Law

Finance Act 1995

United Kingdom · statute

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In force since 2023-08-01, as the publisher states.

Copy read on 2026-11-08. The page it was read from

Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.

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Contents: 184 provisions
  1. Title and introductory text
  2. 1 Low-strength wine, made-wine and cider.
  3. 2 Wine and made-wine: rates.
  4. 3 Spirits, beer and cider: rates.
  5. 4 Alcoholic ingredients relief.
  6. 5 Denatured alcohol.
  7. 6 Rates of duty.
  8. 7 Rates of duty: further provisions.
  9. 8 Hydrocarbon oil: “road vehicle”.
  10. 9 Road fuel gas: old stock.
  11. 10 Rates of duty.
  12. 11 Rates of duty: further provisions.
  13. 12 Pool betting duty.
  14. 13 Rates of duty.
  15. 14 Extension of duty to amusement machines.
  16. 15 Rates of duty.
  17. 16 Assessment of interest on duty.
  18. 17 Preferential debts.
  19. 18 Increased rates on 30th November 1994.
  20. 19 Vehicle excise and registration: other provisions.
  21. 20 Recovery of overpaid excise duty.
  22. 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  23. 22 Imported works of art, antiques, etc.
  24. 23 Agents acting in their own names.
  25. 24 Margin schemes.
  26. 25 Groups of companies.
  27. 27 Set-off of credits.
  28. 28 Transactions treated as supplies for purposes of zero-rating etc.
  29. 29 Goods removed from warehousing regime.
  30. 30 Fuel supplied for private use.
  31. 31 Appeals: payment of amounts shown in returns.
  32. 32 Penalties for failure to notify etc.
  33. 33 Correction of consolidation errors.
  34. 34 Insurance premium tax.
  35. 35 Charge and rates of income tax for 1995-96.
  36. 36 Personal allowance.
  37. 37 Charge and rate of corporation tax for 1995.
  38. 38 Small companies.
  39. 39 Income chargeable under Schedule A.
  40. 40 Non-residents and their representatives.
  41. 41 Income from overseas property.
  42. 42 Abolition of interest relief for commercially let property.
  43. 43 Cars available for private use.
  44. 44 Cars: accessories for the disabled.
  45. 45 Beneficial loan arrangements: replacement loans.
  46. 46 Relief on re-investment: property companies etc.
  47. 47 Relief on re-investment: amount of relief, etc.
  48. 48 Roll-over relief and groups of companies.
  49. 49 De-grouping charges.
  50. 50 Corporate bonds.
  51. 51 Companies carrying on life assurance business.
  52. 52 Meaning of “insurance company”.
  53. 53 Transfer of life insurance business.
  54. 54 Friendly societies.
  55. 55 Qualifying life insurance policies.
  56. 56 Foreign life policies etc.
  57. 57 Duties of insurers in relation to life policies etc.
  58. 58 Personal pensions: income withdrawals.
  59. 59 Pensions: meaning of insurance company etc.
  60. 60 Application of section 59.
  61. 61 Cessation of approval of certain retirement benefits schemes.
  62. 62 Follow-up TESSAs.
  63. 63 TESSAs: European institutions.
  64. 64 Personal equity plans: tax representatives.
  65. 65 Contractual savings schemes.
  66. 66 Enterprise investment scheme: ICTA amendments.
  67. 67 Enterprise investment scheme: TCGA amendments.
  68. 68 Business expansion scheme: ICTA amendments
  69. 69 Business expansion scheme: TCGA amendments.
  70. 70 Approval of companies as trusts.
  71. 71 Income tax relief.
  72. 72 Capital gains.
  73. 73 Regulations.
  74. 74 Settlements: liability of settlor.
  75. 75 Deceased persons’ estates: taxation of beneficiaries.
  76. 76 Untaxed income of a deceased person’s estate.
  77. 77 Interest on gilt-edged securities payable without deduction of tax.
  78. 78 Periodic accounting for tax on interest on gilt-edged securities.
  79. 79 Sale and repurchase of securities: exclusion from accrued income scheme.
  80. 80 Treatment of price differential on sale and repurchase of securities.
  81. 81 Manufactured interest payments: exclusion from bond-washing provisions.
  82. 82 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  83. 83 Power to make special provision for special cases.
  84. 84 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  85. 85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  86. 86 Deduction of tax from interest on deposits.
  87. 87 Interest payments deemed to be distributions.
  88. 88 Generalisation of ss.63 to 66 of Finance Act 1993.
  89. 89 Application of ss.63 to 66 to debts held by associates of banks.
  90. 90 Relief for post-cessation expenditure.
  91. 91 Employee liabilities and indemnity insurance.
  92. 92 Post-employment deductions.
  93. 93 Incidental overnight expenses etc.
  94. 94 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  95. 95 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  96. 96 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  97. 97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  98. 98 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  99. 99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  100. 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  101. 101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  102. 102 Commencement of certain provisions.
  103. 103 Liability of trustees.
  104. 104 Returns and self-assessments.
  105. 105 Records for purposes of returns.
  106. 106 Return of employees’ emoluments etc.
  107. 107 Procedure for making claims etc.
  108. 108 Payments on account of income tax.
  109. 109 Surcharges on unpaid tax.
  110. 110 Interest on overdue tax.
  111. 111 Assessments in respect of income taken into account under PAYE.
  112. 112 Recovery of certain amounts deducted or paid under MIRAS.
  113. 113 Allowable losses: capital gains tax.
  114. 114 Liability of trustees and personal representatives: capital gains tax.
  115. 115 Minor amendments and repeals.
  116. 116 Transitional provisions.
  117. 117 Treatment of partnerships.
  118. 118 Loss relief: general.
  119. 119 Relief for losses on unquoted shares.
  120. 120 Relief for pre-trading expenditure.
  121. 121 Basis of apportionment for Cases I, II and VI of Schedule D.
  122. 122 Amendments of transitional provisions.
  123. 123 Prevention of exploitation of transitional provisions.
  124. 124 Change of residence.
  125. 125 Non-resident partners.
  126. 126 UK representatives of non-residents.
  127. 127 Persons not treated as UK representatives.
  128. 128 Limit on income chargeable on non-residents: income tax.
  129. 129 Limit on income chargeable on non-residents: corporation tax.
  130. 130 Exchange gains and losses: general.
  131. 131 Exchange gains and losses: transitional provision.
  132. 132 Currency contracts: transitional provisions.
  133. 133 Controlled foreign companies.
  134. 134 Offshore funds.
  135. 135 Change in ownership of investment company: deductions.
  136. 136 Profit-related pay.
  137. 137 Part-time workers: miscellaneous provisions.
  138. 138 Charities, etc.: lotteries.
  139. 139 Sub-contractors in the construction industry.
  140. 140 Valuation of trading stock on discontinuance of trade.
  141. 141 Incapacity benefit.
  142. 142 Annuities purchased where certain claims or actions are settled.
  143. 143 Lloyd’s underwriters: new-style special reserve funds.
  144. 144 Local government residuary body.
  145. 145 Payment of rent &c., under deduction of tax.
  146. 146 Restriction of unrelievable field losses.
  147. 147 Removal of time limits for claims for unrelievable field losses.
  148. 148 Transfer of interests in fields: restriction of transferred losses.
  149. 149 Transfer: associated bodies.
  150. 150 Northern Ireland transfer: associated bodies.
  151. 151 Lease or tack: associated bodies.
  152. 152 Open-ended investment companies.
  153. 153 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  154. 154 Short rotation coppice.
  155. 155 Inheritance tax: agricultural property.
  156. 156 Proceedings for tax in sheriff court.
  157. 157 Certificates of tax deposit.
  158. 158 Amendment of the Exchequer and Audit Departments Act 1866.
  159. 159 Ports levy.
  160. 160 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  161. 161 Interpretation.
  162. 162 Repeals.
  163. 163 Short title.
  164. SCHEDULE 1 Table of rates of duty on wine and made-wine
  165. SCHEDULE 2 Denatured alcohol
  166. SCHEDULE 3 Amusement Machine Licence Duty
  167. SCHEDULE 4 Vehicle Excise and Registration
  168. SCHEDULE 5 Insurance Premium Tax
  169. SCHEDULE 6 Amendments in connection with charge under Schedule A
  170. SCHEDULE 7
  171. SCHEDULE 9 Transfer of Life Insurance Business
  172. SCHEDULE 10 Friendly Societies
  173. SCHEDULE 13 Enterprise Investment Scheme
  174. SCHEDULE 16
  175. SCHEDULE 17 Settlements: liability of settlor
  176. SCHEDULE 18 Deceased persons’ estates
  177. SCHEDULE 19
  178. SCHEDULE 20 Claims etc. not included in returns
  179. SCHEDULE 21 Self-assessment etc: transitional provisions
  180. SCHEDULE 22 Prevention of exploitation of SCHEDULE 2 TO ITTOIA 2005 (SO FAR AS RELATING TO OVERLAP PROFIT)
  181. SCHEDULE 24 Exchange gains and losses
  182. SCHEDULE 25 Controlled Foreign Companies
  183. SCHEDULE 28
  184. SCHEDULE 29 Repeals

