Law

Finance Act 1990

United Kingdom · statute

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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
  1. Title and introductory text
  2. 1 Spirits, beer, wine, made-wine and cider.
  3. 2 Tobacco products.
  4. 3 Hydrocarbon oil.
  5. 4 Pool betting duty.
  6. 5 Vehicles excise duty.
  7. 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  8. 7 Entry of goods on importation.
  9. 8 Spirits methylated abroad.
  10. 9 Lodgings for officers in charge of distillery.
  11. 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  12. 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  13. 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  14. 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  15. 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  16. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  17. 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  18. 17 Rates and main allowances.
  19. 18 Relief for blind persons.
  20. 19 Charge and rate of corporation tax for 1990.
  21. 20 Small companies.
  22. 21 Care for children.
  23. 22 Car benefits.
  24. 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  25. 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  26. 25 Donations to charity by individuals.
  27. 26 Company donations to charity.
  28. 27 Maximum qualifying company donations.
  29. 28 Tax-exempt special savings accounts.
  30. 29 Extension of SAYE.
  31. 30 Building societies.
  32. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  33. 32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  34. 33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  35. 34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  36. 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  37. 36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  38. 37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  39. 38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  40. 39 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  41. 40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  42. 41 Apportionment of income etc.
  43. 42 Overseas life assurance business.
  44. 43 Deduction for policy holders’ tax.
  45. 44 Reinsurance commissions.
  46. 45 Policy holders’ share of profits etc.
  47. 46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  48. 47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  49. 48 Transfers of long term business.
  50. 49 Friendly societies: increased tax exemption.
  51. 50 Friendly societies: application of enactments.
  52. 51 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  53. 52 Unit trusts: repeals.
  54. 53 Unit trust managers: exemption from bond-washing provisions.
  55. 54 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  56. 55 Investment trusts.
  57. 56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  58. 57 Deep gain securities.
  59. 58 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  60. 59 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  61. 60 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  62. 61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  63. 62 CT treatment of PRT repayment.
  64. 63 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  65. 64 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  66. 65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  67. 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  68. 67 Dual resident companies: controlled foreign companies.
  69. 68 Movements of capital between residents of member States.
  70. 69 European Economic Interest Groupings.
  71. 70 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  72. 71 Relief for interest.
  73. 72 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  74. 73 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  75. 74 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  76. 75 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  77. 76 Training and enterprise councils and local enterprise companies.
  78. 77 Expenses of entertainers.
  79. 78 Waste disposal.
  80. 79 Priority share allocations for employees etc.
  81. 80 Broadcasting: transfer of undertakings of Independent Broadcasting Authority and Cable Authority.
  82. 81 Futures and options: exemptions.
  83. 82 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  84. 83 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  85. 84 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  86. 85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  87. 86 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  88. 87 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  89. 88 Capital allowances: miscellaneous amendments.
  90. 89 Correction of errors in Taxes Act 1988.
  91. 90 Income tax returns.
  92. 91 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  93. 92 Information powers relating to interest.
  94. 93 Restrictions on Board’s power to call for information.
  95. 94 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  96. 95 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  97. 96 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  98. 97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  99. 98 Repayment of income tax deducted at source.
  100. 99 Loss relief.
  101. 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  102. 101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  103. 102 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  104. 103 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  105. 104 Officers.
  106. 105 Recovery of excessive repayments of tax.
  107. 106 Corporation tax: collection.
  108. 107 Stamp duty to be abolished on bearer instruments.
  109. 108 Transfer of securities: abolition of stamp duty.
  110. 109 Stamp duty: other repeals.
  111. 110 Stamp duty reserve tax: abolition.
  112. 111 General.
  113. 112 Stamp duty.
  114. 113 Stamp duty reserve tax.
  115. 114 International organisations.
  116. 115 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  117. 116 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  118. 117 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  119. 118 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  120. 119 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  121. 120 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  122. 121 Limit on PRT repayment interest where loss carried back.
  123. 122 Variation, on account of fraudulent or negligent conduct, of decision on expenditure claim etc.
  124. 123 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  125. 124 Inheritance tax: restriction on power to require information.
  126. 125 Information for tax authorities in other member States.
  127. 126 Pools payments for football ground improvements.
  128. 127 Definition of “local authority” for certain tax purposes.
  129. 128 Repayment of fees and charges.
  130. 129 Settlement of stock disputes by deputy registrars.
  131. 130 Limit for local loans.
  132. 131 Interpretation etc.
  133. 132 Repeals.
  134. 133 Short title.
  135. SCHEDULE 1 Table of Rates of Duty on Wine and Made-Wine
  136. SCHEDULE 2 Vehicles Excise Duty: Rates
  137. SCHEDULE 3 Entry of Goods on Importation
  138. SCHEDULE 4
  139. SCHEDULE 5 Building Societies and Deposit-Takers
  140. SCHEDULE 6 Life Assurance: Apportionment of Income etc.
  141. SCHEDULE 8
  142. SCHEDULE 9 Insurance Companies: Transfers of Long Term Business
  143. SCHEDULE 10
  144. SCHEDULE 11 European Economic Interest Groupings
  145. SCHEDULE 12 Broadcasting: Transfer of Undertakings of Independent Broadcasting Authority and Cable Authority
  146. SCHEDULE 13 Capital Allowances: Miscellaneous Amendments
  147. SCHEDULE 14 Amendments Correcting Errors in the Taxes Act 1988
  148. SCHEDULE 15
  149. SCHEDULE 16
  150. SCHEDULE 17
  151. SCHEDULE 18 Definition of “Local Authority”
  152. SCHEDULE 19 REPEALS

