Law
Finance Act 1990
United Kingdom · statute
Ask the law about thisMore laws of United KingdomFor machines: Markdown
In force since 2013-04-01, 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: 152 provisions
- Title and introductory text
- 1 Spirits, beer, wine, made-wine and cider.
- 2 Tobacco products.
- 3 Hydrocarbon oil.
- 4 Pool betting duty.
- 5 Vehicles excise duty.
- 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 7 Entry of goods on importation.
- 8 Spirits methylated abroad.
- 9 Lodgings for officers in charge of distillery.
- 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 17 Rates and main allowances.
- 18 Relief for blind persons.
- 19 Charge and rate of corporation tax for 1990.
- 20 Small companies.
- 21 Care for children.
- 22 Car benefits.
- 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 25 Donations to charity by individuals.
- 26 Company donations to charity.
- 27 Maximum qualifying company donations.
- 28 Tax-exempt special savings accounts.
- 29 Extension of SAYE.
- 30 Building societies.
- 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 41 Apportionment of income etc.
- 42 Overseas life assurance business.
- 43 Deduction for policy holders’ tax.
- 44 Reinsurance commissions.
- 45 Policy holders’ share of profits etc.
- 46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 48 Transfers of long term business.
- 49 Friendly societies: increased tax exemption.
- 50 Friendly societies: application of enactments.
- 51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 52 Unit trusts: repeals.
- 53 Unit trust managers: exemption from bond-washing provisions.
- 54 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 55 Investment trusts.
- 56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 57 Deep gain securities.
- 58 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 59 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 60 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 62 CT treatment of PRT repayment.
- 63 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 64 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 67 Dual resident companies: controlled foreign companies.
- 68 Movements of capital between residents of member States.
- 69 European Economic Interest Groupings.
- 70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 71 Relief for interest.
- 72 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 73 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 74 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 75 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 76 Training and enterprise councils and local enterprise companies.
- 77 Expenses of entertainers.
- 78 Waste disposal.
- 79 Priority share allocations for employees etc.
- 80 Broadcasting: transfer of undertakings of Independent Broadcasting Authority and Cable Authority.
- 81 Futures and options: exemptions.
- 82 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 83 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 84 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 86 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 87 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 88 Capital allowances: miscellaneous amendments.
- 89 Correction of errors in Taxes Act 1988.
- 90 Income tax returns.
- 91 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 92 Information powers relating to interest.
- 93 Restrictions on Board’s power to call for information.
- 94 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 95 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 96 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 98 Repayment of income tax deducted at source.
- 99 Loss relief.
- 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 102 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 103 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 104 Officers.
- 105 Recovery of excessive repayments of tax.
- 106 Corporation tax: collection.
- 107 Stamp duty to be abolished on bearer instruments.
- 108 Transfer of securities: abolition of stamp duty.
- 109 Stamp duty: other repeals.
- 110 Stamp duty reserve tax: abolition.
- 111 General.
- 112 Stamp duty.
- 113 Stamp duty reserve tax.
- 114 International organisations.
- 115 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 116 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 117 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 118 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 119 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 120 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 121 Limit on PRT repayment interest where loss carried back.
- 122 Variation, on account of fraudulent or negligent conduct, of decision on expenditure claim etc.
- 123 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 124 Inheritance tax: restriction on power to require information.
- 125 Information for tax authorities in other member States.
- 126 Pools payments for football ground improvements.
- 127 Definition of “local authority” for certain tax purposes.
- 128 Repayment of fees and charges.
- 129 Settlement of stock disputes by deputy registrars.
- 130 Limit for local loans.
- 131 Interpretation etc.
- 132 Repeals.
- 133 Short title.
- SCHEDULE 1 Table of Rates of Duty on Wine and Made-Wine
- SCHEDULE 2 Vehicles Excise Duty: Rates
- SCHEDULE 3 Entry of Goods on Importation
- SCHEDULE 4
- SCHEDULE 5 Building Societies and Deposit-Takers
- SCHEDULE 6 Life Assurance: Apportionment of Income etc.
- SCHEDULE 8
- SCHEDULE 9 Insurance Companies: Transfers of Long Term Business
- SCHEDULE 10
- SCHEDULE 11 European Economic Interest Groupings
- SCHEDULE 12 Broadcasting: Transfer of Undertakings of Independent Broadcasting Authority and Cable Authority
- SCHEDULE 13 Capital Allowances: Miscellaneous Amendments
- SCHEDULE 14 Amendments Correcting Errors in the Taxes Act 1988
- SCHEDULE 15
- SCHEDULE 16
- SCHEDULE 17
- SCHEDULE 18 Definition of “Local Authority”
- SCHEDULE 19 REPEALS
Proposed changes to this act
No one has proposed a change to this act yet.