Proposed changes to this act

No one has proposed a change to this act yet.

184 provisions

121 Basis of apportionment for Cases I, II and VI of Schedule D.

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122 Amendments of transitional provisions.

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123 Prevention of exploitation of transitional provisions.

Schedule 22 to this Act shall have effect for preventing the exploitation of, and (in certain cases) penalising attempts to exploit, the transitional provisions set out in paragraphs 52 and 53 of Schedule 2 to the Income Tax (Trading and Other Income) Act 2005 (changes for facilitating self-assessment: transitional provisions and savings).

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124 Change of residence.

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125 Non-resident partners.

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126 UK representatives of non-residents.

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127 Persons not treated as UK representatives.

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128 Limit on income chargeable on non-residents: income tax.

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129 Limit on income chargeable on non-residents: corporation tax.

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130 Exchange gains and losses: general.

Schedule 24 to this Act (which amends the provisions of the Finance Act 1993 relating to exchange gains and losses and other provisions connected with exchange gains and losses) shall have effect.

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131 Exchange gains and losses: transitional provision.

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132 Currency contracts: transitional provisions.

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133 Controlled foreign companies.

Schedule 25 to this Act (which contains amendments of Chapter IV of Part XVII of the Taxes Act 1988 and connected amendments) shall have effect.

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134 Offshore funds.

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135 Change in ownership of investment company: deductions.

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136 Profit-related pay.

