Finance (No. 2) Act 1997
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
SCHEDULE 4 Tax credits, taxation of distributions etc
Section 34. Part I General The Taxes Management Act 1970 Section 7 1 (1) In section 7 of the Taxes Management Act 1970 (notice of liability to income tax and capital gains tax) in subsection (6) (sources of income which fall within that subsection) after the words “other than the basic rate” there shall be inserted “ , the Schedule F ordinary rate ”. (2) This paragraph has effect for the year 1999-00 and subsequent years of assessment. Section 42 (pre-corporation tax self-assessment version) 2 (1) In section 42 of the Taxes Management Act 1970 (procedure for making claims), as it has effect in relation to corporation tax for accounting periods ending before the day appointed under section 199 of the Finance Act 1994, the following provisions shall cease to have effect— (a) in subsection (5) (form of claim) the words “Subject to subsection (5A) below,”; (b) subsection (5A) (claims by companies for payment of tax credits); and (c) subsection (10A) (extended meaning of terms used in subsection (5A)). (2) This paragraph has effect in relation to tax credits in respect of distributions made on or after 6th April 1999. Section 42 (corporation tax self-assessment version) 3 (1) In section 42 of the Taxes Management Act 1970 (procedure for making claims), as it has effect in relation to corporation tax for accounting periods ending on or after the day appointed under section 199 of the Finance Act 1994, the following provisions shall cease to have effect— (a) subsections (4) and (4A) (claims by companies for payment of tax credits); and (b) in subsection (5), the words from “and the reference in subsection (4) above” onwards. (2) This paragraph has effect in relation to tax credits in respect of distributions made on or after 6th April 1999. The Taxes Act 1988 Section 231 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 232 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 233 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sections 235 to 237 7 (1) Sections 235 to 237 of the Taxes Act 1988 (distributions of exempt funds and bonus issues) shall cease to have effect. (2) This paragraph has effect in relation to distributions made on or after 6th April 1999. Section 238 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 241 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 249 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 421 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 469 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 549 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 660C 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 687 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 689B 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 699 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 703 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 709 19 (1) In section 709 of the Taxes Act 1988 (meaning of tax advantage etc) in subsection (2A) (references to a relief and to repayment of tax to include references to a tax credit and payment of any amount in respect of a tax credit) the words “and to a repayment of tax”, “respectively” and “and to a payment of any amount in respect of a tax credit” shall be omitted. (2) This paragraph has effect for the year 1999-00 and subsequent years of assessment. Section 743 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 819 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 832 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule 13 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Taxation of Chargeable Gains Act 1992 Section 4 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 6 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part II Insurance companies and Lloyd’s underwriters The Taxes Act 1988 Section 231B 26 (1) In section 231B of the Taxes Act 1988, in subsection (4)(b), the words “or 441A(7)” shall be omitted. (2) This paragraph has effect in relation to distributions made on or after 6th April 1999. Section 434 27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 441A 28 (1) In section 441A, subsections (2) to (8) (regulations about tax credits to which insurance companies are entitled) shall cease to have effect. (2) This paragraph has effect in relation to distributions made on or after 6th April 1999. Schedule 19AC 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Finance Act 1993 Schedule 20
SCHEDULE 4 Tax credits, taxation of distributions etc
Section 34. Part I General The Taxes Management Act 1970 Section 7 1 (1) In section 7 of the Taxes Management Act 1970 (notice of liability to income tax and capital gains tax) in subsection (6) (sources of income which fall within that subsection) after the words “other than the basic rate” there shall be inserted “ , the Schedule F ordinary rate ”. (2) This paragraph has effect for the year 1999-00 and subsequent years of assessment. Section 42 (pre-corporation tax self-assessment version) 2 (1) In section 42 of the Taxes Management Act 1970 (procedure for making claims), as it has effect in relation to corporation tax for accounting periods ending before the day appointed under section 199 of the Finance Act 1994, the following provisions shall cease to have effect— (a) in subsection (5) (form of claim) the words “Subject to subsection (5A) below,”; (b) subsection (5A) (claims by companies for payment of tax credits); and (c) subsection (10A) (extended meaning of terms used in subsection (5A)). (2) This paragraph has effect in relation to tax credits in respect of distributions made on or after 6th April 1999. Section 42 (corporation tax self-assessment version) 3 (1) In section 42 of the Taxes Management Act 1970 (procedure for making claims), as it has effect in relation to corporation tax for accounting periods ending on or after the day appointed under section 199 of the Finance Act 1994, the following provisions shall cease to have effect— (a) subsections (4) and (4A) (claims by companies for payment of tax credits); and (b) in subsection (5), the words from “and the reference in subsection (4) above” onwards. (2) This paragraph has effect in relation to tax credits in respect of distributions made on or after 6th April 1999. The Taxes Act 1988 Section 231 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 232 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 233 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sections 235 to 237 7 (1) Sections 235 to 237 of the Taxes Act 1988 (distributions of exempt funds and bonus issues) shall cease to have effect. (2) This paragraph has effect in relation to distributions made on or after 6th April 1999. Section 238 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 241 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 249 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 421 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 469 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 549 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 660C 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 687 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 689B 16 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 699 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 703 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 709 19 (1) In section 709 of the Taxes Act 1988 (meaning of tax advantage etc) in subsection (2A) (references to a relief and to repayment of tax to include references to a tax credit and payment of any amount in respect of a tax credit) the words “and to a repayment of tax”, “respectively” and “and to a payment of any amount in respect of a tax credit” shall be omitted. (2) This paragraph has effect for the year 1999-00 and subsequent years of assessment. Section 743 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 819 21 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 832 22 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Schedule 13 23 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Taxation of Chargeable Gains Act 1992 Section 4 24 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 6 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part II Insurance companies and Lloyd’s underwriters The Taxes Act 1988 Section 231B 26 (1) In section 231B of the Taxes Act 1988, in subsection (4)(b), the words “or 441A(7)” shall be omitted. (2) This paragraph has effect in relation to distributions made on or after 6th April 1999. Section 434 27 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Section 441A 28 (1) In section 441A, subsections (2) to (8) (regulations about tax credits to which insurance companies are entitled) shall cease to have effect. (2) This paragraph has effect in relation to distributions made on or after 6th April 1999. Schedule 19AC 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Finance Act 1993 Schedule 20
One line that says what changes, such as "Halve the dog tax".
Who it helps, what it costs, what it fixes. It is what persuades people to support it.
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.
Sign in to file your proposal. What you have written stays on this page.
Sign in to file itThink it through
Ask what your change would do, who would gain and who would bear a cost, and where something like it is already law. The assistant reads your draft as it stands, cites the law and the studies it finds, and takes no side. What you file stays yours.