Proposed changes to this act

No one has proposed a change to this act yet.

152 provisions

80 Broadcasting: transfer of undertakings of Independent Broadcasting Authority and Cable Authority.

Schedule 12 to this Act shall have effect.

Propose a change

81 Futures and options: exemptions.

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) The following section shall be inserted at the end of Part XIV of the Taxes Act 1988 (pension schemes etc.)— Futures and options. 659A (1) For the purposes of sections 592(2), 608(2)(a), 613(4), 614(3) and (4), 620(6) and 643(2)— (a) “investments” (or “investment”) includes futures contracts and options contracts, and (b) income derived from transactions relating to such contracts shall be regarded as income derived from (or income from) such contracts, and paragraph 7(3)(a) of Schedule 22 to this Act shall be construed accordingly. (2) For the purposes of subsection (1) above a contract is not prevented from being a futures contract or an options contract by the fact that any party is or may be entitled to receive or liable to make, or entitled to receive and liable to make, only a payment of a sum (as opposed to a transfer of assets other than money) in full settlement of all obligations. (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) Section 659 of the Taxes Act 1988 (financial futures and traded options) shall cease to have effect. (5) Subsections (1) and (2) above apply in relation to income derived after the day on which this Act is passed. (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7) Insofar as section 659 of the Taxes Act 1988 relates to provisions of that Act, subsection (4) above applies in relation to income derived after the day on which this Act is passed. (8) Insofar as section 659 of the Taxes Act 1988 relates to section 149B of the Capital Gains Tax Act 1979, subsection (4) above applies in relation to disposals made after the day on which this Act is passed.

Propose a change

82 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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83 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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84 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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85 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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86 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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87 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Propose a change

88 Capital allowances: miscellaneous amendments.

Schedule 13 to this Act shall have effect.

Propose a change

89 Correction of errors in Taxes Act 1988.

Schedule 14 to this Act shall have effect.