(1) In Schedule 8 to the Taxes Act 1988 (profit-related pay schemes) paragraph 19 (ascertainment of profits) shall be amended in accordance with subsections (2) to (4) below. (2) In sub-paragraph (6) (cases where scheme may provide for departure from requirements applicable to profit and loss account) paragraphs (g) to (k) (extraordinary items) shall be omitted. (3) After paragraph (ff) of sub-paragraph (6) there shall be inserted— (l) any exceptional items which fall within sub-paragraph (6A) below and should in accordance with any accounting practices regarded as standard be shown separately on the face of the profit and loss account. (4) After sub-paragraph (6) there shall be inserted— (6A) The items are— (a) profits or losses on the sale or termination of an operation; (b) costs of a fundamental reorganisation or restructuring having a material effect on the nature and focus of the employment unit’s operations; (c) profits or losses on the disposal of fixed assets; and (d) the effect on tax of any of the items mentioned in paragraphs (a) to (c) above. (5) Subject to subsections (6) to (10) below, subsections (2) to (4) above shall have effect in relation to the preparation, for the purposes of a scheme, of a profit and loss account in respect of a period beginning on or after the day on which this Act is passed. (6) Subsections (2) to (4) above shall not have effect in relation to an existing scheme unless, before the end of the period of 6 months beginning with the day on which this Act is passed, the scheme is altered to take account of the amendments made by those subsections. (7) Subsections (8) to (10) below apply where, before the end of the period mentioned in subsection (6) above, an existing scheme is altered as mentioned in that subsection. (8) The provision made by the scheme in compliance with paragraph 20(1) of Schedule 8 to the Taxes Act 1988 shall not prevent a profit and loss account being prepared in accordance with the alteration. (9) Where the distributable pool would but for this subsection be determined by reference— (a) to an amount shown in a profit and loss account prepared in accordance with the altered scheme, and (b) to an amount shown in a profit and loss account (“an earlier account”) prepared in accordance with the scheme in a form in which it stood before the alteration, then, for the purposes of the determination of the pool, the amount shown in the earlier account shall be recalculated using the same method as that used to calculate the amount mentioned in paragraph (a) above. (10) The alteration of the existing scheme shall be treated as being within subsection (8) of section 177B of the Taxes Act 1988 (alterations which are registrable and which once registered cannot give rise to Board’s power of cancellation). (11) In subsections (6) to (10) above “an existing scheme” means a scheme which, immediately before the day on which this Act is passed, is registered under Chapter III of Part V of the Taxes Act 1988. (12) After paragraph 19 of Schedule 8 to the Taxes Act 1988 there shall be inserted— 19A (1) The Treasury may by order amend paragraph 19 above so as to add to, delete or vary any of the items mentioned in sub-paragraph (6) of that paragraph. (2) In this paragraph references to an order are references to an order under sub-paragraph (1) above. (3) Subject to sub-paragraphs (4) to (8) below, any amendment or amendments made by virtue of an order shall have effect in relation to the preparation, for the purposes of a scheme, of a profit and loss account in respect of a period beginning on or after the day on which the order comes into force. (4) Any amendment or amendments made by virtue of an order shall not have effect in relation to an existing scheme unless, before the end of the period of 6 months beginning with the day on which the order comes into force, the scheme is altered to take account of the amendment or amendments. (5) Sub-paragraphs (6) to (8) below apply where, before the end of the period mentioned in sub-paragraph (4) above, an existing scheme is altered as mentioned in that sub-paragraph. (6) The provision made by the scheme in compliance with paragraph 20(1) below shall not prevent a profit and loss account being prepared in accordance with the alteration. (7) Where the distributable pool would but for this sub-paragraph be determined by reference— (a) to an amount shown in a profit and loss account prepared in accordance with the altered scheme, and (b) to an amount shown in a profit and loss account (“an earlier account”) prepared in accordance with the scheme in a form in which it stood before the alteration, then, for the purposes of the determination of the pool, the amount shown in the earlier account shall be recalculated using the same method as that used to calculate the amount mentioned in paragraph (a) above. (8) The alteration of the existing scheme shall be treated as being within subsection (8) of section 177B. (9) An order may include such supplementary, incidental or consequential provisions as appear to the Treasury to be necessary or expedient. (10) In this paragraph “an existing scheme”, in relation to an order, means a scheme which, immediately before the day on which the order comes into force, is a registered scheme.

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137 Part-time workers: miscellaneous provisions.

(1) In Schedule 8 to the Taxes Act 1988 (profit-related pay schemes) paragraph 8(a) (employees working less than 20 hours a week excluded by scheme from receiving profit-related pay) shall be omitted. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) In Part V of Schedule 9 to the Taxes Act 1988 (profit sharing schemes) in paragraph 36(1)(a) (certain full-time employees and directors must be eligible to participate in scheme on similar terms) for the words “a full-time employee” there shall be substituted “ an employee ”. (5) In Schedule 5 to the Finance Act 1989 (employee share ownership trusts) in paragraph 4(2)(c) (trust deed must provide that certain persons are beneficiaries if they work at rate of at least 20 hours a week) for the words “at that given time he worked as an employee or” there shall be substituted “ in the case of a director, at that given time he worked as a ”. (6) Subsection (1) above shall apply in relation to any scheme not registered before the day on which this Act is passed. (7) Subsection (4) above shall apply in relation to any scheme not approved before the day on which this Act is passed. (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9) Subsection (5) above shall apply in relation to trusts established on or after the day on which this Act is passed; and for this purpose a trust is established when the deed under which it is established is executed.

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138 Charities, etc.: lotteries.

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139 Sub-contractors in the construction industry.

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140 Valuation of trading stock on discontinuance of trade.

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141 Incapacity benefit.

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142 Annuities purchased where certain claims or actions are settled.

