Change 1 Article Choose an article Title and introductory text 1 Rates of duty. 2 Beer duty: rate for new regime. 3 Low strength beer. 4 Beer duty: abolition of certain reliefs, etc. 5 Blending of alcoholic liquors. 6 Mixing of wine and spirits in excise warehouse. 7 Sparkling wine or made-wine. 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Rates of duty. 10 Extension of Hydrocarbon Oil Duties Act 1979 to energy products. 11 Other fuel substitutes. 12 Measurement of volume. 13 Rates of duty. 14 Hand-rolling tobacco. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Small-prize machines. 17 Rates of duty: general. 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Old bicycles. 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Mutual recovery and disclosure of information. 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Lottery duty. 25 Amount of duty. 26 Time for payment. 27 Persons liable for duty. 28 General. 29 Registration of promoters etc. 30 Application of revenue trade provisions of CEMA 1979. 31 General offences. 32 Offences by bodies corporate. 33 Forfeiture. 34 Protection of officers etc. 35 Evidence by certificate etc. 36 Duty a preferential debt in insolvency. 37 Disclosure of information. 38 Regulations and orders. 39 Disapplication of pool betting duty. 40 Interpretation etc. 41 Commencement. 42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 Charge and rates of income tax for 1993-94. 52 Personal and married couple’s allowances. 53 Charge and rate of corporation tax for 1993. 54 Small companies. 55 Relief for interest. 56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 Temporary relief for interest payments. 58 Overclaims in respect of deductions of mortgage interest. 59 Interest payments to persons not ordinarily resident in UK. 60 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 Donations from companies and individuals. 68 Payroll deduction schemes. 69 Contributions to agent’s expenses. 70 Car benefits: 1993-94. 71 Car fuel: 1993-94. 72 Car and car fuel benefits: 1994-95 onwards. 73 Vans. 74 Heavier commercial vehicles. 75 Sporting and recreational facilities. 76 Removal expenses and benefits. 77 Application of lower rate. 78 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 Provisions supplemental to sections 77 and 78. 80 Transitional relief for charities etc. 81 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 Annual exempt amount for 1993-94. 83 Annual exempt amount: indexation for 1994-95 onwards. 84 Re-organisations etc. involving debentures. 85 Personal equity plans. 86 Roll-over relief. 87 Relief on retirement or re-investment. 88 Restriction on set-off of pre-entry losses. 89 De-grouping charges. 90 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91 Deemed disposals of unit trusts by insurance companies. 92 The basic rule: sterling to be used 92A Company operating in sterling and preparing accounts in another currency 92B Company operating in currency other than sterling and preparing accounts in another currency 92C Company preparing accounts in currency other than sterling 92D Sterling equivalents: the basic rule 92DA Sterling equivalents: carried-back amounts 92DB Sterling equivalents: carried-forward amounts 92DC Adjustment of sterling losses: carried-back amounts 92DD Adjustment of sterling losses: carried-forward amounts 92DE Meaning of “carried-back amount” and “carried-forward amount” 92E Interpretation of sections 92A to 92DD 95 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96 Foreign companies: trading currency. 97 Modification of Taxes Act 1988. 98 Modification of section 440 of Taxes Act 1988. 99 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 Income from investments attributable to BLAGAB, etc. 101 Modification of Finance Act 1989. 102 Modification of Taxation of Chargeable Gains Act 1992. 103 Amendment of definition and repeals. 104 Calculation of consideration. 105 Expenditure on shares. 106 Earnings cap etc: no indexation in 1993-94. 107 Indexation of allowances etc. for 1994-95 onwards. 108 Counselling services for employees. 109 Pre-trading expenditure. 110 Waste disposal expenditure. 111 Business expansion scheme: loan linked investments. 112 Employers’ pension contributions. 113 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 Transactions between connected persons etc. 118 Scottish trusts. 119 Controlled foreign companies. 120 Pay and file: miscellaneous amendments. 121 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122 Application of Income Tax Acts etc. to public departments. 123 Expenditure involving crime. 124 Expenses of Members of Parliament. 125 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131 Non-trading gains and losses: relief. 132 Modifications where loss carried forward. 133 Interaction with ICTA. 134 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 146 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 155 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 156 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 158 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 164 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 170 Amendments. 171 Taxation of profits and allowance of losses. 172 Year of assessment in which profits or losses arise. 173 Assessment and collection of tax. 174 Premium trust funds. 175 Special reserve funds. 176 Ancillary trust funds. 177 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178 Stop-loss and quota share insurance. 