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FINANCE BILL 1997
Explanatory Not
PARTS
- PART I EXCISE DUTIES
- PART II INSURANCE PREMIUM TAX
- PART III VALUE ADDED TAX
- PART IV PAYMENTS AND OVERPAYMENTS IN
RESPECT OF INDIRECT TAXES
- PART V INCOME TAX, CORPORATION TAX AND
CAPITAL GAINS TAX
- PART VI INHERITANCE TAX
- PART VII STAMP DUTY AND STAMP DUTY RESERVE
TAX
- PART VIII MISCELLANEOUS AND SUPPLEMENTAL
NB. # = Pounds Sterling
PART I
EXCISE DUTIES
Clause
Alcoholic liquor duties
1. Rates
of duty on spirits and wines and equivalent strength
2. Rates
of duty on lower strengths of wine and made-wine
3. Duty on
sparkling cider
4. Cider
labelled as strong cider
5. Cider
labelled as made-wine
Hydrocarbon oil duties
6. Rates
of hydrocarbon oil duties and of rebates
7. Ultra
low sulphur diesel
Tobacco products duty
8. Rates
of tobacco duty
Air passenger duty
9. Rates
of air passenger duty
Gaming duty
10. Gaming
duty to replace gaming licence duty
11. Rate
of gaming duty
12. Liability
to pay gaming duty
13. Supplemental
provisions relating to gaming duty
14. Subordinate
legislation relating to gaming duty
15. Interpretation
of gaming duty provisions
Vehicle excise duty
16. Increase
in general rate
17. Exemption
for vehicles for disabled persons
18. Provisions
applying to exempt vehicles
19. Issue
of licences before payment of duty
20. Removal
and disposal of vehicles
PART II
INSURANCE PREMIUM TAX
New rates of tax
21. Rate
of tax
22. Premiums
liable to tax at the higher rate
23. Charge
to tax where different rates apply
24. Commencement
of sections 21 to 23
Taxable intermediaries and their fees
25. Certain
fees to be treated as premiums under higher rate contracts
26. Registration
of taxable intermediaries
27. Supplementary
provisions
Miscellaneous
28. Amounts
charged by other intermediaries
29. Prevention
of pre-emption
30. Tax point
for payroll deductions
PART III
VALUE ADDED TAX
Registration
31. Aggregation
of business
32. Voluntary
registration
Zero-rating
33. Sale
of goods donated to charity
34. Charitable
institutions providing care etc
Buildings and land
35. References
to grants
36. Buildings
intended to be used as dwellings
37. Supplies
to non-taxable persons etc
Exempt insurance supplies
38. Exempt
insurance supplies
Bad debt relief
39. Bad debt
relief
Groups of companies
40. Groups
containing bodies of different descriptions
41. Group
supplies using an overseas member
Incidental and supplemental provisions etc
42. Services
subject to the reverse charge
43. Payments
on account: appeals
PART IV
PAYMENTS AND OVERPAYMENTS IN RESPECT OF INDIRECT TAXES
Value added tax
44. Liability of Commissioners to interest
45. Assessment for overpayments of interest
46. Repayments of overpayments: unjust enrichment
47. Repayments and assessments: time limits
48. Set-off of credits and debits
49. Transitional provision for set-offs etc
Excise duties and other indirect taxes
50. Overpayments,
interest, assessments etc
Enforcement of payment
51. Enforcement
by distress
52. Enforcement
by diligence
53. Amendments
consequential on actions 51 and 52
54. Attachment
of debts
PART V
INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX
Income tax charge, rates and reliefs
55. Charge
56. Modification
of indexed allowances
57. Blind
person's allowance
58. Limit
on relief for interest
Corporation tax charge and rate
59. Charge
and rate corporation tax for 1997
60. Small
companies
Payments for wayleaves
61. Wayleaves
for electricity cable, telephone lines etc
Schedule E
62. Phasing
out of relief for profit-related pay
63. Travelling
expenses etc
64. Work-related
training
65. Postponed
company donations to charity
66. National
Insurance contributions
67. Expenditure
on production well etc
Distributions etc
68. Special
treatment for certain distributions
69. Distributions
of exempt funds
70. Set-off
against franked investment income
71. FIDs
paid to unauthorised unit trusts
72. Tax advantages
to include tax credits
Investments etc
73. Enterprise
investment scheme
74. Venture
capital trusts
75. Enterprise
investment scheme
76. Bond
washing and repos
77. National
Savings Bank interest
78. Payments
under certain life insurance policies
Transfer of assets abroad
79. Transfer
of assets abroad
Leasing and loan arrangements
80. Finance
leases and loans
81. Loan
relationships: transitions
Capital allowances
82. Writing-down
allowances on long-life assets
83. Schedule
A cases etc
84. Capital
allowances on fixtures
Chargeable gains
85. Re-investment
relief
86. Conversion
of securities: QCBs and debentures
87. Earn-out
rights
Double taxation relief
88. Restriction
of relief for underlying tax
89. Disposals
of loan relationships with or without interest
Repayment supplement
90. Time
from which entitlement runs
Finance
PART VI
INHERITANCE TAX
PART VII
STAMP DUTY AND STAMP DUTY RESERVE TAX
Stamp Duty
93. Mergers
of authorised unit trusts
94. Demutualisation
of insurance companies
95. Relief
for intermediaries
96. Repurchases
and stock lending
97. Depositary
receipts and clearance services
Stamp duty reserve tax
98. Mergers
of authorised unit trusts
99. Direction
to hold trust property on other trusts
100. Relief
for intermediaries
101. Repurchases
and stock lending
102. Depositary
receipts and clearance services
103. Inland
bearer instruments
104. Repayment
or cancellation of tax
Transfers of unit trust units
105. Transfers
of units under unit trust scheme
PART VIII
MISCELLANEOUS AND SUPPLEMENTAL
Petroleum revenue tax
106. Non-field
expenditure allowable after transfer
Local authority disposals of dwelling-houses
107. Nil
levy on disposal
Obtaining information
108. Obtaining
information from social security authorities
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