The following sections shall be inserted after section 329 of the Taxes Act 1988— Annuities purchased for certain persons. 329A (1) In a case where— (a) an agreement is made settling a claim or action for damages for personal injury, (b) under the agreement the damages are to consist wholly or partly of periodical payments, and (c) under the agreement the person entitled to the payments is to receive them as the annuitant under one or more annuities purchased for him by the person against whom the claim or action is brought or, if he is insured against the claim concerned, by his insurer, the agreement is for the purposes of this section a qualifying agreement. (2) In a case where— (a) an agreement is made settling a claim or action for damages for personal injury, (b) under the agreement the damages are to consist wholly or partly of periodical payments, and (c) a later agreement is made under which the person entitled to the payments is from a future date to receive them as the annuitant under one or more annuities purchased for him by the person against whom the claim or action is brought or, if he is insured against the claim concerned, by his insurer, the agreement mentioned in paragraph (c) above is for the purposes of this section a qualifying agreement. (3) Subsection (4) below applies where— (a) a person receives a sum as the annuitant under an annuity purchased for him pursuant to a qualifying agreement, or (b) a person receives a sum on behalf of the annuitant under an annuity purchased for the annuitant pursuant to a qualifying agreement. (4) Where this subsection applies the sum shall not be regarded as the recipient’s or annuitant’s income for any purposes of income tax and accordingly shall be paid without any deduction under section 349(1). (5) Subsections (6) to (10) below apply for the purposes of subsection (1) above. (6) The periodical payments may be for the life of the claimant, for a specified period or of a specified number or minimum number or include payments of more than one of those descriptions. (7) The amounts of the periodical payments (which need not be at a uniform rate or payable at uniform intervals) may be— (a) specified in the agreement, with or without provision for increases of specified amounts or percentages, (b) subject to adjustment in a specified manner so as to preserve their real value, or (c) partly specified as mentioned in paragraph (a) and partly subject to adjustment as mentioned in paragraph (b) above. (8) The annuity or annuities must be such as to provide sums which as to amount and time of payment correspond to the periodical payments described in the agreement. (9) Personal injury includes any disease and any impairment of a person’s physical or mental condition. (10) A claim or action for personal injury includes— (a) such a claim or action brought by virtue of the Law Reform (Miscellaneous Provisions) Act 1934; (b) such a claim or action brought by virtue of the Law Reform (Miscellaneous Provisions) Act (Northern Ireland) 1937; (c) such a claim or action brought by virtue of the Damages (Scotland) Act 1976; (d) a claim or action brought by virtue of the Fatal Accidents Act 1976; (e) a claim or action brought by virtue of the Fatal Accidents (Northern Ireland) Order 1977. (11) For the purposes of subsection (2) above— (a) subsections (6), (9) and (10) above apply; (b) subsection (7) above applies as if the reference to the agreement were to that mentioned in subsection (2)(a) above; (c) subsection (8) above applies as if the reference to periodical payments described in the agreement were to periodical payments described in the agreement mentioned in subsection (2)(a) above and falling to be made after the later agreement takes effect. (12) This section does not apply unless the sum concerned is received after the day on which the Finance Act 1995 is passed, but it is immaterial when— (a) the agreement mentioned in subsection (1) above is made or takes effect, or (b) either of the agreements mentioned in subsection (2) above is made or takes effect. Annuities assigned in favour of certain persons. 329B (1) In a case where— (a) an agreement is made settling a claim or action for damages for personal injury, (b) under the agreement the damages are to consist wholly or partly of periodical payments, (c) the person against whom the claim or action is brought (or, if he is insured against the claim concerned, his insurer) purchases one or more annuities, and (d) a later agreement is made under which the annuity is, or the annuities are, assigned in favour of the person entitled to the payments so as to secure that from a future date he receives the payments as the annuitant under the annuity or annuities, the agreement mentioned in paragraph (d) above is for the purposes of this section a qualifying agreement. (2) Subsection (3) below applies where— (a) a person receives a sum as the annuitant under an annuity assigned in his favour pursuant to a qualifying agreement, or (b) a person receives a sum on behalf of the annuitant under an annuity assigned in the annuitant’s favour pursuant to a qualifying agreement. (3) Where this subsection applies the sum shall not be regarded as the recipient’s or annuitant’s income for any purposes of income tax and accordingly shall be paid without any deduction under section 349(1). (4) For the purposes of subsection (1) above— (a) subsections (6), (9) and (10) of section 329A apply; (b) subsections (7) and (8) of section 329A apply as if references to the agreement were to that mentioned in subsection (1)(a) above. (5) This section does not apply unless the sum concerned is received after the day on which the Finance Act 1995 is passed, but it is immaterial when either of the agreements mentioned in subsection (1) above is made or takes effect.

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143 Lloyd’s underwriters: new-style special reserve funds.

(1) In Schedule 20 to the Finance Act 1993 (Lloyd’s underwriters: special reserve funds) paragraph 2 (general requirements about special reserve funds) shall be deemed to have been enacted with the modification in subsection (2) below. (2) For sub-paragraphs (2) and (3) there shall be substituted— (2) The arrangements must be such as to secure that— (a) any income arising to the trustee or trustees of the special reserve fund shall be added to the capital of the fund and held on the same trusts as the fund; and (b) except as required or permitted by this Schedule, no payments shall be made into or out of the special reserve fund.

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144 Local government residuary body.

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145 Payment of rent &c., under deduction of tax.

(1) In section 119(1) of the Taxes Act 1988 (rent, &c., payable in connection with mines, quarries and similar concerns), the words from “and, subject to subsection (2) below, shall be subject to deduction of income tax” to the end shall cease to have effect. (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) The provisions of this section have effect in relation to payments made after the passing of this Act.

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146 Restriction of unrelievable field losses.

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) After subsection (4) of that section there shall be inserted— (5) Subsections (6) to (9) below apply if— (a) a claim is made for the allowance of an unrelievable field loss; and (b) the person to whom the loss accrued made a claim or election for the allowance of any expenditure unrelated to that field; and (c) that claim or election was received by the Board on or after 29th November 1994; and (d) the whole or a part of the expenditure to which the claim or election relates is allowed and, accordingly, falls to be taken into account under section 2(8)(a) of this Act for a chargeable period (whether beginning before or after 29th November 1994). (6) Subject to subsection (7) below, where this subsection applies, from the amount which, apart from this subsection, would be the amount of the unrelievable field loss referred to in paragraph (a) of subsection (5) above there shall be deducted an amount equal to so much of any expenditure unrelated to the field as is allowed on a claim or election as mentioned in paragraph (d) of that subsection. (7) If— (a) claims are made for the allowance of more than one unrelievable field loss derived from the same abandoned field, and (b) the person to whom the loss accrued is the same in respect of each of the unrelievable field losses, subsection (6) above shall have effect as if the deduction referred to in that subsection fell to be made from the aggregate amount of those losses. (8) Where subsection (7) above applies, the deduction shall be set against the unrelievable field losses in the order in which the claims for the allowance of each of those losses were received by the Board. (9) In subsections (5) and (6) above, “expenditure unrelated to the field” means— (a) expenditure allowable under any of sections 5, 5A and 5B of this Act; (b) expenditure allowable under this section (derived from a different abandoned field); or (c) expenditure falling within section 65 of the Finance Act 1987 which is accepted by the Board as allowable in accordance with Schedule 14 to that Act; and, in relation to expenditure falling within section 65 of the Finance Act 1987, “election” means an election under Part I of Schedule 14 to that Act.

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147 Removal of time limits for claims for unrelievable field losses.

