.	Section 63(12).

This repeal has effect in accordance with section 88(4) and (5) of this Act.

(14) Management: self-assessment etc.

Chapter	Short title	Extent of repeal
1970 c. 9.	The Taxes Management Act 1970.	In section 9(3), the words “the following provisions of”.
		Section 11A.
		In section 12B(2), the words from “or, where a return” to the end.
		In section 42(11), paragraph (b) and the word “and” immediately preceding that paragraph.
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 73.
		In section 206, the words “under Schedule E”.
		In section 536, in subsection (2), the words “are shown on a claim to” and, in subsection (4), the words from “and in that case” to the end.
		In section 537B, in subsection (2), the words “are shown on a claim to” and, in subsection (4), the words from “and in that case” to the end.
		In Schedule 3, in paragraph 6E, sub-paragraphs (1) and (3).
1992 c. 12.	The Taxation of Chargeable Gains Act 1992.	Section 7.
1994 c. 9.	The Finance Act 1994.	Section 198.

1 The repeal of section 11A of the Taxes Management Act 1970 has effect in accordance with section 115(13) of this Act.

2 The other repeals, except that in the Finance Act 1994, have effect in accordance with section 103(7) of this Act.

(15) Changes for facilitating self-assessment

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 114(3).
		Section 401(2).

1 The repeal of section 114(3) has effect in accordance with section 218(1) of the Finance Act 1994.

2 The other repeal has effect in accordance with section 120(2) of this Act.

(16) Non-residents

Chapter	Short title	Extent of repeal
1970 c. 9.	The Taxes Management Act 1970.	Sections 78 to 85.
1985 c. 54.	The Finance Act 1985.	Section 50.
1987 c. 51.	The Finance (No. 2) Act 1987.	In Schedule 6, paragraph 7.
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 43.
		In section 115(7), the words “this section and”.
		In section 510A, in subsection (6), the words “Subject to subsection (7) below”, and subsections (7) and (8).
		In Schedule 29, in the Table in paragraph 32, the entries relating to section 78(1) and (5) of the Taxes Management Act 1970.
1989 c. 26.	The Finance Act 1989.	In section 182(3)(c), the words “for the purposes of section 80(3) of the Taxes Management Act 1970 or”.
1991 c. 31.	The Finance Act 1991.	Section 81.
1992 c. 12.	The Taxation of Chargeable Gains Act 1992.	In section 59, paragraph (c) and the word “and” immediately preceding it.
		In Schedule 10, paragraph 2(2), the words “78(3)(b)”.
1994 c. 9.	The Finance Act 1994.	In section 215(5), paragraph (b), and the word “and” immediately preceding it.

1 The repeal of section 43 of the Taxes Act 1988 comes into force in accordance with section 40(3) of this Act.

2 The repeals in sections 115(7) of the Taxes Act 1988 and of section 59(c) of the Taxation of Chargeable Gains Act 1992 shall have effect in relation to any cases in relation to which section 112 of the Taxes Act 1988 has effect as amended by section 125 of this Act.

3 The repeals in section 510A of the Taxes Act 1988 have effect as respects the year 1997-98 and subsequent years of assessment and also, in relation to groupings whose trades or professions were set up and commenced on or after 6th April 1994, as respects the years 1995-96 and 1996-97.

4 The repeal of section 215(5)(b) of the Finance Act 1994 has effect in accordance with section 125(1) of this Act for the year 1995-96 and subsequent years of assessment.

5 The other repeals come into force—

(a) for the purposes of income tax and capital gains tax, in relation to the year 1996-97 and subsequent years of assessment, and

(b) for the purposes of corporation tax, in relation to accounting periods beginning after 31st March 1996.

(17) Exchange Gains and Losses

Chapter	Short title	Extent of repeal
1993 c. 34.	The Finance Act 1993.	In section 129(8)(b) the words “or the circumstances are such that a charge would be so allowed if the duty were settled”.

This repeal has effect in accordance with Schedule 24 to this Act.

(18) Controlled Foreign Companies

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In Schedule 24, paragraph 4A.
1993 c. 34.	The Finance Act 1993.	Section 96.