Propose a change

90 Income tax returns.

(1) The following sections shall be substituted for sections 8 and 9 of the Taxes Management Act 1970 (return of income)— Personal return. 8 (1) For the purposes of assessing a person to income tax, he may be required by a notice given to him by an inspector— (a) to make and deliver to the inspector within the time limited by the notice a return containing such information as may be required in pursuance of the notice, and (b) to deliver with the return such accounts and statements, relating to information contained in the return, as may be required in pursuance of the notice. (2) Every return under this section shall include a declaration by the person making the return to the effect that the return is to the best of his knowledge correct and complete. (3) A notice under this section may require different information, accounts and statements for different periods or in relation to different descriptions of source of income. (4) Notices under this section may require different information, accounts and statements in relation to different descriptions of person. Trustee’s return. 8A (1) For the purpose of assessing a trustee of a settlement, and the settlors and beneficiaries, to income tax an inspector may by a notice given to the trustee require the trustee— (a) to make and deliver to the inspector within the time limited by the notice a return containing such information as may be required in pursuance of the notice, and (b) to deliver with the return such accounts and statements, relating to information contained in the return, as may be required in pursuance of the notice; and a notice may be given to any one trustee or separate notices may be given to each trustee or to such trustees as the inspector thinks fit. (2) Every return under this section shall include a declaration by the person making the return to the effect that the return is to the best of his knowledge correct and complete. (3) A notice under this section may require different information, accounts and statements for different periods or in relation to different descriptions of source of income. (4) Notices under this section may require different information, accounts and statements in relation to different descriptions of settlement. Partnership return. 9 (1) Where a trade or profession is carried on by two or more persons jointly, for the purposes of making an assessment to income tax in the partnership name an inspector may act under subsection (2) or (3) below (or both). (2) An inspector may by a notice given to the partners require such person as is identified in accordance with rules given with the notice— (a) to make and deliver to the inspector within the time limited by the notice a return containing such information as may be required in pursuance of the notice, and (b) to deliver with the return such accounts and statements as may be required in pursuance of the notice. (3) An inspector may by a notice given to any partner require the partner— (a) to make and deliver to the inspector within the time limited by the notice a return containing such information as may be required in pursuance of the notice, and (b) to deliver with the return such accounts and statements as may be required in pursuance of the notice; and a notice may be given to any one partner or separate notices may be given to each partner or to such partners as the inspector thinks fit. (4) Every return under this section shall include— (a) a declaration of the names and residences of the partners; (b) a declaration by the person making the return to the effect that the return is to the best of his knowledge correct and complete. (5) A notice under this section may require different information, accounts and statements for different periods or in relation to different descriptions of source of income. (6) Notices under this section may require different information, accounts and statements in relation to different descriptions of partnership. (2) In section 12 of that Act (information about chargeable gains)— (a) in subsection (1) for the words “Section 8” there shall be substituted the words “ Sections 8 and 8A ” and for the words “it applies” there shall be substituted the words “ they apply ”; (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) in subsection (4) the words “of income of a partnership” shall be omitted. (3) In section 93 of that Act (penalties) in subsection (1) for the words “9 of this Act (or either” there shall be substituted the words “ 8A or 9 of this Act (or any ”. (4) In section 95 of that Act (penalties) in subsection (1)(a) for the words “9 of this Act (or either” there shall be substituted the words “ 8A or 9 of this Act (or any ”. (5) This section applies where a notice to deliver a return was, or falls to be, given after 5th April 1990.

