Law

Finance Act 1968

United Kingdom · statute

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In force since 2010-11-02, 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: 43 provisions
  1. Title and introductory text
  2. 1
  3. 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  4. 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  5. 4
  6. 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  7. 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  8. 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  9. 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  10. 10
  11. 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  12. 23
  13. 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  14. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  15. 32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  16. 33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  17. 34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  18. 35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  19. 38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  20. 40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  21. 51
  22. 52 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  23. 53 Interest on overdue tax.
  24. 54 Premium savings bonds: increase of prize money.
  25. 55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  26. 56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  27. 57 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  28. 58 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  29. 59 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  30. 60 Provisional collection of taxes.
  31. 61 Citation, interpretation, construction, extent and repeals.
  32. Schedules 1—4. . . .
  33. Schedule 5. . . .
  34. Schedule 6. . . .
  35. Schedule 7. . . .
  36. Schedules 8—10. . . .
  37. Schedules 11, 12. . . .
  38. Schedule 13. . . .
  39. Schedule 14. . . .
  40. Schedule 17. . . .
  41. SCHEDULE 18 Premium Savings Bonds: New Terms
  42. Schedule 19 . . .
  43. schedule 20 REPEALS

Proposed changes to this act

No one has proposed a change to this act yet.

43 provisions

Title and introductory text

Finance Act 1968 1968 c.44 An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance. [26th July 1968]

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1

(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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4

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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10

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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23

(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4)(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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32 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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33 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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35 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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51

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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52 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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53 Interest on overdue tax.

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . in section 8(2) of the Finance (No. 2) Act 1947 (remission of interest for tax paid not later than three months from the date on which it becomes due and payable) for the words “three months" there shall be substituted the words “two months". (2) Without prejudice to the general interpretative provisions of this Act, this section applies to the enactmemtns mentioned in subsection (1) above as extended by any other enactments, . . . (3) This section has effect as respects tax becoming due and payable on or after 1st July 1968.

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54 Premium savings bonds: increase of prize money.

(1) The terms of issue of premium savings bonds shall be altered by substituting for the prospectus relating to the issue of bonds of series B the provisions of Schedule 18 to this Act, being provisions which— (a) increase the rate of interest at which the prize fund is calculated from 4½ per cent. to 45/8percent. (but subject ... to a power of varying the rate of interest ... )... (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) Subsection (1) above shall come into force on 1st September 1968 and have effect as respects all bonds issued before that date, whether before or after the passing of this Act. (3) If after the coming into force of subsection (1) above the Treasury issue premium savings bonds on the terms set out in the said Schedule to this Act, they may use any stock of forms of bonds which were prepared before the passing of this Act, notwithstanding that the forms refer to the prospectus superseded by subsection (1) above, and bonds issued in that form shall be valid and effectual as if they stated that the bond was issued under the terms in the said Schedule to this Act. This subsection applies whether or not the bonds are issued after notice has been given, in pursuance of paragraph 15 in the said Schedule, of a variation of its terms. (4) In this section “bonds of series B” means the second issue of premium savings bonds, and “premium savings bonds” means both those issued under the National Loans Act 1939 and those issued under the National Loans Act 1968.

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55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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56 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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57 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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59 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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60 Provisional collection of taxes.

In section 1(4) of the Provisional Collection of Taxes Act 1968 (circumstances in which a resolution ceases to have statutory effect) paragraph (b) (under which a resolution continues in force if a Bill is amended by the house so as to implement the resolution within twenty-five sitting days from the passing of the resolution) shall have effect as if after the words “is amended by the House" there were added the words “in Committee or on Report, or by any Standing Committee of the House".

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61 Citation, interpretation, construction, extent and repeals.

(1) This Act may be cited as the Finance Act 1968. (2) In this Act, except where the context otherwise requires, “the Board” means the Commissioners of Inland Revenue. (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8) Any reference in this Act to any other enactment shall, except so far as the context otherwise requires, be construed as a reference to that enactment as amended or applied by or under any other enactment, including this Act. (9) Except as otherwise expressly provided, such of the provisions of this Act as relate to matters in respect of which the Parliament of Northern Ireland has power to make laws shall not extend to Northern Ireland.

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Finance Act 1968