(1) In Schedule 8 to the Oil Taxation Act 1975 (procedural provisions as to allowance of unrelievable field losses), in paragraph 4 (claims)— (a) in sub-paragraph (1) (which requires a participator to make a claim to the Board within a time limit), for the words from “and must be made” to “that is to say” there shall be substituted “ at any time after ” and the words from “and the date” to the end of the sub-paragraph shall be omitted; and (b) in sub-paragraph (2) the words “within the time allowed for making the original claim” shall be omitted. (2) This section applies to claims made on or after the day on which this Act is passed.

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148 Transfer of interests in fields: restriction of transferred losses.

(1) In Schedule 17 to the Finance Act 1980 (transfer of interests in oil fields) paragraph 7 (transfer of unused losses from the old to the new participator) shall be amended as follows. (2) At the beginning of sub-paragraph (2) there shall be inserted “ Subject to the following provisions of this paragraph ”. (3) After sub-paragraph (2) there shall be inserted the following sub-paragraphs— (3) If, in the case of a transfer of the whole or part of an interest on or after 29th November 1994,— (a) the old participator made a claim or election for the allowance of any expenditure unrelated to the field, and (b) the claim or election was received by the Board on or after that date, and (c) the expenditure allowed on the claim or election fell to be taken into account in computing the assessable profit or allowable loss of the old participator for the transfer period or any earlier chargeable period, then, from the sum which, apart from this sub-paragraph, would be the aggregate of all the losses transferred to the new participator under this paragraph there shall be deducted (subject to sub-paragraphs (5) and (6) below) so much of the expenditure referred to in paragraph (a) above as is allowed on the claim or election (and, accordingly, the amount so deducted shall not fall to be transferred to the new participator under this paragraph). (4) In this paragraph “expenditure unrelated to the field” means expenditure allowable under any of the following provisions— (a) section 5 (abortive exploration expenditure); (b) section 5A (exploration and appraisal expenditure); (c) section 5B (research expenditure); (d) section 6 (unrelievable loss from abandoned field); and (e) section 65 of the Finance Act 1987 (cross-field allowance of certain expenditure incurred on new fields); and, in relation to any such expenditure, “claim” means a claim under Schedule 7 or Schedule 8 and “election” means an election under Part I of Schedule 14 to the Finance Act 1987 and, in relation to such an election, expenditure shall be regarded as allowed if it is accepted by the Board as allowable in accordance with that Schedule. (5) Where, in accordance with sub-paragraph (1) above, only a part of a loss (corresponding to the part of the interest transferred) falls to be transferred under this paragraph, only a corresponding part of the expenditure referred to in sub-paragraph (3) above shall be deducted under that sub-paragraph. (6) Where the amount of the deduction under sub-paragraph (3) above equals or exceeds the sum from which it is to be deducted, no part of any loss shall be transferred to the new participator under this paragraph.

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149 Transfer: associated bodies.

(1) Section 42 of the Finance Act 1930 (relief from transfer stamp duty in case of transfer of property as between associated bodies corporate) shall be amended as mentioned in subsections (2) to (5) below. (2) In subsection (2) (as substituted by section 27(2) of the Finance Act 1967) for the words from “that the effect” to the end of the subsection there shall be substituted that— (a) the effect of the instrument is to convey or transfer a beneficial interest in property from one body corporate to another, and (b) the bodies in question are associated at the time the instrument is executed. (3) The following subsections shall be inserted after subsection (2) (as so substituted)— (2A) For the purposes of this section bodies corporate are associated at a particular time if at that time one is the parent of the other or another body corporate is the parent of each. (2B) For the purposes of this section one body corporate is the parent of another at a particular time if at that time the first body is beneficial owner of not less than 75 per cent. of the ordinary share capital of the second body. (4) In subsection (3) (as so substituted) for “(2)” there shall be substituted “ (2B) ”, and the words from “with the substitution” to the end shall be omitted. (5) The following subsection shall be inserted after subsection (3) (as so substituted)— (4) In this section “ordinary share capital”, in relation to a body corporate, means all the issued share capital (by whatever name called) of the body corporate, other than capital the holders of which have a right to a dividend at a fixed rate but have no other right to share in the profits of the body corporate. (6) In section 27 of the Finance Act 1967 (which relates to section 42 of the Finance Act 1930) in subsection (3)(c) for the words from “a change” to “third body corporate” there shall be substituted “ the transferor or a third body corporate ceasing to be the transferee’s parent (within the meaning of the said section 42) ”. (7) This section shall apply in relation to instruments executed on or after the day on which this Act is passed.

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150 Northern Ireland transfer: associated bodies.

(1) Section 11 of the Finance Act (Northern Ireland) 1954 (relief from stamp duty in case of transfer of property between associated bodies corporate) shall be amended as follows. (2) In subsection (2)(c)(iii) for the words from “a change” to “third body corporate” there shall be substituted “ the transferor or a third body corporate ceasing to be the transferee’s parent ”. (3) The following subsections shall be substituted for subsection (3)— (3) For the purposes of this section a body corporate is associated with another body corporate at a particular time if at that time one is the parent of the other or another body corporate is the parent of each. (3AA) For the purposes of this section one body corporate is the parent of another at a particular time if at that time the first body is beneficial owner of not less than 75 per cent. of the ordinary share capital of the second body. (4) In subsection (3A) for the words “paragraphs (i) and (ii) of subsection (3)” there shall be substituted “ subsection (3AA) ”, and the words from “with the substitution” to the end shall be omitted. (5) The following subsection shall be inserted after subsection (3A)— (3AB) In this section “ordinary share capital”, in relation to a body corporate, means all the issued share capital (by whatever name called) of the body corporate, other than capital the holders of which have a right to a dividend at a fixed rate but have no other right to share in the profits of the body corporate. (6) This section shall apply in relation to instruments executed on or after the day on which this Act is passed.

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151 Lease or tack: associated bodies.