Propose a change

91 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Propose a change

92 Information powers relating to interest.

(1) Section 17 of the Taxes Management Act 1970 (interest paid or credited by banks etc. without deduction of income tax) shall be amended as mentioned in subsections (2) and (3) below. (2) In subsection (1)— (a) after the words “without deduction of income tax” there shall be inserted the words “ or after deduction of income tax ”; (b) after the words “the amount of the interest” there shall be inserted the words “ actually paid or credited and (where the interest was paid or credited after deduction of income tax) the amount of the interest from which the tax was deducted and the amount of the tax deducted ”; (c) paragraph (a) of the proviso shall be omitted. (3) The following subsections shall be inserted after subsection (4)— (5) The Board may by regulations provide as mentioned in all or any of the following paragraphs— (a) that a return under subsection (1) above shall contain such further information as is prescribed if the notice requiring the return specifies the information and requires it to be contained in the return; (b) that a person required to make and deliver a return under subsection (1) above shall furnish with the return such further information as is prescribed if the notice requiring the return specifies the information and requires it to be so furnished; (c) that if a person is required to furnish information under any provision made under paragraph (b) above, and the notice requiring the return specifies the form in which the information is to be furnished, the person shall furnish the information in that form; (d) that a notice under subsection (1) above shall not require prescribed information; and in this subsection “prescribed” means prescribed by the regulations. (6) Regulations under subsection (5) above— (a) shall be made by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons, (b) may make different provision in relation to different cases or descriptions of case, and (c) may include such supplementary, incidental, consequential or transitional provisions as appear to the Board to be necessary or expedient. (4) Section 18 of that Act (interest paid without deduction of income tax) shall be amended as mentioned in subsections (5) and (6) below. (5) In subsection (1)— (a) after the words “without deduction of income tax” there shall be inserted the words “ or after deduction of income tax ”; (b) in paragraph (b) for the words “so paid or received” there shall be substituted the words “ actually paid or received and (where the interest has been paid or received after deduction of income tax) the amount of the interest from which the tax has been deducted and the amount of the tax deducted ”; (c) for the words “its amount” there shall be substituted the words “ the amount actually received and (where the interest has been received after deduction of income tax) the amount of the interest from which the tax has been deducted and the amount of the tax deducted ”. (6) The following subsections shall be inserted after subsection (3A)— (3B) The Board may by regulations provide as mentioned in all or any of the following paragraphs— (a) that a person required to furnish information under subsection (1) above shall furnish at the same time such further information as is prescribed if the notice concerned specifies the information and requires it to be so furnished; (b) that if a person is required to furnish information under subsection (1) above or under any provision made under paragraph (a) above, and the notice concerned specifies the form in which the information is to be furnished, the person shall furnish the information in that form; (c) that a notice under subsection (1) above shall not require prescribed information; and in this subsection “prescribed” means prescribed by the regulations. (3C) Regulations under subsection (3B) above— (a) shall be made by statutory instrument subject to annulment in pursuance of a resolution of the House of Commons, (b) may make different provision in relation to different cases or descriptions of case, and (c) may include such supplementary, incidental, consequential or transitional provisions as appear to the Board to be necessary or expedient. (7) Subsections (1) to (3) above shall have effect as regards a case where interest is paid or credited in the year 1991-92 or a subsequent year of assessment. (8) Subsections (4) to (6) above shall have effect as regards a case where interest is paid in the year 1991-92 or a subsequent year of assessment.

Propose a change

93 Restrictions on Board’s power to call for information.

(1) In section 20 of the Taxes Management Act 1970 (powers to call for information), after subsection (7) there shall be inserted— (7A) A notice under subsection (2) above is not to be given unless the Board have reasonable grounds for believing— (a) that the person to whom it relates may have failed or may fail to comply with any provision of the Taxes Acts; and (b) that any such failure is likely to have led or to lead to serious prejudice to the proper assessment or collection of tax. (2) This section shall apply with respect to notices given on or after the day on which this Act is passed.

Propose a change

94 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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95 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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96 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Propose a change

97 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Propose a change

98 Repayment of income tax deducted at source.

(1) The Taxes Act 1988 shall be amended as follows. (2) In section 7(2) (set off against corporation tax of income tax deducted from payments received by resident companies) the words from “and accordingly” to the end shall be omitted. (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) In section 11(3) (set off against corporation tax of income tax deducted from payments received by non-resident companies) the words from “and accordingly” to the end shall be omitted. (5) This section applies in relation to income tax falling to be set off against corporation tax for accounting periods ending after the day appointed for the purposes of section 10 of the Taxes Act 1988 (pay and file).

Propose a change

99 Loss relief.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Propose a change

100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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102 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Propose a change

103 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Propose a change

104 Officers.

(1) In section 1 of the Taxes Management Act 1970 (appointment of inspectors etc.) the following subsections shall be inserted after subsection (2)— (2A) The Board may appoint a person to be an inspector or collector for general purposes or for such specific purposes as the Board think fit. (2B) Where in accordance with the Board’s administrative practices a person is authorised to act as an inspector or collector for specific purposes, he shall be deemed to have been appointed to be an inspector or collector for those purposes. (2) In section 55 of that Act (recovery of tax not postponed)— (a) in subsection (7) for the words “the inspector” there shall be substituted the words “ an inspector ”; (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) The amendment made by subsection (1) above shall be deemed always to have had effect. (4) The amendments made by subsection (2) above shall apply where notice of appeal is given on or after the day on which this Act is passed.