Paragraph 4A of Schedule 24 to the Taxes Act 1988 is deemed never to have been inserted, and section 96 of the Finance Act 1993 is deemed never to have been enacted.

(19) Profit-Related Pay

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In Schedule 8, in paragraph 19(6), paragraphs (g) to (k).

This repeal has effect in accordance with section 136 of this Act.

(20) Part-Time Workers

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	In Schedule 8, paragraph 8(a).
		In Schedule 9, in paragraph 27(4) the words from “who is required” to the end.

These repeals have effect in accordance with section 137 of this Act.

(21) Sub-contractors in the Construction Industry

Chapter	Short title	Extent of repeal
1988 c. 1.	The Income and Corporation Taxes Act 1988.	Section 559(3).
		In section 561— (a) in subsection (1), the words “subsection (5) below or”; (b) in subsection (3), the words “563”; (c) subsections (4) and (5); (d) in subsection (6), the words from “(not being” to “apply).”; and (e) subsection (12).
		In section 562— (a) in subsection (1), the words “(otherwise than as a partner in a firm)”; and (b) subsections (3) to (7).
		Section 563.
1988 c. 39.	The Finance Act 1988.	Section 28.

1 The repeal of sections 559(3) and 561(4) and (5) of the Taxes Act 1988, and the repeal in section 561(1) of that Act, have effect in relation to payments made to a person in any case where that person’s certificate under section 561 of that Act is one issued or renewed with respect to a period beginning on or after the appointed day.

2 The repeal of section 561(12) of the Taxes Act 1988 comes into force in accordance with paragraph 8(2) of Schedule 27 to this Act.

3 The other repeals in the Taxes Act 1988 have effect in relation to any application for the issue or renewal of a certificate under section 561 of that Act which is made with respect to a period beginning on or after the appointed day.

4 The repeal of section 28 of the Finance Act 1988 has effect in relation to payments made on or after the appointed day.

5 In Notes 1, 3 and 4 above, “the appointed day” has the same meaning as in section 139 of this Act.

(22) Payment of rent, &c under deduction of tax

Chapter	Short title	Extent of repeal
1988 c. 1.	Income and Corporation Taxes Act 1988.	In section 3(1)(c), the words “119 or”.
		In section 74(1)(q), the words “119 or”.
		In section 119(1), the words from “and, subject to subsection (2) below, shall be subject to deduction of income tax” to the end.
		In section 119(2), the words from “instead of” to “subsection (1) above”.
		In section 122(1), the words from “but without prejudice” to the end.
		In section 348(2)(b), the words “119 or”.
		In section 349(1)(c), the words “119 or”.
		In section 821(3)(c), the words “119 or”.
1992 c. 12.	Taxation of Chargeable Gains Act 1992.	In section 201(2), the words from “but without prejudice” to the end.

These repeals have effect in relation to payments made after the passing of this Act.

Part IX Petroleum Revenue Tax

Chapter	Short title	Extent of repeal
1975 c. 22.	The Oil Taxation Act 1975.	In Schedule 8, in paragraph 4, in sub-paragraph (1), the words from “and the date” to the end of the sub-paragraph and, in sub-paragraph (2), the words “within the time allowed for making the original claim”.

These repeals have effect in accordance with section 147 of this Act.

Part X Stamp Duty

Chapter	Short title	Extent of repeal
1930 c. 28.	The Finance Act 1930.	In section 42(3) the words from “with the substitution” to the end.
1954 c. 23 (N.I.).	The Finance Act (Northern Ireland) 1954.	In section 11(3A) the words from “with the substitution” to the end.

These repeals have effect in accordance with sections 149 and 150 of this Act.

Part XI Inheritance Tax: Agricultural Property

Chapter	Short title	Extent of repeal
1984 c. 51.	The Inheritance Tax Act 1984.	In section 116(2) the word “either”.

This repeal has effect in accordance with section 155 of this Act.

Part XII Ports Levy

Chapter	Short title	Extent of repeal
1989 c. 26.	The Finance Act 1989.	Section 178(2)(n).
1990 c. 29.	The Finance Act 1990.	Sections 115 to 120.
1991 c. 52.	The Ports Act 1991.	Section 41(3).