(1) Stamp duty under Part II of Schedule 13 to the Finance Act 1999 (lease) shall not be chargeable on an instrument which is— (a) a lease, (b) an agreement for a lease, or (c) an agreement with respect to a letting, as respects which the condition in subsection (2) below is satisfied. This subsection is subject to subsection (4A) below. (2) The condition is that it is shown to the satisfaction of the Commissioners of Inland Revenue that— (a) the lessor is a body corporate and the lessee is another body corporate, (b) those bodies are associated at the time the instrument is executed, (c) in the case of an agreement, the agreement is for the lease or letting to be granted to the lessee or to a body corporate which is associated with the lessee at the time the instrument is executed, and (d) the instrument is not executed in pursuance of or in connection with an arrangement falling within subsection (3) below. (3) An arrangement falls within this subsection if it is one under which— (a) the consideration, or any part of the consideration, for the lease or agreement was to be provided or received (directly or indirectly) by a person other than a body corporate which at the relevant time was associated with either the lessor or the lessee, or (b) the lessor and the lessee were to cease to be associated by reason of the lessor or a third body corporate ceasing to be the lessee’s parent; and the relevant time is the time of the execution of the instrument. (4) Without prejudice to the generality of paragraph (a) of subsection (3) above, an arrangement shall be treated as within that paragraph if it is one under which the lessor or the lessee or a body corporate associated with either at the relevant time was to be enabled to provide any of the consideration, or was to part with any of it, by or in consequence of the carrying out of a transaction which involved (or transactions any of which involved) a payment or other disposition by a person other than a body corporate associated with the lessor or the lessee at the relevant time. (4A) An instrument shall not be exempt from stamp duty by virtue of subsection (1) above if at the time the instrument is executed arrangements are in existence by virtue of which at that or some later time any person has or could obtain, or any persons together have or could obtain, control of the lessee but not of the lessor. (5) An instrument mentioned in subsection (1) above shall not be treated as duly stamped unless— (a) it is duly stamped in accordance with the law that would apply but for that subsection, or (b) it has, in accordance with section 12 of the Stamp Act 1891, been stamped with a particular stamp denoting either that it is not chargeable with any duty or that it is duly stamped. (6) In this section— (a) references to the lessor are to the person granting the lease or (in the case of an agreement) agreeing to grant the lease or letting; (b) references to the lessee are to the person being granted the lease or (in the case of an agreement) agreeing for the lease or letting to be granted to him or another. (7) For the purposes of this section bodies corporate are associated at a particular time if at that time one is the parent of the other or another body corporate is the parent of each. (8) For the purposes of this section one body corporate is the parent of another at a particular time if at that time the first body. (a) is beneficial owner of not less than 75 per cent. of the ordinary share capital of the second body. (b) is beneficially entitled to not less than 75 per cent of any profits available for distribution to equity holders of the second body; and (c) would be beneficially entitled to not less than 75 per cent of any assets of the second body available for distribution to its equity holders on a winding-up. (9) In subsection (8) above “ordinary share capital”, in relation to a body corporate, means all the issued share capital (by whatever name called) of the body corporate, other than capital the holders of which have a right to a dividend at a fixed rate but have no other right to share in the profits of the body corporate. (10) The ownership referred to in paragraph (a) of subsection (8) above is ownership either directly or through another body corporate or other bodies corporate, or partly directly and partly through another body corporate or other bodies corporate; and Part I of Schedule 4 to the Finance Act 1938 (determination of amount of capital held through other bodies corporate) shall apply for the purposes of that paragraph. (10A) Chapter 6 of Part 5 of the Corporation Tax Act 2010 shall apply for the purposes of paragraphs (b) and (c) of subsection (8) as it applies for the purposes of section 151(4)(a) and (b) of that Act; but this is subject to subsection (10B). (10B) In determining for the purposes of this section whether a body corporate is the parent of the lessor, sections 171(1)(b) and (3), 173, 174 and 176 to 178 of the Corporation Tax Act 2010 shall not apply for the purposes of paragraph (b) or (c) of subsection (8) above. (10C) In this section, “control” shall be construed in accordance with section 1124 of the Corporation Tax Act 2010. (11) This section shall apply in relation to instruments executed on or after the day on which this Act is passed.

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152 Open-ended investment companies.