Propose a change

105 Recovery of excessive repayments of tax.

(1) In section 30 of the Taxes Management Act 1970 (recovery of excessive repayments of tax) the following subsection shall be inserted after subsection (1)— (1A) Subsection (1) above shall not apply where the amount of tax which has been repaid is assessable under section 29 of this Act. (2) This section applies in relation to amounts of tax repaid on or after the day on which this Act is passed.

Propose a change

106 Corporation tax: collection.

In section 10 of the Taxes Act 1988 (time for payment of tax) the following subsection shall be substituted for subsection (2)— (2) Where by virtue of subsection (1)(a) above corporation tax for an accounting period of a company is due without the making of an assessment, the amount for the time being shown in a return by the company under section 11 of the Management Act (corporation tax return) as the corporation tax for the period shall be treated for the purposes of Part VI of the Management Act (collection and recovery) as tax charged and due and payable under an assessment on the company.

Propose a change

107 Stamp duty to be abolished on bearer instruments.

(1) Stamp duty shall not be chargeable under Schedule 15 to the Finance Act 1999 (bearer instruments). (2) Subsection (1) above applies in relation to the charge under paragraph 1 of that Schedule (charge on issue) where the instrument is issued on or after the abolition day. (3) Subsection (1) above applies in relation to the charge under paragraph 2 of that Schedule (charge on transfer of stock) where the stock constituted by or transferable by means of the instrument is transferred on or after the abolition day.

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108 Transfer of securities: abolition of stamp duty.

(1) Stamp duty shall not be chargeable under Schedule 13 to the Finance Act 1999 (transfer of securities) or section 67(3) or 70(3) of the Finance Act 1986 (stamp duty on certain transfers to depositary receipt systems and clearance systems). (7) Subject to subsection (8) below, this section applies if the instrument is executed in pursuance of a contract made on or after the abolition day. (8) In the case of an instrument— (a) which falls within section 67(1) or (9) of the Finance Act 1986 (depositary receipts) or section 70(1) or (9) of that Act (clearance services), or (b) which does not fall within section 67(1) or (9) or section 70(1) or (9) of that Act and is not executed in pursuance of a contract, this section applies if the instrument is executed on or after the abolition day.

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109 Stamp duty: other repeals.

(1) Section 83 of the Stamp Act 1891 (fine for certain acts relating to securities) shall not apply where an instrument of assignment or transfer is executed, or a transfer or negotiation of the stock constituted by or transferable by means of a bearer instrument takes place, on or after the abolition day. (2) The following provisions (which relate to the cancellation of certain instruments) shall not apply where the stock certificate or other instrument is entered on or after the abolition day— (a) section 109(1) of the Stamp Act 1891, (b) section 5(2) of the Finance Act 1899, (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) Section 67 of the Finance Act 1963 (prohibition of circulation of blank transfers) shall not apply where the sale is made on or after the abolition day; and section 16 of the Finance Act (Northern Ireland) 1963 (equivalent provision for Northern Ireland) shall not apply where the sale is made on or after the abolition day. (4) No person shall be required to notify the Commissioners under section 68(1) or (2) or 71(1) or (2) of the Finance Act 1986 (depositary receipts and clearance services) if he first issues the receipts, provides the services or holds the securities as there mentioned on or after the abolition day. (5) No company shall be required to notify the Commissioners under section 68(3) or 71(3) of that Act if it first becomes aware as there mentioned on or after the abolition day. (6) The following provisions shall cease to have effect— (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) section 33 of the Finance Act 1970 (composition by financial institutions in respect of stamp duty), (d) section 127(7) of the Finance Act 1976 (extension of composition provisions to Northern Ireland), and (e) section 85 of the Finance Act 1986 (provisions about stock, marketable securities, etc.). (7) The provisions mentioned in subsection (6) above shall cease to have effect as provided by the Treasury by order. (8) An order under subsection (7) above— (a) shall be made by statutory instrument; (b) may make different provision for different provisions or different purposes; (c) may include such supplementary, incidental, consequential or transitional provisions as appear to the Treasury to be necessary or expedient. (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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110 Stamp duty reserve tax: abolition.