152 provisions
41 Apportionment of income etc.
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Propose a change42 Overseas life assurance business.
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Propose a change43 Deduction for policy holders’ tax.
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Propose a change44 Reinsurance commissions.
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Propose a change45 Policy holders’ share of profits etc.
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change48 Transfers of long term business.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change49 Friendly societies: increased tax exemption.
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) In paragraph 3(8)(b)(ii) of Schedule 15 to that Act (amount of premiums to be disregarded in determining whether a policy meets conditions for it to be a qualifying policy), after the word “premiums” there shall be inserted the words “ or, where those premiums are payable otherwise than annually, an amount equal to 10 per cent. of those premiums if that is greater ”.
Propose a change50 Friendly societies: application of enactments.
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Propose a change51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change52 Unit trusts: repeals.
(1) The Taxes Act 1988 shall have effect subject to the following provisions of this section. (2) In section 468 (authorised unit trusts) subsection (5) shall not apply as regards a distribution period beginning after 31st December 1990. (3) Where a particular distribution period is by virtue of subsection (2) above the last distribution period as regards which section 468(5) applies in the case of a trust, the trustees’ liability to income tax in respect of any source of income chargeable under Case III of Schedule D shall be assessed as if they had ceased to possess the source of income on the last day of that distribution period. (4) But where section 67 of the Taxes Act 1988 applies by virtue of subsection (3) above, it shall apply with the omission from subsection (1)(b) of the words from “and shall” to “this provision”. (5) Section 468B (certified unit trusts: corporation tax) shall not apply as regards an accounting period ending after 31st December 1990. (6) Section 468C (certified unit trusts: distributions) shall not apply as regards a distribution period ending after 31st December 1990. (7) Section 468D (funds of funds: distributions) shall not apply as regards a distribution period ending after 31st December 1990. (8) In this section “distribution period” has the same meaning as in section 468 of the Taxes Act 1988.
Propose a change53 Unit trust managers: exemption from bond-washing provisions.
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Propose a change54 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change55 Investment trusts.
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Propose a change56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change57 Deep gain securities.
(1) In Schedule 11 to the Finance Act 1989 (deep gain securities) paragraph 1 (meaning of deep gain security) shall be amended as follows. (2) The following sub-paragraph shall be inserted after sub-paragraph (3)— (3A) In the case of a security issued on or after 9th June 1989, for the purposes of sub-paragraph (2) above “redemption” does not include any redemption which may be made before maturity only if— (a) the person who issued the security fails to comply with the duties imposed on him by the terms of issue, (b) the person who issued the security becomes unable to pay his debts, or (c) the security was issued by a company and a person gains control of the company in pursuance of the acceptance of an offer made by that person to acquire shares in the company. (3) The amendment made by this section shall be deemed always to have had effect.
Propose a change58 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change59 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change60 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change62 CT treatment of PRT repayment.
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change63 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change64 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change67 Dual resident companies: controlled foreign companies.
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) In Schedule 25 to that Act— (a) paragraphs 2(1)(c) and 4(1)(c) shall be omitted, (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) Subsections (1) and (2) above shall apply on and after 20th March 1990 and subsection (3) above shall apply to dividends paid on or after that date.
Propose a change68 Movements of capital between residents of member States.
(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) In section 98 of the Taxes Management Act 1970 (penalties for failure to furnish information and for false information)— (a) in subsection (1), after the words “Subject to” there shall be inserted the words “ the provisions of this section and ”; (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) This section shall apply to transactions carried out on or after 1st July 1990.
Propose a change69 European Economic Interest Groupings.
Schedule 11 to this Act (which makes provision about the taxation of income and gains in the case of European Economic Interest Groupings) shall have effect.
Propose a change70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change71 Relief for interest.
For the year 1990-91 the qualifying maximum defined in section 367(5) of the Taxes Act 1988 (limit on relief for interest on certain loans) shall be £30,000.
Propose a change72 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change73 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change74 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change75 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Propose a change76 Training and enterprise councils and local enterprise companies.
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Propose a change77 Expenses of entertainers.
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Propose a change78 Waste disposal.
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Propose a change79 Priority share allocations for employees etc.
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Propose a change