(1) The Treasury may, by regulations, make such provision as they consider appropriate for securing that the enactments specified in subsection (2) below have effect in relation to— (a) open-ended investment companies of any such description as may be specified in the regulations, (b) holdings in, and the assets of, such companies, and (c) transactions involving such companies, in a manner corresponding, subject to such modifications as the Treasury consider appropriate, to the manner in which they have effect in relation to unit trusts, to rights under, and the assets subject to, such trusts and to transactions for purposes connected with such trusts. (2) The enactments referred to in subsection (1) above are— (a) the Tax Acts and the Taxation of Chargeable Gains Act 1992; and (b) the enactments relating to stamp duty and stamp duty reserve tax. (3) The power of the Treasury to make regulations under this section in relation to any such enactments shall include power to make provision which does any one or more of the following, that is to say— (a) identifies the payments which are or are not to be treated, for the purposes of any prescribed enactment, as the distributions of open-ended investment companies; (b) modifies the operation in relation to open-ended investment companies, or in relation to payments falling to be treated as the distributions of such companies, of any of the following provisions of Part 23 of the Corporation Tax Act 2010— (i) any provision of Chapter 2, except section 1000(2), (ii) sections 1030 to 1048, (iii) section 1049(1) and (3), (iv) sections 1059 to 1063, and (v) Chapter 5. (c) applies and adapts any of the provisions of the enactments relating to stamp duty or stamp duty reserve tax for the purpose of making in relation to transactions involving open-ended investment companies any provision corresponding (with or without modifications) to that which applies under those enactments in the case of equivalent transactions involving unit trusts; (d) provides for any or all of the provisions of sections 75 to 77 of the Finance Act 1986 to have effect or not to have effect in relation to open-ended investment companies or the undertakings of, or any shares in, such companies; (e) so modifies the operation of any prescribed enactment in relation to any such companies as to secure that arrangements for treating the assets of an open-ended investment company as assets comprised in separate pools are given an effect corresponding, in prescribed respects, to that of equivalent arrangements constituting the separate parts of an umbrella scheme; (f) requires prescribed enactments to have effect in relation to an open-ended investment company as if it were, or were not, a member of the same group of companies as one or more other companies; (g) identifies the holdings in open-ended investment companies which are, or are not, to be treated for the purposes of any prescribed enactment as comprised in the same class of holdings; (h) preserves a continuity of tax treatment where, in connection with any scheme of re-organisation, assets of one or more unit trusts become assets of one or more open-ended investment companies, or vice versa; (i) treats the separate parts of the undertaking of an open-ended investment company in relation to which provision is made by virtue of paragraph (e) above as distinct companies for the purposes of any regulations under this section; (j) amends, adapts or applies the provisions of any subordinate legislation made under or by reference to any enactment modified by the regulations. (4) The power to make regulations under this section shall be exercisable by statutory instrument and shall include power— (a) to make different provision for different cases; and (b) to make such incidental, supplemental, consequential and transitional provision as the Treasury may think fit. (5) A statutory instrument containing regulations under this section shall be subject to annulment in pursuance of a resolution of the House of Commons. (6) In this section— “the enactments relating to stamp duty” means the Stamp Act 1891, and any enactment (including any Northern Ireland legislation) which amends or is required to be construed together with that Act; “the enactments relating to stamp duty reserve tax” means Part IV of the Finance Act 1986 and any enactment which amends or is required to be construed as one with that Part; “Northern Ireland legislation” shall have the meaning given by section 24(5) of the Interpretation Act 1978; “open-ended investment company” shall have the meaning given by section 236 of the Financial Services and Markets Act 2000; “prescribed” means prescribed by regulations under this section; “subordinate legislation” means any subordinate legislation within the meaning of the Interpretation Act 1978 or any order or regulations made by statutory instrument under Northern Ireland legislation; and “umbrella scheme” shall have the meaning given by section 619 of the Corporation Tax Act 2010; and references in this section to the enactments relating to stamp duty, or to any of them, or to Part IV of the Finance Act 1986 shall have effect as including references to enactments repealed by sections 107 to 110 of the Finance Act 1990. (7) Any reference in this section to unit trusts has effect— (a) for the purposes of so much of this section as confers power in relation to the enactments specified in paragraph (a) of subsection (2) above, as a reference to authorised unit trusts (within the meaning of sections 616 and 619(3) of the Corporation Tax Act 2010), and (b) for the purposes of so much of this section as confers power in relation to the enactments specified in paragraph (b) of that subsection, as a reference to any unit trust scheme (within the meaning given by section 57 of the Finance Act 1946). (8) For the purposes of this section the enactments which shall be taken to make provision in relation to companies that are members of the same group of companies shall include any enactments which make provision in relation to a case— (a) where one company has, or in relation to another company is, a subsidiary, or a subsidiary of a particular description, or (b) where one company controls another or two or more companies are under the same control.

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154 Short rotation coppice.

(1) ... The cultivation of short rotation coppice shall be regarded for the purposes of ... the Taxation of Chargeable Gains Act 1992 as farming (and, where relevant, as husbandry or agriculture) and not as forestry; and land in the United Kingdom on which the activity is carried on shall accordingly be regarded for those purposes as farm land or agricultural land, as the case may be, and not as woodlands. (1A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) For the purposes of the Inheritance Tax Act 1984 the cultivation of short rotation coppice shall be regarded as agriculture; and accordingly for those purposes— (a) land on which short rotation coppice is cultivated shall be regarded as agricultural land, and (b) buildings used in connection with the cultivation of short rotation coppice shall be regarded as farm buildings. (3) In subsections (1) and (2) “short rotation coppice” means a perennial crop of tree species planted at high density, the stems of which are harvested above ground level at intervals of less than ten years. (4) Subsection (1) and subsection (3) so far as relating to subsection (1) shall be deemed to have come into force on 29th November 1994. (5) Subsection (2) and subsection (3) so far as relating to subsection (2) shall have effect in relation to transfers of value or other events occuring on or after 6th April 1995.

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155 Inheritance tax: agricultural property.

(1) In section 116 of the Inheritance Tax Act 1984 (relief for transfers of agricultural property) in subsection (2) (rate of relief) the word “either” shall be omitted and at the end of paragraph (b) there shall be inserted or (c) the interest of the transferor in the property immediately before the transfer does not carry either of the rights mentioned in paragraph (a) above because the property is let on a tenancy beginning on or after 1st September 1995; . (2) After subsection (2) of that section there shall be inserted the following subsection— (2A) In the application of this section as respects property in Scotland, the reference in subsection (2)(c) above to a tenancy beginning on or after 1st September 1995 includes a reference to its being acquired on or after that date by right of succession (the date of acquisition being taken to be the date on which the successor gives relevant notice under section 12 of the Agricultural Holdings (Scotland) Act 1991). (3) Subsections (1) and (2) above shall apply in relation to transfers of value made, and other events occurring, on or after 1st September 1995.

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156 Proceedings for tax in sheriff court.

(1) Section 67 of the Taxes Management Act 1970 (proceedings for tax in sheriff court) shall be amended as follows. (2) In subsection (1) (tax not exceeding a specified sum recoverable in sheriff court) for the words from “where” to “the tax” there shall be substituted “ tax due and payable under any assessment ”. (3) The following subsection shall be inserted after subsection (1)— (1A) An officer of the Board who is authorised by the Board to do so may address the court in any proceedings under this section. (4) This section shall apply in relation to proceedings commenced after the day on which this Act is passed.

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157 Certificates of tax deposit.