(1) Stamp duty reserve tax shall cease to be chargeable. (2) In relation to the charge to tax under section 87 of the Finance Act 1986 subsection (1) above applies where— (a) the agreement to transfer is conditional and the condition is satisfied on or after the abolition day, or (b) the agreement is not conditional and is made on or after the abolition day. (3) In relation to the charge to tax under section 93(1) of that Act subsection (1) above applies where securities are transferred, issued or appropriated on or after the abolition day (whenever the arrangement was made). (4) In relation to the charge to tax under section 96(1) of that Act subsection (1) above applies where securities are transferred or issued on or after the abolition day (whenever the arrangement was made). (5) In relation to the charge to tax under section 93(10) of that Act subsection (1) above applies where securities are issued or transferred on sale, under terms there mentioned, on or after the abolition day. (6) In relation to the charge to tax under section 96(8) of that Act subsection (1) above applies where securities are issued or transferred on sale, under terms there mentioned, on or after the abolition day. (7) Where before the abolition day securities are issued or transferred on sale under terms mentioned in section 93(10) of that Act, in construing section 93(10) the effect of subsections (1) and (3) above shall be ignored. (8) Where before the abolition day securities are issued or transferred on sale under terms mentioned in section 96(8) of that Act, in construing section 96(8) the effect of subsections (1) and (4) above shall be ignored.

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111 General.

(1) In sections 107 to 110 above “the abolition day” means such day as may be appointed by the Treasury by order made by statutory instrument. (2) Sections 107 to 109 above shall be construed as one with the Stamp Act 1891.

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112 Stamp duty.

(1) In section 143 of the Finance Act 1988 (paired shares) in subsection (1)(b) for the words “an equal number of” there shall be substituted the word “ other ”. (2) Subsection (1) above applies where— (a) the offers referred to in section 143(1) are made, or are to be made, on or after the day on which this Act is passed, and (b) before the offers are made, or are to be made, units comprising shares in the two companies concerned were offered (whether before or on or after the day on which this Act is passed) in circumstances where section 143 applied without the amendment made by subsection (1) above.

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113 Stamp duty reserve tax.

(1) Section 99 of the Finance Act 1986 (stamp duty reserve tax: interpretation) shall be amended as follows. (2) In subsection (6A) (paired shares) in paragraph (b) for the words “an equal number of” there shall be substituted the word “ other ”. (3) The following subsection shall be inserted after subsection (6A)— (6B) For the purposes of subsection (4) above, shares issued by a body corporate which is not incorporated in the United Kingdom (“the foreign company”) are paired with shares issued by a body corporate which is so incorporated (“the UK company”) where— (a) the articles of association of the UK company and the equivalent instruments governing the foreign company each provide that no share in the company to which they relate may be transferred otherwise than as part of a unit comprising one share in that company and one share in the other, and (b) the shares issued by the foreign company, and the shares issued by the UK company, are issued to give effect to an allotment of the shares (as part of such units) as fully or partly paid bonus shares. (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) Subsection (2) above applies where— (a) the offers referred to in section 99(6A) are made on or after the day on which this Act is passed, and (b) before the offers are made, units comprising shares in the two companies concerned were offered (whether before or on or after the day on which this Act is passed) in circumstances where section 99(6A) applied without the amendment made by subsection (2) above. (6) Subsections (3) and (4) above apply where— (a) the shares referred to in section 99(6B) are issued on or after the day on which this Act is passed, and (b) before they are issued, units comprising shares in the two companies concerned were offered (whether before or on or after the day on which this Act is passed) in circumstances where section 99(6A) applied without the amendment made by subsection (2) above.

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114 International organisations.

(1) In section 126 of the Finance Act 1984 (tax exemptions in relation to designated international organisations) in subsection (3) the following paragraph shall be inserted after paragraph (c)— (d) no stamp duty reserve tax shall be chargeable under section 93 (depositary receipts) or 96 (clearance services) of the Finance Act 1986 in respect of the issue of securities by the organisation. (2) Where an organisation or body is designated under section 126(1) or (4) before the day on which this Act is passed, subsection (1) above applies in relation to the issue of securities by the organisation or body on or after that day. (3) Where an organisation or body is designated under section 126(1) or (4) on or after the day on which this Act is passed, subsection (1) above applies in relation to the issue of securities by the organisation or body after the designation.

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115 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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116 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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117 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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118 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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119 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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