179 Cessation: final year of assessment. 179A Death of member. 179B Conversion to underwriting through partnership or company 180 Underwriting profits to be relevant UK earnings etc. 181 Lloyd’s underwriting agents. 182 Regulations. 183 Consequential amendments. 184 Interpretation and commencement. 185 Abolition of PRT for oil fields with development consents on or after 16th March 1993. 186 Reduction of rates of PRT and interest repayments for taxable oil fields. 187 Returns and information. 188 Exploration and appraisal expenditure. 189 Transitional relief for certain exploration and appraisal expenditure. 190 Allowance of expenditure on certain assets limited by reference to taxable field use. 191 Time when expenditure is incurred. 192 Chargeable periods in which expenditure may be brought into account. 193 Tariff receipts etc. 194 Double taxation relief in relation to petroleum revenue tax. 195 Interpretation of Part III and consequential amendments of assessments etc. 196 Rate bands: no indexation in 1993. 197 Rate bands: indexation for 1994 onwards. 198 Fall in value relief: qualifying investments. 199 Fall in value relief: interests in land. 200 Appeals: questions as to value of land. 201 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 202 Rent to mortgage: England and Wales. 203 Rent to loan: Scotland. 204 Method of denoting stamp duty. 205 The 1968 Act. 206 Corporation tax. 207 Stamp duty. 208 Residence: available accommodation. 209 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210 Trading funds. 211 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212 Interpretation. 213 Repeals. 214 Short title. SCHEDULE 1 Table of rates of duty on wine and made-wine SCHEDULE 2 Value added tax: penalties etc. SCHEDULE 6 Taxation of distributions: supplemental provisions SCHEDULE 7 Relief on retirement or re-investment SCHEDULE 8 Restriction on set-off of pre-entry losses SCHEDULE 12 SCHEDULE 13 First-year allowances for machinery and plant SCHEDULE 14 Pay and file: miscellaneous amendments SCHEDULE 15 Exchange gains and losses: alternative calculation SCHEDULE 16 Exchange gains and losses: transitionals SCHEDULE 17 Exchange gains and losses: chargeable gains SCHEDULE 18 Exchange gains and losses: amendments SCHEDULE 19 Lloyd’s underwriters: assessment and collection of tax SCHEDULE 20 Lloyd’s underwriters: special reserve funds SCHEDULE 20A Lloyd’s underwriters: conversion to underwriting through partnership or company SCHEDULE 20B PRT: elections for oil fields to become non-taxable SCHEDULE 22 Trading funds SCHEDULE 23 Repeals
What to do with it
As published
199 Fall in value relief: interests in land.
(1) In the Inheritance Tax Act 1984, in Part VI, in Chapter IV (sale of land from deceased’s estate) after section 197 there shall be inserted—
Sales in fourth year after death.
197A (1) Where an interest in land—
(a) is comprised in a person’s estate immediately before his death, and
(b) is sold by the appropriate person in the fourth year immediately following the date of the death, otherwise than in circumstances in which section 197(1) above has effect,
the interest shall be treated, for the purposes of section 191(1) above, as having been sold within the period of three years immediately following the date of the death.
(2) Subsection (1) above shall not have effect in relation to an interest if its sale value would exceed its value on death.
(3) In determining the period referred to in section 192(1) above, no account shall be taken of the sale of an interest in relation to which subsection (1) above has effect; and if the claim relates only to such interests, section 192 shall not apply in relation to the claim.
(4) In applying section 196(1) above, no account shall be taken, for the purposes of paragraph (a) of that subsection, of an interest in relation to which subsection (1) above has effect.
(2) This section shall have effect in relation to deaths occurring on or after 16th March 1990.
Your wording
Your change, as a redline
199 Fall in value relief: interests in land.
(1) In the Inheritance Tax Act 1984, in Part VI, in Chapter IV (sale of land from deceased’s estate) after section 197 there shall be inserted—
Sales in fourth year after death.
197A (1) Where an interest in land—
(a) is comprised in a person’s estate immediately before his death, and
(b) is sold by the appropriate person in the fourth year immediately following the date of the death, otherwise than in circumstances in which section 197(1) above has effect,
the interest shall be treated, for the purposes of section 191(1) above, as having been sold within the period of three years immediately following the date of the death.
(2) Subsection (1) above shall not have effect in relation to an interest if its sale value would exceed its value on death.
(3) In determining the period referred to in section 192(1) above, no account shall be taken of the sale of an interest in relation to which subsection (1) above has effect; and if the claim relates only to such interests, section 192 shall not apply in relation to the claim.
(4) In applying section 196(1) above, no account shall be taken, for the purposes of paragraph (a) of that subsection, of an interest in relation to which subsection (1) above has effect.
(2) This section shall have effect in relation to deaths occurring on or after 16th March 1990.
A proposal here is not law. Support on Solon is evidence that people want the change; the official route says what it takes to make it law.