(1) If, whether before or after the passing of this Act— (a) any person (“the depositor”) has received any sum on the making, on or after 6th April 1990, of a withdrawal for cash of a tax deposit made before that date, (b) the whole or any part of any qualifying tax liability has been discharged by any payment made otherwise than by the application of a tax deposit, and (c) that payment was made in the period beginning one month before the withdrawal and ending one month afterwards, the depositor shall be entitled to receive compensation under this section from the Board. (2) In this section “qualifying tax liability”, in relation to a tax deposit, means so much of any liability as is— (a) a liability of any person for any tax for the year 1990-91 or any subsequent year of assessment, or for interest on such tax; (b) a liability that relates to tax for a year of assessment during the whole or any part of which that person was married to the depositor; and (c) a liability of such a description that, if it had been a liability of the depositor (and the withdrawal were to be disregarded), the whole or any part of it could have been discharged, immediately before the time of the payment mentioned in subsection (1)(b) above, by the application of that deposit and of accrued interest thereon. (3) Subject to the following provisions of this section, the amount of the compensation to which the depositor is entitled under this section in the case of any deposit withdrawn for cash shall be equal to the difference between— (a) the sum received as mentioned in subsection (1)(a) above on the withdrawal; and (b) the sum that would have been received if interest had accrued on the relevant part of the sum received at the rate applicable under the relevant terms to sums applied in the payment of tax, instead of at the rate applicable to a withdrawal for cash. (4) In subsection (3) above, the reference to the relevant part of the sum received on the withdrawal of a deposit is a reference to the following amount, that is to say— (a) in a case where the sum received on the withdrawal is equal to or smaller than the amount of the liability discharged by the payment mentioned in subsection (1)(b) above, the amount equal to such part of the sum actually received as does not represent interest that has accrued under the relevant terms; and (b) in any other case, to the amount which would have been the amount specified in paragraph (a) above if the sum actually received on the withdrawal had been equal to the amount of qualifying tax liability so discharged. (5) The amount of compensation to which any person is entitled under this section shall also include an amount equal to interest, for the period from the withdrawal mentioned in subsection (1)(a) above until the payment of the compensation, on the amount determined in accordance with subsection (3) above; and a liability to compensation under this section shall not bear interest apart from in accordance with this subsection. (6) Section 178 of the Finance Act 1989 (interest rates) shall apply to subsection (5) above for determining the rate of the interest treated, by virtue of that subsection, as included in any compensation under this section; and any regulations under that section which are in force at the passing of this Act shall be deemed, subject to the powers of the Treasury under that section, to have effect in relation to this section as they have effect in relation to the enactments specified in subsection (2)(f) of that section (interest on overdue tax). (7) The part of any compensation under this section that represents interest under subsection (5) above shall not be treated as included in the income of the depositor for the purposes of income tax; but the remainder shall be chargeable to income tax under Chapter 2 of Part 4 of the Income Tax (Trading and Other Income) Act 2005 (interest). (8) No compensation shall be paid under this section unless a claim for it has been made to the Board. (9) Where any claim is made under this section with respect to any withdrawal for cash of a tax deposit— (a) this section shall have effect if there is, in the period mentioned in subsection (1)(c) above, more than one such payment as is mentioned in subsection (1)(b) above as if (subject to paragraph (b) below) all the payments in that period were, for the purposes of that claim, to be aggregated and treated as one such payment; and (b) the amount of compensation payable under this section on that claim shall be computed without regard to so much of any payment discharging a qualifying tax liability as, in pursuance of any claim under this section, has been or is to be so taken into account as to affect the amount of compensation payable in the case of any other withdrawal. (10) Sums required by the Board for paying compensation under this section shall be issued to the Board by the Treasury out of the National Loans Fund. (11) A withdrawal for cash of a tax deposit shall be taken for the purposes of this section to occur at the same time as, under the relevant terms, it is deemed to occur for the purposes of the calculation of interest on the amount withdrawn. (12) This section shall be construed as one with the Tax Acts, and in this section— (a) references to a tax deposit are references to the whole or any part of any deposit in respect of which a certificate of tax deposit has been issued by the Treasury under section 12 of the National Loans Act 1968; and (b) references to the relevant terms, in relation to a tax deposit, are references to the terms applicable to that deposit and to the certificate issued in respect of it.

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158 Amendment of the Exchequer and Audit Departments Act 1866.

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159 Ports levy.

(1) In Part I of the Ports Act 1991 (transfer of statutory port undertakings), after section 15 (duty to provide information for purposes of levy) insert— Notice of assessment: supplementary provisions. 15A (1) Where a notice of assessment has been served under section 14(2) above on a former relevant port authority (“the authority”), the authority may, within the period mentioned in section 14(3) above, by notice in writing request the appropriate Minister to reconsider the amount of the assessment. The request shall set out the grounds on which the authority allege that the amount assessed is incorrect. (2) If it appears to the Minister that there are reasonable grounds for believing that the amount of the assessment may be excessive, he may direct that section 14(3) and (4) above shall not apply to the whole amount of the assessment but only to such lesser amount as he may specify. (3) If a request for reconsideration is duly made, the appropriate Minister shall reconsider the amount of the assessment and may confirm or reduce it. An appeal lies to the High Court or, in Scotland, to the Court of Session as the Court of Exchequer in Scotland from any decision of the Minister under this subsection. (4) The appropriate Minister may reconsider the amount of an assessment under section 14(2) above in any other case, if he thinks fit, and may confirm or reduce it. (5) When the amount of the assessment is finally determined— (a) if the amount of the assessment is less than the amount paid by the authority, the appropriate Minister shall make such payment to the authority as is required to put the authority in the same position as if the reduced amount had been specified in the original assessment; (b) if a further amount is payable by the authority, section 14(3) and (4) above shall apply in relation to that amount as if the reference to the date of issue of the notice of assessment were a reference to the date of the determination. (6) Except as provided by this section a notice of assessment under section 14(2) above shall not be questioned in any legal proceedings whatsoever. . (2) Sections 115 to 120 of the Finance Act 1990 (levy on privatisation of certain ports) shall cease to have effect. (3) An Order in Council under paragraph 1(1)(b) of Schedule 1 to the Northern Ireland Act 1974 (legislation for Northern Ireland in the interim period) which states that it is made only for purposes corresponding to those of subsection (1) above— (a) shall not be subject to paragraph 1(4) and (5) of that Schedule (affirmative resolution of both Houses of Parliament), but (b) shall be subject to annulment in pursuance of a resolution of either House of Parliament.

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